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Northern Institutional Funds – ‘N-30D’ for 11/30/02

On: Friday, 2/7/03, at 11:27am ET · Effective: 2/7/03 · For: 11/30/02 · Accession #: 950131-3-468 · File #: 811-03605

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 2/07/03  Northern Institutional Funds      N-30D      11/30/02    1:819K                                   Donnelley R R & S… 03/FA

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Northern Institutional Annual Reports                412±  1.65M 

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                                                               November 30, 2002

NORTHERN INSTITUTIONAL FUNDS                                                    
EQUITY PORTFOLIOS                                                               

[Picture Appears Here]

Annual Report                                                                   

TRUST NORTHERN for investment solutions  [Logo of Northern Institutional Funds] 

                                        Managed by
                 [Logo of Northern Trust]   Northern Trust

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a MESSAGE from                                                
============================                                      
Orie L. Dudley Jr.                            
           [PHOTO]

                      Orie L. Dudley Jr.
----                                                              
CHIEF INVESTMENT OFFICER                            

--------------------------------------------------------------------------------

Continued weakness in corporate earnings and the ongoing sluggishness in the    
global economy took a toll on stock prices during the past year.                

Coming into 2002, the consensus expectation among investors was that the        
strength displayed by the U.S. economy during the fourth quarter of 2001        
signaled that a robust recovery was in the offing. It was thought that a        
healthier economy, in turn, would provide a lift to corporate profits. But as   
the year progressed, it became increasingly evident that neither the economy    
nor earnings would stage a vigorous rebound. Coming at a time when the market   
was trading well above its historical valuation levels, this disappointing      
outcome sparked a sharp sell-off in stock prices during the summer months.      
Adding to the malaise was the series of accounting scandals at U.S.             
corporations and ongoing concerns about geopolitical instability. As a result   
of this confluence of negative factors, the U.S. stock market will likely       
finish with a loss for the third consecutive year. This will mark the first     
time it has done so since 1939-1941.                                            

Despite the accomodative stance of the Federal Reserve, there are few signs     
that the U.S. economy will regain the strength it displayed in the late 1990s.  
Consumer confidence and spending are weak, and it is unlikely that we will      
witness a recovery until the employment picture begins to improve. In addition, 
business spending -- although recovering -- remains anemic.                     

On the positive side, the latter half of 2002 has brought a modest recovery in  
corporate profits. Third quarter earnings generally met or exceeded             
expectations. While driven largely by cost-cutting -- not revenue growth --     
these results were nonetheless encouraging. Although this development helped    
spark an autumn rally in the stock market, earnings -- particularly in the      
technology, media, and telecommunications sectors -- remain far below the       
levels of just three years ago.                                                 

Looking ahead, the markets offer investors a combination of both high risks and 
potentially great rewards. On one hand, it remains to be seen whether the       
modest growth displayed by the U.S. economy during the past year will continue, 
or whether we are destined for a "double dip" recession. Investors also remain  
on edge regarding a potential U.S. military action in Iraq and its impact on    
oil prices. On the other hand, however, interest rates are exceptionally low    
and the new Republican Congress is likely to enact aggressive policies designed 
to encourage investment. But the most important factor may be that the mood     
among investors remains anxious and despondent following a three-year bear      
market in equities. Given that expectations have been reduced significantly,    
the potential for events to unfold in a manner more favorable than anticipated  
has increased. This represents a potential positive for equities in the year    
ahead.                                                                          

Down markets often provide excellent opportunities. In fact, it is often in the 
first few months after a bear market ends that the most money is made. Consider 
that the S&P 500 took only six months to rise 40% from its 1974 low, and only   
three months to advance 40% in 1982. Although the months ahead will likely      
bring additional volatility in the stock market, the risk-reward tradeoff is    
becoming increasingly favorable. Investors who maintain an eye toward risk      
management, but who position their portfolios to take advantage of these        
opportunities as they arise, will likely be rewarded in the year ahead.         

Sincerely,                                                                      

/s/ Orie L. Dudley Jr.                                                          
Orie L. Dudley Jr.                                                              
Chief Investment Officer                                                        
Northern Trust                                                                  

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              ----------------------------------------------------------------
                                                             EQUITY PORTFOLIOS
                                                                          ----
TABLE OF CONTENTS                                                 

NOT FDIC INSURED  
--------------------------------------------------------------------------------
May lose value/No bank guarantee  

The report has been prepared for the general information of Northern            
Institutional Funds shareholders. It is not authorized for distribution to      
prospective investors unless accompanied or preceded by a current Northern      
Institutional Funds prospectus, which contains more complete information about  
Northern Institutional Funds investment policies, management fees and expenses. 
Investors are reminded to read the prospectus carefully before investing or     
sending money.                                                                  

Performance calculations reflect fee waivers in effect. In absence of fee       
waivers, total return would have been reduced. Total return is based on net     
change in NAV assuming reinvestment of all dividends and distributions.         

Performances of the Portfolios are compared to various market indices. Unlike a 
mutual fund, the performance of an index assumes no transaction costs, taxes,   
management fees or other expenses. A direct investment in an index is not       
possible.                                                                       

Northern Fund Distributors, LLC, not affiliated with Northern Trust.            

                                                                [Download Table]
                                            
  2 PORTFOLIO MANAGEMENT COMMENTARY         

 12 STATEMENTS OF ASSETS AND LIABILITIES    

 14 STATEMENTS OF OPERATIONS                

 16 STATEMENTS OF CHANGES IN NET ASSETS     

 18 FINANCIAL HIGHLIGHTS                    

    SCHEDULES OF INVESTMENTS                

    31  INTERNATIONAL GROWTH PORTFOLIO      

    34  INTERNATIONAL EQUITY INDEX PORTFOLIO

    48  SMALL COMPANY GROWTH PORTFOLIO      

    50  SMALL COMPANY INDEX PORTFOLIO       

    76  MID CAP GROWTH PORTFOLIO            

    78  FOCUSED GROWTH PORTFOLIO            

    80  DIVERSIFIED GROWTH PORTFOLIO        

    83  EQUITY INDEX PORTFOLIO              

    91  BALANCED PORTFOLIO                  

 97 NOTES TO THE FINANCIAL STATEMENTS       

104 REPORT OF INDEPENDENT AUDITORS          

105 TRUSTEES AND OFFICERS                   

              northern institutional funds annual report  1  equity portfolios

N-30D 4th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 4th
INTERNATIONAL GROWTH PORTFOLIO                                                  

-------------------------------                                                 
PORTFOLIO MANAGEMENT COMMENTARY                                                 
-------------------------------                                                 

World financial markets spent the 12 months ended November 30 focused primarily 
on the prospects for the U.S. economy, which has been the main hope for global  
economic and corporate recovery as Japan's problems have persisted and EU       
monetary policy has been less than accommodative. The period began with         
improving confidence based on stimulative U.S. monetary and fiscal policy.      
Despite occasional dips, by mid-May the markets had returned to levels not seen 
since the early days of September 2001, based on improved economic and corporate
news.                                                                           

The second half of the period was a different matter. Confidence dissipated as  
concerns about a "profitless recovery" gathered momentum. The stock market's    
woes were exacerbated by a wave of corporate scandals that raised question marks
about the veracity of corporate accounts, particularly in the United States.    
Additional concern came from the increasing possibility of a war with Iraq. The 
result was a collapse in global equity markets, although over the last two      
months of the period the markets regained some ground as these concerns abated  
to a degree. Over its most recent fiscal year ended November 30, 2002, the      
Portfolio posted a -12.01 percent (Class A shares) return, compared with the    
-12.51 percent return of the MSCI EAFE Index.                                   

With anemic economic growth, pricing power has been limited and we have         
witnessed a wide range of corporate performance within most industries. As a    
result, our strategy has been to seek the winners in each industry. With        
corporate scandals providing the impetus for greater attention to the detail of 
corporate fundamentals, this strategy has helped performance.                   

Looking ahead, we do not expect economic growth to be strong enough to rid the  
system of its present overcapacity. Industry/company strategies for improving   
returns and margins should drive equity performance over the coming months.     

----------------------                                                          
INVESTMENT PERFORMANCE                                                          
----------------------                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                                [Download Table]

                              CLASS A             CLASS D                MSCI   
TOTAL RETURN                  SHARES              SHARES*             EAFE INDEX
--------------------------------------------------------------------------------
                                                                                
ONE YEAR                      (12.01)%            (12.39)%             (12.51)% 
FIVE YEAR                       0.19                0.17                (2.06)  
SINCE INCEPTION                 1.67                1.05                 1.28** 
--------------------------------------------------------------------------------

*For Class D shares, performance from 8/23/99 through 6/14/01 is that of Class A
shares. Because the fees and expenses of Class D shares are higher than those of
Class A shares, actual performance would have been lower if these higher fees   
and expenses had been taken into account.                                       

**Since inception of Class A.                                                   

------------------------------                                                  
GROWTH OF A $10,000 INVESTMENT                                                  
------------------------------                                                  

[GRAPH APPEARS HERE]

CLASS A SHARES                                                                  

                                                                [Download Table]

                     INTERNATIONAL GROWTH PORTFOLIO          MSCI EAFE INDEX    
--------------------------------------------------------------------------------
                                                                                
 3/28/94                     $10,000.00                        $10,000.00       
                              10,210.00                         10,349.00       
                               9,972.00                         11,132.00       
                              10,967.00                         12,441.00       
                              11,433.00                         12,392.00       
                              13,770.00                         14,430.00       
                              17,910.00                         17,475.00       
                              17,148.00                         15,784.00       
                              13,116.00                         12,765.00       
11/30/02                      11,541.00                         11,169.00       

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The MSCI EAFE Index is the   
Morgan Stanley Capital International Europe, Australia and Far East Index, an   
unmanaged index which tracks the performance of selected equity securities in   
Europe, Australia, Asia and the Far East.                                       

---------------------------------------------                                   
PORTFOLIO MANAGERS                                                              

-----------------------------------------                                       
RICHARD ROTHWELL                                                                
DIANE JONES                                                                     
-----------------------------------------                                       

                                                                [Download Table]

FUND FACTS (AS OF 11/30/02)                  
                                             
TICKER SYMBOL                           BIGAX

INCEPTION DATE                               
CLASS A SHARES                        3/28/94
CLASS D SHARES                       11/16/94

TOTAL NET ASSETS                 $126,318,317

NET ASSET VALUE                              
CLASS A SHARES                          $6.33
CLASS D SHARES                           6.30

---------------------------------------------

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares. The graph and table do  
not reflect the deduction of taxes that a shareholder would pay on fund         
distributions or the redemption of fund shares. Foreign securities may involve  
additional risks, such as social and political instability, reduced market      
liquidity, and currency volatility. Visit northernfunds.com/institutional for   
the most recent performance information.                                        

EQUITY PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                  

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INTERNATIONAL EQUITY INDEX PORTFOLIO                                            

-------------------------------                                                 
PORTFOLIO MANAGEMENT COMMENTARY                                                 
-------------------------------                                                 

International stocks, as represented by the MSCI Europe, Australia, Far East    
Index (EAFE), returned -12.51 percent in U.S. dollar terms, assuming the        
reinvestment of net dividends, during the 12 months ended November 30, 2002. The
Portfolio returned -13.57 percent (Class A shares) over the same period.        

On a country level, New Zealand and Australia were strong performers, returning 
16.94 percent and 1.68 percent, respectively, in U.S. dollar terms. Greece and  
Germany were the worst performers, returning -27.82 percent and -25.42 percent, 
respectively, in U.S dollar terms.                                              

Phase II of the MSCI Indices transition to free-float weighting and extended    
market capitalization coverage became effective after the global markets closed 
on May 31, 2002. The Provisional EAFE Index, which reflects the full transition,
increased the U.K.'s weight by approximately 5 percent, while the Index weight  
of France and Germany decreased by nearly 2 percent each. On a sector basis,    
energy gained market share while telecom market share declined.                 

The transition did not cause EAFE constituents to experience any significant    
price distortions. However, the traditional index effect--where securities      
experiencing net inflows of capital outperform securities experiencing net      
outflows--was present for the Phase II transition, unlike Phase I. Through both 
phases of the transition, the Portfolio successfully avoided market impact where
possible and, in the aggregate, added value relative to its benchmark.          

----------------------                                                          
INVESTMENT PERFORMANCE                                                          
----------------------                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                                [Download Table]

TOTAL RETURN                          CLASS A        CLASS D            MSCI    
WITH TRANSACTION FEE                  SHARES         SHARES          EAFE INDEX 
--------------------------------------------------------------------------------
                                                                                
ONE YEAR                              (13.57)%       (13.26)%         (12.51)%  
FIVE YEAR                              (2.63)          N/A             (2.06)   
SINCE INCEPTION                        (1.22)         (2.38)           (1.39)*  
--------------------------------------------------------------------------------

*Since inception of Class A.                                                    

------------------------------                                                  
GROWTH OF A $10,000 INVESTMENT                                                  
------------------------------                                                  

[GRAPH APPEARS HERE]
CLASS A SHARES                                                                  

                                                                [Download Table]

                        INTERNATIONAL EQUITY INDEX PORTFOLIO    MSCI EAFE INDEX 
--------------------------------------------------------------------------------
                                                                                
 4/1/97                              $10,000.00                    $10,000.00   
                                      10,446.00                     10,250.00   
                                      12,061.00                     11,936.00   
                                      14,513.00                     14,455.00   
                                      13,080.00                     13,057.00   
                                      10,582.00                     10,559.00   
11/30/02                               9,237.00                      9,239.00   

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The MSCI EAFE Index is the   
Morgan Stanley Capital International Europe, Australia and Far East Index, an   
unmanaged index which tracks the performance of selected equity securities in   
Europe, Australia, Asia and the Far East.                                       

---------------------------------------------                                   
PORTFOLIO MANAGER                                                               

-----------------------------------------                                       
ERIC WANG                                                                       
-----------------------------------------                                       

                                                                [Download Table]

FUND FACTS (AS OF 11/30/02)                  
                                             
TICKER SYMBOL                           BIEIX

INCEPTION DATE                               
CLASS A SHARES                         4/1/97
CLASS D SHARES                        10/5/98

TOTAL NET ASSETS                  $81,008,529

NET ASSET VALUE                              
CLASS A SHARES                          $7.77
CLASS D SHARES                           7.66

---------------------------------------------

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares. The graph and table do  
not reflect the deduction of taxes that a shareholder would pay on fund         
distributions or the redemption of fund shares. Foreign securities may involve  
additional risks, such as social and political instability, reduced market      
liquidity, and currency volatility.                                             

The International Equity Index Portfolio requires the payment of an additional  
transaction fee on purchases of shares equal to 1.0 percent of the dollar amount
invested. The additional transaction fee is not a sales charge but is retained  
by the Portfolio to offset the costs of security purchases.                     

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

                  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 3 EQUITY PORTFOLIOS

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SMALL COMPANY GROWTH PORTFOLIO                                                  

PORTFOLIO MANAGEMENT COMMENTARY                                                 

Over the 12 months ended November 30, 2002, a time of negative returns for most 
equity investments, growth stocks underperformed value stocks by a wide margin. 
Although valuations within the growth universe became more and more attractive  
during the period, the environment for small-cap growth investors remained a    
difficult one. For the 12 months ended November 30, the Small Company Growth    
Portfolio posted a -17.57 percent (Class A shares) return, compared with the    
-20.44 percent return of the Russell 2000 Growth Index and the -10.60 percent   
return of the Russell 2000 Index over the same period.                          

Small-cap growth investors sold equities during the period as concerns grew over
the slow pace of economic recovery, corporate governance, talk of war with Iraq,
the possibility of sharply higher energy prices, and threats of domestic        
terrorism. Retail, industrial manufacturing, technology and semiconductor stocks
remained under pressure for much of that time. The goal of the Portfolio is to  
find attractively priced small-cap stocks with catalysts for appreciation over  
the next 12 months. The Portfolio's disciplined investment process seeks        
companies that demonstrate earnings predictability and free cash flow generation
over time. We believe that the outlook for small company growth stocks and the  
Portfolio remains positive, because this asset class typically outperforms well 
as the economy emerges from recession.                                          

INVESTMENT PERFORMANCE                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                                [Download Table]

                                                                RUSSELL 2000
                    CLASS A       CLASS D      RUSSELL 2000        GROWTH   
TOTAL RETURN        SHARES        SHARES          INDEX            INDEX    
----------------------------------------------------------------------------
                                                                            
ONE YEAR            (17.57)%        N/A         (10.60)%          (20.44)%  
SINCE INCEPTION     (14.77)       (14.66)*       (2.33)**         (14.71)** 

*Performance for periods of less than one year is cumulative.                   
**Since inception of Class A.                                                   

GROWTH OF A $10,000 INVESTMENT                                                  

[GRAPHIC]                                                                       

CLASS A SHARES      SMALL COMPANY                    RUSSELL 2000               
     GROWTH        RUSSELL 2000       GROWTH
   PORTFOLIO         INDEX           INDEX
     -------------    ------------    ------------
12/1/99             $ 10000.00       $ 10000.00      $ 10000.00                 
      9420.00          9942.00         9124.00
      7510.00         10421.00         8282.00
11/30/02               6190.00          9316.00         6203.00                 

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Russell 2000 Index is an 
unmanaged index which tracks the performance of the 2,000 smallest of the 3,000 
largest U.S. companies, based on market capitalization. The Russell 2000 Growth 
Index is an unmanaged index that tracks the performance of those Russell 2000   
companies with higher price-to-book ratios and higher forecasted growth values. 

The Russell 2000 Growth Index is replacing the Russell 2000 Index as the Fund's 
performance benchmark. The Russell 2000 Growth Index is a more defined measure  
of companies within the small-cap universe exhibiting growth characteristics    
and, therefore, is expected to provide a better comparison to the Fund's        
performance.                                                                    

PORTFOLIO MANAGER                                                               

THEODORE BRECKEL                                                                

FUND FACTS (AS OF 11/30/02)                                                     

TICKER SYMBOL              BSGRX                                                

INCEPTION DATE                                                                  
CLASS A SHARES           12/1/99                                                
CLASS D SHARES           6/13/02                                                

TOTAL NET ASSETS     $29,240,228                                                

NET ASSET VALUE                                                                 
CLASS A SHARES             $6.19                                                
CLASS D SHARES              6.17                                                

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Small-company stocks are generally riskier than large-company stocks due to     
greater volatility and less liquidity.                                          

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

EQUITY PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                  

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SMALL COMPANY INDEX PORTFOLIO                                                   

PORTFOLIO MANAGEMENT COMMENTARY                                                 

Small-capitalization stocks, as represented by the Russell 2000 Index, the      
Portfolio's benchmark, returned -10.60 percent during the 12 months ended       
November 30, 2002. By comparison, large-capitalization stocks, as measured by   
the S&P 500 Index, returned -16.50 percent. As designed, the Portfolio closely  
tracked the performance of the Russell 2000, returning -11.14 percent (Class A  
shares) over the most recent fiscal year ended November 30. Differences in      
return were driven by transaction costs and fund expenses.                      

As of November 30, 2002, the market capitalization of companies in the Russell  
2000 Index ranged from $5.4 million to $1.74 billion. The median company size   
was $235 million while the average company size was $323 million. The total     
market capitalization of the Russell 2000 was approximately 6.7 percent of the  
Russell 3000 market capitalization on November 30, 2002.                        

The telecom services sector, which represented 1.28 percent of the Russell 2000 
Index on November 30, was the worst performing sector, returning -55.94 percent 
for the 12-month period. The financials sector, representing 21.63 percent of   
the Index, was the best performing sector, returning 9.06 percent over the      
period.                                                                         

The annual Russell Reconstitution occurred at the end of June. As a result, the 
information technology sector experienced the largest increase in sector        
weighting, while the consumer discretionary sector declined the most.           

Going forward, we will continue to follow a passive strategy designed to provide
returns that approximate those of the Russell 2000 Index.                       

INVESTMENT PERFORMANCE                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                                [Download Table]

TOTAL RETURN              CLASS A      CLASS D      RUSSELL 2000
WITH TRANSACTION FEE      SHARES       SHARES          INDEX    
----------------------------------------------------------------
                                                                
ONE YEAR                  (11.14)%     (11.31)%       (10.60)%  
FIVE YEAR                  (0.33)       (0.87)          0.12    
SINCE INCEPTION             7.40         7.68           7.84*   

*Since inception of Class A.                                                    

GROWTH OF A $10,000 INVESTMENT                                                  

[GRAPHIC]                                                                       

CLASS A SHARES            SMALL COMPANY       RUSSELL 2000                      
INDEX PORTFOLIO        INDEX
    ---------------     ------------
1/11/93                      10000.00           10000.00                        
     11349.00           11495.00
     11181.00           11366.00
     14278.00           14606.00
     16563.00           17018.00
     20380.00           21002.00
     18946.00           19612.00
     21783.00           22685.00
     21538.00           22553.00
     22563.00           23640.00
11/30/02                     20147.00           21137.00                        

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Russell 2000 Index is an 
unmanaged index which tracks the performance of the 2,000 smallest of the 3,000 
largest U.S. companies, based on market capitalization.                         

PORTFOLIO MANAGER                                                               

BRENT REEDER                                                                    

FUND FACTS (AS OF 11/30/02)                                                     

TICKER SYMBOL              BSCAX                                                

INCEPTION DATE                                                                  
CLASS A SHARES           1/11/93                                                
CLASS D SHARES           12/8/94                                                

TOTAL NET ASSETS    $165,651,884                                                

NET ASSET VALUE                                                                 
CLASS A SHARES             $9.04                                                
CLASS D SHARES              8.92                                                

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Small-company stocks are generally riskier than large-company stocks due to     
greater volatility and less liquidity.                                          

The Small Company Index Portfolio requires the payment of an additional         
transaction fee on purchases of shares equal to 0.5 percent of the dollar amount
invested. The additional transaction fee is not a sales charge but is retained  
by the Portfolio to offset the costs of security purchases.                     

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

                  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 5 EQUITY PORTFOLIOS

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MID CAP GROWTH PORTFOLIO                                                        

PORTFOLIO MANAGEMENT COMMENTARY                                                 

Equity markets were weighed down by a host of concerns during the 12 months     
ended November 30, 2002, as virtually all stock indices registered double-digit 
declines. Investor concerns included stubbornly slow economic growth, lower     
consumer confidence, corporate governance issues, and rising international      
tensions. While the Federal Reserve did its best to be accommodating in lowering
the federal funds rate to 1.25 percent -- and millions of Americans refinanced  
-- lower interest rates have so far not provided enough fuel to jumpstart the   
U.S. economy. In this environment, the Mid Cap Growth Portfolio returned -11.38 
percent (Class A shares) over its most recent fiscal year ended November 30,    
2002, compared with the -6.24 percent return of the S&P MidCap 400 Index and the
-19.80 percent return of the Russell Midcap Growth Index over the same period.  

Over the 12-month period, the Portfolio's exposure to retail stocks within the  
consumer staples sector was reduced, due to the above-mentioned reduction in    
consumer confidence levels. Technology was also deemphasized. The Portfolio     
increased its holdings in economically sensitive cyclical companies during the  
period, particularly within the consumer discretionary and energy sectors, and  
selectively added to the health care sector. Overall, the Portfolio continues   
its emphasis on valuation, and its disciplined focus on companies demonstrating 
earnings predictability and free cash flow generation.                          

INVESTMENT PERFORMANCE                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                                [Download Table]

                                                                           RUSSELL 
                                                               S&P         MIDCAP  
                    CLASS A       CLASS C      CLASS D      MIDCAP 400     GROWTH  
TOTAL RETURN        SHARES        SHARES       SHARES         INDEX         INDEX  
-----------------------------------------------------------------------------------
                                                                                   
ONE YEAR            (11.38)%      (11.63)%     (11.76)%       (6.24)%      (19.80)%
SINCE INCEPTION      (7.60)        (4.93)      (16.86)         1.39*       (18.81)*

*Since inception of Class A.                                                    

GROWTH OF A $10,000 INVESTMENT                                                  

[GRAPHIC]                                                                       

CLASS A SHARES                                   RUSSELL                        
MIDCAP          S&P         MIDCAP    
GROWTH       MIDCAP 400     GROWTH    
PORTFOLIO       INDEX         INDEX     
---------     ----------     --------   
12/31/99             10000.00      10000.00      10000.00                       
10330.00      10915.00       8384.00  
8960.00      11105.00       6789.00 
11/30/02              7940.00      10412.00       5445.00                       

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The S&P MidCap 400 Index is  
an unmanaged index generally representative of the U.S. market for medium cap   
stocks. The Russell Midcap Growth Index is an unmanaged index that tracks the   
performance of those Russell midcap companies with higher price-to-book ratios  
and higher forecasted growth values.                                            

The Russell Midcap Growth Index is replacing the S&P MidCap 400 Index as the    
Fund's performance benchmark. The Russell Midcap Growth Index is a more defined 
measure of companies within the mid-cap universe exhibiting growth              
characteristics and, therefore, is expected to provide a better comparison to   
the Fund's performance.                                                         

PORTFOLIO MANAGERS                                                              

TRACY MCCORMICK                                                                 
ANDREW FLYNN                                                                    

FUND FACTS (AS OF 11/30/02)                                                     

TICKER SYMBOL              BMGRX                                                

INCEPTION DATE                                                                  
CLASS A SHARES          12/31/99                                                
CLASS C SHARES            4/4/01                                                
CLASS D SHARES           1/29/01                                                

TOTAL NET ASSETS     $27,628,610                                                

NET ASSET VALUE                                                                 
CLASS A SHARES             $7.94                                                
CLASS C SHARES              7.90                                                
CLASS D SHARES              7.88                                                

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Mid-sized company stocks are generally more volatile than large-company stocks. 

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

EQUITY PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                  

N-30D 9th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 9th
FOCUSED GROWTH PORTFOLIO                                                        

PORTFOLIO MANAGEMENT COMMENTARY                                                 

Large-cap equities were weighed down by a host of concerns during the 12 months 
ended November 30, 2002, as virtually all stock indices registered double-digit 
declines. Investor concerns included stubbornly slow economic growth, lower     
consumer confidence, corporate governance issues, and rising international      
tensions. While the Federal Reserve did its best to be accommodating in lowering
the federal funds rate to 1.25 percent -- and millions of Americans refinanced  
-- lower interest rates have so far not provided enough fuel to jumpstart the   
U.S. economy. In this environment, the Focused Growth Portfolio returned -19.34 
percent (Class A shares) over its most recent fiscal year ended November 30,    
2002, compared with the -16.50 percent return of the S&P 500 Index and the      
-22.69 percent return of the Russell 1000 Growth Index over the same period.    

Over the 12-month period, the Portfolio's exposure to retail stocks within the  
consumer staples sector was reduced, due to the above-mentioned reduction in    
consumer confidence levels. Technology was also deemphasized. The Portfolio     
increased its holdings in economically sensitive cyclical companies during the  
period, particularly within the consumer discretionary and energy sectors, and  
selectively added to the health care sector. Overall, the Portfolio continues   
its disciplined focus on high quality, large-cap companies demonstrating        
earnings predictability and free cash flow generation.                          

INVESTMENT PERFORMANCE                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                                  RUSSELL 1000
               CLASS A     CLASS C     CLASS D     S&P 500      GROWTH
TOTAL RETURN        SHARES      SHARES      SHARES      INDEX        INDEX      
--------------------------------------------------------------------------------
ONE YEAR            (19.34)%    (19.57)%    (19.67)%    (16.50)%   (22.69)%     
FIVE YEAR             1.45        1.20        1.08        0.98      (2.23)%     
SINCE INCEPTION       7.77        5.87        9.43       10.09*      8.23*      
--------------------------------------------------------------------------------
*Since inception of Class A.                                                    

GROWTH OF A $10,000 INVESTMENT                                                  

CLASS A SHARES                                                                  

[GRAPH APPEARS HERE]                                                            

    Focused Growth         S&P 500            Russell 1000
     Portfolio               Index            Growth Index
    --------------         --------           ------------
7/1/93        $  10000.00          $ 10000.00          $ 10000.00             
    10436.00            10370.00            10540.00
     9796.00            10478.00            10820.00
    12569.00            14348.00            14844.00
    14810.00            18343.00            18276.00
    18817.00            23571.00            23848.00
    23345.00            29154.00            33077.00
    31337.00            35245.00            44045.00
    31704.00            33755.00            34168.00
    25072.00            29633.00            27190.00
11/30/02         20223.00            24735.00            21062.00             

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The S&P 500 Index is the     
Standard & Poor's Composite Index of 500 stocks, a widely recognized, unmanaged 
index of common stock prices. The Russell 1000 Growth Index is an unmanaged     
index that tracks the performance of those Russell 1000 companies with higher   
price-to-book ratios and higher forecasted growth values.                       

The Russell 1000 Growth Index is replacing the S&P 500 Index as the Fund's      
performance benchmark. The Russell 1000 Growth Index is an index comprised of   
companies within the large-cap universe exhibiting growth characteristics and,  
therefore, is expected to provide a better comparison to the Fund's performance.

PORTFOLIO MANAGER                                                               

ROBERT N. STREED                                                                

FUND FACTS   (AS OF 11/30/02)                                                   

TICKER SYMBOL                                        BFGAX                      

INCEPTION DATE                                                                  
CLASS A SHARES                                      7/1/93                      
CLASS C SHARES                                     6/14/96                      
CLASS D SHARES                                     12/8/94                      

TOTAL NET ASSETS                              $210,348,002                      

NET ASSET VALUE                                                                 
CLASS A SHARES                                      $10.26                      
CLASS C SHARES                                       10.12                      
CLASS D SHARES                                        9.89                      

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares. The graph and table do  
not reflect the deduction of taxes that a shareholder would pay on fund         
distributions or the redemption of fund shares. Visit                           
northernfunds.com/institutional for the most recent performance information.    

                  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 7 EQUITY PORTFOLIOS

N-30D 10th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 10th
DIVERSIFIED GROWTH PORTFOLIO                                                    

-------------------------------                                                 
PORTFOLIO MANAGEMENT COMMENTARY                                                 
-------------------------------                                                 

Virtually all U.S. stock indices experienced double-digit declines over the     
12-mnth period ended November 30, 2002, despite a brief autumn rally. Investor  
confidence was tested throughout the period by talk of war with Iraq, the       
presumed effect of a Middle East conflict on energy prices, threats of domestic 
terrorism, and lingering concerns over corporate governance and accounting      
scandals. Despite a modest recovery in corporate profits and an accommodative   
stance by the Federal Reserve--reducing the federal funds rate to an unusually  
low 1.25 percent in two increments--corporate earnings remained well below their
levels of three years ago. In this environment, the Diversified Growth Portfolio
returned -17.62 percent (Class A shares), modestly lagging the -16.50 percent   
return of its benchmark, the S&P 500 Index.                                     

During the period, the Portfolio increased exposure to economically sensitive   
sectors such as industrials, while maintaining an above-market position in areas
leveraged to consumer spending. As the U.S. dollar weakened, exposure to        
companies that would tend to benefit from a weaker currency was added. We found 
stock selection rather than sector leadership to be a dominant theme, and       
narrowed the Portfolio's scope on selected issues over the 33-month period.     
Overall, the Portfolio remains focused on high quality companies with relatively
high earnings visibility and strong balance sheets.                             

----------------------                                                          
INVESTMENT PERFORMANCE                                                          
----------------------                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                                [Download Table]

                                  CLASS A           CLASS D             S&P 500 
TOTAL RETURN                      SHARES            SHARES               INDEX  
--------------------------------------------------------------------------------
                                                                                

ONE YEAR                        (17.62)%            (17.98)%            (16.50)%
FIVE YEAR                         1.34                0.96                0.98  
SINCE INCEPTION                   7.49                8.00               10.09* 
--------------------------------------------------------------------------------

*Since inception of Class A.                                                    

------------------------------                                                  
GROWTH OF A $10,000 INVESTMENT                                                  
------------------------------                                                  

[GRAPH APPEARS HERE]
CLASS A SHARES                                                                  

                                                                [Download Table]

                              DIVERSIFIED GROWTH PORTFOLIO         S&P 500 INDEX
                                                                                
 1/11/93                                $10,000.00                   $10,000.00 
                                         10,743.00                    10,874.00 
                                          9,989.00                    10,988.00 
                                         12,444.00                    15,046.00 
                                         15,031.00                    19,235.00 
                                         19,095.00                    24,718.00 
                                         23,922.00                    30,572.00 
                                         29,820.00                    36,959.00 
                                         29,679.00                    35,398.00 
                                         24,777.00                    31,075.00 
11/30/02                                 20,412.00                    25,938.00 

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The S&P $500 Index is the    
Standard & Poor's Composite Index of $500 stocks, a widely recognized, unmanaged
index of common stock prices.                                                   

-----------------------------------------------                                 
PORTFOLIO MANAGERS                                                              

-----------------------------------------                                       
JOHN B. LEO                                                                     
ROBERT MITCHELL                                                                 
-----------------------------------------                                       

                                                                [Download Table]

                                               
FUND FACTS (AS OF 11/30/02)                    

TICKER SYMBOL                             BDVAX

INCEPTION DATE                                 
CLASS A SHARES                          1/11/93
CLASS D SHARES                          9/14/94

TOTAL NET ASSETS                    $66,768,274

NET ASSET VALUE                                
CLASS A SHARES                            $6.17
CLASS D SHARES                             5.93

-----------------------------------------------

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

EQUITY PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                  

N-30D 11th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 11th
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO                                                          
--------------------------------------------------------------------------------

-------------------------------                                                 
PORTFOLIO MANAGEMENT COMMENTARY                                                 
-------------------------------                                                 

For the 12-month period ended November 30, 2002, large-capitalization stocks, as
represented by the S&P 500 Index, the Portfolio's benchmark, returned -16.50    
percent. Large-cap stocks underperformed small- and mid-cap stocks, as measured 
by the Russell 2000 Index at -10.60 percent and the S&P Midcap 400 Index at     
-6.24 percent. As designed, the Portfolio's performance closely tracked that of 
the S&P 500 Index, returning -16.69 percent (Class A shares). Differences in    
performance relative to the benchmark were driven by transaction costs and fund 
expenses.                                                                       

Financials and information technology constituted the Portfolio's largest sector
positions at 20.35 percent and 15.78 percent, respectively, as of November 30,  
2002. Over the preceding 12-month period, utilities were the Index's poorest    
performing sector, down 30.95 percent. Conversely, materials was the top        
performer, declining 3.57 percent.                                              

There were 28 additions and deletions to the S&P 500 during the 12 months ended 
November 30, and we incorporated all these changes into the Portfolio. The      
Index's normal quarterly share rebalance occurred in December 2001, and on      
March 15, June 21, and September 20, 2002, and these Index changes were also    
incorporated.                                                                   

Going forward, we will continue to follow a passive strategy designed to provide
returns that approximate those of the benchmark index.                          

----------------------                                                          
INVESTMENT PERFORMANCE                                                          
----------------------                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                                [Download Table]

                      CLASS A        CLASS C        CLASS D        S&P 500      
TOTAL RETURN          SHARES         SHARES         SHARES         INDEX        
--------------------------------------------------------------------------------
                                                                                
ONE YEAR              (16.69)%       (16.89)%       (17.05)%       (16.50)%     
FIVE YEAR               0.75           0.51           0.41           0.98       
SINCE INCEPTION        10.02           7.92          10.04          10.09*      

*Since inception of Class A.                                                    

------------------------------                                                  
GROWTH OF A $10,000 INVESTMENT                                                  
------------------------------                                                  

[GRAPH APPEARS HERE]                                                            

CLASS A SHARES                                                                  

                                                                [Download Table]

DATES ?????         EQUITY INDEX PORTFOLIO                  S & P INDEX
-----------         ----------------------                  -----------
                                                                       
 1/11/93                 $ 10000.00                         $ 10000.00 
                           11008.00                           10874.00 
                           11102.00                           10988.00 
                           15171.00                           15046.00 
                           19347.00                           19235.00 
                           24753.00                           24718.00 
                           30533.00                           30572.00 
                           36802.00                           36959.00 
                           35121.00                           35398.00 
                           30841.00                           31075.00 
11/30/02                   25692.00                           25938.00 

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The S&P 500 Index is the     
Standard & Poor's Composite Index of 500 stocks, a widely recognized, unmanaged 
index of common stock prices.                                                   

PORTFOLIO MANAGER                                                               

-----------------------                                                         
PAULA SMITH                                                                     
-----------------------                                                         
FUND FACTS (AS OF 11/30/02)                                                     

TICKER SYMBOL                    BEIAX                                          

INCEPTION DATE                                                                  
CLASS A SHARES                         1/11/93                                  
CLASS C SHARES                         9/28/95                                  
CLASS D SHARES                         9/14/94                                  

TOTAL NET ASSETS                 $ 850,571,639                                  

NET ASSET VALUE                                                                 
CLASS A SHARES                          $12.36                                  
CLASS C SHARES                           12.31                                  
CLASS D SHARES                           12.30                                  

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

                NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  9  EQUITY PORTFOLIOS

N-30D 12th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 12th
BALANCED PORTFOLIO                                                              

PORTFOLIO MANAGEMENT COMMENTARY                                                 

While most bond indices posted positive returns over the 12-month period ended  
November 30, 2002, virtually all U.S. stock indices experienced double-digit    
declines, despite a brief autumn rally. Investor confidence was tested          
throughout the period by talk of war with Iraq, the presumed effect of a Middle 
East conflict on energy prices, threats of domestic terrorism, and lingering    
concerns over corporate governance and accounting scandals. Despite a modest    
recovery in corporate profits and an accommodative stance by the Federal Reserve
-- reducing the federal funds rate to an unusually low 1.25 percent in two      
increments -- corporate earnings remained well below their levels of three years
ago. In a difficult environment, the Portfolio returned -7.26 percent (Class A  
shares), modestly lagging the -6.30 percent return of its benchmark, the        
Composite Index.                                                                

During the period, the Portfolio increased exposure to economically sensitive   
sectors such as industrials, while maintaining an above-market position in areas
leveraged to consumer spending. As the U.S. dollar weakened, exposure to        
companies that would tend to benefit from a weaker currency was added. We found 
stock selection rather than sector leadership to be a dominant theme, and       
narrowed the Portfolio's scope on selected equity issues over the 12-month      
period. Overall, the Portfolio remains focused on quality companies with        
relatively high earnings visibility and solid balance sheets. For its bond      
holdings, the Portfolio continues to emphasize high quality issues with strong  
liquidity characteristics.                                                      

INVESTMENT PERFORMANCE                                                          

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

    CLASS A    CLASS C   CLASS D   COMPOSITE
TOTAL RETURN          SHARES     SHARES    SHARES      INDEX                    
--------------------------------------------------------------                  
ONE YEAR              (7.26)%     (7.56)%   (7.66)%    (6.30)%                  
FIVE YEAR              4.29        4.06      3.89       4.10                    
SINCE INCEPTION        7.34        7.11      6.81       8.76*                   
--------------------------------------------------------------                  
*Since inception of Class A.                                                    

GROWTH OF A $10,000 INVESTMENT                                                  

[GRAPHIC]                   

CLASS A SHARES                                                                  

                                         LEHMAN BROTHERS
                                          INTERMEDIATE
    BALANCED    COMPOSITE    S&P 500    GOVERNMENT/CORPORATE
PORTFOLIO     INDEX       INDEX          BOND INDEX 
    --------------------------------------------------------
7/1/93      $ 10000.00  $ 10000.00   $ 10000.00       $ 10000.00                
10309.00    10290.00     10370.00         10196.00  
9817.00    10305.00     10478.00         10009.00 
11804.00    12982.00     14348.00         11465.00  
13469.00    15262.00     18343.00         12132.00  
15797.00    18054.00     23571.00         12899.00  
18473.00    21175.00     29154.00         14043.00  
21079.00    23713.00     35245.00         14200.00  
21918.00    24024.00     33755.00         15304.00  
21017.00    23554.00     29633.00         17077.00  
11/30/02      19491.00    22057.00     25938.00         14431.00                
    --------------------------------------------------------

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Composite Index for the  
Balanced Portfolio consists of 55 percent S&P 500, 40 percent Lehman Brothers   
Intermediate Government/Corporate Bond Index, and 5 percent 91-day Treasury     
bills.                                                                          

PORTFOLIO MANAGERS                                                              

ROBERT MITCHELL                                                                 
COLIN A. ROBERTSON                                                              

FUND FACTS (AS OF 11/30/02)                                                     

TICKER SYMBOL             BBALX                                                 

INCEPTION DATE                                                                  
CLASS A SHARES           7/1/93                                                 
CLASS C SHARES         12/29/95                                                 
CLASS D SHARES          2/20/96                                                 

TOTAL NET ASSETS    $89,615,388                                                 

NET ASSET VALUE                                                                 
CLASS A SHARES           $10.65                                                 
CLASS C SHARES            10.64                                                 
CLASS D SHARES            10.58                                                 

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares. The graph and table do  
not reflect the deduction of taxes that a shareholder would pay on fund         
distributions or the redemption of fund shares. Visit                           
northernfunds.com/institutional for the most recent performance information.    

EQUITY PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 13th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 13th
                     ---------------------------------------------------------
                                                             EQUITY PORTFOLIOS
                                                                          ----

THIS PAGE INTENTIONALLY LEFT BLANK  

               northern institutional funds annual report 11 equity portfolios

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EQUITY PORTFOLIOS                                                               

STATEMENTS OF ASSETS AND LIABILITIES                                        

                                                                [Download Table]

                                                         SMALL         SMALL    
                        INTERNATIONAL  INTERNATIONAL    COMPANY       COMPANY   
 Amounts in thousands,     GROWTH      EQUITY INDEX     GROWTH         INDEX    
 except per share data    PORTFOLIO      PORTFOLIO     PORTFOLIO     PORTFOLIO  
--------------------------------------------------------------------------------
                                                                                
 ASSETS:                                                                        
 Investments, at cost      $116,077        $99,606      $26,090       $187,955  
 Investments, at fair                                                           
  value                    $124,793        $81,159      $29,041       $166,357  
 Cash                           956              -          250              1  
 Foreign currencies,                                                            
  at fair value (cost:                                                          
  $330, $261)                   330            261            -              -  
 Income receivable              206            137            4            136  
 Receivable for                                                                 
  foreign tax withheld          178            108            -              -  
 Receivable for                                                                 
  securities sold             3,104            163        1,467              -  
 Receivable for                                                                 
  variation margin on                                                           
  futures contracts               -              7            -              1  
 Receivable for fund                                                            
  shares sold                   501              6            8             10  
 Receivable from                                                                
  affiliated                                                                    
  administrator                  16              8           14              8  
 Unrealized gain on                                                             
  foreign currency                                                              
  exchange contracts              1              -            -              -  
 Prepaid and other                                                              
  assets                          2              3            2              3  
 Total Assets               130,087         81,852       30,786        166,516  
--------------------------------------------------------------------------------
 LIABILITIES:                                                                   
 Cash overdraft                   -              -            -              -  
 Unrealized loss on                                                             
  foreign currency                                                              
  exchange contracts              2              -            -              -  
 Payable for                                                                    
  securities purchased        2,983            614        1,492              -  
 Payable for variation                                                          
  margin on futures                                                             
  contracts                      69             21            -             15  
 Payable for fund                                                               
  shares redeemed               580            154           12            724  
 Payable to                                                                     
  affiliates:                                                                   
  Investment advisory                                                           
   fees                          80             15           19             26  
  Administration fees            15              9            2             13  
  Custody and                                                                   
   accounting fees               16             11            4             66  
  Transfer agent fees             1              1            -              1  
 Accrued registration                                                           
  fees and other                                                                
  liabilities                    23             18           17             19  
 Total Liabilities            3,769            843        1,546            864  
--------------------------------------------------------------------------------
 Net Assets                $126,318        $81,009      $29,240       $165,652  
--------------------------------------------------------------------------------
 ANALYSIS OF NET                                                                
 ASSETS:                                                                        
 Capital stock             $193,216       $115,741      $55,634       $231,998  
 Undistributed net                                                              
  investment income             318          1,251            -          2,585  
 Accumulated                                                                    
  undistributed net                                                             
  realized loss             (76,081)       (17,703)     (29,345)       (47,717) 
 Net unrealized                                                                 
  appreciation                                                                  
  (depreciation)              8,865        (18,280)       2,951        (21,214) 
 Net Assets                $126,318        $81,009      $29,240       $165,652  
--------------------------------------------------------------------------------
 Net Assets:                                                                    
  Class A                  $124,966        $80,939      $29,211       $165,559  
  Class C                         -              -            -              -  
  Class D                     1,352             70           29             93  
 Total Shares                                                                   
  Outstanding (no par                                                           
  value), Unlimited                                                             
  Shares Authorized:                                                            
  Class A                    19,732         10,415        4,722         18,307  
  Class C                         -              -            -              -  
  Class D                       214              9            5             10  
 Net Asset Value,                                                               
  Redemption and                                                                
  Offering Price Per                                                            
  Share:                                                                        
  Class A                     $6.33          $7.77        $6.19          $9.04  
  Class C                         -              -            -              -  
  Class D                      6.30           7.66         6.17           8.92  
--------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  12  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 15th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 15th
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

  MID CAP      FOCUSED    DIVERSIFIED    EQUITY                
  GROWTH       GROWTH       GROWTH        INDEX       BALANCED 
 PORTFOLIO    PORTFOLIO    PORTFOLIO    PORTFOLIO     PORTFOLIO
---------------------------------------------------------------
                                                               
  $23,305      $197,555     $69,354      $842,587      $90,831 
  $27,416      $214,482     $66,754      $809,411      $89,274 
        1             -           1             1            5 
        -             -           -             -            - 
        8           114          62         1,162          326 
        -             -           -             -            - 
    1,014         4,382           -             -          998 
        -             -           -             -            - 
        -           180           -        40,555          110 
       20            16          14            30            9 
        -             -           -             -            - 
        2             3           3             8            5 
   28,461       219,177      66,834       851,167       90,727 
---------------------------------------------------------------
        -           239           -             -            - 
        -             -           -             -            - 
      790         7,561           -            42          974 
        -             -           4            61           10 
        -             -           -           260           44 
       18           128          35            57           36 
        2            17           5            57            7 
        4             5           4            17            5 
        -             2           1            10            1 
       18           877          17            91           35 
      832         8,829          66           595        1,112 
---------------------------------------------------------------
  $27,629      $210,348     $66,768      $850,572      $89,615 
---------------------------------------------------------------
  $42,243      $283,131     $73,409      $889,681      $95,044 
        -             -         372         2,172           19 
  (18,725)      (89,710)     (4,586)      (10,131)      (4,386)
    4,111        16,927      (2,427)      (31,150)      (1,062)
  $27,629      $210,348     $66,768      $850,572      $89,615 
---------------------------------------------------------------
  $26,288      $202,117     $66,371       797,850      $88,438 
    1,146         7,247           -        47,325          860 
      195           984         397         5,397          317 
    3,312        19,694      10,751        64,548        8,307 
      145           716           -         3,845           81 
       25            99          67           439           30 
    $7.94        $10.26       $6.17        $12.36       $10.65 
     7.90         10.12           -         12.31        10.64 
     7.88          9.89        5.93         12.30        10.58 
---------------------------------------------------------------

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  13  EQUITY PORTFOLIOS

N-30D 16th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 16th
-----------------                                                               
EQUITY PORTFOLIOS                                                               
--------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS                                                        
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]


                                                                                                                 SMALL  
                                          INTERNATIONAL          INTERNATIONAL               SMALL              COMPANY 
                                             GROWTH              EQUITY INDEX           COMPANY GROWTH           INDEX  
 Amounts in thousands                      PORTFOLIO               PORTFOLIO               PORTFOLIO           PORTFOLIO
------------------------------------------------------------------------------------------------------------------------
                                                                                                                        
 INVESTMENT INCOME:                                                                                                     
 Dividend income                             $2,485                 $1,661                    $73               $2,852  
 Interest income                                 65                     30                     21                   96  
  Total Investment Income                    2,550/(1)/              1,691/(2)/                94                2,948  
------------------------------------------------------------------------------------------------------------------------
 EXPENSES:                                                                                                              
 Investment advisory fees                     1,231                    330                    367                  728  
 Administration fees                            198                    122                     37                  214  
 Custody and accounting fees                    158                    112                     40                  274  
 Transfer agent fees                             16                      8                      4                   21  
 Registration fees                               20                     15                     21                    8  
 Professional fees                                9                      9                      9                   10  
 Printing fees                                    1                      1                      -                    3  
 Trustee fees and expenses                        4                      4                      4                    4  
 Other                                           11                      6                      6                    3  
------------------------------------------------------------------------------------------------------------------------
 Total Expenses:                              1,648                    607                    488                1,265  
  Less voluntary waivers of                                                                                             
   investment advisory fees                    (175)                  (126)                   (74)                (301) 
  Less expenses reimbursed by                                                                                           
   administrator                                (63)                   (64)                   (78)                (302) 
  Net Expenses                                1,410                    417                    336                  662  
------------------------------------------------------------------------------------------------------------------------
 NET INVESTMENT INCOME (LOSS)                 1,140                  1,274                   (242)               2,286  
------------------------------------------------------------------------------------------------------------------------
 NET REALIZED AND UNREALIZED                                                                                            
 GAINS (LOSSES):                                                                                                        
 Net realized gains (losses)                                                                                            
  on:                                                                                                                   
  Investments                               (25,257)               (15,110)                (6,820)             (29,475) 
  Options                                         -                      -                      -                    -  
  Futures contracts                               -                   (670)                     -                  (45) 
  Foreign currency transactions                (157)                    50                      -                    -  
 Net change in unrealized                                                                                               
  appreciation (depreciation)                                                                                           
  on:                                                                                                                   
  Investments                                 5,777                  3,531                   (409)              10,453  
  Options, futures contracts,                                                                                           
   foreign currency                                                                                                     
   transactions and forward                                                                                             
   foreign currency contracts,                  127                    114                      -                 (579) 
 Net change in unrealized gains                                                                                         
  on translation of other                                                                                               
  assets and liabilities                                                                                                
  denominated in foreign                                                                                                
  currencies                                     31                     16                      -                    -  
  Net Losses on Investments                 (19,479)               (12,069)                (7,229)             (19,646) 
------------------------------------------------------------------------------------------------------------------------
 NET DECREASE IN NET ASSETS                                                                                             
  RESULTING FROM OPERATIONS                $(18,339)              $(10,795)               $(7,471)            $(17,360) 
------------------------------------------------------------------------------------------------------------------------

(1) Net of $277 in non-reclaimable foreign withholding taxes.                   
(2) Net of $154 in non-reclaimable foreign withholding taxes.                   

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

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                                     FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2002
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]


                                                  MID CAP           FOCUSED          DIVERSIFIED         EQUITY                   
                                                  GROWTH            GROWTH             GROWTH            INDEX           BALANCED 
                                                 PORTFOLIO         PORTFOLIO          PORTFOLIO        PORTFOLIO         PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  
INVESTMENT INCOME:                                                                                                                
Dividend income                                     $119             $1,570              $918            $11,754             $535 
Interest income                                       10                 86                35                514            1,981 
 Total Investment Income                             129              1,656               953             12,268            2,516 
----------------------------------------------------------------------------------------------------------------------------------
EXPENSES:                                                                                                                         
Investment advisory fees                             325              2,184               602              1,900              600 
Administration fees                                   33                232                78                793               89 
Custody and accounting fees                           32                 44                31                171               39 
Transfer agent fees                                    5                 31                 8                138               10 
Registration fees                                     21                  8                18                 32               17 
Professional fees                                      3                 10                 9                 30                9 
Printing fees                                          -                  3                 1                 15                1 
Trustee fees and expenses                              4                  4                 4                 11                4 
Other                                                 12                 28                 9                 38                5 
----------------------------------------------------------------------------------------------------------------------------------
Total Expenses:                                      435              2,544               760              3,128              774 
 Less voluntary waivers of                                                                                                        
  investment advisory fees                           (58)              (402)             (125)            (1,107)            (154)
 Less expenses reimbursed by                                                                                                      
  administrator                                      (64)               (72)              (67)              (198)             (73)
 Net Expenses                                        313              2,070               568              1,823              547 
----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS)                        (184)              (414)              385             10,445            1,969 
----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED                                                                                                       
GAINS (LOSSES):                                                                                                                   
Net realized gains (losses)                                                                                                       
 on:                                                                                                                              
 Investments                                      (4,181)           (36,943)             (524)            17,806           (2,898)
 Options                                               -                  -                14                  -                - 
 Futures contracts                                     -                  -               147             (2,199)           1,425 
 Foreign currency transactions                         -                  -                 -                  -                - 
Net change in unrealized                                                                                                          
 appreciation (depreciation)                                                                                                      
 on:                                                                                                                              
 Investments                                         252            (13,808)          (14,054)          (166,305)          (6,793)
 Options, futures contracts,                                                                                                      
  foreign currency                                                                                                                
  transactions and forward                                                                                                        
  foreign currency contracts,                          -                  -                70               (836)             495 
Net change in unrealized gains                                                                                                    
 on translation of other                                                                                                          
 assets and liabilities                                                                                                           
 denominated in foreign                                                                                                           
 currencies                                            -                  -                 -                  -                - 
 Net Losses on Investments                        (3,929)           (50,751)          (14,347)          (151,534)          (7,771)
----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS                                                                                                        
 RESULTING FROM OPERATIONS                       $(4,113)          $(51,165)         $(13,962)         $(141,089)         $(5,802)
----------------------------------------------------------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 15 EQUITY PORTFOLIOS

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-----------------                                                               
EQUITY PORTFOLIOS                                                               
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS                                             
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                                                     SMALL         
                                                                     INTERNATIONAL      INTERNATIONAL EQUITY         COMPANY       
                                                                        GROWTH                  INDEX                GROWTH        
                                                                       PORTFOLIO              PORTFOLIO             PORTFOLIO      
Amounts in thousands                                                2002       2001       2002        2001       2002       2001   
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
OPERATIONS:                                                                                                                        
Net investment income (loss)                                        $1,140       $831     $1,274        $938      $(242)     $(163)
Net realized gains (losses) on investments, options, futures                                                                       
 contracts, and foreign currency transactions                      (25,414)   (41,490)   (15,730)       (662)    (6,820)   (13,370)
Net change in unrealized appreciation (depreciation) on                                                                            
 investments, options, futures contracts, and foreign currency                                                                     
 transactions                                                        5,904      5,623      3,645     (16,839)      (409)     4,060 
Net change in unrealized gains (losses) on translation of                                                                          
 other assets and liabilities denominated in foreign                                                                               
 currencies                                                             31        (15)        16           2          -          - 
 Net Increase (Decrease) in Net Assets Resulting from                                                                              
  Operations                                                       (18,339)   (35,051)   (10,795)    (16,561)    (7,471)    (9,473)
---------------------------------------------------------------------------------------------------------------------------------- 
CLASS A SHARE TRANSACTIONS:                                                                                                        
Shares sold                                                         69,632     43,330     38,262      56,461     13,092     21,514 
Shares from reinvestment of dividends                                  519     20,720        907       2,062          1          - 
Shares redeemed                                                    (50,163)   (33,332)   (35,461)    (38,367)   (11,666)   (14,985)
 Net Increase (Decrease) in Net Assets Resulting from Class A                                                                      
  Share Transactions                                                19,988     30,718      3,708      20,156      1,427      6,529 
---------------------------------------------------------------------------------------------------------------------------------- 
CLASS C SHARE TRANSACTIONS:                                                                                                        
Shares sold                                                              -          -          -           -          -          - 
Shares from reinvestment of dividends                                    -          -          -           -          -          - 
Shares redeemed                                                          -          -          -           -          -          - 
 Net Increase (Decrease) in Net Assets Resulting from Class C                                                                      
  Share Transactions                                                     -          -          -           -          -          - 
---------------------------------------------------------------------------------------------------------------------------------- 
CLASS D SHARE TRANSACTIONS:                                                                                                        
Shares sold                                                          1,100      1,919         57           -         33          - 
Shares from reinvestment of dividends                                    -          -          -           -          -          - 
Shares redeemed                                                     (1,148)        (4)         -           -          -          - 
 Net Increase (Decrease) in Net Assets Resulting from Class D                                                                      
  Share Transactions                                                   (48)     1,915         57           -         33          - 
---------------------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:                                                                                             
From net investment income                                            (612)    (3,375)      (812)       (975)        (2)         - 
From net realized gains                                                  -    (20,296)      (164)     (1,181)         -          - 
 Total Distributions to Class A Shareholders                          (612)   (23,671)      (976)     (2,156)        (2)         - 
---------------------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO CLASS C SHAREHOLDERS:                                                                                             
From net investment income                                               -          -          -           -          -          - 
From net realized gains                                                  -          -          -           -          -          - 
 Total Distributions to Class C Shareholders                             -          -          -           -          -          - 
---------------------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO CLASS D SHAREHOLDERS:                                                                                             
From net investment income                                              (8)         -          -           -          -          - 
From net realized gains                                                  -          -          -           -          -          - 
 Total Distributions to Class D Shareholders                            (8)         -          -           -          -          - 
---------------------------------------------------------------------------------------------------------------------------------- 
Total Increase (Decrease) in Net Assets                                981    (26,089)    (8,006)      1,439     (6,013)    (2,944)
NET ASSETS:                                                                                                                        
Beginning of year                                                  125,337    151,426     89,015      87,576     35,253     38,197 
End of year                                                       $126,318   $125,337    $81,009     $89,015    $29,240    $35,253 
---------------------------------------------------------------------------------------------------------------------------------- 
Accumulated Undistributed Net Investment Income (Loss)                $318      $(375)    $1,251        $652         $-      $(163)
---------------------------------------------------------------------------------------------------------------------------------- 

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

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                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                          SMALL COMPANY                                             
                                                                              INDEX           MID CAP GROWTH       FOCUSED GROWTH   
                                                                            PORTFOLIO            PORTFOLIO            PORTFOLIO     
                                                                         2002       2001      2002      2001       2002       2001  
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
OPERATIONS:                                                                                                                         
Net investment income (loss)                                            $2,286     $3,739     $(184)    $(172)     $(414)     $(189)
Net realized gains (losses) on investments, options, futures                                                                        
 contracts, and foreign currency transactions                          (29,520)    (6,117)   (4,181)  (10,016)   (36,943)   (46,032)
Net change in unrealized appreciation (depreciation) on                                                                             
 investments, options, futures contracts, and foreign currency                                                                      
 transactions                                                            9,874      9,322       252     4,939    (13,808)    (9,583)
Net change in unrealized gains (losses) on translation of                                                                           
 other assets and liabilities denominated in foreign                                                                                
 currencies                                                                  -          -         -         -          -          - 
 Net Increase (Decrease) in Net Assets Resulting from                                                                               
  Operations                                                           (17,360)     6,944    (4,113)   (5,249)   (51,165)   (55,804)
------------------------------------------------------------------------------------------------------------------------------------
CLASS A SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                             45,734    114,795     4,920    14,137     78,615    111,130 
Shares from reinvestment of dividends                                    3,172     31,225         -         -          -     20,443 
Shares redeemed                                                       (179,850)   (43,379)   (8,784)  (11,951)   (74,335)   (36,591)
 Net Increase (Decrease) in Net Assets Resulting from Class A                                                                       
  Share Transactions                                                  (130,944)   102,641    (3,864)    2,186      4,280     94,982 
------------------------------------------------------------------------------------------------------------------------------------
CLASS C SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                                  -          -     2,978     1,536        152        936 
Shares from reinvestment of dividends                                        -          -         -         -          -      1,078 
Shares redeemed                                                              -          -    (2,610)     (573)      (184)    (1,140)
 Net Increase (Decrease) in Net Assets Resulting from Class C                                                                       
  Share Transactions                                                         -          -       368       963        (32)       874 
------------------------------------------------------------------------------------------------------------------------------------
CLASS D SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                                 38          1        78       197        647        284 
Shares from reinvestment of dividends                                        -         15         -         -          -         60 
Shares redeemed                                                             (3)       (50)       (5)      (28)      (123)      (173)
 Net Increase (Decrease) in Net Assets Resulting from Class D                                                                       
  Share Transactions                                                        35        (34)       73       169        524        171 
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:                                                                                              
From net investment income                                              (3,471)    (2,958)        -         -          -          - 
From net realized gains                                                      -    (32,459)        -         -          -    (21,404)
 Total Distributions to Class A Shareholders                            (3,471)   (35,417)        -         -          -    (21,404)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS C SHAREHOLDERS:                                                                                              
From net investment income                                                   -          -         -         -          -          - 
From net realized gains                                                      -          -         -         -          -     (1,078)
 Total Distributions to Class C Shareholders                                 -          -         -         -          -     (1,078)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS D SHAREHOLDERS:                                                                                              
From net investment income                                                   -          -         -         -          -          - 
From net realized gains                                                      -        (14)        -         -          -        (60)
 Total Distributions to Class D Shareholders                                 -        (14)        -         -          -        (60)
------------------------------------------------------------------------------------------------------------------------------------
Total Increase (Decrease) in Net Assets                               (151,740)    74,120    (7,536)   (1,931)   (46,393)    17,681 
NET ASSETS:                                                                                                                         
Beginning of year                                                      317,392    243,272    35,165    37,096    256,741    239,060 
End of year                                                           $165,652   $317,392   $27,629   $35,165   $210,348   $256,741 
------------------------------------------------------------------------------------------------------------------------------------
Accumulated Undistributed Net Investment Income (Loss)                  $2,585     $3,611        $-        $-         $-      $(189)
------------------------------------------------------------------------------------------------------------------------------------
                                                        [Enlarge/Download Table]

                                                                          DIVERSIFIED         EQUITY INDEX            BALANCED      
                                                                        GROWTH PORTFOLIO       PORTFOLIO              PORTFOLIO     
                                                                         2002      2001      2002      2001        2002       2001  
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
OPERATIONS:                                                                                                                         
Net investment income (loss)                                              $385       $422   $10,445    $12,137    $1,969     $2,654 
Net realized gains (losses) on investments, options, futures                                                                        
 contracts, and foreign currency transactions                             (363)    (4,004)   15,607     12,935    (1,473)    (2,894)
Net change in unrealized appreciation (depreciation) on                                                                             
 investments, options, futures contracts, and foreign currency                                                                      
 transactions                                                          (13,984)   (15,316) (167,141)  (164,567)   (6,298)    (2,656)
Net change in unrealized gains (losses) on translation of                                                                           
 other assets and liabilities denominated in foreign                                                                                
 currencies                                                                  -          -         -          -         -          - 
 Net Increase (Decrease) in Net Assets Resulting from                                                                               
  Operations                                                           (13,962)   (18,898) (141,089)  (139,495)   (5,802)    (2,896)
------------------------------------------------------------------------------------------------------------------------------------
CLASS A SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                              7,894     21,037   312,973    354,224    25,324     40,933 
Shares from reinvestment of dividends                                      368     42,563    37,176    165,441     2,140      8,247 
Shares redeemed                                                        (29,720)    (7,748) (288,468)  (308,008)  (28,290)   (13,968)
 Net Increase (Decrease) in Net Assets Resulting from Class A                                                                       
  Share Transactions                                                   (21,458)    55,852    61,681    211,657      (826)    35,212 
------------------------------------------------------------------------------------------------------------------------------------
CLASS C SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                                  -          -     7,140     10,724        77         75 
Shares from reinvestment of dividends                                        -          -     3,019     16,079        19         94 
Shares redeemed                                                              -          -   (19,220)   (20,515)      (54)       (35)
 Net Increase (Decrease) in Net Assets Resulting from Class C                                                                       
  Share Transactions                                                         -          -    (9,061)     6,288        42        134 
------------------------------------------------------------------------------------------------------------------------------------
CLASS D SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                                153         81     1,822      2,531       149         63 
Shares from reinvestment of dividends                                        -        214       214      1,484         5         45 
Shares redeemed                                                           (120)       (67)   (1,603)    (4,618)      (64)      (263)
 Net Increase (Decrease) in Net Assets Resulting from Class D                                                                       
  Share Transactions                                                        33        228       433       (603)       90       (155)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:                                                                                              
From net investment income                                                (420)       (81)  (10,692)   (11,356)   (2,147)    (2,671)
From net realized gains                                                      -    (46,439)  (29,192)  (167,835)        -     (5,599)
 Total Distributions to Class A Shareholders                              (420)   (46,520)  (39,884)  (179,191)   (2,147)    (8,270)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS C SHAREHOLDERS:                                                                                              
From net investment income                                                   -          -      (671)      (753)      (19)       (25)
From net realized gains                                                      -          -    (2,348)   (15,326)        -        (69)
 Total Distributions to Class C Shareholders                                 -          -    (3,019)   (16,079)      (19)       (94)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS D SHAREHOLDERS:                                                                                              
From net investment income                                                   -          -       (57)       (68)       (6)       (10)
From net realized gains                                                      -       (214)     (205)    (1,640)        -        (36)
 Total Distributions to Class D Shareholders                                 -       (214)     (262)    (1,708)       (6)       (46)
------------------------------------------------------------------------------------------------------------------------------------
Total Increase (Decrease) in Net Assets                                (35,807)    (9,552) (131,201)  (119,131)   (8,668)    23,885 
NET ASSETS:                                                                                                                         
Beginning of year                                                      102,575    112,127   981,773  1,100,904    98,283     74,398 
End of year                                                            $66,768   $102,575  $850,572   $981,773   $89,615    $98,283 
------------------------------------------------------------------------------------------------------------------------------------
Accumulated Undistributed Net Investment Income (Loss)                    $372       $420    $2,172     $2,099       $19       $279 
------------------------------------------------------------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 17 EQUITY PORTFOLIOS

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EQUITY PORTFOLIOS                                                               

FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]

                                                                                    CLASS A                             
 INTERNATIONAL GROWTH PORTFOLIO                                                                                         

 Selected per share data                                      2002        2001        2000        1999          1998    
------------------------------------------------------------------------------------------------------------------------
                                                                                                                        
 Net Asset Value, Beginning of Year                            $7.23      $11.22      $14.07      $11.78        $10.52  

 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                              
 Net investment income                                          0.07        0.09        0.04        0.33          0.09  
 Net realized and unrealized gains (losses)                    (0.93)      (2.31)      (0.44)       2.94          1.90  
     Total Income (Loss) from Investment Operations            (0.86)      (2.22)      (0.40)       3.27          1.99  
------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                               
   From net investment income /(1)/                            (0.04)      (0.25)      (0.05)      (0.22)        (0.16) 
   From net realized gains                                         -       (1.52)      (2.40)      (0.76)        (0.57) 
     Total Distributions Paid                                  (0.04)      (1.77)      (2.45)      (0.98)        (0.73) 
------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                  $6.33       $7.23      $11.22      $14.07        $11.78  
------------------------------------------------------------------------------------------------------------------------
 TOTAL RETURN /(2)/                                           (12.01)%    (23.51)%     (4.26)%     30.07%        20.44% 

 SUPPLEMENTAL DATA AND RATIOS:                                                                                          
 Net assets, in thousands, end of year                      $124,966    $123,520    $151,426    $147,689      $111,594  
 Ratio to average net assets of:                                                                                        
   Expenses, net of waivers and reimbursements                  1.06%       1.06%       1.06%       1.06%         1.06% 
   Expenses, before waivers and reimbursements                  1.24%       1.33%       1.33%       1.31%         1.31% 
   Net investment income, net of waivers and reimbursements     0.87%       0.39%       0.56%       0.92%         0.89% 
   Net investment income, before waivers and reimbursements     0.69%       0.12%       0.29%       0.67%         0.64% 
 Portfolio Turnover Rate                                      215.34%     237.21%     171.93%     168.10%       160.13% 

                                                                                     CLASS D                            

 Selected per share data                                       2002     2001 /(4)/  2000/ (5)/  1999/ (6)/      1998    
------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, Beginning of Period                          $7.22       $8.00           -      $11.60        $10.39  

 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                              
 Net investment income (loss)                                   0.05           -           -       (0.01)         0.09  
 Net realized and unrealized gains (losses)                    (0.94)      (0.78)          -        2.59          1.83  
  Total Income (Loss) from Investment Operations               (0.89)      (0.78)          -        2.58          1.92  
------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                               
   From net investment income /(1)/                            (0.03)          -           -           -         (0.14) 
   From net realized gains                                         -           -           -       (0.76)        (0.57) 
   In excess of net investment income                              -           -           -       (0.14)            -  
     Total Distributions Paid                                  (0.03)          -           -       (0.90)       (0.71)  
------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Period                                $6.30       $7.22           -     $13.28/(6)/    $11.60  
------------------------------------------------------------------------------------------------------------------------
 Total Return /(2)/                                           (12.39)%     (9.75)%         -           -         19.91% 

 SUPPLEMENTAL DATA AND RATIOS:                                                                                          
 Net assets, in thousands, end of period                      $1,352      $1,817           -           -          $203  
 Ratio to average net assets of: /(3)/                                                                                  
   Expenses, net of waivers and reimbursements                  1.45%       1.45%          -           -          1.45% 
   Expenses, before waivers and reimbursements                  1.63%       1.72%          -           -          1.70% 
   Net investment income, net of waivers and reimbursements     0.48%       0.00%          -           -          0.59% 
   Net investment income, before waivers and reimbursements     0.30%      (0.27)%         -           -          0.34% 
 Portfolio Turnover Rate                                      215.34%     237.21%          -           -        160.13% 

/(1)/  Distributions to shareholders from net investment income include amounts 
     relating to foreign currency transactions which are treated as ordinary
income for Federal income tax purposes.                           
/(2)/  Assumes investment at net asset value at the beginning of the year,      
      reinvestment of all dividends and distributions and acomplete redemption
       of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                 
/(3)/  Annualized for periods less than one year.                               
/(4)/  Shares were reintroduced on June 15, 2001.                               
/(5)/  No shares outstanding for the period August 23, 1999 through June 14,    
2001.                                                             
/(6)/  Class D shares were fully redeemed as of August 22, 1999. As such no     
 total return or supplemental data and ratios were presented for the
fiscal year ended November 30, 1999.                              

See Notes to the Financial Statements.                                        

EQUITY PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

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                               FOR THE FISCAL YEARS OR PERIOD ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

                                                                                       CLASS A                               
 INTERNATIONAL EQUITY INDEX PORTFOLIO                                                                                        

 Selected per share data                                    2002 /(4)/   2001         2000         1999          1998        
---------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                             
 Net Asset Value, Beginning of Year                                                                                          
                                                              $9.00      $11.40       $13.50       $11.98        $10.55      
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                   
 Net investment income                                         0.13        0.12         0.14         0.23          0.14      
 Net realized and unrealized gains (losses)                   (1.26)      (2.24)       (1.36)        2.07          1.46      
     Total Income (Loss) from Investment Operations           (1.13)      (2.12)       (1.22)        2.30          1.60      
---------------------------------------------------------------------------------------------------------------------------- 
 LESS DISTRIBUTIONS PAID:                                                                                                    
   From net investment income /(1)/                           (0.08)      (0.13)       (0.11)       (0.23)        (0.17)     
   From net realized gains                                    (0.02)      (0.15)       (0.77)       (0.54)            -      
   In excess of net investment income                             -           -            -        (0.01)            -      
     Total Distributions Paid                                 (0.10)      (0.28)       (0.88)       (0.78)        (0.17)     
---------------------------------------------------------------------------------------------------------------------------- 
 Net Asset Value, End of Year                                 $7.77       $9.00       $11.40       $13.50        $11.98      
---------------------------------------------------------------------------------------------------------------------------- 
 Total Return /(2)/                                          (12.71)%    (19.10)%      (9.87)%      20.32%        15.50%     

 SUPPLEMENTAL DATA AND RATIOS:                                                                                               
 Net assets, in thousands, end of year                      $80,939     $89,005      $87,563      $56,479       $44,940      
 Ratio to average net assets of:                                                                                             
   Expenses, net of waivers and reimbursements                 0.51%       0.55%/(5)/   0.52%/(5)/   0.53%/(5)/    0.55%/(5)/
   Expenses, before waivers and reimbursements                 0.74%       0.94%        0.89%        0.91%         1.00%     
   Net investment income, net of waivers and reimbursements    1.57%       1.16%        1.15%        1.21%         1.36%     
   Net investment income, before waivers and reimbursements    1.34%       0.77%        0.78%        0.83%         0.91%     
 Portfolio Turnover Rate                                      32.10%      24.92%       41.65%       45.97%        41.53%     

                                                                                       CLASS D                               

 Selected per share data                                    2002 /(4)/     2001         2000         1999       1998 /(6)/   
---------------------------------------------------------------------------------------------------------------------------- 
 Net Asset Value, Beginning of Period                         $8.80      $11.23       $13.40       $11.97         $9.88      

 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                   
 Net investment income                                         0.06        0.07         0.09         0.12             -      
 Net realized and unrealized gains (losses)                   (1.14)      (2.27)       (1.43)        2.08          2.09      
     Total Income (Loss) from Investment Operations           (1.08)      (2.20)       (1.34)        2.20          2.09      
---------------------------------------------------------------------------------------------------------------------------- 
 LESS DISTRIBUTIONS PAID:                                                                                                    
   From net investment income /(1)/                           (0.04)      (0.08)       (0.06)       (0.11)            -      
   From net realized gains                                    (0.02)      (0.15)       (0.77)       (0.54)            -      
   In excess of net investment income                             -           -            -        (0.12)            -      
     Total Distributions Paid                                 (0.06)      (0.23)       (0.83)       (0.77)            -      
---------------------------------------------------------------------------------------------------------------------------- 
 Net Asset Value, End of Period                               $7.66       $8.80       $11.23       $13.40        $11.97      
---------------------------------------------------------------------------------------------------------------------------- 
 Total Return /(2)/                                          (12.37)%    (20.01)%     (10.83)%      19.48%        21.15%     

 SUPPLEMENTAL DATA AND RATIOS:                                                                                               
 Net assets, in thousands, end of period                        $70         $10          $13          $14           $12      
 Ratio to average net assets of: /(3)/                                                                                       
   Expenses, net of waivers and reimbursements                 0.90%       0.94%/(5)/   0.91%/(5)/   0.92%/(5)/    0.94%/(5)/
   Expenses, before waivers and reimbursements                 1.13%       1.33%        1.28%        1.30%         1.39%     
   Net investment income, net of waivers and reimbursements    1.18%       0.77%        0.76%        0.82%        (0.11)%    
   Net investment income, before waivers and reimbursements    0.95%       0.38%        0.39%        0.44%        (0.56)%    
 Portfolio Turnover Rate                                      32.10%      24.92%       41.65%       45.97%        41.53%     

/(1)/ Distributions to shareholders from net investment income include amounts  
   relating to foreign currency transactions which are treated as ordinary
income for Federal income tax purposes.                             
/(2)/ Assumes investment at net asset value at the beginning of the year,       
     reinvestment of all dividends and distributions and a complete redemption
     of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                   
/(3)/ Annualized for periods less than one year.                                
/(4)/ Financial highlights for the year ended were calculated using the average 
shares outstanding method.                                          
/(5)/ Expense ratios, net of waivers and reimbursements, for the periods would  
   have been 0.51% and 0.90% for Class A and Class D, respectively, absent
the effect of interest expense incurred by the Portfolio's temporary
borrowing against a line of credit.                                 
/(6)/ For the period October 5, 1998 (commencement of operations) through       
November 30, 1998.                                                  

See Notes to the Financial Statements.                                          

NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 19 EQUITY PORTFOLIOS                 

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EQUITY PORTFOLIOS                                                               

FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]

                                                                            CLASS A                  
 SMALL COMPANY GROWTH PORTFOLIO                                                                      

 Selected per share data                                    2002 /(3)(4)/   2001         2000 /(7)/  
-----------------------------------------------------------------------------------------------------
                                                                                                     
 Net Asset Value, Beginning of Period                         $  7.51       $  9.42       $ 10.00    

 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                           
 Net investment income (loss)                                   (0.04)        (0.03)         0.01    
 Net realized and unrealized losses                             (1.28)        (1.88)        (0.59)   
     Total Loss from Investment Operations                      (1.32)        (1.91)        (0.58)   
-----------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                            
   From net investment income                                       -             -             -    
     Total Distributions Paid                                       -             -             -    
-----------------------------------------------------------------------------------------------------
 Net Asset Value, End of Period                               $  6.19       $  7.51       $  9.42    
-----------------------------------------------------------------------------------------------------
 TOTAL RETURN /(1)/                                            (17.57)%      (20.28)%       (5.80)%  

 SUPPLEMENTAL DATA AND RATIOS:                                                                       
 Net assets, in thousands, end of period                      $29,211       $35,253       $38,197    
 Ratio to average net assets of: /(2)/                                                               
   Expenses, net of waivers and reimbursements                   0.91%         0.92%/(6)/    0.91%   
   Expenses, before waivers and reimbursements                   1.33%         1.63%         1.98%   
   Net investment income, net of waivers and reimbursements     (0.66)%       (0.44)%       (0.15)%  
   Net investment income, before waivers and reimbursements     (1.08)%       (1.15)%       (1.22)%  
 Portfolio Turnover Rate                                       306.37%       499.84%       375.29%   
-----------------------------------------------------------------------------------------------------

                                                                [Download Table]


                                                               CLASS D      

 Selected per share data                                    2002 /(3)(5)/   
----------------------------------------------------------------------------
                                                                            
 Net Asset Value, Beginning of Period                           $7.23       

 LOSS FROM INVESTMENT OPERATIONS:                                           
 Net investment loss                                            (0.07)      
 Net realized and unrealized losses                             (0.99)      
     Total Loss from Investment Operations                      (1.06)      
----------------------------------------------------------------------------
 Net Asset Value, End of Period                                 $6.17       
----------------------------------------------------------------------------
 TOTAL RETURN /(1)/                                            (14.66)%     

 SUPPLEMENTAL DATA AND RATIOS:                                              
 Net assets, in thousands, end of period                        $  29       
 Ratio to average net assets of: /(2)/                                      
   Expenses, net of waivers and reimbursements                   1.30%      
   Expenses, before waivers and reimbursements                   1.72%      
   Net investment income, net of waivers and reimbursements     (1.05)%     
   Net investment income, before waivers and reimbursements     (1.47)%     
 Portfolio Turnover Rate                                       306.37%      
----------------------------------------------------------------------------

/(1)/ Assumes investment at net asset value at the beginning of the year,       
     reinvestment of all dividends and distributions and a complete redemption
     of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                   
/(2)/ Annualized for periods less than one year.                                
/(3)/ Financial highlights for the periods ended were calculated using the      
average shares outstanding method.                                  
/(4)/ Distributions from net investment income were less than $0.01 per share.  
/(5)/ For the period June 13, 2002 (commencement of operations) through         
November 30, 2002.                                                  
/(6)/ Expense ratios, net of waivers and reimbursements, for the year would have
      been 0.91% for Class A , absent the effect of interest expense incurred by
the Portfolio's temporary borrowings against a line of credit.      
/(7)/ For the period December 1, 1999 (commencement of operations) through      
November 30, 2000.                                                  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 20 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

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                               FOR THE FISCAL YEARS OR PERIOD ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

                                                                                      CLASS A                             
 SMALL COMPANY INDEX PORTFOLIO                                                                                            

 Selected per share data                                    2002 /(2)/    2001        2000        1999           1998     
--------------------------------------------------------------------------------------------------------------------------
                                                                                                                          
 Net Asset Value, Beginning of Year                           $10.23      $11.38      $13.14      $13.02         $15.05   

 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                
   Net investment income                                        0.10        0.12        0.14        0.12           0.13   
   Net realized and unrealized gains (losses)                  (1.18)       0.40       (0.23)       1.61          (1.13)  
     Total Income (Loss) from Investment Operations            (1.08)       0.52       (0.09)       1.73          (1.00)  
--------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                 
   From net investment income                                  (0.11)      (0.14)      (0.13)      (0.10)         (0.14)  
   From net realized gains                                         -       (1.53)      (1.54)      (1.51)         (0.89)  
     Total Distributions Paid                                  (0.11)      (1.67)      (1.67)      (1.61)         (1.03)  
--------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                  $9.04      $10.23      $11.38      $13.14         $13.02   
--------------------------------------------------------------------------------------------------------------------------
 Total Return /(1)/                                           (10.71)%      4.76%      (1.12)%     14.97%         (7.02)% 

 SUPPLEMENTAL DATA AND RATIOS:                                                                                            
 Net assets, in thousands, end of year                      $165,559    $317,330    $243,169    $200,404       $139,100   
 Ratio to average net assets of:                                                                                          
   Expenses, net of waivers and reimbursements                  0.31%       0.31%       0.31%       0.34%/(3)/     0.31%  
   Expenses, before waivers and reimbursements                  0.59%       0.63%       0.66%       0.81%          0.74%  
   Net investment income, net of waivers and reimbursements     1.07%       1.30%       1.19%       1.27%          1.19%  
   Net investment income, before waivers and reimbursements     0.79%       0.98%       0.84%       0.80%          0.76%  
 Portfolio Turnover Rate                                       30.29%      39.63%      62.38%     101.01%         59.21%  

                                                                                      CLASS D                             

 Selected per share data                                    2002 /(2)/  2001 /(2)/  2000 /(2)/      1999          1998    
--------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, Beginning of Year                           $10.07      $11.20      $13.01      $12.94         $15.01   

 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                
 Net investment income                                          0.05        0.22        0.08        0.10           0.11   
 Net realized and unrealized gains (losses)                    (1.13)       0.23       (0.24)       1.52          (1.19)  
     Total Income (Loss) from Investment Operations            (1.08)       0.45       (0.16)       1.62          (1.08)  
--------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                 
   From net investment income                                  (0.07)      (0.05)      (0.11)      (0.04)         (0.10)  
   From net realized gains                                         -       (1.53)      (1.54)      (1.51)         (0.89)  
     Total Distributions Paid                                  (0.07)      (1.58)      (1.65)      (1.55)         (0.99)  
--------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                  $8.92      $10.07      $11.20      $13.01         $12.94   
--------------------------------------------------------------------------------------------------------------------------
 Total Return /(1)/                                           (10.87)%      4.18%      (1.76)%     14.13%         (7.58)% 

 SUPPLEMENTAL DATA AND RATIOS:                                                                                            
 Net assets, in thousands, end of year                           $93         $62        $103        $446           $855   
 Ratio to average net assets of:                                                                                          
   Expenses, net of waivers and reimbursements                  0.70%       0.70%       0.70%       0.73%/(3)/     0.70%  
   Expenses, before waivers and reimbursements                  0.98%       1.02%       1.05%       1.20%          1.13%  
   Net investment income, net of waivers and reimbursements     0.68%       0.91%       0.80%       0.88%          0.80%  
   Net investment income, before waivers and reimbursements     0.40%       0.59%       0.45%       0.41%          0.37%  
 Portfolio Turnover Rate                                       30.29%      39.63%      62.38%     101.01%         59.21%  

/(1)/ Assumes investment at net asset value at the beginning of the year,       
     reinvestment of all dividends and distributions and a complete redemption
of the investment at net asset value at the end of the year.        
/(2)/ Financial highlights for the years ended were calculated using the average
shares outstanding method.                                          
/(3)/ Expense ratios, net of waivers and reimbursements, for the years would    
   have been 0.31% and 0.70% for Class A and Class D, respectively, absent
the effect of interest expense incurred by the Portfolio's temporary
borrowings against a line of credit.                                

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 21 EQUITY PORTFOLIOS

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EQUITY PORTFOLIOS                                                               

FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]

                                                                                      CLASS A                   
 MID CAP GROWTH PORTFOLIO                                                                                       

 Selected per share data                                                2002 /(3)/    2001         2000 /(6)/   
--------------------------------------------------------------------------------------------------------------- 
                                                                                                                
 Net Asset Value, Beginning of Period                                  $  8.96        $10.33        $10.00      

 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                      
   Net investment loss                                                   (0.05)        (0.04)        (0.01)     
   Net realized and unrealized gains (losses)                            (0.97)        (1.33)         0.34      
     Total Income (Loss) from Investment Operations                      (1.02)        (1.37)         0.33      
--------------------------------------------------------------------------------------------------------------- 
  Net Asset Value, End of Period                                         $7.94         $8.96        $10.33      
--------------------------------------------------------------------------------------------------------------- 
 TOTAL RETURN /(1)/                                                     (11.38)%      (13.26)%        3.30%     

 SUPPLEMENTAL DATA AND RATIOS:                                                                                  
 Net assets, in thousands, end of period                               $26,288       $34,083       $37,096      
 Ratio to average net assets of:/(2)/                                                                           
   Expenses, net of waivers and reimbursements                            0.93%/(4)/    0.94%/(4)/    0.93%/(4)/
   Expenses, before waivers and reimbursements                            1.29%         1.59%         2.08%     
   Net investment income, net of waivers and reimbursements              (0.54)%       (0.49)%       (0.26)%    
   Net investment income, before waivers and reimbursements              (0.90)%       (1.14)%       (1.41)%    
 Portfolio Turnover Rate                                                153.80%       220.85%       208.25%     
--------------------------------------------------------------------------------------------------------------- 
                                                        [Enlarge/Download Table]


                                                                                CLASS C           
 Selected per share data                                                2002 /(3)/   2001 /(5)/   
--------------------------------------------------------------------------------------------------
                                                                                                  
 Net Asset Value, Beginning of Period                                    $8.94         $8.59      

 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                        
   Net investment loss                                                   (0.07)        (0.02)     
   Net realized and unrealized gains (losses)                            (0.97)         0.37      
     Total Income (Loss) from Investment Operations                      (1.04)         0.35      
--------------------------------------------------------------------------------------------------
  Net Asset Value, End of Period                                         $7.90         $8.94      
--------------------------------------------------------------------------------------------------
 Total Return /(1)/                                                     (11.63)%        4.07%     

 SUPPLEMENTAL DATA AND RATIOS:                                                                    
 Net assets, in thousands, end of period                                $1,146          $946      
 Ratio to average net assets of:/(2)/                                                             
   Expenses, net of waivers and reimbursements                            1.17% /(4)/   1.18%/(4)/
   Expenses, before waivers and reimbursements                            1.53%         1.83%     
   Net investment income, net of waivers and reimbursements              (0.78)%       (0.73)%    
   Net investment income, before waivers and reimbursements              (1.14)%       (1.38)%    
 Portfolio Turnover Rate                                                153.80%       220.85%     
--------------------------------------------------------------------------------------------------

/(1)/ Assumes investment at net asset value at the beginning of the year,       
     reinvestment of all dividends and distributions and a complete redemption
     of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                   
/(2)/ Annualized for periods less than one year.                                
/(3)/ Financial highlights for the year ended were calculated using the average 
shares outstanding method.                                          
/(4)/ Expense ratios, net of waivers and reimbursements, for the periods would  
   have been 0.91% and 1.15% for Class A and Class C, respectively, absent
the effect of interest expense incurred by the Portfolio's temporary
borrowing against a line of credit.                                 
/(5)/ For the period April 4, 2001 (commencement of operations) through         
November 30, 2001.                                                  
/(6)/ For the period commencing after the close of business December 31, 1999   
through November 30, 2000.                                          

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

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                               FOR THE FISCAL YEARS OR PERIOD ENDED NOVEMBER 30,

                                                                [Download Table]

                                                             CLASS D            
 MID CAP GROWTH PORTFOLIO                                                       

 Selected per share data                             2002 /(3)/    2001 /(4)/   
------------------------------------------------------------------------------- 
                                                                                
 Net Asset Value, Beginning of Period                 $8.93        $11.06       
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                      
 Net investment loss                                  (0.08)        (0.07)      
 Net realized and unrealized losses                   (0.97)        (2.06)      
   Total Loss from Investment Operations              (1.05)        (2.13)      
------------------------------------------------------------------------------- 
 Net Asset Value, End of Period                       $7.88         $8.93       
------------------------------------------------------------------------------- 
 Total Return /(1)/                                  (11.76)%      (19.26)%     
 SUPPLEMENTAL DATA AND RATIOS:                                                  
 Net assets, in thousands, end of period               $195          $136       
 Ratio to average net assets of: /(2)/                                          
   Expenses, net of waivers and reimbursements         1.32% /(5)/   1.33% /(6)/
   Expenses, before waivers and reimbursements         1.68%         1.98%      
   Net investment loss, net of waivers and                                      
     reimbursements                                   (0.93)%       (0.88)%     
   Net investment loss, before waivers and                                      
     reimbursements                                   (1.29)%       (1.53)%     
 Portfolio Turnover Rate                             153.80%       220.85%      
------------------------------------------------------------------------------- 

(1) Assumes investment at net asset value at the beginning of the year,         
 reinvestment of all dividends and distributions and a complete redemption
 of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                       
(2) Annualized for periods less than one year.                                  
(3) Financial highlights for the year ended were calculated using the average   
shares outstanding method.                                              
(4) For the period January 29, 2001 (commencement of operations) through        
November 30, 2001.                                                      
(5) Expense ratios, net of waivers and reimbursements, for the year would have  
 been 1.30% for Class D, absent the effect of interest expense incurred by
the Portfolio's temporary borrowings against a line of credit.          
(6) Expense ratios, net of waivers and reimbursements, for the period would     
   have been 1.32% for Class D, absent the effect of interest expense incurred
by the Portfolio's temporary borrowings against a line of credit.       

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  23  EQUITY PORTFOLIOS

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EQUITY PORTFOLIOS                                                               

FINANCIAL HIGHLIGHTS (continued)                                            

                                                        [Enlarge/Download Table]

                                                                                        CLASS A                                  
 FOCUSED GROWTH PORTFOLIO                                                                                                        

 Selected per share data                                    2002 /(2)/    2001      2000 /(2)/         1999           1998       
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 
 Net Asset Value, Beginning of Year                           $12.72      $17.68      $20.41          $16.39         $16.20      
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                       
 Net investment income (loss)                                  (0.02)       0.02       (0.09)              -          (0.01)     
 Net realized and unrealized gains (losses)                    (2.44)      (3.33)       0.44            5.28           3.10      
   Total Income (Loss) from Investment Operations              (2.46)      (3.31)       0.35            5.28           3.09      
---------------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                        
   From net investment income                                      -           -           -               -          (0.05)     
   From net realized gains                                         -       (1.65)      (3.08)          (1.26)         (2.85)     
     Total Distributions Paid                                      -       (1.65)      (3.08)          (1.26)         (2.90)     
---------------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                 $10.26      $12.72      $17.68          $20.41         $16.39      
---------------------------------------------------------------------------------------------------------------------------------
 Total Return /(1)/                                           (19.34)%    (20.92)%      1.17%          34.23%         24.03%     
 SUPPLEMENTAL DATA AND RATIOS:                                                                                                   
 Net assets, in thousands, end of year                      $202,117    $247,114    $226,975        $180,557       $123,380      
 Ratio to average net assets of:                                                                                                 
   Expenses, net of waivers and reimbursements                  0.88%       0.91%       0.92%/(3)/      0.92%/(3)/     0.92%/(3)/
   Expenses, before waivers and reimbursements                  1.09%       1.27%       1.27%           1.26%          1.29%     
   Net investment loss, net of waivers and reimbursements      (0.17)%     (0.07)%     (0.49)%         (0.26)%        (0.04)%    
   Net investment loss, before waivers and reimbursements      (0.38)%     (0.43)%     (0.84)%         (0.60)%        (0.41)%    
 Portfolio Turnover Rate                                      148.40%     122.09%     129.05%         110.80%         79.11%     
---------------------------------------------------------------------------------------------------------------------------------

                                                                                      CLASS C                                    

 Selected per share data                                    2002 /(2)/     2001      2000 /(2)/         1999           1998      
---------------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, Beginning of Year                           $12.57      $17.53      $20.30          $16.34         $16.16      
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                       
 Net investment loss                                           (0.05)      (0.02)      (0.14)          (0.03)         (0.05)     
 Net realized and unrealized gains (losses)                    (2.40)      (3.29)       0.45            5.25           3.09      
   Total Income (Loss) from Investment Operations              (2.45)      (3.31)       0.31            5.22           3.04      
---------------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                        
   From net investment income                                      -           -           -               -          (0.01)     
   From net realized gains                                         -       (1.65)      (3.08)          (1.26)         (2.85)     
     Total Distributions Paid                                      -       (1.65)      (3.08)          (1.26)         (2.86)     
---------------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                 $10.12      $12.57      $17.53          $20.30         $16.34      
---------------------------------------------------------------------------------------------------------------------------------
 Total Return /(1)/                                           (19.57)%    (21.11)%      0.94%          33.95%         23.73%     
 SUPPLEMENTAL DATA AND RATIOS:                                                                                                   
 Net assets, in thousands, end of year                        $7,247      $9,030     $11,442         $11,183         $8,719      
 Ratio to average net assets of:                                                                                                 
   Expenses, net of waivers and reimbursements                  1.12%       1.15%       1.16%/(3)/      1.16%/(3)/     1.16%/(3)/
   Expenses, before waivers and reimbursements                  1.33%       1.51%       1.51%           1.50%          1.53%     
   Net investment loss, net of waivers and reimbursements      (0.41)%     (0.31)%     (0.73)%         (0.50)%        (0.29)%    
   Net investment loss, before waivers and reimbursements      (0.62)%     (0.67)%     (1.08)%         (0.84)%        (0.66)%    
 Portfolio Turnover Rate                                      148.40%     122.09%     129.05%         110.80%         79.11%     
---------------------------------------------------------------------------------------------------------------------------------

(1) Assumes investment at net asset value at the beginning of the year,         
 reinvestment of all dividends and distributions and a complete redemption
of the investment at net asset value at the end of the year.            
(2) Financial highlights for the years ended were calculated using the average  
shares outstanding method.                                              
(3) Expense ratios, net of waivers and reimbursements, for the years would have 
been 0.91% and 1.15% for Class A and Class C, respectively, absent the  
   effect of interest expense incurred by the Portfolio's temporary borrowings
against a line of credit.                                               

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  24  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 27th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 27th
                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

                                                                                    CLASS D                            
 FOCUSED GROWTH PORTFOLIO                                                                                              

 Selected per share data                                    2002 /(2)/   2001     2000 /(2)/   1999         1998       
-----------------------------------------------------------------------------------------------------------------------
                                                                                                                       
 Net Asset Value, Beginning of Year                          $12.30     $17.20    $20.00      $16.14       $16.01      
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                             
 Net investment income (loss)                                 (0.06)      0.06     (0.18)      (0.02)       (0.05)     
 Net realized and unrealized gains (losses)                   (2.35)     (3.31)     0.46        5.14         3.04      
   Total Income (Loss) from Investment Operations             (2.41)     (3.25)     0.28        5.12         2.99      
-----------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                              
   From net investment income                                     -          -         -           -        (0.01)     
   From net realized gains                                        -      (1.65)    (3.08)      (1.26)       (2.85)     
     Total Distributions Paid                                     -      (1.65)    (3.08)      (1.26)       (2.86)     
-----------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                 $9.89     $12.30    $17.20      $20.00       $16.14      
-----------------------------------------------------------------------------------------------------------------------
 Total Return /(1)/                                          (19.67)%   (21.18)%    0.78%      33.74%       23.60%     
 SUPPLEMENTAL DATA AND RATIOS:                                                                                         
 Net assets, in thousands, end of year                         $984       $597      $643        $514       $1,779      
 Ratio to average net assets of:                                                                                       
   Expenses, net of waivers and reimbursements                 1.27%      1.30%     1.31%/(3)/  1.31%/(3)/   1.31%/(3)/
   Expenses, before waivers and reimbursements                 1.48%      1.66%     1.66%       1.65%        1.68%     
   Net investment loss, net of waivers and reimbursements     (0.56)%    (0.46)%   (0.88)%     (0.65)%      (0.44)%    
   Net investment loss, before waivers and reimbursements     (0.77)%    (0.82)%   (1.23)%     (0.99)%      (0.81)%    
 Portfolio Turnover Rate                                     148.40%    122.09%   129.05%     110.80%       79.11%     
-----------------------------------------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
   reinvestment of all dividends and distributions and a complete redemption
of the investment at net asset value at the end of the year.          
(2)  Financial highlights for the years ended were calculated using the average 
shares outstanding method.                                            
(3)  Expense ratios, net of waivers and reimbursements, for the years would have
been 1.30% absent the effect of interest expense incurred by the      
Portfolio's temporary borrowings against a line of credit.            

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  25  EQUITY PORTFOLIOS

N-30D 28th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 28th
EQUITY GROWTH PORTFOLIO                                                         

FINANCIAL HIGHLIGHTS (continued)                                            

                                                        [Enlarge/Download Table]

                                                                                      CLASS A                                      

 DIVERSIFIED GROWTH PORTFOLIO                                                                                                      

 Selected per share data                                             2002         2001        2000          1999           1998    
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
 Net Asset Value, Beginning of Year                                  $7.52        $15.36      $19.79        $17.76         $16.20  
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                         
 Net investment income                                                0.04          0.03        0.01          0.07           0.07  
 Net realized and unrealized gains (losses)                          (1.36)        (1.52)       0.08          3.95           3.46  
  Total Income (Loss) from Investment Operations                     (1.32)        (1.49)       0.09          4.02           3.53  
-----------------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                          
  From net investment income                                         (0.03)        (0.01)      (0.07)        (0.07)         (0.11) 
  From net realized gains                                                -         (6.34)      (4.45)        (1.92)         (1.86) 
   Total Distributions Paid                                          (0.03)        (6.35)      (4.52)        (1.99)         (1.97) 
-----------------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                        $6.17         $7.52      $15.36        $19.79         $17.76  
-----------------------------------------------------------------------------------------------------------------------------------
 Total Return /(1)/                                                 (17.62)%      (16.52)%     (0.47)%       24.66%         25.22% 
 SUPPLEMENTAL DATA AND RATIOS:                                                                                                     
 Net assets, in thousands, end of year                             $66,371      $102,133    $111,612      $189,077       $177,947  
 Ratio to average net assets of:                                                                                                   
  Expenses, net of waivers and reimbursements                         0.73%/(2)/    0.66%       0.69%/(4)/    0.67%/(4)/     0.66% 
  Expenses, before waivers and reimbursements                         0.97%         1.00%       1.01%         0.96%          0.96% 
  Net investment income, net of waivers and reimbursements            0.49%         0.41%       0.06%         0.33%          0.45% 
  Net investment income (loss), before waivers and reimbursements     0.25%         0.07%      (0.26)%        0.04%          0.15% 
 Portfolio Turnover Rate                                             55.31%        55.76%      63.39%        67.47%         37.74% 
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                        CLASS D                                    
 Selected per share data                                            2002/(3)/    2001        2000 /(5)/    1999 /(5)/     1998     
-----------------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, Beginning of Year                                  $7.23        $15.02      $19.49        $17.53         $16.03  
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                         
 Net investment income (loss)                                         0.03          0.12       (0.05)            -           0.03  
 Net realized and unrealized gains (losses)                          (1.33)        (1.57)       0.07          3.89           3.40  
  Total Income (Loss) from Investment Operations                     (1.30)        (1.45)       0.02          3.89           3.43  
-----------------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                          
  From net investment income (loss)                                      -             -       (0.04)            -          (0.07) 
  From net realized gains                                                -         (6.34)      (4.45)        (1.92)         (1.86) 
  In excess of net investment income                                     -             -           -         (0.01)             -  
   Total Distributions Paid                                              -         (6.34)      (4.49)        (1.93)         (1.93) 
-----------------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                        $5.93         $7.23      $15.02        $19.49         $17.53  
-----------------------------------------------------------------------------------------------------------------------------------
 Total Return /(1)/                                                (17.98)%      (16.69)%     (0.88)%       24.09%         24.73%  
 SUPPLEMENTAL DATA AND RATIOS:                                                                                                     
 Net assets, in thousands, end of year                                $397          $442        $515          $476         $1,122  
 Ratio to average net assets of:                                                                                                   
  Expenses, net of waivers and reimbursements                        1.12%/(2)/    1.05%       1.08%/(4)/    1.06%/(4)/     1.05%  
  Expenses, before waivers and reimbursements                         1.36%         1.39%       1.40%         1.35%          1.35% 
  Net investment income (loss), net of waivers and reimbursements     0.10%         0.02%      (0.33)%       (0.06)%         0.06% 
  Net investment loss, before waivers and reimbursements            (0.14)%       (0.32)%     (0.65)%       (0.35)%        (0.24)% 
 Portfolio Turnover Rate                                             55.31%        55.76%      63.39%        67.47%         37.74% 
-----------------------------------------------------------------------------------------------------------------------------------

(1)   Assumes investment at net asset value at the beginning of the year,       
     reinvestment of all dividends and distributions and a complete redemption
of the investment at net asset value at the end of the year.        
(2)   Expense ratios, net of waivers and reimbursements, for the years would    
   have been 0.72% and 1.11% for Class A and Class D, respectively, absent
the effect of interest expense incurred by the Portfolio's temporary
borrowing against a line of credit.                                 
(3)   Distributions from net investment income were less than $0.01 per share.  
(4)   Expense ratios, net of waivers and reimbursements, for the years would    
   have been 0.66% and 1.05% for Class A and Class D, respectively, absent
the effect of interest expense incurred by the Portfolio's temporary
borrowings against a line of credit.                                
(5)   Financial highlights for the years ended were calculated using the        
average shares outstanding method.                                  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 26 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 29th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 29th
                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

                                                                                     CLASS A                              
 EQUITY INDEX PORTFOLIO                                                                                                   
 Selected per share data                                      2002        2001        2000           1999          1998   
--------------------------------------------------------------------------------------------------------------------------
                                                                                                                          
 NET ASSET VALUE, BEGINNING OF YEAR                           $15.57      $21.58      $25.34        $22.69        $20.09  
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                
 Net investment income                                          0.18        0.20        0.27          0.28          0.28  
 Net realized and unrealized gains (losses)                    (2.68)      (2.39)      (1.25)         4.13          4.02  
   Total Income (Loss) from Investment Operations              (2.50)      (2.19)      (0.98)         4.41          4.30  
--------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                 
   From net investment income                                  (0.19)      (0.20)      (0.23)        (0.32)        (0.26) 
   From net realized gains                                     (0.52)      (3.62)      (2.55)        (1.43)        (1.44) 
   In excess of net investment income                              -           -           -         (0.01)            -  
     Total Distributions Paid                                  (0.71)      (3.82)      (2.78)        (1.76)        (1.70) 
--------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                 $12.36      $15.57      $21.58        $25.34        $22.69  
--------------------------------------------------------------------------------------------------------------------------
 TOTAL RETURN /(1)/                                           (16.69)%    (12.19)%     (4.57)%       20.53%        23.39% 
 SUPPLEMENTAL DATA AND RATIOS:                                                                                            
 Net assets, in thousands, end of year                      $797,850    $905,174    $999,478    $1,368,157    $1,175,112  
 Ratio to average net assets of:                                                                                          
   Expenses, net of waivers and reimbursements                  0.21%       0.21%       0.21%         0.21%         0.21% 
   Expenses, before waivers and reimbursements                  0.37%       0.45%       0.45%         0.44%         0.46% 
   Net investment income, net of waivers and reimbursements     1.34%       1.19%       1.10%         1.19%         1.36% 
   Net investment income, before waivers and reimbursements     1.18%       0.95%       0.86%         0.96%         1.11% 
 Portfolio Turnover Rate                                       26.53%      14.30%       8.49%        12.81%        15.26% 
--------------------------------------------------------------------------------------------------------------------------

                                                                                      CLASS C                             

 Selected per share data                                       2002        2001        2000          1999          1998   
--------------------------------------------------------------------------------------------------------------------------
 NET ASSET VALUE, BEGINNING OF YEAR                           $15.51      $21.52      $25.28        $22.64        $20.05  
 INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                
 Net investment income                                          0.14        0.17        0.21          0.22          0.24  
 Net realized and unrealized gains (losses)                    (2.66)      (2.40)      (1.23)         4.12          4.01  
   Total Income (Loss) from Investment Operations              (2.52)      (2.23)      (1.02)         4.34          4.25  
--------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                 
   From net investment income                                  (0.16)      (0.16)      (0.19)        (0.21)        (0.22) 
   From net realized gains                                     (0.52)      (3.62)      (2.55)        (1.43)        (1.44) 
   In excess of net investment income                              -           -           -         (0.06)            -  
     Total Distributions Paid                                  (0.68)      (3.78)      (2.74)        (1.70)        (1.66) 
--------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                 $12.31      $15.51      $21.52        $25.28        $22.64  
--------------------------------------------------------------------------------------------------------------------------
 TOTAL RETURN /(1)/                                           (16.89)%    (12.43)%     (4.77)%       20.23%        23.09% 
 SUPPLEMENTAL DATA AND RATIOS:                                                                                            
 Net assets, in thousands, end of year                       $47,325     $70,494     $91,522      $113,588      $111,991  
 Ratio to average net assets of:                                                                                          
   Expenses, net of waivers and reimbursements                  0.45%       0.45%       0.45%         0.45%         0.45% 
   Expenses, before waivers and reimbursements                  0.61%       0.69%       0.69%         0.68%         0.70% 
   Net investment income, net of waivers and reimbursements     1.10%       0.95%       0.86%         0.95%         1.12% 
   Net investment income, before waivers and reimbursements     0.94%       0.71%       0.62%         0.72%         0.87% 
 Portfolio Turnover Rate                                       26.53%      14.30%       8.49%        12.81%        15.26% 
--------------------------------------------------------------------------------------------------------------------------

(1) Assumes investment at net asset value at the beginning of the year,         
 reinvestment of all dividends and distributions and a complete redemption
of the investment at net asset value at the end of the year.            

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  27  EQUITY PORTFOLIOS

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EQUITY PORTFOLIOS                                                               

FINANCIAL HIGHLIGHTS (continued)                                            

                                                        [Enlarge/Download Table]

                                                           CLASS D                      
 EQUITY INDEX PORTFOLIO                                                                 

 Selected per share data                2002      2001      2000       1999       1998  
----------------------------------------------------------------------------------------
                                                                                        
 Net Asset Value, Beginning                                                             
   of Year                             $15.51    $21.48    $25.25     $22.58     $20.00 
 INCOME (LOSS) FROM                                                                     
   INVESTMENT OPERATIONS:                                                               
 Net investment income                   0.14      0.13      0.17       0.16       0.21 
 Net realized and                                                                       
   unrealized gains (losses)            (2.69)    (2.34)    (1.23)      4.15       4.00 
   Total Income (Loss) from                                                             
     Investment Operations              (2.55)    (2.21)    (1.06)      4.31       4.21 
----------------------------------------------------------------------------------------

 LESS DISTRIBUTIONS PAID:                                                               
   From net investment income           (0.14)    (0.14)    (0.16)     (0.14)     (0.19)
   From net realized gains              (0.52)    (3.62)    (2.55)     (1.43)     (1.44)
     In excess of net                                                                   
       investment income                    -         -         -      (0.07)         - 
       Total Distributions Paid         (0.66)    (3.76)    (2.71)     (1.64)     (1.63)
----------------------------------------------------------------------------------------
 Net Asset Value, End of Year          $12.30    $15.51    $21.48     $25.25     $22.58 
----------------------------------------------------------------------------------------
 Total Return /(1)/                    (17.05)%  (12.36)%   (4.93)%    20.15%     22.90%
 SUPPLEMENTAL DATA AND                                                                  
   RATIOS:                                                                              
 Net assets, in thousands,                                                              
   end of year                         $5,397    $6,105    $9,904    $16,397    $31,703 
 Ratio to average net                                                                   
   assets of:                                                                           
   Expenses, net of waivers                                                             
     and reimbursements                  0.60%     0.60%     0.60%      0.60%      0.60%
   Expenses, before waivers                                                             
     and reimbursements                  0.76%     0.84%     0.84%      0.83%      0.85%
   Net investment income,                                                               
     net of waivers and                                                                 
     reimbursements                      0.95%     0.80%     0.71%      0.80%      0.97%
   Net investment income,                                                               
     before waivers and                                                                 
     reimbursements                      0.79%     0.56%     0.47%      0.57%      0.72%
   Portfolio Turnover Rate              26.53%    14.30%     8.49%     12.81%     15.26%
----------------------------------------------------------------------------------------

(1) Assumes investment at net asset value at the beginning of the year,         
 reinvestment of all dividends and distributions and a complete redemption
of the investment at net asset value at the end of the year.            

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  28  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

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                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

                                               CLASS A                                
 BALANCED PORTFOLIO                                                                   

 Selected per share data        2002 /(2)/    2001       2000       1999        1998  
--------------------------------------------------------------------------------------
                                                                                      
 Net Asset Value,                                                                     
   Beginning of Year             $11.76      $13.69     $15.12     $14.95      $13.59 
 INCOME (LOSS) FROM                                                                   
   INVESTMENT OPERATIONS:                                                             
 Net investment income             0.24        0.35       0.40       0.40        0.38 
 Net realized and                                                                     
   unrealized gains                                                                   
   (losses)                       (1.08)      (0.86)      0.18       1.55        1.81 
   Total Income (Loss)                                                                
     from Investment                                                                  
     Operations                   (0.84)      (0.51)      0.58       1.95        2.19 
--------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS                                                                   
   PAID:                                                                              
   From net investment                                                                
     income                       (0.27)      (0.37)     (0.34)     (0.47)      (0.32)
   From net realized                                                                  
     gains                            -       (1.05)     (1.67)     (1.30)      (0.51)
   In excess of net                                                                   
     investment income                -           -          -      (0.01)          - 
   Total Distributions                                                                
     Paid                         (0.27)      (1.42)     (2.01)     (1.78)      (0.83)
--------------------------------------------------------------------------------------
 Net Asset Value, End                                                                 
   of Year                       $10.65      $11.76     $13.69     $15.12      $14.95 
--------------------------------------------------------------------------------------
 Total Return /(1)/               (7.26)%     (4.11)%     3.98%     14.11%      16.90%
 SUPPLEMENTAL DATA AND                                                                
   RATIOS:                                                                            
 Net assets, in                                                                       
   thousands, end of                                                                  
   year                         $88,438     $97,121    $73,006    $76,884     $61,969 
 Ratio to average net                                                                 
   assets of:                                                                         
   Expenses, net of                                                                   
     waivers and                                                                      
     reimbursements                0.61%       0.61%      0.61%      0.61%       0.61%
   Expenses, before                                                                   
     waivers and                                                                      
     reimbursements                0.86%       1.01%      1.07%      0.99%       1.04%
   Net investment                                                                     
     income, net of                                                                   
     waivers and                                                                      
     reimbursements                2.21%       3.02%      2.83%      2.69%       2.83%
   Net investment                                                                     
     income, before                                                                   
     waivers and                                                                      
     reimbursements                1.96%       2.62%      2.37%      2.31%       2.40%
 Portfolio Turnover                                                                   
   Rate                          133.42%     110.80%     85.81%     77.19%      67.16%

                                               CLASS C                                

 Selected per share data        2002 /(2)/    2001       2000    1999 /(3)/     1998  
--------------------------------------------------------------------------------------
 Net Asset Value,                                                                     
   Beginning of Year             $11.76      $13.69     $15.13     $14.91      $13.56 
 INCOME (LOSS) FROM                                                                   
   INVESTMENT OPERATIONS:                                                             
 Net investment income             0.21        0.33       0.36       0.34        0.37 
 Net realized and                                                                     
   unrealized gains                                                                   
   (losses)                       (1.09)      (0.86)      0.18       1.60        1.78 
   Total Income (Loss)                                                                
     from Investment                                                                  
     Operations                   (0.88)      (0.53)      0.54       1.94        2.15 
--------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS                                                                   
   PAID:                                                                              
   From net investment                                                                
     income                       (0.24)      (0.35)     (0.31)     (0.42)      (0.29)
   From net realized                                                                  
     gains                            -       (1.05)     (1.67)     (1.30)      (0.51)
   Total Distributions                                                                
     Paid                         (0.24)      (1.40)     (1.98)     (1.72)      (0.80)
--------------------------------------------------------------------------------------
 Net Asset Value, End                                                                 
   of Year                       $10.64      $11.76     $13.69     $15.13      $14.91 
--------------------------------------------------------------------------------------
 Total Return /(1)/               (7.56)%     (4.33)%     3.72%     14.03%      16.61%
 SUPPLEMENTAL DATA AND RATIOS:                                                        
 Net assets, in thousands,                                                            
   end of year                     $860        $905       $905       $805      $5,459 
 Ratio to average net                                                                 
   assets of:                                                                         
   Expenses, net of                                                                   
     waivers and                                                                      
     reimbursements                0.85%       0.85%      0.85%      0.85%       0.85%
   Expenses, before                                                                   
     waivers and                                                                      
     reimbursements                1.10%       1.25%      1.31%      1.23%       1.28%
   Net investment                                                                     
     income, net of                                                                   
     waivers and                                                                      
     reimbursements                1.97%       2.78%      2.59%      2.45%       2.58%
   Net investment                                                                     
     income, before                                                                   
     waivers and                                                                      
     reimbursements                1.72%       2.38%      2.13%      2.07%       2.15%
 Portfolio Turnover                                                                   
  Rate                           133.42%     110.80%     85.81%     77.19%      67.16%
--------------------------------------------------------------------------------------

(1) Assumes investment at net asset value at the beginning of the year,         
 reinvestment of all dividends and distributions and a complete redemption
of the investment at net asset value at the end of the year.            
(2) As required, effective December 1, 2001, the Portfolios adopted the         
provisions of the new AICPA Audit and Accounting Guide for Investment   
Companies and began recording paydown gains and losses on mortgage- and 
  asset-backed securities as interest income, rather than realized gains and
losses. The effect of this change for the fiscal year ended November 30,
  2002, was to decrease net investment income per share with a corresponding
increase in net realized and unrealized gains (losses) as follows: $0.01
  for Class A and less than $0.01 for Class C, and to decrease each ratio of
 net investment income to average net assets as follows: 0.03% for Class A
and Class C. The financial highlights for the prior years have not been 
restated to reflect this change in presentation.                        
(3) Financial highlights for the year ended were calculated using the average   
shares outstanding method.                                              

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  29  EQUITY PORTFOLIOS

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EQUITY PORTFOLIOS                                                               

FINANCIAL HIGHLIGHTS (continued)                                            

                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,

                                                                [Download Table]

                                                CLASS D                        
 BALANCED PORTFOLIO                                                            

 Selected per share data     2002 /(2)/   2001      2000      1999       1998  
-------------------------------------------------------------------------------
                                                                               
 NET ASSET VALUE,                                                              
   BEGINNING OF YEAR          $11.69     $13.61    $15.06    $14.88     $13.54 
 INCOME (LOSS) FROM                                                            
   INVESTMENT OPERATIONS:                                                      
 Net investment income          0.19       0.37      0.34      0.36       0.40 
 Net realized and                                                              
   unrealized gains                                                            
   (losses)                    (1.08)     (0.92)     0.18      1.53       1.72 
   Total Income (Loss)                                                         
     from Investment                                                           
     Operations                (0.89)     (0.55)     0.52      1.89       2.12 
-------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                      
   From net investment                                                         
     income                    (0.22)     (0.32)    (0.30)    (0.41)     (0.27)
   From net realized gains         -      (1.05)    (1.67)    (1.30)     (0.51)
     Total Distributions                                                       
     Paid                      (0.22)     (1.37)    (1.97)    (1.71)     (0.78)
-------------------------------------------------------------------------------
 Net Asset Value, End of                                                       
   Year                       $10.58     $11.69    $13.61    $15.06     $14.88 
-------------------------------------------------------------------------------
 Total Return /(1)/            (7.66)%    (4.44)%    3.56%    13.73%     16.45%
 SUPPLEMENTAL DATA AND                                                         
   RATIOS:                                                                     
 Net assets, in thousands,                                                     
   end of year                  $317       $257      $487      $405       $752 
 Ratio to average net                                                          
   assets of:                                                                  
   Expenses, net of                                                            
     waivers and                                                               
     reimbursements             1.00%      1.00%     1.00%     1.00%      1.00%
   Expenses, before                                                            
     waivers and                                                               
     reimbursements             1.25%      1.40%     1.46%     1.38%      1.43%
   Net investment income,                                                      
     net of waivers and                                                        
     reimbursements             1.82%      2.63%     2.44%     2.30%      2.44%
   Net investment income,                                                      
     before waivers and                                                        
     reimbursements             1.57%      2.23%     1.98%     1.92%      2.01%
 Portfolio Turnover Rate      133.42%    110.80%    85.81%    77.19%     67.16%
-------------------------------------------------------------------------------

(1) Assumes investment at net asset value at the beginning of the year,         
 reinvestment of all dividends and distributions and a complete redemption
of the investment at net asset value at the end of the year.            

(2) As required, effective December 1, 2001, the Portfolios adopted the         
provisions of the new AICPA Audit and Accounting Guide for Investment   
Companies and began recording paydown gains and losses on mortgage- and 
  asset-backed securities as interest income, rather than realized gains and
losses. The effect of this change for the fiscal year ended November 30,
  2002, was to decrease net investment income per share with a corresponding
  increase in net realized and unrealized gains (losses) less than $0.01 for
   Class D, and to decrease each ratio of net investment income to average net
   assets 0.03% for Class D. The financial highlights for the prior years have
not been restated to reflect this change in presentation.               

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  30  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

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                                                               EQUITY PORTFOLIOS

SCHEDULE OF INVESTMENTS                                        NOVEMBER 30, 2002

INTERNATIONAL GROWTH PORTFOLIO                                                  

                                                         NUMBER        VALUE
                                                        OF SHARES       (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 90.3%                                                           
--------------------------------------------------------------------------------
Australia - 3.5%                                                                
 Foster's Group Ltd.                                      767,455       $2,008
 M.I.M. Holdings Ltd.                                   2,796,787        2,433
--------------------------------------------------------------------------------
                                                                         4,441
--------------------------------------------------------------------------------
Canada - 4.0%                                                                   
 ATI Technologies, Inc.*                                  352,316        2,800
 Inco Ltd.*                                               105,349        2,268
--------------------------------------------------------------------------------
                                                                         5,068
--------------------------------------------------------------------------------
China - 1.5%                                                                    
 PetroChina Co. Ltd.                                   10,117,080        1,933
--------------------------------------------------------------------------------
Finland - 2.0%                                                                  
 Stora Enso OYJ                                           203,796        2,493
--------------------------------------------------------------------------------
France - 11.1%                                                                  
 Cie de Saint-Gobain                                       75,338        2,276
 Credit Lyonnais S.A.                                      19,472          973
 L'Oreal S.A.                                              29,645        2,116
 Orange S.A. *                                            290,365        2,210
 Societe Generale, Class A                                 17,345          977
 Thomson S.A. *                                           126,616        2,810
 TotalFinaElf S.A.                                         20,079        2,698
--------------------------------------------------------------------------------
                                                                        14,060
--------------------------------------------------------------------------------
Germany - 4.1%                                                                  
 Altana A.G.                                               35,635        1,601
 Deutsche Boerse A.G.                                      46,068        1,838
 Schering A.G.                                             40,479        1,727
--------------------------------------------------------------------------------
                                                                         5,166
--------------------------------------------------------------------------------
Italy - 3.7%                                                                    
 Ente Nazionale Idrocarburi S.p.A.                        242,817        3,531
 Snam Rete Gas                                            350,064        1,083
--------------------------------------------------------------------------------
                                                                         4,614
--------------------------------------------------------------------------------
Japan - 13.2%                                                                   
 Asahi Glass Co. Ltd.                                     307,100        1,985
 Bank of Yokohama (The) Ltd.                              153,000          616
 Canon, Inc.                                               46,000        1,753
 Credit Saison Co. Ltd.                                     7,400          136
 Fuji Television Network, Inc.                                 13           54
 Komatsu Ltd.                                             383,000        1,366
 Mitsui Mining & Smelting Co. Ltd.                        970,000        2,431
 Suzuken Co. Ltd.                                          67,900        1,585
 Yamaha Corp.                                             257,900        2,490
 Yamaha Motor Co. Ltd.                                    268,000        2,063
 Yokogawa Electric Corp.                                  338,000        2,180
--------------------------------------------------------------------------------
                                                                        16,659
--------------------------------------------------------------------------------
Korea (Republic of) - 0.7%                                                      
 Kookmin Bank ADR *                                        22,600          872
--------------------------------------------------------------------------------
Netherlands - 4.7%                                                              
 Koninklijke Philips Electronics N.V.                     133,181        2,923
 Royal KPN N.V.                                           459,775        3,055
--------------------------------------------------------------------------------
                                                                         5,978
--------------------------------------------------------------------------------
Norway - 2.1%                                                                   
 Tandberg ASA *                                           193,079        2,663
--------------------------------------------------------------------------------
Spain - 2.1%                                                                    
 Acerinox S.A.                                             19,855          770
ACS Actividades de Construccion                                             
  y Servicios S.A.                                         62,077        1,848
--------------------------------------------------------------------------------
                                                                         2,618
--------------------------------------------------------------------------------
Sweden - 3.9%                                                                   
 Atlas Copco AB, Class A                                   86,066        1,984
 Sandvik AB                                                52,720        1,271
 Skandinaviska Enskilda Banken (SEB), Class A             186,655        1,729
--------------------------------------------------------------------------------
                                                                         4,984
--------------------------------------------------------------------------------
Switzerland - 9.2%                                                              
 Adecco S.A. (Registered)                                  49,610        2,307
 Novartis A.G. (Registered)                                26,999        1,005
 Roche Holding A.G. (Genuss)                               40,647        2,891
 Swiss Reinsurance (Registered)                            39,045        2,922
 Zurich Financial Services A.G.                            22,566        2,430
--------------------------------------------------------------------------------
                                                                        11,555
--------------------------------------------------------------------------------
Taiwan - 1.4%                                                                   
 United Microelectronics Corp. ADR *                      398,410        1,809
--------------------------------------------------------------------------------
United Kingdom - 23.1%                                                          
 Abbey National PLC                                       158,077        1,593
 BAA PLC                                                  172,136        1,403
 BHP Billiton PLC                                         425,848        2,260
 HSBC Holdings PLC                                        382,888        4,543
 Imperial Chemical Industries PLC                         427,992        1,667
 Legal & General Group PLC                              1,145,733        2,050
 Reed Elsevier PLC                                        194,942        1,714
 Royal Bank of Scotland Group PLC                         139,564        3,579
 Standard Chartered PLC                                   145,223        1,751
 Unilever PLC                                             219,627        1,956
 Vodafone Group PLC                                     2,710,996        5,146

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  31  EQUITY PORTFOLIOS

N-30D 34th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 34th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

INTERNATIONAL GROWTH PORTFOLIO (continued)                                      

                                                         NUMBER        VALUE
                                                        OF SHARES       (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 90.3% - (CONTINUED)                                             
--------------------------------------------------------------------------------
United Kingdom - 23.1% - (continued)                                            
 William Hill PLC                                         449,312       $1,498
--------------------------------------------------------------------------------
                                                                        29,160
Total Common Stocks                                                             
--------------------------------------------------------------------------------
(Cost $105,516)                                                         114,073 

--------------------------------------------------------------------------------
Preferred Stocks - 3.0%                                                         
--------------------------------------------------------------------------------
Germany - 3.0%                                                                  
 Henkel KGaA                                               28,582        1,737
 Porsche A.G.                                               4,266        1,987
--------------------------------------------------------------------------------
                                                                         3,724
--------------------------------------------------------------------------------
Total Preferred Stock                                                           
--------------------------------------------------------------------------------
(Cost $3,565)                                                             3,724 

                                           PRINCIPAL
                                                         AMOUNT        VALUE
                                                          (000S)        (000S)
--------------------------------------------------------------------------------
Short-Term Investment - 5.5%                                                    
--------------------------------------------------------------------------------
Societe Generale, Grand Cayman,                                             
Eurodollar Time Deposit,                                                
   1.31%, 12/2/02                                          $6,996        6,996
--------------------------------------------------------------------------------
Total Short-Term Investment                                                     
--------------------------------------------------------------------------------
(Cost $6,996)                                                             6,996 

--------------------------------------------------------------------------------
Total Investments - 98.8%                                                       
--------------------------------------------------------------------------------
(Cost $116,077)                                                         124,793 
 Other Assets less Liabilities - 1.2%                                    1,525
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                    $126,318 

* Non-Income Producing Security                                                 

At November 30, 2002, the International Growth Portfolio had open futures       
contracts as follows:                                                           

--------------------------------------------------------------------------------
                                     NOTIONAL                       UNREALIZED
                       NUMBER OF   AMOUNT   CONTRACT  CONTRACT      GAIN
 TYPE                   CONTRACTS   (000S)   POSITION    EXP.       (000S)
--------------------------------------------------------------------------------
EuroStoxx-50                   97      $2,545     Long     12/02        $58     
FTSE 100                       38       2,467     Long     12/02         50     
Nikkei 225                     34       1,270     Long     12/02         36     
--------------------------------------------------------------------------------
Total                                  $6,282                          $144     

At November 30, 2002, the International Growth Portfolio's investments were     
diversified as follows:                                                         

---------------------------------------------                                   
INDUSTRY SECTOR                    PERCENTAGE                                   
---------------------------------------------                                   
Basic Industries/Energy                7.3%                                     
Basic Materials                       11.8                                      
Capital Goods                         10.9                                      
Consumer Goods                        11.5                                      
Financial Services                    15.2                                      
Food/Beverages                         6.6                                      
Insurance                              6.2                                      
Media                                  1.7                                      
Pharmaceuticals                        7.5                                      
Real Estate                            0.2                                      
Retail                                 0.3                                      
Technology                             9.5                                      
Telecommunication                      8.9                                      
Transportation                         1.2                                      
Utilities                              1.2                                      
---------------------------------------------                                   
Total                                100.0%                                     

At November 30, 2002, the International Growth Portfolio's investments were     
denominated in the following currencies:                                        

--------------------------------------------------                              
CONCENTRATION BY CURRENCY               PERCENTAGE                              
--------------------------------------------------                              
Euro                                       31.0%                                
United Kingdom Pound                       23.4                                 
Japanese Yen                               13.3                                 
Switzerland Franc                           9.3                                 
United States Dollar                        7.8                                 
All other currencies less than 5%          15.2                                 
--------------------------------------------------                              
Total                                     100.0%                                

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  32  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 35th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 35th
At November 30, 2002, the International Growth Portfolio had outstanding foreign
currency contracts as follows:                                                  

--------------------------------------------------------------------------------
                   CONTRACT     CONTRACT
                   AMOUNT       AMOUNT
                                  (LOCAL       (U.S.      UNREALIZED
CONTRACT                   DELIVERY    CURRENCY)    DOLLARS)    GAIN/(LOSS)     
TYPE       CURRENCY        DATE       (000S)       (000S)       (000S)      
--------------------------------------------------------------------------------
Australian                                              
Sell        Dollar         12/2/02         420        $233          $(2)        

Buy         Euro           12/2/02         114         113            -         

Buy         Euro           12/3/02         656         652            1         

Hong Kong                                               
Sell        Dollar         12/2/02         903         116            -         

Japanese                                                
Sell        Yen            12/3/02      90,227         736            -         
--------------------------------------------------------------------------------
Total                                                               $(1)        

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  33  EQUITY PORTFOLIOS

N-30D 36th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 36th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

INTERNATIONAL EQUITY INDEX PORTFOLIO                                            

                                                   NUMBER        VALUE
                                                   OF SHARES      (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 96.7%                                                       
AUSTRALIA - 4.5%                                                            
Amcor Ltd.                                          11,886       $55      
AMP Diversified Property Trust                       6,800        10      
AMP Ltd.                                            16,364       121      
Ansell Ltd. /*/                                      2,440        10      
Aristocrat Leisure Ltd.                              3,900        11      
Australia and New Zealand Banking Group Ltd.        21,686       229      
Australian Gas Light Co. Ltd.                        6,275        36      
Australian Stock Exchange Ltd.                       1,450         9      
BHP Billiton Ltd.                                   53,602       305      
BHP Steel Ltd. /*/                                  11,394        20      
Boral Ltd.                                           8,250        19      
Brambles Industries Ltd.                            13,891        35      
BRL Hardy Ltd.                                       2,278         9      
CFS Gandel Retail Trust                             17,490        13      
Coca-Cola Amatil Ltd.                                5,965        18      
Cochlear Ltd.                                          750        16      
Coles Myer Ltd.                                     16,266        60      
Commonwealth Bank of Australia                      18,059       275      
Commonwealth Property Office Fund                   17,682        12      
Computershare Ltd.                                   6,400         7      
CSL Ltd.                                             2,300        28      
CSR Ltd.                                            13,500        47      
David Jones Ltd.                                     5,762         4      
Deutsche Office Trust                               16,500        12      
Energy Developments Ltd.                             1,100         1      
Foster's Group Ltd.                                 29,498        77      
Futuris Corp. Ltd.                                   8,770         7      
General Property Trust                              27,548        44      
Goodman Fielder Ltd.                                16,636        14      
Harvey Norman Holdings Ltd.                          7,600        11      
Iluka Resources Ltd.                                 3,317         8      
Insurance Australia Group Ltd.                      21,310        31      
James Hardie Industries N.V.                         5,900        22      
John Fairfax Holdings Ltd.                          10,600        18      
Leighton Holdings Ltd.                               1,900        10      
Lend Lease Corp. Ltd.                                5,601        31      
M.I.M. Holdings Ltd.                                28,682        25      
Macquarie Bank Ltd.                                  2,900        39      
Macquarie Infrastructure Group                      27,300        50      
Mayne Group Ltd.                                    11,692        21      
Mirvac Group                                         8,941        21      
National Australia Bank Ltd.                        22,266       409      
Newcrest Mining Ltd.                                 4,605       $15      
News Corp. Ltd.                                     21,161       151      
News Corp. Ltd. (Preferred Ordinary)                27,759       166      
OneSteel Ltd.                                        7,360         7      
Orica Ltd.                                           4,014        24      
Origin Energy Ltd.                                   9,376        19      
PaperlinX Ltd.                                       5,200        14      
Patrick Corp. Ltd.                                   2,350        18      
Principal Office Fund                               13,400        12      
Publishing & Broadcasting Ltd.                       1,900         9      
QBE Insurance Group Ltd.                             8,260        37      
Rio Tinto Ltd.                                       4,539        88      
Santos Ltd.                                          8,400        28      
SciGen Ltd. /*/                                      2,900         -      
Sonic Healthcare Ltd.                                3,200        12      
Sons of Gwalia Ltd.                                  1,916         2      
Southcorp Ltd.                                       9,072        24      
Stockland                                           11,979        33      
Suncorp-Metway Ltd.                                  7,600        50      
TAB Ltd.                                             6,500        11      
TABCORP Holdings Ltd.                                5,362        33      
Telstra Corp. Ltd.                                  31,580        81      
Transurban Group                                     6,245        14      
Wesfarmers Ltd.                                      5,357        84      
Westfield Holdings Ltd.                              6,100        48      
Westfield Trust                                     29,592        58      
Westpac Banking Corp. Ltd.                          25,285       202      
WMC Ltd.                                            16,025        75      
Woodside Petroleum Ltd.                              6,750        45      
Woolworths Ltd.                                     15,185        97      
--------------------------------------------------------------------------------
                                                         3,657
--------------------------------------------------------------------------------
AUSTRIA - 0.1%                                                              
Boehler-Uddeholm A.G.                                   94         4      
Erste Bank Der Oesterreichischen Sparkassen A.G.       387        21      
Flughafen Wien A.G.                                    161         5      
Mayr-Melnhof Karton A.G.                                67         5      
Oesterreichische Elektrizitaetswirtschafts A.G.                           
(Verbund), Class A                                     62         5     
OMV A.G.                                               191        17      
RHI A.G.                                               261         2      
Telekom Austria A.G. /*/                             2,944        27      
VA Technologie A.G.                                    120         2      

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 34 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 37th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 37th
                                                                [Download Table]


--------------------------------------------------------------------------------
                                                               NOVEMBER 30, 2002
--------------------------------------------------------------------------------

                                                         NUMBER            VALUE
                                                        OF SHARES         (000S)
--------------------------------------------------------------------------------
  COMMON STOCKS - 96.7% - (continued)                                           
--------------------------------------------------------------------------------
                                                                                
  Austria - 0.1% - (continued)                                                  
     Voest-Alpine A.G.                                        245         $    6
     Wienerberger A.G.                                        451              7
--------------------------------------------------------------------------------
                                                                             101
--------------------------------------------------------------------------------
  Belgium - 1.0%                                                                
     AGFA-Gevaert N.V.                                      1,650             34
     Barco N.V.                                               150              7
     Bekaert N.V.                                             240             10
     Colruyt S.A.                                             250             13
     Compagnie Maritime Belge S.A.                             50              2
     D'ieteren N.V.                                            40              6
     Delhaize Group                                         1,037             19
     Dexia                                                  9,250            113
     Electrabel S.A.                                          410             97
     Fortis                                                14,040            249
     Groupe Bruxelles Lambert S.A.                          1,000             40
     Interbrew *                                            2,150             45
     KBC Bankverzekeringsholding                            1,302             43
     Omega Pharma S.A.                                        300              9
     Solvay S.A., Class A                                     615             40
     UCB S.A.                                               1,240             34
     Umicore                                                  250             10
--------------------------------------------------------------------------------
                                                                             771
--------------------------------------------------------------------------------
  Denmark - 0.7%                                                                
     Bang & Olufsen A/S, Class B                              150              3
     Carlsberg A/S, Class B                                   349             14
     Coloplast A/S, Class B                                   189             12
     Dampskibsselskabet af 1912 A/S, Class B                    4             22
     Dampskibsselskabet Svendborg A/S, Class B                  3             22
     Danisco A/S                                              838             28
     Danske Bank A/S                                        7,882            132
     DSV De Sammensluttede Vognmaend A/S                      268              6
     FLS Industries A/S, Class B                              384              3
     GN Store Nord                                          3,276             10
     Group 4 Falck A/S                                        959             23
     H. Lundbeck A/S                                        1,015             29
     ISS A/S                                                  630             25
     Kobenhavns Lufthavne                                      87              6
     NEG Micon A/S *                                          259              5
     NKT Holding A/S                                          220              2
     Novo-Nordisk A/S, Class B                              3,899            120
     Novozymes A/S, Class B                                   799             16
     Ostasiatiske Kompagni                                    267              6

                                                                [Download Table]


                                                         NUMBER            VALUE
                                                        OF SHARES         (000S)
--------------------------------------------------------------------------------
  COMMON STOCKS - 96.7% - (continued)                                           
--------------------------------------------------------------------------------
                                                                                
  Denmark - 0.7% - (continued)                                                  
     TDC A/S                                                1,863         $   49
     TK Development                                           187              1
     Topdanmark A/S                                           372              9
     Vestas Wind Systems A/S                                1,506             14
     William Demant Holding A/S                               393              8
--------------------------------------------------------------------------------
                                                                             565
--------------------------------------------------------------------------------
  Finland - 2.2%                                                                
     Amer Group Ltd.                                          400             13
     AvestaPolarit OYJ Abp                                    112              1
     Fortum OYJ                                             4,900             28
     Instrumentarium Corp. OYJ                                700             20
     KCI Konecranes International                             200              5
     Kesko OYJ, Class B                                       800              9
     Kone OYJ, Class B                                        500             14
     Metso OYJ                                              1,400             15
     Nokia OYJ                                             68,570          1,323
     Orion-Yhtymae OYJ, Class B                               500             10
     Outokumpu OYJ                                          1,300             13
     Pohjola Group PLC, Class D                               200              3
     Rautaruukki OYJ                                        1,200              4
     Sampo OYJ, Class A                                     4,000             30
     Stora Enso OYJ, Class R                                9,800            120
     TietoEnator OYJ                                        1,200             19
     UPM-Kymmene OYJ                                        3,580            130
     Uponor OYJ                                               400              7
     Wartsila OYJ, Class B                                    500              6
--------------------------------------------------------------------------------
                                                                           1,770
--------------------------------------------------------------------------------
  France - 8.4%                                                                 
     Accor S.A.                                             2,750             96
     Air France                                             1,000             12
     Air Liquide                                            1,422            191
     Alcatel S.A., Class A                                 15,799             90
     Alstom                                                 3,500             26
     Altran Technologies S.A.                                 900              7
     Atos Origin                                              300             11
     Autoroutes du Sud de la France *                       1,100             27
     Aventis S.A.                                           9,707            540
     Axa                                                   19,894            320
     BNP Paribas                                           11,467            468
     Bouygues                                               2,500             74
     Business  Objects S.A. *                                 800             17
     Cap Gemini S.A.                                        1,469             47

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 35 EQUITY PORTFOLIOS

N-30D 38th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 38th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)                            

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 96.7% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
France - 8.4% - (continued)                                                     
Carrefour S.A.                                        7,662         $337  
Cie de Saint-Gobain                                   4,428          134  
Club Mediterranee S.A.                                  150            4  
Dassault Systems S.A.                                   550           16  
Essilor International S.A.                            1,400           56  
Etablissements Economiques du Casino                                      
Guichard-Perrachon S.A.                                400           27 
France Telecom S.A.                                   5,798          104  
Groupe Danone                                         1,833          240  
Imerys S.A.                                             100           12  
L'Oreal S.A.                                          4,802          343  
Lafarge S.A.                                          1,872          152  
Lagardere S.C.A.                                      1,900           87  
LVMH Moet Hennessy Louis Vuitton S.A.                 3,102          146  
Michelin Compagnie Generale des Establissements,                          
Class B                                              1,848           64 
Pechiney S.A., Class A                                1,000           38  
Pernod-Ricard                                           576           52  
Peugeot S.A.                                          2,217          100  
Pinault-Printemps-Redoute S.A.                          917           81  
Publicis Groupe                                       1,400           36  
Renault S.A.                                          2,234          110  
Sagem S.A.                                              157           11  
Sanofi-Synthelabo S.A.                                5,782          342  
Schneider Electric S.A.                               2,950          143  
Societe BIC S.A.                                        450           15  
Societe Generale, Class A                             4,291          242  
Societe Television Francaise 1                        1,800           54  
Sodexho Alliance S.A.                                 1,240           32  
Suez                                                  2,400           43  
Suez (Stripe VVPR) *                                  2,400            -  
Suez S.A.                                            11,729          215  
Technip-Coflexip S.A.                                   279           22  
Thales S.A.                                           1,000           28  
Thomson (ex-TMM) *                                    2,301           51  
TotalFinaElf S.A.                                     9,134        1,228  
Union du Credit-Bail Immobilier                         550           34  
Valeo S.A.                                            1,154           38  
Vinci S.A.                                              960           55  
Vivendi Universal S.A.                               13,295          217  
Zodiac S.A.                                             500           10  
------------------------------------------------------------------------------  
                                                                 6,845
------------------------------------------------------------------------------  
Germany - 5.7%                                                                  
Adidas-Salomon A.G.                                     650          $53  
Aixtron A.G.                                            700            4  
Allianz A.G. (Registered)                             2,689          300  
Altana A.G.                                           1,000           45  
BASF A.G.                                             7,578          292  
Bayer A.G.                                            9,996          228  
Bayerische Hypo-und Vereinsbank A.G.                  4,867           80  
Beiersdorf A.G.                                         450           45  
Buderus A.G.                                            600           13  
Continental A.G.                                      1,550           25  
DaimlerChrysler A.G.                                 12,310          449  
Deutsche Bank A.G. (Registered)                       8,066          404  
Deutsche Boerse A.G.                                    900           36  
Deutsche Lufthansa A.G. (Registered)                  2,750           30  
Deutsche Post A.G. (Registered)                       5,603           60  
Deutsche Telekom A.G. (Registered)                   30,308          369  
Douglas Holding A.G.                                    300            6  
E.ON A.G.                                             8,458          362  
Epcos A.G.                                              700           12  
Fresenius Medical Care A.G.                             500           23  
Gehe A.G.                                               350           13  
HeidelbergCement A.G.                                   420           15  
HeidelbergCement A.G. (VVPR) *                           80            -  
Infineon Technologies A.G. *                          5,200           53  
KarstadtQuelle A.G.                                     600           11  
Linde A.G.                                            1,200           45  
MAN A.G.                                              1,500           23  
Marschollek Lautenschlaeger und Partner                 800           11  
Merck KGaA                                              650           16  
Metro A.G.                                            2,090           51  
Muenchener Rueckversicherungs A.G. (Registered)       1,545          215  
RWE A.G.                                              5,288          149  
SAP A.G.                                              2,932          257  
Schering A.G.                                         2,550          109  
Siemens A.G. (Registered)                            11,559          568  
ThyssenKrupp A.G.                                     4,800           57  
TUI A.G.                                              1,813           37  
Volkswagen A.G.                                       3,195          129  
WCM Beteilgungs & Grundbesitz A.G.                    2,266            6  
-----------------------------------------------------------------------------   
                                                                 4,601
-----------------------------------------------------------------------------   
Greece - 0.3%                                                                   
Alpha Bank A.E.                                       2,130           26  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 36 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 39th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 39th
                                                               NOVEMBER 30, 2002

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 96.7% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Greece - 0.3% - (continued)                                                     
Aluminum of Greece S.A.I.C.                             130           $3  
Attica Enterprise Holding S.A.                          820            2  
Coca Cola Hellenic Bottling Co. S.A.                  1,370           21  
Commercial Bank Of Greece                               990           15  
EFG Eurobank Ergasias S.A.                            2,260           26  
EYDAP Athens Water Supply & Sewage Co. S.A.             470            2  
Folli-Follie S.A.                                       210            3  
Greek Organization of Football Prognostics SA         1,160           12  
Hellenic Duty Free Shops S.A.                           340            2  
Hellenic Petroleum S.A.                               1,310            8  
Hellenic Technodomiki Tev S.A.                          920            6  
Hellenic Telecommunications Organization S.A.         4,730           52  
Intracom S.A.                                         1,080            6  
M.J. Maillis S.A.                                       480            2  
National Bank Of Greece S.A.                          1,970           28  
Papastratos Cigarette Co.                               250            4  
Piraeus Bank S.A.                                     1,680           11  
Public Power Corp.                                      670            8  
Technical Olympic S.A.                                1,080            3  
Titan Cement Co. S.A.                                   410           15  
Viohalco                                              1,370            6  
Vodafone-Panafon S.A.                                 2,340           13  
-----------------------------------------------------------------------------   
                                                                   274
-----------------------------------------------------------------------------   
Hong Kong - 1.6%                                                                
ASM Pacific Technology                                3,000            7  
Bank of East Asia Ltd.                               19,704           34  
BOC Hong Kong Holdings Ltd. *                        38,000           42  
Cathay Pacific Airways Ltd.                          14,000           20  
Cheung Kong Holdings Ltd.                            22,000          162  
Cheung Kong Infrastructure Holdings Ltd.              7,000           12  
CLP Holdings Ltd.                                    26,000          104  
Esprit Holdings Ltd.                                  8,000           15  
Giordano International Ltd.                          19,000            9  
Hang Lung Properties Ltd.                            17,000           16  
Hang Seng Bank Ltd.                                  11,000          120  
Henderson Land Development                            9,000           32  
Hong Kong & China Gas Co. Ltd.                       52,920           70  
Hong Kong Electric Holdings Ltd.                     20,000           78  
Hong Kong Exchanges and Clearing Ltd.                14,000           19  
Hutchison Whampoa Ltd.                               30,500          214  
Hysan Development Co. Ltd.                            8,222            6  
Johnson Electric Holdings                            21,200           25  
Li & Fung Ltd.                                       22,000           24  
MTR Corp.                                            18,000           20  
New World Development Ltd.                           19,974           12  
PCCW Ltd. *                                         131,822           25  
SCMP Group Ltd.                                      14,000            6  
Shangri-La Asia Ltd.                                 13,000            9  
Sino Land Co.                                        20,963            7  
Sun Hung Kai Properties Ltd.                         19,172          129  
Swire Pacific Ltd., Class A                          13,500           56  
Television Broadcasts Ltd.                            4,000           14  
Wharf Holdings Ltd.                                  18,000           38  
-----------------------------------------------------------------------------   
                                                                 1,325
-----------------------------------------------------------------------------   
Ireland - 0.7%                                                                  
Allied Irish Banks PLC                               12,914          182  
Bank of Ireland                                      14,544          159  
CRH PLC                                               7,542          110  
DCC PLC                                               1,145           12  
Elan Corp. PLC *                                      5,049           13  
Greencore Group PLC                                   2,294            6  
Independent News & Media PLC                          6,196            9  
Irish Life & Permanent PLC                            3,880           45  
Kerry Group PLC, Class A                              1,739           23  
Ryanair Holdings PLC *                                4,607           35  
Waterford Wedgwood PLC - Units                        8,748            5  
-----------------------------------------------------------------------------   
                                                                   599
-----------------------------------------------------------------------------   
Italy - 3.8%                                                                    
ACEA S.p.A.                                           1,450            7  
Alitalia S.p.A. *                                    28,000            8  
Alleanza Assicurazioni S.p.A.                         6,338           53  
Arnoldo Mondadori Editore S.p.A.                      2,000           14  
Assicurazioni Generali S.p.A.                        14,890          298  
Autogrill S.p.A.                                      2,000           18  
Autostrade Concessioni e Costruzioni                                      
Autostrade S.p.A.                                   12,276          116 
Banca Fideuram S.p.A.                                 4,000           23  
Banca Monte dei Paschi di Siena S.p.A.               11,000           27  
Banca Nazionale del Lavoro S.p.A.                    23,000           29  
Banca Popolare di Milano SCRL                         6,000           21  
Benetton Group S.p.A.                                   800            8  
Bulgari S.p.A.                                        2,000           11  
Capitalia S.p.A.                                     17,615           29  
e.Biscom *                                              165            5  

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 37 EQUITY PORTFOLIOS

N-30D 40th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 40th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)                            

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 96.7% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Italy - 3.8% - (continued)                                                      
Enel S.p.A                                          30,892          $157  
Ente Nazionale Idrocarburi S.p.A.                   40,138           584  
Fiat S.p.A.                                          3,440            33  
Fiat S.p.A. - RNC                                    1,530             8  
Fineco S.p.A.                                       22,491            12  
Gruppo Editoriale L'Espresso S.p.A.                  2,000             8  
IntesaBci S.p.A - RNC                               12,696            20  
IntesaBci S.p.A.                                    51,325           112  
Italcementi S.p.A.                                   1,080            11  
Italgas S.p.A.                                       2,500            32  
Luxottica Group S.p.A.                               2,000            27  
Mediaset S.p.A.                                      9,000            76  
Mediobanca S.p.A.                                    6,000            46  
Mediolanum S.p.A.                                    3,000            18  
Parmalat Finanziaria S.p.A.                          5,320            13  
Pirelli S.p.A.                                      14,000            15  
Rinascente (La) S.p.A.                               2,000             9  
Riunione Adriatica di Sicurta S.p.A.                 5,000            63  
San Paolo IMI S.p.A.                                12,835           100  
Seat-Pagine Gialle S.p.A. *                         72,523            59  
Snam Rete Gas S.p.A                                 10,647            33  
SNIA S.p.A.                                          3,680             7  
Telecom Italia S.p.A.                               34,243           280  
Telecom Italia S.p.A. - RNC                         29,953           161  
TIM S.p.A.                                          54,672           282  
Tiscali S.p.A. *                                     2,000            12  
UniCredito Italiano S.p.A.                          49,712           198  
-----------------------------------------------------------------------------   
                                                                 3,043
-----------------------------------------------------------------------------   
Japan - 20.3%                                                                   
77 Bank (The) Ltd.                                   5,000            19  
Acom Co. Ltd.                                        1,100            42  
Aderans Co. Ltd.                                       500            11  
Advantest Corp.                                      1,000            51  
Aeon Co. Ltd.                                        3,200            79  
Aeon Credit Service Co. Ltd.                           300            12  
Aiful Corp.                                            550            27  
Ajinomoto Co., Inc.                                  8,000            80  
All Nippon Airways Co. Ltd. *                        7,000            13  
Alps Electric Co. Ltd.                               2,000            27  
Amada Co. Ltd.                                       3,000             9  
Amano Corp.                                          1,000             7  
Anritsu Corp.                                        1,000             5  
Aoyama Trading Co. Ltd.                                800            10  
Ariake Japan Co. Ltd.                                  200             6  
Asahi Breweries Ltd. *                               6,000            36  
Asahi Glass Co. Ltd.                                11,000            71  
Asahi Kasei Corp.                                   18,000            42  
Asatsu-DK, Inc.                                        500             9  
Ashikaga Bank (The) Ltd. *                          11,000            13  
Autobacs Seven Co. Ltd.                                400             8  
Avex, Inc.                                             300             4  
Bank of Fukuoka (The) Ltd.                           7,000            27  
Bank of Yokohama (The) Ltd. *                       13,000            52  
Banyu Pharmaceutical Co. Ltd.                        2,000            17  
Bellsystem 24, Inc.                                     40             7  
Benesse Corp.                                        1,200            15  
Bridgestone Corp.                                    9,000           120  
Canon, Inc.                                         12,000           457  
Capcom Co. Ltd.                                        500            10  
Casio Computer Co. Ltd.                              3,000            18  
Central Japan Railway Co.                               13            81  
Chiba Bank (The) Ltd.                                9,000            27  
Chubu Electric Power Co., Inc.                       9,500           161  
Chugai Pharmaceutical Co. Ltd.                       3,300            27  
Citizen Watch Co. Ltd.                               4,000            20  
Coca-Cola West Japan Co. Ltd.                          600             9  
Credit Saison Co. Ltd.                               1,700            31  
CSK  Corp.                                             900            22  
Dai Nippon Printing Co. Ltd.                         9,000           107  
Daicel Chemical Industries                           3,000             8  
Daiei (The), Inc. *                                  3,000             3  
Daifuku Co. Ltd.                                     1,000             3  
Daiichi Pharmaceutical Co. Ltd.                      3,000            45  
Daikin Industries Ltd.                               2,000            33  
Daimaru, Inc.                                        3,000            10  
Dainippon Ink & Chemicals, Inc. *                    9,000            15  
Dainippon Screen Manufacturing Co. Ltd.              2,000             8  
Daito Trust Construction Co. Ltd.                    1,200            24  
Daiwa Bank Holdings, Inc.                           57,000            32  
Daiwa House Industry Co. Ltd.                        6,000            32  
Daiwa Securities Group, Inc.                        16,000            73  
Denki Kagaku Kogyo Kabushiki Kaisha                  6,000            14  
Denso Corp.                                          6,500           105  
Dowa Mining Co. Ltd.                                 4,000            16  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 38 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 41st “Page” of 244 TOC 1st Previous Next ↓Bottom Just 41st
                                                               NOVEMBER 30, 2002

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 96.7% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Japan - 20.3% - (continued)                                                     
East Japan Railway Co.                                  46          $217  
Ebara Corp.                                          3,000            10  
Eisai Co. Ltd.                                       3,200            66  
FamilyMart                                           1,000            20  
Fanuc Ltd.                                           1,600            77  
Fast Retailing Co. Ltd.                              1,000            36  
Fuji Electric Co. Ltd.                               7,000            13  
Fuji Machine Manufacturing Co. Ltd.                    500             4  
Fuji Photo Film Co. Ltd.                             6,000           195  
Fuji Soft ABC, Inc.                                    400             8  
Fuji Television Network, Inc.                            3            12  
Fujikura Ltd. *                                      4,000            11  
Fujisawa Pharmaceutical Co. Ltd.                     3,000            65  
Fujitsu Ltd. *                                      23,000            82  
Fujitsu Support and Service, Inc.                      300             4  
Furukawa Electric Co. Ltd. *                         7,000            17  
Gunma Bank (The) Ltd.                                5,000            22  
Gunze Ltd.                                           3,000            10  
Hankyu Department Stores                             2,000            11  
Hino Motors Ltd.                                     3,000             9  
Hirose Electric Co. Ltd.                               400            30  
Hitachi Zosen Corp. *                               12,000             3  
Hitachi Cable Ltd.                                   2,000             5  
Hitachi Ltd.                                        41,000           174  
Hitachi Software Engineering Co. Ltd.                  300             8  
Hokuriku Bank (The) Ltd. *                           9,000            13  
Honda Motor Co. Ltd.                                 9,100           343  
House Foods Corp.                                    1,000             9  
Hoya Corp.                                           1,400            95  
Isetan Co. Ltd.                                      2,000            15  
Ishihara Sangyo Kaisha Ltd. *                        4,000             5  
Ishikawajima-Harima Heavy Industries Co. Ltd.       16,000            17  
ITO EN Ltd.                                            300             9  
Ito-Yokado Co. Ltd.                                  5,000           172  
Itochu Corp.                                        19,000            44  
Itochu Techno-Science Corp.                            400             9  
Japan Airlines System Corp. *                        9,000            20  
Japan Tobacco, Inc.                                     10            62  
JFE Holdings, Inc. *                                 6,225            73  
JGC Corp.                                            3,000            18  
Joyo Bank (The) Ltd.                                11,000            30  
JSR Corp.                                            2,000            20  
Kajima Corp.                                        11,000            28  
Kaken Pharmaceutical Co. Ltd.                        1,000             4  
Kamigumi Co. Ltd.                                    3,000            13  
Kanebo Ltd. *                                        6,000             6  
Kaneka Corp.                                         3,000            17  
Kansai Electric Power Co., Inc.                      9,700           134  
Kao Corp.                                            8,000           172  
Katokichi Co Ltd.                                    1,000            14  
Kawasaki Heavy Industries Ltd. *                    17,000            14  
Kawasaki Kisen Kaisha Ltd.                           7,000            11  
Keihin Electric Express Railway Co. Ltd.             6,000            27  
Keio Electric Railway Co. Ltd.                       8,000            43  
Keyence Corp.                                          400            72  
Kikkoman Corp.                                       2,000            13  
Kinden Corp.                                         2,000             6  
Kinki Nippon Railway Co. Ltd.                       21,000            47  
Kirin Brewery Co. Ltd.                              10,000            60  
Kokuyo Co. Ltd.                                      1,000             8  
Komatsu Ltd.                                        14,000            50  
Komori Corp.                                         1,000             9  
Konami Corp.                                         1,300            34  
Konica Corp.                                         3,000            22  
Koyo Seiko Co. Ltd.                                  1,000             4  
Kubota Corp.                                        13,000            35  
Kuraray Co. Ltd.                                     5,000            30  
Kurita Water Industries Ltd.                         1,400            13  
Kyocera Corp.                                        2,300           153  
Kyowa Exeo Corp.                                     1,000             3  
Kyowa Hakko Kogyo Co. Ltd.                           5,000            20  
Kyushu Electric Power Co., Inc.                      5,200            71  
Lawson, Inc.                                         1,000            27  
Mabuchi Motor Co. Ltd.                                 400            37  
Makita Corp.                                         2,000            15  
Marubeni Corp.                                      17,000            16  
Marui Co. Ltd.                                       4,300            43  
Matsushita Electric Industrial Co. Ltd.             31,884           327  
Matsushita Electric Works Ltd.                       6,000            35  
Meiji Dairies Corp.                                  3,000            10  
Meiji Seika Kaisha Ltd.                              4,000            11  
Meitec Corp.                                           500            12  
Millea Holdings Inc.                                    20           154  
Minebea Co. Ltd.                                     5,000            22  

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 39 EQUITY PORTFOLIOS

N-30D 42nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 42nd
-------------------------------                                                 
EQUITY PORTFOLIOS                                                           
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                 
    ----------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO (Continued)                        

                                                                [Download Table]

                                                         NUMBER          VALUE  
                                                        OF SHARES       (000S)  
--------------------------------------------------------------------------------
  COMMON STOCKS - 96.7% - (CONTINUED)                                           
--------------------------------------------------------------------------------
                                                                                
  Japan - 20.3% - (continued)                                                   
     Mitsubishi Chemical Corp.                             24,000          $49  
     Mitsubishi Corp.                                      15,000           95  
     Mitsubishi Electric Corp. *                           23,000           65  
     Mitsubishi Estate Co. Ltd.                            13,000           97  
     Mitsubishi Gas Chemical Co. *                          5,000            7  
     Mitsubishi Heavy Industries Ltd.                      41,000          104  
     Mitsubishi Logistics Corp.                             1,000            5  
     Mitsubishi Materials Corp.                            13,000           15  
     Mitsubishi Paper Mills                                 3,000            3  
     Mitsubishi Rayon Co. Ltd.                              7,000           16  
     Mitsubishi Tokyo Financial Group, Inc. *                  50          302  
     Mitsui & Co. Ltd.                                     17,000           86  
     Mitsui Chemicals, Inc.                                 7,000           29  
     Mitsui Engineering & Shipbuilding Co. Ltd. *          10,000            9  
     Mitsui Fudosan Co. Ltd.                               10,000           72  
     Mitsui Mining & Smelting Co. Ltd.                      8,000           20  
     Mitsui O.S.K. Lines Ltd.                              10,000           19  
     Mitsui Sumitomo Insurance Co. Ltd.                    18,000           78  
     Mitsui Trust Holding, Inc.                             6,000            9  
     Mitsukoshi Ltd.                                        5,000           11  
     Mitsumi Electric Co. Ltd.                              1,000           10  
     Mizuho Holdings, Inc. *                                   82           92  
     Mori Seiki Co. Ltd.                                    1,000            5  
     Murata Manufacturing Co. Ltd.                          3,200          149  
     Namco Ltd.                                               500            8  
     NEC Corp. *                                           20,000           85  
     NET One Systems Co. Ltd.                                   2           10  
     NGK Insulators Ltd.                                    4,000           22  
     NGK Spark Plug Co. Ltd.                                2,000           14  
     Nichirei Corp.                                         4,000           12  
     Nidec Corp.                                              400           26  
     Nikko Cordial Corp.                                   19,000           73  
     Nikon Corp.                                            4,000           32  
     Nintendo Co. Ltd.                                      1,400          149  
     Nippon Comsys Corp.                                    2,000            8  
     Nippon Express Co. Ltd.                               11,000           45  
     Nippon Kayaku Co. Ltd.                                 2,000            8  
     Nippon Meat Packers, Inc.                              2,000           18  
     Nippon Mining Holdings, Inc.                           7,000            9  
     Nippon Oil Corp.                                      20,000           80  
     Nippon Sanso Corp.                                     3,000           10  
     Nippon Sheet Glass Co. Ltd.                            4,000            8  

                                                                [Download Table]

                                                          NUMBER         VALUE
                                                        OF SHARES       (000S)
------------------------------------------------------------------------------
  COMMON STOCKS - 96.7% - (CONTINUED)                                         
------------------------------------------------------------------------------
                                                                              
  Japan - 20.3% - (continued)                                                 
     Nippon Shokubai Co. Ltd.                               2,000           $9
     Nippon Steel Corp.                                    74,000           90
     Nippon System Development Co. Ltd.                       300            5
     Nippon Telegraph & Telephone Corp.                        77          303
     Nippon Unipac Holding *                                   13           59
     Nippon Yusen Kabushiki Kaisha                         13,000           40
     Nishimatsu Construction Co. Ltd.                       3,000            9
     Nissan Chemical Industries                             2,000            7
     Nissan Motor Co. Ltd.                                 32,700          261
     Nisshin Seifun Group, Inc.                             2,000           13
     Nisshinbo Industries, Inc.                             2,000            8
     Nissin Food Products Co. Ltd.                          1,100           23
     Nitto Denko Corp.                                      2,000           58
     Nomura Holdings, Inc.                                 26,000          313
     Noritake Co. Ltd.                                      1,000            3
     NSK Ltd.                                               6,000           17
     NTN Corp.                                              6,000           20
     NTT Data Corp.                                            18           54
     NTT DoCoMo, Inc. *                                       253          512
     Obayashi Corp.                                         8,000           18
     Obic Co. Ltd.                                            100           16
     OJI Paper Co. Ltd.                                    12,000           51
     Oki Electric Industry Co. Ltd. *                       7,000           13
     Okumura Corp.                                          3,000            9
     Olympus Optical Co. Ltd.                               3,000           49
     Omron Corp.                                            3,000           45
     Onward Kashiyama Co. Ltd.                              1,000            8
     Oracle Corp. Japan                                       400           12
     Oriental Land Co. Ltd.                                   600           36
     ORIX Corp.                                             1,100           74
     Osaka Gas Co. Ltd.                                    29,000           68
     Paris Miki, Inc.                                         300            5
     Pioneer Corp.                                          2,000           39
     Promise Co. Ltd.                                       1,100           41
     QP Corp. of Japan                                      1,400           11
     Ricoh Co. Ltd.                                         9,000          152
     Rohm Co. Ltd.                                          1,500          210
     Saizeriya Co. Ltd.                                       400            5
     Sanden Corp.                                           2,000            6
     Sankyo Co. Ltd.                                        5,000           57
     Sanrio Co. Ltd.                                        1,000            5
     Sanyo Electric Co. Ltd.                               22,000           65

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 40 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 43rd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 43rd
                                                               NOVEMBER 30, 2002

                                              NUMBER       VALUE
                                             OF SHARES    (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 96.7% - (CONTINUED)                                             
Japan - 20.3% - (Continued)                                                     
Sapporo Breweries Ltd. *                             4,000        $7        
Secom Co. Ltd.                                       2,500        87        
Sega Corp. *                                         1,400        15        
Seino Transportation Co. Ltd.                        2,000        12        
Seiyu (The) Ltd. *                                   2,000         6        
Sekisui Chemical Co. Ltd.                            6,000        16        
Sekisui House Ltd.                                   7,000        51        
Seven-Eleven Japan Co. Ltd.                          5,000       154        
Sharp Corp.                                         13,000       141        
Shimachu Co. Ltd.                                      600        12        
Shimamura Co. Ltd.                                     200        13        
Shimano, Inc.                                        1,000        14        
Shimizu Corp.                                        8,000        21        
Shin-Etsu Chemical Co. Ltd.                          5,000       178        
Shionogi & Co. Ltd.                                  4,000        55        
Shiseido Co. Ltd.                                    5,000        59        
Shizuoka Bank (The) Ltd.                             9,000        56        
Showa Denko K.K. *                                  13,000        16        
Showa Shell Sekiyu K.K.                              2,000        12        
Skylark Co. Ltd.                                     1,100        16        
SMC Corp.                                              700        64        
Snow Brand Milk Products Co. Ltd.                    1,500         2        
Softbank Corp.                                       2,500        28        
Sompo Japan Insurance, Inc.                         11,000        62        
Sony Corp.                                          12,600       557        
Stanley Electric Co. Ltd.                            2,000        24        
Sumitomo Bakelite Co. Ltd.                           2,000         9        
Sumitomo Chemical Co. Ltd.                          16,000        58        
Sumitomo Corp.                                      10,000        44        
Sumitomo Electric Industries Ltd.                    8,000        51        
Sumitomo Forestry Co. Ltd.                           2,000        11        
Sumitomo Heavy Industries Ltd.                       7,000         4        
Sumitomo Metal Industries Ltd. *                    42,000        15        
Sumitomo Metal Mining Co. Ltd.                       7,000        23        
Sumitomo Mitsui Banking Corp. *                     53,000       169        
Sumitomo Osaka Cement Co. Ltd. *                     5,000         6        
Sumitomo Realty & Development Co. Ltd.               5,000        22        
Sumitomo Trust & Banking (The) Co. Ltd.             13,000        57        
Suruga Bank (The) Ltd.                               3,000        13        
Suzuken Co. Ltd.                                       500        12        
Taiheiyo Cement Corp. *                             11,400        16        
Taisei Corp.                                        12,000        20        
Taisho Pharmaceutical Co. Ltd.                       2,000        31        
Taiyo Yuden Co. Ltd.                                 1,000        13        
Takara Holdings, Inc.                                2,000        10        
Takashimaya Co. Ltd.                                 4,000        16        
Takeda Chemical Industries Ltd.                     12,000       504        
Takefuji Corp.                                       1,000        55        
Takuma Co. Ltd.                                      1,000         7        
TDK Corp.                                            1,500        66        
Teijin Ltd.                                         11,000        27        
Teikoku Oil Co. Ltd.                                 3,000        11        
Terumo Corp.                                         2,400        32        
THK Co. Ltd.                                         1,300        17        
TIS, Inc.                                              500         8        
Tobu Railway Co. Ltd. *                             11,000        29        
Toda Corp.                                           3,000         5        
Toho Co. Ltd. of Tokyo                               1,900        18        
Tohoku Electric Power Co., Inc.                      6,200        86        
Tokyo Broadcasting System, Inc.                        500         7        
Tokyo Electric Power Co., Inc.                      16,600       282        
Tokyo Electron Ltd.                                  2,000       102        
Tokyo Gas Co. Ltd.                                  36,000       107        
Tokyo Style Co. Ltd.                                 1,000         8        
Tokyu Corp.                                         14,000        49        
TonenGeneral Sekiyu KK                               4,000        26        
Toppan Printing Co. Ltd.                             8,000        59        
Toray Industries, Inc.                              17,000        39        
Toshiba Corp.                                       39,000       127        
Tosoh Corp.                                          7,000        16        
Tostem Inax Holding Corp.                            4,000        55        
Toto Ltd.                                            4,000        14        
Toyo Seikan Kaisha Ltd.                              2,000        22        
Toyobo Co. Ltd.                                      8,000        10        
Toyoda Gosei Co. Ltd.                                1,000        19        
Toyota Industries Corp.                              2,000        30        
Toyota Motor Corp.                                  33,800       888        
Trans Cosmos, Inc.                                     200         3        
Trend Micro, Inc. *                                  1,000        23        
Ube Industries Ltd.                                 10,000        10        
UFJ Holdings, Inc.                                      46        47        
Uni-Charm Corp.                                        600        22        
Union Tool Co.                                         100         3        
UNY Co. Ltd.                                         2,000        19        

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  41  EQUITY PORTFOLIOS

N-30D 44th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 44th
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EQUITY PORTFOLIOS                                                               
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SCHEDULE OF INVESTMENTS                                                         
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)                                

                                               NUMBER        VALUE
                                              OF SHARES       (000S)
COMMON STOCKS - 96.7% - (CONTINUED)                                             
---------------------------------------------------------------------------     
Japan - 20.3% - (continued)                                                     
Ushio, Inc.                                          2,000       $    23    
Wacoal Corp.                                         1,000             8    
West Japan Railway Co.                                  14            50    
World Co. Ltd.                                         500             9    
Yakult Honsha Co. Ltd.                               2,000            22    
Yamada Denki Co. Ltd.                                1,000            23    
Yamaha Corp.                                         2,000            19    
Yamaha Motor Co. Ltd.                                2,000            15    
Yamanouchi Pharmaceutical Co. Ltd.                   4,400           120    
Yamato Transport Co. Ltd.                            6,000            89    
Yamazaki Baking Co. Ltd.                             2,000            11    
Yokogawa Electric Corp.                              3,000            19    
---------------------------------------------------------------------------     
                                                              16,416
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Luxembourg - 0.1%                                                               
Arcelor Co. *                                        4,976            65    
---------------------------------------------------------------------------     
Malaysia - 0.0%                                                                 
Promet Berhad                                        4,000             -    
Silverstone Berhad *                                   280             -    
---------------------------------------------------------------------------     
                                                                   -
---------------------------------------------------------------------------     
Netherlands - 5.6%                                                              
ABN AMRO Holding N.V.                               20,321           349    
Aegon N.V.                                          18,604           301    
Akzo Nobel N.V.                                      4,127           129    
ASML Holding N.V. *                                  6,605            75    
Buhrmann N.V.                                        1,434             7    
European Aeronautic Defense & Space Co.              4,100            52    
Getronics N.V.                                       4,706             4    
Hagemeyer N.V.                                       1,579            13    
Heineken N.V.                                        2,826           107    
IHC Caland N.V.                                        437            21    
ING Groep N.V. - CVA                                24,426           465    
Koninklijke Ahold N.V.                               9,281           128    
Koninklijke Luchtvaart Maatschappij N.V.               336             4    
Koninklijke Numico N.V. - CVA                        2,137            26    
Koninklijke Philips Electronics N.V.                18,979           416    
Koninklijke Vendex KBB N.V. - CVA                    1,357            14    
OCE N.V.                                             1,195            14    
Qiagen N.V. *                                        1,850            12    
Reed Elsevier N.V.                                   9,048           112    
Royal Dutch Petroleum Co.                           30,669         1,344    
Royal KPN N.V.                                      25,146           167    
TPG N.V.                                             4,848            89    
Unilever N.V. - CVA                                  8,243           480    
Vedior N.V. - CVA                                    1,632            13    
VNU N.V.                                             3,192            95    
Wolters Kluwer N.V., Class C - CVA                   3,910            70    
---------------------------------------------------------------------------     
                                                               4,507
---------------------------------------------------------------------------     
New Zealand - 0.2%                                                              
Auckland International Airport Ltd.                  2,792             7    
Carter Holt Harvey Ltd.                             12,500            11    
Contact Energy Ltd.                                  4,200             8    
Fisher & Paykel Appliances Holdings Ltd.               880             5    
Fisher & Paykel Healthcare Corp.                     1,044             5    
Fletcher Building Ltd.                               5,579             9    
Fletcher Challenge Forests Ltd. *                   12,317             1    
Independent Newspapers Ltd.                          2,200             3    
Sky City Entertainment Group Ltd.                    3,000            11    
Telecom Corp. of New Zealand Ltd.                   27,180            66    
Tower Ltd.                                           2,100             2    
Warehouse Group Ltd.                                 2,000             7    
---------------------------------------------------------------------------     
                                                                 135
---------------------------------------------------------------------------     
Norway - 0.5%                                                                   
Bergesen DY A/S, Class A                               300             6    
Bergesen DY A/S, Class B                               200             3    
DnB Holding ASA                                      5,600            28    
EDB Business Partner ASA                               600             2    
Frontline Ltd.                                         600             4    
Gjensidige NOR ASA                                     800            25    
Kvaerner ASA                                         7,100             4    
Merkantildata ASA *                                  2,300             2    
Nera ASA                                             1,600             2    
Norsk Hydro ASA                                      2,110            84    
Norske Skogindustrier ASA                            1,500            24    
Orkla ASA                                            2,800            48    
Schibsted ASA                                          700             7    
Smedvig ASA, Class A                                   500             3    
Smedvig ASA, Class B                                   400             2    
Statoil ASA                                          6,300            46    
Storebrand ASA                                       2,200             9    
Tandberg ASA *                                       1,700            23    
Telenor ASA                                          6,500            26    
Tomra Systems ASA                                    2,600            23    
---------------------------------------------------------------------------     
                                                                 371
---------------------------------------------------------------------------     

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 42 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 45th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 45th
                                                               NOVEMBER 30, 2002

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 96.7% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Portugal - 0.3%                                                                 
Banco Comercial Portugues S.A. (Registered)          21,700           $58   
Banco Espirito Santo S.A. (Registered)                1,518            17   
BPI-SGPS S.A. (Registered)                            5,500            12   
Brisa-Auto Estradas de Portugal S.A.                  4,300            22   
CIMPOR-Cimentos de Portugal SGPS S.A.                   500             8   
Electricidade de Portugal S.A.                       25,800            44   
Jeronimo Martins, SGPS, S.A.                            600             4   
Portugal Telecom, SGPS, S.A. (Registered)            13,546            92   
PT Multimedia Servicos de Telecomunicacoes e                                
Multimedia, SGPS, S.A. *                               700             6  
Sonae, SGPS, S.A.                                    14,300             6   
-----------------------------------------------------------------------------   
                                                                   269
-----------------------------------------------------------------------------   
Singapore - 0.8%                                                                
Allgreen Properties Ltd.                             6,000             3  
CapitaLand Ltd.                                     14,500            10  
Chartered Semiconductor Manufacturing Ltd. *        14,500             9  
City Developments Ltd.                               6,000            15  
Creative Technology Ltd.                               700             6  
Cycle & Carriage Ltd.                                1,037             2  
Datacraft Asia Ltd.                                  3,000             2  
DBS Group Holdings Ltd.                             15,198            96  
Fraser & Neave Ltd.                                  2,700            12  
GES International Ltd.                               7,000             1  
Guocoland Ltd.                                       2,000             1  
Haw Par Corp. Ltd.                                   1,000             2  
Hotel Properties Ltd.                                3,000             2  
Keppel Corp. Ltd.                                    8,250            18  
Keppel Land Ltd.                                     5,000             3  
NatSteel Ltd.                                        4,000             5  
Neptune Orient Lines Ltd. *                         12,370             6  
Oversea-Chinese Banking Corp.                       13,980            79  
Overseas Union Enterprise Ltd.                       1,000             3  
Parkway Holdings Ltd.                                7,000             3  
SembCorp Industries Ltd.                            13,494             7  
SembCorp Logistics Ltd.                              4,000             3  
SembCorp Marine Ltd.                                 7,000             4  
Singapore Airlines Ltd.                              8,000            49  
Singapore Exchange Ltd.                             10,000             7  
Singapore Land Ltd.                                  2,000             4  
Singapore Press Holdings Ltd.                        4,893            55  
Singapore Technologies Engineering Ltd.             19,000            18  
Singapore Telecommunications Ltd.                   90,000            67  
SMRT Corp. Ltd.                                      9,000             3  
ST Assembly Test Services Ltd. *                     4,000             3  
United Overseas Bank Ltd.                           17,392           118  
United Overseas Land Ltd.                            4,000             4  
Venture Corp. Ltd.                                   3,000            26  
Wing Tai Holdings Ltd.                               5,000             2  
-----------------------------------------------------------------------------   
                                                                   648
-----------------------------------------------------------------------------   
Spain - 3.2%                                                                    
Acciona SA                                             400            16  
Acerinox S.A.                                          675            26  
ACESA Infraestructuras S.A.                          1,867            20  
ACS Actividades de Construccion y Servicios S.A.       600            18  
Altadis S.A.                                         4,151            83  
Amadeus Global Travel Distribution S.A., Class A *   3,400            18  
Banco Bilbao Vizcaya Argentaria S.A.                43,835           457  
Banco Santander Central Hispano S.A.                61,929           444  
Corporacion Mapfre S.A.                              1,179             9  
Endesa S.A.                                         12,953           153  
Fomento de Construcciones y Contratas S.A.             726            16  
Gas Natural SDG S.A.                                 3,175            61  
Grupo Dragados S.A.                                  2,020            32  
Grupo Ferrovial S.A.                                   900            22  
Iberdrola S.A.                                      11,052           143  
Iberia (Lineas AER DE Espana)                        6,500            11  
Inditex S.A.                                         3,170            77  
Metrovacesa S.A.                                       700            15  
NH Hoteles S.A. *                                    1,500            14  
Promotora de Informaciones S.A. (Prisa)              1,100             9  
Repsol YPF S.A.                                     13,166           166  
Sociedad General de Aguas de Barcelona S.A.            825             8  
Sol Melia S.A.                                       1,000             5  
Telefonica Publicidad e Informacion S.A.             2,300             8  
Telefonica S.A. *                                   66,568           678  
Telepizza *                                          2,400             2  
Terra Networks S.A. *                                5,800            30  
Union Fenosa S.A.                                    3,294            44  
Vallehermoso S.A.                                    1,725            16  
Zeltia S.A.                                          1,900            13  
-----------------------------------------------------------------------------   
                                                                 2,614
-----------------------------------------------------------------------------   
Sweden - 2.0%                                                                   
Assa Abloy AB, Class B                               4,100            55  
Atlas Copco AB, Class A                              1,600            37  

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 43 EQUITY PORTFOLIOS

N-30D 46th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 46th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

                                                                [Download Table]

--------------------------------------------------------------------------------
INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)                                

                                                      NUMBER           VALUE    
                                                     OF SHARES         (000S)   
--------------------------------------------------------------------------------
COMMON STOCKS - 96.7% - (CONTINUED)                                             
--------------------------------------------------------------------------------
                                                                                
Sweden - 2.0% - (continued)                                                     
   Atlas Copco AB, Class B                               1,000            $21   
   Drott AB, Class B                                     1,300             14   
   Electrolux AB, Class B                                4,340             78   
   Eniro AB                                              2,500             17   
   Gambro AB, Class A                                    2,400             15   
   Gambro AB, Class B                                    1,300              8   
   Hennes & Mauritz AB, Class B                          6,640            140   
   Hoganas AB, Class B                                     400              8   
   Holmen AB, Class B                                      700             19   
   Modern Times Group AB, Class B *                        700              8   
   Nordea AB                                            31,500            154   
   Nordea AB (Danish Shares)                             7,889             39   
   OM AB                                                   700              5   
   Sandvik AB                                            3,100             75   
   Sapa AB                                                  92              2   
   SAS AB *                                              1,000              6   
   Securitas AB, Class B                                 4,100             62   
   Skandia Forsakrings AB                               12,210             36   
   Skandinaviska Enskilda Banken (SEB), Class A          6,600             61   
   Skanska AB, Class B                                   5,400             35   
   SKF AB, Class A                                         300              8   
   SKF AB, Class B                                       1,011             29   
   SSAB Svenskt Stal AB, Series A                          800              9   
   SSAB Svenskt Stal AB, Series B                          300              3   
   Svenska Cellulosa AB, Class B                         2,700             93   
   Svenska Handelsbanken AB, Class A                     7,800            109   
   Svenska Handelsbanken AB, Class B                       600              8   
   Swedish Match AB                                      5,100             35   
   Tele2 AB, Class B *                                   1,300             34   
   Telefonaktiebolaget LM Ericsson, Class B            215,640            210   
   Telia AB                                             26,500            102   
   Trelleborg AB, Class B                                1,000              9   
   Volvo AB, Class A                                     1,400             25   
   Volvo AB, Class B                                     3,000             57   
   WM-Data AB, Class B                                   3,400              5   
--------------------------------------------------------------------------------
                                                                        1,631   
--------------------------------------------------------------------------------
Switzerland - 8.1%                                                              
   ABB Ltd.                                             12,792             43   
   Adecco S.A. (Registered)                              1,900             88   
   Centerpulse A.G. (Registered)                           145             23   
   Ciba Specialty Chemicals A.G. (Registered)              950             69   
   Clariant A.G. (Registered)                            1,800             32   
   Compagnie Financiere Richemont A.G.                   7,507            142   
   Credit Suisse Group                                  17,233            405   
   Fischer (Georg) A.G. (Registered)                        45              5   
   Forbo Holding A.G. (Registered)                          20              5   
   Givaudan S.A. (Registered)                              105             44   
   Holcim Ltd., Class B                                    400             80   
   Kudelski S.A. (Bearer) *                                500             10   
   Kuoni Reisen Holding (Registered)                        43              9   
   Logitech International S.A. (Registered)                600             22   
   Lonza Group A.G. (Registered)                           678             41   
   Nestle S.A. (Registered)                              5,691          1,151   
   Nobel Biocare Holding AG *                              300             17   
   Novartis A.G. (Registered)                           39,517          1,470   
   Phonak Holding A.G.                                     400              4   
   PubliGroupe S.A. (Registered)                            45              7   
   Roche Holding A.G. (Bearer)                             700             86   
   Roche Holding A.G. (Genuss)                          10,165            723   
   Schindler Holding A.G.                                   75             13   
   Serono S.A., Class B                                    105             62   
   SGS Societe Generale de Surveillance Holdings                                
    S.A. (Registered)                                       70             21   
   STMicroelectronics N.V.                               8,353            214   
   Sulzer A.G. (Registered)                                 40              5   
   Swatch Group A.G. (Registered)                          800             14   
   Swatch Group A.G., Class B                              500             45   
   Swiss Reinsurance (Registered)                        4,590            343   
   Swisscom A.G. (Registered)                              385            112   
   Syngenta A.G.                                         1,556             88   
   Synthes-Stratec, Inc.                                    60             36   
   Tecan Group AG                                          200              6   
   UBS A.G. (Registered)                                18,058            910   
   Unaxis Holding A.G. (Registered)                        125             10   
   Valora Holding A.G.                                      55             10   
   Zurich Financial Services A.G.                        2,061            222   
--------------------------------------------------------------------------------
                                                                        6,587   
--------------------------------------------------------------------------------
United Kingdom - 26.6%                                                          
   3i Group PLC                                          9,304             86   
   Aegis Group PLC                                      16,000             21   
   Aggreko PLC                                           4,000              9   
   Amec PLC                                              4,047             12   
   Amersham PLC                                         10,538             95   
   Amvescap PLC                                          9,580             71   

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 44 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 47th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 47th
                                                               NOVEMBER 30, 2002

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 96.7% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
United Kingdom - 26.6% - (continued)                                            
ARM Holdings PLC *                                  15,000           $16  
Associated British Ports Holdings PLC                4,462            28  
AstraZeneca PLC                                     24,555           935  
Aviva PLC                                           32,708           279  
AWG PLC                                              2,455            15  
BAA PLC                                             15,508           126  
BAE Systems PLC                                     44,563           117  
Balfour Beatty PLC                                   6,158            16  
Barclays PLC                                        95,312           690  
Barratt Developments PLC                             3,235            20  
BBA Group PLC                                        7,101            23  
Berkeley Group PLC                                   2,000            18  
BG Group PLC                                        51,053           192  
BHP Billiton PLC                                    33,923           180  
BOC Group PLC                                        7,037            98  
Boots Co. PLC                                       12,581           112  
BP PLC                                             323,828         2,109  
BPB PLC                                              7,000            30  
Brambles Industries PLC                             10,646            25  
British Airways PLC *                                8,120            21  
British American Tobacco PLC                        23,270           210  
British Land Co. PLC                                 7,035            48  
British Sky Broadcasting PLC *                      17,750           181  
BT Group PLC                                       125,050           409  
Bunzl PLC                                            6,329            42  
Cable & Wireless PLC                                32,811            42  
Cadbury Schweppes PLC                               29,990           195  
Canary Wharf Group PLC *                             7,000            29  
Capita Group PLC                                    10,000            42  
Carlton Communications PLC                           9,148            24  
Celltech Group PLC *                                 4,000            21  
Centrica PLC                                        60,481           159  
Chubb PLC                                           12,307            18  
Close Brothers Group PLC                             2,000            18  
CMG PLC                                              9,000            12  
Compass Group PLC                                   32,390           159  
Corus Group PLC *                                   45,170            24  
Daily Mail & General Trust N.V., Class A             4,000            41  
De La Rue PLC                                        2,850            12  
Diageo PLC                                          46,325           483  
Dixons Group PLC                                    28,342            76  
Electrocomponents PLC                                6,000            33  
EMI Group PLC                                       11,737            30  
Exel PLC                                             4,053            48  
FirstGroup PLC                                       6,000            21  
FKI PLC                                              8,000            12  
GKN PLC                                             10,646            40  
GlaxoSmithKline PLC                                 87,687         1,641  
Granada PLC                                         39,688            59  
Great Portland Estates PLC                           2,800            10  
GUS PLC                                             14,703           135  
Hammerson PLC                                        4,040            31  
Hanson PLC                                          11,000            55  
Hanson PLC - CDI                                       580             3  
Hays PLC                                            24,000            37  
HBOS PLC                                            54,424           590  
Hilton Group PLC                                    23,226            67  
HSBC Holdings PLC                                  136,355         1,618  
IMI PLC                                              5,000            22  
Imperial Chemical Industries PLC                    17,000            66  
Imperial Tobacco Group PLC                          11,000           156  
International Power PLC *                           16,302            27  
Invensys PLC                                        50,495            52  
Johnson Matthey PLC                                  3,000            40  
Kelda Group PLC                                      5,350            31  
Kidde PLC                                           12,307            14  
Kingfisher PLC                                      37,211           128  
Land Securities Group PLC                            6,247            75  
Legal & General Group PLC                           93,499           167  
Lloyds TSB Group PLC                                80,503           680  
Logica PLC                                           7,000            19  
Man Group PLC                                        4,000            56  
Marks & Spencer Group PLC                           33,433           178  
Misys PLC                                            8,008            30  
National Grid Transco PLC                           45,209           303  
Next PLC                                             4,337            57  
Novar PLC                                            5,900            10  
P&O Princess Cruises PLC                            10,436            81  
Pearson PLC                                         11,546           133  
Peninsular & Oriental Steam Navigation (The) Co.     9,838            28  
Pilkington PLC                                      14,499            14  
Provident Financial PLC                              3,342            36  
Prudential PLC                                      29,187           243  
Rank Group PLC                                       8,215            36  

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 45 EQUITY PORTFOLIOS

N-30D 48th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 48th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

INTERNATIONAL EQUITY INDEX PORTFOLIO (continued)                                

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 96.7% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
United Kingdom - 26.6% - (continued)                                            
Reckitt Benckiser PLC                                7,353          $128  
Reed Elsevier PLC                                   18,254           160  
Rentokil Initial PLC                                26,716            87  
Reuters Group PLC                                   20,270            74  
Rexam PLC                                            5,919            35  
Rio Tinto PLC                                       15,363           311  
RMC Group PLC                                        4,000            26  
Rolls-Royce PLC                                     21,000            42  
Royal & Sun Alliance Insurance Group PLC            21,000            48  
Royal Bank of Scotland Group PLC                    39,646         1,017  
SABMiller PLC                                       11,874            82  
Safeway PLC                                         15,000            51  
Sage Group PLC                                      17,000            41  
Sainsbury (J.) PLC                                  20,949            96  
Schroders PLC                                        1,690            15  
Scottish & Newcastle PLC                            11,464            80  
Scottish & Southern Energy PLC                      12,706           122  
Scottish Power PLC                                  27,000           142  
Securicor PLC                                        9,000            11  
Serco Group PLC                                      6,000            17  
Severn Trent PLC                                     5,000            48  
Shell Transport & Trading Co. PLC (Registered)     139,271           904  
Signet Group PLC                                    24,300            33  
Six Continents PLC                                  12,495           110  
Slough Estates PLC                                   6,000            32  
Smith & Nephew PLC                                  13,617            80  
Smiths Group PLC                                     7,593            88  
SSL International PLC                                3,000            13  
Stagecoach Group PLC                                15,024             4  
Tate & Lyle PLC                                      5,575            28  
Taylor Woodrow PLC                                   8,046            22  
Tesco PLC                                          101,177           320  
TI Automotive Ltd., Class A *                        5,000             -  
Unilever PLC                                        39,657           353  
United Business Media PLC                            4,568            22  
United Utilities PLC                                 7,570            71  
Vodafone Group PLC                                 982,860         1,866  
Whitbread PLC                                        4,000            35  
Wimpey (George) PLC                                  5,000            19  
Wolseley PLC                                         8,093            69  
WPP Group PLC                                       16,738           142  
-----------------------------------------------------------------------------   
                                                                21,545
-----------------------------------------------------------------------------   
Total Common Stocks                                                             
-----------------------------------------------------------------------------   
(COST $96,777)                                                       78,339     

-----------------------------------------------------------------------------   
PREFERRED STOCKS - 0.3%                                                         
-----------------------------------------------------------------------------   
Australia - 0.0%                                                                
AMP Group Finance Services Ltd. *                      116             6  
-----------------------------------------------------------------------------   
Germany - 0.3%                                                                  
Fresenius Medical Care A.G.                            400            13  
Henkel KGaA                                            834            51  
Hugo Boss A.G.                                         400             4  
Porsche A.G.                                           107            50  
ProSieben Sat.1 Media A.G.                           1,000             7  
RWE A.G.                                               550            13  
Volkswagen A.G.                                      1,500            44  
Wella A.G.                                             350            20  
-----------------------------------------------------------------------------   
                                                                   202
-----------------------------------------------------------------------------   
Italy - 0.0%                                                                    
Fiat S.p.A.                                            730             4  
-----------------------------------------------------------------------------   
New Zealand - 0.0%                                                              
Fletcher Challenge Forests Ltd. *                   22,000             2  
-----------------------------------------------------------------------------   
TOTAL PREFERRED STOCKS                                                          
-----------------------------------------------------------------------------   
(COST $255)                                                             214     

-----------------------------------------------------------------------------   
RIGHTS - 0.0%                                                                   
-----------------------------------------------------------------------------   
Guocoland Ltd. *                                       500             -  
Outokumpu Oyj, Series A, *                             900             1  
SembCorp Industries Ltd. *                           2,779             -  
Sociedad General de Aguas de Barcelona S.A. *          825             -  
Zurich Financial Services AG *                       1,132            31  
-----------------------------------------------------------------------------   
TOTAL RIGHTS                                                                    
-----------------------------------------------------------------------------   
(COST $-)                                                                32     

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 46 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 49th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 49th
                                                                [Download Table]

--------------------------------------------------------------------------------
                                                               NOVEMBER 30, 2002
--------------------------------------------------------------------------------

                                                        PRINCIPAL               
                                                          AMOUNT        VALUE   
                                                          (000S)        (000S)  
--------------------------------------------------------------------------------
                                                                                
SHORT-TERM INVESTMENTS - 3.2%                                                   
--------------------------------------------------------------------------------
 Societe Generale, Grand Cayman,                                                
   Eurodollar Time Deposit,                                                     
   1.31%, 12/2/02                                          $2,259      $2,259   
 U.S. Treasury Bill, /(1)/                                                      
   1.46%, 1/16/03                                             315         315   
--------------------------------------------------------------------------------
Total Short-Term Investments                                                    
--------------------------------------------------------------------------------
(Cost $2,574)                                                           2,574   

--------------------------------------------------------------------------------
Total Investments - 100.2%                                                      
--------------------------------------------------------------------------------
(Cost $99,606)                                                         81,159   

   Liabilities less Other Assets - (0.2)%                                (150)  
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                   $81,009   

*    Non-Income Producing Security                                              

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

At November 30, 2002, the International Equity Index Portfolio had open futures 
contracts as follows:                                                           

--------------------------------------------------------------------------------
               NOTIONAL                       UNREALIZED
 NUMBER OF   AMOUNT   CONTRACT  CONTRACT      GAIN
TYPE         CONTRACTS   (000S)   POSITION    EXP.       (000S)           
--------------------------------------------------------------------------------
EuroStoxx-50     30       $  787     Long     12/02        $ 60             
FTSE 100         17        1,103     Long     12/02          48             
Nikkei 225       18          822     Long     12/02          45             
--------------------------------------------------------------------------------
Total                     $2,712                           $153             

At November 30, 2002, the International Equity Index Portfolio's investments    
were diversified as follows:                                                    

--------------------------------------------------------------------------------
INDUSTRY SECTOR                 PERCENTAGE                                      
--------------------------------------------------------------------------------
Banks                                 15.9%                                     
Business Services                      6.4                                      
Capital Goods                          5.2                                      
Consumer Durables                      6.6                                      
Consumer Non-durables                  6.6                                      
Consumer Services                      4.3                                      
Energy                                 8.9                                      
Finance Services                       8.9                                      
Health Care                           10.2                                      
Multi-industry                         1.0                                      
Raw Materials                          6.3                                      
Retail                                 3.9                                      
Technology                             5.5                                      
Transportation                         1.9                                      
Utilities                              8.4                                      
--------------------------------------------------------------------------------
Total                                100.0%                                     

At November 30, 2002, the International Equity Index Portfolio's investments    
were denominated in the following currencies:                                   

--------------------------------------------------------------------------------
CONCENTRATION BY CURRENCY            PERCENTAGE                                 
--------------------------------------------------------------------------------
Euro                                       31.9%                                
United Kingdom Pound                       26.5                                 
Japanese Yen                               20.2                                 
Swiss Franc                                 7.9                                 
All other currencies less than 5%          13.5                                 
--------------------------------------------------------------------------------
Total                                     100.0%                                

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 47 EQUITY PORTFOLIOS

N-30D 50th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 50th
------------------------------------                                            
EQUITY PORTFOLIOS                                                           
----                                                                            
SCHEDULE OF INVESTMENTS                                                 
    ----------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO                                          

                                                                [Download Table]

                                                      NUMBER       VALUE  
                                                     OF SHARES     (000S) 
--------------------------------------------------------------------------
  COMMON STOCKS - 98.9%                                                   
--------------------------------------------------------------------------
                                                                          
  Apparel - 1.4%                                                          
     Coach, Inc. *                                    11,900         $405 
--------------------------------------------------------------------------
  Auto Manufacturers - 1.3%                                               
     Oshkosh Truck Corp.                               6,000          372 
--------------------------------------------------------------------------
  Banks - 5.0%                                                            
     East-West Bancorp, Inc.                          16,000          550 
     Texas Regional Bancshares, Inc., Class A         16,000          547 
     W. Holding Co., Inc.                             21,000          363 
--------------------------------------------------------------------------
                                                                    1,460 
--------------------------------------------------------------------------
  Chemicals - 2.3%                                                        
     Cabot Microelectronics Corp. *                    8,000          483 
     RPM International, Inc.                          12,500          192 
--------------------------------------------------------------------------
                                                                      675 
--------------------------------------------------------------------------
  Commercial Services - 4.2%                                              
     Corporate Executive Board Co. *                  13,200          436 
     FTI Consulting, Inc. *                            8,950          367 
     Resources Connection, Inc. *                     23,600          434 
--------------------------------------------------------------------------
                                                                    1,237 
--------------------------------------------------------------------------
  Computers - 8.8%                                                        
     CACI International, Inc., Class A *               8,300          316 
     Cognizant Technology Solutions Corp. *            6,000          428 
     Hutchinson Technology, Inc. *                    13,200          358 
     Imation Corp. *                                   7,700          317 
     Manhattan Associates, Inc. *                     14,900          447 
     Mentor Graphics Corp. *                          31,800          384 
     NetScreen Technologies, Inc. *                   19,000          328 
--------------------------------------------------------------------------
                                                                    2,578 
--------------------------------------------------------------------------
  Cosmetics/Personal Care - 2.2%                                          
     Alberto-Culver Co., Class B                       6,000          297 
     Chattem, Inc. *                                   8,700          363 
--------------------------------------------------------------------------
                                                                      660 
--------------------------------------------------------------------------
  Electrical Components & Equipment - 1.1%                                
     Wilson Greatbatch Technologies, Inc. *           10,900          316 
--------------------------------------------------------------------------
  Environmental Control - 2.7%                                            
     Stericycle, Inc. *                               11,792          393 
     Waste Connections, Inc. *                        10,400          388 
--------------------------------------------------------------------------
                                                                      781 
--------------------------------------------------------------------------
  Hand/Machine Tools - 1.2%                                               
     Regal-Beloit Corp.                               17,100          354 
--------------------------------------------------------------------------
  Healthcare-Products - 5.7%                                              
     ICU Medical, Inc. *                              16,000          624 
     Steris Corp. *                                   15,800          359 

                                                                [Download Table]

                                                      NUMBER       VALUE 
                                                     OF SHARES     (000S)
-------------------------------------------------------------------------
COMMON STOCKS - 98.9% - (CONTINUED)                                      
-------------------------------------------------------------------------
                                                                         
Healthcare-Products - 5.7% - (continued)                                 
   SurModics, Inc. *                                   9,200        $296 
   Wright Medical Group, Inc. *                       21,700         392 
-------------------------------------------------------------------------
                                                                   1,671 
-------------------------------------------------------------------------
Healthcare-Services - 2.6%                                               
   Covance, Inc. *                                    14,100         316 
   Odyssey HealthCare, Inc. *                         12,500         436 
-------------------------------------------------------------------------
                                                                     752 
-------------------------------------------------------------------------
Home Furnishings - 1.8%                                                  
   Harman International Industries, Inc.               8,400         524 
-------------------------------------------------------------------------
Insurance - 1.8%                                                         
   Hilb, Rogal & Hamilton Co.                         14,200         538 
-------------------------------------------------------------------------
Internet - 2.7%                                                          
   Avocent Corp. *                                    18,000         424 
   Internet Security Systems, Inc. *                  14,600         365 
-------------------------------------------------------------------------
                                                                     789 
-------------------------------------------------------------------------
Machinery - Diversified - 1.4%                                           
   Zebra Technologies Corp., Class A *                 6,300         405 
-------------------------------------------------------------------------
Media - 6.6%                                                             
   Emmis Communications Corp., Class A *              26,000         596 
   Lee Enterprises, Inc.                               9,500         326 
   Meredith Corp.                                      9,000         393 
   Radio One, Inc., Class D *                         24,200         416 
   Westwood One, Inc. *                                5,000         194 
-------------------------------------------------------------------------
                                                                   1,925 
-------------------------------------------------------------------------
Oil & Gas - 4.2%                                                         
   Patina Oil & Gas Corp.                             13,000         391 
   Precision Drilling Corp. *                         11,000         383 
   Remington Oil & Gas Corp. *                        28,900         449 
-------------------------------------------------------------------------
                                                                   1,223 
-------------------------------------------------------------------------
Oil & Gas Producers - 2.3%                                               
   XTO Energy, Inc.                                   28,300         678 
-------------------------------------------------------------------------
Oil & Gas Services - 1.2%                                                
   National-Oilwell, Inc. *                           16,400         357 
-------------------------------------------------------------------------
Packaging & Containers - 1.3%                                            
   Pactiv Corp. *                                     17,900         370 
-------------------------------------------------------------------------
Pharmaceuticals - 8.5%                                                   
   Celgene Corp. *                                     8,400         207 
     Eon Labs, Inc. *                                 18,000         428 
     Neurocrine Biosciences, Inc. *                    6,700         309 
     Pharmaceutical Resources, Inc.                    9,300         260 
     Scios, Inc. *                                    14,200         466 


See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 48 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 51st “Page” of 244 TOC 1st Previous Next ↓Bottom Just 51st
                                              NUMBER       VALUE
                                              OF SHARES     (000S)
--------------------------------------------------------------------------      
COMMON STOCKS - 98.9% - (CONTINUED)                                             
--------------------------------------------------------------------------      
Pharmaceuticals - 8.5% - (continued)                                            
Taro Pharmaceuticals Industries *                   11,000       $432     
Trimeris, Inc. *                                     8,100        389     
--------------------------------------------------------------------------      
                                                           2,491
--------------------------------------------------------------------------      
Retail - 8.5%                                                                   
Cheesecake Factory (The), Inc. *                    12,000        428     
Cosi, Inc. *                                        35,700        237     
Fred's, Inc.                                        13,951        347     
MSC Industrial Direct Co., Class A *                21,400        380     
P.F. Chang's China Bistro, Inc. *                   11,800        416     
Tractor Supply Co. *                                15,000        667     
--------------------------------------------------------------------------      
                                                           2,475
--------------------------------------------------------------------------      
Savings & Loans - 1.5%                                                          
Harbor Florida Bancshares, Inc.                     20,000        431     
--------------------------------------------------------------------------      
Semiconductors - 6.0%                                                           
Cree, Inc. *                                        13,800        327     
Emulex Corp. *                                      14,100        340     
Integrated Circuit Systems, Inc. *                  13,500        314     
Microchip Technology, Inc.                          14,700        423     
QLogic Corp. *                                       8,200        356     
--------------------------------------------------------------------------      
                                                           1,760
--------------------------------------------------------------------------      
Software - 7.5%                                                                 
Cognos, Inc. *                                      15,900        387     
Mercury Interactive Corp. *                         12,900        432     
National Instruments Corp. *                        11,400        394     
Precise Software Solutions Ltd. *                   26,600        351     
Quest Software, Inc. *                              17,400        227     
Take-Two Interactive Software, Inc. *               13,500        404     
--------------------------------------------------------------------------      
                                                           2,195
--------------------------------------------------------------------------      
Telecommunications - 1.4%                                                       
Black Box Corp.                                      8,000        400     
--------------------------------------------------------------------------      
Transportation - 3.7%                                                           
Genesee & Wyoming, Inc., Class A *                  21,696        425     
Hunt (J.B.) Transport Services, Inc. *              16,200        446     
UTI Worldwide, Inc.                                 10,200        219     
--------------------------------------------------------------------------      
                                                           1,090
--------------------------------------------------------------------------      
Total Common Stocks                                                             
--------------------------------------------------------------------------      
(Cost $25,961)                                                    28,912        

                                     PRINCIPAL
                                               AMOUNT      VALUE
                                                (000S)      (000S)
Short-Term Investment - 0.4%                                                    
Societe Generale, Grand Cayman,                                           
Eurodollar Time Deposit,                                                
1.31%, 12/2/02                                       $129       $129    
--------------------------------------------------------------------------      
Total Short-Term Investment                                                     
--------------------------------------------------------------------------      
(Cost $129)                                                          129        

--------------------------------------------------------------------------      
Total Investments - 99.3%                                                       
--------------------------------------------------------------------------      
(Cost $26,090)                                                    29,041        

Other Assets less Liabilities - 0.7%                              199     
--------------------------------------------------------------------------      
NET ASSETS - 100.0%                                              $29,240        

*    Non-Income Producing Security                                              

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 49 EQUITY PORTFOLIOS

N-30D 52nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 52nd
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO                                               

                                                                [Download Table]

                                                            NUMBER      VALUE   
                                                          OF SHARES     (000S)  
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0%                                                           
Advertising - 0.4%                                                              
  Advo, Inc.                                                 4,877       $159   
  APAC Customer Services, Inc. *                             6,671         18   
  Cross Media Marketing Corp. *                              2,161          2   
  Grey Global Group, Inc. *                                    193        116   
  Penton Media, Inc. *                                       3,847          4   
  R.H. Donnelley Corp.                                       7,076        205   
  Sitel Corp. *                                             14,629         26   
  ValueVision Media, Inc., Class A *                         4,945         77   
------------------------------------------------------------------------------- 
                                                                          607   
------------------------------------------------------------------------------- 
Aerospace/Defense - 1.0%                                                        
  AAR Corp. *                                                6,614         36   
  Armor Holdings, Inc. *                                     6,103         87   
  BE Aerospace, Inc. *                                       9,216         35   
  Curtiss-Wright Corp.                                       2,684        165   
  DRS Technologies, Inc. *                                   4,270        143   
  Ducommun, Inc. *                                           1,783         25   
  EDO Corp.                                                  3,954         80   
  Engineered Support Systems, Inc.                           3,292        122   
  Esterline Technologies Corp. *                             5,361        105   
  GenCorp, Inc.                                              8,036         65   
  Heico Corp.                                                3,649         44   
  Herley Industries, Inc. *                                  3,087         46   
  Integrated Defense Technologies, Inc. *                    1,812         25   
  Kaman Corp., Class A                                       5,791         62   
  Moog, Inc., Class A *                                      3,899        114   
  Orbital Sciences Corp. *                                  11,131         51   
  Sequa Corp., Class A                                       1,556         71   
  Teledyne Technologies, Inc. *                              7,836        117   
  Triumph Group, Inc. *                                      3,614        101   
  United Defense Industries, Inc. *                          5,453        127   
  United Industrial Corp. of New York                        2,467         37   
------------------------------------------------------------------------------- 
                                                                        1,658   
------------------------------------------------------------------------------- 
Agriculture - 0.4%                                                              
  Alico, Inc.                                                  885         22   
  Cadiz, Inc. *                                              9,368          9   
  Delta & Pine Land Co.                                      9,491        191   
  DIMON, Inc.                                               10,652         65   
  Maui Land & Pineapple Co., Inc. *                            761         12   
  Seminis, Inc., Class A *                                   3,569          9   
  Standard Commercial Corp.                                  2,902         48   
  Tejon Ranch Co.                                            1,809         51   
  Universal Corp. of Virginia                                6,773        240   
  Vector Group Ltd.                                          5,525         63   
------------------------------------------------------------------------------- 
                                                                          710   
------------------------------------------------------------------------------- 
Airlines - 0.3%                                                                 
  Airtran Holdings, Inc. *                                  16,285         63   
  Alaska Air Group, Inc.                                     6,225        132   
  ATA Holdings Corp. *                                         838          6   
  Atlantic Coast Airlines Holdings, Inc. *                  10,497        112   
  ExpressJet Holdings, Inc. *                                7,760         83   
  Frontier Airlines, Inc. *                                  7,630         43   
  Mesa Air Group, Inc. *                                     7,969         47   
  Mesaba Holdings, Inc.                                      2,476         16   
  Midwest Express Holdings, Inc. *                           3,384         23   
  UAL Corp. *                                               17,025         43   
------------------------------------------------------------------------------- 
                                                                          568   
------------------------------------------------------------------------------- 
Apparel - 0.9%                                                                  
  Cherokee, Inc. *                                           1,230         19   
  DHB Industries, Inc. *                                     4,303          9   
  Guess?, Inc. *                                             1,939         10   
  Gymboree Corp. *                                           6,179        125   
  K-Swiss, Inc., Class A                                     3,040         77   
  Kellwood Co.                                               6,539        186   
  Maxwell Shoe Co., Inc., Class A *                          3,732         41   
  Mossimo, Inc. *                                            1,264          9   
  Nautica Enterprises, Inc. *                                6,492         73   
  Oshkosh B'Gosh, Inc., Class A                              2,651         73   
  Oxford Industries, Inc.                                    1,570         41   
  Phillips-Van Heusen Corp.                                  5,953         78   
  Quiksilver, Inc. *                                         5,028        138   
  Russell Corp.                                              6,256        100   
  Skechers U.S.A., Inc., Class A *                           3,998         49   
  Steven Madden Ltd. *                                       2,383         42   
  Stride Rite Corp.                                         10,270         86   
  Tropical Sportswear International Corp. *                  1,345         12   
  Unifi, Inc.                                               12,942         74   
  Vans, Inc. *                                               4,756         29   
  Wolverine World Wide, Inc.                                10,744        180   
------------------------------------------------------------------------------- 
                                                                        1,451   
------------------------------------------------------------------------------- 
Auto Manufacturers - 0.2%                                                       
  Oshkosh Truck Corp.                                        3,875        240   
  Wabash National Corp. *                                    5,970         47   
------------------------------------------------------------------------------- 
                                                                          287   
------------------------------------------------------------------------------- 

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  50  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 53rd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 53rd
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                           NUMBER        VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Auto Parts & Equipment - 0.6%                                                   
  Aftermarket Technology Corp. *                             1,959         $26  
  Bandag, Inc.                                               2,697         110  
  Collins & Aikman Corp. *                                   6,281          26  
  Dura Automotive Systems, Inc. *                            3,813          37  
  IMPCO Technologies, Inc. *                                 2,823          14  
  Keystone Automotive Industries, Inc. *                     2,656          41  
  Modine Manufacturing Co.                                   7,321         139  
  Raytech Corp.                                             10,745          83  
  Spartan Motors, Inc. *                                     2,462          25  
  Sports Resorts International, Inc. *                       6,302          30  
  Standard Motor Products, Inc.                              1,786          20  
  Strattec Security Corp. *                                    867          42  
  Superior Industries International, Inc.                    5,501         232  
  Tenneco Automotive, Inc. *                                 9,763          40  
  Tower Automotive, Inc. *                                  15,908          90  
--------------------------------------------------------------------------------
                                                                           955  
--------------------------------------------------------------------------------
Banks - 8.1%                                                                    
  1st Source Corp.                                           3,741          62  
  ABC Bancorp                                                2,554          34  
  Alabama National Bancorp                                   2,517         112  
  Allegiant Bancorp, Inc.                                    3,054          53  
  Amcore Financial, Inc.                                     6,380         145  
  American National Bankshares, Inc. of Virginia             1,505          39  
  Arrow Financial Corp.                                      1,730          54  
  Banc Corp.                                                 3,373          25  
  Bancfirst Corp.                                            1,006          48  
  Bank of Granite Corp.                                      3,522          66  
  Bank of the Ozarks, Inc.                                   1,148          28  
  Banner Corp.                                               2,665          53  
  Bay View Capital Corp.                                    16,203          94  
  Boston Private Financial Holdings, Inc.                    4,967          93  
  Bryn Mawr Bank Corp.                                         962          36  
  BSB Bancorp, Inc.                                          2,236          50  
  Camden National Corp.                                      2,083          53  
  Capital City Bank Group, Inc.                              1,813          70  
  Capitol Bancorp Ltd.                                       1,991          41  
  Cascade Bancorp                                            3,223          44  
  Cathay Bancorp, Inc.                                       3,986         170  
  CB Bancshares, Inc.                                          861          36  
  CCBT Financial Cos., Inc.                                  2,229          59  
  Central Coast Bancorp *                                    1,920          36  
  Century Bancorp, Inc. of Massachusetts, Class A              824          23  
  Chemical Financial Corp.                                   5,826         191  
  Chittenden Corp.                                           7,675         201  
  City Holding Co.                                           4,367         131  
  CityBank Lynwood of Washington                             1,958          52  
  CoBiz, Inc.                                                1,914          29  
  Columbia Bancorp                                           1,496          33  
  Columbia Banking Systems, Inc. *                           3,426          46  
  Community Bank System, Inc.                                2,938          94  
  Community Banks, Inc.                                      2,004          57  
  Community First Bankshares, Inc.                          10,307         279  
  Community Trust Bancorp, Inc.                              3,253          95  
  Corus Bankshares, Inc.                                     2,321         104  
  CPB, Inc.                                                  3,642          94  
  CVB Financial Corp.                                        6,811         166  
  East-West Bancorp, Inc.                                    6,101         210  
  F&M Bancorp of Maryland                                    2,592          89  
  Farmers Capital Bank Corp.                                 1,590          55  
  Financial Institutions, Inc.                               2,007          61  
  First Bancorp of North Carolina                            1,872          46  
  First BanCorp of Puerto Rico                               8,604         203  
  First Banks America, Inc. *                                  200           8  
  First Busey Corp.                                          2,337          54  
  First Charter Corp.                                        7,965         144  
  First Citizens Bancshares, Inc., Class A                   1,569         157  
  First Commonwealth Financial Corp.                        15,176         178  
  First Community Bancorp of California                      1,830          56  
  First Community Bancshares, Inc.                           2,284          75  
  First Financial Bancorp                                    9,313         159  
  First Financial Bankshares, Inc.                           3,192         125  
  First Financial Corp. of Indiana                           1,766          93  
  First Merchants Corp.                                      3,749          88  
  First National Corp.                                       1,978          54  
  First Oak Brook Bancshares, Inc.                           1,113          36  
  First of Long Island (The) Corp.                             901          31  
  First Republic Bank *                                      2,661          55  
  First South Bancorp, Inc. of Virginia                        729          26  
  First State Bancorporation                                 1,527          37  
  FNB Corp. of Virginia                                      1,506          39  
  Franklin Financial Corp. of Tennessee                        703          15  
  Fremont General Corp.                                     15,083          63  
  Frontier Financial Corp.                                   4,169         107  
  GBC Bancorp of California                                  1,999          40  

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  51  EQUITY PORTFOLIOS

N-30D 54th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 54th
EQUITY PORTFOLIO                                                                

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (continued)                                   

                                                                [Download Table]


                                                            NUMBER      VALUE   
                                                          OF SHARES     (000S)  
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Banks - 8.1% - (continued)                                                      
  German American Bancorp                                   2,532        $45    
  Glacier Bancorp, Inc.                                     4,098         95    
  Gold Banc Corp., Inc.                                     8,748         86    
  Granite State Bankshares, Inc.                            1,338         60    
  Great Southern Bancorp, Inc.                              1,467         57    
  Hancock Holding Co.                                       3,439        157    
  Hanmi Financial Corp. *                                   2,257         39    
  Harleysville National Corp.                               4,949        122    
  Humboldt Bancorp                                          2,777         33    
  IBERIABANK Corp.                                          1,553         60    
  Independent Bank Corp. of Massachusetts                   3,114         80    
  Independent Bank Corp. of Michigan                        3,184        102    
  Integra Bank Corp.                                        3,990         71    
  Interchange Financial Services Corp. of New Jersey        2,218         36    
  International Bancshares Corp.                            5,865        233    
  Irwin Financial Corp.                                     3,972         65    
  Lakeland Bancorp, Inc.                                    3,024         60    
  Lakeland Financial Corp.                                  1,319         32    
  Local Financial Corp. *                                   4,953         73    
  LSB Bancshares, Inc.                                      2,184         37    
  Macatawa Bank Corp.                                       1,727         35    
  Main Street Banks, Inc.                                   2,692         54    
  MainSource Financial Group, Inc.                          1,444         36    
  MB Financial, Inc.                                        2,919        103    
  Merchants Bancshares, Inc.                                1,031         24    
  Mid-State Bancshares                                      6,225        109    
  Midwest Banc Holdings, Inc.                               2,391         43    
  Nara Bancorp, Inc.                                        1,030         23    
  National Penn Bancshares, Inc.                            4,598        125    
  NBC Capital Corp.                                         1,806         48    
  NBT Bancorp, Inc.                                         7,728        141    
  Old Second Bancorp, Inc.                                  1,794         70    
  Omega Financial Corp.                                     2,130         77    
  Oriental Financial Group, Inc.                            2,841         71    
  Pacific Capital Bancorp                                   9,039        238    
  Pacific Northwest Bancorp                                 3,983        100    
  Pacific Union Bank *                                      2,741         36    
  Peapack Gladstone Financial Corp.                         1,550         58    
  Pennrock Financial Services Corp.                         1,797         52    
  Peoples Bancorp, Inc. of Ohio                             2,036         53    
  Peoples Holding (The) Co.                                 1,453         63    
  PrivateBancorp, Inc.                                        945         37    
  Prosperity Bancshares, Inc.                               3,339         62    
  Provident Bankshares Corp.                                6,170        137    
  R & G Financial Corp.                                     3,882         89    
  Republic Bancorp, Inc. of Kentucky, Class A               1,819         22    
  Republic Bancorp, Inc. of Michigan                       13,528        159    
  Republic Bancshares, Inc. *                               1,296         26    
  Riggs National Corp.                                      3,604         56    
  Royal Bancshares of Pennsylvania, Inc.                    1,312         25    
  S & T Bancorp, Inc.                                       6,865        186    
  Sandy Spring Bancorp, Inc.                                3,749        119    
  Santander BanCorp                                         2,193         27    
  Seacoast Banking Corp. of Florida                         2,689         50    
  Second Bancorp, Inc.                                      2,188         61    
  Simmons First National Corp., Class A                     1,833         67    
  South Financial Group (The), Inc.                        11,512        244    
  Southwest Bancorp of Texas, Inc. *                        7,305        208    
  Southwest Bancorp, Inc. of Oklahoma                       1,331         35    
  State Bancorp, Inc.                                       1,896         35    
  Sterling Bancorp of New York                              2,701         72    
  Sterling Bancshares, Inc. of Texas                        9,851        124    
  Sterling Financial Corp. of Pennsylvania                  4,363        107    
  Suffolk Bancorp                                           3,031         99    
  Summit Bancshares, Inc. of Texas                          1,360         28    
  Sun Bancorp, Inc. of New Jersey *                         1,653         22    
  Sun Bancorp, Inc. of Pennsylvania                         1,276         24    
  Susquehanna Bancshares, Inc.                             10,178        214    
  SY Bancorp, Inc.                                          1,470         60    
  Texas Regional Bancshares, Inc., Class A                  5,712        195    
  Tompkins Trustco, Inc.                                    1,918         88    
  Trico Bancshares                                          1,305         30    
  Trust Co. of New Jersey                                   4,806        133    
  Trustco Bank Corp. of New York                           18,680        206    
  UCBH Holdings, Inc.                                       4,686        194    
  UMB Financial Corp.                                       4,255        171    
  Umpqua Holdings Corp.                                     8,109        143    
  Union Bankshares Corp.                                    1,950         57    
  United Bankshares, Inc.                                   9,457        277    
  United Community Banks, Inc. of Georgia                   4,288        108    
  United National Bancorp of New Jersey                     4,249         95    
  Unizan Financial Corp.                                    5,699        111    
  USB Holding Co., Inc.                                     3,097         57    
  VIB Corp. *                                               2,980         45    

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  52  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 55th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 55th
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                            NUMBER       VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Banks - 8.1% - (continued)                                                      
  Virginia Financial Group, Inc.                             1,884          $63 
  W. Holding Co., Inc.                                      11,211          194 
  Washington Trust Bancorp, Inc.                             3,369           69 
  WesBanco, Inc.                                             5,506          140 
  West Coast Bancorp of Oregon                               4,067           67 
  Wintrust Financial Corp.                                   3,792          115 
  Yardville National Bancorp                                 1,526           29 
--------------------------------------------------------------------------------
                                                                         13,484 
--------------------------------------------------------------------------------
Beverages - 0.2%                                                                
  Boston Beer Co., Inc., Class A *                           2,390           38 
  Coca-Cola Bottling Co. Consolidated                          200           12 
  Farmer Bros. Co.                                             230           71 
  National Beverage Corp. *                                    931           14 
  Peet's Coffee & Tea, Inc. *                                2,243           33 
  Robert Mondavi (The) Corp., Class A *                      2,401           84 
--------------------------------------------------------------------------------
                                                                            252 
--------------------------------------------------------------------------------
Biotechnology - 2.2%                                                            
  Acacia Research Corp. *                                    5,075           23 
  Aksys Ltd. *                                               6,583           36 
  Alexion Pharmaceuticals, Inc. *                            4,687           82 
  Aphton Corp. *                                             5,277           14 
  Applera Corp. (Celera Genomics Group) *                   17,745          200 
  Applied Molecular Evolution, Inc. *                        3,970            8 
  Arena Pharmaceuticals, Inc. *                              5,032           33 
  Ariad Pharmaceuticals, Inc. *                              7,488           21 
  Arqule, Inc. *                                             5,486           32 
  Avigen, Inc. *                                             5,192           41 
  Bio-Rad Laboratories, Inc., Class A *                      4,366          172 
  Bio-Technology General Corp. *                            15,108           64 
  Cambrex Corp.                                              5,807          171 
  Cell Genesys, Inc. *                                       8,495          111 
  Ciphergen Biosystems, Inc. *                               5,288           18 
  CryoLife, Inc. *                                           4,216           23 
  CuraGen Corp. *                                           11,069           59 
  Decode Genetics, Inc. *                                    9,366           24 
  Deltagen, Inc. *                                           2,000            2 
  Digene Corp. *                                             3,036           25 
  Diversa Corp. *                                            6,221           71 
  Embrex, Inc. *                                             1,862           22 
  Enzo Biochem, Inc. *                                       5,962           86 
  Enzon, Inc. *                                             11,109          205 
  Exact Sciences Corp. *                                     2,949           36 
  Exelixis, Inc. *                                          11,657          106 
  Gene Logic, Inc. *                                         6,957           54 
  Genencor International, Inc. *                             2,499           28 
  Genzyme Corp. (Genzyme Biosurgery Division) *              9,698           29 
  Geron Corp. *                                              6,386           25 
  Harvard Bioscience, Inc. *                                 5,025           17 
  Illumina, Inc. *                                           6,135           31 
  Immunomedics, Inc. *                                      10,570           78 
  Incyte Genomics, Inc. *                                   17,374           93 
  Inhale Therapeutic Systems, Inc. *                        14,270          130 
  Integra LifeSciences Holdings Corp. *                      4,783           84 
  InterMune, Inc. *                                          6,440          197 
  Interpore International *                                  4,455           29 
  Kosan Biosciences, Inc. *                                  4,435           29 
  Lexicon Genetics, Inc. *                                   8,651           35 
  Martek Biosciences Corp. *                                 5,153          119 
  Maxygen, Inc. *                                            7,393           60 
  Myriad Genetics, Inc. *                                    6,149          117 
  Neose Technologies, Inc. *                                 2,827           39 
  Peregrine Pharmaceuticals, Inc. *                         26,565           24 
  PRAECIS Pharmaceuticals, Inc. *                           13,371           43 
  Protein Design Labs, Inc. *                               22,947          210 
  Regeneron Pharmaceuticals, Inc. *                          8,635          187 
  Sangamo BioSciences, Inc. *                                4,406           22 
  Seattle Genetics, Inc. *                                   4,648           15 
  Sequenom, Inc. *                                           9,696           21 
  Serologicals Corp. *                                       5,582           64 
  Telik, Inc. *                                              8,265          107 
  Texas Biotech Corp. *                                     11,309           22 
  Transkaryotic Therapies, Inc. *                            7,220           69 
  Vical, Inc. *                                              4,910           19 
--------------------------------------------------------------------------------
                                                                          3,682 
--------------------------------------------------------------------------------
Building Materials - 0.9%                                                       
  Aaon, Inc. *                                               2,429           48 
  Apogee Enterprises, Inc.                                   7,327           68 
  Butler Manufacturing Co.                                   1,439           27 
  Centex Construction Products, Inc.                         1,651           59 
  Comfort Systems USA, Inc. *                                9,784           31 
  Drew Industries, Inc. *                                    1,351           22 
  ElkCorp                                                    5,012           90 
  Florida Rock Industries, Inc.                              5,095          204 
  Genlyte Group, Inc. *                                      3,124          103 

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  53  EQUITY PORTFOLIOS

N-30D 56th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 56th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (continued)                                   

                                                                [Download Table]


                                                            NUMBER       VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Building Materials - 0.9% - (continued)                                         
  Lennox International, Inc.                                11,035        $157  
  LSI Industries, Inc.                                       3,696          39  
  Mestek, Inc. *                                               785          14  
  NCI Building Systems, Inc. *                               4,744          91  
  Nortek Holdings, Inc.                                      2,196          99  
  Simpson Manufacturing Co., Inc. *                          3,777         128  
  Texas Industries, Inc.                                     5,424         134  
  Trex Co., Inc. *                                           1,665          55  
  U.S. Concrete, Inc. *                                      5,218          30  
  Universal Forest Products, Inc.                            3,518          76  
  USG Corp. *                                                9,504          75  
--------------------------------------------------------------------------------
                                                                         1,550  
--------------------------------------------------------------------------------
Chemicals - 2.4%                                                                
  Airgas, Inc. *                                            14,898         251  
  Arch Chemicals, Inc.                                       5,183         106  
  Cabot Microelectronics Corp. *                             5,853         353  
  Crompton Corp.                                            29,345         207  
  Cytec Industries, Inc. *                                  10,247         274  
  Ferro Corp.                                                8,376         199  
  FMC Corp. *                                                7,731         219  
  Fuller (H.B.) Co.                                          7,320         212  
  Georgia Gulf Corp.                                         7,103         149  
  Grace (W.R.) & Co. *                                      16,928          37  
  Great Lakes Chemical Corp.                                 9,666         243  
  International Specialty Products, Inc.                     2,731          28  
  MacDermid, Inc.                                            6,695         150  
  Millennium Chemicals, Inc.                                16,265         177  
  Minerals Technologies, Inc.                                5,282         228  
  NL Industries, Inc.                                        2,196          36  
  Octel Corp.                                                2,546          50  
  Olin Corp.                                                13,129         198  
  Omnova Solutions, Inc. *                                  10,237          42  
  Penford Corp.                                              1,972          28  
  PolyOne Corp.                                             20,342         159  
  Quaker Chemical Corp.                                      1,996          46  
  Schulman (A.), Inc.                                        7,601         141  
  Solutia, Inc.                                             27,088          73  
  Spartech Corp.                                             3,805          71  
  Stepan Co.                                                 1,635          42  
  Symyx Technologies, Inc. *                                 5,922          71  
  Terra Industries, Inc. *                                  10,064          20  
  Valhi, Inc.                                                5,430          53  
  Wellman, Inc.                                              8,236          99  
--------------------------------------------------------------------------------
                                                                         3,962  
--------------------------------------------------------------------------------
Coal - 0.2%                                                                     
  Arch Coal, Inc.                                           11,712         234  
  Massey Energy Co.                                         16,218         144  
--------------------------------------------------------------------------------
                                                                           378  
--------------------------------------------------------------------------------
Commercial Services - 4.5%                                                      
  Aaron Rents, Inc., Class B                                 3,662          81  
  ABM Industries, Inc.                                       9,741         145  
  Actrade Financial Technologies Ltd. *                      1,900           2  
  Administaff, Inc. *                                        4,944          34  
  Advisory Board (The) Co. *                                 1,197          37  
  Albany Molecular Research, Inc. *                          5,349          80  
  Alderwoods Group, Inc. *                                  10,315          44  
  Arbitron, Inc. *                                           7,590         235  
  Banta Corp.                                                6,472         198  
  Bowne & Co., Inc.                                          8,657          92  
  Bright Horizons Family Solutions, Inc. *                   2,616          71  
  CDI Corp. *                                                3,058          88  
  Central Parking Corp.                                      4,505          87  
  Century Business Services, Inc. *                         20,352          66  
  Charles River Associates, Inc. *                           1,902          30  
  Chemed Corp.                                               2,531          93  
  Clark/Bardes, Inc. *                                       3,662          67  
  Coinstar, Inc. *                                           5,625         136  
  Computer Learning Centers *                                   50           -  
  Consolidated Graphics, Inc. *                              2,869          59  
  Corinthian Colleges, Inc. *                                9,781         382  
  Cornell Cos., Inc. *                                       3,384          31  
  Corporate Executive Board Co. *                            9,558         315  
  Corvel Corp. *                                             1,705          57  
  CoStar Group, Inc. *                                       3,367          61  
  CPI Corp.                                                  1,828          23  
  Cross Country, Inc. *                                      8,336         140  
  DiamondCluster International, Inc., Class A *              5,247          19  
  Discovery Partners International, Inc. *                   4,374          14  
  Dollar Thrifty Automotive Group *                          6,310         133  
  Electro Rent Corp. *                                       3,618          44  
  Employee Solutions, Inc. *                                   111           -  
  Euronet Worldwide, Inc. *                                  3,684          22  
  Exult, Inc. *                                             12,220          39  
  First Consulting Group, Inc. *                             4,690          32  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  54  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 57th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 57th
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                            NUMBER       VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Commercial Services - 4.5% - (continued)                                        
  Forrester Research, Inc. *                                 3,673         $56  
  FTI Consulting, Inc. *                                     5,669         232  
  Gaiam, Inc. *                                              1,417          15  
  Gartner, Inc., Class A *                                  21,374         209  
  Hall, Kinion & Associates, Inc. *                          2,609          15  
  Healthcare Services Group                                  2,397          29  
  Heidrick & Struggles International, Inc. *                 4,677          74  
  Hooper Holmes, Inc.                                       13,833          79  
  ICT Group, Inc. *                                            792          14  
  iDine Rewards Network, Inc.                                4,388          48  
  Insurance Auto Auctions, Inc. *                            2,568          41  
  Integrated Electrical Services, Inc. *                     8,412          33  
  ITT Educational Services, Inc. *                          10,974         255  
  Kelly Services, Inc., Class A                              4,371         108  
  Kendle International, Inc. *                               2,729          25  
  kforce, Inc. *                                             5,010          21  
  Korn/Ferry International *                                 9,764          94  
  Kroll, Inc. *                                              6,768         127  
  Labor Ready, Inc. *                                       10,575          75  
  Landauer, Inc.                                             2,106          77  
  Learning Tree International, Inc. *                        2,701          44  
  Mail-Well, Inc. *                                          7,347          15  
  MAXIMUS, Inc. *                                            4,436         124  
  McGrath Rentcorp                                           2,365          56  
  Medical Staffing Network Holdings, Inc. *                  2,018          33  
  MedQuist, Inc. *                                           2,610          51  
  Memberworks, Inc. *                                        2,193          42  
  Midas, Inc.                                                1,431          11  
  Monro Muffler Brake, Inc. *                                1,396          25  
  MPS Group, Inc. *                                         24,257         146  
  Navigant Consulting, Inc. *                               10,082          54  
  NCO Group, Inc. *                                          4,830          79  
  On Assignment, Inc. *                                      5,458          45  
  Parexel International Corp. *                              6,113          76  
  PDI, Inc. *                                                2,116          21  
  Plexus Corp. *                                            10,834         165  
  Pre-Paid Legal Services, Inc. *                            3,383          97  
  PRG-Schultz International, Inc. *                          9,213          88  
  Princeton Review, Inc. *                                   4,158          26  
  Protection One, Inc. *                                     3,063           7  
  Proxymed, Inc. *                                           1,183          15  
  Quanta Services, Inc. *                                    8,278          30  
  Remedytemp, Inc., Class A *                                1,418          20  
  Rent-Way, Inc. *                                           6,603          26  
  Resources Connection, Inc. *                               4,921          91  
  Right Management Consultants, Inc. *                       4,250          52  
  Rollins, Inc.                                              3,649          85  
  Service Corp. International *                             75,953         252  
  Sotheby's Holdings, Inc., Class A *                       11,601         101  
  SOURCECORP, Inc. *                                         3,937          76  
  Spherion Corp. *                                          15,209         105  
  Startek, Inc. *                                            2,681          71  
  Stewart Enterprises, Inc., Class A *                      24,914         131  
  Strayer Education, Inc.                                    1,900         114  
  Sylvan Learning Systems, Inc. *                            8,182         149  
  TeleTech Holdings, Inc. *                                 10,068          87  
  Volt Information Sciences, Inc. *                          2,057          36  
  Wackenhut Corrections Corp. *                              2,249          28  
  Watson Wyatt & Co. Holdings *                              5,189         110  
  Wireless Facilities, Inc. *                                5,981          43  
--------------------------------------------------------------------------------
                                                                         7,411  
--------------------------------------------------------------------------------
Computers - 4.0%                                                                
  3D Systems Corp. *                                         2,069          17  
  Advanced Digital Information Corp. *                      16,097         120  
  Anteon International Corp. *                               3,876          91  
  CACI International, Inc., Class A *                        7,345         280  
  Carreker Corp. *                                           4,992          31  
  Catapult Communications Corp. *                            1,379          16  
  CIBER, Inc. *                                             14,386          86  
  Cognizant Technology Solutions Corp. *                     2,107         150  
  Compucom Systems, Inc. *                                   5,894          39  
  Computer Horizons Corp. *                                  8,112          29  
  Concurrent Computer Corp. *                               15,991          52  
  Covansys Corp. *                                           4,967          20  
  Cray, Inc. *                                              11,892          83  
  Digimarc Corp. *                                           2,301          36  
  Drexler Technology Corp. *                                 2,180          37  
  Dynamics Research Corp. *                                  1,732          22  
  Echelon Corp. *                                            6,462          94  
  Electronics for Imaging, Inc. *                           14,014         248  
  Factset Research Systems, Inc.                             5,380         166  
  FalconStor Software, Inc. *                                8,796          43  
  Fidelity National Information Solutions, Inc. *            3,398          68  
  Handspring, Inc. *                                        11,108          16  

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  55  EQUITY PORTFOLIOS

N-30D 58th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 58th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (continued)                                   

                                                                [Download Table]

                                                            NUMBER       VALUE 
                                                          OF SHARES      (000S)
-------------------------------------------------------------------------------
                                                                               
COMMON STOCKS - 99.0% - (CONTINUED)                                            
Computers - 4.0% - (continued)                                                 
  Hutchinson Technology, Inc. *                              6,548        $178 
  iGate Corp. *                                              5,203          18 
  Imation Corp. *                                            9,062         373 
  InFocus Corp. *                                            9,465          71 
  Inforte Corp. *                                            1,657          12 
  Integral Systems, Inc. of Maryland *                       2,385          49 
  Intergraph Corp. *                                        12,082         219 
  Iomega Corp. *                                            14,119         121 
  Kronos, Inc. of Massachusetts *                            5,088         231 
  Lexar Media, Inc. *                                        8,407          62 
  Magma Design Automation, Inc. *                            4,784          55 
  Manhattan Associates, Inc. *                               5,012         150 
  Maxtor Corp. *                                            51,493         279 
  McData Corp., Class A *                                   16,350         143 
  MCSi, Inc. *                                               5,683          33 
  Mentor Graphics Corp. *                                   16,908         204 
  Mercury Computer Systems, Inc. *                           5,593         175 
  Micros Systems, Inc. *                                     4,286         105 
  MTS Systems Corp.                                          5,442          65 
  Nassda Corp. *                                             1,293          17 
  Netscout Systems, Inc. *                                   4,655          24 
  NetScreen Technologies, Inc. *                             2,594          45 
  Novadigm, Inc. *                                           3,496           8 
  Nuance Communications, Inc. *                              7,469          24 
  Numerical Technologies, Inc. *                             6,279          28 
  NYFIX, Inc. *                                              6,460          34 
  Overland Storage, Inc. *                                   1,966          26 
  Palm, Inc.                                                 7,488         127 
  PEC Solutions, Inc. *                                      2,166          80 
  Pomeroy Computer Resources, Inc. *                         2,562          32 
  Quantum Corp. *                                           33,526         124 
  Radiant Systems, Inc. *                                    4,448          53 
  Radisys Corp. *                                            4,229          40 
  Rainbow Technologies, Inc. *                               6,117          52 
  Read-Rite Corp. *                                         31,289          28 
  Redback Networks, Inc. *                                  38,995          47 
  Sandisk Corp. *                                           15,642         434 
  SCM Microsystems, Inc. *                                   4,034          24 
  Silicon Graphics, Inc. *                                  48,981          78 
  Silicon Storage Technology, Inc. *                        20,000         141 
  SimpleTech, Inc. *                                         1,857           7 
  SONICblue, Inc. *                                         22,161          18 
  SRA International , Inc., Class A *                        1,301          36 
  StorageNetworks, Inc. *                                   17,065          29 
  Sykes Enterprises, Inc. *                                  6,261          19 
  Synaptics, Inc. *                                          1,294          10 
  Synplicity, Inc. *                                         2,472          12 
  Syntel, Inc. *                                             1,445          28 
  Systems & Computer Technology Corp. *                      8,007          81 
  Talx Corp.                                                 3,179          31 
  Tier Technologies, Inc., Class B *                         3,732          57 
  TiVo, Inc. *                                               4,770          37 
  Tripos, Inc. *                                             1,891          17 
  Tyler Technologies, Inc.                                   8,322          37 
  Virage Logic Corp. *                                       2,780          38 
  Western Digital Corp. *                                   49,660         420 
-------------------------------------------------------------------------------
                                                                         6,630 
-------------------------------------------------------------------------------
Cosmetics/Personal Care - 0.1%                                                 
  Chattem, Inc. *                                            1,338          56 
  DEL Laboratories, Inc. *                                   1,075          25 
  Elizabeth Arden, Inc. *                                    3,363          48 
  Inter Parfums, Inc. *                                        851           6 
  Revlon, Inc., Class A *                                    2,208           9 
-------------------------------------------------------------------------------
                                                                           144 
-------------------------------------------------------------------------------
Distribution/Wholesale - 0.7%                                                  
  Advanced Marketing Services, Inc.                          3,626          57 
  Aviall, Inc.                                               4,811          39 
  Bell Microproducts, Inc. *                                 4,494          33 
  Building Material Holding Corp.                            3,152          42 
  Daisytek International Corp. *                             4,574          38 
  Handleman Co.                                              6,413          72 
  Hughes Supply, Inc.                                        6,166         194 
  Owens & Minor, Inc.                                        8,807         145 
  Scansource, Inc. *                                         1,250          91 
  SCP Pool Corp. *                                           4,631         146 
  United Stationers, Inc.                                    7,757         253 
  Watsco, Inc.                                               4,413          71 
  WESCO International, Inc. *                                3,652          19 
-------------------------------------------------------------------------------
                                                                         1,200 
-------------------------------------------------------------------------------
Diversified Financial Services - 0.8%                                          
  Advanta Corp., Class B                                     5,720          56 
  American Home Mortgage Holdings, Inc.                      2,230          24 
  BKF Capital Group, Inc.                                    1,511          29 
  California First National Bancorp                            897          12 

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  56  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

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                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                            NUMBER        VALUE 
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Diversified Financial Services - 0.8% - (continued)                             
  Charter Municipal Mortgage Acceptance Co.                 10,639        $187  
  Cityscape Financial Corp. *                                2,500           -  
  CompuCredit Corp. *                                        4,430          32  
  Credit Acceptance Corp. *                                  3,451          27  
  DVI, Inc. *                                                3,222          28  
  Federal Agricultural Mortgage Corp., Class C *             2,053          65  
  Financial Federal Corp. *                                  2,943          76  
  Friedman Billings Ramsey Group, Inc., Class A *            3,847          35  
  Gabelli Asset Management, Inc., Class A *                  1,609          53  
  Jefferies Group, Inc.                                      4,997         222  
  Knight Trading Group, Inc. *                              21,045         133  
  Metris Cos., Inc.                                          7,835          34  
  New Century Financial Corp.                                4,066          76  
  Saxon Capital, Inc. *                                      7,262          94  
  Search Financial Services, Inc. *                             91           -  
  SoundView Technology Group, Inc. *                        19,177          28  
  SWS Group, Inc.                                            3,491          51  
  Westcorp                                                   3,035          63  
  WFS Financial, Inc. *                                      1,781          37  
  World Acceptance Corp. *                                   2,808          20  
--------------------------------------------------------------------------------
                                                                         1,382  
--------------------------------------------------------------------------------
Electric - 1.6%                                                                 
  Avista Corp.                                              12,346         121  
  Black Hills Corp.                                          6,930         179  
  Central Vermont Public Service Corp.                       3,011          55  
  CH Energy Group, Inc.                                      4,230         203  
  Cleco Corp.                                               10,489         142  
  DQE, Inc.                                                 18,483         272  
  El Paso Electric Co.                                      12,100         124  
  Empire District Electric (The) Co.                         5,755         105  
  MGE Energy , Inc.                                          4,192         113  
  Otter Tail Corp.                                           6,411         179  
  PNM Resources, Inc.                                        9,375         221  
  Sierra Pacific Resources                                  26,398         183  
  UIL Holdings Corp.                                         3,098         104  
  Unisource Energy Corp.                                     7,370         123  
  Unitil Corp.                                               1,226          32  
  Westar Energy, Inc.                                       14,464         167  
  WPS Resources Corp.                                        8,111         299  
--------------------------------------------------------------------------------
                                                                         2,622  
--------------------------------------------------------------------------------
Electrical Components & Equipment - 1.0%                                        
  Active Power, Inc. *                                       8,658          18  
  Advanced Energy Industries, Inc. *                         4,284          77  
  American Superconductor Corp. *                            5,290          19  
  Ametek, Inc.                                               8,538         317  
  Artesyn Technologies, Inc. *                               7,640          31  
  Belden, Inc.                                               5,854          98  
  C&D Technologies, Inc.                                     6,711         131  
  Capstone Turbine Corp. *                                  20,015          24  
  Encore Wire Corp. *                                        3,434          36  
  Energy Conversion Devices, Inc. *                          3,867          47  
  General Cable Corp.                                        8,556          37  
  GrafTech International Ltd. *                             14,683          81  
  Intermagnetics General Corp. *                             3,816          83  
  Littelfuse, Inc. *                                         5,059          98  
  Magnetek, Inc. *                                           5,078          29  
  Medis Technologies Ltd. *                                  2,793          15  
  Powell Industries, Inc. *                                  1,694          33  
  Power-One, Inc. *                                         13,937         110  
  Proton Energy Systems, Inc. *                              6,252          20  
  Rayovac Corp. *                                            8,281         121  
  Research Frontiers, Inc. *                                 2,482          26  
  Universal Display Corp. *                                  4,406          51  
  Vicor Corp. *                                              5,131          43  
  Wilson Greatbatch Technologies, Inc. *                     5,412         157  
--------------------------------------------------------------------------------
                                                                         1,702  
--------------------------------------------------------------------------------
Electronics - 2.5%                                                              
  Analogic Corp.                                             1,713          77  
  BEI Technologies, Inc.                                     2,819          40  
  Bel Fuse, Inc., Class B                                    2,528          47  
  Benchmark Electronics, Inc. *                              5,881         183  
  Brady Corp., Class A                                       4,751         162  
  Checkpoint Systems, Inc. *                                 8,311          91  
  Coherent, Inc. *                                           7,465         156  
  CTS Corp.                                                  7,706          61  
  Cubic Corp.                                                3,986          68  
  Daktronics, Inc. *                                         3,619          52  
  DDi Corp. of California *                                 12,410           5  
  Dionex Corp. *                                             4,517         137  
  DSP Group, Inc. *                                          6,986         121  
  Electro Scientific Industries, Inc. *                      7,107         173  
  Excel Technology, Inc. *                                   2,260          45  
  FEI Co. *                                                  6,229         116  
  Flir Systems, Inc. *                                       3,864         168  

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  57  EQUITY PORTFOLIOS

N-30D 60th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 60th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (continued)                                   

                                                                [Download Table]

                                                           NUMBER        VALUE 
                                                          OF SHARES      (000S)
-------------------------------------------------------------------------------
                                                                               
COMMON STOCKS - 99.0% - (CONTINUED)                                            
Electronics - 2.5% - (continued)                                               
  Identix, Inc. *                                           21,680        $149 
  II-VI, Inc. *                                              2,823          46 
  Invision Technologies, Inc. *                              2,990          87 
  Itron, Inc. *                                              5,412         137 
  Keithley Instruments, Inc.                                 1,531          19 
  LeCroy Corp. *                                             2,135          23 
  Manufacturers Services Ltd. *                              3,716          19 
  Merix Corp. *                                              3,515          39 
  Methode Electronics, Inc., Class A                         8,826          88 
  Molecular Devices Corp. *                                  3,952          75 
  NU Horizons Electronics Corp. *                            3,706          26 
  OSI Systems, Inc. *                                        1,732          30 
  Park Electrochemical Corp.                                 4,411          95 
  Paxar Corp. *                                              8,215         116 
  Photon Dynamics, Inc. *                                    4,394         155 
  Pioneer Standard Electronics                               7,758          75 
  Planar Systems, Inc. *                                     3,513          73 
  Rogers Corp. *                                             4,087         100 
  SBS Technologies, Inc. *                                   3,770          42 
  Stoneridge, Inc. *                                         3,318          33 
  Suntron Corp. *                                              645           3 
  Sypris Solutions, Inc.                                     1,287          16 
  Technitrol, Inc.                                          10,357         179 
  Thomas & Betts Corp. *                                    11,197         209 
  Trimble Navigation Ltd. *                                  6,510          91 
  TTM Technologies, Inc. *                                   3,975          12 
  Varian, Inc. *                                             7,621         239 
  Watts Industries, Inc., Class A                            4,043          64 
  Woodhead Industries, Inc.                                  2,702          33 
  Woodward Governor Co.                                      2,290          98 
  X-Rite, Inc.                                               4,643          35 
  Zygo Corp. *                                               4,023          32 
-------------------------------------------------------------------------------
                                                                         4,140 
-------------------------------------------------------------------------------
Energy-Alternate Sources - 0.1%                                                
  FuelCell Energy, Inc. *                                    8,827          80 
  Headwaters, Inc. *                                         7,098         114 
  Plug Power, Inc. *                                         4,292          30 
  Syntroleum Corp. *                                         5,068           9 
-------------------------------------------------------------------------------
                                                                           233 
-------------------------------------------------------------------------------
Engineering & Construction - 0.5%                                              
  Baker (Michael) Corp. *                                    1,315          13 
  Dycom Industries, Inc. *                                  12,357         187 
  EMCOR Group, Inc. *                                        3,842         205 
  Granite Construction, Inc.                                 8,293         141 
  Insituform Technologies, Inc., Class A *                   5,856         111 
  URS Corp.                                                  5,902         122 
-------------------------------------------------------------------------------
                                                                           779 
-------------------------------------------------------------------------------
Entertainment - 0.9%                                                           
  Alliance Gaming Corp. *                                   10,935         189 
  AMC Entertainment, Inc. *                                  7,565          75 
  Argosy Gaming Co. *                                        6,436         126 
  Ascent Media Group , Inc. *                                1,249           3 
  Carmike Cinemas, Inc. *                                      572          11 
  Championship Auto Racing Teams, Inc. *                     2,785          12 
  Churchill Downs, Inc.                                      1,555          60 
  Dover Downs Gaming & Entertainment, Inc.                   2,582          27 
  Dover Motorsports, Inc.                                    4,034          15 
  Gaylord Entertainment Co. *                                5,690         113 
  Isle of Capri Casinos, Inc. *                              3,744          46 
  Macrovision Corp. *                                       11,050         206 
  Magna Entertainment Corp., Class A *                      11,435          74 
  Penn National Gaming, Inc. *                               7,846         146 
  Pinnacle Entertainment, Inc.                               6,215          37 
  Scientific Games Corp., Class A *                         11,232          79 
  Shuffle Master, Inc. *                                     4,597          89 
  Speedway Motorsports, Inc.                                 3,524          91 
  Steinway Musical Instruments *                             1,071          18 
  Vail Resorts, Inc. *                                       2,172          40 
  Zomax, Inc. *                                              7,596          33 
-------------------------------------------------------------------------------
                                                                         1,490 
-------------------------------------------------------------------------------
Environmental Control - 0.6%                                                   
  Calgon Carbon Corp.                                        8,653          43 
  Casella Waste Systems, Inc., Class A *                     4,290          31 
  IMCO Recycling, Inc. *                                     2,909          23 
  Ionics, Inc. *                                             4,533         102 
  Mine Safety Appliances Co.                                 2,027          67 
  Stericycle, Inc. *                                         8,674         289 
  Tetra Tech, Inc. *                                        12,937         160 
  TRC Cos., Inc. *                                           2,250          25 
  Waste Connections, Inc. *                                  7,153         267 
-------------------------------------------------------------------------------
                                                                         1,007 
-------------------------------------------------------------------------------
Food - 1.9%                                                                    
  American Italian Pasta Co., Class A *                      4,285         156 
  Arden Group, Inc., Class A *                                 351          21 

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  58  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

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                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                            NUMBER       VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Food - 1.9% - (continued)                                                       
  Aurora Foods, Inc. *                                       6,109          $4  
  Bridgford Foods Corp.                                        748           7  
  Chiquita Brands International, Inc. *                      9,282         130  
  Corn Products International, Inc.                          8,716         259  
  Del Monte Foods Co. *                                      7,071          63  
  Fleming Cos., Inc.                                        11,962          90  
  Flowers Foods, Inc. *                                      5,708         137  
  Great Atlantic & Pacific Tea Co. *                         4,319          33  
  Green Mountain Coffee, Inc. *                                810          12  
  Hain Celestial Group, Inc. *                               6,071          83  
  Horizon Organic Holding Corp. *                            1,686          28  
  Ingles Markets, Inc., Class A                              2,571          30  
  International Multifoods Corp. *                           4,081          82  
  Interstate Bakeries Corp.                                 11,263         260  
  J & J Snack Foods Corp. *                                  1,571          52  
  JM Smucker (The) Co.                                      11,488         450  
  Lance, Inc.                                                6,269          74  
  Monterey Pasta Co. *                                       3,630          25  
  Nash Finch Co.                                             2,840          24  
  Pathmark Stores, Inc. *                                    7,773          30  
  Penn Traffic Co. *                                         2,759          20  
  Pilgrims Pride Corp., Class B                              3,943          33  
  Ralcorp Holdings, Inc. *                                   7,744         182  
  Riviana Foods, Inc.                                        1,544          39  
  Ruddick Corp.                                              8,101         117  
  Sanderson Farms, Inc.                                      1,297          26  
  Seaboard Corp.                                                95          22  
  Sensient Technologies Corp., Class A                      11,254         276  
  Tasty Baking Co.                                           2,085          20  
  United Natural Foods, Inc. *                               4,920         127  
  Weis Markets, Inc.                                         2,848          93  
  Wild Oats Markets, Inc. *                                  4,975          53  
--------------------------------------------------------------------------------
                                                                         3,058  
--------------------------------------------------------------------------------
Forest Products & Paper - 0.6%                                                  
  Buckeye Technologies, Inc. *                               6,620          45  
  Caraustar Industries, Inc. *                               6,813          63  
  Deltic Timber Corp.                                        2,560          68  
  Glatfelter Co.                                             2,542          33  
  Longview Fibre Co. *                                      13,205         102  
  Louisiana-Pacific Corp. *                                 27,033         242  
  Pope & Talbot, Inc.                                        4,038          54  
  Potlatch Corp.                                             7,336         198  
  Rock-Tenn Co., Class A                                     2,908          37  
  Schweitzer-Mauduit International, Inc.                     3,847          98  
  Wausau-Mosinee Paper Corp.                                 9,368         108  
--------------------------------------------------------------------------------
                                                                         1,048  
--------------------------------------------------------------------------------
Gas - 1.9%                                                                      
  AGL Resources, Inc.                                       14,451         348  
  Atmos Energy Corp.                                        10,676         238  
  Cascade Natural Gas Corp.                                  2,855          56  
  Energen Corp.                                              8,890         238  
  EnergySouth, Inc.                                          1,086          29  
  Laclede Group (The), Inc.                                  4,880         117  
  New Jersey Resources Corp.                                 6,968         219  
  Northwest Natural Gas Co.                                  6,572         168  
  Northwestern Corp.                                         9,683          78  
  NUI Corp.                                                  4,073          61  
  ONEOK, Inc.                                               13,853         262  
  Piedmont Natural Gas Co., Inc.                             7,955         273  
  SEMCO Energy, Inc.                                         4,758          33  
  South Jersey Industries, Inc.                              3,098         101  
  Southern Union Co. *                                      10,479         157  
  Southwest Gas Corp.                                        8,496         189  
  UGI Corp.                                                  7,116         262  
  WGL Holdings, Inc.                                        12,556         290  
--------------------------------------------------------------------------------
                                                                         3,119  
--------------------------------------------------------------------------------
Hand/Machine Tools - 0.6%                                                       
  Baldor Electric Co.                                        7,862         153  
  Franklin Electric Co., Inc.                                1,657          78  
  Kennametal, Inc.                                           8,905         311  
  Lincoln Electric Holdings, Inc.                            8,211         206  
  Milacron, Inc.                                             4,418          29  
  Regal-Beloit Corp.                                         5,972         124  
  Starrett (L.S.) Co., Class A                               1,685          29  
--------------------------------------------------------------------------------
                                                                           930  
--------------------------------------------------------------------------------
Healthcare-Products - 3.4%                                                      
  Abiomed, Inc. *                                            3,223          16  
  Advanced Neuromodulation Systems, Inc. *                   2,299          69  
  Alaris Medical, Inc. *                                     3,662          26  
  Align Technology, Inc. *                                   8,542          31  
  American Medical Systems Holdings, Inc. *                  5,044          82  
  Arrow International, Inc.                                  2,409          90  
  Arthrocare Corp. *                                         5,646          67  
  Biosite, Inc. *                                            2,964          85  

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  59  EQUITY PORTFOLIOS

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EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (continued)                                   

                                                                [Download Table]

                                                            NUMBER       VALUE 
                                                          OF SHARES      (000S)
-------------------------------------------------------------------------------
                                                                               
COMMON STOCKS - 99.0% - (CONTINUED)                                            
Healthcare-Products - 3.4% - (continued)                                       
  Britesmile, Inc. *                                         3,116         $2  
  Bruker AXS, Inc. *                                         2,338          6  
  Bruker Daltonics, Inc. *                                   2,895         16  
  Cantel Medical Corp. *                                     1,721         23  
  Cardiac Science, Inc. *                                   14,174         33  
  Cardiodynamics International Corp. *                       8,260         34  
  Cepheid, Inc. *                                            6,787         41  
  Cerus Corp. *                                              3,485         85  
  Cholestech Corp. *                                         3,033         20  
  Closure Medical Corp. *                                    1,364         18  
  Columbia Laboratories, Inc. *                              6,761         26  
  Conceptus, Inc. *                                          4,354         60  
  Conmed Corp. *                                             6,967        133  
  Cooper Cos., Inc.                                          7,872        221  
  Cyberonics, Inc. *                                         5,615         96  
  Datascope Corp.                                            3,079         79  
  DJ Orthopedics, Inc. *                                     1,893          7  
  Endocardial Solutions, Inc. *                              3,560         15  
  Endocare, Inc. *                                           4,674         13  
  EPIX Medical, Inc. *                                       3,230         30  
  Haemonetics Corp. of Massachusetts *                       4,648        112  
  Hanger Orthopedic Group, Inc. *                            4,992         65  
  HealthTronics Surgical Services, Inc. *                    2,051         14  
  Hologic, Inc. *                                            4,981         69  
  ICU Medical, Inc. *                                        2,726        106  
  IDEXX Laboratories, Inc. *                                 8,233        258  
  Igen International, Inc. *                                 4,123        156  
  Immucor, Inc. *                                            2,703         62  
  Inamed Corp. *                                             3,081         90  
  Intuitive Surgical, Inc. *                                 7,778         57  
  Invacare Corp.                                             6,802        223  
  Inverness Medical Innovations, Inc. *                      1,825         28  
  Kensey Nash Corp. *                                        1,870         35  
  Kyphon, Inc. *                                             1,557         15  
  Lifecore Biomedical, Inc. *                                2,580         21  
  Lifeline Systems, Inc. *                                   1,034         21  
  Luminex Corp. *                                            4,975         25  
  Med-Design Corp. *                                         2,200         16  
  MedSource Technologies, Inc. *                             2,153         18  
  Mentor Corp.                                               5,093        220  
  Merit Medical Systems, Inc. *                              2,969         56  
  Oakley, Inc. *                                             6,627         90  
  Ocular Sciences, Inc. *                                    4,383         92  
  OraSure Technologies, Inc. *                               6,772         41  
  Orthologic Corp. *                                         8,251         35  
  PolyMedica Corp. *                                         2,401         69  
  Possis Medical, Inc. *                                     4,425         72  
  PSS World Medical, Inc. *                                 18,411        127  
  QMed, Inc. *                                               1,988         14  
  Quidel Corp. *                                             6,632         21  
  Resmed, Inc. *                                             7,860        255  
  Respironics, Inc. *                                        8,619        250  
  Rita Medical Systems, Inc. *                               2,582         15  
  Sola International, Inc. *                                 5,623         66  
  Sonic Innovations, Inc. *                                  2,806         14  
  SonoSite, Inc. *                                           3,639         54  
  SurModics, Inc. *                                          3,446        111  
  Sybron Dental Specialties, Inc. *                          9,809        139  
  Techne Corp. *                                            10,747        332  
  Therasense, Inc. *                                         5,730         54  
  Thoratec Corp. *                                          12,701        110  
  TriPath Imaging, Inc. *                                    5,684         18  
  Urologix, Inc. *                                           3,588         14  
  Ventana Medical Systems, Inc. *                            3,271         70  
  Viasys Healthcare, Inc. *                                  6,736        108  
  Visx, Inc. *                                              12,418        114  
  Vital Signs, Inc.                                          1,528         43  
  West Pharmaceutical Services, Inc.                         3,386         70  
  Women First Healthcare, Inc. *                             4,015         22  
  Wright Medical Group, Inc. *                               4,041         73  
  Young Innovations, Inc. *                                  1,120         25  
  Zoll Medical Corp. *                                       2,160         80  
-------------------------------------------------------------------------------
                                                                        5,689  
-------------------------------------------------------------------------------
Healthcare-Services - 2.0%                                                     
  Alliance Imaging, Inc. *                                   3,014         21  
  American Healthways, Inc. *                                2,762         57  
  American Medical Security Group, Inc.                      1,595         18  
  AMERIGROUP Corp. *                                         2,487         66  
  Ameripath, Inc. *                                          7,277        123  
  Amsurg Corp. *                                             5,276        135  
  Apria Healthcare Group, Inc. *                            10,541        247  
  Beverly Enterprises, Inc. *                               25,324         82  
  Bio-Reference Labs, Inc. *                                 1,891         12  
  Bioreliance Corp. *                                          886         23  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  60  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

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                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                            NUMBER       VALUE  
                                                          OF SHARES      (000S) 
------------------------------------------------------------------------------- 
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Healthcare-Services - 2.0% - (continued)                                        
  Centene Corp. *                                            1,293      $   36  
  CLC Healthcare, Inc. *                                       330           -  
  Cobalt Corp.                                               2,430          29  
  Covance, Inc. *                                           16,087         361  
  Curative Health Services, Inc. *                           2,658          41  
  Dianon Systems, Inc. *                                     2,193         102  
  Dynacq International, Inc. *                               1,389          21  
  Genesis Health Ventures, Inc. *                            7,228         127  
  Gentiva Health Services, Inc. *                            5,867          48  
  Impath, Inc. *                                             4,032          67  
  Kindred Healthcare, Inc. *                                 2,920          49  
  LabOne, Inc. *                                             1,371          25  
  Matria Healthcare, Inc. *                                  1,598          16  
  Medcath Corp. *                                            1,644          17  
  National Healthcare Corp. *                                2,171          46  
  Odyssey HealthCare, Inc. *                                 3,067         107  
  Option Care, Inc. *                                        3,289          20  
  PacifiCare Health Systems, Inc. *                          9,007         241  
  Pediatrix Medical Group, Inc. *                            6,123         249  
  Prime Medical Services, Inc. *                             3,502          29  
  Province Healthcare Co. *                                 12,356         159  
  Radiologix, Inc. *                                         5,188          26  
  RehabCare Group, Inc. *                                    4,492          92  
  Res-Care, Inc. *                                           3,989          18  
  Select Medical Corp. *                                     4,536          65  
  Sierra Health Services *                                   6,277          70  
  Specialty Laboratories *                                   1,678          16  
  Sunrise Assisted Living, Inc. *                            4,605         129  
  U.S. Physical Therapy, Inc. *                              2,418          31  
  United Surgical Partners International, Inc. *             4,310          73  
  US Oncology, Inc. *                                       18,933         163  
  VCA Antech, Inc. *                                         4,616          69  
--------------------------------------------------------------------------------
                                                                         3,326  
--------------------------------------------------------------------------------
Holding Companies - Diversified - 0.1%                                          
  Resource America, Inc., Class A                            3,874          32  
  Walter Industries, Inc.                                    6,938          72  
--------------------------------------------------------------------------------
                                                                           104  
--------------------------------------------------------------------------------
Home Builders - 0.9%                                                            
  Beazer Homes USA, Inc. *                                   3,084         197  
  Champion Enterprises, Inc. *                              12,596          46  
  Coachmen Industries, Inc.                                  3,718          59  
  Dominion Homes, Inc. *                                       647          11  
  Fleetwood Enterprises, Inc. *                              9,040          74  
  Hovnanian Enterprises, Inc., Class A *                     3,875         129  
  M/I Schottenstein Homes, Inc.                              3,119          91  
  MDC Holdings, Inc.                                         5,004         179  
  Meritage Corp.                                             2,277          75  
  Modtech Holdings, Inc. *                                   2,298          22  
  Monaco Coach Corp. *                                       6,174         104  
  Palm Harbor Homes, Inc. *                                  4,456          83  
  Skyline Corp.                                              1,590          45  
  Standard Pacific Corp.                                     8,306         212  
  Technical Olympic USA, Inc. *                                591           8  
  WCI Communities, Inc. *                                    1,787          20  
  William Lyon Homes, Inc. *                                 1,281          29  
  Winnebago Industries, Inc.                                 3,110         154  
--------------------------------------------------------------------------------
                                                                         1,538  
--------------------------------------------------------------------------------
Home Furnishings - 0.2%                                                         
  American Woodmark Corp.                                    1,183          70  
  Applica, Inc.                                              4,179          21  
  Bassett Furniture Industries, Inc.                         2,602          35  
  Bush Industries, Inc., Class A                             2,187          15  
  Kimball International, Inc., Class B                       8,749         130  
  Parkervision, Inc. *                                       2,200          26  
  Salton, Inc. *                                             1,674          23  
  Stanley Furniture Co., Inc. *                              1,331          34  
  Universal Electronics, Inc. *                              3,571          36  
  Vialta, Inc. *                                               169           -  
--------------------------------------------------------------------------------
                                                                           390  
--------------------------------------------------------------------------------
Household Products/Wares - 1.0%                                                 
  Blyth, Inc.                                                8,352         231  
  Central Garden and Pet Co. *                               3,698          71  
  CSS Industries, Inc. *                                       865          30  
  Ennis Business Forms, Inc.                                 4,207          52  
  Fossil, Inc. *                                             5,187         105  
  Harland (John H.) Co.                                      7,546         159  
  Jarden Corp. *                                             2,975          67  
  New England Business Service, Inc.                         2,989          67  
  Playtex Products, Inc. *                                   7,204          77  
  Russ Berrie & Co., Inc.                                    2,548          83  
  Standard Register (The) Co.                                4,487          84  
  Tupperware Corp.                                          13,418         230  
  Wallace Computer Services, Inc.                            9,627         180  
  Water Pik Technologies, Inc. *                             2,749          24  

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  61  EQUITY PORTFOLIOS

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EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (continued)                                   

                                                                [Download Table]

                                                           NUMBER         VALUE 
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Household Products/Wares - 1.0% - (continued)                                   
  WD-40 Co.                                                 4,125        $  119 
  Yankee Candle Co., Inc. *                                 6,996           123 
--------------------------------------------------------------------------------
                                                                          1,702 
--------------------------------------------------------------------------------
Housewares - 0.2%                                                               
  Libbey, Inc.                                              3,972           102 
  National Presto Industries, Inc.                          1,218            39 
  Oneida Ltd.                                               3,730            41 
  Toro Co.                                                  3,191           204 
--------------------------------------------------------------------------------
                                                                            386 
--------------------------------------------------------------------------------
Insurance - 2.0%                                                                
  Alfa Corp.                                                9,003           112 
  American Physicians Capital, Inc. *                       2,407            45 
  Argonaut Group, Inc.                                      5,575            92 
  Baldwin & Lyons, Inc., Class B                            1,478            35 
  Ceres Group, Inc.                                         4,905             8 
  Citizens, Inc. *                                          5,855            49 
  CNA Surety Corp.                                          3,991            32 
  Commerce Group, Inc.                                      6,338           230 
  Crawford & Co., Class B                                   6,865            46 
  Delphi Financial Group, Inc., Class A                     3,395           130 
  EMC Insurance Group, Inc.                                   605            11 
  FBL Financial Group, Inc., Class A                        2,951            49 
  Financial Industries Corp.                                2,024            28 
  FPIC Insurance Group, Inc. *                              2,272            15 
  Great American Financial Resources, Inc.                  1,888            30 
  Harleysville Group, Inc.                                  7,653           201 
  Hilb, Rogal & Hamilton Co.                                7,382           280 
  Horace Mann Educators Corp.                               9,177           147 
  Independence Holding Co.                                    845            17 
  Kansas City Life Insurance Co.                              943            37 
  Landamerica Financial Group, Inc.                         4,799           172 
  MEEMIC Holdings, Inc. *                                     273             8 
  Midland (The) Co.                                         2,021            40 
  National Western Life Insurance Co., Class A *              556            49 
  Navigators Group, Inc. *                                  1,044            27 
  NYMAGIC, Inc. *                                             372             7 
  Odyssey Re Holdings Corp.                                 4,328            77 
  Ohio Casualty Corp. *                                    13,142           169 
  Philadelphia Consolidated Holding Co. *                   4,353           159 
  Pico Holdings, Inc. *                                     1,688            21 
  PMA Capital Corp., Class A                                6,821           103 
  Presidential Life Corp.                                   5,332            55 
  ProAssurance Corp. *                                      5,533           110 
  RLI Corp.                                                 3,244            78 
  Selective Insurance Group, Inc.                           6,681           172 
  State Auto Financial Corp.                                3,276            48 
  Stewart Information Services Corp. *                      4,376            91 
  Triad Guaranty, Inc. *                                    2,036            82 
  UICI *                                                    9,972           128 
  United Fire & Casualty Co.                                1,863            63 
  Universal American Financial Corp. *                      6,027            40 
  Vesta Insurance Group, Inc.                               8,854            32 
  Zenith National Insurance Corp.                           2,131            50 
--------------------------------------------------------------------------------
                                                                          3,375 
--------------------------------------------------------------------------------
Internet - 3.4%                                                                 
  1-800 Contacts, Inc. *                                    1,455            18 
  1-800-FLOWERS.COM, Inc., Class A *                        3,196            33 
  Agile Software Corp. *                                    9,750            88 
  Akamai Technologies, Inc. *                              25,431            52 
  Alloy, Inc. *                                             8,062            96 
  Ameritrade Holding Corp. *                               23,770           122 
  Answerthink, Inc. *                                      12,111            33 
  Ariba, Inc. *                                            68,297           285 
  AsiaInfo Holdings, Inc. *                                 7,476            60 
  At Road, Inc. *                                           5,419            22 
  Avenue A, Inc. *                                          8,969            31 
  Avocent Corp. *                                          10,738           253 
  Centillium Communications, Inc. *                         7,173            21 
  Chordiant Software, Inc. *                                9,232            17 
  CNET Networks, Inc. *                                    32,073            98 
  Digital Insight Corp. *                                   7,297            75 
  Digital River, Inc. *                                     6,923           100 
  Digitas, Inc. *                                           2,416             7 
  DoubleClick, Inc. *                                      30,652           219 
  Drugstore.com, Inc. *                                     6,726            14 
  E.piphany, Inc. *                                        16,196            81 
  Earthlink, Inc. *                                        32,310           201 
  Entrust, Inc. *                                          12,383            50 
  eResearch Technology, Inc. *                              2,095            29 
  eSPEED, Inc., Class A *                                   5,813            87 
  EUniverse, Inc. *                                         3,290            16 
  F5 Networks, Inc. *                                       5,727            80 
  Freemarkets, Inc. *                                      10,141            86 
  GlobalSCAPE, Inc. *                                         785             - 

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  62  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

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                                                                [Download Table]

                                                            NUMBER       VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Internet - 3.4% - (continued)                                                   
  GSI Commerce, Inc. *                                        4,827      $   23 
  Harris Interactive, Inc. *                                  9,562          33 
  Homestore, Inc. *                                          19,995          27 
  I-many, Inc. *                                             10,424          30 
  Inktomi Corp. *                                            37,566          57 
  Interland, Inc. *                                          31,643          62 
  Internet Security Systems, Inc. *                           9,831         246 
  Interwoven, Inc. *                                         27,405          79 
  ITXC Corp. *                                                4,905          14 
  j2 Global Communications, Inc. *                            1,291          29 
  Keynote Systems, Inc. *                                     6,215          51 
  LendingTree, Inc. *                                         1,823          24 
  Liberate Technologies *                                    27,618          40 
  LookSmart Ltd. *                                           17,672          46 
  Matrixone, Inc. *                                          12,138          65 
  Neoforma, Inc. *                                            1,933          20 
  Net2Phone, Inc. *                                           4,582          18 
  NetBank, Inc. *                                            12,638         124 
  Netegrity, Inc. *                                           6,936          27 
  NetFlix, Inc. *                                             1,521          17 
  Netratings, Inc. *                                          1,975          13 
  NIC, Inc. *                                                 6,221          11 
  Openwave Systems, Inc. *                                   44,977         135 
  Overstock.com, Inc. *                                         776          10 
  Overture Services, Inc. *                                  13,186         362 
  PC-Tel, Inc. *                                              5,178          40 
  Portal Software, Inc. *                                    30,852          38 
  Priceline.com, Inc. *                                      32,706          57 
  Procurenet, Inc. *                                         10,500           - 
  ProQuest Co. *                                              4,011          94 
  QRS Corp. *                                                 3,521          24 
  Quovadx, Inc. *                                             5,406          14 
  Raindance Communications, Inc. *                           11,181          34 
  Register.com, Inc. *                                        7,631          33 
  Riverstone Networks, Inc. *                                31,336          78 
  RSA Security, Inc. *                                       11,665          74 
  S1 Corp. *                                                 18,310         114 
  Safeguard Scientifics, Inc. *                              30,881          67 
  Sapient Corp. *                                            21,007          44 
  Secure Computing Corp. *                                    7,578          58 
  Seebeyond Technology Corp. *                               13,494          39 
  SonicWALL, Inc. *                                          13,205          53 
  Stamps.com, Inc. *                                          9,059          40 
  TIBCO Software, Inc. *                                     20,728         152 
  TriZetto Group, Inc. *                                      7,811          50 
  United Online, Inc. *                                       5,372          86 
  Valueclick, Inc. *                                         16,557          47 
  Verity, Inc. *                                              5,708          79 
  Vignette Corp. *                                           60,739         100 
  Vitria Technology, Inc. *                                  19,175          21 
  WatchGuard Technologies, Inc. *                             6,795          44 
  WebEx Communications, Inc. *                                5,983         116 
  webMethods, Inc. *                                         11,649         112 
  Websense, Inc. *                                            5,446         146 
--------------------------------------------------------------------------------
                                                                          5,691 
--------------------------------------------------------------------------------
Investment Companies - 0.2%                                                     
  American Capital Strategies Ltd.                           10,706         222 
  MCG Capital Corp.                                           5,775          64 
--------------------------------------------------------------------------------
                                                                            286 
--------------------------------------------------------------------------------
Iron/Steel - 0.3%                                                               
  Carpenter Technology Corp.                                  4,960          68 
  Cleveland-Cliffs, Inc. *                                    2,298          48 
  Gibraltar Steel Corp.                                       2,184          42 
  Material Sciences Corp. *                                   2,639          37 
  Oregon Steel Mills, Inc. *                                  6,667          31 
  Reliance Steel & Aluminum Co.                               6,126         139 
  Roanoke Electric Steel Corp.                                2,533          28 
  Ryerson Tull, Inc.                                          5,766          40 
  Schnitzer Steel Industries, Inc., Class A                   1,054          19 
  Steel Dynamics, Inc. *                                      8,244         117 
--------------------------------------------------------------------------------
                                                                            569 
--------------------------------------------------------------------------------
Leisure Time - 0.5%                                                             
  Ambassadors Group, Inc. *                                   1,438          20 
  Arctic Cat, Inc.                                            4,127          63 
  Bally Total Fitness Holding Corp. *                         7,978          72 
  Escalade, Inc. *                                              929          19 
  Johnson Outdoors, Inc., Class A *                             948           9 
  K2, Inc. *                                                  4,638          49 
  Marine Products Corp.                                       1,703          19 
  Multimedia Games, Inc. *                                    2,646          66 
  Nautilus Group, Inc. *                                      7,731         123 
  Navigant International, Inc. *                              3,128          37 
  Pegasus Solutions, Inc. *                                   6,410          73 
  Thor Industries, Inc.                                       3,956         151 

See Notes to the Financial Statements.                                          
                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 63 EQUITY PORTFOLIOS

N-30D 66th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 66th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (CONTINUED)                                   

                                                                [Download Table]

                                                            NUMBER       VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Leisure Time - 0.5% - (continued)                                               
  WMS Industries, Inc. *                                    5,658          $99  
--------------------------------------------------------------------------------
                                                                           800  
--------------------------------------------------------------------------------
Lodging - 0.7%                                                                  
  Ameristar Casinos, Inc. *                                 2,678           38  
  Aztar Corp. *                                             8,845          125  
  Boca Resorts, Inc., Class A *                             7,374           85  
  Boyd Gaming Corp. *                                       8,025          115  
  Choice Hotels International, Inc. *                       5,775          130  
  Hollywood Casino Corp., Class A *                         2,675           33  
  La Quinta Corp. *                                        35,545          173  
  Marcus Corp.                                              5,092           71  
  Monarch Casino & Resort, Inc. *                             829           11  
  MTR Gaming Group, Inc. *                                  5,431           55  
  Prime Hospitality Corp. *                                11,654           97  
  Station Casinos, Inc. *                                   8,907          150  
  Wyndham International, Inc., Class A *                   38,715           13  
--------------------------------------------------------------------------------
                                                                         1,096  
--------------------------------------------------------------------------------
Machinery - Construction & Mining - 0.3%                                        
  Astec Industries, Inc. *                                  3,927           40  
  JLG Industries, Inc.                                     10,894          102  
  Joy Global, Inc. *                                       11,984          144  
  Terex Corp.                                              10,272          127  
--------------------------------------------------------------------------------
                                                                           413  
--------------------------------------------------------------------------------
Machinery - Diversified - 1.6%                                                  
  Alamo Group, Inc.                                         1,602           19  
  Albany International Corp., Class A                       6,118          127  
  Applied Industrial Technologies, Inc.                     4,960           89  
  Briggs & Stratton Corp.                                   5,594          236  
  Brooks-PRI Automation, Inc. *                             8,738          126  
  Cascade Corp. *                                           2,423           34  
  Cognex Corp. *                                            8,681          195  
  Columbus McKinnon Corp. of New York *                     3,165           15  
  Flow International Corp. *                                3,402           11  
  Gardner Denver, Inc. *                                    4,099           70  
  Global Power Equipment Group, Inc. *                      5,761           29  
  Gorman-Rupp (The) Co.                                     1,900           49  
  IDEX Corp.                                                7,155          243  
  Kadant, Inc. *                                            3,502           53  
  Lindsay Manufacturing Co.                                 2,575           65  
  Manitowoc Co. (The), Inc.                                 6,224          167  
  NACCO Industries, Inc., Class A                           1,388           68  
  Nordson Corp.                                             5,755          158  
  Presstek, Inc. *                                          7,913           45  
  Robbins & Myers, Inc.                                     2,534           41  
  Sauer-Danfoss, Inc.                                       2,513           23  
  Stewart & Stevenson Services, Inc.                        7,359           82  
  Surebeam Corp., Class A *                                16,404           88  
  Tecumseh Products Co., Class A                            3,908          186  
  Tennant Co.                                               2,324           84  
  Thomas Industries, Inc.                                   3,736          102  
  UNOVA, Inc. *                                            10,680           58  
  Wabtec Corp.                                              8,857          127  
--------------------------------------------------------------------------------
                                                                         2,590  
--------------------------------------------------------------------------------
Media - 1.2%                                                                    
  4Kids Entertainment, Inc. *                               2,456           59  
  Acme Communications, Inc. *                               2,386           18  
  American Satellite Network *                                350            -  
  Beasley Broadcast Group, Inc., Class A *                  1,512           18  
  Courier Corp.                                               951           44  
  Crown Media Holdings, Inc., Class A *                     6,474           30  
  Fisher Communications, Inc.                               1,277           68  
  Gray Television, Inc., Class A                            2,300           29  
  Hollinger International, Inc.                            13,397          131  
  Information Holdings, Inc. *                              2,635           41  
  Insight Communications Co., Inc., Class A *              10,675          148  
  Journal Register Co. *                                    7,039          133  
  Liberty Corp.                                             4,354          174  
  Lodgenet Entertainment Corp. *                            2,847           30  
  Martha Stewart Living Omnimedia, Inc., Class A *          2,580           28  
  Mediacom Communications Corp. *                          13,861          131  
  Paxson Communications Corp. *                             7,950           26  
  Playboy Enterprises, Inc., Class B *                      3,600           36  
  Primedia, Inc. *                                         35,671          121  
  Private Media Group Ltd. *                                3,720           10  
  Pulitzer, Inc.                                            2,308          102  
  Regent Communications, Inc. *                             6,892           43  
  Saga Communications, Inc., Class A *                      3,853           76  
  Salem Communications Corp., Class A *                     2,256           62  
  Sinclair Broadcast Group, Inc., Class A *                 7,951          110  
  Sirius Satellite Radio, Inc. *                           17,830           15  
  Spanish Broadcasting System, Inc., Class A *              9,330           83  
  Thomas Nelson, Inc. *                                     2,069           17  
  Value Line, Inc.                                            353           15  
  World Wrestling Entertainment, Inc. *                     2,576           22  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  64  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 67th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 67th
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                           NUMBER        VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Media - 1.2% - (continued)                                                      
  XM Satellite Radio Holdings, Inc., Class A *              14,012         $35  
  Young Broadcasting, Inc., Class A *                        3,586          53  
--------------------------------------------------------------------------------
                                                                         1,908  
--------------------------------------------------------------------------------
Metal Fabrication/Hardware - 0.8%                                               
  Castle (A.M.) & Co.                                        1,805           9  
  CIRCOR International, Inc.                                 2,568          40  
  Commercial Metals Co.                                      6,233         105  
  Intermet Corp.                                             5,561          26  
  Kaydon Corp.                                               7,104         149  
  Ladish Co., Inc. *                                         2,358          17  
  Lawson Products, Inc.                                      1,266          39  
  Maverick Tube Corp. *                                      9,722         125  
  Mueller Industries, Inc. *                                 7,266         211  
  NN, Inc.                                                   2,938          29  
  Northwest Pipe Co. *                                       1,488          21  
  NS Group, Inc.                                             4,420          30  
  Penn Engineering & Manufacturing Corp.                     3,016          40  
  Quanex Corp.                                               4,228         129  
  Valmont Industries, Inc.                                   3,486          77  
  Worthington Industries, Inc.                              17,383         306  
--------------------------------------------------------------------------------
                                                                         1,353  
--------------------------------------------------------------------------------
Mining - 0.3%                                                                   
  Amcol International Corp.                                  5,124          31  
  Brush Engineered Materials, Inc. *                         4,301          26  
  Century Aluminum Co.                                       3,056          23  
  Hecla Mining Co. *                                        22,226          84  
  Liquidmetal Technologies *                                 1,296          14  
  Royal Gold, Inc.                                           3,432          58  
  RTI International Metals, Inc.                             5,374          61  
  Southern Peru Copper Corp.                                 3,640          53  
  Stillwater Mining Co. *                                   11,145          63  
  Tremont Corp.                                                329          11  
  USEC, Inc.                                                20,996         141  
--------------------------------------------------------------------------------
                                                                           565  
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 1.8%                                              
  Actuant Corp., Class A *                                   2,369         102  
  Acuity Brands, Inc.                                       10,689         145  
  Ameron International Corp.                                   925          53  
  Applied Films Corp. *                                      2,849          58  
  Barnes Group, Inc.                                         2,676          56  
  Carlisle Cos., Inc.                                        7,849         326  
  Clarcor, Inc.                                              6,417         211  
  Concord Camera Corp. *                                     6,231          38  
  CoorsTek, Inc. *                                           2,239          51  
  Cuno, Inc. *                                               4,029         134  
  ESCO Technologies, Inc. *                                  3,087         113  
  Federal Signal Corp.                                      11,701         222  
  Foamex International, Inc. *                               5,570          13  
  Griffon Corp. *                                            6,838          85  
  Hexcel Corp.                                               6,160          15  
  Lydall, Inc. *                                             3,799          41  
  Matthews International Corp., Class A                      7,079         161  
  Myers Industries, Inc.                                     4,777          54  
  Osmonics, Inc. *                                           2,742          46  
  Quixote Corp.                                              1,693          34  
  Roper Industries, Inc.                                     7,525         317  
  Smith (A.O.) Corp.                                         4,301         115  
  SPS Technologies, Inc. *                                   3,176          82  
  Standex International Corp.                                2,800          65  
  Sturm Ruger & Co., Inc.                                    5,030          54  
  Tredegar Corp.                                             6,696          95  
  Trinity Industries, Inc.                                   9,244         181  
  U.S. Industries, Inc. *                                   17,105          51  
--------------------------------------------------------------------------------
                                                                         2,918  
--------------------------------------------------------------------------------
Office Furnishings - 0.0%                                                       
  CompX International, Inc.                                    957           8  
  Interface, Inc., Class A                                  11,275          47  
  Virco Manufacturing Corp.                                  1,377          14  
--------------------------------------------------------------------------------
                                                                            69  
--------------------------------------------------------------------------------
Office/Business Equipment - 0.1%                                                
  General Binding Corp. *                                    1,540          20  
  Global Imaging System, Inc. *                              2,072          39  
  Imagistics International, Inc. *                           4,634          90  
--------------------------------------------------------------------------------
                                                                           149  
--------------------------------------------------------------------------------
Oil & Gas - 2.2%                                                                
  3TEC Energy Corp. *                                        4,049          56  
  Atwood Oceanics, Inc. *                                    2,311          69  
  Berry Petroleum Co., Class A                               4,270          69  
  Cabot Oil & Gas Corp.,                                     7,165         165  
  Chesapeake Energy Corp.                                   36,642         254  
  Comstock Resources, Inc. *                                 5,850          49  
  Denbury Resources, Inc. *                                  6,110          63  
  Encore Acquisition Co. *                                   2,275          42  
  Energy Partners Ltd. *                                     4,954          46  

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  65  EQUITY PORTFOLIOS

N-30D 68th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 68th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (continued)                                   

                                                                [Download Table]

                                                           NUMBER        VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Oil & Gas - 2.2% - (continued)                                                  
  Evergreen Resources, Inc. *                               4,900          $210 
  Exploration Co. of Delaware (The), Inc. *                 4,022            13 
  Frontier Oil Corp.                                        6,744            97 
  Grey Wolf, Inc. *                                        43,224           165 
  Harvest Natural Resources, Inc. *                         8,963            66 
  Holly Corp.                                               2,542            56 
  Houston Exploration Co. *                                 2,618            82 
  Magnum Hunter Resources, Inc. *                          12,508            72 
  Meridian Resource Corp. *                                 8,168             7 
  Nuevo Energy Co. *                                        4,063            50 
  Parker Drilling Co. *                                    20,072            45 
  Patina Oil & Gas Corp.                                    6,188           186 
  Penn Virginia Corp.                                       2,064            71 
  Petroquest Energy, Inc. *                                 6,991            28 
  Plains Resources, Inc. *                                  6,166           131 
  Prime Energy Corp. *                                      2,604            58 
  Quicksilver Resources, Inc. *                             2,475            56 
  Range Resources Corp. *                                  13,244            70 
  Remington Oil & Gas Corp. *                               5,248            81 
  Southwestern Energy Co. *                                 6,618            73 
  Spinnaker Exploration Co. *                               6,026           134 
  St. Mary Land & Exploration Co.                           7,192           182 
  Stone Energy Corp. *                                      5,513           166 
  Swift Energy Co. *                                        5,953            55 
  Tesoro Petroleum Corp. *                                 16,699            72 
  Tom Brown, Inc. *                                         8,636           210 
  Unit Corp. *                                              9,326           167 
  Vintage Petroleum, Inc.                                  12,552           118 
  Westport Resources Corp. *                                4,137            85 
--------------------------------------------------------------------------------
                                                                          3,619 
--------------------------------------------------------------------------------
Oil & Gas Services - 1.3%                                                       
  CAL Dive International, Inc. *                            9,496           219 
  CARBO Ceramics, Inc.                                      2,379            79 
  Dril-Quip, Inc. *                                         1,645            31 
  Global Industries Ltd. *                                 17,213            76 
  Gulf Island Fabrication, Inc. *                           1,808            31 
  Hanover Compressor Co. *                                 12,476           143 
  Horizon Offshore, Inc. *                                  4,563            26 
  Hydril Co. *                                              2,995            69 
  Input/Output, Inc. *                                     11,576            61 
  Key Energy Services, Inc. *                              29,002           261 
  Lone Star Technologies, Inc. *                            7,375           114 
  Lufkin Industries, Inc.                                   1,455            38 
  NATCO Group, Inc., Class A *                              2,370            15 
  Newpark Resources, Inc. *                                18,571            87 
  Oceaneering International, Inc. *                         5,951           143 
  Oil States International, Inc. *                          4,400            56 
  RPC, Inc.                                                 2,865            36 
  Seacor Smit, Inc. *                                       4,486           187 
  Superior Energy Services, Inc. *                         12,563           103 
  Tetra Technologies, Inc. *                                3,401            72 
  Trico Marine Services, Inc. *                             5,681            19 
  Universal Compression Holdings, Inc. *                    4,262            77 
  Veritas DGC, Inc. *                                       8,024            59 
  W-H Energy Services, Inc. *                               5,984            89 
--------------------------------------------------------------------------------
                                                                          2,091 
--------------------------------------------------------------------------------
Packaging & Containers - 0.4%                                                   
  AEP Industries, Inc.                                      1,047            13 
  BWAY Corp. *                                              1,087            21 
  Chesapeake Corp.                                          3,617            68 
  Crown Cork & Seal Co., Inc. *                            41,183           356 
  Earthshell Corp. *                                       17,073            10 
  Graphic Packaging International Corp. *                   5,851            41 
  Greif Brothers Corp., Class A                             3,337            86 
  Silgan Holdings, Inc. *                                   2,649            65 
--------------------------------------------------------------------------------
                                                                            660 
--------------------------------------------------------------------------------
Pharmaceuticals - 4.2%                                                          
  aaiPharma, Inc. *                                         2,876            49 
  Abgenix, Inc. *                                          20,190           187 
  Adolor Corp. *                                            8,064           116 
  Alkermes, Inc. *                                         14,095           126 
  Allos Therapeutics, Inc. *                                5,937            47 
  Alpharma, Inc., Class A                                   7,625           103 
  American Pharmaceutical Partners, Inc. *                  2,202            45 
  Amylin Pharmaceuticals, Inc. *                           15,836           273 
  Antigenics, Inc. *                                        5,668            69 
  Array Biopharma, Inc. *                                   4,964            42 
  Atherogenics, Inc. *                                      6,440            45 
  Atrix Labs, Inc. *                                        5,279            97 
  AVANIR Pharmaceuticals, Class A *                        15,066            16 
  Bentley Pharmaceuticals, Inc. *                           3,132            29 
  BioMarin Pharmaceuticals, Inc. *                          9,367            79 
  Biopure Corp. *                                           4,798            22 
  Bone Care International, Inc. *                           2,477            24 

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  66  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

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                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                            NUMBER       VALUE  
                                                          OF SHARES      (000S) 
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 99.0% - (CONTINUED)                                             
Pharmaceuticals - 4.2% - (continued)                                            
  Bradley Pharmaceuticals *                                  2,137         $32  
  Cell Therapeutics, Inc. *                                  8,578          82  
  Cima Labs, Inc. *                                          3,659          97  
  Connetics Corp. *                                          7,916          95  
  Corixa Corp. *                                            11,895          86  
  Cubist Pharmaceuticals, Inc. *                             6,988          83  
  CV Therapeutics, Inc. *                                    6,662         155  
  D&K Healthcare Resources, Inc.                             3,319          30  
  Durect Corp. *                                             6,378          17  
  Endo Pharmaceuticals Holdings, Inc. *                      5,435          46  
  Eon Labs, Inc. *                                           2,541          60  
  Esperion Therapeutics, Inc. *                              7,559          51  
  First Horizon Pharmaceutical Corp. *                       5,758          35  
  Genta, Inc. *                                             11,027         124  
  Guilford Pharmaceuticals, Inc. *                           6,245          31  
  HealthExtras, Inc. *                                       3,940          18  
  Ilex Oncology, Inc. *                                      8,389          92  
  ImClone Systems, Inc. *                                   13,219         181  
  Immunogen, Inc. *                                         11,344          45  
  Impax Laboratories, Inc. *                                 6,738          33  
  Indevus Pharmaceuticals, Inc. *                            9,772          22  
  Isis Pharmaceuticals, Inc. *                              12,057         104  
  KOS Pharmaceuticals, Inc. *                                1,400          29  
  KV Pharmaceutical Co., Class A *                           5,885         138  
  La Jolla Pharmaceutical Co. *                             10,944          77  
  Lannett Co., Inc. *                                          960          20  
  Ligand Pharmaceuticals, Inc., Class B *                   13,344          69  
  Medarex, Inc. *                                           17,998          92  
  Medicines Co. *                                            6,134         103  
  Meridian Medical Technologies, Inc. *                        873          39  
  MGI Pharma, Inc. *                                         6,478          50  
  MIM Corp. *                                                5,925          45  
  Nabi Biopharmaceuticals *                                  9,984          73  
  Napro Biotherapeutics, Inc. *                              6,594          11  
  Nastech Pharmaceutical, Inc. *                             2,042          21  
  Natures Sunshine Products, Inc.                            2,972          31  
  NBTY, Inc. *                                              10,575         193  
  NeoPharm, Inc. *                                           2,918          43  
  Neurocrine Biosciences, Inc. *                             7,274         335  
  Neurogen Corp. *                                           3,345          19  
  Noven Pharmaceuticals, Inc. *                              5,366          57  
  NPS Pharmaceuticals, Inc. *                                7,569         224  
  Onyx Pharmaceuticals, Inc. *                               3,557          24  
  OSI Pharmaceuticals, Inc. *                                9,380         203  
  Pain Therapeutics, Inc. *                                  4,124          15  
  Penwest Pharmaceuticals Co. *                              3,579          39  
  Perrigo Co. *                                             15,832         200  
  Pharmaceutical Resources, Inc.                             4,660         130  
  Pharmacopeia, Inc. *                                       6,055          61  
  Pozen, Inc. *                                              5,829          30  
  Priority Healthcare Corp., Class B *                       6,217         137  
  Progenics Pharmaceuticals, Inc. *                          2,040          15  
  Rigel Pharmaceuticals, Inc. *                              6,782           9  
  Salix Pharmaceuticals Ltd. *                               4,605          43  
  Sangstat Medical Corp. *                                   6,817         100  
  Scios, Inc. *                                             11,959         393  
  Sepracor, Inc. *                                          17,879         171  
  SuperGen, Inc. *                                           7,588          35  
  Syncor International Corp. of Delaware *                   4,433         112  
  Tanox, Inc. *                                              6,202          69  
  Theragenics Corp. *                                        7,692          41  
  Triangle Pharmaceuticals, Inc. *                           8,106          37  
  Trimeris, Inc. *                                           3,821         184  
  Tularik, Inc. *                                           10,687         102  
  United Therapeutics Corp. *                                4,037          70  
  Versicor, Inc. *                                           5,516          62  
  Virbac Corp. *                                             2,243          12  
  Vivus, Inc. *                                              8,496          38  
  Zymogenetics, Inc. *                                       2,580          20  
--------------------------------------------------------------------------------
                                                                         6,909  
--------------------------------------------------------------------------------
Pipelines - 0.1%                                                                
  Transmontaigne, Inc. *                                     4,584          20  
  Western Gas Resources, Inc.                                4,871         172  
--------------------------------------------------------------------------------
                                                                           192  
--------------------------------------------------------------------------------
Real Estate - 0.4%                                                              
  Avatar Holdings, Inc. *                                    1,113          27  
  Corrections Corp. of America *                             7,242         130  
  Insignia Financial Group, Inc. *                           5,033          38  
  Jones Lang LaSalle, Inc. *                                 7,825         126  
  LNR Property Corp.                                         5,796         211  
  Trammell Crow Co. *                                        7,608          69  
  Wellsford Real Properties, Inc. *                          1,377          23  
--------------------------------------------------------------------------------
                                                                           624  
--------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  67  EQUITY PORTFOLIOS

N-30D 70th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 70th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

SMALL COMPANY INDEX PORTFOLIO (continued)                                   

                                                                [Download Table]

                                                            NUMBER       VALUE 
                                                          OF SHARES      (000S)
-------------------------------------------------------------------------------
                                                                               
COMMON STOCKS - 99.0% - (CONTINUED)                                            
Reits - 6.7%                                                                   
  Acadia Realty Trust                                        3,455         $26 
  Alexander's, Inc. *                                          509          32 
  Alexandria Real Estate Equities, Inc.                      4,599         188 
  AMLI Residential Properties Trust                          3,647          78 
  Anthracite Capital, Inc.                                  11,884         125 
  Anworth Mortgage Asset Corp.                               5,929          76 
  Apex Mortgage Capital, Inc.                                7,548          49 
  Associated Estates Realty                                  4,199          29 
  Bedford Property Investors, Inc.                           3,746          92 
  Boykin Lodging Co.                                         4,456          41 
  Brandywine Realty Trust                                    6,890         147 
  Capital Automotive                                         5,524         137 
  Capstead Mortgage Corp.                                    2,501          49 
  CBL & Associates Properties, Inc.                          5,231         206 
  Center Trust, Inc.                                         2,722          21 
  Chateau Communities, Inc.                                  5,783         124 
  Chelsea Property Group, Inc.                               7,175         246 
  Colonial Properties Trust                                  3,667         121 
  Commercial Net Lease Realty                                9,462         146 
  Cornerstone Realty Income Trust, Inc.                     12,404         103 
  Corporate Office Properties Trust                          4,377          60 
  Correctional Properties Trust                              1,854          40 
  Crown American Realty Trust                                6,498          61 
  EastGroup Properties, Inc.                                 3,744          93 
  Entertainment Properties Trust                             4,423         103 
  Equity Inns, Inc.                                         10,462          60 
  Equity One, Inc.                                           1,594          21 
  Essex Property Trust, Inc.                                 3,723         190 
  FBR Asset Investment Corp.                                 5,278         173 
  Federal Realty Investment Trust                            9,960         272 
  FelCor Lodging Trust, Inc.                                11,491         137 
  Gables Residential Trust                                   6,410         158 
  Getty Realty Corp.                                         3,990          78 
  Glenborough Realty Trust, Inc.                             4,056          70 
  Glimcher Realty Trust                                      7,645         126 
  Great Lakes REIT, Inc.                                     3,394          56 
  Health Care REIT, Inc.                                    10,080         281 
  Healthcare Realty Trust, Inc.                             10,833         333 
  Heritage Property Investment Trust                         4,652         115 
  Home Properties of New York, Inc.                          6,712         220 
  HRPT Properties Trust                                     33,301         279 
  IMPAC Mortgage Holdings, Inc.                             10,988         128 
  Innkeepers USA Trust                                       6,504          51 
  Investors Real Estate Trust                                8,217          90 
  IRT Property Co.                                           8,676         103 
  JDN Realty Corp.                                           9,000         101 
  Keystone Property Trust                                    3,697          62 
  Kilroy Realty Corp.                                        6,280         143 
  Koger Equity, Inc.                                         4,931          76 
  Kramont Realty Trust                                       4,760          71 
  LaSalle Hotel Properties                                   4,351          57 
  Lexington Corporate Properties Trust                       6,645         101 
  LTC Properties, Inc.                                       3,642          24 
  Macerich (The) Co.                                         8,429         256 
  Manufactured Home Communities, Inc.                        3,319          98 
  Meristar Hospitality Corp.                                10,542          78 
  MFA Mortgage Investments , Inc.                           11,240          97 
  Mid Atlantic Realty Trust                                  4,505          76 
  Mid-America Apartment Communities, Inc.                    3,639          91 
  Mills Corp. (The)                                          5,650         165 
  Mission West Properties                                    3,734          38 
  National Health Investors, Inc.                            5,895         100 
  National Health Realty, Inc.                               1,532          24 
  Nationwide Health Properties, Inc.                        12,699         203 
  Novastar Financial, Inc.                                   2,692          67 
  OMEGA Healthcare Investors, Inc. *                         4,156          15 
  Pan Pacific Retail Properties, Inc.                        8,609         307 
  Parkway Properties, Inc.                                   2,018          72 
  Pennsylvania Real Estate Investment Trust                  3,642          92 
  Post Properties, Inc.                                      8,644         220 
  Prentiss Properties Trust                                  7,949         218 
  Price Legacy Corp.                                         4,770          13 
  PS Business Parks, Inc.                                    2,590          78 
  RAIT Investment Trust                                      4,047          84 
  Ramco-Gershenson Properties                                2,222          44 
  Realty Income Corp.                                        8,613         301 
  Redwood Trust, Inc.                                        2,835          77 
  RFS Hotel Investors, Inc.                                  7,359          88 
  Saul Centers, Inc.                                         2,726          65 
  Senior Housing Properties Trust                           11,750         132 
  Shurgard Storage Centers, Inc., Class A                    8,718         269 
  Sizeler Property Investors                                 2,978          28 
  SL Green Realty Corp.                                      6,812         216 
  Sovran Self Storage, Inc.                                  3,236          91 

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  68  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 71st “Page” of 244 TOC 1st Previous Next ↓Bottom Just 71st
                                                               NOVEMBER 30, 2002

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 99.0% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
REITS - 6.7% - (continued)                                                      
Summit Properties, Inc.                               5,714         $109  
Sun Communities, Inc.                                 3,838          133  
Tanger Factory Outlet Centers, Inc.                   1,517           45  
Taubman Centers, Inc.                                 7,420          121  
Thornburg Mortgage, Inc.                             11,418          210  
Town & Country Trust (The)                            3,699           77  
Transcontinental Realty Investors, Inc. *               738           13  
U.S. Restaurant Properties, Inc.                      5,055           71  
Universal Health Realty Income, Inc.                  2,822           73  
Urstadt Biddle Properties, Class A                    4,542           52  
Ventas, Inc.                                         15,695          196  
Washington Real Estate Investment Trust               9,514          240  
Winston Hotels, Inc.                                  4,364           33  
-----------------------------------------------------------------------------   
                                                                11,045
-----------------------------------------------------------------------------   
Retail - 6.1%                                                                   
7-Eleven, Inc. *                                      5,989           48  
AC Moore Arts & Crafts, Inc. *                        3,133           44  
Aeropostale, Inc. *                                   3,230           47  
AFC Enterprises *                                     3,686           80  
Ann Taylor Stores Corp. *                            11,369          270  
Asbury Automotive Group, Inc. *                       1,987           19  
Bebe Stores, Inc. *                                   1,129           15  
Benihana, Inc., Class A *                             1,214           15  
Blair Corp.                                           2,064           52  
Bob Evans Farms, Inc.                                 9,041          221  
Bombay (The) Co., Inc. *                              8,554           36  
Brookstone, Inc. *                                    2,192           33  
Brown Shoe Co., Inc.                                  4,536          109  
Buca, Inc. *                                          3,928           37  
Buckle (The), Inc. *                                  1,819           36  
Burlington Coat Factory Warehouse Corp.               4,619           95  
Cache, Inc. *                                           671            9  
California Pizza Kitchen, Inc. *                      3,662           90  
Casey's General Stores, Inc.                         10,056          122  
Cash America International, Inc.                      5,669           51  
Cato (The) Corp., Class A                             3,775           75  
Champps Entertainment, Inc. *                         2,143           24  
Charlotte Russe Holding, Inc. *                       1,944           26  
Charming Shoppes, Inc.                               30,697          146  
Checkers Drive-In Restaurant *                        2,127           16  
Chicago Pizza & Brewery, Inc. *                       2,725           20  
Children's Place Retail Stores (The), Inc. *          2,956           37  
Christopher & Banks Corp. *                           6,066          165  
CKE Restaurants, Inc. *                              13,137           65  
Claire's Stores, Inc.                                10,934          284  
Coldwater Creek, Inc. *                               1,229           20  
Cole National Corp. *                                 2,520           27  
Cost Plus, Inc. of California *                       4,991          163  
CSK Auto Corp. *                                      7,368           92  
Dave & Buster's, Inc. *                               2,840           22  
Deb Shops, Inc.                                       1,086           22  
dELiA*s Corp., Class A *                              8,369            7  
Dress Barn, Inc. *                                    7,198          100  
Duane Reade, Inc. *                                   5,603          106  
Electronics Boutique Holdings Corp. *                 2,609           80  
Factory 2-U Stores, Inc. *                            3,346           12  
FAO, Inc. *                                           4,305           10  
Finish Line (The), Inc., Class A *                    4,857           52  
Finlay Enterprises, Inc. *                            1,376           18  
Footstar, Inc. *                                      5,200           33  
Fred's, Inc.                                          5,592          139  
Friedman's, Inc., Class A                             4,284           38  
Galyan's Trading Co., Inc. *                          2,682           36  
Gart Sports Co. *                                     1,625           43  
Genesco, Inc. *                                       5,195          107  
Goody's Family Clothing, Inc. *                       4,089           18  
Group 1 Automotive, Inc. *                            4,843          115  
Guitar Center, Inc. *                                 3,524           70  
Hancock Fabrics, Inc.                                 4,379           65  
Haverty Furniture Cos., Inc.                          3,943           51  
Hibbett Sporting Goods, Inc. *                        1,809           45  
Hollywood Entertainment Corp. *                      13,640          256  
HOT Topic, Inc. *                                     8,161          197  
IHOP Corp. *                                          5,106          123  
Insight Enterprises, Inc. *                          10,594          106  
Intertan, Inc. *                                      5,540           38  
J. Jill Group (The), Inc. *                           4,654          108  
Jack in the Box, Inc. *                               9,536          192  
Jo-Ann Stores, Inc. Class A *                         3,702           90  
Kenneth Cole Productions, Inc., Class A *             1,834           46  
Kmart Corp. *                                       128,853           88  
Landry's Restaurants, Inc.                            5,664          122  
Linens 'N Things, Inc. *                              9,353          233  
Lithia Motors, Inc., Class A *                        2,808           45  

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 69 EQUITY PORTFOLIOS

N-30D 72nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 72nd
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

SMALL COMPANY INDEX PORTFOLIO (continued)                                       
                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 99.0% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Retail - 6.1% - (continued)                                                     
Lone Star Steakhouse & Saloon, Inc.                   4,376          $83  
Longs Drug Stores Corp.                               7,966          161  
Luby's, Inc. *                                        5,799           24  
MarineMax, Inc. *                                     1,888           24  
Men's Wearhouse (The),  Inc. *                        7,950          151  
Mothers Work, Inc. *                                    667           26  
Movado Group, Inc.                                    2,396           43  
Movie Gallery, Inc. *                                 4,468           77  
Nu Skin Enterprises, Inc., Class A                   11,428          132  
O'Charleys, Inc. *                                    4,091           89  
OfficeMax, Inc. *                                    29,765          177  
P.F. Chang's China Bistro, Inc. *                     4,171          147  
Pacific Sunwear of California, Inc. *                 7,787          208  
Panera Bread Co., Class A *                           5,931          220  
Papa John's International, Inc. *                     3,309           90  
Party City Corp. *                                    1,927           26  
Payless Shoesource, Inc. *                            5,813          330  
PC Connection, Inc. *                                 1,702           12  
Pep Boys (The) - Manny, Moe & Jack                   12,413          137  
Pricesmart, Inc. *                                    1,034           25  
Rare Hospitality International, Inc. *                5,096          136  
Regis Corp.                                          11,187          291  
Restoration Hardware, Inc. *                          4,616           37  
Rex Stores Corp. *                                    2,174           28  
Ryan's Family Steak Houses, Inc. *                   11,452          124  
School Specialty, Inc. *                              3,819           75  
Sharper Image Corp. *                                 1,828           34  
Shoe Carnival, Inc. *                                 1,858           28  
ShopKo Stores, Inc.                                   7,431          106  
Smart & Final, Inc.                                   3,055           16  
Sonic Corp. *                                         9,396          202  
Sports Authority (The), Inc. *                        8,458           72  
Stage Stores, Inc. *                                  5,160          140  
Steak n Shake (The) Co.                               5,861           59  
Stein Mart, Inc. *                                    5,647           36  
Summit America Television, Inc.                       9,102           22  
TBC Corp. *                                           4,377           52  
Too, Inc. *                                           8,759          257  
Tractor Supply Co. *                                  3,525          157  
Trans World Entertainment Corp. *                     4,298           18  
Triarc Cos., Inc.                                     3,431           93  
Tuesday Morning Corp. *                               2,141           43  
Tweeter Home Entertainment Group, Inc. *              4,989           55  
Ultimate Electronics, Inc. *                          2,840           55  
United Auto Group, Inc. *                             4,361           59  
Urban Outfitters, Inc. *                              1,916           51  
West Marine, Inc. *                                   2,674           43  
Wet Seal (The), Inc., Class A *                       6,601           76  
Whitehall Jewellers, Inc. *                           2,892           32  
Wilsons Leather Experts (The), Inc. *                 3,641           26  
World Fuel Services Corp.                             2,288           46  
-----------------------------------------------------------------------------   
                                                                10,073
-----------------------------------------------------------------------------   
Savings & Loans - 2.7%                                                          
American Financial Holdings, Inc.                     5,528          163  
Anchor BanCorp Wisconsin, Inc.                        5,447          110  
Bank Mutual Corp.                                     2,870           67  
BankAtlantic Bancorp, Inc., Class A                  10,763          101  
BankUnited Financial Corp., Class A                   5,512           86  
Berkshire Hills Bancorp, Inc.                         1,612           38  
BostonFed Bancorp, Inc.                               1,017           30  
Brookline Bancorp, Inc.                              15,154          172  
CFS Bancorp, Inc.                                     3,104           45  
Charter Financial Corp. of Georgia                    1,025           30  
Citizens First Bancorp, Inc.                          2,217           46  
Coastal Bancorp, Inc.                                   982           30  
Coastal Financial Corp.                               2,149           29  
Commercial Federal Corp.                             11,713          263  
Commonwealth Bancorp, Inc.                            1,959           90  
Connecticut Bancshares, Inc.                          2,908          114  
Dime Community Bancshares                             5,766          118  
Fidelity Bankshares, Inc.                             4,083           77  
First Defiance Financial Corp.                        1,374           27  
First Essex Bancorp, Inc.                             1,724           61  
First Federal Capital Corp.                           4,444           85  
First Financial Holdings, Inc.                        3,475           91  
First Indiana Corp.                                   3,001           63  
First Niagara Financial Group, Inc.                   2,410           73  
First Place Financial Corp. of Ohio                   3,302           56  
First Sentinel Bancorp, Inc.                          6,403           94  
FirstFed America Bancorp, Inc.                        1,882           47  
FirstFed Financial Corp.                              4,463          122  
Flagstar Bancorp, Inc.                                3,482           64  
Flushing Financial Corp.                              2,577           44  
Harbor Florida Bancshares, Inc.                       5,506          119  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 70 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 73rd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 73rd
                                                               NOVEMBER 30, 2002

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 99.0% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Savings & Loans - 2.7% - (continued)                                            
Hawthorne Financial Corp.                             1,474          $43  
Hudson River Bancorp, Inc.                            3,936          104  
Itla Capital Corp. *                                  1,194           41  
Leeds Federal Bankshares, Inc.                          300           10  
MAF Bancorp, Inc.                                     4,909          169  
MASSBANK Corp.                                          984           30  
NASB Financial, Inc.                                    788           20  
Northwest Bancorp, Inc.                               2,801           43  
OceanFirst Financial Corp.                            2,700           60  
Ocwen Financial Corp. *                               9,642           28  
Parkvale Financial Corp.                              1,238           29  
Partners Trust Financial Group, Inc.                  1,705           27  
PennFed Financial Services, Inc.                      1,286           36  
PFF Bancorp, Inc.                                     2,926          100  
Port Financial Corp.                                  1,199           52  
Provident Bancorp, Inc.                                 771           24  
Quaker City Bancorp, Inc. *                           1,312           46  
Seacoast Financial Services Corp.                     6,265          138  
St. Francis Capital Corp.                             1,870           45  
Staten Island Bancorp, Inc.                          14,253          280  
Sterling Financial Corp. of Washington *              3,006           58  
Superior Financial Corp.                              1,803           33  
Troy Financial Corp.                                  2,171           60  
United Community Financial Corp. of Ohio              8,083           73  
Warwick Community Bancorp, Inc.                         947           29  
Waypoint Financial Corp.                              9,800          181  
Westfield Financial, Inc.                             1,286           20  
Willow Grove Bancorp, Inc.                            1,254           16  
WSFS Financial Corp.                                  2,031           67  
-----------------------------------------------------------------------------   
                                                                 4,417
-----------------------------------------------------------------------------   
Semiconductors - 3.9%                                                           
Actel Corp. *                                         5,440          105  
ADE Corp. *                                           2,418           20  
Advanced Power Technology, Inc. *                     1,419            6  
Alliance Semiconductor Corp. *                        6,127           27  
Anadigics, Inc. *                                     7,904           30  
Artisan Components, Inc. *                            3,833           79  
AstroPower, Inc. *                                    4,838           42  
Asyst Technologies, Inc. *                            9,875           83  
ATMI, Inc. *                                          6,999          168  
August Technology Corp. *                             1,890           13  
Axcelis Technologies, Inc. *                         25,302          207  
AXT, Inc. *                                           4,819           13  
Caliper Technologies Corp. *                          6,278           22  
ChipPAC, Inc., Class A *                             12,519           57  
Cirrus Logic, Inc. *                                 18,759          113  
Cohu, Inc.                                            5,347           83  
Credence Systems Corp. *                             15,640          169  
Cree, Inc. *                                         18,819          445  
Dupont Photomasks, Inc. *                             3,085           86  
Electroglas, Inc. *                                   5,467           14  
EMCORE Corp. *                                        6,229           20  
Entegris, Inc. *                                     11,858          126  
ESS Technology, Inc. *                                8,266           72  
Exar Corp. *                                         10,093          142  
FSI International, Inc. *                             7,600           34  
Genesis Microchip, Inc. *                             7,894          157  
GlobespanVirata, Inc. *                              30,865          134  
Helix Technology Corp.                                6,746           96  
Integrated Silicon Solution, Inc. *                   6,913           40  
IXYS Corp. *                                          3,196           23  
Kopin Corp. *                                        17,924           95  
Kulicke & Soffa Industries, Inc.                     12,737           74  
Lattice Semiconductor Corp. *                        22,052          220  
LTX Corp. *                                          11,773          109  
Mattson Technology, Inc. *                            5,412           19  
MEMC Electronic Materials, Inc. *                    14,609          133  
Microsemi Corp. *                                     7,464           47  
Microtune, Inc. *                                    11,267           46  
MIPS Technologies, Inc., Class A *                    9,205           29  
Monolithic System Technology, Inc. *                  4,630           69  
Mykrolis Corp. *                                     10,251           85  
Nanometrics, Inc. *                                   1,862           11  
Oak Technology, Inc. *                               14,441           47  
Omnivision Technologies, Inc. *                       5,124           92  
ON Semiconductor Corp. *                              7,208           16  
Pericom Semiconductor Corp. *                         5,084           49  
Photronics, Inc. *                                    7,176          113  
Pixelworks, Inc. *                                    8,561           80  
PLX Technology, Inc. *                                4,387           23  
Power Integrations, Inc. *                            6,509          133  
Rambus, Inc. *                                       21,577          199  
Richardson Electronics Ltd.                           1,657           14  
Rudolph Technologies, Inc. *                          2,377           47  

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 71 EQUITY PORTFOLIOS

N-30D 74th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 74th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

SMALL COMPANY INDEX PORTFOLIO (continued)                                       
                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 99.0% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Semiconductors - 3.9% - (continued)                                             
Semitool, Inc. *                                      4,151          $29  
Silicon Image, Inc. *                                14,990          105  
Silicon Laboratories, Inc. *                          6,793          199  
Siliconix, Inc. *                                     1,514           45  
Sipex Corp. *                                         6,575           27  
Skyworks Solutions, Inc. *                           34,899          421  
SpeedFam-IPEC, Inc. *                                 6,954           46  
Standard Microsystems Corp. *                         3,742           83  
Supertex, Inc. *                                      2,678           35  
Therma-Wave, Inc. *                                   6,382            9  
Three-Five Systems, Inc. *                            5,562           39  
Transmeta Corp. of Delaware *                        28,083           43  
Trikon Technologies, Inc. *                           2,661           17  
Triquint Semiconductor, Inc. *                       33,970          209  
Ultratech Stepper, Inc. *                             5,836           67  
Varian Semiconductor Equipment                                            
Associates, Inc. *                                   7,925          246 
Veeco Instruments, Inc. *                             6,533           92  
Vitesse Semiconductor Corp. *                        51,916          172  
White Electronic Designs Corp. *                      4,525           44  
Xicor, Inc. *                                         5,393           23  
Zoran Corp. *                                         6,977          150  
-----------------------------------------------------------------------------   
                                                                 6,477
-----------------------------------------------------------------------------   
Software - 3.9%                                                                 
Acclaim Entertainment, Inc. *                        17,997           22  
Actuate Corp. *                                      11,393           29  
Allscripts Healthcare Solutions, Inc. *               5,980           18  
Altiris, Inc. *                                       1,295           17  
American Management Systems, Inc. *                  10,119          139  
Ansys, Inc. *                                         3,811           78  
Ascential Software Corp. *                           65,852          200  
Aspen Technology, Inc. *                              9,875           35  
Avid Technology, Inc. *                               6,432          126  
Barra, Inc. *                                         3,861          142  
Borland Software Corp. *                             15,671          207  
Caminus Corp. *                                       2,406            5  
CareCentric, Inc. *                                     136            -  
CCC Information Services Group, Inc. *                3,166           58  
Computer Programs & Systems, Inc. *                     776           19  
Concord Communications, Inc. *                        4,112           50  
Datastream Systems, Inc. *                            4,033           24  
Dendrite International, Inc. *                        8,001           47  
DocuCorp International, Inc. *                        2,039           15  
Documentum, Inc. *                                   10,222          190  
Eclipsys Corp. *                                      8,931           46  
eFunds Corp. *                                       12,042          109  
Embarcadero Technologies, Inc. *                      2,076           14  
EPIQ System, Inc. *                                   2,554           38  
Filenet Corp. *                                       8,606          118  
Hyperion Solutions Corp. *                            8,609          240  
IDX Systems Corp. *                                   4,372           75  
Infogrames, Inc. *                                    1,444            4  
Informatica Corp. *                                  14,795          102  
Information Resources, Inc. *                         7,090           22  
infoUSA, Inc. *                                       6,620           32  
Inter-Tel, Inc.                                       4,678          117  
Intercept, Inc. *                                     4,041           70  
Intertrust Technologies Corp. *                      18,935           80  
JDA Software Group, Inc. *                            7,232           85  
Keane, Inc. *                                        15,181          140  
Lawson Software, Inc. *                               3,630           18  
Legato Systems, Inc. *                               22,506          122  
Mantech International Corp., Class A *                1,865           38  
Manugistics Group, Inc. *                            15,344           61  
MAPICS, Inc. *                                        3,710           27  
MapInfo Corp. *                                       3,909           27  
MetaSolv, Inc. *                                      7,485           17  
Micromuse, Inc. *                                    19,312           87  
Midway Games, Inc. *                                  7,556           55  
MRO Software, Inc. *                                  4,547           54  
MSC.Software Corp.                                    6,579           48  
NDCHealth Corp.                                       8,324          153  
NetIQ Corp. *                                         9,514          165  
Novell, Inc. *                                       93,740          335  
Omnicell, Inc. *                                      3,753           12  
Onyx Software Corp. *                                11,346           24  
OPNET Technologies, Inc. *                            2,612           24  
Packeteer, Inc. *                                     5,814           47  
Parametric Technology Corp. *                        67,424          209  
PDF Solutions, Inc. *                                 3,090           25  
Pegasystems, Inc. *                                   1,575            9  
Per-Se Technologies, Inc. *                           7,767           70  
Phoenix Technologies Ltd. *                           6,697           42  
Pinnacle Systems, Inc. *                             15,180          214  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 72 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 75th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 75th
                                                               NOVEMBER 30, 2002

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 99.0% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Software - 3.9% - (continued)                                                   
PLATO Learning, Inc. *                                4,265          $32  
PracticeWorks, Inc. *                                 4,042           25  
Probusiness Services, Inc. *                          5,432           58  
Progress Software Corp. *                             8,103          110  
Quadramed Corp. *                                     7,016           21  
Quest Software, Inc. *                                9,592          125  
Red Hat, Inc. *                                      29,259          201  
Renaissance Learning, Inc. *                          2,806           55  
Retek, Inc. *                                        13,499           60  
Roxio, Inc. *                                         4,959           27  
Sanchez Computer Associates, Inc. *                   3,523           14  
ScanSoft, Inc. *                                     13,453           99  
Schawk, Inc.                                          1,993           20  
Seachange International, Inc. *                       5,731           43  
Serena Software, Inc. *                               4,495           82  
SpeechWorks International, Inc. *                     6,673           25  
SPSS, Inc. *                                          3,076           43  
SS&C Technologies, Inc. *                             2,033           21  
Take-Two Interactive Software, Inc. *                 9,759          292  
THQ, Inc. *                                          10,175          182  
Transaction Systems Architects, Inc., Class A *       8,209           59  
Ulticom, Inc. *                                       2,735           21  
Vastera, Inc. *                                       8,273           49  
Verint Systems, Inc. *                                1,167           21  
Viewpoint Corp. *                                     9,580           31  
VitalWorks, Inc. *                                    9,785           38  
Wind River Systems, Inc. *                           17,631          107  
Witness Systems, Inc. *                               3,539           14  
-----------------------------------------------------------------------------   
                                                                 6,471
-----------------------------------------------------------------------------   
Storage/Warehousing - 0.0%                                                      
Mobile Mini, Inc. *                                   3,200           48  
-----------------------------------------------------------------------------   
Telecommunications - 3.4%                                                       
Acterna Corp. *                                       6,908            2  
Adtran, Inc. *                                        5,234          174  
Advanced Radio Telecom Corp. *                       10,900            -  
Aeroflex, Inc. *                                     15,511          121  
Aether Systems, Inc. *                                9,337           32  
AirGate PCS, Inc. *                                   6,323            9  
Alamosa Holdings, Inc. *                             19,049           18  
Alaska Communications Systems Group, Inc. *           1,601            3  
Allegiance Telecom, Inc. *                           28,270           42  
Allen Telecom, Inc. *                                 7,104           68  
American Tower Corp., Class A *                      41,753          165  
Anaren Microwave, Inc. *                              5,806           68  
Anixter International, Inc. *                         8,071          197  
Aspect Communications Corp. *                        13,574           41  
Audiovox Corp., Class A *                             4,330           47  
Avanex Corp. *                                       15,127           25  
Black Box Corp.                                       5,237          262  
Boston Communications Group *                         3,315           45  
Broadwing, Inc.                                      49,501          200  
C-COR.net Corp. *                                     8,134           33  
Cable Design Technologies Corp. *                    11,460           93  
Centennial Communications Corp. *                     2,588            8  
ClearOne Communications, Inc. *                       2,052           10  
Commonwealth Telephone Enterprises, Inc. *            2,808          108  
CommScope, Inc. *                                    13,332          120  
Computer Network Technology Corp. *                   6,560           61  
Crown Castle International Corp. *                   52,874          209  
CT Communications, Inc.                               4,344           52  
EMS Technologies, Inc. *                              2,715           41  
Enterasys Networks, Inc. *                           41,747           69  
Extreme Networks, Inc. *                             26,614          120  
Finisar Corp. *                                      34,385           53  
Foundry Networks, Inc. *                             22,237          222  
General Communications, Inc., Class A *              10,686           62  
Golden Telecom, Inc. *                                3,664           58  
Harmonic, Inc. *                                     15,394           48  
Hickory Tech Corp.                                    3,615           36  
Hypercom Corp. *                                      8,733           23  
Inet Technologies, Inc. *                             3,030           15  
Infonet Services Corp., Class B *                    16,217           39  
Inrange Technologies Corp., Class B *                 2,246            7  
Interdigital Communications Corp. *                  14,055          256  
Intrado, Inc. *                                       3,933           48  
Ixia *                                                5,557           23  
Lightbridge, Inc. *                                   7,305           51  
Mastec, Inc. *                                        5,191           21  
Metro One Telecommunications, Inc. *                  4,786           29  
MRV Communications, Inc. *                           23,420           42  
Netro Corp. *                                         9,943           26  
New Focus, Inc. *                                    17,205           63  
Newport Corp. *                                       9,797          141  
Next Level Communications, Inc. *                     4,275            5  

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 73 EQUITY PORTFOLIOS

N-30D 76th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 76th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

SMALL COMPANY INDEX PORTFOLIO (continued)                                       

                                                   NUMBER          VALUE
                                                  OF SHARES         (000S)
-----------------------------------------------------------------------------   
COMMON STOCKS - 99.0% - (CONTINUED)                                             
-----------------------------------------------------------------------------   
Telecommunications - 3.4% - (continued)                                         
Nextel Partners, Inc., Class A *                    17,478          $115  
North Pittsburgh Systems, Inc.                       3,879            51  
Oplink Communications, Inc. *                       26,543            28  
Optical Communication Products, Inc. *               3,860             4  
Paradyne Networks Corp. *                            7,092            13  
Plantronics, Inc. *                                  9,759           175  
Powerwave Technologies, Inc. *                      16,910           111  
Price Communications Corp. *                        12,455           178  
Proxim Corp., Class A *                             30,801            42  
PTEK Holdings, Inc. *                               12,201            53  
RCN Corp. *                                         16,537            11  
Remec, Inc. *                                       11,632            57  
RMH Teleservices, Inc. *                             3,018            35  
Shenandoah Telecom Co.                                 841            40  
Somera Communications, Inc. *                        8,112            24  
Sonus Networks, Inc. *                              46,739            67  
Spectralink Corp. *                                  4,339            36  
Spectrian Corp. *                                    2,966            15  
Stratex Networks, Inc. *                            21,306            85  
Stratos Lightwave, Inc.                              1,881            14  
SureWest Communications                              3,433           141  
Sycamore Networks, Inc. *                           41,108           127  
Talk America Holdings, Inc.                          5,932            47  
Tekelec *                                           11,997           122  
Tellium, Inc. *                                     20,162            14  
Terayon Communication Systems, Inc. *               16,810            40  
Time Warner Telecom, Inc., Class A *                11,007            30  
Tollgrade Communications, Inc. *                     3,285            44  
Touch America Holdings, Inc.                        26,819            11  
Triton PCS Holdings, Inc., Class A *                 5,026            22  
Turnstone Systems, Inc. *                            9,080            26  
Ubiquitel, Inc. *                                   15,162             9  
US Unwired, Inc. *                                  23,004            20  
Viasat, Inc. *                                       4,769            57  
Western Wireless Corp., Class A *                   13,780            91  
-----------------------------------------------------------------------------   
                                                                 5,666
-----------------------------------------------------------------------------   
Telecommunications Equipment - 0.0%                                             
Arris Group, Inc. *                                 16,910            56  
-----------------------------------------------------------------------------   
Textiles - 0.2%                                                                 
Angelica Corp.                                       2,230            50  
Culp, Inc. *                                         1,561            14  
G & K Services, Inc., Class A                        5,043           172  
Quaker Fabric Corp. *                                3,023            21  
Unifirst Corp. of Massachusetts                      2,017            40  
WestPoint Stevens, Inc. *                            9,011             7  
-----------------------------------------------------------------------------   
                                                                   304
-----------------------------------------------------------------------------   
Toys, Games & Hobbies - 0.3%                                                    
Action Performance Cos., Inc.                        4,030            89  
Boyd's Collection Ltd. *                             4,584            33  
Department 56, Inc. *                                2,853            35  
Jakks Pacific, Inc. *                                5,951            92  
Marvel Enterprises, Inc. *                           4,399            39  
Racing Champions Ertl Corp. *                        2,193            35  
Score Board, Inc. *                                     24             -  
Topps (The) Co.                                      9,590            93  
-----------------------------------------------------------------------------   
                                                                   416
-----------------------------------------------------------------------------   
Transportation - 1.9%                                                           
Airborne, Inc.                                      12,489           179  
Alexander & Baldwin, Inc.                           10,552           260  
Arkansas Best Corp. *                                5,544           162  
Atlas Air Worldwide Holdings, Inc. *                 4,252            11  
Covenant Transport, Inc., Class A *                  1,525            27  
EGL, Inc. *                                          8,914           139  
Florida East Coast Industries, Inc., Class A         5,884           136  
Forward Air Corp. *                                  2,964            57  
Genesee & Wyoming, Inc., Class A *                   3,000            59  
Gulfmark Offshore, Inc. *                            3,470            52  
Heartland Express, Inc. *                            7,704           168  
Hunt (J.B.) Transport Services, Inc. *               5,753           158  
Kansas City Southern Industries, Inc.               15,532           198  
Kirby Corp. *                                        4,816           122  
Knight Transportation, Inc. *                        6,184           122  
Landstar System, Inc. *                              3,941           206  
Offshore Logistics, Inc. *                           4,811           104  
Overseas Shipholding Group                           7,034           122  
PAM Transportation Services, Inc. *                    796            16  
Petroleum Helicopters *                                651            18  
RailAmerica, Inc.                                    7,374            54  
Roadway Corp.                                        3,045           122  
SCS Transportation, Inc.                             3,748            33  
U.S. Xpress Enterprises, Inc., Class A *             1,440            14  
USFreightways Corp.                                  6,948           211  
Werner Enterprises, Inc.                             9,943           220  

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 74 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 77th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 77th
                                                               NOVEMBER 30, 2002

                                                     NUMBER        VALUE
                                                   OF SHARES      (000S)
------------------------------------------------------------------------------  
COMMON STOCKS - 99.0% - (CONTINUED)                                             
------------------------------------------------------------------------------  
Transportation - 1.9% - (continued)                                             
Yellow Corp.                                           7,496          $223
------------------------------------------------------------------------------  
                                                                     3,193
------------------------------------------------------------------------------  
Trucking & Leasing - 0.0%                                                       
AMERCO Co. *                                           2,571            12
Interpool, Inc.                                        1,450            24
------------------------------------------------------------------------------  
                                                                        36
------------------------------------------------------------------------------  
Water - 0.2%                                                                    
American States Water Co.                              3,911            94
California Water Service Group                         3,638            93
Connecticut Water Service, Inc.                        1,981            54
Middlesex Water Co.                                    1,980            44
SJW Corp.                                                533            42
Southwest Water Co.                                    2,393            33
------------------------------------------------------------------------------  
                                                                       360
------------------------------------------------------------------------------  
Total Common Stocks                                                             
------------------------------------------------------------------------------  
(Cost $185,607)                                                       164,013   

------------------------------------------------------------------------------  
CONVERTIBLE PREFERRED STOCKS - 0.0%                                             
------------------------------------------------------------------------------  
MEDIQ, Inc., Series A *                                  135             -
------------------------------------------------------------------------------  
Total Convertible Preferred Stocks                                              
------------------------------------------------------------------------------  
(Cost $1)                                                                   -   

                                                     NUMBER        VALUE
                                                   OF SHARES      (000S)
------------------------------------------------------------------------------  
OTHER - 0.0%                                                                    
------------------------------------------------------------------------------  
Escrow MascoTech, Inc.                                10,600             -
Gladstone Capital Corp.                                2,291            38
------------------------------------------------------------------------------  
Total Other                                                                     
------------------------------------------------------------------------------  
(Cost $41)                                                                 38   

------------------------------------------------------------------------------  
RIGHTS - 0.0%                                                                   
------------------------------------------------------------------------------  
CSF Holdings, Inc.                                     2,000             -
------------------------------------------------------------------------------  
Total Rights                                                                    
------------------------------------------------------------------------------  
(Cost $-)                                                                   -   

                                                     NUMBER        VALUE
                                                   OF SHARES      (000S)
------------------------------------------------------------------------------  
WARRANTS - 0.0%                                                                 
------------------------------------------------------------------------------  
Aura System, Inc., Exp. 5/31/05                          513             -
MicroStrategy, Inc., Exp. 6/24/07                      1,006             -
Sunbeam Corp., Exp. 8/24/03                              914             -
------------------------------------------------------------------------------  
Total Warrants                                                                  
------------------------------------------------------------------------------  
(Cost $-)                                                                   -   

                                       PRINCIPAL
                                                    AMOUNT         VALUE
                                                    (000S)        (000S)
------------------------------------------------------------------------------  
SHORT-TERM INVESTMENTS - 1.4%                                                   
------------------------------------------------------------------------------  
Societe Generale, Grand Cayman,                                           
Eurodollar Time Deposit,                                              
  1.31%, 12/2/02                                      $1,787        $1,787
U.S. Treasury Bill, /(1)/                                                 
  1.66%, 1/16/03                                         520           519
------------------------------------------------------------------------------  
Total Short-Term Investments                                                    
------------------------------------------------------------------------------  
(Cost $2,306)                                                           2,306   

------------------------------------------------------------------------------  
Total Investments - 100.4%                                                      
------------------------------------------------------------------------------  
(Cost $187,955)                                                       166,357   

 Liabilities less Other Assets - (0.4)%                                (705)
------------------------------------------------------------------------------  
NET ASSETS - 100.0%                                                  $165,652   

* Non-Income Producing Security                                                 

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

At November 30, 2002, the Small Company Index Portfolio had open futures        
contracts as follows:                                                           

------------------------------------------------------------------------------  
                  NOTIONAL                          UNREALIZED
  NUMBER OF    AMOUNT     CONTRACT    CONTRACT    GAIN
TYPE     CONTRACTS    (000S)     POSITION      EXP.      (000S)     
------------------------------------------------------------------------------  
Russell 2000    11        $2,235      Long        12/02      $384           

Total                                                        $384           

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 75 EQUITY PORTFOLIOS

N-30D 78th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 78th
EQUITY PORTFOLIOS                                                               
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                         
--------------------------------------------------------------------------------
MID CAP GROWTH PORTFOLIO                                                        

                                                              NUMBER       VALUE
                                                            OF SHARES     (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 98.3%                                                           
Advertising - 1.2%                                                              
 Lamar Advertising Co. *                                      9,500       $324
--------------------------------------------------------------------------------
Banks - 3.2%                                                                    
 Investors Financial Services Corp.                          10,000        350
 M&T Bank Corp.                                               3,700        298
 TCF Financial Corp.                                          5,300        226
--------------------------------------------------------------------------------
                                                                           874
--------------------------------------------------------------------------------
Beverages - 1.0%                                                                
 Pepsi Bottling Group, Inc.                                   9,500        273
--------------------------------------------------------------------------------
BIOTECHNOLOGY - 0.8%                                                            
 InterMune, Inc. *                                            7,000        214
--------------------------------------------------------------------------------
Commercial Services - 9.2%                                                      
 Affiliated Computer Services, Inc., Class A *               11,500        575
 Career Education Corp. *                                    10,925        425
 Caremark Rx, Inc. *                                         23,000        406
 ChoicePoint, Inc. *                                          5,875        221
 Education Management Corp. *                                11,400        440
 FTI Consulting, Inc. *                                      11,800        484
--------------------------------------------------------------------------------
                                                                         2,551
--------------------------------------------------------------------------------
Computers - 2.2%                                                                
 Apple Computer, Inc. *                                      10,000        155
 Lexmark International, Inc. *                                4,500        297
 Storage Technology Corp. *                                   7,500        166
--------------------------------------------------------------------------------
                                                                           618
--------------------------------------------------------------------------------
Electronics - 2.6%                                                              
 Gentex Corp. *                                               8,125        244
 Jabil Circuit, Inc. *                                        8,000        171
 Waters Corp. *                                              11,750        315
--------------------------------------------------------------------------------
                                                                           730
--------------------------------------------------------------------------------
Environmental Control - 1.8%                                                    
 Stericycle, Inc. *                                          14,900        496
--------------------------------------------------------------------------------
Food - 3.3%                                                                     
 Dean Foods Co. *                                             9,750        362
 JM Smucker (The) Co.                                         9,025        353
 Performance Food Group Co. *                                 5,875        207
--------------------------------------------------------------------------------
                                                                           922
--------------------------------------------------------------------------------
Healthcare-Products - 7.0%                                                      
 Alcon , Inc. *                                               6,775        284
 Boston Scientific Corp. *                                   16,800        706
 Varian Medical Systems, Inc. *                              11,275        526
 Zimmer Holdings, Inc. *                                     11,000        414
--------------------------------------------------------------------------------
                                                                         1,930
--------------------------------------------------------------------------------
Healthcare-Services - 2.4%                                                      
 Anthem, Inc. *                                               5,300        314
 Universal Health Services, Inc., Class B *                   7,500        336
--------------------------------------------------------------------------------
                                                                           650
--------------------------------------------------------------------------------
Insurance - 3.0%                                                                
 Everest Re Group Ltd.                                        2,500        145
 Fidelity National Financial, Inc.                            9,700        314
 Radian Group, Inc.                                           8,860        362
--------------------------------------------------------------------------------
                                                                           821
--------------------------------------------------------------------------------
Internet - 1.8%                                                                 
 Amazon.com, Inc. *                                           1,000         23
 Symantec Corp. *                                            10,900        477
--------------------------------------------------------------------------------
                                                                           500
--------------------------------------------------------------------------------
Leisure Time - 0.8%                                                             
 USA Interactive, Inc. *                                      7,500        209
--------------------------------------------------------------------------------
Machinery - Diversified - 2.4%                                                  
 Zebra Technologies Corp., Class A *                         10,500        674
--------------------------------------------------------------------------------
Media - 6.3%                                                                    
 COX Radio, Inc., Class A *                                  19,850        489
 Gray Television, Inc.                                       12,200        123
 Lin TV Corp., Class A *                                     20,600        503
 Meredith Corp.                                               2,700        118
 Westwood One, Inc. *                                        13,075        508
--------------------------------------------------------------------------------
                                                                         1,741
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 1.9%                                              
 Danaher Corp.                                                5,225        328
 SPX Corp. *                                                  4,430        209
--------------------------------------------------------------------------------
                                                                           537
--------------------------------------------------------------------------------
Oil & Gas - 1.7%                                                                
 Devon Energy Corp.                                           5,875        269
 Ocean Energy, Inc.                                          10,565        199
--------------------------------------------------------------------------------
                                                                           468
--------------------------------------------------------------------------------
Oil & Gas Producers - 1.5%                                                      
 XTO Energy, Inc.                                            17,700        424
--------------------------------------------------------------------------------
Oil & Gas Services - 2.5%                                                       
 National-Oilwell, Inc. *                                    12,300        268
 Smith International, Inc. *                                 12,500        425
--------------------------------------------------------------------------------
                                                                           693
--------------------------------------------------------------------------------
Packaging & Containers - 3.6%                                                   
 Packaging Corp. of America *                                20,000        358
 Pactiv Corp. *                                              31,000        642
--------------------------------------------------------------------------------
                                                                         1,000
--------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 76 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 79th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 79th
                                                               NOVEMBER 30, 2002

                                                             NUMBER      VALUE
                                                           OF SHARES    (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 98.3% - (CONTINUED)                                             
Pharmaceuticals - 6.8%                                                          
 AmerisourceBergen Corp.                                      7,030       $408
 Forest Laboratories, Inc. *                                  6,500        698
 Gilead Sciences, Inc. *                                     11,500        453
 Teva Pharmaceutical Industries Ltd. ADR                      4,050        320
--------------------------------------------------------------------------------
                                                                         1,879
--------------------------------------------------------------------------------
Retail - 10.1%                                                                  
 Applebee's International, Inc.                              13,625        343
 Autozone, Inc. *                                             5,500        450
 Bed Bath & Beyond, Inc. *                                    7,675        266
 Fred's, Inc.                                                14,000        348
 Michaels Stores, Inc. *                                     11,800        444
 Petco Animal Supplies, Inc. *                               10,300        260
 Ross Stores, Inc.                                           11,300        523
 Williams-Sonoma, Inc. *                                      6,000        158
--------------------------------------------------------------------------------
                                                                         2,792
--------------------------------------------------------------------------------
Savings & Loans - 1.5%                                                          
 Sovereign Bancorp, Inc.                                     29,000        401
--------------------------------------------------------------------------------
Semiconductors - 9.4%                                                           
 Analog Devices, Inc. *                                       5,000        154
 KLA-Tencor Corp. *                                           5,500        243
 Linear Technology Corp.                                     11,700        389
 Marvell Technology Group Ltd. *                             12,500        283
 Microchip Technology, Inc.                                  24,800        713
 Novellus Systems, Inc. *                                     6,000        218
 QLogic Corp. *                                              13,775        598
--------------------------------------------------------------------------------
                                                                         2,598
--------------------------------------------------------------------------------
Software - 8.2%                                                                 
 BEA Systems, Inc. *                                         25,000        277
 Documentum, Inc. *                                          15,000        279
 Electronic Arts, Inc. *                                      5,500        373
 Intuit, Inc. *                                               5,500        297
 Mercury Interactive Corp. *                                 17,150        574
 Pixar, Inc. *                                                3,325        192
 Take-Two Interactive Software, Inc. *                        9,025        270
--------------------------------------------------------------------------------
                                                                         2,262
--------------------------------------------------------------------------------
Transportation - 2.1%                                                           
 Expeditors International Washington, Inc.                    9,075        304
 Hunt (J.B.) Transport Services, Inc. *                       9,925        273
--------------------------------------------------------------------------------
                                                                           577
--------------------------------------------------------------------------------
Total Common Stocks                                                             
--------------------------------------------------------------------------------
(Cost $23,047)                                                           27,158 

                                                   PRINCIPAL
                                                             AMOUNT      VALUE
                                                             (000S)     (000S)
--------------------------------------------------------------------------------
Short-Term Investment - 0.9%                                                    
Societe Generale, Grand Cayman,                                             
Eurodollar Time Deposit,                                                
   1.31%, 12/2/02                                              $258        258
--------------------------------------------------------------------------------
Total Short-Term Investment                                                     
--------------------------------------------------------------------------------
(Cost $258)                                                                 258 

--------------------------------------------------------------------------------
Total Investments - 99.2%                                                       
--------------------------------------------------------------------------------
(cost $23,305)                                                           27,416 
 Other Assets less Liabilities - 0.8%                                      213
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                     $27,629 

Non-Income Producing Security                                                   

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 77 EQUITY PORTFOLIOS

N-30D 80th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 80th
EQUITY PORTFOLIOS                                                               
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                         
--------------------------------------------------------------------------------
FOCUSED GROWTH PORTFOLIO                                                        

                                                            NUMBER       VALUE
                                                          OF SHARES     (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 102.0%                                                          
Banks - 2.6%                                                                    
 Fifth Third Bancorp                                         45,000     $2,520
 Wells Fargo & Co.                                           65,000      3,004
--------------------------------------------------------------------------------
                                                                         5,524
--------------------------------------------------------------------------------
Beverages - 2.8%                                                                
 Anheuser-Busch Cos., Inc.                                   40,000      1,965
 PepsiCo, Inc.                                               90,000      3,823
--------------------------------------------------------------------------------
                                                                         5,788
--------------------------------------------------------------------------------
Biotechnology - 1.9%                                                            
 Amgen, Inc. *                                               85,000      4,012
--------------------------------------------------------------------------------
Commercial Services - 1.6%                                                      
 Affiliated Computer Services, Inc., Class A *               67,500      3,375
--------------------------------------------------------------------------------
Computers - 1.9%                                                                
 Dell Computer Corp. *                                      140,000      4,004
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 2.3%                                                  
 Avon Products, Inc.                                         20,000      1,027
 Procter & Gamble Co.                                        45,000      3,780
--------------------------------------------------------------------------------
                                                                         4,807
--------------------------------------------------------------------------------
Diversified Financial Services - 5.8%                                           
 American Express Co.                                        60,200      2,344
 Citigroup, Inc.                                             40,000      1,555
 Freddie Mac                                                 30,000      1,729
 Goldman Sachs Group, Inc.                                   42,500      3,352
 MBNA Corp.                                                 150,000      3,201
--------------------------------------------------------------------------------
                                                                        12,181
--------------------------------------------------------------------------------
Food - 1.8%                                                                     
 Kraft Foods, Inc.,  Class A                                100,000      3,756
--------------------------------------------------------------------------------
Healthcare-Products - 8.5%                                                      
 Boston Scientific Corp. *                                   60,000      2,520
 Guidant Corp. *                                             50,000      1,497
 Johnson & Johnson                                           90,000      5,132
 Medtronic, Inc.                                             90,000      4,207
 Varian Medical Systems, Inc. *                              40,000      1,868
 Zimmer Holdings, Inc. *                                     71,130      2,677
--------------------------------------------------------------------------------
                                                                        17,901
--------------------------------------------------------------------------------
Healthcare-Services - 2.1%                                                      
 HCA, Inc.                                                   57,500      2,310
 UnitedHealth Group, Inc.                                    25,000      2,036
--------------------------------------------------------------------------------
                                                                         4,346
--------------------------------------------------------------------------------
Household Products/Wares - 0.8%                                                 
 Clorox Co.                                                  40,000      1,753
--------------------------------------------------------------------------------
Insurance - 3.6%                                                                
 AFLAC, Inc.                                                 72,600      2,240
 American International Group, Inc.                          70,000      4,560
 Everest Re Group Ltd.                                       15,000        869
--------------------------------------------------------------------------------
                                                                         7,669
--------------------------------------------------------------------------------
Internet - 3.1%                                                                 
 Amazon.com, Inc. *                                          75,000      1,751
 eBay, Inc. *                                                50,000      3,446
 Symantec Corp. *                                            30,000      1,312
--------------------------------------------------------------------------------
                                                                         6,509
--------------------------------------------------------------------------------
Leisure Time - 1.6%                                                             
 Harley-Davidson, Inc.                                       70,000      3,398
--------------------------------------------------------------------------------
Machinery - Diversified - 1.5%                                                  
 Zebra Technologies Corp., Class A *                         50,000      3,211
--------------------------------------------------------------------------------
Media - 5.1%                                                                    
 Clear Channel Communications, Inc. *                        60,000      2,607
 COX Radio, Inc., Class A *                                  75,000      1,849
 Liberty Media Corp., Class A *                             240,000      2,534
 Viacom, Inc., Class B *                                     80,000      3,761
--------------------------------------------------------------------------------
                                                                        10,751
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 6.0%                                              
 3M Co.                                                      25,000      3,246
 Danaher Corp.                                               40,000      2,514
 General Electric Co.                                       180,000      4,878
 SPX Corp. *                                                 40,000      1,888
--------------------------------------------------------------------------------
                                                                        12,526
--------------------------------------------------------------------------------
Oil & Gas - 0.7%                                                                
 Devon Energy Corp.                                          30,000      1,374
--------------------------------------------------------------------------------
Oil & Gas Producers - 0.9%                                                      
 EOG Resources, Inc.                                         46,550      1,805
--------------------------------------------------------------------------------
Oil & Gas Services - 1.7%                                                       
 BJ Services Co. *                                           38,000      1,271
 Smith International, Inc. *                                 70,000      2,380
--------------------------------------------------------------------------------
                                                                         3,651
--------------------------------------------------------------------------------
Packaging & Containers - 1.5%                                                   
 Pactiv Corp. *                                             152,500      3,157
--------------------------------------------------------------------------------
Pharmaceuticals - 12.3%                                                         
 Abbott Laboratories                                         70,000      3,065
 Cardinal Health, Inc.                                       51,875      3,192
 Forest Laboratories, Inc. *                                 60,000      6,440
 Gilead Sciences, Inc. *                                     35,000      1,380
 Merck & Co., Inc.                                           57,500      3,416

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 78 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 81st “Page” of 244 TOC 1st Previous Next ↓Bottom Just 81st
                                                            NUMBER       VALUE
                                                          OF SHARES     (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 102.0% - (CONTINUED)                                            
Pharmaceuticals - 12.3% - (continued)                                           
 Pfizer, Inc.                                              190,000      $5,992
 Teva Pharmaceutical Industries Ltd. ADR                    30,000       2,372
--------------------------------------------------------------------------------
                                                                        25,857
--------------------------------------------------------------------------------
Retail - 10.1%                                                                  
 Autozone, Inc. *                                           45,125       3,687
 Bed Bath & Beyond, Inc. *                                  27,500         954
 Gap (The), Inc.                                           100,000       1,589
 Kohl's Corp. *                                             75,000       5,138
 Lowe's Cos., Inc.                                          51,500       2,137
 Wal-Mart Stores, Inc.                                     100,000       5,416
 Walgreen Co.                                               80,000       2,303
--------------------------------------------------------------------------------
                                                                        21,224
--------------------------------------------------------------------------------
Semiconductors - 6.1%                                                           
 Analog Devices, Inc. *                                     50,000       1,535
 Applied Materials, Inc. *                                  75,000       1,279
 Intel Corp.                                               200,000       4,176
 Linear Technology Corp.                                   100,000       3,323
 Microchip Technology, Inc.                                 90,000       2,588
--------------------------------------------------------------------------------
                                                                        12,901
--------------------------------------------------------------------------------
Software - 8.7%                                                                 
 Electronic Arts, Inc. *                                    60,000       4,072
 Intuit, Inc. *                                             49,500       2,670
 Microsoft Corp. *                                         170,000       9,829
 Oracle Corp. *                                            150,000       1,822
--------------------------------------------------------------------------------
                                                                        18,393
--------------------------------------------------------------------------------
Telecommunications - 5.2%                                                       
 Cisco Systems, Inc. *                                     325,000       4,849
 Nokia Corp. ADR                                           100,000       1,921
 QUALCOMM, Inc. *                                           65,000       2,679
 Vodafone Group PLC ADR                                     75,000       1,406
                                                                        10,855
--------------------------------------------------------------------------------
Transportation - 1.8%                                                           
 Expeditors International Washington, Inc.                  45,000       1,505
 United Parcel Service, Inc., Class B                       35,000       2,218
--------------------------------------------------------------------------------
                                                                         3,723
--------------------------------------------------------------------------------
Total Common Stocks                                                             
--------------------------------------------------------------------------------
(Cost $197,524)                                                         214,451 

                                                   PRINCIPAL
                                                              AMOUNT     VALUE
                                                              (000S)    (000S)
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENT - 0.0%                                                    
Societe Generale, Grand Cayman,                                             
Eurodollar Time Deposit,                                                
   1.31%, 12/2/02                                               $31        $31
--------------------------------------------------------------------------------
Total Short-Term Investment                                                     
--------------------------------------------------------------------------------
(Cost $31)                                                                   31 

--------------------------------------------------------------------------------
Total Investments - 102.0%                                                      
--------------------------------------------------------------------------------
(Cost $197,555)                                                         214,482 
  Liabilities less Other Assets - (2.0)%                                 (4,134)
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                    $210,348 

*  Non-Income Producing Security                                                

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 79 EQUITY PORTFOLIOS

N-30D 82nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 82nd
EQUITY PORTFOLIOS                                                               
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                         
--------------------------------------------------------------------------------
DIVERSIFIED GROWTH PORTFOLIO                                                    

                                                             NUMBER      VALUE
                                                           OF SHARES    (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 94.1%                                                           
Advertising - 1.0%                                                              
 Lamar Advertising Co. *                                     19,600       $669
--------------------------------------------------------------------------------
Aerospace/Defense - 2.3%                                                        
 General Dynamics Corp.                                      16,300      1,327
 Lockheed Martin Corp.                                        4,000        209
--------------------------------------------------------------------------------
                                                                         1,536
--------------------------------------------------------------------------------
Airlines - 1.2%                                                                 
 Southwest Airlines Co.                                      47,900        795
--------------------------------------------------------------------------------
Banks - 2.3%                                                                    
 Fifth Third Bancorp                                          5,000        280
 U.S. Bancorp                                                26,800        587
 Wells Fargo & Co.                                           14,800        684
--------------------------------------------------------------------------------
                                                                         1,551
--------------------------------------------------------------------------------
Beverages - 1.5%                                                                
 Coca-Cola (The) Co.                                          9,200        420
 PepsiCo, Inc.                                               14,200        603
--------------------------------------------------------------------------------
                                                                         1,023
--------------------------------------------------------------------------------
Biotechnology - 0.6%                                                            
 Amgen, Inc. *                                                9,000        425
--------------------------------------------------------------------------------
Commercial Services - 4.6%                                                      
 Affiliated Computer Services, Inc., Class A *               16,000        800
 Career Education Corp. *                                    11,000        428
 Caremark Rx, Inc. *                                         16,400        289
 First Health Group Corp. *                                   8,000        191
 Fiserv, Inc. *                                              39,000      1,323
--------------------------------------------------------------------------------
                                                                         3,031
--------------------------------------------------------------------------------
Computers - 2.2%                                                                
 Dell Computer Corp. *                                       12,000        343
 Hewlett-Packard Co.                                         24,100        470
 International Business Machines Corp.                        7,500        653
--------------------------------------------------------------------------------
                                                                         1,466
--------------------------------------------------------------------------------
Cosmetics/Personal Care - 4.4%                                                  
 Alberto-Culver Co., Class B                                 17,400        862
 Avon Products, Inc.                                         24,800      1,274
 Procter & Gamble Co.                                         9,500        798
--------------------------------------------------------------------------------
                                                                         2,934
--------------------------------------------------------------------------------
Diversified Financial Services - 6.1%                                           
 American Express Co.                                        11,100        432
 Citigroup, Inc.                                             17,400        677
 Freddie Mac                                                 11,300        651
 Goldman Sachs Group, Inc.                                    7,500        592
 Merrill Lynch & Co., Inc.                                   19,700        857
 Morgan Stanley                                              19,300        873
--------------------------------------------------------------------------------
                                                                         4,082
--------------------------------------------------------------------------------
Food - 0.7%                                                                     
 Kraft Foods, Inc.,  Class A                                 12,900        485
--------------------------------------------------------------------------------
Forest Products & Paper - 1.4%                                                  
 International Paper Co.                                     24,300        954
--------------------------------------------------------------------------------
Healthcare-Products - 4.6%                                                      
 Baxter International, Inc.                                  30,200        966
 Johnson & Johnson                                           36,300      2,070
--------------------------------------------------------------------------------
                                                                         3,036
--------------------------------------------------------------------------------
Healthcare-Services - 4.6%                                                      
 AmerisourceBergen Corp.                                      9,100        528
 Cardinal Health, Inc.                                        8,200        505
 HCA, Inc.                                                   23,800        956
 Henry Schein, Inc. *                                        11,800        502
 UnitedHealth Group, Inc.                                     5,000        407
 Universal Health Services, Inc., Class B *                   4,400        197
--------------------------------------------------------------------------------
                                                                         3,095
--------------------------------------------------------------------------------
Insurance - 4.3%                                                                
 AFLAC, Inc.                                                 13,900        429
 American International Group, Inc.                          11,375        741
 Everest Re Group Ltd.                                        9,500        550
 Marsh & McLennan Cos., Inc.                                  7,000        330
 MBIA, Inc.                                                  17,300        787
--------------------------------------------------------------------------------
                                                                         2,837
--------------------------------------------------------------------------------
Leisure Time - 0.5%                                                             
 Harley-Davidson, Inc.                                        7,000        340
--------------------------------------------------------------------------------
Media - 2.7%                                                                    
 COX Radio, Inc., Class A *                                   8,900        219
 Gannett Co., Inc.                                            3,300        235
 Viacom, Inc., Class B *                                     22,500      1,058
 Westwood One, Inc. *                                         6,600        257
--------------------------------------------------------------------------------
                                                                         1,769
--------------------------------------------------------------------------------
Mining - 1.5%                                                                   
 Alcoa, Inc.                                                28,600         731
 Barrick Gold Corp.                                         19,500         286
--------------------------------------------------------------------------------
                                                                         1,017
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 5.7%                                              
 3M Co.                                                        9,000     1,169
 Danaher Corp.                                                18,600     1,169
 General Electric Co.                                         42,800     1,159

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 80 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 83rd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 83rd
                                                             NUMBER      VALUE
                                                           OF SHARES    (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 94.1% - (CONTINUED)                                             
Miscellaneous manufacturing - 5.7% - (continued)                                
 SPX Corp. *                                                  6,800       $321
--------------------------------------------------------------------------------
                                                                         3,818
--------------------------------------------------------------------------------
Oil & Gas - 2.2%                                                                
 Burlington Resources, Inc.                                   6,200        261
 ChevronTexaco Corp.                                          8,300        556
 EOG Resources, Inc.                                          7,100        275
 Transocean, Inc. *                                          15,500        377
--------------------------------------------------------------------------------
                                                                         1,469
--------------------------------------------------------------------------------
Oil & Gas Producers - 3.2%                                                      
 Exxon Mobil Corp.                                           27,800        968
 Noble Corp. *                                               15,200        516
 Royal Dutch Petroleum Co. -  New York Shares                15,600        679
--------------------------------------------------------------------------------
                                                                         2,163
--------------------------------------------------------------------------------
Oil & Gas Services - 1.4%                                                       
 BJ Services Co. *                                           12,500        418
 ENSCO International, Inc.                                   18,800        526
--------------------------------------------------------------------------------
                                                                           944
--------------------------------------------------------------------------------
Packaging & Containers - 0.4%                                                   
 Pactiv Corp. *                                              14,000        290
--------------------------------------------------------------------------------
Pharmaceuticals - 6.7%                                                          
 Forest Laboratories, Inc., Class A *                         6,300        676
 Merck & Co., Inc.                                           18,500      1,099
 Pfizer, Inc.                                                55,100      1,738
 Schering-Plough Corp.                                       18,500        419
 Wyeth                                                       14,200        546
--------------------------------------------------------------------------------
                                                                         4,478
--------------------------------------------------------------------------------
Reits - 1.2%                                                                    
 AvalonBay Communities, Inc.                                 12,200        483
 Equity Office Properties Trust                              13,300        342
--------------------------------------------------------------------------------
                                                                           825
--------------------------------------------------------------------------------
Retail - 6.4%                                                                   
 Autozone, Inc. *                                             4,000        327
 Home Depot (The), Inc.                                      20,500        542
 Lowe's Cos., Inc.                                           13,400        556
 Wal-Mart Stores, Inc.                                       35,900      1,944
 Walgreen Co.                                                30,100        866
--------------------------------------------------------------------------------
                                                                         4,235
--------------------------------------------------------------------------------
Semiconductors - 5.7%                                                           
 Analog Devices, Inc. *                                      11,000        337
 Applied Materials, Inc. *                                   13,000        222
 Intel Corp.                                                 74,800      1,562
 Linear Technology Corp.                                     18,300        608
 Teradyne, Inc. *                                            24,200        396
 Texas Instruments, Inc.                                     33,800        680
--------------------------------------------------------------------------------
                                                                         3,805
--------------------------------------------------------------------------------
Software - 4.8%                                                                 
 Electronic Arts, Inc. *                                      2,800        190
 Intuit, Inc. *                                               7,600        410
 Microsoft Corp. *                                           44,500      2,573
--------------------------------------------------------------------------------
                                                                         3,173
--------------------------------------------------------------------------------
Telecommunications - 4.7%                                                       
 BellSouth Corp.                                             15,400        428
 Cisco Systems, Inc. *                                       58,800        877
 Motorola, Inc.                                              14,800        168
 SBC Communications, Inc.                                    26,300        750
 Verizon Communications, Inc.                                21,700        909
                                                                         3,132
--------------------------------------------------------------------------------
Tobacco - 3.7%                                                                  
 Philip Morris Cos., Inc.                                    38,400      1,448
 UST, Inc.                                                   30,700        989
--------------------------------------------------------------------------------
                                                                         2,437
--------------------------------------------------------------------------------
Transportation - 1.5%                                                           
 Expeditors International Washington, Inc.                   30,600      1,024
--------------------------------------------------------------------------------
Total Common Stocks                                                             
--------------------------------------------------------------------------------
(Cost $65,512)                                                           62,838 

OTHER - 1.7%                                                                    
 Nasdaq-100 Index Tracking Stock                             41,800      1,154
--------------------------------------------------------------------------------
Total Other                                                                     
--------------------------------------------------------------------------------
(Cost $1,080)                                                             1,154 

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 81 EQUITY PORTFOLIOS

N-30D 84th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 84th
EQUITY PORTFOLIOS                                                               
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                         
--------------------------------------------------------------------------------
DIVERSIFIED GROWTH PORTFOLIO (continued)                                        

                                                 PRINCIPAL
                                                            AMOUNT     VALUE
                                                             (000S)     (000S)
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.2%                                                   
Societe Generale, Grand Cayman.                                             
Eurodollar Time Deposit,                                                
   1.31%, 12/2/02                                            $2,562     $2,562
U.S. Treasury Bill, /(1)/                                                   
   1.62%, 12/26/02                                              200        200
--------------------------------------------------------------------------------
Total Short-Term Investments                                                    
--------------------------------------------------------------------------------
(Cost $2,762)                                                             2,762 

Total Investments - 100.0%                                                      
--------------------------------------------------------------------------------
(Cost $69,354)                                                           66,754 
 Other Assets less Liabilities - 0.0%                                       14
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                     $66,768 

*    Non-income producing security.                                             

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

At November 30, 2002, the Diversified Growth Portfolio had open futures         
contracts as follows:                                                           

                             NOTIONAL                                 UNREALIZED
           NUMBER OF       AMOUNT       CONTRACT      CONTRACT        GAIN
 TYPE       CONTRACTS       (000S)       POSITION        EXP.         (000S)
--------------------------------------------------------------------------------
S&P 500          7           $1,638         Long         12/02          $173  
================================================================================

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 82 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 85th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 85th
                                                               EQUITY PORTFOLIOS
                                                               NOVEMBER 30, 2002
SCHEDULE OF INVESTMENTS                                                         
EQUITY INDEX PORTFOLIO                                                          

                                                 NUMBER      VALUE
COMMON STOCKS - 91.9%                                 OF SHARES    (000S)       
---------------------------------------------------------------------------     
ADVERTISING - 0.2%                                                              
Interpublic Group of Cos. (The), Inc.                 34,772       $520     
Omnicom Group, Inc.                                   17,059      1,161     
---------------------------------------------------------------------------     
                                                             1,681
---------------------------------------------------------------------------     
AEROSPACE/DEFENSE - 1.4%                                                        
Boeing (The) Co.                                      75,965      2,583     
General Dynamics Corp.                                18,291      1,490     
Goodrich Corp.                                        10,418        192     
Lockheed Martin Corp.                                 41,172      2,149     
Northrop Grumman Corp.                                10,187        987     
Raytheon Co.                                          36,507      1,065     
Rockwell Collins, Inc.                                16,522        354     
United Technologies Corp.                             42,716      2,668     
---------------------------------------------------------------------------     
                                                            11,488
---------------------------------------------------------------------------     
AGRICULTURE - 0.1%                                                              
Monsanto Co.                                          23,605        415     
RJ Reynolds Tobacco Holdings, Inc.                     8,100        313     
---------------------------------------------------------------------------     
                                                               728
---------------------------------------------------------------------------     
AIRLINES - 0.2%                                                                 
AMR Corp. *                                           14,081        109     
Delta Air Lines, Inc.                                 11,137        150     
Southwest Airlines Co.                                69,945      1,161     
---------------------------------------------------------------------------     
                                                             1,420
---------------------------------------------------------------------------     
APPAREL - 0.3%                                                                  
Jones Apparel Group, Inc. *                           11,686        430     
Liz Claiborne, Inc.                                    9,698        312     
NIKE, Inc., Class B                                   24,173      1,082     
Reebok International Ltd. *                            5,424        156     
VF Corp.                                               9,875        374     
---------------------------------------------------------------------------     
                                                             2,354
---------------------------------------------------------------------------     
AUTO MANUFACTURERS - 0.5%                                                       
Ford Motor Co.                                       165,006      1,878     
General Motors Corp.                                  50,704      2,013     
Navistar International Corp. *                         5,441        168     
PACCAR, Inc.                                          10,538        516     
---------------------------------------------------------------------------     
                                                             4,575
---------------------------------------------------------------------------     
AUTO PARTS & EQUIPMENT - 0.2%                                                   
Cooper Tire & Rubber Co.                               6,660        106     
Dana Corp.                                            13,490        182     
Delphi Corp.                                          50,693        431     
Goodyear Tire & Rubber (The) Co.                      15,843        130     
TRW, Inc.                                             11,622        601     
Visteon Corp.                                         11,836         95     
---------------------------------------------------------------------------     
                                                             1,545
---------------------------------------------------------------------------     
BANKS - 5.7%                                                                  
AmSouth Bancorp                                       32,428        618     
Bank of America Corp.                                135,989      9,530     
Bank of New York Co. (The), Inc.                      65,746      1,995     
Bank One Corp.                                       106,222      4,195     
BB&T Corp.                                            43,776      1,663     
Charter One Financial, Inc.                           20,757        625     
Comerica, Inc.                                        15,780        747     
Fifth Third Bancorp                                   52,544      2,943     
First Tennessee National Corp.                        11,407        421     
FleetBoston Financial Corp.                           94,877      2,574     
Huntington Bancshares, Inc.                           21,813        427     
KeyCorp                                               38,598      1,007     
Marshall & Ilsley Corp.                               19,006        540     
Mellon Financial Corp.                                39,348      1,182     
National City Corp.                                   55,356      1,539     
North Fork Bancorporation, Inc.                       14,800        515     
PNC Financial Services Group, Inc.                    25,682      1,084     
Regions Financial Corp.                               20,034        696     
SouthTrust Corp.                                      31,386        820     
State Street Corp.                                    29,379      1,322     
SunTrust Banks, Inc.                                  25,767      1,512     
Synovus Financial Corp.                               26,815        559     
Union Planters Corp.                                  18,108        534     
Wachovia Corp.                                       124,163      4,364     
Wells Fargo & Co.                                    153,802      7,107     
Zions Bancorporation                                   8,270        340     
---------------------------------------------------------------------------     
                                                            48,859
---------------------------------------------------------------------------     
BEVERAGES - 2.7%                                                                
Anheuser-Busch Cos., Inc.                             78,626      3,862     
Brown-Forman Corp., Class B                            6,186        409     
Coca-Cola (The) Co.                                  224,742     10,257     
Coca-Cola Enterprises, Inc.                           40,610        864     
Coors (Adolph) Co., Class B                            3,232        210     
Pepsi Bottling Group, Inc.                            25,787        741     
PepsiCo, Inc.                                        160,461      6,816     
---------------------------------------------------------------------------     
                                                            23,159
---------------------------------------------------------------------------     
BIOTECHNOLOGY - 0.9%                                                            
Amgen, Inc. *                                        115,675      5,460     
Biogen, Inc. *                                        13,415        594     

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 83 EQUITY PORTFOLIOS

N-30D 86th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 86th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         
EQUITY INDEX PORTFOLIO (CONTINUED)                                              

                                                 NUMBER      VALUE
COMMON STOCKS - 91.9% - (CONTINUED)                   OF SHARES    (000S)       
---------------------------------------------------------------------------     
BIOTECHNOLOGY - 0.9% - (CONTINUED)                                              
Chiron Corp. *                                        17,132       $688     
Genzyme Corp. (General Division) *                    19,352        635     
---------------------------------------------------------------------------     
                                                             7,377
---------------------------------------------------------------------------     
BUILDING MATERIALS - 0.2%                                                       
American Standard Cos., Inc. *                         6,455        481     
Masco Corp.                                           44,954        907     
Vulcan Materials Co.                                   9,232        348     
---------------------------------------------------------------------------     
                                                             1,736
---------------------------------------------------------------------------     
CHEMICALS - 1.5%                                                                
Air Products & Chemicals, Inc.                        20,552        909     
Ashland, Inc.                                          6,281        183     
Dow Chemical (The) Co.                                82,394      2,628     
du Pont (E.I.) de Nemours & Co.                       89,962      4,014     
Eastman Chemical Co.                                   7,019        275     
Ecolab, Inc.                                          11,703        581     
Engelhard Corp.                                       11,595        281     
Great Lakes Chemical Corp.                             4,567        115     
Hercules, Inc. *                                       9,895         93     
International Flavors & Fragrances, Inc.               8,561        283     
PPG Industries, Inc.                                  15,313        767     
Praxair, Inc.                                         14,637        864     
Rohm & Haas Co.                                       20,021        708     
Sherwin-Williams (The) Co.                            13,599        392     
Sigma-Aldrich Corp.                                    6,646        334     
---------------------------------------------------------------------------     
                                                            12,427
---------------------------------------------------------------------------     
COMMERCIAL SERVICES - 0.8%                                                      
Apollo Group, Inc., Class A *                         15,711        648     
Cendant Corp. *                                       94,108      1,184     
Concord EFS, Inc. *                                   46,445        697     
Convergys Corp. *                                     15,685        270     
Deluxe Corp.                                           5,698        247     
Donnelley (R.R.) & Sons Co.                           10,281        219     
Equifax, Inc.                                         13,036        317     
H&R Block, Inc.                                       16,368        627     
McKesson Corp.                                        26,213        680     
Moody's Corp.                                         14,101        621     
Paychex, Inc.                                         33,981        992     
Quintiles Transnational Corp. *                       10,650        125     
Robert Half International, Inc. *                     15,886        312     
---------------------------------------------------------------------------     
                                                             6,939
---------------------------------------------------------------------------     
COMPUTERS - 3.9%                                                                
Apple Computer, Inc. *                                32,520        504     
Computer Sciences Corp. *                             15,523        542     
Dell Computer Corp. *                                234,848      6,717     
Electronic Data Systems Corp.                         43,451        806     
EMC Corp. of Massachusetts *                         199,486      1,446     
Gateway, Inc. *                                       29,323        112     
Hewlett-Packard Co.                                  276,263      5,382     
International Business Machines Corp.                153,334     13,355     
Lexmark International, Inc. *                         11,408        754     
NCR Corp. *                                            8,873        245     
Network Appliance, Inc. *                             30,476        423     
Sun Microsystems, Inc. *                             293,894      1,261     
Sungard Data Systems, Inc. *                          25,600        598     
Unisys Corp. *                                        29,229        327     
Veritas Software Corp. *                              37,187        676     
---------------------------------------------------------------------------     
                                                            33,148
---------------------------------------------------------------------------     
COSMETICS/PERSONAL CARE - 2.2%                                                  
Alberto-Culver Co., Class B                            5,228        259     
Avon Products, Inc.                                   21,404      1,099     
Colgate-Palmolive Co.                                 49,067      2,522     
Gillette (The) Co.                                    95,728      2,903     
Kimberly-Clark Corp.                                  46,806      2,355     
Procter & Gamble Co.                                 117,671      9,884     
---------------------------------------------------------------------------     
                                                            19,022
---------------------------------------------------------------------------     
DISTRIBUTION/WHOLESALE - 0.1%                                                   
Genuine Parts Co.                                     15,861        504     
Grainger (W.W.), Inc.                                  8,476        456     
---------------------------------------------------------------------------     
                                                               960
---------------------------------------------------------------------------     
DIVERSIFIED FINANCIAL SERVICES - 7.2%                                           
American Express Co.                                 120,303      4,683     
Bear Stearns Cos. (The),  Inc.                         8,947        573     
Capital One Financial Corp.                           20,101        679     
Citigroup, Inc.                                      458,085     17,810     
Countrywide Financial Corp.                           11,325        558     
Fannie Mae                                            90,043      5,677     
Franklin Resources, Inc.                              23,481        868     
Freddie Mac                                           62,958      3,629     
Goldman Sachs Group, Inc.                             43,600      3,439     
Household International, Inc.                         41,130      1,181     
Lehman Brothers Holdings, Inc.                        22,065      1,355     
MBNA Corp.                                           115,615      2,467     
Merrill Lynch & Co., Inc.                             78,295      3,406     
Morgan (J.P.) Chase & Co.                            180,453      4,542     

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 84 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 87th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 87th
                                                               NOVEMBER 30, 2002

                                                         NUMBER          VALUE
                                                         OF SHARES        (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 91.9% - (CONTINUED)                                             
--------------------------------------------------------------------------------
Diversified Financial Services - 7.2% - (continued)                             
   Morgan Stanley                                          99,207         $4,488
   Price (T. Rowe) Group, Inc.                             11,126            338
   Providian Financial Corp. *                             26,109            159
   SLM Corp.                                               13,976          1,366
   Stilwell Financial, Inc.                                20,167            297
   U.S. Bancorp                                           173,295          3,795
--------------------------------------------------------------------------------
                                                                          61,310
--------------------------------------------------------------------------------
Electric - 2.1%                                                                 
   AES (The) Corp. *                                       49,121            104
   Allegheny Energy, Inc. *                                11,422             79
   Ameren Corp.                                            13,130            543
   American Electric Power Co., Inc.                       30,633            871
   Calpine Corp. *                                         34,111            151
   Centerpoint Energy, Inc.                                27,563            211
   Cinergy Corp.                                           15,139            490
   CMS Energy Corp.                                        13,048            130
   Consolidated Edison, Inc.                               19,310            768
   Constellation Energy Group, Inc.                        14,841            391
   Dominion Resources, Inc. of Virginia                    27,604          1,406
   DTE Energy Co.                                          15,129            671
   Duke Energy Corp.                                       80,347          1,586
   Edison International *                                  29,474            327
   Entergy Corp.                                           20,266            886
   Exelon Corp.                                            29,144          1,463
   FirstEnergy Corp.                                       26,986            855
   FPL Group, Inc.                                         16,491            970
   Mirant Corp. *                                          36,346             76
   NiSource, Inc.                                          22,008            429
   PG&E Corp. *                                            35,638            492
   Pinnacle West Capital Corp.                              7,712            248
   PPL Corp.                                               14,628            487
   Progress Energy, Inc.                                   21,370            898
   Public Service Enterprise Group, Inc.                   20,046            600
   Southern (The) Co.                                      64,126          1,677
   TECO Energy, Inc.                                       15,688            231
   TXU Corp.                                               27,974            431
   Xcel Energy, Inc.                                       35,999            387
--------------------------------------------------------------------------------
                                                                          17,858
--------------------------------------------------------------------------------
Electrical Components & Equipment - 0.3%                                        
   American Power Conversion Corp. *                       17,787            287
   Emerson Electric Co.                                    38,069          1,985
   Molex, Inc.                                             17,544            492
   Power-One, Inc. *                                        7,236             57
--------------------------------------------------------------------------------
                                                                           2,821
--------------------------------------------------------------------------------
Electronics - 0.6%                                                              
   Agilent Technologies, Inc. *                            42,028            816
   Applera Corp. (Applied Biosystems Group)                19,263            421
   Jabil Circuit, Inc. *                                   17,854            383
   Johnson Controls, Inc.                                   7,990            662
   Millipore Corp. *                                        4,383            162
   Parker-Hannifin Corp.                                   10,681            499
   PerkinElmer, Inc.                                       11,300             97
   Sanmina-SCI Corp. *                                     47,473            228
   Solectron Corp. *                                       74,527            344
   Symbol Technologies, Inc.                               20,730            213
   Tektronix, Inc. *                                        8,083            159
   Thermo Electron Corp. *                                 15,110            296
   Thomas & Betts Corp. *                                   5,230             98
   Waters Corp. *                                          11,872            318
--------------------------------------------------------------------------------
                                                                           4,696
--------------------------------------------------------------------------------
Engineering & Construction - 0.0%                                               
   Fluor Corp.                                              7,318            200
   McDermott International, Inc. *                          5,712             19
--------------------------------------------------------------------------------
                                                                             219
--------------------------------------------------------------------------------
Entertainment - 0.1%                                                            
   International Game Technology *                          7,804            602
--------------------------------------------------------------------------------
Environmental Control - 0.2%                                                    
   Allied Waste Industries, Inc. *                         17,800            190
   Waste Management, Inc.                                  55,324          1,379
--------------------------------------------------------------------------------
                                                                           1,569
--------------------------------------------------------------------------------
Food - 1.8%                                                                     
   Albertson's, Inc.                                       36,885            861
   Archer-Daniels-Midland Co.                              58,996            786
   Campbell Soup Co.                                       37,175            898
   ConAgra Foods, Inc.                                     48,623          1,185
   General Mills, Inc.                                     33,295          1,486
   Heinz (H.J.) Co.                                        31,780          1,107
   Hershey Foods Corp.                                     12,366            796
   Kellogg Co.                                             37,162          1,240
   Kroger Co. *                                            71,359          1,122
   Safeway, Inc. *                                         39,970            951
   Sara Lee Corp.                                          71,023          1,657
   SUPERVALU, Inc.                                         12,086            217
   Sysco Corp.                                             60,019          1,766

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 85 EQUITY PORTFOLIOS

N-30D 88th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 88th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

EQUITY INDEX PORTFOLIO (continued)                                              
                                                         NUMBER          VALUE
                                                         OF SHARES        (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 91.9% - (CONTINUED)                                             
--------------------------------------------------------------------------------
Food - 1.8% - (continued)                                                       
   Winn-Dixie Stores, Inc.                                 12,745           $190
   Wrigley (Wm.) Jr. Co.                                   20,354          1,095
--------------------------------------------------------------------------------
                                                                          15,357
--------------------------------------------------------------------------------
Forest Products & Paper - 0.5%                                                  
   Boise Cascade Corp.                                      5,232            142
   Georgia-Pacific Corp.                                   20,861            433
   International Paper Co.                                 43,652          1,713
   Louisiana-Pacific Corp. *                                9,419             84
   MeadWestvaco Corp.                                      18,053            452
   Plum Creek Timber Co., Inc.                             16,750            408
   Temple-Inland, Inc.                                      4,855            238
   Weyerhaeuser Co.                                        19,784          1,041
--------------------------------------------------------------------------------
                                                                           4,511
--------------------------------------------------------------------------------
Gas - 0.1%                                                                      
   KeySpan Corp.                                           12,850            453
   NICOR, Inc.                                              3,995            126
   Peoples Energy Corp.                                     3,235            116
   Sempra Energy                                           18,546            430
--------------------------------------------------------------------------------
                                                                           1,125
--------------------------------------------------------------------------------
Hand/Machine Tools - 0.1%                                                       
   Black & Decker Corp.                                     7,329            315
   Snap-On, Inc.                                            5,330            159
   Stanley Works (The)                                      7,706            277
--------------------------------------------------------------------------------
                                                                             751
--------------------------------------------------------------------------------
Healthcare-Products - 3.4%                                                      
   Bard (C.R.), Inc.                                        4,655            258
   Bausch & Lomb, Inc.                                      4,849            183
   Baxter International, Inc.                              54,586          1,746
   Becton, Dickinson & Co.                                 23,214            689
   Biomet, Inc.                                            23,800            655
   Boston Scientific Corp. *                               36,868          1,549
   Guidant Corp. *                                         27,714            830
   Johnson & Johnson                                      269,364         15,359
   Medtronic, Inc.                                        109,859          5,136
   St. Jude Medical, Inc. *                                16,007            557
   Stryker Corp.                                           17,916          1,108
   Zimmer Holdings, Inc. *                                 17,598            662
--------------------------------------------------------------------------------
                                                                          28,732
--------------------------------------------------------------------------------
Healthcare-Services - 0.9%                                                      
   Aetna, Inc.                                             13,577            513
   Anthem, Inc. *                                          12,800            758
   HCA, Inc.                                               46,900          1,884
   Health Management Associates, Inc., Class A             21,622            379
   HEALTHSOUTH Corp. *                                     35,884            146
   Humana, Inc. *                                          15,325            160
   Manor Care, Inc. *                                       8,906            173
   Tenet Healthcare Corp. *                                44,254            817
   UnitedHealth Group, Inc.                                27,482          2,238
   WellPoint Health Networks, Inc. *                       13,157            866
--------------------------------------------------------------------------------
                                                                           7,934
--------------------------------------------------------------------------------
Home Builders - 0.1%                                                            
   Centex Corp.                                             5,621            283
   KB HOME                                                  4,466            199
   Pulte Homes, Inc.                                        5,511            259
--------------------------------------------------------------------------------
                                                                             741
--------------------------------------------------------------------------------
Home Furnishings - 0.1%                                                         
   Leggett & Platt, Inc.                                   17,675            422
   Maytag Corp.                                             7,040            217
   Whirlpool Corp.                                          6,187            333
--------------------------------------------------------------------------------
                                                                             972
--------------------------------------------------------------------------------
Household Products/Wares - 0.3%                                                 
   American Greetings Corp., Class A *                      5,990             97
   Avery Dennison Corp.                                     9,896            638
   Clorox Co.                                              20,839            914
   Fortune Brands, Inc.                                    13,591            663
   Tupperware Corp.                                         5,228             89
--------------------------------------------------------------------------------
                                                                           2,401
--------------------------------------------------------------------------------
Housewares - 0.1%                                                               
   Newell Rubbermaid, Inc.                                 24,144            766
--------------------------------------------------------------------------------
Insurance - 4.7%                                                                
   ACE Ltd.                                                23,714            809
   AFLAC, Inc.                                             46,807          1,444
   Allstate (The) Corp.                                    63,844          2,492
   Ambac Financial Group, Inc.                              9,616            601
   American International Group, Inc.                     236,363         15,399
   Aon Corp.                                               27,554            503
   Chubb (The) Corp.                                       15,503            908
   CIGNA Corp.                                             12,660            551
   Cincinnati Financial Corp.                              14,638            563
   Hartford Financial Services Group, Inc.                 22,436          1,101
   Jefferson-Pilot Corp.                                   13,408            511
   John Hancock Financial Services, Inc.                   26,241            802
   Lincoln National Corp.                                  16,629            584

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 86 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 89th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 89th
                                                               NOVEMBER 30, 2002

                                                         NUMBER          VALUE
                                                         OF SHARES        (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 91.9% - (CONTINUED)                                             
--------------------------------------------------------------------------------
Insurance - 4.7% - (continued)                                                  
   Loews Corp.                                             16,817           $681
   Marsh & McLennan Cos., Inc.                             48,491          2,289
   MBIA, Inc.                                              13,275            604
   Metlife, Inc.                                           63,568          1,706
   MGIC Investment Corp.                                    9,308            434
   Principal Financial Group                               31,400            911
   Progressive (The) Corp.                                 19,680          1,115
   Prudential Financial, Inc.                              52,500          1,579
   SAFECO Corp.                                            12,403            449
   St. Paul Cos. (The), Inc.                               20,467            762
   Torchmark Corp.                                         10,738            399
   Travelers Property Casualty Corp., Class B *            90,565          1,449
   UnumProvident Corp.                                     21,885            373
   XL Capital Ltd., Class A                                12,275          1,016
--------------------------------------------------------------------------------
                                                                          40,035
--------------------------------------------------------------------------------
Internet - 0.5%                                                                 
   eBay, Inc. *                                            27,700          1,909
   Schwab (The Charles) Corp.                             123,524          1,425
   TMP Worldwide, Inc. *                                   10,074            147
   Yahoo!, Inc. *                                          54,343            993
--------------------------------------------------------------------------------
                                                                           4,474
--------------------------------------------------------------------------------
Iron/Steel - 0.1%                                                               
   Allegheny Technologies, Inc.                             7,333             52
   Nucor Corp.                                              7,034            353
   United States Steel Corp.                                9,225            134
--------------------------------------------------------------------------------
                                                                             539
--------------------------------------------------------------------------------
Leisure Time - 0.4%                                                             
   Brunswick Corp.                                          8,165            172
   Carnival Corp.                                          53,082          1,489
   Harley-Davidson, Inc.                                   27,322          1,326
   Sabre Holdings Corp. *                                  13,069            284
--------------------------------------------------------------------------------
                                                                           3,271
--------------------------------------------------------------------------------
Lodging - 0.2%                                                                  
   Harrah's Entertainment, Inc. *                          10,065            403
   Hilton Hotels Corp.                                     34,067            466
   Marriott International, Inc., Class A                   21,889            783
   Starwood Hotels & Resorts Worldwide, Inc.               18,087            458
--------------------------------------------------------------------------------
                                                                           2,110
--------------------------------------------------------------------------------
Machinery - Construction & Mining - 0.2%                                        
   Caterpillar, Inc.                                       31,185          1,556
--------------------------------------------------------------------------------
Machinery - Diversified - 0.3%                                                  
   Cummins, Inc.                                            3,709            117
   Deere & Co.                                             21,602          1,105
   Dover Corp.                                             18,360            573
   Rockwell Automation, Inc.                               16,845            354
--------------------------------------------------------------------------------
                                                                           2,149
--------------------------------------------------------------------------------
Media - 3.7%                                                                    
   AOL Time Warner, Inc. *                                404,034          6,614
   Clear Channel Communications, Inc. *                    55,424          2,409
   Comcast Corp., Class A *                               207,531          4,865
   Disney (The Walt) Co.                                  184,700          3,661
   Dow Jones & Co., Inc.                                    7,609            315
   Gannett Co., Inc.                                       24,166          1,722
   Knight-Ridder, Inc.                                      7,512            471
   McGraw-Hill Cos. (The), Inc.                            17,514          1,038
   Meredith Corp.                                           4,471            195
   New York Times Co., Class A                             13,711            659
   Tribune Co.                                             27,304          1,251
   Univision Communications, Inc., Class A *               20,704            665
   Viacom, Inc., Class B *                                159,697          7,507
--------------------------------------------------------------------------------
                                                                          31,372
--------------------------------------------------------------------------------
Metal Fabrication/Hardware - 0.0%                                               
   Worthington Industries, Inc.                             7,767            137
--------------------------------------------------------------------------------
Mining - 0.4%                                                                   
   Alcoa, Inc.                                             76,443          1,953
   Freeport-McMoRan Copper & Gold, Inc., Class B *         13,122            203
   Newmont Mining Corp. (Holding Co.)                      36,325            850
   Phelps Dodge Corp. *                                     8,033            253
--------------------------------------------------------------------------------
                                                                           3,259
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 4.8%                                              
   3M Co.                                                  35,314          4,586
   Cooper Industries Ltd., Class A                          8,460            322
   Crane Co.                                                5,420            111
   Danaher Corp.                                           13,686            860
   Eastman Kodak Co.                                       26,419            975
   Eaton Corp.                                              6,371            483
   General Electric Co.                                   900,572         24,405
   Honeywell International, Inc.                           74,186          1,919
   Illinois Tool Works, Inc.                               27,690          1,883
   Ingersoll-Rand Co., Class A                             15,362            710
   ITT Industries, Inc.                                     8,270            499
   Pall Corp.                                              11,091            212
   Textron, Inc.                                           12,547            541

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 87 EQUITY PORTFOLIOS

N-30D 90th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 90th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

EQUITY INDEX PORTFOLIO (CONTINUED)                                              

                                                         NUMBER          VALUE
                                                         OF SHARES        (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 91.9% - (CONTINUED)                                             
--------------------------------------------------------------------------------
Miscellaneous Manufacturing - 4.8% - (continued)                                
   Tyco International Ltd.                                180,615         $3,222
--------------------------------------------------------------------------------
                                                                          40,728
--------------------------------------------------------------------------------
Office/Business Equipment - 0.2%                                                
   Pitney Bowes, Inc.                                      21,612            763
   Xerox Corp. *                                           66,043            576
--------------------------------------------------------------------------------
                                                                           1,339
--------------------------------------------------------------------------------
Oil & Gas - 1.2%                                                                
   ChevronTexaco Corp.                                     96,645          6,478
   ConocoPhillips                                          61,268          2,929
   Marathon Oil Corp.                                      28,075            562
   Nabors Industries Ltd. *                                13,072            463
--------------------------------------------------------------------------------
                                                                          10,432
--------------------------------------------------------------------------------
Oil & Gas Producers - 3.4%                                                      
   Amerada Hess Corp.                                       8,088            453
   Anadarko Petroleum Corp.                                22,501          1,062
   Apache Corp.                                            13,053            703
   Burlington Resources, Inc.                              18,241            768
   Devon Energy Corp.                                      14,171            649
   EOG Resources, Inc.                                     10,469            406
   Exxon Mobil Corp.                                      611,695         21,287
   Kerr-McGee Corp.                                         9,052            409
   Noble Corp. *                                           12,100            411
   Occidental Petroleum Corp.                              34,062            949
   Rowan Cos., Inc. *                                       8,484            181
   Sunoco, Inc.                                             6,952            206
   Transocean, Inc. *                                      28,880            702
   Unocal Corp.                                            23,378            693
--------------------------------------------------------------------------------
                                                                          28,879
--------------------------------------------------------------------------------
Oil & Gas Services - 0.5%                                                       
   Baker Hughes, Inc.                                      30,530            999
   BJ Services Co. *                                       14,194            475
   Halliburton Co.                                         39,495            829
   Schlumberger Ltd.                                       52,263          2,313
--------------------------------------------------------------------------------
                                                                           4,616
--------------------------------------------------------------------------------
Packaging & Containers - 0.1%                                                   
   Ball Corp.                                               5,141            255
   Bemis Co., Inc.                                          4,758            246
   Pactiv Corp. *                                          14,358            297
   Sealed Air Corp. *                                       7,620            288
--------------------------------------------------------------------------------
                                                                           1,086
--------------------------------------------------------------------------------
Pharmaceuticals - 7.9%                                                          
   Abbott Laboratories                                    141,412          6,191
   Allergan, Inc.                                          11,725            689
   AmerisourceBergen Corp.                                  9,538            554
   Bristol-Myers Squibb Co.                               175,325          4,646
   Cardinal Health, Inc.                                   40,900          2,517
   Forest Laboratories, Inc. *                             16,287          1,748
   King Pharmaceuticals, Inc. *                            22,093            419
   Lilly (Eli) & Co.                                      101,655          6,943
   Medimmune, Inc. *                                       22,726            600
   Merck & Co., Inc.                                      203,643         12,099
   Pfizer, Inc.                                           560,248         17,670
   Pharmacia Corp.                                        116,766          4,939
   Schering-Plough Corp.                                  132,731          3,008
   Watson Pharmaceuticals, Inc. *                           9,675            290
   Wyeth                                                  119,916          4,608
--------------------------------------------------------------------------------
                                                                          66,921
--------------------------------------------------------------------------------
Pipelines - 0.1%                                                                
   Dynegy, Inc., Class A                                   33,452             39
   El Paso Corp.                                           52,975            452
   Kinder Morgan, Inc.                                     11,042            453
   Williams Cos. (The), Inc.                               46,754            124
--------------------------------------------------------------------------------
                                                                           1,068
--------------------------------------------------------------------------------
Reits - 0.3%                                                                    
   Equity Office Properties Trust                          37,864            973
   Equity Residential                                      24,925            651
   Simon Property Group, Inc.                              16,744            565
--------------------------------------------------------------------------------
                                                                           2,189
--------------------------------------------------------------------------------
Retail - 6.6%                                                                   
   Autozone, Inc. *                                         8,920            729
   Bed Bath & Beyond, Inc. *                               26,479            919
   Best Buy Co., Inc. *                                    29,104            806
   Big Lots, Inc. *                                        10,455            133
   Circuit City Stores, Inc. (Circuit City Group)          19,050            184
   Costco Wholesale Corp. *                                41,180          1,330
   CVS Corp.                                               35,488            954
   Darden Restaurants, Inc.                                15,457            334
   Dillard's, Inc., Class A                                 7,627            147
   Dollar General Corp.                                    30,120            398
   Family Dollar Stores, Inc.                              15,704            463
   Federated Department Stores, Inc. *                     18,202            595
   Gap (The), Inc.                                         78,761          1,251
   Home Depot (The), Inc.                                 213,299          5,635

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 88 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 91st “Page” of 244 TOC 1st Previous Next ↓Bottom Just 91st
                                                               NOVEMBER 30, 2002

                                                         NUMBER          VALUE
                                                         OF SHARES        (000S)
--------------------------------------------------------------------------------
COMMON STOCKS - 91.9% - (CONTINUED)                                             
--------------------------------------------------------------------------------
Retail - 6.6% - (continued)                                                     
   Kohl's Corp. *                                          30,501         $2,089
   Limited Brands                                          47,144            802
   Lowe's Cos., Inc.                                       70,454          2,924
   May Department Stores (The) Co.                         26,088            638
   McDonald's Corp.                                       115,404          2,135
   Nordstrom, Inc.                                         12,182            244
   Office Depot, Inc. *                                    27,995            496
   Penney (J.C.) Co., Inc. (Holding Co.)                   24,190            574
   RadioShack Corp.                                        15,523            369
   Sears, Roebuck & Co.                                    28,550            791
   Staples, Inc. *                                         42,319            817
   Starbucks Corp. *                                       35,109            763
   Target Corp.                                            82,160          2,857
   Tiffany & Co.                                           13,229            375
   TJX Cos., Inc.                                          48,840            956
   Toys "R" Us, Inc. *                                     19,221            262
   Wal-Mart Stores, Inc.                                  402,621         21,806
   Walgreen Co.                                            92,725          2,670
   Wendy's International, Inc.                             10,453            292
   Yum! Brands, Inc. *                                     26,868            642
--------------------------------------------------------------------------------
                                                                          56,380
--------------------------------------------------------------------------------
Savings & Loans - 0.5%                                                          
   Golden West Financial Corp.                             13,980            967
   Washington Mutual, Inc.                                 87,617          3,153
--------------------------------------------------------------------------------
                                                                           4,120
--------------------------------------------------------------------------------
Semiconductors - 3.2%                                                           
   Advanced Micro Devices, Inc. *                          31,035            264
   Altera Corp. *                                          34,526            502
   Analog Devices, Inc. *                                  33,112          1,016
   Applied Materials, Inc. *                              148,890          2,539
   Applied Micro Circuits Corp. *                          27,279            124
   Broadcom Corp., Class A *                               24,784            485
   Intel Corp.                                            603,311         12,597
   KLA-Tencor Corp. *                                      17,074            754
   Linear Technology Corp.                                 28,736            955
   LSI Logic Corp. *                                       33,694            279
   Maxim Integrated Products, Inc.                         29,277          1,232
   Micron Technology, Inc. *                               54,612            864
   National Semiconductor Corp. *                          16,407            333
   Novellus Systems, Inc. *                                13,151            477
   NVIDIA Corp. *                                          13,861            238
   PMC - Sierra, Inc. *                                    15,175            124
   QLogic Corp. *                                           8,408            365
   Teradyne, Inc. *                                        16,553            271
   Texas Instruments, Inc.                                156,896          3,155
   Xilinx, Inc. *                                          30,589            754
--------------------------------------------------------------------------------
                                                                          27,328
--------------------------------------------------------------------------------
Software - 5.4%                                                                 
   Adobe Systems, Inc.                                     21,719            641
   Autodesk, Inc.                                          10,394            161
   Automatic Data Processing, Inc.                         56,151          2,441
   BMC Software, Inc. *                                    21,809            390
   Citrix Systems, Inc. *                                  15,875            186
   Computer Associates International, Inc.                 52,266            790
   Compuware Corp. *                                       34,026            186
   Electronic Arts, Inc. *                                 12,600            855
   First Data Corp.                                        68,534          2,374
   Fiserv, Inc. *                                          17,387            590
   IMS Health, Inc.                                        25,682            426
   Intuit, Inc. *                                          19,168          1,034
   Mercury Interactive Corp. *                              7,644            256
   Microsoft Corp. *                                      490,186         28,343
   Novell, Inc. *                                          32,938            118
   Oracle Corp. *                                         491,772          5,975
   Parametric Technology Corp. *                           23,670             73
   PeopleSoft, Inc. *                                      28,236            555
   Rational Software Corp. *                               17,504            162
   Siebel Systems, Inc. *                                  43,228            368
--------------------------------------------------------------------------------
                                                                          45,924
--------------------------------------------------------------------------------
Telecommunications - 6.0%                                                       
   ADC Telecommunications, Inc. *                          72,067            156
   Alltel Corp.                                            28,111          1,548
   Andrew Corp. *                                           8,881            100
   AT&T Corp.                                              69,573          1,951
   AT&T Wireless Services, Inc. *                         245,092          1,851
   Avaya, Inc. *                                           32,732             95
   BellSouth Corp.                                        169,428          4,710
   CenturyTel, Inc.                                        12,863            397
   CIENA Corp. *                                           39,093            260
   Cisco Systems, Inc. *                                  662,278          9,881
   Citizens Communications Co. *                           25,582            252
   Comverse Technology, Inc. *                             16,921            205
   Corning, Inc. *                                        103,923            460
   JDS Uniphase Corp. *                                   123,262            420

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 89 EQUITY PORTFOLIOS

N-30D 92nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 92nd
EQUITY PORTFOLIOS                                                               
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                        NOVEMBER 30, 2002
--------------------------------------------------------------------------------
EQUITY INDEX PORTFOLIO (continued)                                              

                                                                [Download Table]

                                                          NUMBER          VALUE 
                                                         OF SHARES        (000S)
--------------------------------------------------------------------------------
                                                                                
COMMON STOCKS - 91.9% - (CONTINUED)                                             
--------------------------------------------------------------------------------
Telecommunications - 6.0% - (continued)                                         
   Lucent Technologies, Inc. *                             310,737          $544
   Motorola, Inc.                                          208,071         2,368
   Nextel Communications, Inc., Class A *                   82,424         1,133
   QUALCOMM, Inc. *                                         70,371         2,901
   Qwest Communications International, Inc. *              151,798           735
   SBC Communications, Inc.                                300,975         8,578
   Scientific-Atlanta, Inc.                                 14,175           193
   Sprint Corp. (FON Group)                                 80,788         1,178
   Sprint Corp. (PCS Group) *                               90,249           520
   Tellabs, Inc. *                                          37,213           330
   Verizon Communications, Inc.                            246,993        10,344
--------------------------------------------------------------------------------
                                                                          51,110
--------------------------------------------------------------------------------
Textiles - 0.1%                                                                 
   Cintas Corp.                                             15,420           778
--------------------------------------------------------------------------------
Tobacco - 0.9%                                                                  
   Philip Morris Cos., Inc.                                191,315         7,216
   UST, Inc.                                                15,313           493
--------------------------------------------------------------------------------
                                                                           7,709
--------------------------------------------------------------------------------
Toys, Games & Hobbies - 0.1%                                                    
   Hasbro, Inc.                                             15,715           202
   Mattel, Inc.                                             39,583           816
--------------------------------------------------------------------------------
                                                                           1,018
--------------------------------------------------------------------------------
Transportation - 1.3%                                                           
   Burlington Northern Santa Fe Corp.                       34,426           872
   CSX Corp.                                                19,310           534
   FedEx Corp.                                              26,980         1,418
   Norfolk Southern Corp.                                   35,162           694
   Union Pacific Corp.                                      22,831         1,322
   United Parcel Service, Inc., Class B                    101,100         6,406
--------------------------------------------------------------------------------
                                                                          11,246
--------------------------------------------------------------------------------
Trucking & Leasing - 0.0%                                                       
   Ryder System, Inc.                                        5,619           129
--------------------------------------------------------------------------------
Total Common Stocks                                                             
--------------------------------------------------------------------------------
(Cost $814,861)                                                          781,685

                                                                [Download Table]

                                                         PRINCIPAL              
                                                          AMOUNT           VALUE
                                                          (000S)          (000S)
--------------------------------------------------------------------------------
                                                                                
SHORT-TERM INVESTMENTS - 3.3%                                                   
    Societe Generale, Grand Cayman,                                             
     Eurodollar Time Deposit,                                                   
     1.31%, 12/2/02                                        $24,581       $24,581
    U.S. Treasury Bill, /(1)/                                                   
     1.66%, 1/16/03                                          3,150         3,145
--------------------------------------------------------------------------------
Total Short-Term Investments                                                    
--------------------------------------------------------------------------------
(Cost $27,726)                                                            27,726

--------------------------------------------------------------------------------
Total Investments - 95.2%                                                       
--------------------------------------------------------------------------------
(Cost $842,587)                                                          809,411
    Other Assets less Liabilities - 4.8%                                  41,161
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                     $850,572

*    Non-Income Producing Security                                              

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

At November 30, 2002 the Equity Index Portfolio had open futures contracts as   
follows:                                                                        

---------------------------------------------------------------                 
    NOTIONAL                        UNREALIZED
NUMBER OF    AMOUNT    CONTRACT   CONTRACT     GAIN           
TYPE     CONTRACTS    (000S)    POSITION     EXP.      (000S)                   
---------------------------------------------------------------                 
S&P 500     120      $28,080      Long      12/02      $2,026                   
===============================================================                 

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 90 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 93rd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 93rd
BALANCED PORTFOLIO                                                              

                                                                [Download Table]


---------------------------------------------------------------------------
                                                  NUMBER          VALUE    
                                                 OF SHARES        (000S)   
---------------------------------------------------------------------------
                                                                           
COMMON STOCKS - 47.3%                                                      
ADVERTISING - 0.7%                                                         
 Lamar Advertising Co. *                           18,400          $628    
---------------------------------------------------------------------------
AEROSPACE/DEFENSE - 1.2%                                                   
 General Dynamics Corp.                            11,100           904    
 Lockheed Martin Corp.                              3,200           167    
---------------------------------------------------------------------------
                                                                  1,071    
---------------------------------------------------------------------------
AIRLINES - 0.6%                                                            
 Southwest Airlines Co.                            30,200           501    
---------------------------------------------------------------------------
BANKS - 1.2%                                                               
 Fifth Third Bancorp                                3,700           207    
 U.S. Bancorp                                      20,000           438    
 Wells Fargo & Co.                                 10,100           467    
---------------------------------------------------------------------------
                                                                  1,112    
---------------------------------------------------------------------------
BEVERAGES - 0.8%                                                           
 Coca-Cola (The) Co.                                6,600           301    
 PepsiCo, Inc.                                     10,100           429    
---------------------------------------------------------------------------
                                                                    730    
---------------------------------------------------------------------------
BIOTECHNOLOGY - 0.3%                                                       
 Amgen, Inc. *                                      6,400           302    
---------------------------------------------------------------------------
COMMERCIAL SERVICES - 1.8%                                                 
 Career Education Corp. *                           9,000           350    
 Caremark Rx, Inc. *                               11,500           203    
 First Health Group Corp. *                         6,500           155    
 Fiserv, Inc. *                                    25,900           879    
---------------------------------------------------------------------------
                                                                  1,587    
---------------------------------------------------------------------------
COMPUTERS - 2.4%                                                           
 Affiliated Computer Services, Inc., Class A *     21,600         1,080    
 Dell Computer Corp. *                              9,000           257    
 Hewlett-Packard Co.                               16,100           314    
 International Business Machines Corp.              5,500           479    
---------------------------------------------------------------------------
                                                                  2,130    
---------------------------------------------------------------------------
COSMETICS/PERSONAL CARE - 2.5%                                             
 Alberto-Culver Co., Class B                       13,500           669    
 Avon Products, Inc.                               18,200           934    
 Procter & Gamble Co.                               7,200           605    
---------------------------------------------------------------------------
                                                                  2,208    
---------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 3.1%                                      
 American Express Co.                               8,000           311    
 Citigroup, Inc.                                   12,900           502    
 Freddie Mac                                        7,700           444    
 Goldman Sachs Group, Inc.                          5,000           394    
 Merrill Lynch & Co., Inc.                         12,500           544    
 Morgan Stanley                                    12,100           547    
---------------------------------------------------------------------------
                                                                  2,742    
---------------------------------------------------------------------------
FOOD - 0.4%                                                                
 Kraft Foods, Inc.,  Class A                       10,200           383    
---------------------------------------------------------------------------
FOREST PRODUCTS & PAPER - 0.6%                                             
 International Paper Co.                           14,800           581    
---------------------------------------------------------------------------
HEALTHCARE-PRODUCTS - 2.3%                                                 
 Baxter International, Inc.                        21,000           672    
 Johnson & Johnson                                 24,100         1,374    
---------------------------------------------------------------------------
                                                                  2,046    
---------------------------------------------------------------------------
HEALTHCARE-SERVICES - 2.6%                                                 
 AmerisourceBergen Corp.                            6,800           395    
 Cardinal Health, Inc.                              6,100           375    
 HCA, Inc.                                         17,200           691    
 Henry Schein, Inc. *                               8,000           340    
 UnitedHealth Group, Inc.                           4,300           350    
 Universal Health Services, Inc., Class B *         3,500           157    
---------------------------------------------------------------------------
                                                                  2,308    
---------------------------------------------------------------------------
INSURANCE - 2.2%                                                           
 AFLAC, Inc.                                        8,600           265    
 American International Group, Inc.                 7,450           485    
 Everest Re Group Ltd.                              6,000           347    
 Marsh & McLennan Cos., Inc.                        5,900           279    
 MBIA, Inc.                                        13,400           610    
---------------------------------------------------------------------------
                                                                  1,986    
---------------------------------------------------------------------------
LEISURE TIME - 0.3%                                                        
 Harley-Davidson, Inc.                              5,400           262    
---------------------------------------------------------------------------
MEDIA - 1.5%                                                               
 COX Radio, Inc., Class A *                         5,800           143    
 Gannett Co., Inc.                                  2,700           192    
 Viacom, Inc., Class B *                           18,200           856    
 Westwood One, Inc. *                               4,100           159    
---------------------------------------------------------------------------
                                                                  1,350    
---------------------------------------------------------------------------
MINING - 0.7%                                                              
 Alcoa, Inc.                                       17,700           452    
 Barrick Gold Corp.                                12,800           188    
---------------------------------------------------------------------------
                                                                    640    
---------------------------------------------------------------------------
MISCELLANEOUS MANUFACTURING - 2.9%                                         
 3M Co.                                             6,000           779    
 Danaher Corp.                                     13,300           836    
 General Electric Co.                              27,800           753    

See Notes to the Financial Statements.                                          

                 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 91 EQUITY PORTFOLIOS

N-30D 94th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 94th
                                                                [Download Table]


EQUITY PORTFOLIOS                                                                   

SCHEDULE OF INVESTMENTS                                                             

BALANCED PORTFOLIOS (continued)                                                     

                                                                  NUMBER     VALUE  
                                                                OF SHARES    (000S) 
         COMMON STOCKS - 47.3% - (CONTINUED)                                        
         MISCELLANEOUS MANUFACTURING - 2.9% - (CONTINUED)                           
                                                                                    
          SPX Corp.*                                              5,200      $246   
         ---------------------------------------------------------------------------
                                                                            2,614   
         ---------------------------------------------------------------------------
         OIL & GAS PRODUCERS - 2.5%                                                 
          Burlington Resources, Inc.                              5,100       215   
          ChevronTexaco Corp.                                     5,900       395   
          EOG Resources, Inc.                                     5,500       213   
          Exxon Mobil Corp.                                      17,000       592   
          Noble Corp. *                                          10,700       363   
          Royal Dutch Petroleum Co. - New York Shares            10,600       462   
         ---------------------------------------------------------------------------
                                                                            2,240   
         ---------------------------------------------------------------------------
         OIL & GAS SERVICES - 0.9%                                                  
          BJ Services Co.*                                        8,900       298   
          ENSCO International, Inc.                               8,800       246   
          Transocean, Inc.*                                       9,100       221   
         ---------------------------------------------------------------------------
                                                                              765   
         ---------------------------------------------------------------------------
         PACKAGING & CONTAINERS - 0.2%                                              
          Pactiv Corp.*                                          10,700       222   
         ---------------------------------------------------------------------------
         PHARMACEUTICALS - 3.3%                                                     
          Forest Laboratories, Inc.*                              4,900       526   
          Merck & Co., Inc.                                      13,500       802   
          Pfizer, Inc.                                           28,300       893   
          Schering-Plough Corp.                                  13,500       306   
          Wyeth                                                  11,500       442   
         ---------------------------------------------------------------------------
                                                                            2,969   
         ---------------------------------------------------------------------------
         REITS - 0.7%                                                               
          AvalonBay Communities, Inc.                             9,100       361   
          Equity Office Properties Trust                         10,000       257   
         ---------------------------------------------------------------------------
                                                                              618   
         ---------------------------------------------------------------------------
         RETAIL - 2.7%                                                              
          Autozone, Inc.*                                         3,200       262   
          Home Depot (The), Inc.                                 13,800       365   
          Lowe's Cos., Inc.                                       9,500       394   
          Wal-Mart Stores, Inc.                                  18,100       980   
          Walgreen Co.                                           14,800       426   
         ---------------------------------------------------------------------------
                                                                            2,427   
         ---------------------------------------------------------------------------
         SEMICONDUCTORS - 2.7%                                                      
          Analog Devices, Inc.*                                   7,900       242   
          Applied Materials, Inc.*                               10,500       179   
          Intel Corp.                                            43,900       917   
          Linear Technology Corp.                                11,500       382   
          Teradyne, Inc.*                                        17,000       279   
          Texas Instruments, Inc.                                21,700       436   
         ---------------------------------------------------------------------------
                                                                            2,435   
         ---------------------------------------------------------------------------
         SOFTWARE - 1.7%                                                            
          Electronic Arts, Inc.*                                  2,200       149   
          Intuit, Inc.*                                           5,900       318   
          Microsoft Corp.*                                       18,200     1,053   
         ---------------------------------------------------------------------------
                                                                            1,520   
         ---------------------------------------------------------------------------
         TELECOMMUNICATIONS - 1.8%                                                  
          BellSouth Corp.                                         8,700       242   
          Cisco Systems, Inc.*                                   25,700       383   
          Motorola, Inc.                                         11,700       133   
          SBC Communications, Inc.                               12,900       368   
          Verizon Communications, Inc.                           10,700       448   
         ---------------------------------------------------------------------------
                                                                            1,574   
         ---------------------------------------------------------------------------
         TOBACCO - 1.9%                                                             
          Philip Morris Cos., Inc.                               25,500       962   
          UST, Inc.                                              23,400       753   
         ---------------------------------------------------------------------------
                                                                            1,715   
         ---------------------------------------------------------------------------
         TRANSPORTATION - 0.8%                                                      
          Expeditors International Washington, Inc.              22,500       753   
         ---------------------------------------------------------------------------
         TOTAL COMMON STOCKS                                                        
         ---------------------------------------------------------------------------
         (COST $44,093)                                                    42,419   
         CONVERTIBLE PREFERRED STOCK - 0.7%                                         
         AGENCY - 0.7%                                                              
          Home Ownership Funding Corp.,/(1)/                      1,000       640   
         ---------------------------------------------------------------------------
         TOTAL CONVERTIBLE PREFERRED STOCK                                          
         ---------------------------------------------------------------------------
         (COST $1,000)                                                        640   

                                                                 PRINCIPAL          
                                                                  AMOUNT     VALUE  
                                                                  (000S)     (000S) 
         ASSET-BACKED SECURITIES - 4.5%                                             
          Advanta Mortgage Loan Trust, Series 2000-1, Class A4,                     
           8.61%, 3/25/28                                          $130       144   
          Capital Auto Receivables Asset Trust, Series 2002-3,                      
           Class A2A,                                                               
           3.05%, 9/15/05                                           125       126   
          Capital Auto Receivables Asset Trust, Series 2002-4,                      
           Class A4,                                                                
           2.64%, 3/17/08                                           185       185   


See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 92 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 95th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 95th
                                                               NOVEMBER 30, 2002

                                             PRINCIPAL
                                                          AMOUNT         VALUE
                                                           (000S)         (000S)
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 4.5% - (CONTINUED)                                    
--------------------------------------------------------------------------------
Chase Funding Mortgage Loan Asset-Backed                                    
Certificates, Series 2002-2, Class 1A1,                                 
   2.81%, 6/25/16                                          $138           $139
Chase Manhattan Bank-First Union National Bank,                             
Series 1999-1, Class A2,                                                
   7.44%, 8/15/31                                           175            201
Citibank Credit Card Issuance Trust, Series 2001-A8,                        
Class A8,                                                               
   4.10%, 12/7/06                                           100            103
Citibank Credit Card Issuance Trust, Series 2002-A3,                        
Class A3,                                                               
   4.40%, 5/15/07                                           250            260
Commercial Mortgage Asset Trust, Series 1999-C1,                            
Class A3,                                                               
   6.64%, 1/17/32                                           245            272
Daimler Chrysler Auto Trust, Series 2002-B, Class A3,                       
   2.93%, 6/6/06                                            225            227
Daimler Chrysler Auto Trust, Series 2002-C, Class A4,                       
   3.09%, 1/8/08                                            175            174
Distribution Financial Services Trust, Series 1999-3,                       
Class A4,                                                               
   6.65%, 3/15/11                                           240            245
First Nationwide Trust, Series 2001-1, Class 2A2,                           
   7.00%, 6/25/31                                           155            159
GMAC Commercial Mortgage Securities, Inc.,                                  
Series 1999-C1, Class A2,                                               
   6.18%, 5/15/33                                            50             54
Honda Auto Receivables Owner Trust, Series 2002-1,                          
Class A3,                                                               
   3.50%, 10/17/05                                           75             76
Honda Auto Receivables Owner Trust, Series 2002-1,                          
Class A4,                                                               
   4.22%, 4/16/07                                           220            227
Honda Auto Receivables Owner Trust, Series 2002-3,                          
Class A3,                                                               
   3.00%, 5/18/06                                           125            126
Isuzu Auto Owner Trust, Series 2001-1, Class A4,                            
   5.31%, 1/22/07                                           165            173
LB Commercial Conduit Mortgage Trust,                                       
Series 1999-C1, Class A2,                                               
   6.78%, 6/15/31                                            65             72
MBNA Credit Card Master Note Trust,                                         
Series 2002-A6, Class A6,                                               
   3.90%, 11/15/07                                          190            195
PP&L Transition Bond Co. LLC, Series 1999-1,                                
Class A6,                                                               
   6.96%, 12/26/07                                          290            318
Residential Funding Mortgage Securities I,                                  
Series 2001-S9, Class A5,                                               
   6.75%, 4/25/31                                            58             59
Residential Funding Mortgage Securities II,                                 
Series 2001-HI2, Class AI3,                                             
   5.67%, 6/25/14                                            83             84
Residential Funding Mortgage Securities II,                                 
Series 2001-HI3, Class AI2,                                             
   5.33%, 5/25/12                                           110            110
Toyota Auto Receivables Owner Trust,                                        
Series 2002-B, Class A2,                                                
   2.79%, 12/15/04                                          115            116
USAA Auto Owner Trust, Series 2002-1, Class A3,                             
   2.41%, 10/16/06                                           60             60
Washington Mutual Mortgage Security Corp.,                                  
Series 2002-AR15, Class A5,                                             
   4.38%, 12/25/32                                          145            146
--------------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES                                                   
--------------------------------------------------------------------------------
(COST $3,966)                                                             4,051 

--------------------------------------------------------------------------------
CORPORATE BONDS - 7.1%                                                          
--------------------------------------------------------------------------------
AUTO MANUFACTURERS - 0.1%                                                       
DaimlerChrysler NA Holding Corp.,                                           
   7.30%, 1/15/12                                            90             98
--------------------------------------------------------------------------------
BANKS - 1.2%                                                                    
Bank of America Corp.,                                                      
   3.88%, 1/15/08                                           145            144
   4.88%, 9/15/12                                           215            211
Bank of New York (The) Co., Inc.,                                           
   3.75%, 2/15/08                                           175            173
Bank One Corp.,                                                             
   5.90%, 11/15/11                                          100            105
JP Morgan Chase & Co.,                                                      
   5.25%, 5/30/07                                           170            175
Marshall & Ilsley Corp.,                                                    
   5.75%, 9/1/06                                            155            166
Wells Fargo Bank,                                                           
   6.45%, 2/1/11                                             80             87
--------------------------------------------------------------------------------
                                                                         1,061
--------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  93  EQUITY PORTFOLIOS

N-30D 96th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 96th
EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                         

BALANCED PORTFOLIO (continued)                                                  

                                             PRINCIPAL
                                                          AMOUNT         VALUE
                                                           (000S)         (000S)
--------------------------------------------------------------------------------
CORPORATE BONDS - 7.1% - (CONTINUED)                                            
--------------------------------------------------------------------------------
CHEMICALS - 0.2%                                                                
du Pont (E.I.) de Nemours & Co.,                                            
   3.38%, 11/15/07                                         $110           $109
Praxair, Inc.,                                                              
   6.38%, 4/1/12                                             70             75
--------------------------------------------------------------------------------
                                                                           184
--------------------------------------------------------------------------------
COMPUTERS - 0.1%                                                                
International Business Machines Corp.,                                      
   4.75%, 11/29/12                                          105            102
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 3.9%                                           
American Express Co.,                                                       
   3.75%, 11/20/07                                          125            123
American General Finance Corp.,                                             
   5.38%, 10/1/12                                            70             68
Boeing Capital Corp.,                                                       
   5.80%, 1/15/13                                            95             95
Citigroup, Inc.,                                                            
   6.00%, 2/21/12                                           645            688
Countrywide Home Loans, Inc.,                                               
   5.50%, 8/1/06                                            165            171
Credit Suisse First Boston USA, Inc.,                                       
   6.50%, 1/15/12                                           115            119
Ford Motor Credit Co.,                                                      
   5.80%, 1/12/09                                           345            307
General Electric Capital Corp.,                                             
   5.00%, 6/15/07                                           275            285
   7.38%, 1/19/10                                           110            126
   6.00%, 6/15/12                                           125            131
General Motors Acceptance Corp.,                                            
   6.13%, 9/15/06                                            85             85
   6.88%, 9/15/11                                           165            160
   6.88%, 8/28/12                                           260            250
Goldman Sachs Group, Inc.,                                                  
   6.88%, 1/15/11                                           125            137
   5.50%, 11/15/14                                          110            108
Household Finance Corp.,                                                    
   6.38%, 11/27/12                                           95             95
Lehman Brothers Holdings, Inc.,                                             
   6.63%, 1/18/12                                           250            270
Morgan Stanley Dean Witter & Co.,                                           
   6.10%, 4/15/06                                           150            160
   6.60%, 4/1/12                                            100            108
--------------------------------------------------------------------------------
                                                                         3,486
--------------------------------------------------------------------------------
ELECTRIC - 0.1%                                                                 
DPL, Inc.,                                                                  
   8.25%, 3/1/07                                            105             98
--------------------------------------------------------------------------------
FOOD - 0.0%                                                                     
Kroger Co.,                                                                 
   6.20%, 6/15/12                                            50             52
--------------------------------------------------------------------------------
HAND/MACHINE TOOLS - 0.1%                                                       
Emerson Electric Co.,                                                       
   4.63%, 10/15/12                                           80             77
--------------------------------------------------------------------------------
MEDIA - 0.2%                                                                    
Continental Cablevision,                                                    
   8.30%, 5/15/06                                            20             20
Reed Elsevier Capital, Inc.,                                                
   6.13%, 8/1/06                                            105            112
Viacom, Inc.,                                                               
   6.40%, 1/30/06                                            60             64
--------------------------------------------------------------------------------
                                                                           196
--------------------------------------------------------------------------------
MINING - 0.1%                                                                   
Alcoa, Inc.,                                                                
   5.88%, 6/1/06                                             50             54
--------------------------------------------------------------------------------
OIL & GAS - 0.4%                                                                
Apache Corp.,                                                               
   6.25%, 4/15/12                                            80             88
ConocoPhillips,/(1)/                                                        
   4.75%, 10/15/12                                          175            170
Consolidated Natural Gas Co.,                                               
   5.38%, 11/1/06                                           120            124
--------------------------------------------------------------------------------
                                                                           382
--------------------------------------------------------------------------------
RETAIL - 0.2%                                                                   
Target Corp.,                                                               
   5.38%, 6/15/09                                           140            147
--------------------------------------------------------------------------------
TELECOMMUNICATIONS - 0.3%                                                       
Verizon New England, Inc.,                                                  
   6.50%, 9/15/11                                           270            288
--------------------------------------------------------------------------------
TEXTILES - 0.1%                                                                 
Mohawk Industries, Inc.,                                                    
   7.20%, 4/15/12                                            50             55
--------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS 94 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

N-30D 97th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 97th
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                           PRINCIPAL           
                                                             AMOUNT      VALUE 
                                                             (000S)      (000S)
-------------------------------------------------------------------------------
                                                                               
CORPORATE BONDS - 7.1% - (CONTINUED)                                           
Transportation - 0.1%                                                          
  Caliber System, Inc.,                                                        
    7.80%, 8/1/06                                              $80         $90 
-------------------------------------------------------------------------------
Total Corporate Bonds                                                          
-------------------------------------------------------------------------------
(Cost $6,329)                                                            6,370 

FOREIGN ISSUER BONDS - 0.6%                                                    
Beverages - 0.1%                                                               
  Diageo Capital PLC,                                                          
    3.50%, 11/19/07                                             85          83 
-------------------------------------------------------------------------------
Regional - 0.4%                                                                
  Province of Ontario,                                                         
    3.50%, 9/17/07                                             160         159 
  Province of Quebec,                                                          
    5.50%, 4/11/06                                             200         214 
-------------------------------------------------------------------------------
                                                                           373 
-------------------------------------------------------------------------------
Telecommunications - 0.1%                                                      
  Vodafone Group PLC,                                                          
    7.75%, 2/15/10                                              65          74 
-------------------------------------------------------------------------------
Total Foreign Issuer Bonds                                                     
-------------------------------------------------------------------------------
(Cost $533)                                                                530 

U.S. GOVERNMENT AGENCIES - 17.7%                                               
-------------------------------------------------------------------------------
Fannie Mae - 10.3%                                                             
    4.75%, 3/15/04                                           2,310       2,397 
    4.38%, 10/15/06                                          1,140       1,185 
    5.00%, 5/14/07                                             415         432 
    6.63%, 11/15/10                                          1,320       1,503 
    6.00%, 1/18/12                                             915         959 
    5.25%, 8/1/12                                              100         101 
  Pool #545956,                                                                
    6.00%, 10/1/17                                           1,556       1,617 
  Pool #657411,                                                                
    5.00%, 11/1/17                                           1,036       1,046 
-------------------------------------------------------------------------------
                                                                         9,240 
-------------------------------------------------------------------------------
Freddie Mac - 3.3%                                                             
    3.00%, 7/15/04                                             290         294 
    3.88%, 2/15/05                                              30          31 
    4.25%, 6/15/05                                             110         114 
    5.25%, 1/15/06                                             385         412 
    4.88%, 3/15/07                                           1,775       1,880 
    5.75%, 4/29/09                                             200         208 
-------------------------------------------------------------------------------
                                                                         2,939 
-------------------------------------------------------------------------------
Freddie Mac Gold - 1.8%                                                        
  Pool #E91320,                                                                
    5.50%, 9/1/17                                            1,590       1,632 
-------------------------------------------------------------------------------
Government National Mortgage Association - 1.9%                                
  Pool #781492,                                                                
    6.00%, 9/15/17                                           1,619       1,695 
-------------------------------------------------------------------------------
Government National Mortgage Association II - 0.4%                             
  Pool #3249,                                                                  
    6.00%, 6/20/32                                             315         324 
-------------------------------------------------------------------------------
Total U.S. Government Agencies                                                 
-------------------------------------------------------------------------------
(Cost $15,457)                                                          15,830 

U.S. GOVERNMENT OBLIGATIONS - 7.7%                                             
-------------------------------------------------------------------------------
U.S. Treasury Bonds - 0.2%                                                     
    6.38%, 8/15/27                                             115         133 
    5.50%, 8/15/28                                              45          47 
-------------------------------------------------------------------------------
                                                                           180 
-------------------------------------------------------------------------------
U.S. Treasury Inflation Indexed Bonds - 1.5%                                   
    3.88%, 1/15/09                                           1,100       1,319 
-------------------------------------------------------------------------------
U.S. Treasury Notes - 6.0%                                                     
    5.75%, 8/15/03                                             210         216 
    2.00%, 11/30/04                                            975         973 
    6.75%, 5/15/05                                              15          17 
    3.00%, 11/15/07                                          1,945       1,922 
    4.00%, 11/15/12                                          2,295       2,255 
-------------------------------------------------------------------------------
                                                                         5,383 
-------------------------------------------------------------------------------
Total U.S. Government Obligations                                              
-------------------------------------------------------------------------------
(Cost $6,951)                                                            6,882 

See Notes to the Financial Statements.                                          

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  95  EQUITY PORTFOLIOS

N-30D 98th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 98th
                                                               NOVEMBER 30, 2002

EQUITY PORTFOLIOS                                                               

SCHEDULE OF INVESTMENTS                                                     

BALANCED PORTFOLIO (continued)                                              

                                                                [Download Table]

                                                             NUMBER       VALUE 
                                                           OF SHARES      (000S)
--------------------------------------------------------------------------------
                                                                                

OTHER - 0.9%                                                                    
  Nasdaq-100 Index Tracking Stock *                          27,800         $768
--------------------------------------------------------------------------------
Total Other                                                                     
--------------------------------------------------------------------------------
(Cost $719)                                                                  768

                                                           PRINCIPAL            
                                                             AMOUNT       VALUE 
                                                             (000S)       (000S)
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 13.1%                                                  
  Societe Generale, Grand Cayman,                                               
    Eurodollar Time Deposit,                                                    
    1.31%, 12/2/02                                          $11,394       11,394
  U.S. Treasury Bill, /(2)/                                                     
    1.62%, 12/26/02                                             390          390
--------------------------------------------------------------------------------
Total Short-Term Investments                                                    
--------------------------------------------------------------------------------
(Cost $11,783)                                                            11,784

--------------------------------------------------------------------------------
Total Investments - 99.6%                                                       
--------------------------------------------------------------------------------
(Cost $90,831)                                                            89,274
  Other Assets less Liabilities - 0.4%                                       341
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                      $89,615

*   Non-Income Producing Security                                               

(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. At November 30,
 2002, the value of these securities amounted to approximately $810,000 or
0.9% of net assets.                                                     

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

At November 30, 2002, the Balanced Portfolio had open futures contracts as      
follows:                                                                        

                                                                [Download Table]

                           NOTIONAL                                  UNREALIZED 
            NUMBER OF       AMOUNT       CONTRACT      CONTRACT         GAIN    
 TYPE       CONTRACTS       (000S)       POSITION        EXP.          (000S)   
--------------------------------------------------------------------------------
                                                                                
S&P 500        20           $4,680         Long         12/02           $495    
================================================================================

See Notes to the Financial Statements.                                          

EQUITY PORTFOLIOS  96  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT               

N-30D 99th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 99th
                     ---------------------------------------------------------
                                                             EQUITY PORTFOLIOS
                                                                          ----
NOTES TO THE FINANCIAL STATEMENTS                                 
                                                             NOVEMBER 30, 2002

1   ORGANIZATION                                                                
Northern Institutional Funds (the "Trust") is a Delaware business trust, and is 
registered under the Investment Company Act of 1940, as amended, as an open-end 
management investment company. The Trust currently includes twenty-two          
portfolios, (the "Portfolios") each with its own investment objective. Each     
equity Portfolio is classified as diversified. Northern Trust Investments, Inc. 
("NTI") and Northern Trust Global Investments (Europe) Limited ("NTGIE") serve  
jointly as the investment advisers for the International Growth and Balanced    
Portfolios. NTI serves as the investment adviser for each of the other          
Portfolios. Prior to April 1, 2002, NTGIE and NTI served jointly as investment  
advisers for the International Growth Portfolio, and NTI served as the          
investment adviser for the other portfolios. On April 1, 2002, NTGIE joined NTI 
as investment adviser for the Balanced Portfolio. The Northern Trust Company    
("TNTC") is the custodian and transfer agent for the Trust. NTI and PFPC Inc.   
("PFPC") are the Trust's co-administrators and Northern Funds Distributors, LLC 
is the Trust's distributor. Presented herein are the financial statements for   
the equity portfolios.                                                          

Each of the Portfolios is authorized to issue three classes: Class A, C and D.  
Each class is distinguished by the level of administrative, liaison and         
transfer agent services provided. As of November 30, 2002, Class A, Class C and 
Class D shares are outstanding for certain Portfolios.                          

2   SIGNIFICANT ACCOUNTING POLICIES                                             
The following is a summary of significant accounting policies consistently      
followed by the Portfolios in the preparation of their financial statements.    
These policies are in conformity with accounting principles generally accepted  
in the United States or "GAAP." The presentation of financial statements in     
conformity with GAAP requires management to make estimates and assumptions that 
affect the reported amounts of assets and liabilities at the date of the        
financial statements and the reported amounts of revenues and expenses during   
the reporting period. Actual results could differ from those estimates.         

A) VALUATION OF SECURITIES - Securities traded on U.S. securities exchanges or  
in the NASDAQ National Market System are generally valued at the regular        
trading session closing price on the exchange or in the market where such       
securities are primarily traded. If any such security is not traded on a        
valuation date, it is valued at the current quoted bid price. Over-the-counter  
securities not reported in the NASDAQ National Market System are also generally 
valued at the current quoted bid price. Fixed income securities, however, may   
be valued on the basis of prices provided by independent pricing services when  
such prices are believed to reflect the fair market value of such securities.   
Such prices may be determined taking into account securities prices, yields,    
maturities, call features, ratings, institutional size trading in similar       
groups of securities and developments related to specific securities. The       
values of securities of foreign issuers are generally based upon market         
quotations which, depending upon local convention or regulation, may be the     
last sale price, the last bid or asked price or the mean between the last bid   
and asked price as of, in each case, the close of the appropriate exchange or   
other designated time. Foreign fixed income securities, however, may, like      
domestic fixed income securities, be valued based on prices provided by         
independent pricing services when such prices are believed to reflect the fair  
market value of such securities. Shares of investment companies are valued at   
net asset value. Exchange traded financial futures and options are valued at    
the settlement price as established by the exchange on which they are traded.   
Over-the-counter options are valued at broker-provided prices, as are swaps,    
caps, collars, and floors. The foregoing prices may be obtained from one or     
more independent pricing services or, as needed or applicable, independent      
broker-dealers. Short-term investments are valued at amortized cost, which the  
investment advisers have determined, pursuant to Board authorization,           
approximates market value. Securities for which market quotations are not       
readily available or are believed to be incorrect are valued at fair value as   
determined in good faith by the investment advisers under the supervision of    
the Board of Trustees.                                                          

B) INVESTMENT TRANSACTIONS AND INVESTMENT INCOME - Investment transactions are  
recorded on a trade date basis. Realized gains and losses on investment         
transactions are calculated on the identified-cost basis. Interest income is    
recorded on the accrual basis and includes amortization of discounts and        
premiums. The interest rates reflected in the Schedules of Investments          
represent either the stated coupon rate, annualized yield on date of purchase   
for discount notes, the current reset rate for floating rate securities or, for 
interest only or principal only securities, the current effective yield.        
Dividend income is recorded on the ex-dividend date. Dividends from foreign     
securities are recorded on the ex-dividend date or as soon as the information   
is available.                                                                   

In November 2000, the American Institute of Certified Public Accountants        
(AICPA) issued a revised version of the AICPA Audit and Accounting Guide for    
Investment Companies (the "Guide"). The revised version of the Guide was        
effective for annual financial statements issued for fiscal years beginning     
after December 15, 2000 and requires investment companies to                    

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 97 EQUITY PORTFOLIOS

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---------------------------------------------------------                       
EQUITY PORTFOLIOS                                                       
----                                                                            
NOTES TO THE FINANCIAL STATEMENTS (continued)                     

amortize premiums and accrete discounts on fixed income securities. The         
amortization and accretion requirement had no impact on the Portfolios, as the  
Portfolios were already in compliance. The revised version of the Guide also    
requires paydown gains and losses on mortgage and asset-backed securities to be 
presented as interest income as opposed to a component of realized gains and    
losses. The effect of the accounting change had no impact on the total net      
assets of the Portfolios, but resulted in a net increase to gain/loss and       
decrease to net investment income.                                              

C) EXPENSES - Expenses arising in connection with a specific Portfolio are      
charged to that Portfolio. Certain expenses arising in connection with a class  
of shares are charged to that class of shares. Expenses incurred which do not   
specifically relate to an individual Portfolio are allocated among the          
Portfolios based on each Portfolio's relative net assets.                       

D) FUTURES CONTRACTS - Each Portfolio may invest in long or short futures       
contracts for hedging purposes, to increase total return or to maintain         
liquidity. The Portfolio bears the market risk arising from changes in the      
value of these financial instruments. At the time a Portfolio enters into a     
futures contract it is required to make a margin deposit with the custodian of  
a specified amount of liquid assets. Subsequently, as the market price of the   
futures contract fluctuates, gains or losses are recorded and payments are      
made, on a daily basis, between the Portfolio and the broker. The Statements of 
Operations reflect gains and losses as realized for closed futures contracts    
and as unrealized for open futures contracts.                                   

At November 30, 2002, the International Growth, International Equity Index,     
Small Company Index, Diversified Growth, Equity Index and Balanced Portfolios   
had entered into long exchange traded futures contracts. The aggregate market   
value of assets pledged to cover margin requirements for open positions at      
November 30, 2002, was approximately $1,050,000, $315,000, $519,000, $200,000,  
$3,145,000 and $390,000, respectively.                                          

E) OPTIONS CONTRACTS - Each Portfolio may buy put options and call options and  
write covered call options and secured put options for hedging purposes or to   
earn additional income. These options may relate to particular securities,      
foreign and domestic securities indices, financial instruments or foreign       
currencies.                                                                     

The risks associated with purchasing an option include risk of loss of premium, 
change in market value and illiquidity within the options markets. Put and call 
options purchased are accounted for in the same manner as Portfolio securities. 

The cost of securities acquired through the exercise of call options are        
increased by the premiums paid. The proceeds from securities sold through the   
exercise of put options are decreased by the premiums paid.                     

In writing an option, the Portfolio bears the market risk of an unfavorable     
change in the price of the security or currency underlying the written option.  
Exercise of an option written by the Portfolio could result in the Portfolio    
selling or buying a security or currency at a price different from the current  
market value.                                                                   

For the fiscal year ended November 30, 2002, the following option contracts     
were written and expired for the Diversified Growth Portfolio.                  

                                                                [Download Table]

                                                     PREMIUMS
                                           NUMBER OF RECEIVED
                                           CONTRACTS (000'S) 
-------------------------------------------------------------
                                                             
 Options outstanding at November 30, 2001      --      $ --  
 Options written                              165        14  
 Options expired                             (165)      (14) 
 Options outstanding at November 30, 2002      --        --  
-------------------------------------------------------------

At November 30, 2002, none of the Portfolios had outstanding options contracts. 

F) FORWARD FOREIGN CURRENCY CONTRACTS - Certain Portfolios are authorized to    
enter into forward foreign currency contracts for the purchase or sale of a     
specific currency at a fixed price on a future date as a hedge or cross-hedge   
against either specific transactions or portfolio positions or to earn          
additional income. The objective of a Portfolio's foreign currency hedging      
transactions is to reduce the risk that the U.S. dollar value of the            
Portfolio's foreign currency denominated securities will decline in value due   
to changes in foreign currency exchange rates. All forward foreign currency     
contracts are "marked-to-market" daily at the applicable exchange rates and any 
resulting unrealized gains or losses are recorded in the financial statements.  
The Portfolio records realized gains or losses when the forward contract is     
offset by entering into a closing transaction or extinguished by delivery of    
the currency. Risks may arise upon entering into these contracts from the       
potential inability of counterparties to meet the terms of their contracts and  
from unanticipated movements in the value of a foreign currency relative to the 
U.S. dollar.                                                                    

The contractual amounts of forward foreign currency contracts do not            
necessarily represent the amounts potentially subject to risk. The measurement  
of the risks associated with these instruments is meaningful only when all      
related and offsetting transactions are considered.                             

G) FOREIGN CURRENCY TRANSLATIONS - Values of investments denominated in foreign 
currencies are converted into U.S. dollars                                      

EQUITY PORTFOLIOS 98 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                 

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                                                             NOVEMBER 30, 2002

using the spot market rate of exchange at the time of valuation. Cost of        
purchases and proceeds from sales of investments, interest and dividend income  
are translated into U.S. dollars using the spot market rate of exchange         
prevailing on the respective dates of such transactions.                        

The gains or losses on investments resulting from changes in foreign exchange   
rates are included with net realized and unrealized gains (losses) on           
investments in the Statements of Operations.                                    

H) FEDERAL TAXES - It is each Portfolio's policy to comply with the             
requirements of the Internal Revenue Code applicable to regulated investment    
companies and to distribute, each year, substantially all of its taxable income 
and capital gains to its shareholders.                                          

FOREIGN TAX CREDIT - The Portfolios below intend to make an election that will  
allow shareholders to treat their proportionate share of foreign taxes paid by  
the Portfolios as having been paid by them. The amounts per share which         
represent income from sources within, and taxes paid to, foreign countries were 
as follows:                                                                     

                                                                [Download Table]

 PORTFOLIO                    TAXES  INCOME 
--------------------------------------------
                                            
 International Growth        $0.0135 $0.1385
 International Equity Index   0.0156  0.1741
--------------------------------------------

For the period subsequent to October 31, 2002, through the fiscal year end, the 
following Portfolios incurred net capital losses for which each Portfolio       
intends to treat as having been incurred in the following fiscal year (in       
thousands):                                                                     

                                                                [Download Table]
--------------------------------------------
                                            
     International Growth        $2,631     
     International Equity Index     120     
     Small Company Growth            17     
     Mid Cap Growth                 112     
     Focused Growth                 558     
     Diversified Growth             157     
     Equity Index                   544     
     Balanced                        99     
--------------------------------------------

At November 30, 2002, the capital loss carryforwards for U.S. federal income    
tax purposes and their respective years of expiration were as follows (in       
thousands):                                                                     

                                                                [Download Table]

                     NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
PORTFOLIO                2007         2008         2009         2010    
------------------------------------------------------------------------
                                                                        
International Growth     $ --        $   --      $48,629      $24,623   
International Equity                                                    
 Index                     --            --           --       12,225   
Small Company                                                           
 Growth                    --         3,066       19,157        6,855   
Small Company Index        --            --        6,768       32,299   
Mid Cap Growth             --         2,599       11,386        4,316   
Focused Growth             --            --       50,103       36,803   
Diversified Growth         --            --        3,110          919   
Balanced                   --            --        1,467        2,286   
------------------------------------------------------------------------

The Portfolios in the above table may offset future capital gains with these    
capital loss carryforwards.                                                     

At November 30, 2002, the tax components of undistributed net investment income 
and realized gains were as follows:                                             

                                                                [Download Table]

                               UNDISTRIBUTED     
                           ----------------------
                           ORDINARY   LONG-TERM  
Amounts in thousands       INCOME*  CAPITAL GAINS
-------------------------------------------------
                                                 
International Growth        $  361     $    --   
International Equity Index   1,302          --   
Small Company Index          1,621          --   
Diversified Growth             369          --   
Equity Index                 2,162      14,408   
Balanced                        17          --   
-------------------------------------------------

*Ordinary income includes taxable market discount income and short-term capital 
gains, if any.                                                                

The taxable character of distributions paid during the fiscal year ended        
November 30, 2002, were as follows:                                             

                                                                [Download Table]

                             DISTRIBUTIONS FROM  
                           ----------------------
                           ORDINARY   LONG-TERM  
Amounts in thousands       INCOME*  CAPITAL GAINS
-------------------------------------------------
                                                 
International Growth       $   620     $    --   
International Equity Index     812         164   
Small Company Growth             2          --   
Small Company Index          3,471          --   
Diversified Growth             420          --   
Equity Index                11,588      31,577   
Balanced                     2,172          --   
-------------------------------------------------

*Ordinary income includes taxable market discount income and short-term capital 
gains, if any.                                                                

               NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 99 EQUITY PORTFOLIOS

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---------------------------------------------------------                       
EQUITY PORTFOLIOS                                                       
----                                                                            
NOTES TO THE FINANCIAL STATEMENTS (continued)                     

I) DISTRIBUTIONS - Dividends from net investment income were declared and paid  
as follows:                                                                     

                                                                [Download Table]
                                      
--------------------------------------
 International Growth         Annually
 International Equity Index   Annually
 Small Company Growth         Annually
 Small Company Index          Annually
 Mid Cap Growth               Annually
 Focused Growth               Annually
 Diversified Growth           Annually
 Equity Index                Quarterly
 Balanced                    Quarterly
--------------------------------------

Each Portfolio's net realized capital gains, if any, are distributed at least   
annually. Income dividends and capital gain distributions are determined in     
accordance with income tax regulations. Such amounts may differ from income and 
capital gains recorded in accordance with GAAP. Accordingly, the Portfolios may 
periodically make reclassifications among certain of their capital accounts to  
reflect differences between financial reporting and federal income tax basis    
distributions. These reclassifications have no impact on the total net assets or
the net asset values of the Portfolios.                                         

3   ADVISORY, TRANSFER AGENCY AND CUSTODIAN                                     
AGREEMENTS                                                              
As compensation for advisory services and assumption of related expenses, the   
investment advisers are entitled to receive a fee, calculated daily and payable 
monthly, based on a specified percentage of each Portfolio's average daily net  
assets. The annualized rate of such fee, effective April 1, 2002, is shown      
below. The annualized rate prior to April 1, 2002, is also shown below. For the 
year ended November 30, 2002, the investment advisers voluntarily agreed to     
waive a portion of the advisory fee as shown in the accompanying Statements of  
Operations.                                                                     

                                                                [Download Table]

                      ANNUAL        ANNUAL     ADVISORY FEE  ADVISORY FEE 
                   ADVISORY FEE  ADVISORY FEE  AFTER WAIVER  AFTER WAIVER 
                     EFFECTIVE     PRIOR TO      EFFECTIVE     PRIOR TO   
                   APRIL 1, 2002 APRIL 1, 2002 APRIL 1, 2002 APRIL 1, 2002
--------------------------------------------------------------------------
                                                                          
International                                                             
 Growth                0.90%         1.00%         0.80%         0.80%    
International                                                             
 Equity Index          0.35          0.50          0.25          0.25     
Small Company                                                             
 Growth                0.95          1.10          0.80          0.80     
Small Company                                                             
 Index                 0.30          0.40          0.20          0.20     
Mid Cap Growth         0.90          1.10          0.80          0.80     
Focused Growth         0.85          1.10          0.75          0.80     
Diversified Growth     0.75          0.80          0.65          0.55     
Equity Index           0.20          0.30          0.10          0.10     
Balanced               0.60          0.80          0.50          0.50     
--------------------------------------------------------------------------

The waivers described above are voluntary and may be terminated at any time.    

As compensation for the services rendered as transfer agent, including the      
assumption by TNTC of the expenses related thereto, TNTC receives a fee,        
computed daily and payable monthly, at an annual rate of .01%, .10% and .15% of 
the average daily net assets of the outstanding Class A, C and D shares,        
respectively, for the Portfolios. For compensation as custodian, TNTC receives  
an amount based on a pre-determined schedule of charges approved by the Board.  

4   ADMINISTRATION AND DISTRIBUTION AGREEMENTS                                  
NTI and PFPC, the co-administrators of the Portfolios, are entitled to a        
monthly co-administration fee at an annual rate of .10% (.15% in the case of    
the International Growth and International Equity Index Portfolios) of the      
average daily net assets of the respective Portfolios. The co-administrators    
are also entitled to additional fees for special legal services.                

In addition, if in any fiscal year the sum of a Portfolio's expenses, including 
the administration fee, but excluding the fees payable to NTI or NTGIE for its  
duties as investment adviser and TNTC for its duties as transfer agent,         
shareholder servicing fees and extraordinary expenses (such as taxes, interest  
and other extraordinary expenses), exceed on an annualized basis .10% of a      
Portfolio's average daily net assets (.25% for the International Growth and     
International Equity Index Portfolios), the co-administrators will reimburse    
each Portfolio for the amount of the excess pursuant to the terms of the        
co-administration agreement.                                                    

EQUITY PORTFOLIOS 100 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                

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                                                             NOVEMBER 30, 2002

The expenses reimbursed during the year ended November 30, 2002, under such     
arrangements, are shown in the accompanying Statements of Operations.           

Northern Funds Distributors, LLC, the distributor for the Portfolios, received  
no compensation under its distribution agreement.                               

5   SHAREHOLDER SERVICING PLAN                                                  
The Trust has adopted a Shareholder Servicing Plan pursuant to which the Trust  
may enter into agreements with institutions or other financial intermediaries   
under which they will render certain shareholder administrative support         
services for their customers or other investors who beneficially own Class C    
and D shares. As compensation under the Shareholder Servicing Plan, the         
institution or other financial intermediary receives a fee at an annual rate of 
up to .15% and .25% of the average daily net assets of the outstanding Class C  
and D shares, respectively.                                                     

6   INVESTMENT TRANSACTIONS                                                     
Investment transactions for the year ended November 30, 2002 (excluding         
short-term investments) were as follows:                                        

                                                                [Download Table]

                                  PURCHASES             SALES       
                             ------------------- -------------------
                                U.S.                U.S.            
                             GOVERNMENT  OTHER   GOVERNMENT  OTHER  
--------------------------------------------------------------------
                                                                    
 International Growth          $   --   $287,426   $   --   $275,145
 International Equity Index        --     28,263       --     25,810
 Small Company Growth              --    111,829       --    109,976
 Small Company Index               --     76,886       --    203,207
 Mid Cap Growth                    --     51,835       --     54,903
 Focused Growth                    --    358,184       --    342,996
 Diversified Growth                --     45,768       --     66,506
 Equity Index                      --    238,790       --    263,022
 Balanced                      59,321     53,584   56,806     53,927
--------------------------------------------------------------------

At November 30, 2002, for federal income tax purposes, gross unrealized         
appreciation, gross unrealized depreciation, net unrealized appreciation        
(depreciation) on investments (including the effects of foreign currency        
translation) and the cost basis of securities were as follows:                  

                                                                [Download Table]

                                            NET     COST FOR
                                           APPRE-   FEDERAL 
                                          CIATION    INCOME 
                     APPRECIA- DEPRECIA-  (DEPRE-     TAX   
Amounts in thousands   TION      TION     CIATION)  PURPOSES
------------------------------------------------------------
                                                            
International Growth  $10,550  $  (2,076) $  8,474  $116,319
International                                               
 Equity Index           2,589    (26,262)  (23,673)  104,832
Small Company                                               
 Growth                 3,005       (304)    2,701    26,340
Small Company                                               
  Index                19,333    (48,234)  (28,901)  195,258
Mid Cap Growth          4,265       (466)    3,799    23,617
Focused Growth         21,951     (7,271)   14,680   199,802
Diversified Growth      4,680     (7,503)   (2,823)   69,577
Equity Index           86,483   (141,618)  (55,135)  864,546
Balanced                3,378     (4,971)   (1,593)   90,867
------------------------------------------------------------

7   BANK LOANS                                                                  
On December 19, 2002, the Trust entered into a $150,000,000 revolving bank      
credit line for liquidity and other purposes. Borrowings under this arrangement 
bear interest at .45% above LIBOR (London Interbank Offering Rate).             

Prior to December 19, 2002, the Trust maintained a $100,000,000 revolving bank  
credit line for liquidity and other purposes. Borrowings under this arrangement 
bear interest at .45% above the NIBOR (New York Interbank Offering Rate).       

As of November 30, 2002, Focused Growth had an outstanding loan in the amount   
of $850,000. This amount is included in "Other Liabilities" on the Statements   
of Assets and Liabilities.                                                      

Interest expense for the fiscal year ended November 30, 2002, was approximately 
$2,000, $1,000, $2,000, $6,000, $10,000 and $5,000 for the International        
Growth, International Equity Index, Small Company Growth, Mid Cap Growth,       
Focused Growth and Diversified Growth Portfolios, respectively. These amounts   
are included in "Other Expenses" on the Statements of Operations.               

              NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 101 EQUITY PORTFOLIOS

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---------------------------------------------------------                       
EQUITY PORTFOLIOS                                                       
----                                                                            
NOTES TO THE FINANCIAL STATEMENTS (continued)                     

8   SHARE TRANSACTIONS                                                          
Transactions in Class A Shares for the year ended November 30, 2002 were as     
follows:                                                                        

                                                                [Download Table]

                                                         NET    
                             REINVESTED                INCREASE 
Amounts in thousands SALES  DISTRIBUTIONS REDEMPTIONS (DECREASE)
----------------------------------------------------------------
                                                                
International Growth 10,165        73        7,582       2,656  
International Equity                                            
 Index                4,585       103        4,157         531  
Small Company Growth  1,765        --        1,738          27  
Small Company Index   4,589       297       17,603     (12,717) 
Mid Cap Growth          558        --        1,053        (495) 
Focused Growth        6,745        --        6,476         269  
Diversified Growth    1,186        49        4,057      (2,822) 
Equity Index         25,071     2,552       21,206       6,417  
Balanced              2,315       191        2,455          51  
----------------------------------------------------------------

Transactions in Class A Shares for the year ended November 30, 2001 were as     
follows:                                                                        

                                                                [Download Table]

                                                         NET    
                             REINVESTED                INCREASE 
Amounts in thousands SALES  DISTRIBUTIONS REDEMPTIONS (DECREASE)
----------------------------------------------------------------
                                                                
International Growth  5,437     2,181        4,040       3,578  
International Equity                                            
 Index                5,750       182        3,731       2,201  
Small Company Growth  2,450        --        1,811         639  
Small Company Index  10,821     3,101        4,265       9,657  
Mid Cap Growth        1,428        --        1,216         212  
Focused Growth        8,017     1,229        2,664       6,582  
Diversified Growth    2,503     4,724          921       6,306  
Equity Index         21,084     9,324       18,585      11,823  
Balanced              3,416       662        1,156       2,922  
----------------------------------------------------------------

Transactions in Class C shares for the fiscal year ended November 30, 2002 were 
as follows:                                                                     

                                                                [Download Table]

                                                          NET    
                              REINVESTED                INCREASE 
 Amounts in thousands  SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
-----------------------------------------------------------------
                                                                 
   Mid Cap Growth       340        --           300         40   
   Focused Growth        13        --            15         (2)  
   Equity Index         537       206         1,443       (700)  
   Balanced               7         2             5          4   
-----------------------------------------------------------------

Transactions in Class C shares for the year ended November 30, 2001 were as     
follows:                                                                        

                                                                [Download Table]

                                                          NET    
                              REINVESTED                INCREASE 
 Amounts in thousands  SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
-----------------------------------------------------------------
                                                                 
   Mid Cap Growth       169        --            64       105    
   Focused Growth        77        65            77        65    
   Equity Index         654       908         1,270       292    
   Balanced               6         8             3        11    
-----------------------------------------------------------------

Transactions in Class D shares for the fiscal year ended November 30, 2002 were 
as follows:                                                                     

                                                                [Download Table]

                                                        NET    
                            REINVESTED                INCREASE 
Amounts in thousands SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
---------------------------------------------------------------
                                                               
International Growth  154       --           191        (37)   
International Equity                                           
 Index                  8       --            --          8    
Small Company Growth    5       --            --          5    
Small Company Index     4       --            --          4    
Mid Cap Growth         10       --            --         10    
Focused Growth         61       --            11         50    
Diversified Growth     24       --            18          6    
Equity Index          143       15           113         45    
Balanced               13        1             6          8    
---------------------------------------------------------------

Transactions in Class D shares for the year ended November 30, 2001 were as     
follows:                                                                        

                                                                [Download Table]

                                                        NET    
                            REINVESTED                INCREASE 
Amounts in thousands SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
---------------------------------------------------------------
                                                               
International Growth  251       --            --        251    
International Equity                                           
 Index                 --       --            --         --    
Small Company                                                  
 Index                 --        1             4         (3)   
Mid Cap Growth         18       --             3         15    
Focused Growth         21        4            13         12    
Diversified Growth     10       25             8         27    
Equity Index          152       84           303        (67)   
Balanced                5        3            22        (14)   
---------------------------------------------------------------

EQUITY PORTFOLIOS 102 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                

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TAX INFORMATION                                                   
                                                             NOVEMBER 30, 2002

CAPITAL GAIN DISTRIBUTIONS (Unaudited) - The following Portfolio made capital   
gain distributions in December 2002, and hereby designated 100% of the          
long-term capital gain distribution as 20%-rate capital gain dividends:         

                                                                [Download Table]

                LONG-TERM  
 PORTFOLIO     CAPITAL GAIN
---------------------------
                           
 Equity Index     $0.22    
---------------------------

CORPORATE DIVIDENDS-RECEIVED DEDUCTION (Unaudited) - A percentage of the        
dividends distributed during the fiscal year for the following Portfolios       
qualifies for the dividends-received deduction for corporate shareholders:      

                                                                [Download Table]

                       CORPORATE DRD
 PORTFOLIO              PERCENTAGE  
------------------------------------
                                    
 Small Company Growth      74.25%   
 Small Company Index       90.20    
 Diversified Growth        90.36    
 Equity Index              93.48    
 Balanced                  20.31    
------------------------------------

              NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 103 EQUITY PORTFOLIOS

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---------------------------------------------------------                       
EQUITY PORTFOLIOS                                                       
----                                                                            
REPORT OF INDEPENDENT AUDITORS                                    

TO THE NORTHERN                                                                 
INSTITUTIONAL FUNDS                                                             
SHAREHOLDERS AND                                                                
BOARD OF TRUSTEES:                                                              
We have audited the accompanying statements of assets and liabilities,          
including the schedules of investments, of the International Growth,            
International Equity Index, Small Company Growth, Small Company Index, Mid Cap  
Growth, Focused Growth, Diversified Growth, Equity Index and Balanced           
Portfolios, comprising the Equity Portfolios of the Northern Institutional      
Funds, as of November 30, 2002, and the related statements of operations,       
changes in net assets and financial highlights for the periods indicated        
therein. These financial statements and financial highlights are the            
responsibility of the Portfolios' management. Our responsibility is to express  
an opinion on these financial statements and financial highlights based on our  
audits.                                                                         

We conducted our audits in accordance with auditing standards generally         
accepted in the United States. Those standards require that we plan and perform 
the audits to obtain reasonable assurance about whether the financial           
statements and financial highlights are free of material misstatement. An audit 
includes examining, on a test basis, evidence supporting the amounts and        
disclosures in the financial statements and financial highlights. Our           
procedures included verification of the investments owned at November 30, 2002  
by physical examination of the securities held by the custodian and by          
correspondence with central depositories, unaffiliated subcustodian banks, and  
brokers or by other appropriate auditing procedures where replies from brokers  
were not received. An audit also includes assessing the accounting principles   
used and significant estimates made by management, as well as evaluating the    
overall financial statement presentation. We believe that our audits provide a  
reasonable basis for our opinion.                                               

In our opinion, the financial statements and financial highlights referred to   
above present fairly, in all material respects, the financial position of the   
International Growth, International Equity Index, Small Company Growth, Small   
Company Index, Mid Cap Growth, Focused Growth, Diversified Growth, Equity Index 
and Balanced Portfolios at November 30, 2002, the results of their operations,  
the changes in their net assets and financial highlights for the periods        
indicated therein, in conformity with accounting principles generally accepted  
in the United States.                                                           

/s/ Ernst & Young LLP             

Chicago, Illinois                                                               
January 14, 2003                                                                

EQUITY PORTFOLIOS 104 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                

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                     ---------------------------------------------------------
                                                             EQUITY PORTFOLIOS
                                                                          ----
TRUSTEES AND OFFICERS                                             
                                                             NOVEMBER 30, 2002

Set forth below is information about the Trustees and Officers of Northern      
Institutional Funds. Each Trustee has served in that capacity since he or she   
was originally elected or appointed to the Board of Trustees. Each Trustee      
oversees a total of 54 portfolios in the Northern Funds Complex -- 22 for       
Northern Institutional Funds and 32 for Northern Funds. The Northern            
Institutional Funds' Statement of Additional Information contains additional    
information about the Trustees and is available upon request and without charge 
by calling 800/637-1380.                                                        

NON-INTERESTED TRUSTEES                                                         

                                                        [Enlarge/Download Table]

NAME, ADDRESS/(1)/, AGE,                                                                                        
POSITIONS HELD WITH                                                                                             
FUND AND LENGTH OF                                                                                              
SERVICE AS NORTHERN                                                                                             
INSTITUTIONAL FUNDS                                                                   OTHER DIRECTORSHIPS       
TRUSTEE/(2)/             PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                 HELD BY TRUSTEE           
----------------------------------------------------------------------------------------------------------------
                                                                                                                
Richard G. Cline         . Chairman and Director, Hawthorne Investors, Inc. (a        .PepsiAmericas (a soft    
Age 67                     management advisory services and private investment         drink bottling           
Trustee since 1997         company) since 1996;                                        company);                
                         . Managing Partner, Hawthorne Investments, L.L.C. (a         .Kmart Corporation (a     
                           management advisory services and private investment         retailing company);      
                           company) since 2001;                                       .Ryerson Tull, Inc. (a    
                         . Chairman and Director of Hussmann International, Inc. (a    metals distribution      
                           refrigeration company) from 1998 to 2000;                   company).                
                         . Chairman, President and CEO of NICOR Inc. (a diversified                             
                           public utility holding company) from 1985 to 1995; and                               
                           President from 1992 to 1993;                                                         
                         . Chairman, Federal Reserve Bank of Chicago from 1992                                  
                           through 1994; and Deputy Chairman in 1991 and 1995.                                  

Edward J. Condon, Jr.    . Chairman and CEO of The Paradigm Group, Ltd. (a financial  .None                     
Age 62                     advisor) since 1993;                                                                 
Trustee since 1994       . Principal and Co-Founder of Paradigm Capital since 1993;                             
                           Senior Partner of New- Ellis Ventures since 2001;                                    
                         . Member of Advisory Board of Real-Time USA, Inc. (a                                   
                           software development company);                                                       
                         . Member of the Board of Managers of The Liberty Hampshire                             
                           Company, LLC (a re- ceivable securitization company);                                
                         . Director of University Eldercare, Inc. (an Alzheimer's                               
                           disease research and treatment company);                                             
                         . Director of Financial Pacific Company (a small business                              
                           leasing company);                                                                    
                         . Trustee, Dominican University.                                                       

William J. Dolan Jr.     . Partner of Arthur Andersen & Co. S.C. (an accounting       .None                     
Age 70                     firm) from 1966 to 1989;                                                             
Trustee since 2000       . Financial Consultant, Ernst & Young LLP (an accounting                               
                           firm) from 1992 to 1993 and 1997.                                                    

Sharon Gist Gilliam      . Executive Vice President, Unison-Maximus, Inc. (aviation   .None                     
Age 59                     and governmental consulting);                                                        
Trustee since 2001       . Director of Town and Country Utilities, Inc.;                                        
                         . Director of Unison Consulting Group, Inc. until May 1999.                            

Sandra Polk Guthman      . President and CEO of Polk Bros. Foundation (an Illinois    .MB Financial Corp.       
Age 58                     not-for-profit corporation) from 1993 to present.           (a municipal bond        
Trustee since 1997                                                                     insurance company)       
                                                                                       1999-2000.               

Richard P. Strubel       . President, Chief Operating Officer and Director of Unext   .Gildan Activewear,       
Age 63                     Inc. (a provider of educa- tional services via the          Inc. (an athletic cloth- 
Trustee since 1982         Internet) since 1999;                                       ing marketing and        
                         . Director, Cantilever Technologies (a private software       manufacturing            
                           company) since 1999;                                        company);                
                         . Trustee, The University of Chicago since 1987;             .Goldman Sachs Mu-        
                         . Managing Director of Tandem Partners, Inc. (a privately     tual Fund Complex        
                           held management services firm) until 1999.                  (69 portfolios).         

              NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 105 EQUITY PORTFOLIOS

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---------------------------------------------------------                       
EQUITY PORTFOLIOS                                                       
----                                                                            
TRUSTEES AND OFFICERS (continued)                                 

INTERESTED TRUSTEES                                                             

                                                        [Enlarge/Download Table]

NAME, ADDRESS/(1)/, AGE,                                                                                          
POSITIONS HELD WITH                                                                                               
FUND AND LENGTH OF                                                                                                
SERVICE AS NORTHERN                                                                                               
INSTITUTIONAL FUNDS                                                                         OTHER DIRECTORSHIPS   
TRUSTEE/(2)/                   PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                 HELD BY TRUSTEE       
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Michael E. Murphy/(3)/         . President of Sara Lee Foundation (philanthropic            .Coach, Inc.;         
Age 66                           organization) from 1997 to 2001;                           .Payless Shoe Source, 
Trustee since 2000             . Vice Chairman and Chief Administrative Officer of Sara      Inc. (a retail shoe  
                                 Lee Corporation (a consumer product company) from 1994 to   store business);     
                                 1997.                                                      .GATX Corporation (a  
                                                                                             railroad holding     
                                                                                             company);            
                                                                                            .Bassett Furniture    
                                                                                             Industries, Inc. (a  
                                                                                             furniture            
                                                                                             manufacturer).       

Mary Jacobs Skinner, Esq./(3)/ . Partner in the law firm of Sidley Austin Brown & Wood.     .None                 
Age 45                                                                                                            
Trustee since 2000                                                                                                

Stephen Timbers/(3)/           . Director, President and Chief Executive Officer of         .USFreightways        
Age 58                           Northern Trust Investments, Inc. since 2001;                Corporation.         
Trustee since 2000             . President of Northern Trust Global Investments, a                                
                                 division of Northern Trust Corporation and Executive Vice                        
                                 President, The Northern Trust Company since 1998;                                
                               . President, Chief Executive Officer and Director of Zurich                        
                                 Kemper Investments (a financial services company) from                           
                                 1996 to 1998;                                                                    
                               . President, Chief Operating Officer and Director of Kemper                        
                                 Corporation (a financial services company) from 1992 to                          
                                 1996;                                                                            
                               . President and Director of Kemper Funds (a registered                             
                                 investment company) from 1990 to 1998.                                           

(1)Each Trustee may be contacted by writing to the Trustee, c/o Lloyd Wennlund, 
The Northern Trust Company, 50 S. LaSalle Street, Chicago, IL 60675.      

(2)Each Trustee serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

(3)An "interested person", as defined by the 1940 Act. Mr. Murphy is deemed to  
be an "interested" Trustee because he owns shares of Northern Trust       
Corporation, Ms. Skinner because her law firm provides legal services to  
  Northern Trust Corporation and its affiliates, and Mr. Timbers because he is
  an officer, director, employee and shareholder of Northern Trust Corporation
and/or its affiliates.                                                    

EQUITY PORTFOLIOS 106 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                

N-30D 109th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 109th
                                                             NOVEMBER 30, 2002

OFFICERS OF THE TRUST/(1)/                                                      

                                                        [Enlarge/Download Table]

NAME, ADDRESS, AGE,                                                                          
POSITIONS HELD WITH                                                                          
FUND AND LENGTH OF                                                                           
SERVICE AS NORTHERN                                                                          
INSTITUTIONAL FUNDS                                                                          
OFFICER                          PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                
---------------------------------------------------------------------------------------------
                                                                                             
Lloyd A. Wennlund                . Senior Vice President and Director of Northern Trust      
Age 45                             Investments, Inc. since 2001;                             
50 South LaSalle Street          . Senior Vice President and other positions at The Northern 
Chicago, IL 60675                  Trust Company, President of Northern Trust Securities,    
President since 2000               Inc., and Managing Executive, Mutual Funds for Northern   
                                   Trust Global Investments since 1989.                      

Eric K. Schweitzer               . Senior Vice President at Northern Trust Investments, Inc. 
Age 41                             since 2001 and Senior Vice President at The Northern      
50 South LaSalle Street            Trust Company and Director of Distribution, Product       
Chicago, IL 60675                  Management and Client Services in the Mutual Fund Group   
Vice President since 2000          of Northern Trust Global Investments since 2000;          
                                 . Managing Director of Mutual Funds for US Bancorp from     
                                   1997 to 2000.                                             

Brian Ovaert                     . Senior Vice President and Department Head at The Northern 
Age 41                             Trust Company overseeing Fund Accounting, Transfer Agent  
50 South LaSalle Street            and Fund Administration functions, Division Manager of    
Chicago, IL 60675                  Fund Accounting, 1992-1998;                               
Treasurer since 2002             . Audit Manager at Arthur Andersen LLP (an accounting firm) 
                                   prior thereto.                                            

Brian R. Curran                  . Vice President and Director of Fund Administration at     
Age 35                             PFPC Inc. since 1997;                                     
4400 Computer Drive              . Director of Fund Administration at State Street Bank &    
Westborough, MA 01581              Trust Company from February 1997 to October 1997;         
Vice President and               . Senior Auditor at Price Waterhouse LLP (an accounting     
Assistant Treasurer since 1999     firm) prior thereto.                                      

Stuart Schuldt                   . Vice President, Fund Administration, The Northern Trust   
Age 40                             Company;                                                  
50 South LaSalle Street          . Vice President, Fund Accounting, Scudder Kemper (a mutual 
Chicago, IL 60675                  fund company), from 1993 to 1998;                         
Assistant Treasurer since 2002   . Audit Manager, Arthur Andersen & Co. (an accounting firm) 
                                   prior thereto.                                            

Jeffrey A. Dalke, Esq.           . Partner in the law firm of Drinker Biddle & Reath LLP     
Age 52                                                                                       
One Logan Square                                                                             
18th and Cherry Streets                                                                      
Philadelphia, PA 19103-6996                                                                  
Secretary since 2000                                                                         

Linda J. Hoard, Esq.             . Vice President at PFPC Inc. since 1998;                   
Age 55                           . Attorney Consultant for Fidelity Management & Research (a 
101 Federal Street                 financial service company), Investors Bank & Trust        
Boston, MA 02110                   Company (a financial service provider) and First Data     
Assistant Secretary since 1999     Investors Services Group, Inc. prior thereto.             

Wes L. Ringo                     . Senior Vice President of Northern Trust Investments, Inc. 
Age 52                             and Compliance Director of Northern Trust Securities,     
50 South LaSalle Street            Inc. since 2001;                                          
Chicago, IL 60675                . Managing Director, Assistant General Counsel and Director 
Anti-Money Laundering Compliance   of Regulatory Affairs of U.S. Bancorp Piper Jaffrey from  
Officer since 2002                 1996-2001.                                                

(1)Each Officer serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

              NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 107 EQUITY PORTFOLIOS

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---------------------------------------------------------                       
EQUITY PORTFOLIOS                                                       
----                                                                            

THIS PAGE INTENTIONALLY LEFT BLANK  

EQUITY PORTFOLIOS 108 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT                

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                                                               NIF ANR EQTY 1/03
--------------------------------------------------------------------------------
(C) 2003 Northern Institutional Funds.                                          
Northern Funds Distributors, LLC, not affiliated with Northern Trust.           

50 South LaSalle Street                                                         
P.O. Box 75986                                                                  
Chicago, Illinois 60675-5986                                                    
800/637-1380                                                                    

northernfunds.com/institutional                                                 

[Logo of Northern Institutional Funds]                                          

[Logo of Managed by Northern Trust]                                             

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                                                               NOVEMBER 30, 2002

NORTHERN INSTITUTIONAL FUNDS                                                    

Fixed Income Portfolios                                                         

[PHOTO APPEARS HERE]

TRUST NORTHERN for investment solutions                  NORTHERN           (SM)
                                                     -------------------
                                                     INSTITUTIONAL FUNDS

                                                     [LOGO] Managed by
                                                                Northern Trust

                                                                   ANNUAL REPORT

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a MESSAGE from                                                
============================                                      
Orie L. Dudley Jr.                            
                              [PHOTO ORIE L. DUDLEY JR.]

----                                                              
CHIEF INVESTMENT OFFICER                            

--------------------------------------------------------------------------------

Ongoing weakness in the global stock markets, in conjunction with               
slower-than-expected economic growth and an accomodative interest rate policy   
by the U.S. Federal Reserve, supported bond market performance during the       
fiscal year.                                                                    

As the year began, the consensus expectation among investors was that the strong
growth of the U.S. economy during the fourth quarter of 2001 signaled that a    
robust recovery was in the offing for 2002. Growth did indeed turn positive, and
gross domestic product growth will likely finish the year slightly above 3%.    
Investors were not encouraged by the nature of the recovery, however. Consumer  
confidence and spending remain weak, and it is unlikely that we will witness an 
upturn until the employment picture begins to improve. In addition, business    
spending -- although recovering -- remains anemic. In response to these         
developments, the Federal Reserve trimmed interest rates by 0.50% over the      
course of the year. This brought the federal funds rate to 1.25%, compared to 6%
as recently as the beginning of 2001. Despite the Fed's aggressive stance,      
inflation remains tame -- a distinct positive for the bond market.              

In total, these developments sparked a strong performance among U.S. Treasury   
issues. The prospect of slower-than-expected growth prompted investors to buy   
government bonds, sending prices higher and yields sharply lower. Treasuries    
were further boosted by a "flight to quality," as falling stock prices, a high  
level of uncertainty regarding the geopolitical outlook, and the fallout from   
scandals at corporations such as Enron sent investors in search of safer        
investments. Other sectors of the bond market -- such as corporate bonds and    
mortgage-backed securities -- produced positive performance, but government     
issues topped the fixed income performance charts for the period. High yield    
bonds trailed due to difficult credit conditions and several defaults among     
high-profile issuers.                                                           

Looking out over a six-to-twelve month horizon, it is reasonable to expect that 
the flight-to-quality premium currently priced into bonds will begin to         
dissipate. Already, the risk aversion tendencies that characterized the first   
half of 2002 are stabilizing, if not decreasing. But even if the strong recent  
performance of the bond market moderates somewhat, opportunities remain.        
Municipal bonds, in particular, are attractive in relation to Treasuries.       
Municipal credit quality is expected to remain relatively strong, given that    
state and local government bonds have displayed the ability to weather economic 
downturns over time.                                                            

Even in the event that the bond market as a whole produces a more muted         
performance in the year ahead, the events of the past three years provide an    
important lesson regarding the value of bonds to portfolio diversification. It  
is likely that 2002 will mark the third consecutive year in which the Lehman    
Brothers Aggregate Bond Index will outperform the S&P 500 Index. Although it is 
possible that the stock market will begin to show signs of a recovery in the    
next six-to-twelve months, we are confident that investors who maintain exposure
to the bond market will be rewarded over time.                                  

Sincerely,                                                                      

/s/ Orie L. Dudley Jr.                                                          
Orie L. Dudley Jr.                                                              
Chief Investment Officer                                                        
Northern Trust                                                                  

N-30D 114th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 114th
              ----------------------------------------------------------------
                                                       FIXED INCOME PORTFOLIOS
                                                                          ----
TABLE OF CONTENTS                                                 

--------------------------------
NOT FDIC INSURED
--------------------------------
May lose value/No bank guarantee
--------------------------------

The report has been prepared for the general information of Northern            
Institutional Funds shareholders. It is not authorized for distribution to      
prospective investors unless accompanied or preceded by a current Northern      
Institutional Funds prospectus, which contains more complete information about  
Northern Institutional Funds investment policies, management fees and expenses. 
Investors are reminded to read the prospectus carefully before investing or     
sending money.                                                                  

Performance calculations reflect fee waivers in effect. In the absence of fee   
waivers, total return would have been reduced. Total return is based on net     
change in NAV assuming reinvestment of all dividends and distributions. Quality 
ratings, such as AAA, refer to the credit risk of individual securities, and    
not to the Portfolio.                                                           

Performances of the Portfolios are compared to various market indices. Unlike a 
mutual fund, the performance of an index assumes no transaction costs, taxes,   
management fees or other expenses. A direct investment in an index is not       
possible.                                                                       

Northern Fund Distributors, LLC, not affiliated with Northern Trust.            

                                                                [Download Table]
                                           
 2  PORTFOLIO MANAGEMENT COMMENTARY        

10  STATEMENTS OF ASSETS AND LIABILITIES   

12  STATEMENTS OF OPERATIONS               

14  STATEMENTS OF CHANGES IN NET ASSETS    

16  FINANCIAL HIGHLIGHTS                   

    SCHEDULES OF INVESTMENTS               

    26  INTERNATIONAL BOND PORTFOLIO       

    28  BOND PORTFOLIO                     

    36  CORE BOND PORTFOLIO                

    41  U.S. TREASURY INDEX PORTFOLIO      

    42  INTERMEDIATE BOND PORTFOLIO        

    47  SHORT-INTERMEDIATE BOND PORTFOLIO  

    50 U.S. GOVERNMENT SECURITIES PORTFOLIO

51  NOTES TO THE FINANCIAL STATEMENTS      

57  REPORT OF INDEPENDENT AUDITORS         

58  TRUSTEES AND OFFICERS                  

NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 1 FIXED INCOME PORTFOLIOS

N-30D 115th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 115th
INTERNATIONAL BOND PORTFOLIO                                                

-----------------------------------                                             
PORTFOLIO MANAGEMENT COMMENTARY                                             
-----------------------------------                                             

The downtrend in sentiment and equity market price action continued aggressively
through the second quarter with most major stock market indices posting losses  
of over 30 percent. With increased market volatility through the second half of 
the year it was no surprise that government bond markets posted healthy gains   
along the curve. Yields shifted on a parallel basis from 40 basis points in     
Japan to over 100 basis points in Europe. Credit spreads suffered through the   
middle two quarters of the year with liquidity concerns driving volatility and  
capital market efficiency. We have witnessed an improvement in sentiment in     
recent weeks in conjunction with a reduction in equity market volatility and    
additional monetary easing by the U.S. Federal Reserve and the European Central 
Bank.                                                                           

Overall the Portfolio underperformed its benchmark by a significant margin over 
the period as its overweight in lower-rated corporate bonds reduced any gains   
resulting from our curve and currency positioning. For its most recent fiscal   
year ended November 30, 2002, the Portfolio posted a 7.06 percent (Class A      
shares) total return, compared with the 11.80 percent return of the J.P. Morgan 
Non-U.S. Government Bond Index. At the close of the third quarter we            
repositioned the Portfolio, reducing its exposure to corporate credits.         
Performance since that time has been stable and generally in line with the      
benchmark.                                                                      

Looking ahead, we anticipate that the recovery will progress slowly, with the   
risks finely balanced to the upside and downside as the global economy works    
through this difficult "soft" period. We believe that current monetary policy   
and increased fiscal stimulus will be evident through 2003 to ensure that the   
global economic recovery has a better chance to take hold. We continue to favor 
an overweight duration in Europe and an underweight in Japan. We expect dollar  
weakness to continue, which could produce healthy gains from international bonds
for dollar-based investors.                                                     

--------------------------                                                      
INVESTMENT PERFORMANCE                                                      
--------------------------                                                      

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                    

                   J.P. MORGAN
CLASS A    CLASS D   NON-U.S. GOV'T 
TOTAL RETURN          SHARES     SHARES*     BOND INDEX                         
-----------------------------------------------------------                     
ONE YEAR              7.06%      6.95%         11.80%                           
FIVE YEAR             2.41       2.39           3.61                            
SINCE INCEPTION       4.54       2.37           5.05**                          
-----------------------------------------------------------                     

*For Class D shares, performance from 8/23/99 through 9/4/02 is that of Class   
A shares. Because the fees and expenses of Class D shares are higher than those 
of Class A shares, actual performance would have been lower if these higher fees
and expenses had been taken into account.                                       

**Since inception of Class A.                                                   

----------------------------------                                              
GROWTH OF A $10,000 INVESTMENT                                              
----------------------------------                                              

[MOUNTAIN CHART APPEARS HERE]                                                   

INTERNATIONAL        J.P. MORGAN                    
BOND        NON-U.S. GOVERNMENT           
PORTFOLIO          BOND INDEX                   
--------------------------------------------------                              
3/28/94        10000.00            10000.00                                   
11/30/94        10405.00            10374.00                                    
11/30/95        12299.00            12413.00                                    
11/30/96        13464.00            13298.00                                    
11/30/97        13052.00            12840.00                                    
11/30/98        14599.00            14642.00                                    
11/30/99        13801.00            14138.00                                    
11/30/00        12982.00            13207.00                                    
11/30/01        13735.00            13712.00                                    
11/30/02        14706.00            15327.00                                    
--------------------------------------------------                              
--INTERNATIONAL BOND PORTFOLIO $14,706                                          
--J.P. MORGAN NON-U.S. GOVERNMENT BOND INDEX $15,327                            

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The J.P. Morgan Non-U.S.     
Government Bond Index is an unmanaged index of prices of non-U.S. Government    
bonds with maturities of one to thirty years.                                   

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares. The graph and table do  
not reflect the deduction of taxes that a shareholder would pay on fund         
distributions or the redemption of fund shares. Foreign securities may involve  
additional risks, such as social and political instability, reduced market      
liquidity, and currency volatility.                                             

The Portfolio is "non-diversified" under the Investment Company Act of 1940, and
may invest more of its assets in fewer issuers than "diversified" mutual funds. 
Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

----------------------------------                                              
PORTFOLIO MANAGER                                                             
----------------------------------                                              
WAYNE G. BOWERS                                                               
----------------------------------                                              

FUND FACTS (AS OF 11/30/02)                                                     

TICKER SYMBOL                BIBAX                                              

INCEPTION DATE                                                                  
CLASS A SHARES             3/28/94                                              
CLASS D SHARES            11/20/95                                              

TOTAL NET ASSETS       $26,292,251                                              

NET ASSET VALUE                                                                 
CLASS A SHARES              $19.48                                              
CLASS D SHARES               19.46                                              
----------------------------------                                              

FIXED INCOME PORTFOLIOS 2 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT            

N-30D 116th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 116th
--------------------------------------------------------------------------------
BOND PORTFOLIO                                                              
--------------------------------------------------------------------------------

-----------------------------------                                             
PORTFOLIO MANAGEMENT COMMENTARY                                             
-----------------------------------                                             

The market environment for bonds over the past year was marked by corporate     
malfeasance, credit blowups and heightened geopolitical risk. While the U.S.    
economy grew at a moderate pace, the uncertain environment fed investor unease, 
producing a strong and consistent bid for quality and liquidity. The Federal    
Reserve eased only once, in November, as the yield curve steepened (two- and    
five-year rates declined 78 basis points while 10- and 30-year rates fell less  
dramatically). Higher quality sectors, such as agencies, and mortgage-backed and
asset-backed securities performed strongly in this environment.                 

The Portfolio benefited throughout the year from greater-than-benchmark         
exposures to mortgages and other securitized investments. On balance, our       
interest rate and yield curve decisions detracted slightly from overall         
performance. In addition, an overweight allocation to credit in early 2002,     
particularly to WorldCom, negatively impacted results for the year. We rotated  
out of investment-grade corporate bonds at mid-year and moved duration long to  
the benchmark, which boosted performance for the third quarter. During the      
fourth quarter, believing the sell-off in credit product to be overdone, we     
rotated back into corporates and captured much of November's strong rally. For  
its most recent fiscal year ended November 30, 2002, the Portfolio's return was 
strongly positive --4.99 percent (Class A shares) -- and at the median, although
it failed to outperform the 7.33 percent return of its benchmark, the Lehman    
Brothers Aggregate Bond Index.                                                  

Going into 2003, our Portfolio duration is currently positioned neutral to the  
benchmark. We continue to believe that quality and liquidity will perform well  
and anticipate maintaining overweight positions in these sectors. Absent a      
stronger-than-anticipated economy we do not expect corporate spreads to improve 
by much, but continue to market weight the sector given the generous yields it  
currently provides. Likewise, we are maintaining an 8 percent exposure to high  
yield securities, believing that careful issue selection and broad              
diversification will more than offset the risks of owning individual high yield 
credits at this time.                                                           

--------------------------                                                      
INVESTMENT PERFORMANCE                                                      
--------------------------                                                      

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                              LEHMAN
                    CLASS A       CLASS C        CLASS D     AGGREGATE
TOTAL RETURN             SHARES        SHARES         SHARES      BOND INDEX    
----------------------------------------------------------------------------    
ONE YEAR                  4.99%          4.73%          4.60%         7.33%     
FIVE YEAR                 6.23           5.98           5.78          7.31      
SINCE INCEPTION           7.22           6.65           7.42          7.36*     
----------------------------------------------------------------------------    
*Since inception of Class A.                                                    

----------------------------------                                              
GROWTH OF A $10,000 INVESTMENT                                              
----------------------------------                                              

CLASS A SHARES                                                                  

[Mountain chart appears here] 

                                       LEHMAN BROTHERS
                     BOND             AGGREGATE BOND
              PORTFOLIO                INDEX
                   ---------           ---------------
1/11/93           10,000.00             10,000.00   
11/30/93           11,059.00             10,916.00    
11/30/94           10,612.00             10,582.00    
11/30/95           12,900.00             12,449.00    
11/30/96           13,617.00             13,204.00    
11/30/97           14,734.00             14,201.00    
11/30/98           16,249.00             15,544.00    
11/30/99           16,028.00             15,537.00    
11/30/00           17,401.00             16,946.00    
11/30/01           18,981.00             18,837.00    
11/30/02           19,292.00             20,215.00    

-BOND PORTFOLIO $19,292                                                         
-LEHMAN BROTHERS AGGREGATE BOND INDEX $20,215                                   

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Lehman Brothers Aggregate
Bond Index is an unmanaged index of prices of U.S. dollar-denominated investment
grade fixed income securities with remaining maturities of one year and longer. 

------------------------------------------------                                

PORTFOLIO MANAGERS                                                          
----------------------------------------                                      
GLENN T. MIGLIOZZI                                                          
ERIC MISENHEIMER                                                            
----------------------------------------                                      

FUND FACTS (as of 11/30/02)                                                 

TICKER SYMBOL                          BBPAX                                

INCEPTION DATE                                                              
CLASS A SHARES                       1/11/93                                
CLASS C SHARES                        7/3/95                                
CLASS D SHARES                       9/14/94                                

TOTAL NET ASSETS                $707,791,640                                

NET ASSET VALUE                                                             
CLASS A SHARES                        $19.81                                
CLASS C SHARES                         19.81                                
CLASS D SHARES                         19.78                                
------------------------------------------------                                

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 3 FIXED INCOME PORTFOLIOS

N-30D 117th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 117th
--------------------------------------------------------------------------------
CORE BOND PORTFOLIO                                                         
--------------------------------------------------------------------------------

-----------------------------------                                             
PORTFOLIO MANAGEMENT COMMENTARY                                             
-----------------------------------                                             

The market environment for bonds over the past year was marked by corporate     
malfeasance, credit blowups and heightened geopolitical risk. While the U.S.    
economy grew at a moderate pace, the uncertain environment fed investor unease, 
producing a strong and consistent bid for quality and liquidity. The Federal    
Reserve eased only once, in November, as the yield curve steepened (two- and    
five-year rates declined 78 basis points while 10- and 30-year rates fell less  
dramatically). Higher quality sectors, such as agencies, and mortgage-backed and
asset-backed securities performed strongly in this environment.                 

The Portfolio benefited throughout the year from greater-than-benchmark         
exposures to mortgages and other securitized investments. On balance, our       
interest rate and yield curve decisions detracted slightly from overall         
performance. In addition, an overweight allocation to credit in early 2002,     
particularly to WorldCom, negatively impacted results for the year. We rotated  
out of investment-grade corporate bonds at mid-year and moved duration long to  
the benchmark, which boosted performance for the third quarter. During the      
fourth quarter, believing the sell-off in credit product to be overdone, we     
rotated back into corporates and captured much of November's strong rally. For  
its most recent fiscal year ended November 30, 2002, the Portfolio's return was 
strongly positive --5.61 percent (Class A shares)-- and above median, although  
it failed to outperform the 7.33 percent return of its benchmark, the Lehman    
Brothers Aggregate Bond Index.                                                  

We expect the economy to remain positive in 2003, but we also believe that the  
aggressive stimulus package being crafted by the White House will be necessary  
to achieve even trend growth. As such, we expect corporations to experience only
modest revenue improvement and to remain highly focused on repairing their      
balance sheets. Consumers are likely to continue to spend, although at a reduced
rate relative to the past year. Going into 2003, our Portfolio duration is      
currently positioned neutral to the benchmark. We continue to believe that      
quality and liquidity will perform well and anticipate maintaining overweight   
positions in these sectors. Absent a stronger-than-anticipated economy we do not
expect corporate spreads to improve by much, but continue to market weight the  
sector given the generous yields it currently provides.                         

--------------------------                                                      
INVESTMENT PERFORMANCE                                                      
--------------------------                                                      

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                  LEHMAN
              CLASS A      CLASS C     CLASS D     AGGREGATE
TOTAL RETURN            SHARES       SHARES      SHARES      BOND INDEX         
-----------------------------------------------------------------------         
ONE YEAR                 5.61%        6.04%       6.07%        7.33%            
SINCE INCEPTION          6.09         6.06        6.07         7.98             

----------------------------------                                              
GROWTH OF A $10,000 INVESTMENT                                              
----------------------------------                                              

CLASS A SHARES                                                                  

[Mountain chart appears here] 

CORE          LEHMAN BROTHERS                   
BOND             AGGREGATE                      
PORTFOLIO          BOND INDEX                       
---------------------------------------------                                   
3/29/01      10000.00           10000.00                                      
11/30/01      10454.00           10592.00                                       
11/30/02      11041.00           11368.00                                       

- CORE BOND PORTFOLIO $11,041                                                   
- LEHMAN BROTHERS AGGREGATE BOND INDEX $11,368                                  

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Lehman Brothers Aggregate
Bond Index is an unmanaged index of prices of U.S. dollar-denominated investment
grade fixed income securities with remaining maturities of one year and longer. 

-------------------------------------------------------                         

PORTFOLIO MANAGER                                                           
--------------------                                                          
GLENN T. MIGLIOZZI                                                          
--------------------                                                          

FUND FACTS (as of 11/30/02)                                                 

TICKER SYMBOL                          NOCBX                                

INCEPTION DATE                                                              
CLASS A SHARES                       3/29/01                                
CLASS C SHARES                       3/29/01                                
CLASS D SHARES                       3/29/01                                

TOTAL NET ASSETS                $103,185,972                                

NET ASSET VALUE                                                             
CLASS A SHARES                         $9.92                                
CLASS C SHARES                          9.92                                
CLASS D SHARES                          9.93                                

-------------------------------------------------------                         

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares. The graph and table do  
not reflect the deduction of taxes that a shareholder would pay on fund         
distributions or the redemption of fund shares. Visit                           
northernfunds.com/institutional for the most recent performance information.    

FIXED INCOME PORTFOLIOS 4 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT            

N-30D 118th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 118th
--------------------------------------------------------------------------------
U.S. TREASURY INDEX PORTFOLIO                                               
--------------------------------------------------------------------------------
-----------------------------------                                             
PORTFOLIO MANAGEMENT COMMENTARY                                             
-----------------------------------                                             

Over its most recent fiscal year the U.S. Treasury Index Portfolio performed in 
line with its benchmark, the Lehman Brothers Treasury Bond Index. For the       
12-month period ended November 30, 2002, the Portfolio returned 7.62 percent    
(Class A shares), compared with the 7.89 percent return of the Index. Throughout
most of the year, the FOMC maintained a neutral stance, meeting six times       
without changing its target overnight rate from 1.75 percent. Then, at the      
November 6 meeting, the Fed changed its assessment back to economic weakness and
lowered the overnight rate to a 41-year low of 1.25 percent.                    

Economic data throughout the year had been mixed and at times hinted that the   
U.S. economy might be slowing. Until November, the numbers had not been weak    
enough to induce the Fed to act. During the first two months of the fourth      
quarter, however, weak demand in the industrial and consumer sectors along with 
declining demand for labor prompted the Fed to lower rates. Another factor that 
may continue to weigh negatively on the economy and keep Treasury yields low is 
uncertainty over a possible war with Iraq.                                      

The two-year Treasury yield decreased by 99 basis points during the period.     
Five-year, 10-year and 30-year Treasury yields decreased by 106, 82 and 43 basis
points, respectively, over the 12 months ended November 30. Absolute yield      
levels at November month end were 2.06 percent, 3.26 percent, 4.22 percent, and 
5.05 percent for the two-, five-, 10- and 30-year maturity ranges, respectively.

We will continue to invest in securities represented by the Lehman Brothers     
Treasury Bond Index as we seek to provide returns that closely approximate those
of the Index.                                                                   

--------------------------                                                      
INVESTMENT PERFORMANCE                                                      
--------------------------                                                      

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30, 2002                      

                                                            LEHMAN
                   CLASS A       CLASS C        CLASS D     TREASURY
TOTAL RETURN             SHARES        SHARES         SHARES     BOND INDEX     
----------------------------------------------------------------------------    
ONE YEAR                  7.62%         7.38%          7.22%        7.89%       
FIVE YEAR                 7.15           N/A           6.75         7.43        
SINCE INCEPTION           7.11          5.35           7.70         7.33*       
----------------------------------------------------------------------------    
*Since inception of Class A.                                                    

----------------------------------                                              
GROWTH OF A $10,000 INVESTMENT                                              
----------------------------------                                              

[MOUNTAIN CHART APPEARS HERE] 

      U.S. TREASURY         LEHMAN BROTHERS TREASURY
INDEX PORTFOLIO             BOND INDEX    
     ---------------        ------------------------
1/11/93              10000.00                 10000.00                        
11/30/93              10995.00                 11026.00                         
11/30/94              10573.00                 10631.00                         
11/30/95              12368.00                 12480.00                         
11/30/96              13002.00                 13135.00                         
11/30/97              13967.00                 14096.00                         
11/30/98              15489.00                 15639.00                         
11/30/99              15164.00                 15374.00                         
11/30/00              16728.00                 17012.00                         
11/30/01              18326.00                 18689.00                         
11/30/02              19722.00                 20170.00                         

- U.S. TREASURY INDEX PORTFOLIO $19,722                                         
- LEHMAN BROTHERS TREASURY BOND INDEX $20,170                                   

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Lehman Brothers Treasury 
Bond Index is an unmanaged index of prices of U.S. Treasury bonds with          
maturities of one to thirty years.                                              

------------------------------------------------                                

PORTFOLIO MANAGER                                                           
----------------------------------------                                      
DAN PERSONETTE                                                              
----------------------------------------                                      

FUND FACTS (AS OF 11/30/02)                                                 

TICKER SYMBOL                          BTIAX                                

INCEPTION DATE                                                              
CLASS A SHARES                       1/11/93                                
CLASS C SHARES                      10/06/98                                
CLASS D SHARES                      11/16/94                                

TOTAL NET ASSETS                 $52,906,834                                

NET ASSET VALUE                                                             
CLASS A SHARES                        $21.99                                
CLASS C SHARES                         21.98                                
CLASS D SHARES                         21.97                                
------------------------------------------------                                

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares. The graph and table do  
not reflect the deduction of taxes that a shareholder would pay on fund         
distributions or the redemption of fund shares. Unlike Treasury bonds and bills,
the principal value and investment return of the Portfolio is not guaranteed or 
insured by the U.S. Government. Visit northernfunds.com/institutional for the   
most recent performance information.                                            

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 5 FIXED INCOME PORTFOLIOS

N-30D 119th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 119th
--------------------------------------------------------------------------------
INTERMEDIATE BOND PORTFOLIO                                                 
--------------------------------------------------------------------------------
-----------------------------------                                             
PORTFOLIO MANAGEMENT COMMENTARY                                             
-----------------------------------                                             

Bond investors experienced a challenging environment in 2002, marked by         
corporate governance scandals, credit implosions and geopolitical uncertainty,  
set against a backdrop of fragile economic expansion. Unlike 2001, the Federal  
Reserve held the federal funds rate steady for most of the year before finally  
cutting rates by 50 basis points in November. Five-year Treasuries traded at    
yields as high as 4.80 percent in March, only to fall to a near-record low of   
2.50 percent in late September.                                                 

As has been the case for some time, spread volatility in 2002 was uncommonly    
high, and issuer-specific, market-moving events occurred frequently throughout  
the year. With respect to higher quality investments, both mortgage-backed and  
asset-backed securities performed well during 2002. Throughout the year, market 
liquidity was a critically important driver affecting performance. The          
Portfolio's results were adversely affected early in the year by concentrated   
exposures to specific credit positions. Other credit positions, along with      
duration and sector-rotation decisions, positively impacted performance.        
However, the combined impact of these contributors was not sufficient to produce
positive performance versus the benchmark. Over its most recent fiscal year     
ended November 30, 2002, the Portfolio posted a 5.80 percent return (Class A    
shares), compared with the 6.89 percent return of its benchmark, the Lehman     
Brothers Intermediate Government/Corporate Bond Index.                          

As usual, the trend of the domestic and global economies will play a major role 
in our decision making going forward. Our expectation that U.S. economic        
expansion is likely to remain positive, if tepid, leads us to enter the new year
with a duration very close to the benchmark. Our exposure to mortgage-backed    
securities is greater than the benchmark, a decision we are closely monitoring. 
We have a close-to-market weighting in corporates and will be looking to rotate 
among various corporate sub-sectors as opportunities present themselves. We also
continue to focus on quality, liquidity and diversification in our overall      
portfolio construction.                                                         

--------------------------                                                      
INVESTMENT PERFORMANCE                                                      
--------------------------                                                      

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30,2002                       

                                                LEHMAN INTERM.
               CLASS A           CLASS D         GOV'T/CORP.
TOTAL RETURN             SHARES            SHARES          BOND INDEX           
------------------------------------------------------------------------        
ONE YEAR                  5.80%             5.41%             6.89%             
FIVE YEAR                 6.12               N/A              7.19              
SINCE INCEPTION           5.96              5.01              7.12*             
------------------------------------------------------------------------        
*Since inception of Class A.                                                    

----------------------------------                                              
GROWTH OF A $10,000 INVESTMENT                                              
----------------------------------                                              

CLASS A SHARES                                                                  

[MOUNTAIN CHART APPEARS HERE] 

INTERMEDIATE     LEHMAN BROTHERS INTERMEDIATE   
BOND          GOVERNMENT/CORPORATE      
PORTFOLIO             BOND INDEX              
--------------------------------------------------------                        
8/1/97          10000.00              10000.00                              
11/30/97          10118.00              10199.00                                
11/30/98          10880.00              11104.00                                
11/30/99          10907.00              11228.00                                
11/30/00          11671.00              12101.00                                
11/30/01          12870.00              13503.00                                
11/30/02          13616.00              14431.00                                

-INTERMEDIATE BOND PORTFOLIO $13,616                                            
-LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX $14,431           

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Lehman Brothers          
Intermediate Government/Corporate Bond Index is an unmanaged index of prices of 
U.S. Government and corporate bonds with remaining maturities of one to ten     
years.                                                                          

------------------------------------------------                                

PORTFOLIO MANAGER                                                           
----------------------------------------                                      
GLENN T. MIGLIOZZI                                                          
----------------------------------------                                      

FUND FACTS (AS OF 11/30/02)                                                 

TICKER SYMBOL                          NIBAX                                

INCEPTION DATE                                                              
CLASS A SHARES                        8/1/97                                
CLASS D SHARES                       10/2/98                                

TOTAL NET ASSETS                 $45,253,514                                

NET ASSET VALUE                                                             
CLASS A SHARES                        $20.15                                
CLASS D SHARES                         20.13                                
------------------------------------------------                                

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

FIXED INCOME PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT            

N-30D 120th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 120th
--------------------------------------------------------------------------------
SHORT-INTERMEDIATE BOND PORTFOLIO                                           
--------------------------------------------------------------------------------
-----------------------------------                                             
PORTFOLIO MANAGEMENT COMMENTARY                                             
-----------------------------------                                             

Bond investors experienced a challenging environment in 2002, marked by         
corporate governance scandals, credit implosions and geopolitical uncertainty,  
set against a backdrop of fragile economic expansion. Unlike 2001, the Federal  
Reserve held the federal funds rate steady for most of the year before finally  
cutting rates by 50 basis points in November. Five-year Treasuries traded at    
yields as high as 4.80 percent in March, only to fall to a near-record low of   
2.50 percent in late September.                                                 

As has been the case for some time, spread volatility in 2002 was uncommonly    
high, and issuer-specific, market-moving events occurred frequently throughout  
the year. With respect to higher quality investments, both mortgage-backed and  
asset-backed securities performed well during 2002. Throughout the year, market 
liquidity was a critically important driver affecting performance. The          
Portfolio's results were adversely affected early in the year by concentrated   
exposures to specific credit positions. Other credit positions, along with      
duration and sector-rotation decisions, positively impacted performance.        
However, the combined impact of these contributors was not sufficient to produce
positive performance versus the benchmark. Over its most recent fiscal year     
ended November 30, 2002, the Portfolio posted a 3.97 percent return (Class A    
shares), compared with the 6.07 percent return of its benchmark, the Merrill    
Lynch 1-5 Corporate/Government Bond Index.                                      

As usual, the trend of the domestic and global economies will play a major role 
in our decision making going forward. Our expectation that U.S. economic        
expansion is likely to remain positive, if tepid, leads us to enter the new year
with a duration very close to the benchmark. Our exposure to mortgage-backed    
securities is greater than the benchmark, a decision we are closely monitoring. 
We have a close-to-market weighting in corporates and will be looking to rotate 
among various corporate sub-sectors as opportunities present themselves. We also
continue to focus on quality, liquidity and diversification in our overall      
portfolio construction.                                                         

--------------------------                                                      
INVESTMENT PERFORMANCE                                                      
--------------------------                                                      

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30,2002                       

                                                 MERRILL LYNCH
                 CLASS A           CLASS D       1-5 CORP./GOV'T
TOTAL RETURN             SHARES            SHARES          BOND INDEX           
-------------------------------------------------------------------------       
ONE YEAR                  3.97%             3.59%             6.07%             
FIVE YEAR                 5.84              5.43              6.93              
SINCE INCEPTION           5.96              5.90              6.53*             
-------------------------------------------------------------------------       
*Since inception of Class A.                                                    

----------------------------------                                              
GROWTH OF A $10,000 INVESTMENT                                              
----------------------------------                                              

CLASS A SHARES                                                                  

[MOUNTAIN CHART APPEARS HERE] 

               INTERMEDIATE        MERRILL LYNCH 1-5
                    BOND          CORPORATE/GOVERNMENT
            PORTFOLIO             BOND INDEX

1/11/93         10,000.00             10,000.00     
11/30/93        10,590.00             10,669.00     
11/30/94        10,678.00             10,627.00     
11/30/95        11,915.00             11,928.00     
11/30/96        12,592.00             12,623.00     
11/30/97        13,340.00             13,392.00     
11/30/98        14,341.00             14,476.00     
11/30/99        14,663.00             14,844.00     
11/30/00        15,692.00             15,934.00     
11/30/01        17,040.00             17,654.00     
11/30/02        17,716.00             18,723.00     

-INTERMEDIATE BOND PORTFOLIO $17,716                                            
-MERRILL LYNCH 1-5 CORPORATE/GOVERNMENT BOND INDEX $18,723                      

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Merrill Lynch 1-5        
Corporate/Government Bond Index is an unmanaged index of prices of U.S.         
Government and corporate bonds with maturities of one to five years.            

------------------------------------------------                                

PORTFOLIO MANAGER                                                           
----------------------------------------                                      
COLIN A. ROBERTSON                                                          
----------------------------------------                                      

FUND FACTS (AS OF 11/30/02)                                                 

TICKER SYMBOL                          BSBAX                                

INCEPTION DATE                                                              
CLASS A SHARES                       1/11/93                                
CLASS D SHARES                       9/14/94                                

TOTAL NET ASSETS                $192,774,749                                

NET ASSET VALUE                                                             
CLASS A SHARES                        $18.62                                
CLASS D SHARES                         18.57                                
------------------------------------------------                                

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 7 FIXED INCOME PORTFOLIOS

N-30D 121st “Page” of 244 TOC 1st Previous Next ↓Bottom Just 121st
--------------------------------------------------------------------------------
U.S. GOVERNMENT SECURITIES PORTFOLIO                                        
--------------------------------------------------------------------------------
-----------------------------------                                             
PORTFOLIO MANAGEMENT COMMENTARY                                             
-----------------------------------                                             

Fiscal year 2002 was another volatile year, with extreme range moves on many    
economic fronts. The Fed lowered rates 25 basis points in December 2001 and then
another 50 basis points in November 2002, when it became clear that the economy 
had failed to gain necessary traction. Weak consumer confidence as well as      
corporate governance issues remained top-of-mind for investors, as did rising   
unemployment and talk of war. During the 12-month period the 10-year Treasury   
bond peaked at 5.43 percent and reached a low of 3.56 percent. The unemployment 
rate climbed to 6 percent in April of 2002, an eight-year high. It then declined
to 5.7 percent by November 2002. The stock market experienced another tough     
year, while 30-year mortgage rates fell to 6.13 percent from 7.02 percent.      

Two-year Treasury yields fell 81 basis points to 2.06 percent while 30-year     
rates fell 20 basis points to 5.05 percent, causing the yield curve to steepen. 
Corporate, agency and mortgage spreads all widened during much of the year and  
then began tightening in September.                                             

For the 12 months ended November 30, 2002, the Portfolio produced favorable     
results, returning 5.94 percent (Class A shares), just slightly underperforming 
the 5.99 percent return of its benchmark, the Merrill Lynch 1-5 Government      
Index. While duration moved from slightly short to neutral to long over the time
period, the net contribution of Portfolio duration tended to be negative,       
particularly during the last few months of the period. Fortunately, the         
Portfolio's yield curve positioning enhanced returns, as did its timing in and  
out of the agency and mortgage markets.                                         

We enter the new year (1) slightly long in duration versus the Portfolio's      
benchmark, (2) overweight mortgages, and (3) neutral versus the benchmark in    
terms of agency holdings. We will continue to monitor these positions carefully,
as we expect their benefits to soon run their course. In addition, we expect the
Portfolio's mortgage position to continue to offer incremental spread           
enhancement, most likely from prepayment opportunities. As always, credit       
quality remains extremely high.                                                 

--------------------------                                                      
INVESTMENT PERFORMANCE                                                      
--------------------------                                                      

AVERAGE ANNUAL RETURNS FOR PERIODS ENDED NOVEMBER 30,2002                       

                CLASS A           CLASS D        MERRILL LYNCH
TOTAL RETURN             SHARES            SHARES        1-5 GOV'T INDEX        
-------------------------------------------------------------------------       
ONE YEAR                  5.94%             5.50%             5.99%             
FIVE YEAR                 6.54              6.13              6.83              
SINCE INCEPTION           5.91              6.15              6.25*             
-------------------------------------------------------------------------       
*Since inception of Class A.                                                    

----------------------------------                                              
GROWTH OF A $10,000 INVESTMENT                                              
----------------------------------                                              

CLASS A SHARES                                                                  

[MOUNTAIN CHART APPEARS HERE] 

U.S.Government Securities Portfolio        Merrill Lynch 1-5 Government Index 

4/5/93          10000.00                     10000.00                           
11/30/93        10302.00                     10333.00                           
11/30/94        10242.00                     10282.00                           
11/30/95        11385.00                     11525.00                           
11/30/96        11975.00                     12178.00                           
11/30/97        12681.00                     12914.00                           
11/30/98        13615.00                     13960.00                           
11/30/99        13951.00                     14307.00                           
11/30/00        14932.00                     15374.00                           
11/30/01        16429.00                     16955.00                           
11/30/02        17404.00                     17974.00                           

-U.S. GOVERNMENT SECURITIES PORTFOLIO   $17,404                                 
-MERRILL LYNCH 1-5 GOVERNMENT INDEX     $17,974                                 

This graph shows performance for Class A shares. Performance of other classes   
will vary based on their higher fees and expenses. The Merrill Lynch 1-5        
Government Index is an unmanaged index of prices of U.S. Treasury notes with    
maturities of one to five years.                                                

------------------------------------------------                                

PORTFOLIO MANAGERS                                                          
----------------------------------------                                      
COLIN A. ROBERTSON                                                          
DEBORAH BOYER                                                               
----------------------------------------                                      

FUND FACTS (AS OF 11/30/02)                                                 

TICKER SYMBOL                          BUSAX                                

INCEPTION DATE                                                              
CLASS A SHARES                        4/5/93                                
CLASS D SHARES                       9/15/94                                

TOTAL NET ASSETS                $114,573,457                                

NET ASSET VALUE                                                             
CLASS A SHARES                        $20.60                                
CLASS D SHARES                         20.53                                
------------------------------------------------                                

Past performance is no guarantee of future results, share prices will fluctuate,
and you may have a gain or loss when you redeem shares.                         

The graph and table do not reflect the deduction of taxes that a shareholder    
would pay on fund distributions or the redemption of fund shares.               

Unlike Treasury bonds and bills, the principal value and investment return of   
the Portfolio are not guaranteed or insured by the U.S. Government.             

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

FIXED INCOME PORTFOLIOS 8 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT            

N-30D 122nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 122nd
                     ---------------------------------------------------------
                                                       FIXED INCOME PORTFOLIOS
                                                                          ----

THIS PAGE INTENTIONALLY LEFT BLANK  

          NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 9 FIXED INCOME PORTFOLIOS

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FIXED INCOME PORTFOLIOS                                                         

STATEMENTS OF ASSETS AND LIABILITIES                                      

                                                        [Enlarge/Download Table]


                                                                          INTERNATIONAL               
Amounts in thousands,                                                         BOND              BOND  
except per share data                                                      PORTFOLIO        PORTFOLIO 
----------------------------------------------------------------------------------------------------- 
                                                                                                      
ASSETS:                                                                                               
Investments, at amortized cost                                                $24,871        $819,182 
Investments, at fair value                                                    $25,531        $821,004 
Cash                                                                                -             123 
Foreign currencies, at fair value (Cost $192)                                     192               - 
Income receivable                                                                 625           5,746 
Cash collateral invested from securities loaned                                     -               - 
Receivable for securities sold                                                      -           4,123 
Receivable for fund shares sold                                                     1             135 
Receivable from affiliated administrator                                           11              21 
Unrealized gain on foreign currency exchange contracts                            537               - 
Prepaid and other assets                                                            2               7 
Total Assets                                                                   26,899         831,159 
----------------------------------------------------------------------------------------------------- 
LIABILITIES:                                                                                          
Cash overdraft                                                                      -               - 
Unrealized loss on foreign currency exchange contracts                            567               - 
Payable for cash collateral on securities loaned                                    -               - 
Payable for securities purchased                                                    -          83,187 
Payable for when-issued securities                                                  -          36,731 
Payable for fund shares redeemed                                                    -           3,196 
Payable to affiliates:                                                                                
   Investment advisory fees                                                        15             147 
   Administration fees                                                              3              59 
   Custody and accounting fees                                                      5               - 
   Transfer agent fees                                                              -               7 
Accrued registration fees and other liabilities                                    17              40 
Total Liabilities                                                                 607         123,367 
----------------------------------------------------------------------------------------------------- 
Net Assets                                                                    $26,292        $707,792 
----------------------------------------------------------------------------------------------------- 
ANALYSIS OF NET ASSETS:                                                                               
Capital stock                                                                 $25,274        $736,046 
Undistributed net investment income                                             1,298             812 
Accumulated undistributed net realized gain (loss)                               (925)        (30,888)
Net unrealized appreciation                                                       645           1,822 
Net Assets                                                                    $26,292        $707,792 
----------------------------------------------------------------------------------------------------- 
Net Assets:                                                                                           
   Class A                                                                    $26,188        $697,601 
   Class C                                                                          -           9,874 
   Class D                                                                        104             317 
Total Shares Outstanding (no par value), Unlimited Shares                                             
Authorized:                                                                                           
   Class A                                                                      1,344          35,206 
   Class C                                                                          -             499 
   Class D                                                                          6              16 
Net Asset Value, Redemption and Offering Price Per Share:                                             
   Class A                                                                     $19.48          $19.81 
   Class C                                                                          -           19.81 
   Class D                                                                      19.46           19.78 
----------------------------------------------------------------------------------------------------- 

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                               NOVEMBER 30, 2002

                                                        [Enlarge/Download Table]

                      U.S.                              SHORT-                  U.S.   
      CORE         TREASURY     INTERMEDIATE         INTERMEDIATE            GOVERNMENT
      BOND           INDEX          BOND                 BOND                SECURITIES
    PORTFOLIO      PORTFOLIO      PORTFOLIO           PORTFOLIO              PORTFOLIO 
---------------------------------------------------------------------------------------
                                                                                       
     $121,117        $50,765         $ 50,722         $ 213,845                $120,563
     $121,821        $52,357         $ 51,211         $ 216,180                $122,149
            -             27              131                50                       2
            -              -                -                 -                       -
          713            579              343             1,769                     798
       18,587         16,084                -                 -                       -
        5,026              -            5,106             6,222                       -
            -             18                -                20                      42
            7             10                3                10                      11
            -              -                -                 -                       -
            3              3                3                 3                       2
      146,157         69,078           56,797           224,254                 123,004
---------------------------------------------------------------------------------------
            4              -                -                 -                       -
            -              -                -                 -                       -
       18,587         16,084                -                 -                       -
       15,264              -            8,295            15,444                   1,996
        8,868              -            3,215            15,884                   6,381
          200             55                -                70                       -
           21              7               10                41                      24
            8              4                4                17                       9
            1              2                2                 3                       2
            1              1                -                 2                       1
           17             18               17                18                      18
       42,971         16,171           11,543            31,479                   8,431
---------------------------------------------------------------------------------------
     $103,186        $52,907         $ 45,254         $ 192,775                $114,573
---------------------------------------------------------------------------------------
     $105,010        $50,263         $ 47,375         $ 207,284                $110,612
           48             61               38               129                   1,679
      (2,576)            991          (2,648)          (16,973)                     696
          704          1,592              489             2,335                   1,586
     $103,186        $52,907         $ 45,254         $ 192,775                $114,573
---------------------------------------------------------------------------------------
     $103,184        $49,429         $ 45,186         $ 192,710                $113,071
            1          2,947                -                 -                       -
            1            531               68                65                   1,502
       10,405          2,248            2,243            10,350                   5,490
            -            134                -                 -                       -
            -             24                3                 3                      73
        $9.92         $21.99           $20.15           $18.62                   $20.60
         9.92          21.98                -                 -                       -
         9.93          21.97            20.13             18.57                   20.53
---------------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 11 FIXED INCOME PORTFOLIO

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FIXED INCOME PORTFOLIOS                                                         

STATEMENTS OF OPERATIONS                                                        

                                                        [Enlarge/Download Table]

                                                                                 INTERNATIONAL           
                                                                                     BOND         BOND   
Amounts in thousands                                                               PORTFOLIO    PORTFOLIO
---------------------------------------------------------------------------------------------------------
                                                                                                         

INVESTMENT INCOME:                                                                                       
Interest income                                                                      $1,211    $ 44,223  
Dividend income                                                                          --       1,733  
Miscellaneous income                                                                     --           4  
  Total Investment Income                                                             1,211      45,960  
-------------------------------------------------------------------------------------------------------- 
EXPENSES:                                                                                                
Investment advisory fees                                                                229       3,867  
Administration fees                                                                      40         816  
Custody and accounting fees                                                              57          59  
Transfer agent fees                                                                       2          93  
Registration fees                                                                        18          --  
Printing fees                                                                            --          10  
Professional fees                                                                         9          19  
Trustee fees and expenses                                                                 4          15  
Other                                                                                     4          --  
-------------------------------------------------------------------------------------------------------- 
Total Expenses                                                                          363       4,879  
  Less voluntary waivers of investment advisory fees                                    (44)     (1,826) 
  Less expenses reimbursed by administrator                                             (65)        (84) 
  Net Expenses                                                                          254       2,969  
-------------------------------------------------------------------------------------------------------- 
Net Investment Income                                                                   957      42,991  
-------------------------------------------------------------------------------------------------------- 
NET REALIZED AND UNREALIZED GAINS (LOSSES):                                                              
Net realized gains (losses) on:                                                                          
  Investments                                                                          (816)    (15,915) 
  Foreign currency transactions                                                         391          --  
Net change in unrealized appreciation (depreciation) on:                                                 
  Investments                                                                         1,354      11,075  
  Forward foreign currency contracts                                                    (80)         --  
Net change in unrealized losses on translation of other assets and liabilities                           
  denominated in foreign currencies                                                     (17)         --  
  Net Gains (Losses) on Investments                                                     832      (4,840) 
-------------------------------------------------------------------------------------------------------- 
Net Increase in Net Assets Resulting from Operations                                 $1,789    $ 38,151  
-------------------------------------------------------------------------------------------------------- 

See Notes to the Financial Statements.                                          

           FIXED INCOME PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT

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                                     FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2002

                                                                [Download Table]

                        U.S.                              SHORT-            U.S.   
         CORE         TREASURY        INTERMEDIATE     INTERMEDIATE      GOVERNMENT
         BOND           INDEX            BOND              BOND          SECURITIES
       PORTFOLIO      PORTFOLIO        PORTFOLIO        PORTFOLIO         PORTFOLIO
-----------------------------------------------------------------------------------
                                                                                   
        $5,857         $2,206           $2,040           $10,313           $4,621  
           267              -                -                 -                -  
             -              -                -                 -                -  
         6,124          2,206            2,040            10,313            4,621  
-----------------------------------------------------------------------------------

           540            158              215             1,055              527  
           111             48               46               223              114  
            33             24               33                44               24  
            11              6                5                22               13  
            15             16               15                10               17  
            21              -                -                 3                1  
            13              9                9                10                9  
             4              4                4                 4                4  
             6              7                6                 4                7  
-----------------------------------------------------------------------------------
           754            272              333             1,375              716  

          (261)           (87)             (99)             (497)            (241) 

           (92)           (56)             (67)              (74)             (59) 
           401            129              167               804              416  
-----------------------------------------------------------------------------------
         5,723          2,077            1,873             9,509            4,205  
-----------------------------------------------------------------------------------

          (772)         1,163              238               259            2,562  
             -              -                -                 -                -  

           (66)           288              561            (1,436)             120  
             -              -                -                 -                -  

             -              -                -                 -                -  
          (838)         1,451              799            (1,177)           2,682  
-----------------------------------------------------------------------------------
        $4,885         $3,528           $2,672           $ 8,332           $6,887  

-----------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 13 FIXED INCOME PORTFOLIOS

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FIXED INCOME PORTFOLIOS                                                         

STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]


                                                                                         INTERNATIONAL                BOND          
                                                                                         BOND PORTFOLIO             PORTFOLIO       
Amounts in thousands                                                                     2002      2001          2002        2001   
----------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                    
OPERATIONS:                                                                                                                         
Net investment income                                                                   $ 957     $1,191        $42,991     $63,253 

Net realized gains (losses) on investments and foreign currency transactions             (425)       191        (15,915)     29,097 

Net change in unrealized appreciation (depreciation) on investments, forward                                                        
foreign currency contracts and foreign currency transactions                            1,274        406         11,075      (4,805)

Net change in unrealized losses on translation of other assets and liabilities                                                      
denominated in foreign currencies                                                         (17)       (67)             -           - 

   Net Increase in Net Assets Resulting from Operations                                 1,789      1,721         38,151      87,545 
----------------------------------------------------------------------------------------------------------------------------------- 
CLASS A SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                                             1,925      1,827        214,592     237,745 
Shares from reinvestment of dividends                                                     632          -         40,396      55,037 
Shares redeemed                                                                        (4,297)    (5,484)      (428,525)   (472,743)
   Net Increase (Decrease) in Net Assets Resulting from Class A Share Transactions     (1,740)    (3,657)      (173,537)   (179,961)
----------------------------------------------------------------------------------------------------------------------------------- 
CLASS C SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                                                 -          -          1,235      13,216 
Shares from reinvestment of dividends                                                       -          -            665       1,880 
Shares redeemed                                                                             -          -        (12,820)    (34,581)
   Net Increase (Decrease) in Net Assets Resulting from Class C Share Transactions          -          -        (10,920)    (19,485)
----------------------------------------------------------------------------------------------------------------------------------- 
CLASS D SHARE TRANSACTIONS:                                                                                                         
Shares sold                                                                               104          -            207         172 
Shares from reinvestment of dividends                                                       -          -             12          10 
Shares redeemed                                                                            (1)         -            (90)       (142)
   Net Increase (Decrease) in Net Assets Resulting from Class D Share Transactions        103          -            129          40 
----------------------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:                                                                                              
From net investment income                                                               (829)         -        (44,604)    (61,505)
From net realized gains                                                                     -          -              -           - 
   Total Distributions to Class A Shareholders                                           (829)         -        (44,604)    (61,505)
----------------------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO CLASS C SHAREHOLDERS:                                                                                              
From net investment income                                                                  -          -           (666)     (1,880)
From net realized gains                                                                     -          -              -           - 
   Total Distributions to Class C Shareholders                                              -          -           (666)     (1,880)
----------------------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO CLASS D SHAREHOLDERS:                                                                                              
From net investment income                                                                  -          -            (12)        (10)
From net realized gains                                                                     -          -              -           - 
   Total Distributions to Class D Shareholders                                              -          -            (12)        (10)
----------------------------------------------------------------------------------------------------------------------------------- 
Total Increase (Decrease) in Net Assets                                                  (677)    (1,936)      (191,459)   (175,256)

NET ASSETS:                                                                                                                         

Beginning of period                                                                    26,969     28,905        899,251   1,074,507 
End of period                                                                         $26,292    $26,969       $707,792    $899,251 
----------------------------------------------------------------------------------------------------------------------------------- 
Accumulated Undistributed Net Investment Income                                        $1,298       $779           $812      $1,161 
----------------------------------------------------------------------------------------------------------------------------------- 

(1) Commenced investment operations on March 29, 2001.                          

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                               FOR THE FISCAL YEARS OR PERIOD ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]


                                                    INTERMEDIATE                                                          
    CORE BOND           U.S. TREASURY INDEX             BOND              SHORT-INTERMEDIATE          U.S. GOVERNMENT     
    PORTFOLIO               PORTFOLIO                 PORTFOLIO             BOND PORTFOLIO          SECURITIES PORTFOLIO  
  2002      2001/(1)/      2002       2001         2002       2001          2002       2001           2002        2001    
--------------------------------------------------------------------------------------------------------------------------
                                                                                                                          

  $5,723     $7,428         $2,077     $2,178       $1,873     $2,092        $9,509     $15,956        $4,205      $5,171 
    (772)       567          1,163      1,284          238        689           259       2,514         2,562       3,410 

     (66)       770            288        300          561        640        (1,436)      4,233           120         866 

       -          -              -          -            -          -             -           -             -           - 
   4,885      8,765          3,528      3,762        2,672      3,421         8,332      22,703         6,887       9,447 
--------------------------------------------------------------------------------------------------------------------------

  30,226    214,884         48,037     44,809        5,828     42,359       109,103     156,889        31,999      19,820 
   8,199      7,165          2,403      1,578        1,502      1,713         8,176      15,507         5,941       4,985 
 (87,383)   (68,083)       (45,634)   (38,603)      (7,300)   (29,975)     (195,495)   (154,222)      (31,203)    (13,612)
 (48,958)   153,966          4,806      7,784           30     14,097       (78,216)     18,174         6,737      11,193 
--------------------------------------------------------------------------------------------------------------------------

       1          -          2,632      1,382            -          -             -           -             -           - 
       -          -             94         38            -          -             -           -             -           - 
       -          -           (838)      (729)           -          -             -           -             -           - 
       1          -          1,888        691            -          -             -           -             -           - 
--------------------------------------------------------------------------------------------------------------------------

       1          -            343        216           51          -            29           6           550         200 
       -          -             17          5            1          1             2           2            54          45 
       -          -            (61)      (112)         (12)        (2)           (4)          -           (66)       (205)
       1          -            299        109           40         (1)           27           8           538          40 
--------------------------------------------------------------------------------------------------------------------------

  (6,219)    (7,189)        (1,987)    (2,141)      (1,886)    (2,094)       (9,408)    (16,926)       (4,441)     (5,130)
  (2,066)         -         (1,115)         -            -          -             -           -        (1,653)          - 
  (8,285)    (7,189)        (3,102)    (2,141)      (1,886)    (2,094)       (9,408)    (16,926)       (6,094)     (5,130)
--------------------------------------------------------------------------------------------------------------------------

       -          -            (66)       (38)           -          -             -           -             -           - 
       -          -            (27)         -            -          -             -           -             -           - 
       -          -            (93)       (38)           -          -             -           -             -           - 
--------------------------------------------------------------------------------------------------------------------------

       -          -            (12)        (5)          (1)        (1)           (1)         (2)          (42)        (45)
       -          -             (6)         -            -          -             -           -           (16)          - 
       -          -            (18)        (5)          (1)        (1)           (1)         (2)          (58)        (45)
--------------------------------------------------------------------------------------------------------------------------
 (52,356)   155,542          7,308     10,162          855     15,422       (79,266)     23,957         8,010      15,505 

 155,542          -         45,599     35,437       44,399     28,977       272,041     248,084       106,563      91,058 
$103,186   $155,542        $52,907    $45,599      $45,254    $44,399      $192,775    $272,041      $114,573    $106,563 
--------------------------------------------------------------------------------------------------------------------------
     $48       $239            $61        $43          $38        $41          $129          $8        $1,679         $91 
--------------------------------------------------------------------------------------------------------------------------


See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 15 FIXED INCOME PORTFOLIOS

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FIXED INCOME PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS                                                            

                                                        [Enlarge/Download Table]


                                                                                      CLASS A                             
INTERNATIONAL BOND PORTFOLIO                                                                                              

Selected per share data                                      2002 /(4)/      2001         2000        1999         1998   
------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                          
Net Asset Value, Beginning of Year                             $18.77       $17.74       $18.86     $21.35         $20.13 
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                 
Net investment income (loss)                                     0.67         0.71        (1.38)      0.96           0.98 
Net realized and unrealized gains (losses)                       0.62         0.32         0.26      (2.07)          1.33 
   Total Income (Loss) from Investment Operations                1.29         1.03        (1.12)     (1.11)          2.31 
------------------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                                  
  From net investment income /(1)/                              (0.58)         --           --       (1.24)         (0.79)
  From net realized gains                                         --           --           --       (0.14)         (0.30)
    Total Distributions Paid                                    (0.58)         --           --       (1.38)         (1.09)
------------------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Year                                   $19.48       $18.77       $17.74     $18.86         $21.35 
------------------------------------------------------------------------------------------------------------------------- 
Total Return /(2)/                                               7.06%        5.81%       (5.94)%    (5.76)%        11.85%
SUPPLEMENTAL DATA AND RATIOS:                                                                                             
Net assets, in thousands, end of year                         $26,188      $26,969      $28,905    $28,397        $28,568 
Ratio to average net assets of:                                                                                           
  Expenses, net of waivers and reimbursements                    0.96%        0.96%        0.96%      0.96%          0.96%
  Expenses, before waivers and reimbursements                    1.37%        1.52%        1.54%      1.44%          1.52%
  Net investment income, net of waivers and reimbursements       3.61%        4.11%        3.86%      4.89%          5.27%
  Net investment income, before waivers and reimbursements       3.20%        3.55%        3.28%      4.41%          4.71%
Portfolio Turnover Rate                                        201.22%      371.96%      179.26%     17.85%         23.76%
------------------------------------------------------------------------------------------------------------------------- 

                                                        [Enlarge/Download Table]


                                                                                      CLASS D                             

Selected per share data                                      2002 /(5)/    2001 /(6)/  2000 /(6)/   1999 /(7)/     1998   
------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                          
Net Asset Value, Beginning of Period                           $19.71          --           --      $21.26         $20.06 
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                 
Net investment income                                            0.19          --           --        0.29           0.93 
Net realized and unrealized gains (losses)                      (0.44)         --           --       (1.25)          1.29 
  Total Income (Loss) from Investment Operations                (0.25)         --           --       (0.96)          2.22 
------------------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                                  
  From net investment income /(1)/                                --           --           --       (0.54)         (0.72)
  From net realized gains                                         --           --           --       (0.14)         (0.30)
    Total Distributions Paid                                      --           --           --       (0.68)         (1.02)
------------------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period                                 $19.46          --           --      $19.62/(7)/    $21.26 
------------------------------------------------------------------------------------------------------------------------- 
Total Return /(2)/                                              (1.27)%        --           --         --           11.43%
SUPPLEMENTAL DATA AND RATIOS:                                                                                             
Net assets, in thousands, end of period                          $104          --           --         --            $132 
Ratio to average net assets of: /(3)/                                                                                     
  Expenses, net of waivers and reimbursements                    1.35%         --           --         --            1.35%
  Expenses, before waivers and reimbursements                    1.76%         --           --         --            1.91%
  Net investment income, net of waivers and reimbursements       3.22%         --           --         --            4.90%
  Net investment income, before waivers and reimbursements       2.81%         --           --         --            4.34%
Portfolio Turnover Rate                                        201.22%         --           --         --           23.76%
------------------------------------------------------------------------------------------------------------------------- 

(1)  Distributions to shareholders from net investment income include amounts   
 relating to foreign currency transactions which are treated as ordinary
income for Federal income tax purposes.                               
(2)  Assumes investment at net asset value at the beginning of the year,        
    reinvestment of all dividends and distributions, and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     
(3)  Annualized for periods less than one year.                                 
(4)  Financial highlights for the year ended were calculated using the average  
shares outstanding method.                                            
(5)  Shares were reintroduced on September 5, 2002. Financial highlights were   
calculated using the average shares outstanding method.               
(6)  No shares outstanding for the period August 23, 1999 through               
September 4, 2002.                                                    
(7)  Class D shares were fully redeemed as of August 22, 1999. As such no total 
    return or supplemental data and ratios were presented for the fiscal years
ended November 30, 1999 - 2001.                                       

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                               FOR THE FISCAL YEARS OR PERIOD ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

                                                                                    CLASS A                              
BOND PORTFOLIO                                                                                                           

Selected per share data                               2002/(2)(3)/     2001           2000          1999          1998   
-------------------------------------------------------------------------------------------------------------------------
                                                                                                                         
Net Asset Value, Beginning of Year                       $19.94       $19.49         $19.31        $21.61        $21.08  
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                
Net investment income                                      1.04         1.28           1.37          1.35          1.47  
Net realized and unrealized gains (losses)                (0.08)        0.45           0.21         (1.63)         0.62  
   Total Income (Loss) from Investment                                                                                   
     Operations                                            0.96         1.73           1.58         (0.28)         2.09  
-------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                                                 
   From net investment income                             (1.09)       (1.28)         (1.40)        (1.34)        (1.44) 
   From net realized gains                                    -            -              -         (0.68)        (0.12) 
     Total Distributions Paid                             (1.09)       (1.28)         (1.40)        (2.02)        (1.56) 
-------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year                             $19.81       $19.94         $19.49        $19.31        $21.61  
-------------------------------------------------------------------------------------------------------------------------
Total Return/(1)/                                          4.99%        9.08%          8.56%        (1.35)%       10.31% 
SUPPLEMENTAL DATA AND RATIOS:                                                                                            
Net assets, in thousands, end of year                  $697,601     $877,920     $1,034,495      $879,161      $605,517  
Ratio to average net assets of:                                                                                          
   Expenses, net of waivers and reimbursements             0.36%        0.36%          0.36%         0.36%         0.36% 
   Expenses, before waivers and reimbursements             0.59%        0.74%          0.74%         0.74%         0.75% 
   Net investment income, net of waivers and                                                                             
     reimbursements                                        5.27%        6.38%          7.23%         6.95%         7.07% 
   Net investment income, before waivers and                                                                             
     reimbursements                                        5.04%        6.00%          6.85%         6.57%         6.68% 
Portfolio Turnover Rate                                  277.45%      297.81%        143.72%        72.61%        84.80% 
-------------------------------------------------------------------------------------------------------------------------

                                                                                    CLASS C                              

Selected per share data                               2002/(2)(3)/   2001/(3)/      2000/(3)/       1999          1998   
-------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Year                       $19.93       $19.48         $19.30        $21.60        $21.07  
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                
Net investment income                                      1.01         1.23           1.31          1.32          1.42  
Net realized and unrealized gains (losses)                (0.09)        0.45           0.22         (1.65)         0.62  
   Total Income (Loss) from Investment                                                                                   
     Operations                                            0.92         1.68           1.53         (0.33)         2.04  
-------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                                                 
   From net investment income                             (1.04)       (1.23)         (1.35)        (1.29)        (1.39) 
   From net realized gains                                    -            -              -         (0.68)        (0.12) 
     Total Distributions Paid                             (1.04)       (1.23)         (1.35)        (1.97)        (1.51) 
-------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year                             $19.81       $19.93         $19.48        $19.30        $21.60  
-------------------------------------------------------------------------------------------------------------------------
Total Return/(1)/                                          4.73%        8.83%          8.33%        (1.59)%       10.04% 
SUPPLEMENTAL DATA AND RATIOS:                                                                                            
Net assets, in thousands, end of year                    $9,874      $21,144        $39,868       $62,557       $61,450  
Ratio to average net assets of:                                                                                          
   Expenses, net of waivers and reimbursements             0.60%        0.60%          0.60%         0.60%         0.60% 
   Expenses, before waivers and reimbursements             0.83%        0.98%          0.98%         0.98%         0.99% 
   Net investment income, net of waivers and                                                                             
     reimbursements                                        5.03%        6.14%          6.99%         6.71%         6.83% 
   Net investment income, before waivers and                                                                             
     reimbursements                                        4.80%        5.76%          6.61%         6.33%         6.44% 
Portfolio Turnover Rate                                  277.45%      297.81%        143.72%        72.61%        84.80% 
-------------------------------------------------------------------------------------------------------------------------

(1) Assumes investment at net asset value at the beginning of the year,         
  reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year.            
(2) As required, effective December 1, 2001, the Portfolios adopted the         
provisions of the new AICPA Audit and Accounting Guide for Investment   
Companies and began recording paydown gains and losses on mortgage- and 
  asset-backed securities as interest income, rather than realized gains and
losses. The effect of this change for the fiscal year ended November 30,
  2002, was to decrease net investment income per share with a corresponding
    increase in net realized and unrealized gains (losses) as follows: $0.06 and
  $0.05 for Class A and Class C, respectively, and to decrease each ratio of
 net investment income to average net assets as follows: 0.32% for Class A
and Class C. The financial highlights for the prior years have not been 
restated to reflect this change in presentation.                        
(3) Financial highlights for the years ended were calculated using the average  
shares outstanding method.                                              

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 17 FIXED INCOME PORTFOLIOS

N-30D 131st “Page” of 244 TOC 1st Previous Next ↓Bottom Just 131st
FIXED INCOME PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS (continued)                                          

                                                        [Enlarge/Download Table]


                                                                           CLASS D                          
BOND PORTFOLIO                                                                                              

Selected per share data                              2002(2)(3)     2001(3)     2000(3)     1999     1998   
------------------------------------------------------------------------------------------------------------
                                                                                                            
Net Asset Value, Beginning of Year                  $19.91         $19.47       $19.28      $21.58   $21.05 
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                   
Net investment income                                 0.90           0.43         1.23        1.31     1.38 
Net realized and unrealized gains (losses)           (0.02)          1.21         0.23       (1.67)    0.63 
   Total Income (Loss) from Investment Operations     0.88           1.64         1.46       (0.36)    2.01 
------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                                    
   From net investment income                        (1.01)         (1.20)       (1.27)      (1.26)   (1.36)
   From net realized gains                               -              -            -       (0.68)   (0.12)
     Total Distributions Paid                        (1.01)         (1.20)       (1.27)      (1.94)   (1.48)
------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year                        $19.78         $19.91       $19.47      $19.28   $21.58 
------------------------------------------------------------------------------------------------------------
Total Return(1)                                       4.60%          8.64%        7.92%      (1.74)%   9.89%
SUPPLEMENTAL DATA AND RATIOS:                                                                               
Net assets, in thousands, end of year                 $317           $187         $144      $1,497   $2,039 
Ratio to average net assets of:                                                                             
   Expenses, net of waivers and reimbursements        0.75%          0.75%        0.75%       0.75%    0.75%
   Expenses, before waivers and reimbursements        0.98%          1.13%        1.13%       1.13%    1.14%
   Net investment income, net of waivers and          4.88%          5.99%        6.84%       6.56%    6.70%
   reimbursements                                                                                           
   Net investment income, before waivers and          4.65%          5.61%        6.46%       6.18%    6.31%
   reimbursements                                                                                           
Portfolio Turnover Rate                             277.45%        297.81%      143.72%      72.61%   84.80%
------------------------------------------------------------------------------------------------------------

(1) Assumes investment at net asset value at the beginning of the year,         
reinvestment of all dividends and distributions, and a complete redemption of   
the investment at net asset value at the end of the year.                       

(2) As required, effective December 1, 2001, the Portfolios adopted the         
provisions of the new AICPA Audit and Accounting Guide for Investment Companies 
and began recording paydown gains and losses on mortgage- and asset-backed      
securities as interest income, rather than realized gains and losses. The effect
of this change for the fiscal year ended November 30, 2002, was to decrease net 
investment income per share with a corresponding increase in net realized and   
unrealized gains (losses) as follows: $0.09 for Class D, and to decrease each   
ratio of net investment income to average net assets as follows: 0.32% for Class
D. The financial highlights for the prior years have not been restated to       
reflect this change in presentation.                                            

(3) Financial highlights for the years ended were calculated using the average  
shares outstanding method.                                                      

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                               FOR THE FISCAL YEARS OR PERIOD ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]


                                                                               CLASS A          

CORE BOND PORTFOLIO                                                                             

Selected per share data                                          2002/(3)/4)/         2001/(5)/ 
----------------------------------------------------------------------------------------------- 
                                                                                                
Net Asset Value, Beginning of Period                              $10.06                $10.00  

INCOME FROM INVESTMENT OPERATIONS:                                                              
Net investment income                                               0.50                  0.40  
Net realized and unrealized gains                                   0.03                  0.05  
   Total Income from Investment Operations                          0.53                  0.45  
----------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                        
   From net investment income                                      (0.54)                (0.39) 
   From net realized gains                                         (0.13)                    -  
     Total Distributions Paid                                      (0.67)                (0.39) 
----------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period                                     $9.92                $10.06  
----------------------------------------------------------------------------------------------- 
Total Return/(1)/                                                   5.61%                 4.54% 

SUPPLEMENTAL DATA AND RATIOS:                                                                   
Net assets, in thousands, end of period                         $103,184              $155,542  
Ratio to average net assets of:/(2)/                                                            
   Expenses, net of waivers and reimbursements                      0.36%                 0.36% 
   Expenses, before waivers and reimbursements                      0.68%                 0.81% 
   Net investment income, net of waivers and reimbursements         5.13%                 5.91% 
   Net investment income, before waivers and reimbursements         4.81%                 5.46% 
Portfolio Turnover Rate                                           257.35%               197.85% 
----------------------------------------------------------------------------------------------- 

                                                                             CLASS C            

Selected per share data                                        2002/(3)/(4)/           2001/(5)/
----------------------------------------------------------------------------------------------- 
Net Asset Value, Beginning of Period                              $10.01                $10.00  
INCOME FROM INVESTMENT OPERATIONS:                                                              
Net investment income                                               0.50                  0.40  
Net realized and unrealized gains (losses)                          0.07                     -  
   Total Income from Investment Operations                          0.57                  0.40  
----------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                        
   From net investment income                                      (0.53)                (0.39) 
   From net realized gains                                         (0.13)                    -  
     Total Distributions Paid                                      (0.66)                (0.39) 
----------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period                                     $9.92                $10.01  
----------------------------------------------------------------------------------------------- 
Total Return/(1)/                                                   6.04%                 4.05% 
SUPPLEMENTAL DATA AND RATIOS:                                                                   
Net assets, in thousands, end of period                               $1                    $-  
Ratio to average net assets of:/(2)/                                                            
   Expenses, net of waivers and reimbursements                      0.60%                 0.60% 
   Expenses, before waivers and reimbursements                      0.92%                 1.05% 
   Net investment income, net of waivers and reimbursements         4.89%                 5.67% 
   Net investment income, before waivers and reimbursements         4.57%                 5.22% 
Portfolio Turnover Rate                                           257.35%               197.85% 
----------------------------------------------------------------------------------------------- 

(1)  Assumes investment at net asset value at the beginning of the year,        
    reinvestment of all dividends and distributions, and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     
(2)  Annualized for periods less than one year.                                 
(3)  As required, effective December 1, 2001, the Portfolios adopted the        
provisions of the new AICPA Audit and Accounting Guide for Investment 
 Companies and began recording paydown gains and losses on mortgage- and
    asset-backed securities as interest income, rather than realized gains and
  losses. The effect of this change for the fiscal year ended November 30,
    2002, was to decrease net investment income per share with a corresponding
  increase in net realized and unrealized gains (losses) as follows: $0.03
    for Class A and less than $0.01 for Class C, and to decrease each ratio of
   net investment income to average net assets as follows: 0.32% for Class A
 and Class C. The financial highlights for the prior years have not been
restated to reflect this change in presentation.                      
(4)  Financial highlights for the year ended were calculated using the average  
shares outstanding method.                                            
(5)  For the period March 29, 2001 (commencement of operations) through November
30, 2001.                                                             

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 19 FIXED INCOME PORTFOLIOS

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FIXED INCOME PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]

                                                                       CLASS D        

CORE BOND PORTFOLIO                                                                   

Selected per share data                                      2002/(3)/(4)/   2001/(5)/
--------------------------------------------------------------------------------------
                                                                                      
Net Asset Value, Beginning of Period                              $10.01     $10.00   
INCOME FROM INVESTMENT OPERATIONS:                                                    
Net investment income                                               0.50       0.40   
Net realized and unrealized gains (losses)                          0.08         --   
   Total Income from Investment Operations                          0.58       0.40   
--------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                              
   From net investment income                                      (0.53)     (0.39)  
   From net realized gains                                         (0.13)        --   
     Total Distributions Paid                                      (0.66)     (0.39)  
--------------------------------------------------------------------------------------
Net Asset Value, End of Period                                    $ 9.93     $10.01   
--------------------------------------------------------------------------------------
Total Return/(1)/                                                   6.07%      4.05%  
SUPPLEMENTAL DATA AND RATIOS:                                                         
Net assets, in thousands, end of period                               $1        $--   
Ratio to average net assets of: (2)                                                   
   Expenses, net of waivers and reimbursements                      0.75%      0.75%  
   Expenses, before waivers and reimbursements                      1.07%      1.20%  
   Net investment income, net of waivers and reimbursements         4.74%      5.52%  
   Net investment income, before waivers and reimbursements         4.42%      5.07%  
Portfolio Turnover Rate                                           257.35%    197.85%  
--------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
    reinvestment of all dividends and distributions, and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     
(2)  Annualized for periods less than one year.                                 
(3)  As required, effective December 1, 2001, the Portfolios adopted the        
provisions of the new AICPA Audit and Accounting Guide for Investment 
 Companies and began recording paydown gains and losses on mortgage- and
    asset-backed securities as interest income, rather than realized gains and
  losses. The effect of this change for the fiscal year ended November 30,
    2002, was to decrease net investment income per share with a corresponding
    increase in net realized and unrealized gains (losses) less than $0.01 for
     Class D, and to decrease each ratio of net investment income to average net
assets as follows: 0.32% for Class D. The financial highlights for the
    prior years have not been restated to reflect this change in presentation.
(4)  Financial highlights for the year ended were calculated using the average  
shares outstanding method.                                            
(5)  For the period March 29, 2001 (commencement of operations) through         
November 30, 2001.                                                    

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  20 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT          

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                               FOR THE FISCAL YEARS OR PERIOD ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]


                                                                                          CLASS A                            
U.S. TREASURY INDEX PORTFOLIO                                                                                                

Selected per share data                                           2002         2001         2000         1999         1998   
---------------------------------------------------------------------------------------------------------------------------  
                                                                                                                             
Net Asset Value, Beginning of Year                               $21.90       $21.06       $20.25       $21.77       $20.81  
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                    
Net investment income                                              0.94         1.11         1.19         1.09         1.23  
Net realized and unrealized gains (losses)                         0.63         0.85         0.83        (1.54)        0.97  
   Total Income (Loss) from Investment Operations                  1.57         1.96         2.02        (0.45)        2.20  
---------------------------------------------------------------------------------------------------------------------------  
LESS DISTRIBUTIONS PAID:                                                                                                     
   From net investment income                                     (0.93)       (1.12)       (1.21)       (1.07)       (1.24) 
   From net realized gains                                        (0.55)           -            -            -            -  
     Total Distributions Paid                                     (1.48)       (1.12)       (1.21)       (1.07)       (1.24) 
---------------------------------------------------------------------------------------------------------------------------  
Net Asset Value, End of Year                                     $21.99       $21.90       $21.06       $20.25       $21.77  
---------------------------------------------------------------------------------------------------------------------------  
Total Return/(1)/                                                  7.62%        9.55%       10.31%       (2.10)%      10.92% 
SUPPLEMENTAL DATA AND RATIOS:                                                                                                
Net assets, in thousands, end of year                           $49,429      $44,323      $34,979      $22,033      $22,085  
Ratio to average net assets of:                                                                                              
   Expenses, net of waivers and reimbursements                     0.26%        0.26%        0.26%        0.26%        0.26% 
   Expenses, before waivers and reimbursements                     0.56%        0.75%        0.84%        0.77%        0.77% 
   Net investment income, net of waivers and reimbursements        4.36%        5.23%        5.86%        5.24%        5.73% 
   Net investment income, before waivers and reimbursements        4.06%        4.74%        5.28%        4.73%        5.22% 

Portfolio Turnover Rate                                           89.88%      102.56%      110.97%       84.77%       69.84% 
---------------------------------------------------------------------------------------------------------------------------  

                                                                                          CLASS C                            

Selected per share data                                           2002          2001      2000/(3)/      1999     1998/(4)/  
---------------------------------------------------------------------------------------------------------------------------  
Net Asset Value, Beginning of Period                             $21.89       $21.09       $20.25       $21.81       $22.28  
INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                                    
Net investment income                                              0.89         1.09         1.21         0.96         0.21  
Net realized and unrealized gains (losses)                         0.64         0.79         0.79        (1.50)       (0.52) 
   Total Income (Loss) from Investment Operations                  1.53         1.88         2.00        (0.54)       (0.31) 
---------------------------------------------------------------------------------------------------------------------------  
LESS DISTRIBUTIONS PAID:                                                                                                     
   From net investment income                                     (0.89)       (1.08)       (1.16)       (1.02)       (0.16) 
   From net realized gains                                        (0.55)           -            -            -           -   
     Total Distributions Paid                                     (1.44)       (1.08)       (1.16)       (1.02)       (0.16) 
---------------------------------------------------------------------------------------------------------------------------  
Net Asset Value, End of Period                                   $21.98       $21.89       $21.09       $20.25       $21.81  
---------------------------------------------------------------------------------------------------------------------------  
Total Return/(1)/                                                  7.38%        9.12%       10.21%       (2.49)%      (1.39)%
SUPPLEMENTAL DATA AND RATIOS:                                                                                                
Net assets, in thousands, end of period                          $2,947       $1,047         $341         $194          $17  
Ratio to average net assets of:/(2)/                                                                                         
   Expenses, net of waivers and reimbursements                     0.50%        0.50%        0.50%        0.50%        0.50% 
   Expenses, before waivers and reimbursements                     0.80%        0.99%        1.08%        1.01%        1.01% 
   Net investment income, net of waivers and reimbursements        4.12%        4.99%        5.62%        5.00%        5.22% 
   Net investment income, before waivers and reimbursements        3.82%        4.50%        5.04%        4.49%        4.71% 
Portfolio Turnover Rate                                           89.88%      102.56%      110.97%       84.77%       69.84% 
---------------------------------------------------------------------------------------------------------------------------  

(1)  Assumes investment at net asset value at the beginning of the year,        
    reinvestment of all dividends and distributions, and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     

(2)  Annualized for periods less than one year.                                 

(3)  Financial highlights for the period ended were calculated using the average
shares outstanding method.                                            

(4)  For the period October 6, 1998 (commencement of operations) through        
November 30, 1998.                                                    

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 21 FIXED INCOME PORTFOLIOS

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FIXED INCOME PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS (continued)                                          

                                                        [Enlarge/Download Table]


                                                                      CLASS D                               

U.S. TREASURY INDEX PORTFOLIO                                                                               

Selected per share data                              2002       2001/(2)/     2000/(2)/    1999/(2)/  1998  
----------------------------------------------------------------------------------------------------------- 
                                                                                                            
Net Asset Value, Beginning of Year                  $21.88      $21.04        $20.22       $21.74    $20.77 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                   
Net investment income                                 0.71        1.00          1.12         1.05      1.13 
Net realized and unrealized gains (losses)            0.78        0.88          0.83        (1.59)     1.00 
   Total Income (Loss) from Investment Operations     1.49        1.88          1.95        (0.54)     2.13 
----------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                    
   From net investment income                        (0.85)      (1.04)        (1.13)       (0.98)    (1.16)
   From net realized gains                           (0.55)          -             -            -         - 
     Total Distributions Paid                        (1.40)      (1.04)        (1.13)       (0.98)    (1.16)
----------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Year                        $21.97      $21.88        $21.04       $20.22    $21.74 
----------------------------------------------------------------------------------------------------------- 
Total Return/(1)/                                     7.22%       9.12%         9.97%       (2.50)%   10.50%
SUPPLEMENTAL DATA AND RATIOS:                                                                               
Net assets, in thousands, end of year                 $531        $229          $117         $177    $1,721 
Ratio to average net assets of:                                                                             
   Expenses, net of waivers and reimbursements        0.65%       0.65%         0.65%        0.65%     0.65%
   Expenses, before waivers and reimbursements        0.95%       1.14%         1.23%        1.16%     1.16%
   Net investment income, net of waivers and                                                                
     reimbursements                                   3.97%       4.84%         5.47%        4.85%     5.35%
   Net investment income, before waivers and                                                                
     reimbursements                                   3.67%       4.35%         4.89%        4.34%     4.84%
Portfolio Turnover Rate                              89.88%     102.56%       110.97%       84.77%    69.84%
----------------------------------------------------------------------------------------------------------- 

(1) Assumes investment at net asset value at the beginning of the year,         
  reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year.            

(2) Financial highlights for the years ended were calculated using the average  
shares outstanding method.                                              

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                               FOR THE FISCAL YEARS OR PERIOD ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

                                                                                      CLASS A                        

INTERMEDIATE BOND PORTFOLIO                                                                                          

Selected per share data                                       2002 /(3)/    2001      2000         1999        1998  
---------------------------------------------------------------------------------------------------------------------
                                                                                                                     
Net Asset Value, Beginning of Year                              $19.83     $18.99    $18.98       $20.15      $19.89 
INCOME FROM INVESTMENT OPERATIONS:                                                                                   
Net investment income                                             0.80       1.05      1.26         1.10        1.19 
Net realized and unrealized gains (losses)                        0.33       0.85      0.01        (1.05)       0.27 
  Total Income from Investment Operations                         1.13       1.90      1.27         0.05        1.46 
---------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                                             
  From net investment income                                     (0.81)     (1.06)    (1.26)       (1.10)      (1.20)
  From net realized gains                                           --         --        --        (0.12)        --  
    Total Distributions Paid                                     (0.81)     (1.06)    (1.26)       (1.22)      (1.20)
---------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year                                    $20.15     $19.83    $18.99       $18.98      $20.15 
---------------------------------------------------------------------------------------------------------------------
Total Return /(1)/                                                5.80%     10.27%     7.00%        0.25%       7.55%
SUPPLEMENTAL DATA AND RATIOS:                                                                                        
Net assets, in thousands, end of year                          $45,186    $44,372   $28,950      $49,414     $30,439 
Ratio to average net assets of:                                                                                      
  Expenses, net of waivers and reimbursements                     0.36%      0.36%     0.37%(4)     0.36%       0.36%
  Expenses, before waivers and reimbursements                     0.72%      0.98%     0.94%        0.80%       1.09%
  Net investment income, net of waivers and reimbursements        4.05%      5.49%     6.37%        5.65%       6.19%
  Net investment income, before waivers and reimbursements        3.69%      4.87%     5.80%        5.21%       5.46%
Portfolio Turnover Rate                                         250.64%    254.48%    60.37%      193.44%      93.40%
---------------------------------------------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                      CLASS D                         

Selected per share data                                       2002 /(3)/    2001      2000         1999     1998 /(5)/
--------------------------------------------------------------------------------------------------------------------- 
                                                                                                                      
Net Asset Value, Beginning of Period                            $19.82     $18.96    $18.95       $20.13      $20.46  

INCOME (LOSS) FROM INVESTMENT OPERATIONS:                                                                             
Net investment income                                             0.73       1.01      1.11         1.06        0.18  
Net realized and unrealized gains (losses)                        0.32       0.84      0.09        (1.10)      (0.32) 
  Total Income (Loss) from Investment Operations                  1.05       1.85      1.20        (0.04)      (0.14) 
--------------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                              
  From net investment income                                     (0.74)     (0.99)    (1.19)       (1.02)      (0.19) 
  From net realized gains                                           --         --        --        (0.12)         --  
    Total Distributions Paid                                     (0.74)     (0.99)    (1.19)       (1.14)      (0.19) 
--------------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period                                  $20.13     $19.82    $18.96       $18.95      $20.13  
--------------------------------------------------------------------------------------------------------------------- 
Total Return /(1)/                                                5.41%      9.98%     6.62%       (0.21)%     (0.70)%
SUPPLEMENTAL DATA AND RATIOS:                                                                                         
Net assets, in thousands, end of period                            $68        $27       $27          $26         $41  
Ratio to average net assets of: /(2)/                                                                                 
  Expenses, net of waivers and reimbursements                     0.75%      0.75%     0.76%(4)     0.75%       0.75% 
  Expenses, before waivers and reimbursements                     1.11%      1.37%     1.33%        1.19%       1.48% 
  Net investment income, net of waivers and reimbursements        3.66%      5.19%     5.98%        5.26%       5.69% 
  Net investment income, before waivers and reimbursements        3.30%      4.57%     5.41%        4.82%       4.96% 
Portfolio Turnover Rate                                         250.64%    254.48%    60.37%      193.44%      93.40% 
--------------------------------------------------------------------------------------------------------------------- 

(1)  Assumes investment at net asset value at the beginning of year,            
    reinvestment of all dividends and distributions, and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     

(2)  Annualized for periods less than one year.                                 

(3)  As required, effective December 1, 2001, the Portfolios adopted the        
provisions of the new AICPA Audit and Accounting Guide for Investment 
 Companies and began recording paydown gains and losses on mortgage- and
    asset-backed securities as interest income, rather than realized gains and
  losses. The effect of this change for the fiscal year ended November 30,
    2002, was to decrease net investment income per share with a corresponding
  increase in net realized and unrealized gains (losses) as follows: $0.02
     and $0.01 for Class A and Class D, respectively, and to decrease each ratio
    of net investment income to average net assets as follows: 0.06% for Class
   A and Class D. The financial highlights for the prior years have not been
restated to reflect this change in presentation.                      

(4)  Expense ratios, net of waivers and reimbursements, for the year would have 
been 0.36% and 0.75% for Class A and Class D, respectively, absent the
     effect of interest expense incurred by the Portfolio's temporary borrowings
against a line of credit.                                             

(5)  For the period October 2, 1998 (commencement of operations) through        
November 30, 1998.                                                    

See Notes to the Financial Statements.                                          

NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 23 FIXED INCOME PORTFOLIO            

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FIXED INCOME PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]


                                                                        CLASS A                           

SHORT-INTERMEDIATE BOND PORTFOLIO                                                                         

Selected per share data                         2002/(2)/(3)/    2001         2000      1999       1998   
--------------------------------------------------------------------------------------------------------- 
                                                                                                          
Net Asset Value, Beginning of Year                 $18.67       $18.28      $18.50      $20.03     $20.36 

INCOME FROM INVESTMENT OPERATIONS:                                                                        
Net investment income                                0.79         1.07        1.36        1.79       1.84 
Net realized and unrealized gains (losses)          (0.07)        0.46       (0.13)      (1.36)     (0.36)
   Total Income from Investment Operations           0.72         1.53        1.23        0.43       1.48 
--------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                  
   From net investment income                       (0.77)       (1.14)      (1.45)      (1.69)     (1.78)
   From net realized gains                             --           --          --       (0.27)     (0.03)
     Total Distributions Paid                       (0.77)       (1.14)      (1.45)      (1.96)     (1.81)
----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year                       $18.62       $18.67      $18.28      $18.50     $20.03 
----------------------------------------------------------------------------------------------------------
Total Return/(1)/                                    3.97%        8.59%       7.01%       2.25%      7.50%
SUPPLEMENTAL DATA AND RATIOS:                                                                             
Net assets, in thousands, end of year            $192,710     $272,003    $248,054    $184,382   $182,999 

Ratio to average net assets of:                                                                           
   Expenses, net of waivers and reimbursements       0.36%        0.36%       0.36%       0.36%      0.36%
   Expenses, before waivers and reimbursements       0.62%        0.75%       0.77%       0.76%      0.76%
   Net investment income, net of waivers and                                                              
   reimbursements                                    4.26%        5.77%       7.56%       9.35%      9.61%
   Net investment income, before waivers and                                                              
   reimbursements                                    4.00%        5.38%       7.15%       8.95%      9.21%
Portfolio Turnover Rate                            184.27%      107.31%      48.97%      88.29%     89.97%
----------------------------------------------------------------------------------------------------------

                                                                CLASS D                                   

Selected per share data                         2002/(2)/(3)/   2001/(3)   2000/(3)/  1999/(3)/     1998  
----------------------------------------------------------------------------------------------------------

Net Asset Value, Beginning of Year                 $18.62       $18.24      $18.45      $19.97     $20.31 

INCOME FROM INVESTMENT OPERATIONS:                                                                        
Net investment income                                0.67         0.48        1.31        1.79       1.78 
Net realized and unrealized gains (losses)          (0.02)        0.98       (0.16)      (1.43)     (0.40)
   Total Income from Investment Operations           0.65         1.46        1.15        0.36       1.38 
----------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                                  
   From net investment income                       (0.70)       (1.08)      (1.36)      (1.61)     (1.69)
   From net realized gains                             --           --          --       (0.27)     (0.03)
     Total Distributions Paid                       (0.70)       (1.08)      (1.36)      (1.88)     (1.72)
----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year                       $18.57       $18.62      $18.24      $18.45      $19.97

Total Return/(1)/                                    3.59%        8.16%       6.59%       1.84%      7.08%
SUPPLEMENTAL DATA AND RATIOS:                                                                             
Net assets, in thousands, end of year                 $65          $38         $30        $121       $824 

Ratio to average net assets of:                                                                           
   Expenses, net of waivers and reimbursements       0.75%        0.75%       0.75%       0.75%      0.75%
   Expenses, before waivers and reimbursements       1.01%        1.14%       1.16%       1.15%      1.15%
   Net investment income, net of waivers and                                                              
   reimbursements                                    3.87%        5.38%       7.17%       8.96%      9.31%
   Net investment income, before waivers and                                                              
   reimbursements                                    3.61%        4.99%       6.76%       8.56%      8.91%
Portfolio Turnover Rate                            184.27%      107.31%      48.97%      88.29%     89.97%
----------------------------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
    reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year.          

(2)  As required, effective December 1, 2001, the Portfolios adopted the        
provisions of the new AICPA Audit and Accounting Guide for Investment 
 Companies and began recording paydown gains and losses on mortgage- and
    asset-backed securities as interest income, rather than realized gains and
  losses. The effect of this change for the fiscal year ended November 30,
    2002, was to decrease net investment income per share with a corresponding
  increase in net realized and unrealized gains (losses) as follows: $0.03
     and $0.04 for Class A and Class D, respectively, and to decrease each ratio
    of net investment income to average net assets as follows: 0.17% for Class
   A and Class D. The financial highlights for the prior years have not been
restated to reflect this change in presentation.                      

(3)  Financial highlights for the years ended were calculated using the average 
shares outstanding method.                                            

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  24 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT          

N-30D 138th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 138th
--------------------------------------------------------------------------------
                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                            CLASS A                          
 U.S. GOVERNMENT SECURITIES PORTFOLIO                                                                                        

 Selected per share data                                            2002/(2)/     2001        2000        1999        1998   
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                                             
 Net Asset Value, Beginning of Year                                  $20.55      $19.67      $19.48      $20.27      $19.99  

 INCOME FROM INVESTMENT OPERATIONS:                                                                                          
 Net investment income                                                 0.75        0.97        1.14        0.99        1.17  
 Net realized and unrealized gains (losses)                            0.43        0.95        0.18       (0.51)       0.26  
   Total Income from Investment Operations                             1.18        1.92        1.32        0.48        1.43  
-----------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                    
   From net investment income                                         (0.80)      (1.04)      (1.13)      (0.98)      (1.15) 
   From net realized gains                                            (0.33)          -           -       (0.29)          -  
     Total Distributions Paid                                         (1.13)      (1.04)      (1.13)      (1.27)      (1.15) 
-----------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                        $20.60      $20.55      $19.67      $19.48      $20.27  
-----------------------------------------------------------------------------------------------------------------------------
 Total Return/(1)/                                                     5.94%      10.03%       7.03%       2.43%       7.36% 

 SUPPLEMENTAL DATA AND RATIOS:                                                                                               
 Net assets, in thousands, end of year                             $113,071    $105,605     $90,182     $87,699     $48,317  
 Ratio to average net assets of:                                                                                             
   Expenses, net of waivers and reimbursements                         0.36%       0.36%       0.36%       0.36%       0.36% 
   Expenses, before waivers and reimbursements                         0.62%       0.81%       0.81%       0.77%       0.86% 
   Net investment income, net of waivers and reimbursements            3.68%       5.16%       5.87%       5.14%       6.01% 
   Net investment income, before waivers and reimbursements            3.42%       4.71%       5.42%       4.73%       5.51% 
 Portfolio Turnover Rate                                             246.91%     171.29%     139.01%      50.70%     115.55% 
-----------------------------------------------------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                            CLASS D                          

 Selected per share data                                           2002/(2)/      2001        2000        1999        1998   
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                                             
 Net Asset Value, Beginning of Year                                  $20.49      $19.62      $19.43      $20.22      $19.94  

 INCOME FROM INVESTMENT OPERATIONS:                                                                                          
 Net investment income                                                 0.66        0.96        1.08        0.93        1.08  
 Net realized and unrealized gains (losses)                            0.43        0.88        0.17       (0.53)       0.28  
   Total Income from Investment Operations                             1.09        1.84        1.25        0.40        1.36  
-----------------------------------------------------------------------------------------------------------------------------
 LESS DISTRIBUTIONS PAID:                                                                                                    
   From net investment income                                         (0.72)      (0.97)      (1.06)      (0.90)      (1.08) 
   From net realized gains                                            (0.33)          -           -       (0.29)          -  
     Total Distributions Paid                                         (1.05)      (0.97)      (1.06)      (1.19)      (1.08) 
-----------------------------------------------------------------------------------------------------------------------------
 Net Asset Value, End of Year                                        $20.53      $20.49      $19.62      $19.43      $20.22  
-----------------------------------------------------------------------------------------------------------------------------
 Total Return/(1)/                                                     5.50%       9.59%       6.65%       1.95%       6.96% 

 SUPPLEMENTAL DATA AND RATIOS:                                                                                               
 Net assets, in thousands, end of year                               $1,502        $958        $876        $810      $1,224  
 Ratio to average net assets of:                                                                                             
   Expenses, net of waivers and reimbursements                         0.75%       0.75%       0.75%       0.75%       0.75% 
   Expenses, before waivers and reimbursements                         1.01%       1.20%       1.20%       1.16%       1.25% 
   Net investment income, net of waivers and reimbursements            3.29%       4.77%       5.48%       4.75%       5.55% 
   Net investment income, before waivers and reimbursements            3.03%       4.32%       5.03%       4.34%       5.05% 
 Portfolio Turnover Rate                                             246.91%     171.29%     139.01%      50.70%     115.55% 
-----------------------------------------------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
    reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year.          
(2)  As required, effective December 1, 2001, the Portfolios adopted the        
provisions of the new AICPA Audit and Accounting Guide for Investment 
 Companies and began recording paydown gains and losses on mortgage- and
    asset-backed securities as interest income, rather than realized gains and
  losses. The effect of this change for the fiscal year ended November 30,
    2002, was to decrease net investment income per share with a corresponding
  increase in net realized and unrealized gains (losses) as follows: $0.05
for Class A and Class D, and to decrease each ratio of net investment 
     income to average net assets as follows: 0.26% for Class A and Class D. The
    financial highlights for the prior years have not been restated to reflect
this change in presentation.                                          

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 25 FIXED INCOME PORTFOLIOS

N-30D 139th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 139th
FIXED INCOME PORTFOLIOS                                                         

SCHEDULE OF INVESTMENTS                                                     

INTERNATIONAL BOND PORTFOLIO                                                

                                             PRINCIPAL
                                                          AMOUNT         VALUE
                                                          (000S)/(1)/   (000S)
DEBT OBLIGATIONS - 96.1%                                                        
British Pound Sterling - 6.7%                                                   
Treasury of Great Britain,                                                  
   5.00%, 6/7/04                                            500           $789
   5.75%, 12/7/09                                           223            371
   8.00%, 6/7/21                                            278            606
--------------------------------------------------------------------------------
                                                                         1,766
--------------------------------------------------------------------------------
Danish Krone - 2.0%                                                             
Kingdom of Denmark,                                                         
   8.00%, 3/15/06                                         3,500            528
--------------------------------------------------------------------------------
Euro - 73.2%                                                                    
Bundesobligation,                                                           
   3.50%, 11/11/03                                          900            899
   5.00%, 2/17/06                                           500            520
   4.50%, 8/18/06                                         1,000          1,025
Bundesschatzanweisungen,                                                    
   3.50%, 12/12/03                                        2,000          2,001
Deutsche Bundesrepublik,                                                    
   6.00%, 7/4/07                                          1,880          2,041
   5.25%, 1/4/08                                            600            635
   5.38%, 1/4/10                                            600            637
   5.25%, 1/4/11                                          1,200              1
   6.25%, 1/4/24                                            600            688
   6.50%, 7/4/27                                            880              1
Freddie Mac,                                                                
   4.50%, 3/15/04                                           850            860
French Treasury Notes,                                                      
   3.50%, 7/12/04                                         1,677          1,679
   5.00%, 7/12/05                                         2,000          2,071
   3.75%, 1/12/07                                         2,600          2,590
Government of France O.A.T.,                                                
   4.75%, 10/25/12                                          750            754
Kingdom of Belgium,                                                         
   5.75%, 9/28/10                                           500            541
--------------------------------------------------------------------------------
                                                                        19,252
--------------------------------------------------------------------------------
Japanese Yen - 12.0%                                                            
Development Bank of Japan,                                                  
   2.88%, 12/20/06                                       80,000            722
Fannie Mae,                                                                 
   1.75%, 3/26/08                                       120,000          1,052
Japan Government Ten Year Bonds,                                            
   1.50%, 3/20/12                                       100,000            860
Japan Government Twenty Year Bonds,                                         
   1.90%, 3/22/21                                        60,000            517
--------------------------------------------------------------------------------
                                                                         3,151
--------------------------------------------------------------------------------
Swedish Krona - 2.2%                                                            
Kingdom of Sweden,                                                          
   9.00%, 4/20/09                                         4,200            567
--------------------------------------------------------------------------------
Total Debt Obligations                                                          
--------------------------------------------------------------------------------
(Cost $24,604)                                                           25,264 

                                             PRINCIPAL
                                                          AMOUNT         VALUE
                                                          (000S)        (000S)
SHORT-TERM INVESTMENT - 1.0%                                                    
Societe Generale, Grand Cayman,                                             
Eurodollar Time Deposit,                                                
   1.31%, 12/2/02                                          $267            267
--------------------------------------------------------------------------------
Total Short-Term Investment                                                     
--------------------------------------------------------------------------------
(Cost $267)                                                                 267 
Total Investments - 97.1%                                                       
(Cost $24,871)                                                           25,531 
 Other Assets less Liabilities - 2.9%                                      761
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                     $26,292 

(1) Principal amounts stated in local currencies.                               

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  26  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT         

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--------------------------------------------------------------------------------
                                                               NOVEMBER 30, 2002
--------------------------------------------------------------------------------

At November 30, 2002, the International Bond Portfolio's investments were       
diversified as follows:                                                         

INDUSTRY SECTOR                                             PERCENTAGE          
----------------------------------------------------------------------          
Governments                                                       93.6%         
Agency                                                             4.0          
Cash                                                               2.4          
----------------------------------------------------------------------          
Total                                                            100.0%         

At November 30, 2002, the International Bond Portfolio had outstanding          
foreign currency contracts as follows:                                          

                   CONTRACT     CONTRACT
                   AMOUNT       AMOUNT
                                  (LOCAL       (U.S.      UNREALIZED
CONTRACT                  DELIVERY     CURRENCY)    DOLLARS)   GAIN/(LOSS)      
TYPE       CURRENCY       DATE        (000S)       (000S)       (000S)      
--------------------------------------------------------------------------      
Canadian                                              
Buy          Dollar       12/17/02        1,380     $   876        $   4        

Sell         Euro         12/17/02       16,290      15,795         (399)       

Buy          Euro         12/17/02        8,645       8,389          205        

Japanese                                              
Sell         Yen          12/17/02    1,108,261       8,889         (163)       

Japanese                                              
Buy          Yen          12/17/02    1,973,305      15,795          323        
--------------------------------------------------------------------------      
Total                                                              $ (30)       

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  27  FIXED INCOME PORTFOLIOS

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--------------------------------------------------------------------------------
FIXED INCOME PORTFOLIOS                                                         
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                     
--------------------------------------------------------------------------------
BOND PORTFOLIO                                                              

                                                             NUMBER      VALUE
                                                            OF SHARES     (000S)
--------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK - 1.2%                                              

Agency - 1.2%                                                                   
  Home Ownership Funding Corp.,/(1)/                          13,000      $8,329
--------------------------------------------------------------------------------
Total Convertible Preferred Stock                                               
--------------------------------------------------------------------------------
(Cost $13,000)                                                             8,329

                                                 PRINCIPAL
                                                             AMOUNT      VALUE
                                                              (000S)      (000S)
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 12.7%                                                 
Advanta Mortgage Loan Trust, Series 2000-1,                                 
Class A4,                                                               
    8.61%, 3/25/28                                            $  500         554
Bank One Issuance Trust, Series 2002-A4,                                    
Class A4,                                                               
    2.94%, 6/16/08                                             3,305       3,298
Capital Auto Receivables Asset Trust,                                       
Series 2002-3, Class A2A,                                               
    3.05%, 9/15/05                                             2,000       2,023
Capital Auto Receivables Asset Trust,                                       
Series 2002-4, Class A4,                                                
    2.64%, 3/17/08                                             4,175       4,112
Chase Funding Mortgage Loan Asset-Backed                                    
Certificates, Series 2002-2, Class 1A1,                                 
    2.81%, 6/25/16                                             2,302       2,312
Chase Manhattan Bank-First Union National                                   
Bank, Series 1999-1, Class A2,                                          
    7.44%, 8/15/31                                             7,320       8,386
Citibank Credit Card Issuance Trust,                                        
Series 2001-A8, Class A8,                                               
    4.10%, 12/7/06                                             1,500       1,546
Citibank Credit Card Issuance Trust,                                        
Series 2002-A3, Class A3,                                               
    4.40%, 5/15/07                                             6,400       6,651
Daimler Chrysler Auto Trust, Series 2002-B,                                 
Class A3,                                                               
    2.93%, 6/6/06                                              6,000       6,062
Daimler Chrysler Auto Trust, Series 2002-C,                                 
Class A4,                                                               
    3.09%, 1/8/08                                              3,665       3,653
Delta Funding Mortgage Corp., Interest Only                                 
Stripped Security, Series 1991-1, Class A-4,/(1)/                       
    7.50%, 1/1/06                                                  -           8
Distribution Financial Services Trust,                                      
Series 1999-3, Class A4,                                                
    6.65%, 3/15/11                                               686         699
First Nationwide Trust, Series 2001-1, Class 2A2,                           
    7.00%, 6/25/31                                             1,672       1,713
Fleet Credit Card Master Trust II, Series 2002-C,                           
Class A,                                                                
    2.75%, 4/15/08                                             2,710       2,690
Ford Credit Auto Owner Trust, Series 2001-E,                                
Class A4,                                                               
    4.01%, 3/15/06                                             3,000       3,085
Honda Auto Receivables Owner Trust,                                         
Series 2002-1, Class A4,                                                
    4.22%, 4/16/07                                             5,025       5,191
Honda Auto Receivables Owner Trust,                                         
Series 2002-3, Class A3,                                                
    3.00%, 5/18/06                                             2,310       2,336
Isuzu Auto Owner Trust, Series 2001-1, Class A4,                            
    5.31%, 1/22/07                                                91          95
LB Commercial Conduit Mortgage Trust,                                       
Series 1999-C1, Class A2,                                               
    6.78%, 6/15/31                                             2,865       3,189
Lehman Federal Housing Authority Title Loan                                 
Trust, Interest Only Stripped Security,                                 
Series 1996-2, Class S,                                                 
    0.59%, 5/25/17                                                 -         178
MBNA Credit Card Master Note Trust,                                         
Series 2002-A6, Class A6,                                               
    3.90%, 11/15/07                                            1,030       1,057
Norwest Asset Securities Corp., Series 1998-6,                              
Class A15,                                                              
    6.75%, 4/25/28                                               620         634
PNC Mortgage Securities Corp., Series 1996-PR1,                             
Class A,                                                                
    5.91%, 4/28/27                                             1,940       1,786
PP&L Transition Bond Co. LLC, Series 1999-1,                                
Class A5,                                                               
    6.83%, 3/25/07                                             4,057       4,332
PP&L Transition Bond Co. LLC, Series 1999-1,                                
Class A6,                                                               
    6.96%, 12/26/07                                            2,000       2,194
Residential Accredit Loans, Inc.,                                           
Series 2001-QS18, Class A1,                                             
    6.50%, 12/25/31                                            2,796       2,904
Residential Funding Mortgage Securities I,                                  
Series 2001-S9, Class A5,                                               
    6.75%, 4/25/31                                             1,517       1,531
Residential Funding Mortgage Securities II,                                 
Series 2001-HI2, Class AI3,                                             
    5.67%, 6/25/14                                             1,916       1,935

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  28  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT         

N-30D 142nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 142nd
--------------------------------------------------------------------------------
NOVEMBER 30, 2002                                                               
--------------------------------------------------------------------------------
                                           PRINCIPAL
                                                         AMOUNT          VALUE
                                                          (000S)          (000S)
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 12.7% - (CONTINUED)                                   
Residential Funding Mortgage Securities II,                                 
Series 2001-HI3, Class AI2,                                             
    5.33%, 5/25/12                                         $2,355        $ 2,355
USAA Auto Owner Trust, Series 2002-1, Class A3,                             
    2.41%, 10/16/06                                         1,500          1,498
Washington Mutual Mortgage Security Corp.,                                  
Series 2002-AR15, Class A5,                                             
    4.38%, 12/25/32                                         3,640          3,661
Wells Fargo Mortgage Backed Securities Trust,                               
Series 2001-13, Class 13,                                               
    6.50%, 6/25/31                                          8,000          8,339
--------------------------------------------------------------------------------
Total Asset-Backed Securities                                                   
--------------------------------------------------------------------------------
(Cost $88,612)                                                            90,007

CORPORATE BONDS - 25.7%                                                         
--------------------------------------------------------------------------------
Advertising - 0.1%                                                              
Donnelley (R.H.) Finance Corp., (1)                                         
    8.88%, 12/15/10                                           125            131
Lamar Media Corp.,                                                          
    9.63%, 12/1/06                                            250            259
    8.63%, 9/15/07                                            100            104
--------------------------------------------------------------------------------
                                                                             494
--------------------------------------------------------------------------------
Aerospace/Defense - 0.1%                                                        
Raytheon Co.,                                                               
    5.50%, 11/15/12                                           730            716
--------------------------------------------------------------------------------
Apparel - 0.1%                                                                  
Levi Strauss & Co.,/(1)/                                                    
    12.25%, 12/15/12                                          500            494
--------------------------------------------------------------------------------
Auto Manufacturers - 0.5%                                                       
Daimler Chrysler NA Holding Corp.,                                          
    8.50%, 1/18/31                                            900          1,065
Ford Motor Co.,                                                             
    7.45%, 7/16/31                                          2,600          2,195
--------------------------------------------------------------------------------
                                                                           3,260
--------------------------------------------------------------------------------

Banks - 3.1%                                                                    
Bank of America Corp.,                                                      
    3.88%, 1/15/08                                          1,000            991
    4.88%, 9/15/12                                          3,000          2,940
Bank of New York (The) Co., Inc.,                                           
    3.75%, 2/15/08                                          2,500          2,473
Bank One Corp.,                                                             
    5.90%, 11/15/11                                         2,355          2,484
    5.25%, 1/30/13                                          1,250          1,246
BB&T Corp., Subordinated Notes,                                             
    4.75%, 10/1/12                                          1,450          1,409
First Union Corp., Puttable 8/1/06 @ Par,                                   
    6.82%, 8/1/26                                           1,025          1,170
JP Morgan Chase & Co.,                                                      
    5.75%, 1/2/13                                           3,000          2,965
Marshall & Ilsley Corp.,                                                    
    5.75%, 9/1/06                                           2,694          2,883
Wells Fargo & Co.,                                                          
    7.25%, 8/24/05                                          1,500          1,666
Wells Fargo Bank,                                                           
    6.45%, 2/1/11                                           1,940          2,118
--------------------------------------------------------------------------------
                                                                          22,345
--------------------------------------------------------------------------------
Beverages - 1.2%                                                                
Anheuser-Busch Cos., Inc.,                                                  
    5.95%, 1/15/33                                          2,865          2,893
Bottling Group LLC, (1)                                                     
    4.63%, 11/15/12                                         2,100          2,042
Grand Metropolitan Investment Corp.,                                        
Puttable 4/15/05 @ Par,                                                 
    7.45%, 4/15/35                                          2,785          3,271
--------------------------------------------------------------------------------
                                                                           8,206
--------------------------------------------------------------------------------
Building Materials - 0.1%                                                       
Nortek, Inc.,                                                               
    9.88%, 6/15/11                                            750            752
--------------------------------------------------------------------------------
Cable Television - 0.6%                                                         
Comcast Cable Communications,                                               
    6.75%, 1/30/11                                          1,050          1,038
Continental Cablevision,                                                    
    8.30%, 5/15/06                                            455            469
Cox Communications, Inc.,                                                   
    7.13%, 10/1/12                                          1,075          1,129
CSC Holdings, Inc.,                                                         
    7.63%, 4/1/11                                             500            465
Insight Midwest, Senior Notes,                                              
    10.50%, 11/1/10                                           500            497
Mediacom Broadband LLC,                                                     
    11.00%, 7/15/13                                           750            765
--------------------------------------------------------------------------------
                                                                           4,363
--------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  29  FIXED INCOME PORTFOLIOS

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-----------------------                                                         
FIXED INCOME PORTFOLIOS                                                         
-----------------------                                                         
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                     
--------------------------------------------------------------------------------
BOND PORTFOLIO (continued)                                                  
                                               PRINCIPAL
                                                            AMOUNT       VALUE
                                                             (000S)       (000S)
--------------------------------------------------------------------------------
CORPORATE BONDS - 25.7% - (CONTINUED)                                           
Chemicals - 0.4%                                                                
du Pont (E.I.) de Nemours & Co.,                                            
    4.75%, 11/15/12                                         $  795        $  794
ISP Chemco, Inc.,                                                           
    10.25%, 7/1/11                                             500           518
Lyondell Chemical Co.,                                                      
    10.88%, 5/1/09                                           1,500         1,387
--------------------------------------------------------------------------------
                                                                           2,699
--------------------------------------------------------------------------------
Commercial Services - 0.3%                                                      
Affinity Group Holdings, Inc.,                                              
    11.00%, 4/1/07                                             550           544
Coinmach Corp.,                                                             
    9.00%, 2/1/10                                              750           787
Corrections Corp. of America,/(1)/                                          
    9.88%, 5/1/09                                              500           534
IT Group, Inc., Senior Subordinated Notes,                                  
Series B, (2)                                                           
    11.25%, 4/1/09                                           1,250             -
--------------------------------------------------------------------------------
                                                                           1,865
--------------------------------------------------------------------------------
Computers - 0.2%                                                                
IBM Corp.,                                                                  
    5.88%, 11/29/32                                            755           725
Seagate Technology Hdd Holdings,/(1)/                                       
    8.00%, 5/15/09                                             750           780
--------------------------------------------------------------------------------
                                                                           1,505
--------------------------------------------------------------------------------
Diversified Financial Services - 4.4%                                           
American Express Co.,                                                       
    3.75%, 11/20/07                                          2,495         2,462
Boeing Capital Corp.,                                                       
    5.80%, 1/15/13                                             850           852
CIT Group, Inc.,                                                            
    5.50%, 11/30/07                                            400           395
Citigroup, Inc.,                                                            
    5.63%, 8/27/12                                           3,875         3,961
    6.63%, 6/15/32                                           1,000         1,047
Countrywide Home Loans, Inc.,                                               
    5.50%, 8/1/06                                              876           910
Credit Suisse First Boston USA, Inc.,                                       
    6.50%, 1/15/12                                           1,050         1,089
General Electric Capital Corp.,                                             
    5.00%, 6/15/07                                           3,500         3,627
    6.75%, 3/15/32                                             925           983
General Motors Acceptance Corp.,                                            
    6.88%, 9/15/11                                           3,540         3,429
    6.88%, 8/28/12                                           2,400         2,310
    8.00%, 11/1/31                                           1,300         1,268
Goldman Sachs Group, Inc.,                                                  
    6.88%, 1/15/11                                           1,790         1,961
Household Finance Corp.,                                                    
    7.00%, 5/15/12                                             225           230
    6.38%, 11/27/12                                          2,620         2,621
Lehman Brothers Holdings, Inc.,                                             
    5.88%, 11/15/17                                            900           894
Morgan Stanley Dean Witter & Co.,                                           
    6.10%, 4/15/06                                           1,150         1,226
    6.60%, 4/1/12                                            1,950         2,104
--------------------------------------------------------------------------------
                                                                          31,369
--------------------------------------------------------------------------------
Electric - 0.4%                                                                 
AES Corp., Senior Subordinated Notes,                                       
    10.25%, 7/15/06                                            500           140
Calpine Corp.,                                                              
    8.25%, 8/15/05                                             500           243
DPL, Inc.,                                                                  
    8.25%, 3/1/07                                            2,650         2,468
Mirant Americas Generation, Inc.,                                           
    7.63%, 5/1/06                                              750           397
--------------------------------------------------------------------------------
                                                                           3,248
--------------------------------------------------------------------------------
Entertainment - 0.1%                                                            
Six Flags, Inc.,                                                            
    8.88%, 2/1/10                                              500           465
--------------------------------------------------------------------------------
Food - 0.9%                                                                     
Del Monte Corp.,                                                            
    9.25%, 5/15/11                                             500           510
Dominos, Inc., Series B,                                                    
    10.38%, 1/15/09                                            875           947
Luigino's, Inc., Senior Subordinated Notes,                                 
    10.00%, 2/1/06                                             750           761
Sara Lee Corp.,                                                             
    6.13%, 11/1/32                                           2,070         2,117
Stater Brothers Holdings,                                                   
    10.75%, 8/15/06                                            500           507
Unilever Capital Corp.,                                                     
    5.90%, 11/15/32                                          1,765         1,754
--------------------------------------------------------------------------------
                                                                           6,596
--------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  30  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT         

N-30D 144th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 144th
                                                               NOVEMBER 30, 2002

                                     PRINCIPAL
                                                AMOUNT       VALUE
                                                 (000S)       (000S)
CORPORATE BONDS - 25.7% - (CONTINUED)                                           
Forest Products & Paper - 0.9%                                                  
Appleton Papers, Inc.,                                                    
12.50%, 12/15/08                                    $250        $268  
Georgia-Pacific Group.,                                                   
7.50%, 5/15/06                                       500         472  
International Paper Co.,/(1)/                                             
5.85%, 10/30/12                                    1,875       1,904  
MeadWestvaco Corp.,                                                       
6.80%, 11/15/32                                      950         936  
Weyerhaeuser Co.,                                                         
6.13%, 3/15/07                                     1,585       1,658  
7.38%, 3/15/32                                     1,000       1,062  
--------------------------------------------------------------------------      
                                                             6,300
--------------------------------------------------------------------------      
Gaming - 0.6%                                                                   
Alliance Gaming Corp.,                                                    
10.00%, 8/1/07                                       500         521  
MGM Mirage,                                                               
8.50%, 9/15/10                                     1,500       1,632  
Park Place Entertainment Corp.,                                           
8.13%, 5/15/11                                     1,000       1,036  
Station Casinos, Inc.,                                                    
9.88%, 7/1/10                                        500         546  
Venetian Casino Resort LLC,/(1)/                                          
11.00%, 6/15/10                                      500         520  
--------------------------------------------------------------------------      
                                                             4,255
--------------------------------------------------------------------------      
Healthcare-Services - 0.2%                                                      
Healthsouth Corp.,                                                        
10.75%, 10/1/08                                      500         423  
Pacificare Health Systems,                                                
10.75%, 6/1/09                                       750         802  
Triad Hospitals, Inc.,                                                    
8.75%, 5/1/09                                        334         359  
--------------------------------------------------------------------------      
                                                             1,584
--------------------------------------------------------------------------      
Home Builders - 0.2%                                                            
Champion Home Builders Co.,/(1)/                                          
11.25%, 4/15/07                                      250         190  
D.R. Horton,                                                              
10.00%, 4/15/06                                      500         509  
WCI Communities, Inc.,                                                    
10.63%, 2/15/11                                      750         731  
--------------------------------------------------------------------------      
                                                             1,430
--------------------------------------------------------------------------      
Insurance - 0.7%                                                                
AIG SunAmerica Global Financing IX,/(1)/                                  
6.90%, 3/15/32                                     3,760       4,229  
Willis Corroon Corp.,                                                       
9.00%, 2/1/09                                        500         528  
--------------------------------------------------------------------------      
                                                             4,757
--------------------------------------------------------------------------      
Iron/Steel - 0.1%                                                             
United States Steel LLC,                                                  
10.75%, 8/1/08                                       500         505  
--------------------------------------------------------------------------      
Leisure Time - 0.1%                                                           
Bally Total Fitness Holdings, Senior Subordinated                         
Notes, Series D,                                                      
9.88%, 10/15/07                                    1,000         925  
--------------------------------------------------------------------------      
Lodging - 0.2%                                                                
Hammons (John Q.) Hotels, Inc.,                                           
218.88%, 5/15/12                                     500         501  
Hilton Hotels Corp.,                                                      
7.63%, 12/1/12                                       375         378  
HMH Properties,                                                           
7.88%, 8/1/08                                        500         493  
--------------------------------------------------------------------------      
                                                             1,372
--------------------------------------------------------------------------      
Machinery - Construction & Mining - 0.1%                                      
Joy Global, Inc.,                                                         
8.75%, 3/15/12                                       500         520  
--------------------------------------------------------------------------      
Media - 1.9%                                                                  
Allbritton Communications Co.,                                            
9.75%, 11/30/07                                      250         260  
American Media Operation, Inc., Series B,                                 
10.25%, 5/1/09                                        500         518   
AOL Time Warner, Inc.,                                                    
6.88%, 5/1/12                                      1,000       1,018  
6.95%, 1/15/28                                     1,980       1,827  
Block Communications, Inc.,                                               
9.25%, 4/15/09                                       500         514  
Dex Media East LLC/Dex Media                                              
East Finance Co.,/(1)/                                                    
9.87%, 11/15/09                                      425         453  
Disney (The Walt) Co.,                                                    
6.38%, 3/1/12                                        750         801  
7.00%, 3/1/32                                        485         527  
Entravision Communications Corp.,                                         
8.13%, 3/15/09                                       750         791  

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 31 FIXED INCOME PORTFOLIOS

N-30D 145th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 145th
-----------------------                                                         
FIXED INCOME PORTFOLIOS                                                         
-----------------------                                                         
-----------------------------------------------------------------------         
SCHEDULE OF INVESTMENTS                                                   
-----------------------------------------------------------------------         
BOND PORTFOLIO (continued)                                                

                                                                [Download Table]


                                                PRINCIPAL              
                                                 AMOUNT         VALUE  
                                                 (000S)         (000S) 
-----------------------------------------------------------------------
CORPORATE BONDS - 25.7% - (CONTINUED)                                  
-----------------------------------------------------------------------
                                                                       
Media - 1.9% - (continued)                                             
   Gray Television, Inc.,                                              
      9.25%, 12/15/11                              $500           $537 
   News America Holdings, Inc.,                                        
      7.60%, 10/11/15                               750            767 
   Reed Elsevier Capital, Inc.,                                        
      6.13%, 8/1/06                               1,570          1,670 
   TransWestern Publishing Co.,                                        
      9.63%, 11/15/07                               500            523 
   Westinghouse Electric Corp.,                                        
      7.88%, 9/1/23                               2,920          3,373 
-----------------------------------------------------------------------
                                                                13,579 
-----------------------------------------------------------------------
Mining - 0.1%                                                          
   Alcoa, Inc.,                                                        
      5.88%, 6/1/06                                 575            620 
-----------------------------------------------------------------------
Miscellaneous Manufacturing - 0.1%                                     
   Foamex LP,/(1)/                                                     
      10.75%, 4/1/09                                500            360 
-----------------------------------------------------------------------
Oil & Gas - 1.3%                                                       
   ConocoPhillips,/(1)/                                                
      4.75%, 10/15/12                               640            623 
      5.90%, 10/15/32                             3,305          3,184 
   Consolidated Natural Gas Co.,                                       
      5.38%, 11/1/06                              2,575          2,658 
   Tesoro Petroleum Corp.,                                             
      9.63%, 11/1/08                                400            284 
   Union Oil Co. of California,                                        
      5.05%, 10/1/12                              1,510          1,465 
   Valero Energy Corp.,                                                
      6.88%, 4/15/12                              1,000          1,017 
-----------------------------------------------------------------------
                                                                 9,231 
-----------------------------------------------------------------------
Oil & Gas Producers - 0.8%                                             
   Anadarko Petroleum Corp.,                                           
      5.00%, 10/1/12                              1,500          1,474 
   Comstock Resources, Inc.,                                           
      11.25%, 5/1/07                                500            530 
   Devon Energy Corp.,                                                 
      7.95%, 4/15/32                              2,145          2,512 
   Magnum Hunter Resources, Inc.,                                      
      9.60%, 3/15/12                                750            801 
   Swift Energy Co.,                                                   
      9.38%, 5/1/12                                 750            720 
-----------------------------------------------------------------------
                                                                 6,037 
-----------------------------------------------------------------------
Oil & Gas Services - 0.8%                                              
   AmeriGas Partners LP,                                               
      8.88%, 5/20/11                                750            780 
   Dresser, Inc.,                                                      
      9.38%, 4/15/11                              1,000            960 
   Ferrellfas Partners LP,                                             
      8.75%, 6/15/12                              1,500          1,567 
   Key Energy Services, Inc., Series C,                                
      8.38%, 3/1/08                                 500            523 
   Praxair, Inc.,                                                      
      6.38%, 4/1/12                               1,830          1,974 
-----------------------------------------------------------------------
                                                                 5,804 
-----------------------------------------------------------------------
Packaging & Containers - 0.1%                                          
   Applied Extrusion Technologies, Inc.,                               
      10.75%, 7/1/11                                500            330 
BWAY Corp.,/(1)/                                                       
      10.00%, 10/15/10                              100            102 
  Consolidated Container Co. LLC,                                      
  Senior Subordinated Notes,                                           
      10.13%, 7/15/09                               500            325 
-----------------------------------------------------------------------
                                                                   757 
-----------------------------------------------------------------------
Pharmaceuticals - 0.1%                                                 
   aaiPharma, Inc.,                                                    
      11.00%, 4/1/10                                500            500 
   AmerisourceBergen Corp.,/(1)/                                       
      7.25%, 11/15/12                               375            390 
-----------------------------------------------------------------------
                                                                   890 
-----------------------------------------------------------------------
 Real Estate - 0.1%                                                    
   LNR Property Corp.,                                                 
      10.50%, 1/15/09                               500            507 
-----------------------------------------------------------------------
 REITS - 0.4%                                                          
   Crescent Real Estate Equities LP,                                   
      9.25%, 4/15/09                                500            515 
   iStar Financial, Inc.,                                              
      8.75%, 8/15/08                                750            779 
   Meristar Hospitality Corp.,                                         
      9.13%, 1/15/11                              1,000            915 
   Tanger Properties LP,                                               
      9.13%, 2/15/08                                500            492 
-----------------------------------------------------------------------
                                                                 2,701 
-----------------------------------------------------------------------
Remediation Services - 0.3%                                            
   Allied Waste N.A.,/(1)/                                             
      9.25%, 9/1/12                                 500            518 

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 32 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

N-30D 146th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 146th
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                     PRINCIPAL           
                                                      AMOUNT      VALUE  
                                                      (000S)      (000S) 
                                                                         
CORPORATE BONDS - 25.7% - (CONTINUED)                                    
Remediation Services - 0.3% - (continued)                                
   Allied Waste N.A., Inc., Series B,                                    
      10.00%, 8/1/09                                   $625        $631  
   Synagro Technologies, Inc.,                                           
      9.50%, 4/1/09                                     750         780  
-------------------------------------------------------------------------
                                                                  1,929  
-------------------------------------------------------------------------
Retail - 0.7%                                                            
   Cole National Group,                                                  
      8.88%, 5/15/12                                    250         225  
   Kohl's Corp.,                                                         
      6.00%, 1/15/33                                    865         845  
   Office Depot, Inc.,                                                   
      10.00%, 7/15/08                                   750         851  
   Rite Aid Corp.,                                                       
      11.25%, 7/1/08                                    250         182  
   Target Corp.,                                                         
      5.38%, 6/15/09                                    900         947  
      6.35%, 11/1/32                                    680         696  
   Tricon Global Restaurants, Inc.,                                      
      8.88%, 4/15/11                                  1,250       1,369  
-------------------------------------------------------------------------
                                                                  5,115  
-------------------------------------------------------------------------
Savings & Loans - 0.4%                                                   
   Sovereign Bancorp, Senior Notes,                                      
      10.25%, 5/15/04                                 1,000       1,053  
   Washington Mutual Bank FA,                                            
      6.88%, 6/15/11                                    750         820  
      5.50%, 1/15/13                                    925         915  
-------------------------------------------------------------------------
                                                                  2,788  
-------------------------------------------------------------------------
Semiconductors - 0.1%                                                    
   Amkor Technology, Inc.,                                               
      9.25%, 5/1/06                                     500         483  
-------------------------------------------------------------------------
Supermarkets - 0.9%                                                      
   Kroger Co.,                                                           
      6.20%, 6/15/12                                  4,205       4,352  
   Roundy's, Inc.,/(1)/                                                  
      8.88%, 6/15/12                                    500         503  
   Safeway, Inc.,                                                        
      5.80%, 8/15/12                                  1,400       1,424  
-------------------------------------------------------------------------
                                                                  6,279  
-------------------------------------------------------------------------
Telecommunications - 1.1%                                                
   AT&T Corp., Senior Notes,                                             
      8.00%, 11/15/31                                 3,250       3,282  
   AT&T Wireless Services, Inc.,                                         
      8.75%, 3/1/31                                     750         694  
   Nextel Communications, Inc., Senior Notes,                            
      9.38%, 11/15/09                                   500         465  
   Sprint Capital Corp.,                                                 
      8.75%, 3/15/32                                    750         652  
   Verizon New England, Inc.,                                            
      6.50%, 9/15/11                                  1,755       1,874  
   Verizon New Jersey, Inc.,                                             
      5.88%, 1/17/12                                  1,050       1,077  
-------------------------------------------------------------------------
                                                                  8,044  
-------------------------------------------------------------------------
Textiles - 0.3%                                                          
   Collins & Aikman Floor Cover,                                         
      9.75%, 2/15/10                                    656         669  
   Mohawk Industries, Inc.,                                              
      7.20%, 4/15/12                                  1,350       1,478  
-------------------------------------------------------------------------
                                                                  2,147  
-------------------------------------------------------------------------
Tobacco - 0.1%                                                           
   DIMON, Inc.,                                                          
      9.63%, 10/15/11                                   500         530  
-------------------------------------------------------------------------
Transportation - 0.5%                                                    
   Burlington Northern Santa Fe Corp.,                                   
      6.70%, 8/1/28                                     750         788  
   Caliber System, Inc.,                                                 
      7.80%, 8/1/06                                   1,990       2,234  
   Norfolk Southern Corp.,                                               
      7.25%, 2/15/31                                    650         715  
-------------------------------------------------------------------------
                                                                  3,737  
-------------------------------------------------------------------------
Total Corporate Bonds                                                    
-------------------------------------------------------------------------
(Cost $ 180,800)                                                181,563  

FOREIGN BONDS - 3.3%                                                     
Aerospace/Defense - 0.1%                                                 
   Dunlop Standard Aerospace Holdings PLC,                               
      Senior Notes,                                                      
      11.88%, 5/15/09                                   750         769  
-------------------------------------------------------------------------
Chemicals - 0.1%                                                         
   Avecia Group PLC,                                                     
      11.00%, 7/1/09                                    600         507  
-------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 33 FIXED INCOME PORTFOLIOS

N-30D 147th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 147th
FIXED INCOME PORTFOLIOS                                                         

SCHEDULE OF INVESTMENTS                                                   

BOND PORTFOLIO (continued)                                                
                                 PRINCIPAL
                                            AMOUNT       VALUE
                                             (000S)       (000S)
FOREIGN BONDS - 3.3% - (CONTINUED)                                              
Forest Products & Paper - 0.2%                                                  
Abitibi-Consolidated, Inc.,                                               
8.85%, 8/1/30                                    $650        $657   
Norske Skog Canada Ltd.,                                                  
8.63%, 6/15/11                                    500         514   
-------------------------------------------------------------------------       
                                                         1,171
-------------------------------------------------------------------------       
Insurance - 0.2%                                                                
Fairfax Financial Holdings Ltd.,                                          
8.25%, 10/1/15                                  2,000       1,299   
-------------------------------------------------------------------------       
Regional - 1.6%                                                                 
Financement-Quebec,                                                       
5.00%, 10/25/12                                 4,515       4,485   
Province of Ontario,                                                      
3.50%, 9/17/07                                  3,225       3,202   
Province of Quebec,                                                       
5.50%, 4/11/06                                  3,475       3,720   
-------------------------------------------------------------------------       
                                                        11,407
-------------------------------------------------------------------------       
Semiconductors - 0.1%                                                           
Chippac International Co. Ltd.,                                           
12.75%, 8/1/09                                    750         802   
-------------------------------------------------------------------------       
Telecommunications - 0.7%                                                       
British Telecommunications PLC,                                           
8.88%, 12/15/30                                 1,500       1,855   
Deutsche Telekom International Finance BV,                                
8.75%, 6/15/30                                  1,100       1,192   
France Telecom,                                                           
10.00%, 3/1/31                                    525         619   
Vodafone Group PLC,                                                       
7.75%, 2/15/10                                    775         884   
6.25%, 11/30/32                                   860         834   
-------------------------------------------------------------------------       
                                                         5,384
-------------------------------------------------------------------------       
Transportation - 0.3%                                                           
Sea Containers Ltd.,                                                      
10.50%, 7/1/03                                    625         617   
12.50%, 12/1/04                                   375         356   
10.75%, 10/15/06                                  250         213   
Stena AB, Senior Notes,                                                   
8.75%, 6/15/07                                    375         375   
9.63%, 12/1/12/(1)/                               375         382   
-------------------------------------------------------------------------       
                                                         1,943
-------------------------------------------------------------------------       
Total Foreign Bonds                                                             
-------------------------------------------------------------------------       
(Cost $23,367)                                                   23,282         

-------------------------------------------------------------------------       
U.S. GOVERNMENT AGENCIES - 42.5%                                                
-------------------------------------------------------------------------       
Fannie Mae - 30.7%                                                              
5.00%, 5/14/07                                 10,295      10,709   
6.00%, 1/18/12                                  3,195       3,348   
4.38%, 9/15/12                                 13,140      12,722   
6.50%, 12/1/32                                 71,815      74,171   
Interest Only Stripped Security,                                          
Series 278, Class 2,                                                      
1.25%, 8/1/25                                       -         114   
Pool #323099,                                                             
6.00%, 4/1/13                                  16,329      17,057   
Pool #535714,                                                             
7.50%, 1/1/31                                   4,059       4,290   
Pool #535982,                                                             
7.50%, 5/1/31                                   9,051       9,566   
Pool #535996,                                                             
7.50%, 6/1/31                                   8,991       9,503   
Pool #585617,                                                             
7.00%, 5/1/31                                       4           4   
Pool #649623,                                                             
6.50%, 8/1/32                                  15,978      16,513   
Pool #652797,                                                             
6.00%, 8/1/32                                  22,539      23,059   
Pool TBA,/(3)/                                                            
7.00%, 12/1/28                                 27,655      28,874   
5.50%, 12/1/29                                  7,740        7,754  
-------------------------------------------------------------------------       
                                                         217,684
-------------------------------------------------------------------------       
Freddie Mac - 1.5%                                                              
5.75%, 4/29/09                                  4,875        5,061  
Series 2407, Class BJ,                                                    
6.50%, 1/15/32                                  5,593        5,786  
-------------------------------------------------------------------------       
                                                          10,847
-------------------------------------------------------------------------       

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 34 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

N-30D 148th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 148th
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                           PRINCIPAL            
                                                            AMOUNT       VALUE  
                                                            (000S)       (000S) 
                                                                                
U.S. GOVERNMENT AGENCIES - 42.5% - (CONTINUED)                                  
Freddie Mac Gold - 2.0%                                                         
  Pool #C00835,                                                                 
    6.50%, 7/1/29                                           $4,485       $4,641 
  Pool #C00910,                                                                 
    7.50%, 1/1/30                                            8,719        9,214 
--------------------------------------------------------------------------------
                                                                         13,855 
--------------------------------------------------------------------------------
Government National Mortgage Association - 7.2%                                 
  Pool #781288,                                                                 
    6.50%, 5/15/31                                          49,124       51,116 
--------------------------------------------------------------------------------
Government National Mortgage Association II - 1.1%                              
  Pool #3249,                                                                   
    6.00%, 6/20/32                                           7,536        7,765 
--------------------------------------------------------------------------------
Total U.S. Government Agencies                                                  
--------------------------------------------------------------------------------
(Cost $298,435)                                                         301,267 

U.S. GOVERNMENT OBLIGATIONS - 14.2%                                             
U.S. Treasury Bonds - 6.0%                                                      
    7.25%, 5/15/16                                           2,335        2,891 
    7.50%, 11/15/16                                          9,590       12,121 
    8.13%, 8/15/19                                          12,240       16,442 
    5.50%, 8/15/28                                           9,535        9,905 
    5.25%, 11/15/28                                          1,275        1,279 
--------------------------------------------------------------------------------
                                                                         42,638 
--------------------------------------------------------------------------------
U.S. Treasury Inflation Indexed Bonds - 3.4%                                    
    3.88%, 1/15/09                                          20,000       23,975 
--------------------------------------------------------------------------------
U.S. Treasury Notes - 4.8%                                                      
    2.13%, 10/31/04                                          9,390        9,408 
    2.00%, 11/30/04                                          6,990        6,978 
    3.00%, 11/15/07                                          8,480        8,379 
    4.00%, 11/15/12                                          9,425        9,261 
--------------------------------------------------------------------------------
                                                                         34,026 
--------------------------------------------------------------------------------
Total U.S. Government Obligations                                               
--------------------------------------------------------------------------------
(Cost $99,051)                                                          100,639 
                                                                [Download Table]

                                                         PRINCIPAL              
                                                          AMOUNT         VALUE  
                                                          (000S)         (000S) 
                                                                                
SHORT-TERM INVESTMENTS - 16.4%                                                  
  FHLB Discount Notes,                                                          
    1.21%, 12/2/02                                          $9,482       $9,482 

  Societe Generale, Grand Cayman,                                               
    Eurodollar Time Deposit,                                                    
    1.31%, 12/2/02                                         106,435      106,435 
--------------------------------------------------------------------------------
Total Short-Term Investments                                                    
--------------------------------------------------------------------------------
(Cost $115,917)                                                         115,917 

--------------------------------------------------------------------------------
Total Investments - 116.0%                                                      
--------------------------------------------------------------------------------
(Cost $819,182)                                                         821,004 
   Liabilities less Other Assets - (16.0)%                             (113,212)
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                    $707,792 

(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. At November 30,
   2002, the value of these securities amounted to approximately $25,676,000
or 3.6% of net assets.                                                
(2)  Non-Income Producing Security. Issuer has defaulted on terms of debt       
obligation. At November 30, 2002, value represents 0.0% of net assets.
(3)  When-Issued Security.                                                      

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  35  FIXED INCOME PORTFOLIOS

N-30D 149th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 149th
FIXED INCOME PORTFOLIOS                                                         

SCHEDULE OF INVESTMENTS                                                     

CORE BOND PORTFOLIO                                                         

                                                                [Download Table]

                                                           NUMBER        VALUE  
                                                         OF SHARES       (000S) 
                                                                                
CONVERTIBLE PREFERRED STOCK - 1.2%                                              
Agency - 1.2%                                                                   
  Home Ownership Funding Corp.,/(1)/                         2,000       $1,281 
--------------------------------------------------------------------------------
Total Convertible Preferred Stock                                               
--------------------------------------------------------------------------------
(Cost $1,515)                                                             1,281 


                                                           PRINCIPAL            
                                                            AMOUNT       VALUE  
                                                            (000S)       (000S) 
                                                                                
ASSET-BACKED SECURITIES - 12.4%                                                 
  Advanta Mortgage Loan Trust, Series 2000-1,                                   
    Class A4,                                                                   
    8.61%, 3/25/28                                            $505          560 
  Bank One Issuance Trust, Series 2002-A4, Class A4,                            
    2.94%, 6/16/08                                             450          449 
  Capital Auto Receivables Asset Trust,                                         
    Series 2002-3, Class A2A,                                                   
    3.05%, 9/15/05                                             325          329 
  Capital Auto Receivables Asset Trust,                                         
    Series 2002-4, Class A4,                                                    
    2.64%, 3/17/08                                             530          529 
  Chase Funding Mortgage Loan Asset-Backed                                      
    Certificates, Series 2002-2, Class 1A1,                                     
    2.81%, 6/25/16                                             276          277 
  Chase Manhattan Bank-First Union National Bank,                               
    Series 1999-1, Class A2,                                                    
    7.44%, 8/15/31                                             960        1,100 
  Citibank Credit Card Issuance Trust,                                          
    Series 2002-A3, Class A3,                                                   
    4.40%, 5/15/07                                             675          701 
  Commercial Mortgage Asset Trust, Series 1999-C1,                              
    Class A3,                                                                   
    6.64%, 1/17/32                                              60           67 
  Daimler Chrysler Auto Trust, Series 2002-B,                                   
    Class A3,                                                                   
    2.93%, 6/6/06                                              675          682 
  Daimler Chrysler Auto Trust, Series 2002-C,                                   
    Class A4,                                                                   
    3.09%, 1/8/08                                              515          513 
  Distribution Financial Services Trust, Series 1999-3,                         
    Class A4,                                                                   
    6.65%, 3/15/11                                              24           24 
  First Nationwide Trust, Series 2001-1, Class 2A2,                             
    7.00%, 6/25/31                                              21           22 

                                                           PRINCIPAL            
                                                            AMOUNT       VALUE  
                                                            (000S)       (000S) 
                                                                                
ASSET-BACKED SECURITIES - 12.4% - (CONTINUED)                                   
  Fleet Credit Card Master Trust II, Series 2002-C,                             
    Class A,                                                                    
    2.75%, 4/15/08                                            $725         $720 
  Honda Auto Receivables Owner Trust,                                           
    Series 2002-1, Class A4,                                                    
    4.22%, 4/16/07                                             555          573 
  Honda Auto Receivables Owner Trust,                                           
    Series 2002-3, Class A3,                                                    
    3.00%, 5/18/06                                             340          344 
  LB Commercial Conduit Mortgage Trust,                                         
    Series 1999-C1, Class A2,                                                   
    6.78%, 6/15/31                                             375          417 
  Lehman Federal Housing Authority Title Loan Trust,                            
    Interest Only Stripped Security, Series 1996-2,                             
    Class S,                                                                    
    0.59%, 5/25/17                                               -           34 
  MBNA Credit Card Master Note Trust,                                           
    Series 2002-A6, Class A6,                                                   
    3.90%, 11/15/07                                             85           87 
  Norwest Asset Securities Corp.,                                               
    Series 1998-6, Class A15,                                                   
    6.75%, 4/25/28                                           1,550        1,585 
  PNC Mortgage Securities Corp., Series 1996-PR1,                               
    Class A,                                                                    
    5.91%, 4/28/27                                             379          349 
  PP&L Transition Bond Co. LLC, Series 1999-1,                                  
    Class A5,                                                                   
    6.83%, 3/25/07                                             743          793 
  PP&L Transition Bond Co. LLC, Series 1999-1,                                  
    Class A6,                                                                   
    6.96%, 12/26/07                                            450          494 
  Residential Accredit Loans, Inc., Series 2001-QS18,                           
    Class A1,                                                                   
    6.50%, 12/25/31                                            330          343 
  Residential Funding Mortgage Securities I,                                    
    Series 2001-S9, Class A5,                                                   
    6.75%, 4/25/31                                             238          240 
  Residential Funding Mortgage Securities II,                                   
    Series 2001-HI2, Class AI3,                                                 
    5.67%, 6/25/14                                             333          337 
  Residential Funding Mortgage Securities II,                                   
    Series 2001-HI3, Class AI2,                                                 
    5.33%, 5/25/12                                             576          576 
  USAA Auto Owner Trust, Series 2002-1, Class A3,                               
    2.41%, 10/16/06                                            185          185 

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  36  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT         

N-30D 150th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 150th
                                                               NOVEMBER 30, 2002

                                                                [Download Table]

                                                           PRINCIPAL            
                                                            AMOUNT       VALUE  
                                                            (000S)       (000S) 
                                                                                
ASSET-BACKED SECURITIES - 12.4% - (CONTINUED)                                   
  Washington Mutual Mortgage Security Corp.,                                    
    Series 2002-AR15, Class A5,                                                 
    4.38%, 12/25/32                                           $445         $447 
--------------------------------------------------------------------------------
Total Asset-Backed Securities                                                   
--------------------------------------------------------------------------------
(Cost $12,622)                                                           12,777 

CORPORATE BONDS - 17.6%                                                         
Aerospace/Defense - 0.1%                                                        
  Raytheon Co.,                                                                 
    5.50%, 11/15/12                                            105          103 
--------------------------------------------------------------------------------
Auto Manufacturers - 0.5%                                                       
  Daimler Chrysler NA Holding Corp.,                                            
    8.50%, 1/18/31                                             125          148 
  Ford Motor Co.,                                                               
    7.45%, 7/16/31                                             370          312 
--------------------------------------------------------------------------------
                                                                            460 
--------------------------------------------------------------------------------
Banks - 2.6%                                                                    
  Bank of America Corp.,                                                        
    3.88%, 1/15/08                                             250          248 
    4.88%, 9/15/12                                             495          485 
  Bank of New York (The) Co., Inc.,                                             
    3.75%, 2/15/08                                             340          336 
  Bank One Corp.,                                                               
    5.90%, 11/15/11                                            295          311 
    5.25%, 1/30/13                                             195          194 
  First Union Corp., Puttable 8/1/06 @ Par,                                     
    6.82%, 8/1/26                                              155          177 
  JP Morgan Chase & Co.,                                                        
    5.25%, 5/30/07                                             250          257 
  Marshall & Ilsley Corp.,                                                      
    5.75%, 9/1/06                                              420          450 
  Wells Fargo Bank,                                                             
    6.45%, 2/1/11                                              245          268 
--------------------------------------------------------------------------------
                                                                          2,726 
--------------------------------------------------------------------------------
Beverages - 0.9%                                                                
  Anheuser-Busch Cos., Inc.,                                                    
    5.95%, 1/15/33                                             325          328 
  Bottling Group LLC,/(1)/                                                      
    4.63%, 11/15/12                                            300          292 


                                                         PRINCIPAL              
                                                          AMOUNT         VALUE  
                                                          (000S)         (000S) 
                                                                                
CORPORATE BONDS - 17.6% - (CONTINUED)                                           
Beverages - 0.9% - (continued)                                                  
  Grand Metropolitan Investment Corp.,                                          
    Puttable 4/15/05 @ Par,                                                     
    7.45%, 4/15/35                                            $300         $352 
--------------------------------------------------------------------------------
                                                                            972 
--------------------------------------------------------------------------------
Cable Television - 0.3%                                                         
  Comcast Cable Communications,                                                 
    6.75%, 1/30/11                                             145          143 
  Continental Cablevision,                                                      
    8.30%, 5/15/06                                              20           21 
  Cox Communications, Inc.,                                                     
    7.13%, 10/1/12                                             150          158 
--------------------------------------------------------------------------------
                                                                            322 
--------------------------------------------------------------------------------
Chemicals - 0.1%                                                                
  du Pont (E.I.) de Nemours & Co.,                                              
    4.75%, 11/15/12                                            110          110 
--------------------------------------------------------------------------------
Computers - 0.1%                                                                
  IBM Corp.,                                                                    
    5.88%, 11/29/32                                            105          101 
--------------------------------------------------------------------------------
Diversified Financial Services - 4.4%                                           
  American Express Co.,                                                         
    6.88%, 11/1/05                                              35           39 
    3.75%, 11/20/07                                            290          286 
  Boeing Capital Corp.,                                                         
    5.80%, 1/15/13                                             120          120 
  CIT Group, Inc.,                                                              
    5.50%, 11/30/07                                             75           74 
  Citigroup, Inc.,                                                              
    6.00%, 2/21/12                                             495          528 
    6.63%, 6/15/32                                             200          209 
  Countrywide Home Loans, Inc.,                                                 
    5.50%, 8/1/06                                              125          130 
  Credit Suisse First Boston USA, Inc.,                                         
    6.50%, 1/15/12                                             150          156 
  General Electric Capital Corp.,                                               
    7.38%, 1/19/10                                             475          544 
    6.75%, 3/15/32                                             145          154 
  General Motors Acceptance Corp.,                                              
    6.88%, 9/15/11                                             520          504 
    6.88%, 8/28/12                                             290          279 
    8.00%, 11/1/31                                             200          195 
  Goldman Sachs Group, Inc.,                                                    
    6.88%, 1/15/11                                             305          334 

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  37  FIXED INCOME PORTFOLIOS

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---------------------------------                                               
FIXED INCOME PORTFOLIOS                                                         
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                         
--------------------------------------------------------------------------------
CORE BOND PORTFOLIO (continued)                                                 

                                                         PRINCIPAL
                                                                AMOUNT   VALUE
                                                                 (000S)   (000S)
--------------------------------------------------------------------------------
CORPORATE BONDS - 17.6% - (CONTINUED)                                           
--------------------------------------------------------------------------------
Diversified Financial Services - 4.4% - (continued)                             
Household Finance Corp.,                                                  
    7.00%, 5/15/12                                               $ 30     $ 31
    6.38%, 11/27/12                                               380      380
Lehman Brothers Holdings, Inc.,                                           
    5.88%, 11/15/17                                               120      119
Morgan Stanley Dean Witter & Co.,                                         
    6.10%, 4/15/06                                                125      133
    6.60%, 4/1/12                                                 270      291
--------------------------------------------------------------------------------
                                                                         4,506
--------------------------------------------------------------------------------
Electric - 0.3%                                                                 
DPL, Inc.,                                                                
    8.25%, 3/1/07                                                 295      275
--------------------------------------------------------------------------------
Food - 0.5%                                                                     
Sara Lee Corp.,                                                           
    6.13%, 11/1/32                                                325      333
Unilever Capital Corp.,                                                   
    5.90%, 11/15/32                                               250      249
--------------------------------------------------------------------------------
                                                                           582
--------------------------------------------------------------------------------
Forest Products & Paper - 0.8%                                                  
International Paper Co., /(1)/                                            
    5.85%, 10/30/12                                               250      254
MeadWestvaco Corp.,                                                       
    6.80%, 11/15/32                                               125      123
Weyerhaeuser Co.,                                                         
    6.13%, 3/15/07                                                240      251
    7.38%, 3/15/32                                                175      186
--------------------------------------------------------------------------------
                                                                           814
--------------------------------------------------------------------------------
Hand/Machine Tools - 0.2%                                                       
Emerson Electric Co.,                                                     
    4.63%, 10/15/12                                               245      236
--------------------------------------------------------------------------------
Insurance - 0.5%                                                                
AIG SunAmerica Global Financing IX, /(1)/                                 
    6.90%, 3/15/32                                                445      500
--------------------------------------------------------------------------------
Media - 1.3%                                                                    
AOL Time Warner, Inc.,                                                    
    6.95%, 1/15/28                                                320      295
Disney (The Walt) Co.,                                                    
    6.38%, 3/1/12                                                 100      107
    7.00%, 3/1/32                                                  70       76
News America Holdings, Inc.,                                              
    7.60%, 10/11/15                                               100      102
Reed Elsevier Capital, Inc.,                                              
    6.13%, 8/1/06                                                 185      197
Westinghouse Electric Corp.,                                              
    7.88%, 9/1/23                                                 445      514
--------------------------------------------------------------------------------
                                                                         1,291
--------------------------------------------------------------------------------
Mining - 0.1%                                                                   
Alcoa, Inc.,                                                              
    5.88%, 6/1/06                                                  65       70
--------------------------------------------------------------------------------
Oil & Gas - 1.3%                                                                
ConocoPhillips, /(1)/                                                     
    4.75%, 10/15/12                                                95       93
    5.90%, 10/15/32                                               485      467
Consolidated Natural Gas Co.,                                             
    5.38%, 11/1/06                                                470      485
Union Oil Co. of California,                                              
    5.05%, 10/1/12                                                205      199
Valero Energy Corp.,                                                      
    6.88%, 4/15/12                                                150      153
--------------------------------------------------------------------------------
                                                                         1,397
--------------------------------------------------------------------------------
Oil & Gas Producers - 0.6%                                                      
Anadarko Petroleum Corp.,                                                 
    5.00%, 10/1/12                                                200      196
Devon Energy Corp.,                                                       
    7.95%, 4/15/32                                                335      392
--------------------------------------------------------------------------------
                                                                           588
--------------------------------------------------------------------------------
Oil & Gas Services - 0.3%                                                       
Praxair, Inc.,                                                            
    6.38%, 4/1/12                                                 290      313
--------------------------------------------------------------------------------
Retail - 0.4%                                                                   
Kohl's Corp.,                                                             
    6.00%, 1/15/33                                                120      117
Target Corp.,                                                             
    5.38%, 6/15/09                                                105      110
    6.35%, 11/1/32                                                125      128
--------------------------------------------------------------------------------
                                                                           355
--------------------------------------------------------------------------------

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 38 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

N-30D 152nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 152nd
--------------------------------------------------------------------------------
                                                               NOVEMBER 30, 2002
--------------------------------------------------------------------------------

                                                       PRINCIPAL
                                                              AMOUNT   VALUE
                                                               (000S)   (000S)
--------------------------------------------------------------------------------
CORPORATE BONDS - 17.6% - (CONTINUED)                                           
--------------------------------------------------------------------------------
Supermarkets - 0.7%                                                             
Kroger Co.,                                                                 
  6.20%, 6/15/12                                               $470     $486
Safeway, Inc.,                                                              
  5.80%, 8/15/12                                                200      203
--------------------------------------------------------------------------------
                                                                         689
--------------------------------------------------------------------------------
Savings & Loans - 0.2%                                                          
Washington Mutual Bank FA,                                                  
  6.88%, 6/15/11                                                110      120
  5.50%, 1/15/13                                                125      124
--------------------------------------------------------------------------------
                                                                         244
--------------------------------------------------------------------------------
Telecommunications - 0.7%                                                       
AT&T Corp., Senior Notes,                                                   
  8.00%, 11/15/31                                               150      152
AT&T Wireless Services, Inc.,                                               
  8.75%, 3/1/31                                                  50       46
Sprint Capital Corp.,                                                       
  8.75%, 3/15/32                                                100       87
Verizon New Jersey, Inc.,                                                   
  5.88%, 1/17/12                                                440      451
--------------------------------------------------------------------------------
                                                                         736
--------------------------------------------------------------------------------
Textiles - 0.2%                                                                 
Mohawk Industries, Inc.,                                                    
  7.20%, 4/15/12                                                210      230
--------------------------------------------------------------------------------
Transportation - 0.5%                                                           
Burlington Northern Santa Fe Corp.,                                         
  6.70%, 8/1/28                                                 100      105
Caliber System, Inc.,                                                       
  7.80%, 8/1/06                                                 265      298
Norfolk Southern Corp.,                                                     
  7.25%, 2/15/31                                                105      115
--------------------------------------------------------------------------------
                                                                         518
--------------------------------------------------------------------------------
Total Corporate Bonds                                                           
--------------------------------------------------------------------------------
(Cost $17,843)                                                          18,138  

--------------------------------------------------------------------------------
FOREIGN BONDS - 2.4%                                                            
--------------------------------------------------------------------------------
Beverages - 0.1%                                                                
Diageo Capital PLC,                                                         
  3.50%, 11/19/07                                                95       93
--------------------------------------------------------------------------------
Regional - 1.6%                                                                 
Financement-Quebec,                                                         
  5.00%, 10/25/12                                               655      651
Regional - 1.6% (continued)                                                     
Province of Ontario,                                                        
  3.50%, 9/17/07                                                460      457
Province of Quebec,                                                         
  5.50%, 4/11/06                                                490      524
--------------------------------------------------------------------------------
                                                                       1,632
--------------------------------------------------------------------------------
Telecommunications - 0.7%                                                       
British Telecommunications PLC,                                             
  8.88%, 12/15/30                                               200      247
Deutsche Telekom International Finance BV,                                  
  8.75%, 6/15/30                                                150      163
France Telecom,                                                             
  10.00%, 3/1/31                                                 70       83
Vodafone Group PLC,                                                         
  7.75%, 2/15/10                                                100      114
  6.25%, 11/30/32                                               125      121
--------------------------------------------------------------------------------
                                                                         728
--------------------------------------------------------------------------------
Total Foreign Bonds                                                             
--------------------------------------------------------------------------------
(Cost $2,447)                                                            2,453  

--------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 43.2%                                                
--------------------------------------------------------------------------------
Fannie Mae - 29.4%                                                              
  3.00%, 6/15/04                                                360      365
  5.00%, 5/14/07                                                625      650
  6.63%, 11/15/10                                             1,075    1,224
  6.00%, 1/18/12                                                435      456
  4.38%, 9/15/12                                                480      465
  5.00%, 1/1/17                                               1,480    1,486
  6.50%, 12/1/32                                              6,950    7,178
Interest Only Stripped Security, Series 278, Class 2,                       
  1.25%, 8/1/25                                                  --       22
Pool #323099,                                                               
  6.00%, 4/1/13                                               2,747    2,869
Pool #535714,                                                               
  7.50%, 1/1/31                                                 906      957
Pool #535982,                                                               
  7.50%, 5/1/31                                               1,829    1,933
Pool #535996,                                                               
  7.50%, 6/1/31                                               1,530    1,617
Pool #649623,                                                               
  6.50%, 8/1/32                                               1,938    2,003

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 39 FIXED INCOME PORTFOLIOS

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---------------------------------                                               
FIXED INCOME PORTFOLIOS                                               
---------------------------------                                               
--------------------------------------------------------------------------      
SCHEDULE OF INVESTMENTS                                  NOVEMBER 30, 2002      
--------------------------------------------------------------------------      

CORE BOND PORTFOLIO (continued)                                                 

                                                                [Download Table]

                                                    PRINCIPAL              
                                                     AMOUNT          VALUE 
                                                     (000S)         (000S) 
-------------------------------------------------------------------------- 
                                                                           
U.S. GOVERNMENT AGENCIES - 43.2% - (CONTINUED)                             
-------------------------------------------------------------------------- 
Fannie Mae - 29.4% (continued)                                             
  Pool #652797,                                                            
    6.00%, 8/1/32                                      $2,460      $ 2,517 
  Pool TBA, /(2)/                                                          
    5.50%, 12/31/17                                       450          461 
    7.00%, 12/1/28                                      5,060        5,283 
    5.50%, 12/1/29                                        845          847 
-------------------------------------------------------------------------- 
                                                                    30,333 
-------------------------------------------------------------------------- 
Freddie Mac - 3.9%                                                         
    3.88%, 2/15/05                                        330          341 
    4.25%, 6/15/05                                        405          421 
    5.25%, 1/15/06                                      1,785        1,909 
    5.75%, 4/29/09                                        635          659 
    6.25%, 7/15/32                                         40           43 
 Series 2407, Class BJ,                                                    
    6.50%, 1/15/32                                        675          698 
-------------------------------------------------------------------------- 
                                                                     4,071 
-------------------------------------------------------------------------- 
Freddie Mac Gold - 3.2%                                                    
  Pool #C00835,                                                            
    6.50%, 7/1/29                                         875          905 
  Pool #E83412,                                                            
    5.50%, 5/1/16                                         611          627 
  Pool #G01186,                                                            
    7.50%, 2/1/31                                         170          180 
  Pool TBA, /(2)/                                                          
    5.50%, 12/1/29                                      1,580        1,584 
-------------------------------------------------------------------------- 
                                                                     3,296 
-------------------------------------------------------------------------- 
Government National Mortgage Association - 6.6%                            
   Pool #781288,                                                           
     6.50%, 5/15/31                                     5,898        6,137 
   Pool TBA,/(2)/                                                          
     6.00%, 11/15/17                                      630          659 
-------------------------------------------------------------------------- 
                                                                     6,796 
-------------------------------------------------------------------------- 
Government National Mortgage Association II - 0.1%                         
   Pool #3249,                                                             
     6.00%, 6/20/32                                        97          100 
-------------------------------------------------------------------------- 
Total U.S. Government Agencies                                             
-------------------------------------------------------------------------- 
(Cost $44,155)                                                      44,596 

-------------------------------------------------------------------------- 
U.S. GOVERNMENT OBLIGATIONS - 21.6%                                        
-------------------------------------------------------------------------- 
U.S. Treasury Bonds - 7.4%                                                 
     7.25%, 5/15/16                                       415          514 
     7.50%, 11/15/16                                    2,165        2,736 
     8.88%, 2/15/19                                         5            7 
     8.13%, 8/15/19                                     1,795        2,411 
     5.50%, 8/15/28                                       616          640 
     5.25%, 11/15/28                                    1,265        1,269 
-------------------------------------------------------------------------- 
                                                                     7,577 
-------------------------------------------------------------------------- 
U.S. Treasury Inflation Indexed Bonds - 3.8%                               
     3.88%, 1/15/09                                     3,300        3,956 
-------------------------------------------------------------------------- 
U.S. Treasury Notes - 10.4%                                                
     3.38%, 4/30/04                                       740          757 
     1.88%, 9/30/04                                       145          145 
     2.13%, 10/31/04                                    3,000        3,006 
     2.00%, 11/30/04                                    3,505        3,499 
     6.75%, 5/15/05                                        14           15 
     3.00%, 11/15/07                                    2,190        2,164 
     4.00%, 11/15/12                                    1,140        1,120 
-------------------------------------------------------------------------- 
                                                                    10,706 
-------------------------------------------------------------------------- 
Total U.S. Government Obligations                                          
-------------------------------------------------------------------------- 
(Cost $22,198)                                                      22,239 
-------------------------------------------------------------------------- 
SHORT-TERM INVESTMENTS - 19.7%                                             
-------------------------------------------------------------------------- 
  FHLB Discount Note,                                                      
     1.21%, 12/2/02                                     4,859        4,859 
  Societe Generale, Grand Cayman,                                          
    Eurodollar Time Deposit,                                               
     1.31%, 12/2/02                                    15,478       15,478 
-------------------------------------------------------------------------- 
Total Short-Term Investments                                               
-------------------------------------------------------------------------- 
(Cost $20,337)                                                      20,337 

-------------------------------------------------------------------------- 
Total Investments - 118.1%                                                 
-------------------------------------------------------------------------- 
(Cost $121,117)                                                    121,821 
-------------------------------------------------------------------------- 
    Liabilities less Other Assets - (18.1)%                        (18,635)
-------------------------------------------------------------------------- 
NET ASSETS - 100.0%                                               $103,186 

(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. At November 30,
     2002, the value of these securities amounted to approximately $2,887,000 or
2.8% of net assets.                                                   

(2)  When-Issued Security.                                                      

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS 40 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                         -----------------------
                                                         FIXED INCOME PORTFOLIOS
                                                         -----------------------
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                        NOVEMBER 30, 2002
--------------------------------------------------------------------------------

U.S. TREASURY INDEX PORTFOLIO                                                   
                                         PRINCIPAL
                                                        AMOUNT           VALUE
                                                         (000S)           (000S)
--------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS - 98.6%                                             
--------------------------------------------------------------------------------
U.S. Treasury Bonds - 35.2%                                                     
   14.00%, 11/15/11                                      $  660          $   928
   12.50%, 8/15/14                                        1,000            1,503
   9.88%, 11/15/15                                          500              748
   7.25%, 5/15/16                                         1,500            1,858
   9.00%, 11/15/18                                        1,100            1,582
   8.13%, 8/15/19                                         1,400            1,881
   8.75%, 8/15/20                                         1,000            1,424
   8.00%, 11/15/21                                        1,200            1,611
   6.25%, 8/15/23                                         2,000            2,259
   6.50%, 11/15/26                                        1,700            1,992
   5.25%, 2/15/29                                         1,000            1,004
   6.25%, 5/15/30                                         1,600            1,842
--------------------------------------------------------------------------------
                                                                          18,632
--------------------------------------------------------------------------------
U.S. Treasury Notes - 63.4%                                                     
   3.00%, 1/31/04                                         2,200            2,235
   5.88%, 2/15/04                                         2,300            2,417
   3.38%, 4/30/04                                         2,200            2,250
   3.25%, 5/31/04                                         1,600            1,634
   6.00%, 8/15/04                                         2,000            2,137
   2.13%, 8/31/04                                         1,200            1,203
   7.50%, 2/15/05                                         1,600            1,783
   6.75%, 5/15/05                                         1,100            1,216
   6.50%, 8/15/05                                         1,000            1,107
   5.75%, 11/15/05                                        1,450            1,582
   7.00%, 7/15/06                                         2,100            2,398
   6.25%, 2/15/07                                         2,100            2,364
   6.13%, 8/15/07                                         2,600            2,927
   5.63%, 5/15/08                                         1,250            1,385
   4.75%, 11/15/08                                        1,000            1,062
   6.00%, 8/15/09                                         1,000            1,130
   6.50%, 2/15/10                                           950            1,103
   5.75%, 8/15/10                                         1,450            1,616
   4.88%, 2/15/12                                         1,900            1,999
--------------------------------------------------------------------------------
                                                                          33,548
--------------------------------------------------------------------------------
Total U.S. Government Obligations                                               
--------------------------------------------------------------------------------
(Cost $50,588)                                                            52,180

SHORT-TERM INVESTMENT - 0.3%                                                    
FHLB Discount Note,                                                       
     1.21%, 12/2/02                                         177              177
--------------------------------------------------------------------------------
Total Short-Term Investment                                                     
--------------------------------------------------------------------------------
(Cost $177)                                                                  177
--------------------------------------------------------------------------------
Total Investments - 98.9%                                                       
--------------------------------------------------------------------------------
(Cost $50,765)                                                            52,357
--------------------------------------------------------------------------------
   Other Assets less Liabilities - 1.1%                                      550
--------------------------------------------------------------------------------
NET ASSETS - 100.0%                                                      $52,907

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 41 FIXED INCOME PORTFOLIOS

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-----------------------------                                                   
FIXED INCOME PORTFOLIOS                                                         
-----------------------------                                                   

--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                     
--------------------------------------------------------------------------------
INTERMEDIATE BOND PORTFOLIO                                                 

                                                                [Download Table]

                                                         PRINCIPAL              
                                                          AMOUNT        VALUE   
                                                          (000S)       (000S)   
--------------------------------------------------------------------------------
ASSET-BACKED SECURITIES - 11.5%                                                 
--------------------------------------------------------------------------------
                                                                                
   Advanta Mortgage Loan Trust,                                                 
     Series 2000-1, Class A4,                                                   
     8.61%, 3/25/28                                        $ 130        $ 144   
   Bank One Issuance Trust, Series 2002-A4,                                     
     Class A4,                                                                  
     2.94%, 6/16/08                                          210          210   
   Capital Auto Receivables Asset Trust,                                        
     Series 2002-3, Class A2A,                                                  
     3.05%, 9/15/05                                          175          177   
   Capital Auto Receivables Asset Trust,                                        
     Series 2002-4, Class A4,                                                   
     2.64%, 3/17/08                                          255          254   
   Chase Funding Mortgage Loan Asset-                                           
     Backed Certificates, Series 2002-2,                                        
     Class 1A1,                                                                 
     2.81%, 6/25/16                                          184          185   
   Chase Manhattan Bank-First Union                                             
     National Bank, Series 1999-1, Class A2,                                    
     7.44%, 8/15/31                                          195          223   
   Citibank Credit Card Issuance Trust,                                         
     Series 2001-A8, Class A8,                                                  
     4.10%, 12/7/06                                          150          155   
   Citibank Credit Card Issuance Trust,                                         
     Series 2002-A3, Class A3,                                                  
     4.40%, 5/15/07                                          350          364   
   Commercial Mortgage Asset Trust,                                             
     Series 1999-C1, Class A3,                                                  
     6.64%, 9/17/10                                          460          510   
   Daimler Chrysler Auto Trust, Series 2002-B,                                  
     Class A3,                                                                  
     2.93%, 6/6/06                                           350          354   
   Daimler Chrysler Auto Trust, Series 2002-C,                                  
     Class A4,                                                                  
     3.09%, 1/8/08                                           225          224   
   Distribution Financial Services Trust,                                       
     Series 1999-3, Class A4,                                                   
     6.65%, 3/15/11                                          103          105   
   First Nationwide Trust, Series 2001-1,                                       
     Class 2A2,                                                                 
     7.00%, 6/25/31                                          225          231   
   Fleet Credit Card Master Trust II,                                           
     Series 2002-C, Class A,                                                    
     2.75%, 4/15/08                                          175          174   
   GMAC Commercial Mortgage Securities,                                         
     Inc., Series 1999-C1, Class A2,                                            
     6.18%, 5/15/33                                          125          136   
   Honda Auto Receivables Owner Trust,                                          
     Series 2002-1, Class A3,                                                   
     3.50%, 10/17/05                                         120          122   
   Honda Auto Receivables Owner Trust,                                          
     Series 2002-1, Class A4,                                                   
     4.22%, 4/16/07                                          250          258   
   Honda Auto Receivables Owner Trust,                                          
     Series 2002-3, Class A3,                                                   
     3.00%, 5/18/06                                          200          202   
   Isuzu Auto Owner Trust, Series 2001-1,                                       
     Class A4,                                                                  
     5.31%, 1/22/07                                          109          114   
   LB Commercial Conduit Mortgage Trust,                                        
     Series 1999-C1, Class A2,                                                  
     6.78%, 6/15/31                                           75           83   
   MBNA Credit Card Master Note Trust,                                          
     Series 2002-A6, Class A6,                                                  
     3.90%, 11/15/07                                          70           72   
   PP&L Transition Bond Co. LLC,                                                
     Series 1999-1, Class A6,                                                   
     6.96%, 12/26/07                                         330          362   
   Residential Funding Mortgage Securities I,                                   
     Series 2001-S9, Class A5,                                                  
     6.75%, 4/25/31                                           85           86   
   Residential Funding Mortgage Securities                                      
     II, Series 2001-HI2, Class AI3,                                            
     5.67%, 6/25/14                                           83           84   
   Residential Funding Mortgage Securities                                      
     II, Series 2001-HI3, Class AI2,                                            
     5.33%, 5/25/12                                          126          126   
   USAA Auto Owner Trust, Series 2002-1,                                        
     Class A3,                                                                  
     2.41%, 10/16/06                                          90           90   
   Washington Mutual Mortgage Security                                          
     Corp., Series 2002-AR15, Class A5,                                         
     4.38%, 12/25/32                                         170          171   
--------------------------------------------------------------------------------
 Total Asset-Backed Securities                                                  
--------------------------------------------------------------------------------
 (Cost $5,132)                                                          5,216   

--------------------------------------------------------------------------------
CORPORATE BONDS - 22.2%                                                         
--------------------------------------------------------------------------------
   Aerospace/Defense - 0.2%                                                     
     Raytheon Co.,                                                              
       5.50%, 11/15/12                                        85           83   

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS   42   NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT       

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                                                               NOVEMBER 30, 2002

                               PRINCIPAL
                                               AMOUNT            VALUE
                                                (000S)            (000S)
CORPORATE BONDS - 22.2% - (CONTINUED)                                           
Auto Manufacturers - 0.3%                                                       
Daimler Chrysler NA Holding Corp.,                                        
7.30%, 1/15/12                                   $125            $137 
---------------------------------------------------------------------------     
Banks - 3.1%                                                                    
Bank of America Corp.,                                                    
3.88%, 1/15/08                                    255             253 
4.88%, 9/15/12                                    230             225 
Bank of New York (The) Co., Inc.,                                         
3.75%, 2/15/08                                    225             222 
Bank One Corp.,                                                           
5.90%, 11/15/11                                   145             153 
5.25%, 1/30/13                                     80              80 
JP Morgan Chase & Co.,                                                    
5.25%, 5/30/07                                    230             237 
Marshall & Ilsley Corp.,                                                  
5.75%, 9/1/06                                     111             119 
Wells Fargo Bank,                                                         
6.45%, 2/1/11                                     115             125 
---------------------------------------------------------------------------     
                                                               1,414
---------------------------------------------------------------------------     
Beverages - 0.3%                                                                
Bottling Group LLC,/(1)/                                                  
4.63%, 11/15/12                                   125             122 
---------------------------------------------------------------------------     
Cable Television - 0.6%                                                         
Comcast Cable Communications,                                             
6.75%, 1/30/11                                    115             114 
Continental Cablevision,                                                  
8.30%, 5/15/06                                     25              26 
Cox Communications, Inc.,                                                 
7.13%, 10/1/12                                    125             131 
---------------------------------------------------------------------------     
                                                                 271
---------------------------------------------------------------------------     
Chemicals - 0.3%                                                                
du Pont (E.I.) de Nemours & Co.,                                          
4.75%, 11/15/12                                   105             105 
---------------------------------------------------------------------------     
Computers - 0.2% IBM Corp.,                                                     
4.75%, 11/29/12                                    70              68 
---------------------------------------------------------------------------     
Diversified Financial Services - 8.8%                                           
American Express Co.,                                                     
3.75%, 11/20/07                                   165             163 
American General Finance Corp.,                                           
5.38%, 10/1/12                                     90              88 
Boeing Capital Corp.,                                                     
5.80%, 1/15/13                                    110             110 
CIT Group, Inc.,                                                          
5.50%, 11/30/07                                    45              44 
Citigroup, Inc.,                                                          
5.50%, 8/9/06                                     350             372 
6.00%, 2/21/12                                    230             245 
Countrywide Home Loans, Inc.,                                             
5.50%, 8/1/06                                     344             357 
Credit Suisse First Boston USA, Inc.,                                     
6.50%, 1/15/12                                    150             156 
Ford Motor Credit Co.,                                                    
5.80%, 1/12/09                                    500             445 
General Electric Capital Corp.,                                           
5.00%, 6/15/07                                    265             275 
6.00%, 6/15/12                                    230             241 
General Motors Acceptance Corp.,                                          
6.13%, 9/15/06                                    230             229 
6.88%, 9/15/11                                    100              97 
6.88%, 8/28/12                                    350             337 
Goldman Sachs Group, Inc.,                                                
6.88%, 1/15/11                                    140             153 
Household Finance Corp.,                                                  
7.00%, 5/15/12                                    100             102 
6.38%, 11/27/12                                   175             175 
Lehman Brothers Holdings, Inc.,                                           
5.88%, 11/15/17                                   140             139 
Morgan Stanley Dean Witter & Co.,                                         
6.10%, 4/15/06                                    125             133 
6.60%, 4/1/12                                     130             140 
---------------------------------------------------------------------------     
                                                               4,001
---------------------------------------------------------------------------     
Electric - 0.3%                                                                 
DPL, Inc.,                                                                
8.25%, 3/1/07                                     135             126 
---------------------------------------------------------------------------     
Forest Products & Paper - 0.7%                                                  
International Paper Co.,/(1)/                                             
5.85%, 10/30/12                                   140             142 
Weyerhaeuser Co.,                                                         
6.13%, 3/15/07                                     80              84 
6.75%, 3/15/12                                     95             101 
---------------------------------------------------------------------------     
                                                                 327
---------------------------------------------------------------------------     

See Notes to the Financial Statements.                                          

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 43 FIXED INCOME PORTFOLIO

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-----------------------                                                         
FIXED INCOME PORTFOLIOS                                                         
-----------------------                                                         
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                   
--------------------------------------------------------------------------------
INTERMEDIATE BOND PORTFOLIO (continued)                                   

                                 PRINCIPAL
                                             AMOUNT      VALUE
                                              (000S)      (000S)
CORPORATE BONDS - 22.2% - (CONTINUED)                                           
Hand/Machine Tools - 0.2%                                                       
Emerson Electric Co.,                                                     
4.63%, 10/15/12                                  $105         $101  
------------------------------------------------------------------------        
Media - 1.1%                                                                    
AOL Time Warner, Inc.,                                                    
6.88%, 5/1/12                                      75           76  
Disney (The Walt) Co.,                                                    
6.38%, 3/1/12                                     140          150  
News America Holdings, Inc.,                                              
7.60%, 10/11/15                                   125          128  
Reed Elsevier Capital, Inc.,                                              
6.13%, 8/1/06                                      60           64  
Viacom, Inc.,                                                             
6.40%, 1/30/06                                     90           96  
------------------------------------------------------------------------        
                                                             514
------------------------------------------------------------------------        
Mining - 0.2%                                                                   
Alcoa, Inc.,                                                              
5.88%, 6/1/06                                      70           75  
------------------------------------------------------------------------        
Oil & Gas - 1.8%                                                                
Apache Corp.,                                                             
6.25%, 4/15/12                                    110          121  
ConocoPhillips, (1)                                                       
4.75%, 10/15/12                                   230          224  
Consolidated Natural Gas Co.,                                             
5.38%, 11/1/06                                    130          134  
Devon Financing Corp.,                                                    
6.88%, 9/30/11                                    125          137  
Union Oil Co. of California,                                              
5.05%, 10/1/12                                     95           92  
Valero Energy Corp.,                                                      
6.88%, 4/15/12                                    125          127  
------------------------------------------------------------------------        
                                                             835
------------------------------------------------------------------------        
Oil & Gas Producers - 0.2%                                                      
Anadarko Petroleum Corp.,                                                 
5.00%, 10/1/12                                     90           88  
------------------------------------------------------------------------        
Oil & Gas Services - 0.2%                                                       
Praxair, Inc.,                                                            
6.38%, 4/1/12                                      95          102  
------------------------------------------------------------------------        
Retail - 0.4%                                                                   
Target Corp.,                                                             
5.38%, 6/15/09                                    185          195  
------------------------------------------------------------------------        
Savings & Loans - 0.4%                                                          
Washington Mutual Bank FA,                                                
6.88%, 6/15/11                                     90           99  
5.50%, 1/15/13                                     85           84  
------------------------------------------------------------------------        
                                                             183
------------------------------------------------------------------------        
Supermarkets - 0.8%                                                             
Kroger Co.,                                                               
6.20%, 6/15/12                                    225          233  
Safeway, Inc.,                                                            
5.80%, 8/15/12                                    135          137  
------------------------------------------------------------------------        
                                                             370
------------------------------------------------------------------------        
Telecommunications - 1.3%                                                       
AT&T Corp., Senior Notes,                                                 
7.30%, 11/15/11                                   125          128  
AT&T Wireless Services, Inc.,                                             
8.13%, 5/1/12                                      80           77  
Sprint Capital Corp.,                                                     
8.38%, 3/15/12                                     80           73  
Verizon New England, Inc.,                                                
6.50%, 9/15/11                                     50           53  
Verizon New Jersey, Inc.,                                                 
5.88%, 1/17/12                                    250          256  
------------------------------------------------------------------------        
                                                             587
------------------------------------------------------------------------        
Textiles - 0.2%                                                                 
Mohawk Industries, Inc.,                                                  
7.20%, 4/15/12                                     70           77  
------------------------------------------------------------------------        
Transportation - 0.6%                                                           
Burlington Northern Santa Fe Corp.,                                       
5.90%, 7/1/12                                     100          105  
Caliber System, Inc.,                                                     
7.80%, 8/1/06                                     120          135  
Norfolk Southern Corp.,                                                   
6.75%, 2/15/11                                     35           38  
------------------------------------------------------------------------        
                                                             278
------------------------------------------------------------------------        
Total Corporate Bonds                                                           
------------------------------------------------------------------------        
(Cost $9,994)                                                     10,059        
------------------------------------------------------------------------        
FOREIGN BONDS - 2.9%                                                            
------------------------------------------------------------------------        
Beverages - 0.2%                                                                
Diageo Capital PLC,                                                       
3.50%, 11/19/07                                   115          113  
------------------------------------------------------------------------        

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  44  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT         

N-30D 158th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 158th
------------------------------------------------------------------------------- 
                                                             NOVEMBER 30, 2002
------------------------------------------------------------------------------- 

                                 PRINCIPAL
                                            AMOUNT       VALUE
                                             (000S)       (000S)
------------------------------------------------------------------------        
FOREIGN BONDS - 2.9% - (CONTINUED)                                              
------------------------------------------------------------------------        
Regional - 1.7%                                                                 
Financement-Quebec,                                                       
5.00%, 10/25/12                                 $ 305        $ 303  
Province of Ontario,                                                      
3.50%, 9/17/07                                    215          213  
Province of Quebec,                                                       
5.50%, 4/11/06                                    225          241  
------------------------------------------------------------------------        
                                                             757
------------------------------------------------------------------------        
Telecommunications - 1.0%                                                       
British Telecommunications PLC,                                           
8.38%, 12/15/10                                   125          146  
Deutsche Telekom International                                            
Finance BV,                                                         
8.50%, 6/15/10                                    100          110  
France Telecom,                                                           
9.25%, 3/1/11                                      75           84  
Vodafone Group PLC,                                                       
7.75%, 2/15/10                                     90          103  
------------------------------------------------------------------------        
                                                             443
------------------------------------------------------------------------        
Total Foreign Bonds                                                             
------------------------------------------------------------------------        
(Cost $1,313)                                                      1,313        

------------------------------------------------------------------------        
U.S. GOVERNMENT AGENCIES - 38.4%                                                
------------------------------------------------------------------------        
Fannie Mae - 21.5%                                                              

4.38%, 10/15/06                                 1,048        1,090  
5.00%, 5/14/07                                    620          645  
6.63%, 11/15/10                                 1,405        1,600  
6.00%, 1/18/12                                  1,110        1,163  
5.00%, 1/1/17                                   2,130        2,139  
Pool #545956,                                                             
6.00%, 10/1/17                                  1,340        1,392  
Pool #585617,                                                             
7.00%, 5/1/31                                       1            -  
Pool TBA, (2)                                                             
5.50%, 12/31/17                                 1,665        1,705  
------------------------------------------------------------------------        
                                                           9,734
------------------------------------------------------------------------        
Freddie Mac - 8.4%                                                              
3.00%, 7/15/04                                    265          269  
4.25%, 6/15/05                                    190          198  
5.25%, 1/15/06                                  2,090        2,234  
4.88%, 3/15/07                                    748          792  
5.75%, 4/29/09                                    275          286  
------------------------------------------------------------------------        
                                                           3,779
------------------------------------------------------------------------        
Freddie Mac Gold - 4.1%                                                         
Pool #E91320,                                                             
5.50%, 9/1/17                                   1,825        1,873  
------------------------------------------------------------------------        
Government National Mortgage Association - 3.3%                                 
Pool TBA, (2)                                                             
6.00%, 11/15/17                                 1,430        1,496  
------------------------------------------------------------------------        
Government National Mortgage Association II - 1.1%                              
Pool #3249,                                                               
6.00%, 6/20/32                                    460          474  
------------------------------------------------------------------------        
Total U.S. Government Agencies                                                  
------------------------------------------------------------------------        
(Cost $17,011)                                                    17,356        

------------------------------------------------------------------------        
U.S. GOVERNMENT OBLIGATIONS - 21.6%                                             
------------------------------------------------------------------------        
U.S. Treasury Inflation Indexed Bonds - 4.3%                                    
3.88%, 1/15/09                                  1,600        1,918  
------------------------------------------------------------------------        
U.S. Treasury Notes - 17.3%                                                     
1.88%, 9/30/04                                    205          205  
2.13%, 10/31/04                                   160          160  
2.00%, 11/30/04                                 1,650        1,647  
6.75%, 5/15/05                                      3            3  
5.75%, 11/15/05                                 1,453        1,585  
3.00%, 11/15/07                                 3,090        3,054  
4.00%, 11/15/12                                 1,205        1,184  
------------------------------------------------------------------------        
                                                           7,838
------------------------------------------------------------------------        
Total U.S. Government Obligations                                               
------------------------------------------------------------------------        
(Cost $9,761)                                                      9,756        

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  45  FIXED INCOME PORTFOLIOS

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-----------------------                                                         
FIXED INCOME PORTFOLIOS                                                         
-----------------------                                                         
--------------------------------------------------------------------------------
   SCHEDULE OF INVESTMENTS                                     NOVEMBER 30, 2002
--------------------------------------------------------------------------------
INTERMEDIATE BOND PORTFOLIO (continued)                                   

                             PRINCIPAL
                                          AMOUNT       VALUE
                                          (000S)      (000S)
------------------------------------------------------------------------        
SHORT-TERM INVESTMENTS - 16.6%                                                  
------------------------------------------------------------------------        
FHLB Discount Note,                                                       
1.21%, 12/2/02                                 $  734      $   734  
Societe Generale, Grand Cayman,                                           
Eurodollar Time Deposit,                                            
   1.31%, 12/2/02                             6,777        6,777
------------------------------------------------------------------------        
Total Short-Term Investments                                                    
------------------------------------------------------------------------        
(Cost $7,511)                                                      7,511        

------------------------------------------------------------------------        
Total Investments - 113.2%                                                      
------------------------------------------------------------------------        
(Cost $50,722)                                                    51,211        
Liabilities less Other Assets - (13.2)%                        (5,957)    
------------------------------------------------------------------------        
NET ASSETS - 100.0%                                              $45,254        

(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. At November 30,
   2002, the value of these securities amounted to approximately $488,000 or
1.1% of net assets.                                                   
(2)  When-Issued Security.                                                      

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  46  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT         

N-30D 160th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 160th
                                                         -----------------------
                                                         FIXED INCOME PORTFOLIOS
                                                         -----------------------
--------------------------------------------------------------------------------
   SCHEDULE OF INVESTMENTS                                     NOVEMBER 30, 2002
--------------------------------------------------------------------------------
SHORT-INTERMEDIATE BOND PORTFOLIO                                         

                             PRINCIPAL
                                          AMOUNT       VALUE
                                           (000S)       (000S)
ASSET-BACKED SECURITIES - 15.6%                                                 
Advanta Mortgage Loan Trust,                                              
Series 2000-1, Class A4,                                            
8.61%, 3/25/28                                $  500       $  554   
Capital Auto Receivables Asset Trust,                                     
Series 2002-3, Class A2A,                                           
3.05%, 9/15/05                                   500          506   
Chase Funding Mortgage Loan Asset-                                        
Backed Certificates, Series 2002-2,                                 
Class 1A1,                                                          
2.81%, 6/25/16                                   460          462   
ComEd Transitional Funding Trust,                                         
Series 1998-1, Class A5,                                            
5.44%, 3/25/07                                 3,000        3,140   
Daimler Chrysler Auto Trust,                                              
Series 2001-B, Class A4,                                            
5.32%, 9/6/06                                  3,500        3,683   
Daimler Chrysler Auto Trust,                                              
Series 2002-B, Class A3,                                            
2.93%, 6/6/06                                  1,500        1,516   
Daimler Chrysler Auto Trust,                                              
Series 2002-C, Class A4,                                            
3.09%, 1/8/08                                  1,030        1,027   
EQCC Trust, Series 2002-1, Class 2A,                                      
1.68%, 11/25/31                                2,807        2,804   
First Nationwide Trust,                                                   
Series 2001-1, Class 2A2,                                           
7.00%, 6/25/31                                   479          490   
Ford Credit Auto Owner Trust,                                             
Series 2001-E, Class A4,                                            
4.01%, 3/15/06                                 4,000        4,113   
GE Capital Mortgage Services, Inc.,                                       
6.00%, 4/25/09                                   410          417   
Honda Auto Receivables Owner Trust,                                       
Series 2002-1, Class A3,                                            
3.50%, 10/17/05                                  190          193   
Honda Auto Receivables Owner Trust,                                       
Series 2002-1, Class A4,                                            
4.22%, 4/16/07                                 1,345        1,390   
Honda Auto Receivables Owner Trust,                                       
Series 2002-3, Class A3,                                            
3.00%, 5/18/06                                   750          759   
Household Automotive Trust,                                               
Series 2000-2, Class A3,                                            
7.34%, 11/17/04                                1,100        1,116   
Lehman Federal Housing Authority Title I                                  
Loan Trust, Interest Only Stripped                                  
Security, Series 1995-6, Class S,                                   
0.49%, 11/25/16                                    -           94   
Lehman Federal Housing Authority Title I                                  
Loan Trust, Series 1995-3, Class A,                                 
8.00%, 5/25/16                                 1,089        1,088   
MBNA Credit Card Master Note Trust,                                       
Series 2001-A3, Class A3,                                           
1.89%, 12/15/08                                3,000        3,003   
PNC Mortgage Securities Corp.,                                            
Series 1996-PR1, Class A,                                           
5.91%, 4/28/27                                   666          614   
PP&L Transition Bond Co. LLC,                                             
Series 1999-1, Class A6,                                            
6.96%, 12/26/07                                  700          768   
Residential Funding Mortgage Securities                                   
I, Series 2001-S9, Class A5,                                        
6.75%, 4/25/31                                   395          398   
Residential Funding Mortgage Securities                                   
II, Series 2001-HI2, Class AI3,                                     
5.67%, 6/25/14                                   521          526   
Residential Funding Mortgage Securities                                   
II, Series 2001-HI3, Class AI2,                                     
5.33%, 5/25/12                                   744          744   
Toyota Auto Receivables Owner Trust,                                      
Series 2002-B, Class A2,                                            
2.79%, 12/15/04                                  310          312   
USAA Auto Owner Trust, Series 2002-1,                                     
Class A3,                                                           
2.41%, 10/16/06                                  415          415   
-----------------------------------------------------------------------         
Total Asset-Backed Securities                                                   
-----------------------------------------------------------------------         
(Cost $29,680)                                                   30,132         

-----------------------------------------------------------------------         
CORPORATE BONDS - 13.2%                                                         
-----------------------------------------------------------------------         
Banks - 2.8%                                                                    
Bank of America Corp.,                                                    
4.75%, 10/15/06                                1,000        1,041   
3.88%, 1/15/08                                 1,100        1,091   
Bank of New York (The) Co., Inc.,                                         
3.75%, 2/15/08                                 1,100        1,088   
JP Morgan Chase & Co.,                                                    
5.25%, 5/30/07                                 1,000        1,029   

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  47  FIXED INCOME PORTFOLIOS

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-----------------------                                                         
FIXED INCOME PORTFOLIOS                                                         
-----------------------                                                         
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS                                                   
--------------------------------------------------------------------------------
SHORT-INTERMEDIATE BOND PORTFOLIO (continued)                             

                               PRINCIPAL
                                           AMOUNT      VALUE
                                            (000S)      (000S)
------------------------------------------------------------------------        
CORPORATE BONDS - 13.2% - (CONTINUED)                                           
------------------------------------------------------------------------        
Banks - 2.8% - (continued)                                                      
Marshall & Ilsley Corp.,                                                  
5.75%, 9/1/06                                  $1,000       $1,070  
------------------------------------------------------------------------        
                                                           5,319
------------------------------------------------------------------------        
Chemicals - 0.3%                                                                
du Pont (E.I.) de Nemours & Co.,                                          
3.38%, 11/15/07                                    645          637   
------------------------------------------------------------------------        
Diversified Financial Services - 6.6%                                           
American Express Co.,                                                     
3.75%, 11/20/07                                   915          903  
American General Finance Corp.,                                           
4.50%, 11/15/07                                   975          971  
CIT Group, Inc.,                                                          
5.50%, 11/30/07                                   200          198  
Citigroup, Inc.,                                                          
5.50%, 8/9/06                                   2,000        2,124  
Ford Motor Credit Co.,                                                    
6.50%, 1/25/07                                  2,100        2,046  
General Electric Capital Corp.,                                           
5.00%, 6/15/07                                  1,930        2,000  
General Motors Acceptance Corp.,                                          
7.50%, 7/15/05                                    710          738  
6.13%, 9/15/06                                    325          324  
6.13%, 8/28/07                                  2,000        1,969  
Morgan Stanley Dean Witter & Co.,                                         
6.10%, 4/15/06                                  1,400        1,493  
------------------------------------------------------------------------        
                                                          12,766
------------------------------------------------------------------------        
Electric - 0.8%                                                                 
DPL, Inc.,                                                                
8.25%, 3/1/07                                     500          466  
Florida Power & Light Co.,                                                
6.88%, 12/1/05                                  1,020        1,115  
------------------------------------------------------------------------        
                                                           1,581
------------------------------------------------------------------------        
Media - 1.0%                                                                    
Reed Elsevier Capital, Inc.,                                              
6.13%, 8/1/06                                     720          766  
Viacom, Inc.,                                                             
7.75%, 6/1/05                                   1,000        1,110  
------------------------------------------------------------------------        
                                                           1,876
------------------------------------------------------------------------        
Oil & Gas - 1.4%                                                                
ConocoPhillips,/(1)/                                                      
3.63%, 10/15/07                                 2,000        1,969  
Consolidated Natural Gas Co.,                                             
5.38%, 11/1/06                                    795          821  
------------------------------------------------------------------------        
                                                           2,790
------------------------------------------------------------------------        
Transportation - 0.3%                                                           
Caliber System, Inc.,                                               
7.80%, 8/1/06                                     515          578  
------------------------------------------------------------------------        
Total Corporate Bonds                                                           
(Cost $25,232)                                                    25,547        
------------------------------------------------------------------------        
FOREIGN BONDS - 1.5%                                                            
------------------------------------------------------------------------        
Beverages - 0.5%                                                                
Diageo Capital PLC,                                                         
6.63%, 6/24/04                                    505          538  
3.50%, 11/19/07                                   350          342  
------------------------------------------------------------------------        
                                                             880
------------------------------------------------------------------------        
Regional - 1.0%                                                                 
Province of Ontario,                                                      
3.50%, 9/17/07                                    965          958  
Province of Quebec,                                                       
5.50%, 4/11/06                                  1,000        1,071  
------------------------------------------------------------------------        
                                                           2,029
------------------------------------------------------------------------        
Total Foreign Bonds                                                             
------------------------------------------------------------------------        
(Cost $2,891)                                                      2,909        

------------------------------------------------------------------------        
U.S. GOVERNMENT AGENCIES - 52.4%                                                
------------------------------------------------------------------------        
Fannie Mae - 25.4%                                                              
3.00%, 6/15/04                                 10,000       10,143  
3.50%, 9/15/04                                  5,000        5,118  
4.38%, 10/15/06                                10,560       10,979  
5.00%, 5/14/07                                  5,005        5,207  
4.38%, 9/15/12                                  2,010        1,946  

Pool #545956,                                                             
6.00%, 10/1/17                                  6,009        6,244  
Pool TBA, (2)                                                             
6.00%, 12/1/28                                  9,000        9,343  
------------------------------------------------------------------------        
                                                          48,980
------------------------------------------------------------------------        
Freddie Mac - 16.8%                                                       
6.88%, 1/15/05                                  8,500        9,295  
3.88%, 2/15/05                                 13,175       13,591  
4.25%, 6/15/05                                    795          827  

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  48  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT         

N-30D 162nd “Page” of 244 TOC 1st Previous Next ↓Bottom Just 162nd
--------------------------------------------------------------------------------
                                                               NOVEMBER 30, 2002
--------------------------------------------------------------------------------

                             PRINCIPAL
                                          AMOUNT       VALUE
                                           (000S)       (000S)
------------------------------------------------------------------------        
U.S. GOVERNMENT AGENCIES - 52.4% - (CONTINUED)                                  
------------------------------------------------------------------------        
Freddie Mac - 16.8% - (continued)                                               
5.25%, 1/15/06                                $ 5,700     $  6,094  
4.88%, 3/15/07                                  2,435        2,579  
------------------------------------------------------------------------        
                                                          32,386
------------------------------------------------------------------------        
Freddie Mac Gold - 9.0%                                                         
5.50%, 8/1/20                                   9,000        9,219  
Pool #E91320,                                                             
5.50%, 9/1/17                                   7,916        8,125  
------------------------------------------------------------------------        
                                                          17,344
------------------------------------------------------------------------        
Government National Mortgage Association - 1.2%                                 
Pool TBA, (2)                                                             
6.00%, 11/15/17                                 2,270        2,374  
------------------------------------------------------------------------        
Total U.S. Government Agencies                                                  
------------------------------------------------------------------------        
(Cost $99,512)                                                   101,084        

------------------------------------------------------------------------        
U.S. GOVERNMENT OBLIGATIONS - 15.8%                                             
------------------------------------------------------------------------        
U.S. Treasury Inflation Indexed Bonds - 4.6%                                    
3.88%, 1/15/09                                  7,300        8,750  
------------------------------------------------------------------------        
U.S. Treasury Notes - 11.2%                                                     
3.88%, 7/31/03                                  1,400        1,423  
5.75%, 8/15/03                                  1,410        1,453  
2.00%, 11/30/04                                 5,965        5,955  
5.75%, 11/15/05                                 5,090        5,554  
3.00%, 11/15/07                                 7,325        7,238  
------------------------------------------------------------------------        
                                                          21,623
------------------------------------------------------------------------        
Total U.S. Government Obligations                                               
------------------------------------------------------------------------        
(Cost $30,395)                                                    30,373        

------------------------------------------------------------------------        
SHORT-TERM INVESTMENT - 13.6%                                                   
------------------------------------------------------------------------        
Societe Generale, Grand Cayman,                                           
Eurodollar Time Deposit,                                            
1.31%, 12/2/02                                 26,135       26,135  
------------------------------------------------------------------------        
Total Short-Term Investment                                                     
------------------------------------------------------------------------        
(Cost $26,135)                                                    26,135        

------------------------------------------------------------------------        
Total Investments - 112.1%                                                      
------------------------------------------------------------------------        
(Cost $213,845)                                                  216,180        
Liabilities less Other Assets - (12.1)%                       (23,405)    
------------------------------------------------------------------------        
NET ASSETS - 100.0%                                             $192,775        

(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. At November 30,
     2002, the value of these securities amounted to approximately $1,969,000 or
1.0% of net assets.                                                   
(2)  When-Issued Security.                                                      

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT  49  FIXED INCOME PORTFOLIOS

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-----------------------                                                         
FIXED INCOME PORTFOLIOS                                                         
-----------------------                                                         
--------------------------------------------------------------------------------
   SCHEDULE OF INVESTMENTS                                     NOVEMBER 30, 2002
--------------------------------------------------------------------------------
U.S. GOVERNMENT SECURITIES PORTFOLIO                                      

                               PRINCIPAL
                                           AMOUNT      VALUE
                                            (000S)      (000S)
------------------------------------------------------------------------        
U.S. GOVERNMENT AGENCIES - 63.7%                                                
------------------------------------------------------------------------        
Fannie Mae - 45.6%                                                              
5.25%, 6/15/06                                $ 9,130      $ 9,770  
5.00%, 5/14/07                                  2,870        2,986  
6.00%, 5/15/08                                  9,000        9,930  
Pool #313840,                                                             
6.00%, 11/1/12                                 10,561       11,046  
Pool #323783,                                                             
6.00%, 6/1/14                                   5,021        5,237  
Pool #650078,                                                             
8.00%, 7/1/32                                   6,415        6,859  
Pool TBA, (1)                                                             
7.00%, 12/1/28                                  6,110        6,379  
------------------------------------------------------------------------        
                                                          52,207
------------------------------------------------------------------------        
Federal Farm Credit Bank - 8.2%                                                 
4.38%, 4/15/05                                  9,000        9,408  
------------------------------------------------------------------------        
Freddie Mac - 4.5%                                                              
3.25%, 11/15/04                                 5,000        5,094  
Pool #410092,                                                             
5.11%, 11/1/24                                     70           72  
------------------------------------------------------------------------        
                                                           5,166
------------------------------------------------------------------------        
Freddie Mac Gold - 1.3%                                                         
Pool #E91020,                                                             
5.50%, 8/1/17                                   1,449        1,487  
------------------------------------------------------------------------        
Government National Mortgage Association - 4.1%                                 
Pool #569843,                                                             
6.00%, 6/15/17                                  4,544        4,756  
------------------------------------------------------------------------        
Total U.S. Government Agencies                                                  
------------------------------------------------------------------------        
(Cost $71,857)                                                    73,024        

U.S. Treasury Inflation Indexed Bonds - 4.5%                                    
3.88%, 1/15/09                                  4,300        5,155  
------------------------------------------------------------------------        
U.S. Treasury Notes - 28.2%                                                     
6.00%, 8/15/04                                  9,800       10,470  
5.88%, 11/15/04                                 8,470        9,089  
2.00%, 11/30/04                                 2,000        1,996  
6.50%, 8/15/05                                  2,340        2,591  
3.50%, 11/15/06                                 6,000        6,119  
3.25%, 8/15/07                                  2,000        2,002  
------------------------------------------------------------------------        
                                                          32,267
------------------------------------------------------------------------        
Total U.S. Government Obligations                                               
------------------------------------------------------------------------        
(Cost $37,003)                                                    37,422        

------------------------------------------------------------------------        
SHORT-TERM INVESTMENT - 10.2%                                                   
------------------------------------------------------------------------        
FHLB Discount Note,                                                       
1.21%, 12/2/02                                 11,703       11,703  
------------------------------------------------------------------------        
Total Short-Term Investment                                                     
------------------------------------------------------------------------        
(Cost $11,703)                                                    11,703        

------------------------------------------------------------------------        
Total Investments - 106.6%                                                      
------------------------------------------------------------------------        
(Cost $120,563)                                                  122,149        
------------------------------------------------------------------------        
Liabilities less Other Assets - (6.6)%                         (7,576)    
------------------------------------------------------------------------        
NET ASSETS - 100.0%                                             $114,573        

(1) When-Issued Security.                                                       

See Notes to the Financial Statements.                                          

FIXED INCOME PORTFOLIOS  50  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT         

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                     ---------------------------------------------------------
                                                       FIXED INCOME PORTFOLIOS
                                                                          ----
NOTES TO THE FINANCIAL STATEMENTS                                 
                                                             NOVEMBER 30, 2002

1   ORGANIZATION                                                                
Northern Institutional Funds (the "Trust") is a Delaware business trust and is  
registered under the Investment Company Act of 1940, as amended, as an open-end 
management investment company. The Trust currently includes twenty-two          
portfolios, (the "Portfolios") each with its own investment objective. Each     
Portfolio, other than the International Bond Portfolio, is classified as        
diversified. Northern Trust Investments, Inc. ("NTI") and Northern Trust Global 
Investments (Europe) Limited ("NTGIE") serve jointly as the investment advisers 
for the International Bond, Bond, Intermediate Bond and Short-Intermediate Bond 
Portfolios. NTI serves as the investment adviser for each of the other          
Portfolios. Prior to April 1, 2002, NTI and NTGIE served jointly as the         
investment advisers to the International Bond Portfolio and NTI served as the   
investment adviser to all of the other Portfolios. On April 1, 2002, NTGIE      
joined NTI as investment adviser of the Bond, Intermediate Bond, and            
Short-Intermediate Bond Portfolios. The Northern Trust Company ("TNTC") is the  
custodian and transfer agent for the Trust. NTI and PFPC Inc. ("PFPC") are the  
Trust's co-administrators and Northern Funds Distributors, LLC is the Trust's   
distributor. Presented herein are the financial statements for the fixed income 
portfolios.                                                                     

Each of the Portfolios is authorized to issue three classes: Class A, C and D.  
Each class is distinguished by the level of administrative, liaison and         
transfer agent services provided. As of November 30, 2002, Class A, Class C and 
Class D shares are outstanding for certain Portfolios.                          

2   SIGNIFICANT ACCOUNTING POLICIES                                             
The following is a summary of significant accounting policies consistently      
followed by the Portfolios in the preparation of their financial statements.    
These policies are in conformity with accounting principles generally accepted  
in the United States or "GAAP." The presentation of financial statements in     
conformity with GAAP requires management to make estimates and assumptions that 
affect the reported amounts of assets and liabilities at the date of the        
financial statements and the reported amounts of revenues and expenses during   
the reporting period. Actual results could differ from those estimates.         

A) VALUATION OF SECURITIES - Securities traded on U.S. securities exchanges or  
in the NASDAQ National Market System are generally valued at the regular        
trading session closing price on the exchange or in the market where such       
securities are primarily traded. If any such security is not traded on a        
valuation date, it is valued at the current quoted bid price. Over-the-counter  
securities not reported in the NASDAQ National Market System are also generally 
valued at the current quoted bid price. Fixed income securities, however, may   
be valued on the basis of prices provided by independent pricing services when  
such prices are believed to reflect the fair market value of such securities.   
Such prices may be determined taking into account securities prices, yields,    
maturities, call features, ratings, institutional size trading in similar       
groups of securities and developments related to specific securities. The       
values of securities of foreign issuers are generally based upon market         
quotations which, depending upon local convention or regulation, may be the     
last sale price, the last bid or asked price or the mean between the last bid   
and asked price as of, in each case, the close of the appropriate exchange or   
other designated time. Foreign fixed income securities, however, may, like      
domestic fixed income securities, be valued based on prices provided by         
independent pricing services when such prices are believed to reflect the fair  
market value of such securities. Shares of investment companies are valued at   
net asset value. Exchange-traded financial futures and options are valued at    
the settlement price as established by the exchange on which they are traded.   
Over-the-counter options are valued at broker-provided prices, as are swaps,    
caps, collars, and floors. The foregoing prices may be obtained from one or     
more independent pricing services or, as needed or applicable, independent      
broker-dealers. Short-term investments are valued at amortized cost, which the  
investment advisers have determined, pursuant to Board authorization,           
approximates market value. Securities for which market quotations are not       
readily available or are believed to be incorrect are valued at fair value as   
determined in good faith by the investment advisers under the supervision of    
the Board of Trustees.                                                          

B) INVESTMENT TRANSACTIONS AND INVESTMENT INCOME - Investment transactions are  
recorded on a trade date basis. Realized gains and losses on investment         
transactions are calculated on the identified-cost basis. Interest income is    
recorded on the accrual basis and includes amortization of discounts and        
premiums. The interest rates reflected in the Schedules of Investments          
represent either the stated coupon rate, annualized yield on date of purchase   
for discount notes, the current reset rate for floating rate securities or, for 
interest only or principal only securities, the current effective yield.        
Dividend income is recorded on the ex-dividend date. Dividends from foreign     
securities are recorded on the ex-dividend date or as soon as the information   
is available.                                                                   

In November 2000, the American Institute of Certified Public Accountants        
(AICPA) issued a revised version of the AICPA Audit and Accounting Guide for    
Investment Companies (the "Guide"). The revised version of the Guide was        
effective for annual financial statements issued for fiscal years beginning     
after December 15, 2000 and requires investment companies to amortize premiums  
and accrete discounts on fixed income securities. The amortization and          
accretion requirement had no impact on the Portfolios, as the Portfolios were   
already in                                                                      

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 51 FIXED INCOME PORTFOLIOS

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---------------------------------------------------------                       
FIXED INCOME PORTFOLIOS                                                 
----                                                                            
NOTES TO THE FINANCIAL STATEMENTS (continued)                     

compliance. The revised version of the Guide also requires paydown gains and    
losses on mortgage and asset-backed securities to be presented as interest      
income as opposed to a component of realized gains and losses. The effect of    
the accounting change had no impact on the total net assets of the Portfolios,  
but resulted in a net increase to gain/loss and decrease to net investment      
income.                                                                         

C) EXPENSES - Expenses arising in connection with a specific Portfolio are      
charged to that Portfolio. Certain expenses arising in connection with a class  
of shares are charged to that class of shares. Expenses incurred which do not   
specifically relate to an individual Portfolio are allocated among the          
Portfolios based on each Portfolio's relative net assets.                       

D) STRIPPED SECURITIES - Stripped securities represent the right to receive     
future interest payments (interest only stripped securities) or principal       
payments (principal only stripped securities). The value of variable rate       
interest only stripped securities varies directly with changes in interest      
rates, while the value of fixed rate interest only securities and the value of  
principal only stripped securities vary inversely with changes in interest      
rates.                                                                          

E) FORWARD FOREIGN CURRENCY CONTRACTS - Certain Portfolios are authorized to    
enter into forward foreign currency contracts for the purchase or sale of a     
specific foreign currency at a fixed price on a future date as a hedge or       
cross-hedge against either specific transactions or portfolio positions or to   
earn additional income. The objective of a Portfolio's foreign currency hedging 
transactions is to reduce the risk that the U.S. dollar value of the            
Portfolio's foreign currency denominated securities will decline in value due   
to changes in foreign currency exchange rates. All forward foreign currency     
contracts are "marked-to-market" daily at the applicable exchange rates and any 
resulting unrealized gains or losses are recorded in the financial statements.  
The Portfolio records realized gains or losses when the forward contract is     
offset by entering into a closing transaction or extinguished by delivery of    
the currency. Risks may arise upon entering into these contracts from the       
potential inability of counterparties to meet the terms of their contracts and  
from unanticipated movements in the value of a foreign currency relative to the 
U.S. dollar.                                                                    

The contractual amounts of forward foreign currency contracts do not            
necessarily represent the amounts potentially subject to risk. The measurement  
of the risks associated with these instruments is meaningful only when all      
related and offsetting transactions are considered.                             

F) FOREIGN CURRENCY TRANSLATIONS - Values of investments denominated in foreign 
currencies are converted into U.S. dollars using the spot market rate of        
exchange at the time of valuation. Cost of purchases and proceeds from sales of 
investments, interest and dividend income are translated into U.S. dollars      
using the spot market rate of exchange prevailing on the respective dates of    
such transactions.                                                              

The gains or losses on investments resulting from changes in foreign exchange   
rates are included with net realized and unrealized gain (loss) on investments. 

G) WHEN ISSUED/DELAYED DELIVERY SECURITIES - Certain Portfolios may purchase    
securities with delivery or payment to occur at a later date beyond the normal  
settlement period. At the time the Portfolio enters into the commitment to      
purchase a security, the transaction is recorded and the value of the security  
is reflected in the Net Asset Value. The value of the security may vary with    
market fluctuations. No interest accrues to the Portfolio until settlement      
takes place. At the time the Portfolio enters into this type of transaction it  
is required to segregate cash or other liquid assets at least equal to the      
amount of the commitment. When Issued/Delayed Delivery securities as of         
November 30, 2002 are noted in each of the Portfolio's Schedule of Investments  
and Statement of Assets and Liabilities.                                        

H) PORTFOLIO SECURITIES LOANED - Certain Portfolios participate in TNTC's       
securities lending program and have loaned a portion of their investment        
portfolios to securities lending borrowers (e.g. brokers approved by TNTC) as   
of their fiscal year end. TNTC receives collateral for the Portfolios,          
generally consisting of cash, government securities and letters of credit, from 
the borrowers on behalf of the participating Portfolios in connection with such 
loans. Cash collateral is invested in the Liquid Assets Portfolio, one of the   
Trust's money market funds; non-cash collateral is held in custody for the      
Portfolios. The value of the collateral is monitored daily to ensure the value  
of such collateral is approximately 102% of the value of the total securities   
loaned to each borrower. However, in the event of default or bankruptcy by the  
borrowing party under the securities lending agreements, realization and/or     
retention of the collateral may be subject to legal proceedings.                

The Portfolios continue to earn income on portfolio securities loaned, and      
receive compensation for lending their securities in the form of income earned  
on invested cash collateral and fees paid on non-cash collateral. Income earned 
by the Portfolios from securities lending is based on the amount and type of    
securities loaned, the length of the borrowing period and other factors. The    
Portfolios pay fees to Northern for administering the securities lending        
program. Income (net of fees) is disclosed as investment income on each         
Portfolio's Statement of Operations.                                            

FIXED INCOME PORTFOLIOS 52 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

The fair value of securities loaned to borrowers and the value of collateral    
received from such borrowers and held by the Section as of November 30, 2002,   
were as follows:                                                                

                                                                [Download Table]

                                   CASH     NON-CASH          
                        FAIR    COLLATERAL COLLATERAL         
                      VALUE OF   HELD ON    HELD ON     FEES  
                     SECURITIES BEHALF OF  BEHALF OF  PAID TO 
Amounts in thousands   LOANED    THE FUND   THE FUND  NORTHERN
--------------------------------------------------------------
                                                              
   Core Bond          $29,238    $18,587    $10,907    $  --  
   U.S. Treasury                                              
    Index              24,253     16,084      8,621       --  
--------------------------------------------------------------

The Core Bond Portfolio had loaned securities in the amount of 10.83% of net    
assets to Goldman, Sachs & Co. at November 30, 2002. No other loans to          
individual broker/dealers exceeded 10% of each respective Portfolio's net       
assets as of fiscal year end.                                                   

I) FEDERAL TAXES - It is each Portfolio's policy to comply with the             
requirements of the Internal Revenue Code applicable to regulated investment    
companies and to distribute, each year, substantially all of its taxable income 
and capital gains to its shareholders.                                          

At November 30, 2002, the capital loss carryforwards for U.S. federal income    
tax purposes and their respective years of expiration were as follows:          

                                                                [Download Table]

                        NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,
Amounts in thousands        2007         2008         2010    
--------------------------------------------------------------
                                                              
International Bond        $    --          $85         $831   
Bond                           --        7,456       22,947   
Core Bond                      --           --        2,526   
Intermediate Bond           1,117        1,510           --   
Short-Intermediate Bond        --       14,285        2,589   
--------------------------------------------------------------

The Portfolios in the above table may offset future capital gains with these    
capital loss carryforwards.                                                     

At November 30, 2002, the tax components of undistributed net investment income 
and realized gains were as follows:                                             

                                                                [Download Table]

                                     UNDISTRIBUTED          
                           ---------------------------------
                           TAX-EXEMPT ORDINARY   LONG-TERM  
Amounts in thousands         INCOME   INCOME*  CAPITAL GAINS
------------------------------------------------------------
                                                            
International Bond           $   --    $1,268     $   --    
Bond                             --       812         --    
Core Bond                        --        48         --    
U.S. Treasury Index              --        61      1,076    
Intermediate Bond                --        37         --    
Short-Intermediate Bond          --       129         --    
U.S. Government Securities       --     1,679        701    
------------------------------------------------------------

*Ordinary income includes taxable market discount income and short-term capital 
gains, if any.                                                                

The tax character of distributions paid during the fiscal year ended November   
30, 2002, were as follows:                                                      

                                                                [Download Table]

                                  DISTRIBUTIONS FROM        
                           ---------------------------------
                           TAX-EXEMPT ORDINARY   LONG-TERM  
Amounts in thousands         INCOME   INCOME*  CAPITAL GAINS
------------------------------------------------------------
                                                            
International Bond           $   --   $   829     $   --    
Bond                             --    45,282         --    
Core Bond                        --     8,285         --    
U.S. Treasury Index              --     2,314        899    
Intermediate Bond                --     1,887         --    
Short-Intermediate Bond          --     9,409         --    
U.S. Government Securities       --     4,975      1,177    
------------------------------------------------------------

*Ordinary income includes taxable market discount income and short-term capital 
gains, if any.                                                                

J) DISTRIBUTIONS - Dividends from net investment income are declared and paid   
as follows:                                                                     

                                                                [Download Table]
                                     
-------------------------------------
 International Bond          Annually
 Bond                         Monthly
 Core Bond                    Monthly
 U.S. Treasury Index          Monthly
 Intermediate Bond            Monthly
 Short-Intermediate Bond      Monthly
 U.S. Government Securities   Monthly
-------------------------------------

Each Portfolio's net realized capital gains, if any, are distributed at least   
annually. Income dividends and capital gain distributions are determined in     
accordance with income tax regulations. Such amounts may differ from income and 
capital gains recorded in accordance with GAAP. Accordingly, the Portfolios may 
periodically make reclassifications among certain of their capital accounts to  
reflect differences between financial reporting and federal income tax basis    
distributions. These reclassifications have no impact on the total net assets   
or the net asset values of the Portfolios.                                      

3   ADVISORY, TRANSFER AGENCY AND CUSTODIAN                                     
AGREEMENTS                                                              
As compensation for advisory services and assumption of related expenses, the   
investment advisers are entitled to receive a fee, calculated daily and payable 
monthly, based on a specified percentage of each Portfolio's average daily net  
assets. The annualized rate of such fee, effective April 1, 2002, is shown      
below. The annualized rate prior to April 1, 2002, is also shown below. For the 
year ended November 30, 2002, the investment advisers voluntarily agreed to     
waive a portion of the advisory fee as shown in the accompanying Statements of  
Operations.                                                                     

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 53 FIXED INCOME PORTFOLIOS

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---------------------------------------------------------                       
FIXED INCOME PORTFOLIOS                                                 
----                                                                            
NOTES TO THE FINANCIAL STATEMENTS (continued)                     

                                                                [Download Table]

                              ANNUAL        ANNUAL              
                           ADVISORY FEE  ADVISORY FEE  ADVISORY 
                             EFFECTIVE     PRIOR TO    FEE AFTER
                           APRIL 1, 2002 APRIL 1, 2002 WAIVER * 
----------------------------------------------------------------
                                                                
International Bond              .85%          .90%        .70%  
Bond                            .40           .60         .25   
Core Bond                       .40           .60         .25   
U.S. Treasury Index             .30           .40         .15   
Intermediate Bond               .40           .60         .25   
Short-Intermediate Bond         .40           .60         .25   
U.S. Government Securities      .40           .60         .25   
----------------------------------------------------------------

*For periods prior to and after April 1, 2002.                                  

The waivers described above are voluntary and may be terminated at any time.    

As compensation for the services rendered as transfer agent, including the      
assumption by TNTC of the expenses related thereto, TNTC receives a fee,        
computed daily and payable monthly, at an annual rate of .01%, .10% and .15% of 
the average daily net assets of the outstanding Class A, C and D shares,        
respectively, for the Portfolios. For compensation as custodian, TNTC receives  
an amount based on a pre-determined schedule of charges approved by the Board.  

4   ADMINISTRATION AND DISTRIBUTION AGREEMENTS                                  
NTI and PFPC, the co-administrators of the Portfolios, are entitled to a        
monthly co-administration fee at an annual rate of .10% (.15% in the case of    
the International Bond Portfolio) of the average daily net assets of the        
respective Portfolios. The co-administrators are also entitled to additional    
fees for special legal services.                                                

In addition, if in any fiscal year the sum of a Portfolio's expenses, including 
the administration fee, but excluding the fees payable to NTI or NTGIE for its  
duties as investment adviser and TNTC for its duties as transfer agent,         
shareholder servicing fees and extraordinary expenses (such as taxes, interest  
and other extraordinary expenses), exceed on an annualized basis .10% of a      
Portfolio's average daily net assets (.25% for the International Bond           
Portfolio), the co-administrators will reimburse each Portfolio for the amount  
of the excess pursuant to the terms of the co-administration agreement.         

The expenses reimbursed during the year ended November 30, 2002, under such     
arrangements, are shown on the accompanying Statements of Operations.           

Northern Funds Distributors, LLC, the distributor for the Portfolios, received  
no compensation under its distribution agreement.                               

5   SHAREHOLDER SERVICING PLAN                                                  
The Trust has adopted a Shareholder Servicing Plan pursuant to which the Trust  
may enter into agreements with institutions or other financial intermediaries   
under which they will render certain shareholder administrative support         
services for their customers or other investors who beneficially own Class C    
and D shares. As compensation under the Shareholder Servicing Plan, the         
institution or other financial intermediary receives a fee at an annual rate of 
up to .15% and .25% of the average daily net assets of the outstanding Class C  
and D shares, respectively.                                                     

6   INVESTMENT TRANSACTIONS                                                     
Investment transactions for the year ended November 30, 2002, (excluding        
short-term investments) were as follows:                                        

                                                                [Download Table]

                            PURCHASES                  SALES          
                     ------------------------ ------------------------
Amounts in thousands U.S. GOVERNMENT   OTHER  U.S. GOVERNMENT   OTHER 
----------------------------------------------------------------------
                                                                      
International Bond     $    4,635    $ 45,727   $    4,575    $ 46,912
Bond                    1,744,276     564,318    1,769,378     738,323
Core Bond                 221,452      64,165      227,923     111,248
U.S. Treasury Index        50,957          --       42,351          --
Intermediate Bond          82,993      29,342       76,654      32,320
Short-Intermediate                                                    
 Bond                     325,130      68,182      258,338     197,853
U.S. Government                                                       
 Securities               276,484          --      269,643          --
----------------------------------------------------------------------

At November 30, 2002, for federal income tax purposes, gross unrealized         
appreciation, gross unrealized depreciation, net unrealized appreciation        
(depreciation) on investments (including the effects of foreign currency        
translation) and the cost basis of securities were as follows:                  

                                                                [Download Table]

                                           NET    COST FOR
                                          APPRE-  FEDERAL 
                                         CIATION   INCOME 
                     APPRECIA- DEPRECIA- (DEPRE-    TAX   
Amounts in thousands   TION      TION    CIATION) PURPOSES
----------------------------------------------------------
                                                          
International Bond      $903     $(252)    $651   $24,880 
Bond                  12,310   (10,972)   1,338   819,666 
Core Bond              1,324      (670)     654   121,167 
U.S. Treasury Index    1,564       (56)   1,508    50,849 
Intermediate Bond        699      (231)     468    50,743 
Short-Intermediate                                        
 Bond                  2,974      (739)   2,235   213,945 
U.S. Government                                           
  Securities           1,808      (227)   1,581   120,568 
----------------------------------------------------------

FIXED INCOME PORTFOLIOS 54 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

7   BANK LOANS                                                                  

On December 19, 2002, the Trust entered into a $150,000,000 revolving bank      
credit line for liquidity and other purposes. Borrowings under this arrangement 
bear interest at .45% above LIBOR (London Interbank Offering Rate).             

Prior to December 19, 2002, the Trust maintained a $100,000,000 revolving bank  
credit line for liquidity and other purposes. Borrowings under this arrangement 
bear interest at .45% above the NIBOR (New York Interbank Offering Rate).       

The Portfolios had no borrowings under this agreement during the year ended     
November 30, 2002.                                                              

8   SHARE TRANSACTIONS                                                          
Transactions in Class A Shares for the year ended November 30, 2002 were as     
follows:                                                                        

                                                                [Download Table]

                                                         NET    
                             REINVESTED                INCREASE 
Amounts in thousands SALES  DISTRIBUTIONS REDEMPTIONS (DECREASE)
----------------------------------------------------------------
                                                                
International Bond      101        34          227         (92) 
Bond                 10,897     2,058       21,784      (8,829) 
Core Bond             3,028       839        8,934      (5,067) 
U.S. Treasury Index   2,217       113        2,106         224  
Intermediate Bond       294        76          365           5  
Short-Intermediate                                              
 Bond                 5,884       442       10,547      (4,221) 
U.S. Government                                                 
 Securities           1,578       294        1,521         351  
----------------------------------------------------------------

Transactions in Class A shares for the year ended November 30, 2001 were as     
follows:                                                                        

                                                                [Download Table]

                                                         NET    
                             REINVESTED                INCREASE 
Amounts in thousands  SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
----------------------------------------------------------------
                                                                
International Bond       98        --          291        (193) 
Bond                 11,900     2,769       23,701      (9,032) 
Core Bond            21,470       711        6,709      15,472  
U.S. Treasury Index   2,074        73        1,784         363  
Intermediate Bond     2,152        88        1,527         713  
Short-Intermediate                                              
 Bond                 8,427       833        8,257       1,003  
U.S. Government                                                 
 Securities             985       248          678         555  
----------------------------------------------------------------

Transactions in Class C shares for the year ended November 30, 2002 were as     
follows:                                                                        

                                                                [Download Table]

                                                        NET    
                            REINVESTED                INCREASE 
Amounts in thousands SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
---------------------------------------------------------------
                                                               
Bond                   63       34           660        (563)  
U.S. Treasury Index   121        4            39          86   
---------------------------------------------------------------

Transactions in Class C shares for the year ended November 30, 2001 were as     
follows:                                                                        

                                                                [Download Table]

                                                        NET    
                            REINVESTED                INCREASE 
Amounts in thousands SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
---------------------------------------------------------------
                                                               
Bond                  661       95          1,741       (985)  
U.S. Treasury Index    63        2             33         32   
---------------------------------------------------------------

Transactions in Class D shares for the year ended November 30, 2002 were as     
follows:                                                                        

                                                                [Download Table]

                                                           NET    
                               REINVESTED                INCREASE 
Amounts in thousands    SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
------------------------------------------------------------------
                                                                  
International Bond        6        --           --           6    
Bond                     11         1            5           7    
U.S. Treasury Index      16         1            3          14    
Intermediate Bond         3        --            1           2    
Short-Intermediate Bond   1        --           --           1    
U.S. Government                                                   
 Securities              27         2            3          26    
------------------------------------------------------------------

Transactions in Class D shares for the year ended November 30, 2001 were as     
follows:                                                                        

                                                                [Download Table]

                                                        NET    
                            REINVESTED                INCREASE 
Amounts in thousands SALES DISTRIBUTIONS REDEMPTIONS (DECREASE)
---------------------------------------------------------------
                                                               
Bond                   8         1            7          2     
U.S. Treasury Index   10        --            6          4     
U.S. Government                                                
 Securities           10         2           10          2     
---------------------------------------------------------------

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 55 FIXED INCOME PORTFOLIOS

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FIXED INCOME PORTFOLIOS                                                 
----                                                                            
TAX INFORMATION                                                   
                                                             NOVEMBER 30, 2002

CAPITAL GAINS DISTRIBUTIONS (Unaudited) - The following Portfolio made capital  
gain distributions in December 2002, and hereby designated 100% of the          
long-term capital gain distribution as 20%-rate capital gain dividends:         

                                                                [Download Table]

                            LONG-TERM  
PORTFOLIO                  CAPITAL GAIN
---------------------------------------
                                       
U.S. Treasury Index           $0.44    
U.S. Government Securities     0.12    
---------------------------------------

FIXED INCOME PORTFOLIOS 56 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                     ---------------------------------------------------------
                                                       FIXED INCOME PORTFOLIOS
                                                                          ----
REPORT OF INDEPENDENT AUDITORS                                    
                                                             NOVEMBER 30, 2002

TO THE NORTHERN                                                                 
INSTITUTIONAL FUNDS                                                             
SHAREHOLDERS AND                                                                
BOARD OF TRUSTEES:                                                              
We have audited the accompanying statements of assets and liabilities,          
including the schedules of investments, of the International Bond, Bond, Core   
Bond, U.S. Treasury Index, Intermediate Bond, Short-Intermediate Bond, and U.S. 
Government Securities Portfolios, comprising the Fixed Income Portfolios of the 
Northern Institutional Funds, as of November 30, 2002, and the related          
statements of operations, changes in net assets and financial highlights for    
the periods indicated therein. These financial statements and financial         
highlights are the responsibility of the Portfolios' management. Our            
responsibility is to express an opinion on these financial statements and       
financial highlights based on our audits.                                       

We conducted our audits in accordance with auditing standards generally         
accepted in the United States. Those standards require that we plan and perform 
the audits to obtain reasonable assurance about whether the financial           
statements and financial highlights are free of material misstatement. An audit 
includes examining, on a test basis, evidence supporting the amounts and        
disclosures in the financial statements and financial highlights. Our           
procedures included verification of the investments owned at November 30, 2002  
by physical examination of the securities held by the custodian and by          
correspondence with central depositories, unaffiliated subcustodian banks, and  
brokers or by other appropriate auditing procedures where replies from brokers  
were not received. An audit also includes assessing the accounting principles   
used and significant estimates made by management, as well as evaluating the    
overall financial statement presentation. We believe that our audits provide a  
reasonable basis for our opinion.                                               

In our opinion, the financial statements and financial highlights referred to   
above present fairly, in all material respects, the financial position of the   
International Bond, Bond, Core Bond, U.S. Treasury Index, Intermediate Bond,    
Short-Intermediate Bond, and U.S. Government Securities Portfolios at November  
30, 2002, the results of their operations, the changes in their net assets and  
financial highlights for the periods indicated therein, in conformity with      
accounting principles generally accepted in the United States.                  

/s/ Ernst & Young LLP                                                           

Chicago, Illinois                                                               
January 14, 2003                                                                

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 57 FIXED INCOME PORTFOLIOS

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FIXED INCOME PORTFOLIOS                                                 
----                                                                            
TRUSTEES AND OFFICERS                                             

Set forth below is information about the Trustees and Officers of Northern      
Institutional Funds. Each Trustee has served in that capacity since he or she   
was originally elected or appointed to the Board of Trustees. Each Trustee      
oversees a total of 54 portfolios in the Northern Funds Complex -- 22 for       
Northern Institutional Funds and 32 for Northern Funds. The Northern            
Institutional Funds' Statement of Additional Information contains additional    
information about the Trustees and is available upon request and without charge 
by calling 800/637-1380.                                                        

NON-INTERESTED TRUSTEES                                                         

                                                        [Enlarge/Download Table]

NAME, ADDRESS/(1)/, AGE,                                                                                        
POSITIONS HELD WITH                                                                                             
FUND AND LENGTH OF                                                                                              
SERVICE AS NORTHERN                                                                                             
INSTITUTIONAL FUNDS                                                                   OTHER DIRECTORSHIPS       
TRUSTEE/(2)/             PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                 HELD BY TRUSTEE           
----------------------------------------------------------------------------------------------------------------
                                                                                                                
Richard G. Cline         . Chairman and Director, Hawthorne Investors, Inc. (a        . PepsiAmericas (a soft   
Age 67                     management advisory services and private investment          drink bottling          
Trustee since 1997         company) since 1996;                                         company);               
                         . Managing Partner, Hawthorne Investments, L.L.C. (a         . Kmart Corporation (a    
                           management advisory services and private investment          retailing company);     
                           company) since 2001;                                       . Ryerson Tull, Inc. (a   
                         . Chairman and Director of Hussmann International, Inc. (a     metals distribution     
                           refrigeration company) from 1998 to 2000;                    company).               
                         . Chairman, President and CEO of NICOR Inc. (a diversified                             
                           public utility holding company) from 1985 to 1995; and                               
                           President from 1992 to 1993;                                                         
                         . Chairman, Federal Reserve Bank of Chicago from 1992                                  
                           through 1994; and Deputy Chairman in 1991 and 1995.                                  

Edward J. Condon, Jr.    . Chairman and CEO of The Paradigm Group, Ltd. (a financial  . None                    
Age 62                     advisor) since 1993;                                                                 
Trustee since 1994       . Principal and Co-Founder of Paradigm Capital since 1993;                             
                           Senior Partner of New-Ellis Ventures since 2001;                                     
                         . Member of Advisory Board of Real-Time USA, Inc. (a                                   
                           software development company);                                                       
                         . Member of the Board of Managers of The Liberty Hampshire                             
                           Company, LLC (a receivable securitization company);                                  
                         . Director of University Eldercare, Inc. (an Alzheimer's                               
                           disease research and treatment company);                                             
                         . Director of Financial Pacific Company (a small business                              
                           leasing company);                                                                    
                         . Trustee, Dominican University.                                                       

William J. Dolan Jr.     . Partner of Arthur Andersen & Co. S.C. (an accounting       . None                    
Age 70                     firm) from 1966 to 1989;                                                             
Trustee since 2000       . Financial Consultant, Ernst & Young LLP (an accounting                               
                           firm) from 1992 to 1993 and 1997.                                                    

Sharon Gist Gilliam      . Executive Vice President, Unison-Maximus, Inc. (aviation   . None                    
Age 59                     and governmental consulting);                                                        
Trustee since 2001       . Director of Town and Country Utilities, Inc.;                                        
                         . Director of Unison Consulting Group, Inc. until May 1999.                            

Sandra Polk Guthman      . President and CEO of Polk Bros. Foundation (an Illinois    . MB Financial Corp.      
Age 58                     not-for-profit corporation) from 1993 to present.            (a municipal bond       
Trustee since 1997                                                                      insurance company)      
                                                                                        1999-2000.              

Richard P. Strubel       . President, Chief Operating Officer and Director of Unext   . Gildan Activewear,      
Age 63                     Inc. (a provider of educational services via the             Inc. (an athletic       
Trustee since 1982         Internet) since 1999;                                        clothing marketing and  
                         . Director, Cantilever Technologies (a private software        manufacturing           
                           company) since 1999;                                         company);               
                         . Trustee, The University of Chicago since 1987;             . Goldman Sachs           
                         . Managing Director of Tandem Partners, Inc. (a privately      Mutual Fund Complex     
                           held management services firm) until 1999.                   (69 portfolios).        

FIXED INCOME PORTFOLIOS 58 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

INTERESTED TRUSTEES                                                             

                                                        [Enlarge/Download Table]

NAME, ADDRESS/(1)/, AGE,                                                                                          
POSITIONS HELD WITH                                                                                               
FUND AND LENGTH OF                                                                                                
SERVICE AS NORTHERN                                                                                               
INSTITUTIONAL FUNDS                                                                          OTHER DIRECTORSHIPS  
TRUSTEE/(2)/                   PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                  HELD BY TRUSTEE      
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Michael E. Murphy/(3)/         . President of Sara Lee Foundation (philanthropic            .Coach, Inc.;         
Age 66                           organization) from 1997 to 2001;                           .Payless Shoe Source, 
Trustee since 2000             . Vice Chairman and Chief Administrative Officer of Sara      Inc. (a retail shoe  
                                 Lee Corporation (a consumer product company) from 1994 to   store business);     
                                 1997.                                                      .GATX Corporation (a  
                                                                                             railroad holding     
                                                                                             company);            
                                                                                            .Bassett Furniture    
                                                                                             Industries, Inc. (a  
                                                                                             furniture            
                                                                                             manufacturer).       

Mary Jacobs Skinner, Esq./(3)/ . Partner in the law firm of Sidley Austin Brown & Wood.     .None                 
Age 45                                                                                                            
Trustee since 2000                                                                                                

Stephen Timbers/(3)/           . Director, President and Chief Executive Officer of         .USFreightways        
Age 58                           Northern Trust Investments, Inc. since 2001;                Corporation.         
Trustee since 2000             . President of Northern Trust Global Investments, a                                
                                 division of Northern Trust Corporation and Executive                             
                                 Vice President, The Northern Trust Company since 1998;                           
                               . President, Chief Executive Officer and Director of Zurich                        
                                 Kemper Investments (a financial services company) from                           
                                 1996 to 1998;                                                                    
                               . President, Chief Operating Officer and Director of Kemper                        
                                 Corporation (a financial services company) from 1992 to                          
                                 1996;                                                                            
                               . President and Director of Kemper Funds (a registered                             
                                 investment company) from 1990 to 1998.                                           

(1)Each Trustee may be contacted by writing to the Trustee, c/o Lloyd Wennlund, 
The Northern Trust Company, 50 S. LaSalle Street, Chicago, IL 60675.      

(2)Each Trustee serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

(3)An "interested person", as defined by the 1940 Act. Mr. Murphy is deemed to  
be an "interested" Trustee because he owns shares of Northern Trust       
Corporation, Ms. Skinner because her law firm provides legal services to  
  Northern Trust Corporation and its affiliates, and Mr. Timbers because he is
  an officer, director, employee and shareholder of Northern Trust Corporation
and/or its affiliates.                                                    

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 59 FIXED INCOME PORTFOLIOS

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FIXED INCOME PORTFOLIOS                                                 
----                                                                            
TRUSTEES AND OFFICERS (continued)                                 
                                                             NOVEMBER 30, 2002

OFFICERS OF THE TRUST/(1)/                                                      

                                                        [Enlarge/Download Table]

NAME, ADDRESS, AGE,                                                                          
POSITIONS HELD WITH                                                                          
FUND AND LENGTH OF                                                                           
SERVICE AS NORTHERN                                                                          
INSTITUTIONAL FUNDS                                                                          
OFFICER                          PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                
---------------------------------------------------------------------------------------------
                                                                                             
Lloyd A. Wennlund                . Senior Vice President and Director of Northern Trust      
Age 45                             Investments, Inc. since 2001;                             
50 South LaSalle Street          . Senior Vice President and other positions at The Northern 
Chicago, IL 60675                  Trust Company, President of Northern Trust Securities,    
President since 2000               Inc., and Managing Executive, Mutual Funds for Northern   
                                   Trust Global Investments since 1989.                      

Eric K. Schweitzer               . Senior Vice President at Northern Trust Investments, Inc. 
Age 41                             since 2001 and Senior Vice President at The Northern      
50 South LaSalle Street            Trust Company and Director of Distribution, Product       
Chicago, IL 60675                  Management and Client Services in the Mutual Fund Group   
Vice President since 2000          of Northern Trust Global Investments since 2000;          
                                 . Managing Director of Mutual Funds for US Bancorp from     
                                   1997 to 2000.                                             

Brian Ovaert                     . Senior Vice President and Department Head at The Northern 
Age 41                             Trust Company overseeing Fund Accounting, Transfer Agent  
50 South LaSalle Street            and Fund Administration functions, Division Manager of    
Chicago, IL 60675                  Fund Accounting, 1992-1998;                               
Treasurer since 2002             . Audit Manager at Arthur Andersen LLP (an accounting firm) 
                                   prior thereto.                                            

Brian R. Curran                  . Vice President and Director of Fund Administration at     
Age 35                             PFPC Inc. since 1997;                                     
4400 Computer Drive              . Director of Fund Administration at State Street Bank &    
Westborough, MA 01581              Trust Company from February 1997 to October 1997;         
Vice President and               . Senior Auditor at Price Waterhouse LLP (an accounting     
Assistant Treasurer since 1999     firm) prior thereto.                                      

Stuart Schuldt                   . Vice President, Fund Administration, The Northern Trust   
Age 40                             Company;                                                  
50 South LaSalle Street          . Vice President, Fund Accounting, Scudder Kemper (a mutual 
Chicago, IL 60675                  fund company), from 1993 to 1998;                         
Assistant Treasurer since 2002   . Audit Manager, Arthur Andersen & Co. (an accounting firm) 
                                   prior thereto.                                            

Jeffrey A. Dalke, Esq.           . Partner in the law firm of Drinker Biddle & Reath LLP     
Age 52                                                                                       
One Logan Square                                                                             
18th and Cherry Streets                                                                      
Philadelphia, PA 19103-6996                                                                  
Secretary since 2000                                                                         

Linda J. Hoard, Esq.             . Vice President at PFPC Inc. since 1998;                   
Age 55                           . Attorney Consultant for Fidelity Management & Research (a 
101 Federal Street                 financial service company), Investors Bank & Trust        
Boston, MA 02110                   Company (a financial service provider) and First Data     
Assistant Secretary since 1999     Investors Services Group, Inc. prior thereto.             

Wes L. Ringo                     . Senior Vice President of Northern Trust Investments, Inc. 
Age 52                             and Compliance Director of Northern Trust Securities,     
50 South LaSalle Street            Inc. since 2001;                                          
Chicago, IL 60675                . Managing Director, Assistant General Counsel and Director 
Anti-Money Laundering Compliance   of Regulatory Affairs of U.S. Bancorp Piper Jaffrey from  
Officer since 2002                 1996-2001.                                                

(1)Each Officer serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

FIXED INCOME PORTFOLIOS 60 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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(C)2003 Northern Institutional Funds                                            
Northern Funds Distributors, LLC, not affiliated with Northern Trust.           
                                                                NIF ANR FIX 1/03
================================================================================

50 South LaSalle Street                                         
P.O. 75986                                                      
Chicago, Illinois 60675-5986                                    
800/637-1380                                                    
northernfunds.com/institutional                                 

NORTHERN           (SM)                                                     
-------------------                                                         
INSTITUTIONAL FUNDS                                                         

[LOGO] Managed by                                                         
Northern Trust                                              

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                                                               NOVEMBER 30, 2002

NORTHERN INSTITUTIONAL FUNDS                                                    

MONEY MARKET PORTFOLIOS                                                         

[PHOTO APPEARS HERE]

TRUST NORTHERN  for investment solutions                                        

                                          [LOGO OF NORTHERN INSTITUTIONAL FUNDS]
                                     Managed by Northern Trust
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              ----------------------------------------------------------------
                                                       MONEY MARKET PORTFOLIOS
                                                                          ----
TABLE OF CONTENTS                                                 

NOT FDIC INSURED  
--------------------------------------------------------------------------------
May lose value/No bank guarantee  

The report has been prepared for the general information of Northern            
Institutional Funds shareholders. It is not authorized for distribution to      
prospective investors unless accompanied or preceded by a current Northern      
Institutional Funds prospectus, which contains more complete information about  
Northern Institutional Funds investment policies, management fees and expenses. 
Investors are reminded to read the prospectus carefully before investing or     
sending money.                                                                  

Investments in the Portfolios are not insured or guaranteed by the FDIC or any  
other governmental agency. Although each Portfolio seeks to maintain a value of 
$1.00 per share, it is possible to lose money by investing.                     

Northern Fund Distributors, LLC, not affiliated with Northern Trust.            

                                                                [Download Table]
                                        

 2  PORTFOLIO MANAGEMENT COMMENTARY     

 6  STATEMENTS OF ASSETS AND LIABILITIES

 7  STATEMENTS OF OPERATIONS            

 8  STATEMENTS OF CHANGES IN NET ASSETS 

10  FINANCIAL HIGHLIGHTS                

    SCHEDULES OF INVESTMENTS            

    18    DIVERSIFIED ASSETS PORTFOLIO  

    24    GOVERNMENT PORTFOLIO          

    26    GOVERNMENT SELECT PORTFOLIO   

    28    TAX-EXEMPT PORTFOLIO          

    37    MUNICIPAL PORTFOLIO           

45  ABBREVIATIONS AND OTHER INFORMATION 

46  NOTES TO THE FINANCIAL STATEMENTS   

49  REPORT OF INDEPENDENT AUDITORS      

50  TRUSTEES AND OFFICERS               

          NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 1 MONEY MARKET PORTFOLIOS

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PORTFOLIO MANAGEMENT COMMENTARY                                                 

DIVERSIFIED ASSETS PORTFOLIO                Brian E. Andersen--Portfolio Manager

For its most recent fiscal year ended November 30, 2002, the Diversified Assets 
Portfolio posted a 1.76 percent (Shares class) total return, compared with the  
1.56 percent return of the iMoney Net's First Tier Institutional category. As of
November 30, the Portfolio's 7-day current yield was 1.21 percent.              

In 2002, a dichotomy between the economy and financial markets took hold. The   
domestic economy was remarkably resilient as growth rebounded and consumers     
continued to spend. By contrast, financial markets were extremely fragile.      
Equity indices fell for the third consecutive year and corporate spreads widened
dramatically amid corporate governance concerns. In addition, geopolitical      
concerns, particularly the Iraqi situation, weighed on market sentiment. This   
general risk aversion created "safe haven" flows into money market assets,      
offsetting the detrimental impact of the low-yield environment. Although the    
economy performed well given the difficult environment, it lost momentum during 
the third quarter, eliciting a 50-basis-point easing by the Federal Reserve.    

The Portfolio maintained an above-average duration throughout the year. We felt 
that excessive individual and corporate leverage, heightened risk aversion, and 
the lack of pent-up consumer demand for big-ticket items (cars and homes) would 
limit the strength of the economic rebound. In addition, the geopolitical risks 
and concern about the sustainability of consumer spending caused a significant  
risk of further economic downturn. The Portfolio benefited from its barbell     
strategy, particularly adding duration on yield backups, and locking in         
higher-yielding assets. Given the accounting scandals and the difficult credit  
environment, the Portfolio limited exposure to credit risk. Holdings of agencies
and Treasuries were increased, while corporate exposures were reduced to only   
the highest-quality names.                                                      

Going into 2003, the Portfolio intends to maintain an above-average duration and
a barbell strategy, as we expect no Fed action for the foreseeable future.      
Despite the record-low federal funds rate and significant monetary/fiscal       
stimulus, we feel that the economic risk case is to the downside. However, we   
recognize that if economy finds some traction, the Fed could quickly take back  
some of the easings. Thus, we intend to be more cautious in our interest rate   
positioning, adding duration only on sell-offs.                                 

GOVERNMENT PORTFOLIO                           Mary Ann Flynn--Portfolio Manager

For its most recent fiscal year ended November 30, 2002, the Government         
Portfolio posted a 1.59 percent (Shares class) total return, compared with the  
1.50 percent return of the iMoney Net's Government & Agencies Institutional     
category. As of November 30, the Portfolio's 7-day current yield was 1.19       
percent.                                                                        

In an attempt to stimulate and strengthen the economy, last November the Federal
Reserve announced a surprise 50-basis-point decrease when the market was        
expecting 25 basis points, bringing the federal funds rate to a 41-year low of  
1.25 percent. This was the twelfth ease since January 2001.                     

Faced with economic and geopolitical uncertainty, the stock and bond markets    
experienced continued volatility during 2002. Economic weakness, distrust in    
corporate America and the looming threat of war with Iraq caused a              
"flight-to-quality" out of stocks and corporate bonds and into Treasuries. The  
strong rally in the Treasury market over the period was spurred by a listless   
economy and low interest rates. These difficult business conditions may continue
well into 2003, when the sluggish job market and stock market could slow        
consumer spending and stall the housing market. On a positive note, productivity
gains are keeping a lid on inflation.                                           

We expect the Fed to leave interest rates unchanged during most of 2003.        
Maintaining an above-average weighted average maturity relative to its benchmark
has enabled the Portfolio to post a competitive yield. The Portfolio continues  
to buy on dips, using a barbell strategy. We are also employing floating-rate   
instruments with 90-day resets as a hedge against low interest rates. We plan to
maintain a marginally long average maturity for the Portfolio in the current    
interest rate environment.                                                      

Past performance is no guarantee of future results. Performance calculations    
reflect fee waivers in effect. In the absence of fee waivers, total return and  
yield would have been reduced. Total return is based on net change in NAV       
assuming reinvestment of all dividends and distributions. Current 7-day yield is
the annualization of net investment income for the 7-day period ending on       
November 30, 2002. The 7-day yield more closely reflects the current earnings of
a Portfolio than the total return.                                              

We compare our Portfolios to the iMoney Net Money Fund Report Averages(TM),     
which are composites of professionally managed money market investments with    
similar investment objectives.                                                  

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

MONEY MARKET PORTFOLIOS  2  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT          

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PORTFOLIO MANAGEMENT COMMENTARY                                                 

GOVERNMENT SELECT PORTFOLIO                    Mary Ann Flynn--Portfolio Manager

For its most recent fiscal year ended November 30, 2002, the Government Select  
Portfolio posted a 1.67 percent (Shares class) total return, compared with the  
1.50 percent return of the iMoney Net's Government & Agencies Institutional     
category. As of November 30, the Portfolio's 7-day current yield was 1.23       
percent.                                                                        

Following a surprise 50-basis-point cut on November 6, the first in 2002, we    
believe the Federal Reserve will continue to keep interest rates low for the    
near term in an attempt to stimulate the economy. This twelfth ease since       
January 2001 brings the federal funds rate to a 41-year low of 1.25 percent.    

Weakness in the stock and corporate bond markets caused the 10-year note to     
rally over 100 basis points during the third quarter, despite the Fed's on-hold 
status. Low mortgage rates should spur the economy going forward, unless a      
difficult job market and a continued depressed stock market slow consumer       
spending.                                                                       

During the first three quarters of 2002, Treasury gross coupons issued totaled  
$424.6 billion, up from $238.6 billion during the same period last year. Federal
agencies increased long-term new issuance to $740.0 billion while short-term    
agency debt decreased to $631.9 billion. Mortgage securities totaled $1.54      
trillion, up 39.4 percent from $1.10 trillion during the same period last year. 
As stated previously, we expect the Fed to keep interest rates steady for most  
of 2003. Given the flatness of the yield curve, the Portfolio plans to invest in
shorter-term securities until the yield curve begins to steepen.                

TAX-EXEMPT PORTFOLIO                             Kurt Stoeber--Portfolio Manager

For its most recent fiscal year ended November 30, 2002, the Tax-Exempt         
Portfolio posted a 1.31 percent (Shares class) total return, compared with the  
1.11 percent return of the iMoney Net's Tax-Free Institutional category. As of  
November 30, the Portfolio's 7-day current yield was 1.07 percent, equivalent to
a 1.74 percent yield for investors in the top marginal tax bracket.             

The Portfolio continued to grow during the period as investors sought the safety
and attractive after-tax yields of the tax-exempt market. During the course of  
2002, declines in the corporate bond market and equity market continued to      
disappoint investors. For many institutional investors, the tax-exempt money    
market fund represented a safe harbor during uncertain times. The market        
witnessed an unprecedented amount of new debt issuance during the second half of
the fiscal year as municipalities borrowed to cover budgetary shortfalls.       
Looking ahead, we expect this trend to continue as municipalities struggle with 
lower tax revenues associated with a soft economy.                              

Portfolio growth came at an impressive pace during the period, as investors     
viewed tax-exempt money market funds more favorably than other investment       
options. These additional portfolio assets were put to work by taking advantage 
of sizable new municipal issuance. By October 2002, the flood of new issuance   
pushed tax-exempt fund yields to the level of taxable funds. As new money       
continued to pour into the Portfolio, we purchased a variety of one-year notes  
in order to maintain portfolio duration.                                        

The Federal Reserve's 50 basis point cut in November initially caused a         
steepening of the yield curve, although the entire curve has since shifted lower
due to the lack of inflation and expectations that economic recovery seems      
farther down the road. Our strategy over the period has been to maintain a      
longer duration than the Portfolio's benchmark. In addition, one-year notes     
purchased during the summer months have performed well throughout the period's  
low interest rate environment. We have also worked to further diversify         
portfolio holdings and increase the Portfolio's already high credit quality.    

Going forward, in order to further diversify portfolio composition at attractive
yields, we plan to add new, high-quality issuers when technical opportunities   
present themselves. Currently, our outlook is in line with the Federal Reserve, 
as we believe that the risks for economic weakness and inflation are weighted   
equally.                                                                        

Past performance is no guarantee of future results. Performance calculations    
reflect fee waivers in effect. In the absence of fee waivers, total return and  
yield would have been reduced. Total return is based on net change in NAV       
assuming reinvestment of all dividends and distributions. Current 7-day yield is
the annualization of net investment income for the 7-day period ending on       
November 30, 2002. The 7-day yield more closely reflects the current earnings of
a Portfolio than the total return.                                              

We compare our Portfolios to the iMoney Net Money Fund Report Averages(TM),     
which are composites of professionally managed money market investments with    
similar investment objectives.                                                  

Income from the Tax-Exempt Portfolio may be subject to federal alternative      
minimum tax (AMT), state and local taxes.                                       

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 3 MONEY MARKET PORTFOLIOS

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PORTFOLIO MANAGEMENT COMMENTARY                                                 

MUNICIPAL PORTFOLIO                              Kurt Stoeber--Portfolio Manager

For its most recent fiscal year ended November 30, 2002, the Municipal Portfolio
posted a 1.41 percent (Shares class) total return, compared with the 1.11       
percent return of the iMoney Net's Tax-Free Institutional category. As of       
November 30, the Portfolio's 7-day current yield was 1.18 percent, equivalent to
a 1.92 percent yield for investors in the top marginal tax bracket.             

The Portfolio continued to grow during the period as investors sought the safety
and attractive after-tax yields of the tax-exempt market. During the course of  
2002, declines in the corporate bond market and equity market continued to      
disappoint investors. For many institutional investors, the tax-exempt money    
market fund represented a safe harbor during uncertain times. The market        
witnessed an unprecedented amount of new debt issuance during the second half of
the fiscal year as municipalities borrowed to cover budgetary shortfalls.       
Looking ahead, we expect this trend to continue as municipalities struggle with 
lower tax revenues associated with a soft economy.                              

Portfolio growth came at an impressive pace during the period, as investors     
viewed tax-exempt money market funds more favorably than other investment       
options. These additional portfolio assets were put to work by taking advantage 
of sizable new municipal issuance. By October 2002, the flood of new issuance   
pushed tax-exempt fund yields to the level of taxable funds. As new money       
continued to pour into the Portfolio, we purchased a variety of one-year notes  
in order to maintain portfolio duration.                                        

The Federal Reserve's 50 basis point cut in November initially caused a         
steepening of the yield curve, although the entire curve has since shifted lower
due to the lack of inflation and expectations that economic recovery seems      
farther down the road. Our strategy over the period has been to maintain a      
longer duration than the Portfolio's benchmark. In addition, one-year notes     
purchased during the summer months have performed well throughout the period's  
low interest rate environment. We have also worked to further diversify         
portfolio holdings and increase the Portfolio's already high credit quality.    

Going forward, in order to further diversify portfolio composition at attractive
yields, we plan to add new, high-quality issuers when technical opportunities   
present themselves. Currently, our outlook is in line with the Federal Reserve, 
as we believe that the risks for economic weakness and inflation are weighted   
equally.                                                                        

Past performance is no guarantee of future results. Performance calculations    
reflect fee waivers in effect. In the absence of fee waivers, total return and  
yield would have been reduced. Total return is based on net change in NAV       
assuming reinvestment of all dividends and distributions. Current 7-day yield is
the annualization of net investment income for the 7-day period ending on       
November 30, 2002. The 7-day yield more closely reflects the current earnings of
a Portfolio than the total return.                                              

We compare our Portfolios to the iMoney Net Money Fund Report Averages(TM),     
which are composites of professionally managed money market investments with    
similar investment objectives.                                                  

Income from the Municipal Portfolio may be subject to federal alternative       
minimum tax (AMT), state and local taxes.                                       

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

MONEY MARKET PORTFOLIOS  4  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT          

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                                                       MONEY MARKET PORTFOLIOS
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MONEY MARKET PORTFOLIOS                                                         

STATEMENTS OF ASSETS AND LIABILITIES                           NOVEMBER 30, 2002

                                                        [Enlarge/Download Table]


                                                       DIVERSIFIED               GOVERNMENT                        
Amounts in thousands,                                    ASSETS     GOVERNMENT     SELECT   TAX-EXEMPT   MUNICIPAL 
except per share data                                   PORTFOLIO    PORTFOLIO   PORTFOLIO   PORTFOLIO   PORTFOLIO 
------------------------------------------------------------------------------------------------------------------ 
                                                                                                                   
ASSETS:                                                                                                            
Investments, at amortized cost                         $ 8,366,783  $1,479,123  $4,196,789    $920,272    $457,770 
Repurchase agreements, at cost which approximates                                                                  
  fair value                                             2,726,064   1,280,794           -           -           - 
Cash                                                            50           -         476           1         247 
Income receivable                                           25,171       1,762       1,650       3,616       1,477 
Receivable for fund shares sold                             42,035      63,198     162,358       1,457           - 
Receivable from affiliated administrator                       229          63          35          21          24 
Prepaid and other assets                                        85          25          38           5           2 
Total Assets                                            11,160,417   2,824,965   4,361,346     925,372     459,520 
------------------------------------------------------------------------------------------------------------------ 
LIABILITIES:                                                                                                       
Payable for securities purchased                           113,558           -           -           -           - 
Payable for fund shares redeemed                            44,919      15,420      41,942       8,626         174 
Distributions payable to shareholders                       11,238       2,981       4,488         939         500 
Payable to affiliates:                                                                                             
  Investment advisory fees                                   2,209         615         343         190          37 
  Administration fees                                          884         246         343          76          37 
  Custody and accounting fees                                  109          24          74           7           - 
  Transfer agent fees                                           30           9          10           3           5 
Accrued registration fees and other liabilities                457         188         252          38          27 
Total Liabilities                                          173,404      19,483      47,452       9,879         780 
------------------------------------------------------------------------------------------------------------------ 
Net Assets                                             $10,987,013  $2,805,482  $4,313,894    $915,493    $458,740 
------------------------------------------------------------------------------------------------------------------ 
ANALYSIS OF NET ASSETS:                                                                                            
Capital stock                                          $10,986,504  $2,805,374  $4,313,901    $915,465    $458,722 
Undistributed net investment income                            509         130          29          44          19 
Accumulated undistributed net realized gains (losses)            -         (22)        (36)        (16)         (1)
Net Assets                                             $10,987,013  $2,805,482  $4,313,894    $915,493    $458,740 
------------------------------------------------------------------------------------------------------------------ 
Net Assets:                                                                                                        
  Shares                                               $10,861,104  $2,638,730  $4,068,010    $906,147    $413,098 
  Service Shares                                           104,157      54,924     119,239       9,346      45,642 
  Premier Shares                                            21,752     111,828     126,645           -           - 

Total Shares Outstanding (no par value), Unlimited                                                                 
  Shares Authorized:                                                                                               
  Shares                                                10,860,614   2,638,595   4,068,009     906,106     413,087 
  Service Shares                                           104,144      54,923     119,239       9,350      45,635 
  Premier Shares                                            21,747     111,824     126,645           -           - 

Net Asset Value, Redemption and Offering Price Per                                                                 
  Share:                                                                                                           
  Shares                                                     $1.00       $1.00       $1.00       $1.00       $1.00 
  Service Shares                                              1.00        1.00        1.00        1.00        1.00 
  Premier Shares                                              1.00        1.00        1.00           -           - 
------------------------------------------------------------------------------------------------------------------ 

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 6 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT            

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                                                         MONEY MARKET PORTFOLIOS

STATEMENTS OF OPERATIONS             FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2002

                                                        [Enlarge/Download Table]

                                                       DIVERSIFIED               GOVERNMENT                       
                                                         ASSETS     GOVERNMENT     SELECT   TAX-EXEMPT   MUNICIPAL
Amounts in thousands                                    PORTFOLIO    PORTFOLIO   PORTFOLIO   PORTFOLIO   PORTFOLIO
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
INVESTMENT INCOME:                                                                                                

Interest income                                         $228,885      $56,461      $84,731    $13,128      $4,502 

EXPENSES:                                                                                                         

Investment advisory fees                                  27,167        7,322        9,926      1,982         596 
Administration fees                                       10,867        2,929        4,552        793         280 
Custody and accounting fees                                1,246          351           62        100          47 
Transfer agent fees                                          222           81           63         16          19 
Registration fees                                             62           75           51         24          30 
Printing fees                                                102           39           57         17          18 
Professional fees                                            327          105          172         20           9 
Trustee fees and expenses                                    142           45           75          7           4 
Other                                                        601          771          472         25         104 
------------------------------------------------------------------------------------------------------------------
Total Expenses                                            40,736       11,718       15,430      2,984       1,107 
  Less voluntary waivers of                                                                                       
    investment advisory fees                                   -            -       (5,375)         -        (315)
  Less expenses reimbursed by                                                                                     
    administrator                                         (2,046)        (682)        (513)      (174)       (110)
  Net Expenses                                            38,690       11,036        9,542      2,810         682 
------------------------------------------------------------------------------------------------------------------
Net Investment Income                                    190,195       45,425       75,189     10,318       3,820 
------------------------------------------------------------------------------------------------------------------
NET REALIZED GAINS (LOSSES):                                                                                      

Net realized gains (losses) on investments                   405          208          (27)       (16)         (1)
  Net Gains (Losses) on Investments                          405          208          (27)       (16)         (1)
------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations    $190,600      $45,633      $75,162    $10,302      $3,819 
------------------------------------------------------------------------------------------------------------------


See Notes to the Financial Statements.                                          

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 7 MONEY MARKET PORTFOLIOS

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MONEY MARKET PORTFOLIOS                                                         

STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]

                                                                DIVERSIFIED ASSETS               GOVERNMENT         
                                                                     PORTFOLIO                   PORTFOLIO          
Amounts in thousands                                            2002            2001          2002          2001    
------------------------------------------------------------------------------------------------------------------- 
                                                                                                                    
OPERATIONS:                                                                                                         
Net investment income                                          $190,195        $388,983       $45,425      $107,519 
Net realized gains (losses) on investment transactions              405             872           208             - 
  Net Increase in Net Assets Resulting from Operations          190,600         389,855        45,633       107,519 
------------------------------------------------------------------------------------------------------------------- 
SHARES TRANSACTIONS: /(1)/                                                                                          
Shares sold                                                 102,190,410      94,842,036    29,875,782    28,510,002 
Shares from reinvestment of dividends                             4,414          13,890         2,333         2,186 
Shares redeemed                                            (100,954,688)    (92,763,007)  (29,986,632)  (27,827,737)
  Net Increase (Decrease) in Net Assets Resulting from                                                              
    Shares Transactions                                       1,240,136       2,092,919      (108,517)      684,451 
------------------------------------------------------------------------------------------------------------------- 
SERVICE SHARES TRANSACTIONS: /(1)/                                                                                  
Shares sold                                                   2,174,647       1,680,715       497,986       457,963 
Shares from reinvestment of dividends                                36               -             -             - 
Shares redeemed                                              (2,144,695)     (1,663,742)     (480,414)     (452,965)
  Net Increase (Decrease) in Net Assets Resulting from                                                              
    Service Shares Transactions                                  29,988          16,973        17,572         4,998 
------------------------------------------------------------------------------------------------------------------- 
PREMIER SHARES TRANSACTIONS: /(1)/                                                                                  
Shares sold                                                      62,810         132,142       332,898       324,202 
Shares redeemed                                                 (95,935)       (107,153)     (340,041)     (281,767)
  Net Increase (Decrease) in Net Assets Resulting from                                                              
    Premier Shares Transactions                                 (33,125)         24,989        (7,143)       42,435 
------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO SHARES SHAREHOLDERS:                                                                               
From net investment income                                     (188,306)       (385,156)      (43,621)     (102,098)
  Total Distributions to Shares Shareholders                   (188,306)       (385,156)      (43,621)     (102,098)
------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO SERVICE SHARES SHAREHOLDERS:                                                                       
From net investment income                                       (1,417)         (2,398)         (531)       (1,607)
  Total Distributions to Service Shares Shareholders             (1,417)         (2,398)         (531)       (1,607)
------------------------------------------------------------------------------------------------------------------- 
DISTRIBUTIONS TO PREMIER SHARES SHAREHOLDERS:                                                                       
From net investment income                                         (472)         (1,429)       (1,273)       (3,814)
  Total Distributions to Premier Shares Shareholders               (472)         (1,429)       (1,273)       (3,814)
------------------------------------------------------------------------------------------------------------------- 
Total Increase (Decrease) in Net Assets                       1,237,404       2,135,753       (97,880)      731,884 

NET ASSETS:                                                                                                         
Beginning of year                                             9,749,609       7,613,856     2,903,362     2,171,478 
End of year                                                 $10,987,013      $9,749,609    $2,805,482    $2,903,362 
------------------------------------------------------------------------------------------------------------------- 
Accumulated Undistributed (Overdistributed)                                                                         
  Net Investment Income                                            $509             $ -          $130          $ -  
------------------------------------------------------------------------------------------------------------------- 

(1) The number of shares sold, reinvested and redeemed approximates the dollar  
amount of transactions.                                                 

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS  8  NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT          

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                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

     GOVERNMENT SELECT                   TAX-EXEMPT                       MUNICIPAL          
         PORTFOLIO                        PORTFOLIO                       PORTFOLIO          
    2002            2001            2002            2001            2002            2001     
-------------------------------------------------------------------------------------------- 
                                                                                             
$     75,189    $    150,337    $     10,318    $     18,363    $      3,820    $      4,142 
         (27)           --               (16)            215              (1)             21 
      75,162         150,337          10,302          18,578           3,819           4,163 
-------------------------------------------------------------------------------------------- 
  37,250,740      25,210,467       3,290,690       3,548,372       1,181,007         487,243 
       5,402          10,142             872             612             851              89 
 (37,468,677)    (23,516,589)     (3,069,143)     (3,528,927)       (910,481)       (424,244)
    (212,535)      1,704,020         222,419          20,057         271,377          63,088 
-------------------------------------------------------------------------------------------- 
   1,199,274       1,564,863          19,458          43,701          86,631          83,926 
        --              --              --              --              --              --   
  (1,208,796)     (1,552,741)        (24,809)        (45,931)        (80,626)        (80,617)
      (9,522)         12,122          (5,351)         (2,230)          6,005           3,309 
-------------------------------------------------------------------------------------------- 
     167,610          48,836            --            20,926            --              --   
     (50,881)        (54,324)           --           (20,926)           --              --   
     116,729          (5,488)           --              --              --              --   
-------------------------------------------------------------------------------------------- 
     (73,454)       (143,978)        (10,418)        (18,016)         (3,357)         (2,995)
     (73,454)       (143,978)        (10,418)        (18,016)         (3,357)         (2,995)
-------------------------------------------------------------------------------------------- 
      (1,509)         (5,988)            (68)           (273)           (463)         (1,147)
      (1,509)         (5,988)            (68)           (273)           (463)         (1,147)
-------------------------------------------------------------------------------------------- 
        (226)           (371)           --               (74)           --              --   
        (226)           (371)           --               (74)           --              --   
-------------------------------------------------------------------------------------------- 
    (105,355)      1,710,654         216,884          18,042         277,381          66,418 
   4,419,249       2,708,595         698,609         680,567         181,359         114,941 
$  4,313,894    $  4,419,249    $    915,493    $    698,609    $    458,740    $    181,359 
-------------------------------------------------------------------------------------------- 
$         29    $         20    $         44    $         47    $         19    $       --   
-------------------------------------------------------------------------------------------- 

See Notes to the Financial Statements.                                          

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 9 MONEY MARKET PORTFOLIOS

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MONEY MARKET PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS                                                            

                                                        [Enlarge/Download Table]


DIVERSIFIED ASSETS PORTFOLIO                                                            SHARES                                     

Selected per share data                               2002              2001             2000             1999             1998    
---------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                   
Net Asset Value, Beginning of Year                       $1.00            $1.00            $1.00            $1.00            $1.00 

INCOME FROM INVESTMENT OPERATIONS:                                                                                                 

Net investment income                                     0.02             0.04             0.06             0.05             0.05 
   Total Income from Investment Operations                0.02             0.04             0.06             0.05             0.05 
---------------------------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                                           
   From net investment income                            (0.02)           (0.04)           (0.06)           (0.05)           (0.05)
     Total Distributions Paid                            (0.02)           (0.04)           (0.06)           (0.05)           (0.05)
---------------------------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Year                             $1.00            $1.00            $1.00            $1.00            $1.00 
---------------------------------------------------------------------------------------------------------------------------------- 
Total Return (1)                                          1.76%            4.52%            6.20%            4.99%            5.36%

SUPPLEMENTAL DATA AND RATIOS:                                                                                                      

Net assets, in thousands, end of year              $10,861,104       $9,620,568       $7,526,789       $7,475,275       $4,794,830 
Ratio to average net assets of:                                                                                                    
   Expenses, net of waivers and reimbursements            0.35%            0.35%            0.35%            0.35%            0.35%
   Expenses, before waivers and reimbursements            0.37%            0.36%            0.38%            0.38%            0.38%
   Net investment income, net of waivers and                                                                                       
    reimbursements                                        1.76%            4.35%            6.05%            4.89%            5.31%
   Net investment income, before waivers and                                                                                       
    reimbursements                                        1.74%            4.34%            6.02%            4.86%            5.28%
---------------------------------------------------------------------------------------------------------------------------------- 

                                                                                        SERVICE                                    

Selected per share data                               2002              2001             2000             1999          1998/(4)/  
---------------------------------------------------------------------------------------------------------------------------------- 

Net Asset Value, Beginning of Period                     $1.00            $1.00            $1.00            $1.00            $1.00 

INCOME FROM INVESTMENT OPERATIONS:                                                                                                 

Net investment income                                     0.01             0.04             0.06             0.05             0.02 
   Total Income from Investment Operations                0.01             0.04             0.06             0.05             0.02 
---------------------------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                                           

   From net investment income                            (0.01)           (0.04)           (0.06)           (0.05)           (0.02)
     Total Distributions Paid                            (0.01)           (0.04)           (0.06)           (0.05)           (0.02)
---------------------------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Period                           $1.00            $1.00            $1.00            $1.00            $1.00 
---------------------------------------------------------------------------------------------------------------------------------- 
Total Return/(1)/                                         1.50%            4.24%            5.85%            4.68%            1.76%

SUPPLEMENTAL DATA AND RATIOS:                                                                                                      

Net assets, in thousands, end of period               $104,157          $74,165          $57,184          $59,815            $7,060
Ratio to average net assets of: (2)                                                                                                
   Expenses, net of waivers and                                                                                                    
    reimbursements/(3)/                                   0.61%           0.63%            0.69%             0.69%            0.69%
   Expenses, before waivers and                                                                                                    
    reimbursements/(3)/                                   0.63%           0.64%            0.72%             0.72%            0.72%
   Net investment income, net of waivers and                                                                                       
    reimbursements                                        1.50%           4.07%            5.71%             4.55%            4.94%
   Net investment income, before waivers and                                                                                       
    reimbursements                                        1.48%           4.06%            5.68%             4.52%            4.91%
---------------------------------------------------------------------------------------------------------------------------------- 

(1)  Assumes investment at net asset value at the beginning of the year,        
   reinvestment of all dividends and distributions and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     

(2)  Annualized for periods less than one year.                                 

(3)  Prior to February 1, 2001, expenses included an additional fee equal to    
    0.08% of average net assets of the Service Class paid to Northern Trust or
 other institutions for systems support and related services. Payment of
this fee has been eliminated.                                         

(4)  For the period July 1, 1998 (commencement of operations) through           
November 30, 1998.                                                    

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 10 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]


DIVERSIFIED ASSETS PORTFOLIO                                               PREMIER                      
                                                                                                        
Selected per share data                                 2002        2001              2000       1999(4)
--------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period                    $1.00       $1.00             $1.00       $1.00 

INCOME FROM INVESTMENT OPERATIONS                                                                       

Net investment income                                    0.01        0.04              0.05        0.03 
   Total Income from Investment Operations               0.01        0.04              0.05        0.03 
--------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID                                                                                 

   From net investment income                           (0.01)      (0.04)            (0.05)      (0.03)
     Total Distributions Paid                           (0.01)      (0.04)            (0.05)      (0.03)
--------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period                          $1.00       $1.00             $1.00       $1.00 
--------------------------------------------------------------------------------------------------------
Total Return(1)                                          1.24%       3.97%             5.57%       2.57%

SUPPLEMENTAL DATA AND RATIOS                                                                            

Net assets, in thousands, end of period               $21,752     $54,876           $29,883      $4,552 

Ratio to average net assets of:(2)                                                                      

   Expenses, net of waivers and reimbursements(3)        0.87%       0.89%             0.95%       0.95%
   Expenses, before waivers and reimbursements(3)        0.89%       0.90%             0.98%       0.98%
   Net investment income, net of waivers and             1.24%       3.81%             5.45%       4.29%
   reimbursements                                                                                       
   Net investment income, before waivers and                                                            
   reimbursements                                        1.22%       3.80%             5.42%       4.26%
--------------------------------------------------------------------------------------------------------

(1) Assumes investment at net asset value at the beginning of the year,         
reinvestment of all dividends and distributions and a complete redemption of the
investment at net asset value at the end of the year. Total return is not       
annualized for periods less than one year.                                      

(2) Annualized for periods less than one year.                                  

(3) Prior to February 1, 2001, expenses included an additional fee equal to     
0.08% of average net assets of the Premier Class paid to Northern Trust or other
institutions for systems support and related services. Payment of this fee has  
been eliminated.                                                                

(4) For the period April 1, 1999 (commencement of operations) through November  
30, 1999.                                                                       

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 11 MONEY MARKET PORTFOLIOS

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MONEY MARKET PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]
GOVERNMENT PORTFOLIO                                                       SHARES                             

Selected per share data                            2002           2001        2000          1999        1998  
------------------------------------------------------------------------------------------------------------- 
                                                                                                              
Net Asset Value, Beginning of Year                 $1.00         $1.00        $1.00         $1.00       $1.00 
INCOME FROM INVESTMENT OPERATIONS:                                                                            
Net investment income                               0.02          0.04         0.06          0.05        0.04 
   Total Income from Investment Operations          0.02          0.04         0.06          0.05        0.04 
------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                      
   From net investment income                      (0.02)        (0.04)       (0.06)        (0.05)      (0.04)
     Total Distributions Paid                      (0.02)        (0.04)       (0.06)        (0.05)      (0.04)
------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Year                       $1.00         $1.00        $1.00         $1.00       $1.00 
------------------------------------------------------------------------------------------------------------- 
Total Return /(1)/                                  1.59%         4.30%        6.10%         5.08%       5.28%
SUPPLEMENTAL DATA AND RATIOS:                                                                                 
Net assets, in thousands, end of year         $2,638,730    $2,747,048   $2,062,597    $1,565,743  $1,652,870 
Ratio to average net assets of:                                                                               
  Expenses, net of waivers and                                                                                
   reimbursements                                   0.35%         0.35%        0.35%         0.35%       0.35%
  Expenses, before waivers and                                                                                
   reimbursements                                   0.38%         0.38%        0.38%         0.38%       0.40%
  Net investment income, net of waivers                                                                       
   and reimbursements                               1.58%         4.07%        5.95%         4.75%       5.22%
  Net investment income, before waivers                                                                       
   and reimbursements                               1.55%         4.04%        5.92%         4.72%       5.17%
------------------------------------------------------------------------------------------------------------- 

                                                        [Enlarge/Download Table]
                                                                         SERVICE                   

Selected per share data                             2002         2001       2000         1999 /(4)/
---------------------------------------------------------------------------------------------------
                                                                                                   
Net Asset Value, Beginning of Period               $1.00         $1.00        $1.00         $1.00  
INCOME FROM INVESTMENT OPERATIONS:                                                                 
Net investment income                               0.01          0.04         0.06          0.03  
   Total Income from Investment Operations          0.01          0.04         0.06          0.03  
---------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                           
   From net investment income                      (0.01)        (0.04)       (0.06)        (0.03) 
     Total Distributions Paid                      (0.01)        (0.04)       (0.06)        (0.03) 
---------------------------------------------------------------------------------------------------
Net Asset Value, End of Period                     $1.00         $1.00        $1.00         $1.00  
---------------------------------------------------------------------------------------------------
Total Return /(1)/                                  1.33%         4.02%        5.74%         3.03% 
SUPPLEMENTAL DATA AND RATIOS:                                                                      
Net assets, in thousands, end of period           $54,924       $37,349      $32,352       $32,555 
Ratio to average net assets of: /(2)/                                                              
   Expenses, net of waivers and                                                                    
    reimbursements /(3)/                            0.61%         0.62%        0.69%         0.69% 
   Expenses, before waivers and                                                                    
    reimbursements /(3)/                            0.64%         0.65%        0.72%         0.72% 
   Net investment income, net of waivers                                                           
    and reimbursements                              1.32%         3.80%        5.61%         4.41% 
   Net investment income, before waivers                                                           
    and reimbursements                              1.29%         3.77%        5.58%         4.38% 
---------------------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
   reinvestment of all dividends and distributions and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     
(2)  Annualized for periods less than one year.                                 
(3)  Prior to February 1, 2001, expenses included an additional fee equal to    
    0.08% of average net assets of the Service Class paid to Northern Trust or
 other institutions for systems support and related services. Payment of
this fee has been eliminated.                                         
(4)  For the period April 1, 1999 (commencement of operations) through          
November  30, 1999.                                                   

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 12 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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FOR THE FISCAL YEARS ENDED NOVEMBER 30,                                         

                                                        [Enlarge/Download Table]

GOVERNMENT PORTFOLIO                                                         PREMIER                     

Selected per share data                                  2002        2001            2000       1999(4)  
-------------------------------------------------------------------------------------------------------  
                                                                                                         
Net Asset Value, Beginning of Period                    $ 1.00      $ 1.00          $ 1.00       $ 1.00  

INCOME FROM INVESTMENT OPERATIONS:                                                                       

Net investment income                                     0.01        0.04            0.05         0.04  
   Total Income from Investment Operations                0.01        0.04            0.05         0.04  
-------------------------------------------------------------------------------------------------------  

LESS DISTRIBUTIONS PAID:                                                                                 

   From net investment income                            (0.01)      (0.04)          (0.05)       (0.04) 
     Total Distributions Paid                            (0.01)      (0.04)          (0.05)       (0.04) 
---------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period                          $ 1.00      $ 1.00          $ 1.00       $ 1.00  
---------------------------------------------------------------------------------------------------------
Total Return (1)                                          1.06%       3.75%           5.47%        4.56% 

SUPPLEMENTAL DATA AND RATIOS:                                                                            

Net assets, in thousands, end of period               $111,828    $118,965         $76,529      $44,575  

Ratio to average net assets of:(2)                                                                       

   Expenses, net of waivers and reimbursements            0.87%       0.88%           0.95%        0.95% 
   (3)                                                                                                   

   Expenses, before waivers and reimbursements            0.90%       0.91%           0.98%        0.98% 
   (3)                                                                                                   
   Net investment income, net of waivers and              1.06%       3.54%           5.35%        4.15% 
   reimbursements                                                                                        
   Net investment income, before waivers and              1.03%       3.51%           5.32%        4.12% 
   reimbursements                                                                                        
---------------------------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
   reinvestment of all dividends and distributions and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     

(2)  Annualized for periods less than one year.                                 

(3)  Prior to February 1, 2001, expenses included an additional fee equal to    
    0.08% of average net assets of the Premier Class paid to Northern Trust or
 other institutions for systems support and related services. Payment of
this fee has been eliminated.                                         

(4)  For the period December 15, 1998 (commencement of operations) through      
November 30, 1999.                                                    

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 13 MONEY MARKET PORTFOLIOS

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MONEY MARKET PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS (continued)                                                

                                                        [Enlarge/Download Table]

GOVERNMENT SELECT PORTFOLIO                                                              SHARES                             

Selected per share data                                         2002         2001         2000         1999         1998    
--------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                            
Net Asset Value, Beginning of Year                                $1.00        $1.00        $1.00        $1.00        $1.00 
INCOME FROM INVESTMENT OPERATIONS:                                                                                          
Net investment income                                              0.02         0.04         0.06         0.05         0.05 
  Total Income from Investment Operations                          0.02         0.04         0.06         0.05         0.05 
--------------------------------------------------------------------------------------------------------------------------- 
LESS DISTRIBUTIONS PAID:                                                                                                    
  From net investment income                                      (0.02)       (0.04)       (0.06)       (0.05)       (0.05)
    Total Distributions Paid                                      (0.02)       (0.04)       (0.06)       (0.05)       (0.05)
--------------------------------------------------------------------------------------------------------------------------- 
Net Asset Value, End of Year                                      $1.00        $1.00        $1.00        $1.00        $1.00 
--------------------------------------------------------------------------------------------------------------------------- 
Total Return /(1)/                                                 1.67%        4.39%        6.18%        4.94%        5.38%
SUPPLEMENTAL DATA AND RATIOS:                                                                                               
Net assets, in thousands, end of year                        $4,068,010   $4,280,572   $2,576,552   $2,150,263   $1,694,869 
Ratio to average net assets of:                                                                                             
  Expenses, net of waivers and reimbursements                      0.20%        0.20%        0.20%        0.20%        0.20%
  Expenses, before waivers and reimbursements                      0.33%        0.37%        0.38%        0.38%        0.39%
  Net investment income, net of waivers and reimbursements         1.66%        4.14%        6.03%        4.85%        5.31%
  Net investment income, before waivers and reimbursements         1.53%        3.97%        5.85%        4.67%        5.12%
--------------------------------------------------------------------------------------------------------------------------- 

                                                        [Enlarge/Download Table]

                                                                               SERVICE                   

Selected per share data                                         2002       2001       2000     1999 /(4)/
---------------------------------------------------------------------------------------------------------
                                                                                                         
Net Asset Value, Beginning of Period                             $1.00     $1.00      $1.00      $1.00   
INCOME FROM INVESTMENT OPERATIONS:                                                                       
Net investment income                                             0.01      0.04       0.06       0.03   
  Total Income from Investment Operations                         0.01      0.04       0.06       0.03   
---------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                                 
  From net investment income                                     (0.01)    (0.04)     (0.06)     (0.03)  
    Total Distributions Paid                                     (0.01)    (0.04)     (0.06)     (0.03)  
---------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period                                   $1.00     $1.00      $1.00      $1.00   
---------------------------------------------------------------------------------------------------------
Total Return /(1)/                                                1.41%     4.11%      5.82%      2.72%  
SUPPLEMENTAL DATA AND RATIOS:                                                                            
Net assets, in thousands, end of period                       $119,239  $128,761   $116,640    $11,846   
Ratio to average net assets of: /(2)/                                                                    
  Expenses, net of waivers and reimbursements /(3)/               0.46%     0.48%      0.54%      0.54%  
  Expenses, before waivers and reimbursements /(3)/               0.59%     0.65%      0.72%      0.72%  
  Net investment income, net of waivers and reimbursements        1.40%     3.87%      5.69%      4.51%  
  Net investment income, before waivers and reimbursements        1.27%     3.70%      5.51%      4.33%  
---------------------------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
   reinvestment of all dividends and distributions and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     
(2)  Annualized for periods less than one year.                                 
(3)  Prior to February 1, 2001, expenses included an additional fee equal to    
    0.08% of average net assets of the Service Class paid to Northern Trust or
 other institutions for systems support and related services. Payment of
this fee has been eliminated.                                         
(4)  For the period May 28, 1999 (commencement of operations) through November  
30, 1999.                                                             

See Notes to the Financial Statements.                                          

           MONEY MARKET PORTFOLIOS 14 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT

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                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]
GOVERNMENT SELECT PORTFOLIO                                                            PREMIER                           

Selected per share data                                     2002          2001          2000         1999(4)      1998(5)
------------------------------------------------------------------------------------------------------------------------ 
                                                                                                                         
Net Asset Value, Beginning of Period                       $1.00         $1.00         $1.00          $1.00        $1.00 

INCOME FROM INVESTMENT OPERATIONS:                                                                                       
Net investment income                                       0.01          0.04          0.05           0.03            - 
   Total Income from Investment Operations                  0.01          0.04          0.05           0.03            - 
------------------------------------------------------------------------------------------------------------------------ 
LESS DISTRIBUTIONS PAID:                                                                                                 
   From net investment income                              (0.01)        (0.04)        (0.05)         (0.03)           - 
     Total Distributions Paid                              (0.01)        (0.04)        (0.05)         (0.03)           - 
------------------------------------------------------------------------------------------------------------------------ 
Net Asset Value, End of Period                             $1.00         $1.00         $1.00          $1.00        $1.00 
------------------------------------------------------------------------------------------------------------------------ 
Total Return (1)                                            1.15%         3.84%         5.55%          3.30%        0.10%

SUPPLEMENTAL DATA AND RATIOS:                                                                                            
Net assets, in thousands, end of period                 $126,645        $9,916       $15,403         $7,417         $108 
Ratio to average net assets of: (2)                                                                                      
   Expenses, net of waivers and reimbursements (3)          0.72%         0.74%         0.80%          0.80%        0.80%
   Expenses, before waivers and reimbursements (3)          0.85%         0.91%         0.98%          0.98%        0.99%
   Net investment income, net of waivers and                                                                             
     reimbursements                                         1.14%         3.60%         5.43%          4.25%        4.71%
   Net investment income, before waivers and                                                                             
     reimbursements                                         1.01%         3.43%         5.25%          4.07%        4.52%
------------------------------------------------------------------------------------------------------------------------ 

(1) Assumes investment at net asset value at the beginning of the year,         
    reinvestment of all dividends and distributions and a complete redemption of
 the investment at net asset value at the end of the year. Total return is
not annualized for periods less than one year.                          
(2) Annualized for periods less than one year.                                  
(3) Prior to February 1, 2001, expenses included an additional fee equal to     
  0.08% of average net assets of the Premier Class paid to Northern Trust or
    other institutions for systems support and related services. Payment of this
fee has been eliminated.                                                
(4) Premier Class shares were fully redeemed as of July 20, 1999. No shares were
   outstanding for the period July 21, 1999 through September 29, 1999. Shares
were reintroduced on September 30, 1999.                                
(5) For the period November 23, 1998 (commencement of operations) through       
November 30, 1998. Per share amounts from net investment income and     
distributions from net investment income were less than $0.01 per share.

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 15 MONEY MARKET PORTFOLIOS

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MONEY MARKET PORTFOLIOS                                                         

FINANCIAL HIGHLIGHTS (continued)                                      

                                                        [Enlarge/Download Table]

TAX-EXEMPT PORTFOLIO                                                                       SHARES                              

Selected per share data                                         2002          2001          2000          1999          1998   
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                                               
Net Asset Value, Beginning of Year                               $1.00         $1.00         $1.00         $1.00         $1.00 
INCOME FROM INVESTMENT OPERATIONS:                                                                                             
Net investment income                                             0.01          0.03          0.04          0.03          0.03 
  Total Income from Investment Operations                         0.01          0.03          0.04          0.03          0.03 
-------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                                                       
  From net investment income                                     (0.01)        (0.03)        (0.04)        (0.03)        (0.03)
     Total Distributions Paid                                    (0.01)        (0.03)        (0.04)        (0.03)        (0.03)
-------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year                                     $1.00         $1.00         $1.00         $1.00         $1.00 
-------------------------------------------------------------------------------------------------------------------------------
Total Return/(1)/                                                 1.31%         2.84%         3.88%         3.03%         3.31%
SUPPLEMENTAL DATA AND RATIOS:                                                                                                  
Net assets, in thousands, end of year                         $906,147      $683,912      $663,641      $555,692      $748,151 
Ratio to average net assets of:                                                                                                
  Expenses, net of waivers and reimbursements                     0.35%         0.35%         0.35%         0.35%         0.35%
  Expenses, before waivers and reimbursements                     0.37%         0.38%         0.40%         0.39%         0.39%
  Net investment income, net of waivers and reimbursements        1.31%         2.79%         3.83%         2.89%         3.27%
  Net investment income, before waivers and reimbursements        1.29%         2.76%         3.78%         2.85%         3.23%
-------------------------------------------------------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                           SERVICE               

Selected per share data                                         2002          2001          2000        1999/(4)/
-----------------------------------------------------------------------------------------------------------------
                                                                                                                 
Net Asset Value, Beginning of Period                             $1.00         $1.00         $1.00         $1.00 
INCOME FROM INVESTMENT OPERATIONS:                                                                               
Net investment income                                             0.01          0.03          0.03          0.02 
  Total Income from Investment Operations                         0.01          0.03          0.03          0.02 
-----------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                                         
  From net investment income                                     (0.01)        (0.03)        (0.03)        (0.02)
    Total Distributions Paid                                     (0.01)        (0.03)        (0.03)        (0.02)
-----------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period                                   $1.00         $1.00         $1.00         $1.00 
-----------------------------------------------------------------------------------------------------------------
Total Return/(1)/                                                 1.05%         2.56%         3.53%         1.58%
SUPPLEMENTAL DATA AND RATIOS:                                                                                    
Net assets, in thousands, end of period                         $9,346       $14,697       $16,926       $35,536 
Ratio to average net assets of:/(2)/                                                                             
  Expenses, net of waivers and reimbursements/(3)/                0.61%         0.63%         0.69%         0.69%
  Expenses, before waivers and reimbursements/(3)/                0.63%         0.66%         0.74%         0.73%
  Net investment income, net of waivers and reimbursements        1.05%         2.51%         3.49%         2.71%
  Net investment income, before waivers and reimbursements        1.03%         2.48%         3.44%         2.67%
-----------------------------------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
   reinvestment of all dividends and distributions and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     
(2)  Annualized for periods less than one year.                                 
(3)  Prior to February 1, 2001, expenses included an additional fee equal to    
    0.08% of average net assets of the Service Class paid to Northern Trust or
 other institutions for systems support and related services. Payment of
this fee has been eliminated.                                         
(4)  For the period May 13, 1999 (commencement of operations) through           
November 30, 1999.                                                    

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 16 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                         FOR THE FISCAL YEARS ENDED NOVEMBER 30,

                                                        [Enlarge/Download Table]

MUNICIPAL PORTFOLIO                                                          SHARES                

Selected per share data                                         2002          2001        2000/(4)/
---------------------------------------------------------------------------------------------------
                                                                                                   
Net Asset Value, Beginning of Period                             $1.00        $ 1.00         $1.00 
INCOME FROM INVESTMENT OPERATIONS:                                                                 
Net investment income                                             0.01          0.03          0.04 
  Total Income from Investment Operations                         0.01          0.03          0.04 
---------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                           
  From net investment income                                     (0.01)        (0.03)        (0.04)
    Total Distributions Paid                                     (0.01)        (0.03)        (0.04)
---------------------------------------------------------------------------------------------------
Net Asset Value, End of Period                                   $1.00         $1.00         $1.00 
---------------------------------------------------------------------------------------------------
Total Return/(1)/                                                 1.41%         2.93%         3.99%
SUPPLEMENTAL DATA AND RATIOS:                                                                      
Net assets, in thousands, end of period                       $413,098      $141,721       $78,621 
Ratio to average net assets of:/(2)/                                                               
  Expenses, net of waivers and reimbursements                     0.21%         0.21%         0.21%
  Expenses, before waivers and reimbursements                     0.36%         0.43%         0.53%
  Net investment income, net of waivers and reimbursements        1.40%         2.82%         3.98%
  Net investment income, before waivers and reimbursements        1.25%         2.60%         3.66%
---------------------------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                             SERVICE               

Selected per share data                                         2002          2001        2000/(5)/
---------------------------------------------------------------------------------------------------
                                                                                                   
Net Asset Value, Beginning of Period                             $1.00         $1.00         $1.00 
INCOME FROM INVESTMENT OPERATIONS:                                                                 
Net investment income                                             0.01          0.03          0.03 
  Total Income from Investment Operations                         0.01          0.03          0.03 
---------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:                                                                           
  From net investment income                                     (0.01)        (0.03)        (0.03)
    Total Distributions Paid                                     (0.01)        (0.03)        (0.03)
---------------------------------------------------------------------------------------------------
Net Asset Value, End of Period                                   $1.00         $1.00         $1.00 
---------------------------------------------------------------------------------------------------
Total Return/(1)/                                                 1.16%         2.66%         3.01%
SUPPLEMENTAL DATA AND RATIOS:                                                                      
Net assets, in thousands, end of period                        $45,642       $39,638       $36,320 
Ratio to average net assets of:/(2)/                                                               
  Expenses, net of waivers and reimbursements/(3)/                0.46%         0.47%         0.54%
  Expenses, before waivers and reimbursements/(3)/                0.61%         0.69%         0.86%
  Net investment income, net of waivers and reimbursements        1.15%         2.56%         3.65%
  Net investment income, before waivers and reimbursements        1.00%         2.34%         3.33%
---------------------------------------------------------------------------------------------------

(1)  Assumes investment at net asset value at the beginning of the year,        
   reinvestment of all dividends and distributions and a complete redemption
   of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.                     
(2)  Annualized for periods less than one year.                                 
(3)  Prior to February 1, 2001, expenses included an additional fee equal to    
    0.08% of average net assets of the Service Class paid to Northern Trust or
 other institutions for systems support and related services. Payment of
this fee has been eliminated.                                         
(4)  For the period December 1, 1999 (commencement of operations) through       
November 30, 2000.                                                    
(5)  For the period February 11, 2000 (commencement of operations) through      
November 30, 2000.                                                    

See Notes to the Financial Statements.                                          

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 17 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

DIVERSIFIED ASSETS PORTFOLIO                                      

                                                                [Download Table]

                                          PRINCIPAL         
                                           AMOUNT    VALUE  
                                           (000S)    (000S) 
                                                            
ASSET-BACKED NOTES - 0.9%                                   
Auto Receivables - 0.3%                                     
  Honda Auto Receivables Owner Trust,                       
   Series 2002-4 A1,                                        
   1.38%, 3/20/03                          $30,000  $ 30,000
------------------------------------------------------------
International Receivables - 0.4%                            
  Holmes Financing PLC FRN, Series 6-1A,                    
   1.64%, 12/16/02                          40,000    40,000
------------------------------------------------------------
Structured Investment Vehicles - 0.2%                       
  K2 USA LLC, MTN,                                          
   2.45%, 12/2/02                           10,000    10,000
   2.72%, 12/2/02                           15,000    15,000
------------------------------------------------------------
                                                      25,000
------------------------------------------------------------
Total Asset-Backed Notes (cost $95,000)               95,000
CERTIFICATES OF DEPOSIT - 18.9%                             
Domestic Depository Institutions - 4.4%                     
  Bank of America, Toronto,                                 
   1.34%, 5/15/03                           30,000    30,000
  Bank of New York,                                         
   2.07%, 8/20/03                           50,000    50,004
  HSBC Bank USA,                                            
   1.78%, 4/22/03                           25,000    25,000
  Marshall and Ilsley, Milwaukee,                           
   2.95%, 4/4/03                            35,000    35,157
  National City Bank, Cleveland,                            
   2.25%, 1/15/03                           20,000    20,000
  National City Bank, Indiana,                              
   2.27%, 12/23/02                          42,500    42,500
   1.70%, 3/25/03                           12,500    12,501
  Southtrust Bank, N.A.,                                    
   1.75%, 12/4/02                           75,000    75,000
  State Street Bank and Trust Co.,                          
   1.64%, 12/22/03                          50,000    50,000
  State Street Bank, Boston,                                
   1.72%, 12/9/02                           25,000    25,000
  US Bank, Cincinnati,                                      
   2.51%, 6/5/03                            50,000    49,995
  Wells Fargo Bank, N.A., San Francisco,                    
   1.76%, 12/18/02                          30,000    30,000
   1.73%, 1/21/03                           35,000    35,000
------------------------------------------------------------
                                                     480,157
------------------------------------------------------------
                                                                [Download Table]

                                                PRINCIPAL        
                                                 AMOUNT   VALUE  
                                                 (000S)   (000S) 
                                                                 
CERTIFICATES OF DEPOSIT - 18.9% - CONTINUED                      
Foreign Depository Institutions - 14.5%                          
  Abbey National PLC, Stamford,                                  
   1.33%, 2/24/03                                $55,000  $55,000
  Alliance & Leicester, London,                                  
   1.79%, 4/24/03                                 35,000   35,000
  Australia & New Zealand Bank, New York,                        
   2.62%, 5/19/03                                 11,000   10,999
  Bank of Nova Scotia, Portland,                                 
   1.54%, 5/6/03                                  20,000   20,000
  Barclays Bank, London Branch,                                  
   1.35%, 1/14/03                                 45,000   44,999
   1.37%, 1/21/03                                 40,000   40,000
   2.21%, 3/7/03                                  30,000   30,000
  BNP Paribas, New York Branch,                                  
   2.18%, 12/5/02                                 50,000   50,000
  Credit Lyonnais, New York Branch,                              
   1.77%, 12/12/02                                38,000   38,000
  Credit Suisse First Boston, New York Branch,                   
   2.12%, 12/2/02                                 40,000   40,000
  Deutsche Bank, London Branch,                                  
   1.36%, 5/20/03                                 40,000   40,000
  Deutsche Bank, New York Branch,                                
   1.98%, 12/30/02                                35,000   35,000
   1.35%, 5/12/03                                 47,000   47,000
  Dexia Bank Belgium, New York,                                  
   2.24%, 3/10/03                                 25,000   25,000
  HBOS Treasury Services, London,                                
   1.36%, 1/21/03                                 45,000   45,000
   1.75%, 2/18/03                                  7,500    7,500
   1.71%, 3/25/03                                 69,000   69,001
  Lloyds Bank, London Branch,                                    
   2.00%, 1/14/03                                 35,000   35,000
   1.84%, 11/3/03                                 25,000   25,066
  Monte Dei Paschi di Siena, London Branch,                      
   1.35%, 2/18/03                                 25,000   25,000
  Natexis Banques Populaires, New York Branch,                   
   1.35%, 5/22/03                                 30,000   30,000
   1.38%, 5/30/03                                 27,000   27,000
  National Australia Bank, London Branch,                        
   1.72%, 1/27/03                                 30,000   30,000
   2.02%, 3/24/03                                 35,000   35,001
   2.39%, 6/17/03                                 35,000   35,004
   1.45%, 11/10/03                                38,000   38,000
   1.48%, 11/12/03                                25,000   25,000

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 18 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

                                                                [Download Table]

                                                 PRINCIPAL           
                                                  AMOUNT     VALUE   
                                                  (000S)     (000S)  
                                                                     
CERTIFICATES OF DEPOSIT - 18.9% - CONTINUED                          
Foreign Depository Institutions - 14.5% - (continued)                
  Nordea Bank Finland, New York,                                     
   1.49%, 11/18/03                               $ 25,000  $   24,996
  Rabobank Nederland, New York Branch,                               
   1.51%, 11/5/03                                  55,000      55,000
  Royal Bank of Scotland, New York Branch,                           
   2.65%, 5/19/03                                  20,000      19,999
  Societe Generale, London Branch,                                   
   2.04%, 3/27/03                                  50,000      50,002
  Societe Generale, New York Branch,                                 
   2.11%, 1/24/03                                  35,000      35,000
   1.55%, 11/19/03                                 58,000      57,992
  Societe Generale, New York Branch,                                 
   Variable Rate,                                                    
   1.33%, 12/2/02                                  50,000      49,990
  Svenska Handelsbanken, Inc.,                                       
   London Branch,                                                    
   1.36%, 1/21/03                                 100,000     100,000
  Svenska Handelsbanken, Inc.,                                       
   New York Branch,                                                  
   1.70%, 2/18/03                                  19,000      19,015
  Swedbank, New York Branch,                                         
   1.70%, 3/25/03                                  53,000      53,000
  Toronto Dominion Bank, New York Branch,                            
   2.11%, 12/4/02                                  25,000      25,000
   1.72%, 1/27/03                                  42,500      42,500
  UBS AG, Stamford Branch,                                           
   2.26%, 12/23/02                                 75,000      75,000
   2.34%, 2/18/03                                  47,500      47,500
---------------------------------------------------------------------
                                                            1,592,564
---------------------------------------------------------------------
Total Certificates of Deposits (cost $2,072,721)            2,072,721
COMMERCIAL PAPER - 13.8%                                             
Administration of Environmental & Housing Programs - 0.1%            
  Idaho Housing & Finance Association,                               
   1.36%, 1/3/03                                    9,000       8,989
---------------------------------------------------------------------
Auto Receivables - 0.1%                                              
  FCAR Owner Trust,                                                  
   1.92%, 12/9/02                                  10,000       9,996
---------------------------------------------------------------------
Computer & Industrial Machines & Equipment - 0.1%                    
  Cooperative Association of Tractor Dealers,                        
   Series A,                                                         
   1.78%, 1/10/03                                   7,100       7,086
                                                                [Download Table]

                                             PRINCIPAL         
                                              AMOUNT    VALUE  
                                              (000S)    (000S) 
                                                               
COMMERCIAL PAPER - 13.8% - CONTINUED                           
Computer & Industrial Machines & Equipment - 0.1% - (continued)
   Series B,                                                   
   1.77%, 12/2/02                            $  2,000  $  2,000
---------------------------------------------------------------
                                                          9,086
---------------------------------------------------------------
Electric Services - 0.2%                                       
  National Rural Utilities Cooperative                         
   Finance Corp.,                                              
   1.37%, 1/17/03                              11,000    10,980
   1.42%, 1/30/03                              15,000    14,965
---------------------------------------------------------------
                                                         25,945
---------------------------------------------------------------
Electronic and Other Electronic Components - 3.8%              
  General Electric Capital Corp.,                              
   1.40%, 12/2/02                             285,000   284,989
   1.76%, 3/17/03                              35,000    34,819
   1.78%, 4/22/03                              45,000    44,684
   1.54%, 4/29/03                              28,000    27,822
  General Electric International, Series A,                    
   1.38%, 5/27/03                              30,000    29,796
---------------------------------------------------------------
                                                        422,110
---------------------------------------------------------------
Food Stores - 0.6%                                             
  Tesco PLC,                                                   
   1.34%, 12/20/02                             70,000    69,950
---------------------------------------------------------------
Foreign Depository Institutions - 3.9%                         
  Bank of Ireland,                                             
   1.37%, 2/19/03                              30,000    29,909
   1.37%, 2/25/03                              18,000    17,941
  Danske Corp., Inc.,                                          
   1.35%, 1/22/03                              45,374    45,286
  Soc Gen North America Inc.,                                  
   1.68%, 2/14/03                             120,000   119,581
  Spintab AB/Swedmortgage,                                     
   1.73%, 12/17/02                             50,000    49,962
  UBS Finance, Inc., Delaware,                                 
   1.40%, 12/2/02                             170,000   169,993
---------------------------------------------------------------
                                                        432,672
---------------------------------------------------------------
Multi-Seller Conduits - 0.5%                                   
  Lexington Parker Capital,                                    
   1.99%, 12/2/02                              50,000    49,997
---------------------------------------------------------------
Non-Depository Personal Credit Institutions - 1.0%             
  CIT Group, Inc.,                                             
   1.50%, 1/6/03                               40,000    39,941
   1.48%, 1/7/03                               10,000     9,985
   1.52%, 1/17/03                              10,000     9,980

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 19 MONEY MARKET PORTFOLIOS

N-30D 195th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 195th
---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

DIVERSIFIED ASSETS PORTFOLIO (continued)                          

                                                                [Download Table]

                                                PRINCIPAL           
                                                 AMOUNT     VALUE   
                                                 (000S)     (000S)  
                                                                    
COMMERCIAL PAPER - 13.8% - CONTINUED                                
Non-Depository Personal Credit Institutions - 1.0% - (continued)    
  Household Finance Corp.,                                          
   1.38%, 12/23/02                               $50,000  $   49,958
--------------------------------------------------------------------
                                                             109,864
--------------------------------------------------------------------
Petroleum Refining and Related Industries - 0.3%                    
  Koch Industries, Inc.,                                            
   1.40%, 12/2/02                                 35,000      34,999
--------------------------------------------------------------------
Securities and Commodities Brokers - 2.6%                           
  Goldman Sachs & Co.,                                              
   1.78%, 1/13/03                                 35,000      34,926
  Morgan Stanley,                                                   
   1.29%, 12/16/02                                58,500      58,469
   1.34%, 1/6/03                                  20,000      19,973
   1.36%, 1/15/03                                 55,000      54,907
   1.78%, 1/17/03                                 45,000      44,895
   1.78%, 1/21/03                                 48,000      47,879
  Salomon Smith Barney Holdings, Inc.,                              
   1.33%, 1/7/03                                  19,000      18,974
--------------------------------------------------------------------
                                                             280,023
--------------------------------------------------------------------
Wholesale Trade - Durable Good - 0.6%                               
  International Lease Finance Corp.,                                
   1.33%, 1/27/03                                 24,210      24,159
   1.81%, 2/5/03                                  39,000      38,882
--------------------------------------------------------------------
                                                              63,041
--------------------------------------------------------------------
Total Commercial Paper (cost $1,516,672)                   1,516,672
CORPORATE NOTES/BONDS - 9.7%                                        
Administration of Environmental & Housing Programs - 0.0%           
  Tri-O Development LLC Program Notes,                              
   Series 1999 (National City Bank LOC),                            
   1.46%, 12/6/02                                  3,755       3,755
--------------------------------------------------------------------
Business Services - 0.1%                                            
  Birchwood Acres Ltd. Taxable VRDB,                                
   Series 2000,                                                     
   1.47%, 12/6/02                                 12,410      12,410
--------------------------------------------------------------------
Collateralized Loan Obligations - 0.6%                              
  Syndicated Loan Funding Trust Senior Notes,                       
   Series 2001-12,                                                  
   1.85%, 12/9/02                                 70,000      70,000
--------------------------------------------------------------------
Construction - 0.1%                                                 
  Metal Forming & Coining Corp. (National City                      
   Bank LOC),                                                       
   1.46%, 12/6/02                                  7,660       7,660
--------------------------------------------------------------------
                                                                [Download Table]

                                              PRINCIPAL         
                                               AMOUNT    VALUE  
                                               (000S)    (000S) 
                                                                
CORPORATE NOTES/BONDS - 9.7% - CONTINUED                        
Domestic Depository Institution - 4.4%                          
  Bank One, N.A., Chicago,                                      
   1.72%, 1/27/03                             $ 25,000  $ 25,000
   1.75%, 2/5/03                                33,000    33,000
   1.75%, 3/20/03                               37,500    37,500
   1.58%, 4/30/03                               55,000    55,000
   1.57%, 5/1/03                                15,000    15,000
  Key Bank, Cleveland,                                          
   1.77%, 4/22/03                               25,000    24,999
  Marshall and Ilsley Bank,                                     
   5.26%, 12/15/03                              74,000    76,680
   6.15%, 12/2/02                               19,000    19,002
  Wells Fargo Bank, San Francisco,                              
   1.68%, 3/25/03                               45,000    44,999
   1.68%, 3/26/03                               62,500    62,500
   1.61%, 4/2/03                                40,000    40,000
   1.54%, 5/1/03                                27,000    27,000
   1.53%, 5/6/03                                27,000    27,000
----------------------------------------------------------------
                                                         487,680
----------------------------------------------------------------
Executive, Legislative & General Government - 0.0%              
  Commonwealth of Massachusetts                                 
   C.P. Notes, Series G,                                        
   1.30%, 12/12/02                               5,000     5,000
----------------------------------------------------------------
General Merchandise Stores - 0.1%                               
  Wal-Mart Stores Inc.,                                         
   4.88%, 6/1/03                                 5,000     5,076
----------------------------------------------------------------
Health Services - 0.1%                                          
  Surgery Center Financing Corp. VRDN,                          
   Series 1997 (National City Bank LOC),                        
   1.46%, 12/6/02                                5,595     5,595
----------------------------------------------------------------
Membership Organization - 0.0%                                  
  American Association of Retired Persons                       
   VRDN,                                                        
   1.45%, 12/6/02                                5,000     5,000
----------------------------------------------------------------
Non-Depository Personal Credit Institutions - 2.0%              
  American Express Credit VRN,                                  
   1.33%, 12/16/02                             146,000   145,985
   1.38%, 12/26/02                              50,000    50,000
  Folk Financial Services Inc., Loan Program                    
   Notes, Series A (NCC Bank, Michigan LOC),                    
   1.43%, 12/6/02                                5,615     5,615

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 20 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

N-30D 196th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 196th
                                                             NOVEMBER 30, 2002

                                                                [Download Table]

                                               PRINCIPAL           
                                                AMOUNT     VALUE   
                                                (000S)     (000S)  
                                                                   
CORPORATE NOTES/BONDS - 9.7% - CONTINUED                           
Non-Depository Personal Credit Institutions - 2.0% - (continued)   
  General Electric Capital Corp.,                                  
   6.40%, 1/15/03                              $  6,245  $    6,276
   6.81%, 11/3/03                                10,060      10,542
-------------------------------------------------------------------
                                                            218,418
-------------------------------------------------------------------
Real Estate - 0.1%                                                 
  MHS Realty Co., LLC Taxable Secured                              
   Promissory VRDN, Series 2001,                                   
   1.49%, 12/6/02                                 8,515       8,515
-------------------------------------------------------------------
Security and Commodity Brokers - 2.2%                              
  Goldman Sachs Group,                                             
   2.45%, 12/20/02                               25,000      25,000
  Goldman Sachs Group VRN,                                         
   1.53%, 12/2/02                                70,000      70,000
   1.53%, 12/2/02                                32,000      32,000
   1.53%, 12/2/02                               110,000     110,000
-------------------------------------------------------------------
                                                            237,000
-------------------------------------------------------------------
Total Corporate Notes/Bonds (cost $1,066,109)             1,066,109
EURODOLLAR TIME DEPOSITS - 6.3%                                    
Domestic Depository Institutions - 2.7%                            
  Key Bank, N.A., Grand Cayman,                                    
   1.25%, 12/2/02                               111,764     111,764
  State Street Bank & Trust Co.,                                   
   Grand Cayman,                                                   
   1.35%, 12/2/02                               185,000     185,000
-------------------------------------------------------------------
                                                            296,764
-------------------------------------------------------------------
Foreign Depository Institutions - 3.6%                             
  HBOS Treasury Services, London,                                  
   1.41%, 12/2/02                               125,000     125,000
  Monte De Paschi, New York,                                       
   1.38%, 2/18/03                                15,000      15,000
  National Australia Bank, Grand Cayman,                           
   1.34%, 12/2/02                               175,000     175,000
  Unicredito Italiano, Milan,                                      
   1.36%, 2/25/03                                55,000      55,000
   1.38%, 2/28/03                                31,000      31,000
-------------------------------------------------------------------
                                                            401,000
-------------------------------------------------------------------
Total Eurodollar Time Deposits (cost $697,764)              697,764
                                                                [Download Table]

                                                PRINCIPAL         
                                                 AMOUNT    VALUE  
                                                 (000S)    (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 3.8%                                      
Administration of Environmental & Housing Programs - 2.6%         
  Alaska State Housing Finance Corp.                              
   Governmental Purpose Revenue                                   
   Bonds, Series 2001D,                                           
   1.38%, 12/6/02                               $ 27,965  $ 27,965
  California Housing Finance Agency Home                          
   Mortgage Revenue Bonds, Series R,                              
   1.37%, 12/6/02                                 63,060    63,060
  New York State Housing Finance Agency                           
   Revenue Bonds, Series 2001-B,                                  
   1.40%, 12/6/02                                  7,000     7,000
  Texas State Veterans' Housing Program                           
   Fund II Taxable Bonds Series 99A-2,                            
   1.40%, 12/6/02                                 22,100    22,100
  Virginia State HDA Commonwealth Mortgage                        
   Revenue Bonds, Series 1998,                                    
   Series A,                                                      
   1.39%, 12/6/02                                115,730   115,730
   Series B,                                                      
   1.39%, 12/6/02                                 28,735    28,735
   Series C,                                                      
   1.39%, 12/6/02                                 12,550    12,550
------------------------------------------------------------------
                                                           277,140
------------------------------------------------------------------
Amusement & Recreation Services - 0.2%                            
  Maryland Stadium Authority Sports Facilities                    
   Lease Revenue Bonds, Series A,                                 
   1.40%, 12/6/02                                 16,300    16,300
------------------------------------------------------------------
Communications - 0.2%                                             
  New Jersey Economic Development Authority                       
   Taxable Revenue Bonds, Series 1997 B,                          
   MSNBC/CNBC Project,                                            
   1.70%, 12/2/02                                 20,999    20,999
------------------------------------------------------------------
Executive, Legislative & General Government - 0.6%                
  City of Baton Rouge, Louisiana, Taxable                         
   Refunding Revenue Bonds, Series 2002A,                         
   1.44%, 12/6/02                                  6,100     6,100
  Cook County, Illinois, G.O. Taxable Bonds,                      
   Series 2002A,                                                  
   1.43%, 12/6/02                                 22,000    22,000
  New York City Taxable G.O. Bonds,                               
   Series A-11,                                                   
   1.37%, 12/6/02                                 10,000    10,000

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 21 MONEY MARKET PORTFOLIOS

N-30D 197th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 197th
---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

DIVERSIFIED ASSETS PORTFOLIO (continued)                          

                                                                [Download Table]

                                              PRINCIPAL         
                                               AMOUNT    VALUE  
                                               (000S)    (000S) 
                                                                
MUNICIPAL INVESTMENTS - 3.8% - CONTINUED                        
Executive, Legislative & General Government - 0.6% - (continued)
  Seattle, Washington, G.O. Taxable VRDB,                       
   Series 1996-C,                                               
   1.34%, 12/6/02                             $ 32,825  $ 32,825
----------------------------------------------------------------
                                                          70,925
----------------------------------------------------------------
Health Services - 0.0%                                          
  Waukesha, Wisconsin Health System, Inc.,                      
   Taxable VRDB, Series 1996,                                   
   1.45%, 12/6/02                                4,600     4,600
----------------------------------------------------------------
Insurance Carriers - 0.0%                                       
  Health Insurance Plan of Greater New York,                    
   VRN, Series 1990 B-1,                                        
   1.40%, 12/6/02                                5,000     5,000
----------------------------------------------------------------
Oil and Gas Extraction - 0.0%                                   
  Duncan Oil Co. VRDN, Series 2000,                             
   1.46%, 12/6/02                                4,045     4,045
----------------------------------------------------------------
Real Estate - 0.1%                                              
  Connecticut State HFA Taxable VRDN,                           
  Series 2001-A4,                                               
   1.40%, 12/6/02                               12,250    12,250
----------------------------------------------------------------
Wholesale Trade - Durable Good - 0.1%                           
  Jackson County, Georgia IDA Taxable                           
   Revenue Bond, Series 2002, John W.                           
   Rooker, LLC Project,                                         
   1.45%, 12/6/02                                8,000     8,000
----------------------------------------------------------------
Total Municipal Investments (cost $419,259)              419,259
                                              NUMBER OF         
                                               SHARES    VALUE  
                                               (000S)    (000S) 
OTHER - 6.3%                                                    
  Deutsche Cash Reserves Money Market Fund      70,000    70,000
  Federated Prime Cash Obligations #851                         
   Money Market Fund                           200,000   200,000
  Fund Management Company Money Market                          
   Fund                                        425,000   425,000
----------------------------------------------------------------
Total Other (cost $695,000)                              695,000
                                                                [Download Table]

                                           PRINCIPAL         
                                            AMOUNT    VALUE  
                                            (000S)    (000S) 
                                                             
U.S. GOVERNMENT AGENCIES - 13.5%                             
Federal Farm Credit Bank - 1.3%                              
  Federal Farm Credit Bank Discount Notes                    
   1.56%, 5/28/03                          $ 30,000  $ 29,769
   1.57%, 5/30/03                            12,375    12,278
  Federal Farm Credit Bank Notes                             
   1.85%, 8/1/03                             50,000    49,988
   1.70%, 10/1/03                            20,000    19,997
   2.30%, 10/10/03                           37,000    37,152
-------------------------------------------------------------
                                                      149,184
-------------------------------------------------------------
Federal Home Loan Bank - 0.7%                                
  FHLB Discount Notes                                        
   2.02%, 7/1/03                           $ 19,241  $ 19,012
   1.58%, 8/14/03                            20,000    19,775
  FHLB Notes                                                 
   5.13%, 1/13/03                             4,100     4,115
   5.50%, 1/21/03                             8,440     8,481
   5.13%, 9/15/03                             8,000     8,210
   3.06%, 10/24/03                            5,000     5,072
   5.03%, 11/3/03                             7,800     8,055
-------------------------------------------------------------
                                                       72,720
-------------------------------------------------------------
Federal Home Loan Mortgage Corporation - 4.7%                
  FHLMC Discount Notes                                       
   1.91%, 12/26/02                           75,000    74,901
   1.71%, 8/14/03                            57,000    56,307
   1.79%, 9/11/03                            90,000    88,745
   1.74%, 9/12/03                            65,000    64,120
  FHLMC Notes                                                
   7.38%, 5/15/03                           111,500   114,118
   5.75%, 7/15/03                            46,410    47,412
   6.38%, 11/15/03                           72,938    76,006
-------------------------------------------------------------
                                                      521,609
-------------------------------------------------------------

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 22 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

N-30D 198th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 198th
                                                             NOVEMBER 30, 2002

                                                                [Download Table]

                                          PRINCIPAL           
                                           AMOUNT     VALUE   
                                           (000S)     (000S)  
                                                              
U.S. GOVERNMENT AGENCIES - 13.5% - CONTINUED                  
Fannie Mae - 6.4%                                             
  FNMA Discount Notes                                         
   2.08%, 12/2/02                         $ 23,132  $   23,131
   1.87%, 12/4/02                          100,000      99,984
   1.78%, 1/8/03                            50,000      49,906
   1.31%, 3/3/03                            37,000      36,878
   1.81%, 5/1/03                            40,000      39,696
   2.01%, 6/27/03                           75,000      74,129
   1.71%, 7/25/03                          181,000     178,920
  FNMA Notes                                                  
   1.57%, 12/5/02                           24,250      24,250
   2.25%, 1/28/03                           11,000      11,005
   4.63%, 5/15/03                           74,800      75,544
   4.00%, 8/15/03                           24,892      25,266
   3.13%, 11/15/03                          36,415      36,936
   1.75%, 12/8/03                           25,000      25,000
--------------------------------------------------------------
                                                       700,645
--------------------------------------------------------------
Student Loan Marketing Association - 0.4%                     
  SLMA Discount Notes                                         
   1.59%, 8/1/03                            32,500      32,151
   1.58%, 8/5/03                             9,000       8,902
--------------------------------------------------------------
                                                        41,053
--------------------------------------------------------------
Total U.S. Government Agencies (cost $1,485,211)     1,485,211
U.S. TREASURY OBLIGATIONS - 2.9%                              
  U.S. Treasury Notes                                         
   5.25%, 8/15/03                           50,000      51,274
   5.75%, 8/15/03                           50,000      51,456
   2.75%, 9/30/03                           55,000      55,515
   2.75%, 10/31/03                          75,000      75,844
   4.25%, 11/15/03                          55,000      56,515
   3.00%, 11/30/03                          28,000      28,443
--------------------------------------------------------------
Total U.S. Treasury Obligations (cost $319,047)        319,047
                                                                [Download Table]

                                              PRINCIPAL                 
                                               AMOUNT        VALUE      
                                               (000S)        (000S)     
                                                                        
REPURCHASE AGREEMENTS - 24.8%                                           
(Colld. by U.S. Government/Agency                                       
 Securities)                                                            
Joint Repurchase Agreement - 0.5%                                       
  UBS-Warburg LLC, dated 11/29/02,                                      
   repurchase price $50,032                                             
   1.33%, 12/7/02                             $   50,000   $     50,000 
------------------------------------------------------------------------
(Colld. by U.S. Government/Agency                                       
 Securities)                                                            
Repurchase Agreements - 24.3%                                           
  Lehman Brothers, Inc., dated 11/29/02,                                
   repurchase price $1,064                                              
   1.37%, 12/2/02                                  1,064          1,064 
  Bank of America Securities LLC, dated                                 
   11/27/02, repurchase price $325,050                                  
   1.38%, 12/2/02                                325,000        325,000 
  UBS-Warburg LLC, dated 11/29/02,                                      
   repurchase price $1,045,080                                          
   1.38%, 12/2/02                              1,045,000      1,045,000 
  Bear Stearns, Inc., dated 11/29/02,                                   
   repurchase price $225,018                                            
   1.45%, 12/2/02                                225,000        225,000 
  Greenwich Capital Markets, Inc., dated                                
   11/29/02, repurchase price $830,067                                  
   1.45%, 12/2/02                                830,000        830,000 
  Bear Stearns, Inc., dated 11/14/02,                                   
   repurchase price $100,062                                            
   1.31%, 1/14/03                                100,000        100,000 
  Greenwich Capital Markets, Inc., dated                                
   11/14/02, repurchase price $150,094                                  
   1.33%, 1/14/03                                150,000        150,000 
------------------------------------------------------------------------
                                                              2,676,064 
------------------------------------------------------------------------
Total Repurchase Agreements (cost                                       
 $2,726,064)                                                  2,726,064 
------------------------------------------------------------------------
Total Investments - 100.9% (cost $11,092,847)                11,092,847 
   Liabilities less Other Assets - (0.9)%                      (105,834)
------------------------------------------------------------------------
NET ASSETS - 100.0%                                         $10,987,013 

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 23 MONEY MARKET PORTFOLIOS

N-30D 199th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 199th
---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

GOVERNMENT PORTFOLIO                                              

                                                                [Download Table]

                                  PRINCIPAL         
                                   AMOUNT    VALUE  
                                   (000S)    (000S) 
                                                    
U.S. GOVERNMENT AGENCIES - 43.7%                    
Fannie Mae - 10.6%                                  
  FNMA Discount Notes                               
   1.25%, 12/10/02                 $ 2,875  $  2,874
   2.13%, 12/13/02                  10,000     9,993
   1.70%, 12/18/02                  23,000    22,982
   1.25%, 12/23/02                   1,400     1,399
   1.61%, 3/5/03                    43,000    42,819
   1.60%, 4/15/03                   40,000    39,760
   1.63%, 5/2/03                    26,368    26,187
   2.45%, 5/2/03                     5,000     4,948
   1.30%, 5/27/03                    3,330     3,309
   2.35%, 5/30/03                   15,000    14,824
   1.61%, 6/27/03                   24,000    23,777
   1.97%, 6/27/03                   12,000    11,864
   1.47%, 11/14/03                   5,000     4,929
  FNMA FRN                                          
   1.24%, 12/9/02                   30,000    29,992
   1.23%, 12/27/02                  30,000    29,993
  FNMA Notes                                        
   2.25%, 2/7/03                    20,000    20,000
   4.63%, 5/15/03                    1,200     1,215
   3.13%, 11/15/03                   5,000     5,074
----------------------------------------------------
                                             295,939
----------------------------------------------------
Federal Farm Credit Bank - 2.0%                     
  Federal Farm Credit Bank Notes                    
   1.60%, 2/3/03                    25,000    25,000
   1.55%, 5/1/03                    32,000    32,000
----------------------------------------------------
                                              57,000
----------------------------------------------------
Federal Home Loan Bank - 16.0%                      
  FHLB Bond                                         
   2.38%, 2/4/03                    25,000    25,001
  FHLB Discount Notes                               
   1.19%, 12/2/02                   54,000    53,998
   1.77%, 12/6/02                   24,850    24,844
   1.69%, 12/13/02                  40,000    39,977
   1.60%, 1/8/03                    51,500    51,413
   1.72%, 1/10/03                   10,000     9,981
   1.70%, 1/15/03                   24,000    23,949
   1.44%, 10/31/03                  30,000    29,599
  FHLB FRN                                          
   1.26%, 12/2/02                   15,000    15,000
   1.25%, 12/16/02                  30,000    29,989
   1.27%, 12/20/02                  50,000    49,997
                                                                [Download Table]

                                            PRINCIPAL           
                                             AMOUNT     VALUE   
                                             (000S)     (000S)  
                                                                
U.S. GOVERNMENT AGENCIES - 43.7% - CONTINUED                    
Federal Home Loan Bank - 16.0% - (continued)                    
   1.24%, 12/24/02                           $80,000  $   79,986
   1.63%, 12/30/02                            15,000      14,993
----------------------------------------------------------------
                                                         448,727
----------------------------------------------------------------
Freddie Mac - 9.5%                                              
  FHLMC Discount Notes                                          
   2.17%, 12/5/02                             30,000      29,993
   1.70%, 12/10/02                             3,524       3,522
   1.66%, 1/9/03                              55,000      54,901
   2.19%, 1/30/03                             21,921      21,841
   1.83%, 1/31/03                             10,000       9,969
   1.62%, 3/27/03                             15,000      14,922
   2.06%, 6/19/03                             25,000      24,714
   2.10%, 6/19/03                             15,000      14,825
   1.75%, 7/17/03                             13,000      12,856
   1.91%, 7/17/03                             10,000       9,879
   1.98%, 7/17/03                             20,000      19,749
   1.70%, 8/14/03                             10,000       9,879
   1.75%, 8/14/03                             23,886      23,589
   1.78%, 10/22/03                            10,000       9,839
  FHLMC Notes                                                   
   6.38%, 11/15/03                             6,700       7,007
----------------------------------------------------------------
                                                         267,485
----------------------------------------------------------------
Student Loan Marketing Association - 3.8%                       
  SLMA Bond                                                     
   2.25%, 1/27/03                             68,000      67,999
  SLMA Discount Notes                                           
   2.33%, 1/31/03                             10,000       9,961
   2.54%, 1/31/03                             15,000      14,935
   2.62%, 1/31/03                             15,000      14,933
----------------------------------------------------------------
                                                         107,828
----------------------------------------------------------------
Tennessee Valley Authority - 1.8%                               
  Tennessee Valley Authority Discount Note                      
   1.21%, 12/20/02                            50,000      49,968
----------------------------------------------------------------
Total U.S. Government Agencies (cost $1,226,947)       1,226,947
U.S. GOVERNMENT OBLIGATIONS - 4.5%                              
  U.S. Treasury Notes                                           
   2.75%, 9/30/03                             40,000      40,368
   2.75%, 10/31/03                            20,000      20,228
   4.25%, 11/15/03                            65,000      66,580
----------------------------------------------------------------
Total U.S. Government Obligations (cost $127,176)        127,176

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 24 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

N-30D 200th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 200th
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                                                                [Download Table]

                                              NUMBER OF              
                                               SHARES                
                                               (000S)   VALUE (000S) 
                                                                     
OTHER - 4.5%                                                         
  Short-Term Investment Company Treasury                             
   Portfolio Money Market Fund                 125,000     $  125,000
---------------------------------------------------------------------
Total Other (cost $125,000)                                   125,000

                                              PRINCIPAL              
                                               AMOUNT                
                                               (000S)   VALUE (000S) 
REPURCHASE AGREEMENTS - 45.7%                                        

(Colld. by U.S. Government/Agency                                    
 Securities)                                                         
Joint Repurchase Agreement - 1.8%                                    
  UBS-Warburg LLC, dated 11/29/02,                                   
   repurchase price $50,032                                          
   1.33%, 12/7/02                             $ 50,000         50,000
---------------------------------------------------------------------
(Colld. by U.S. Government/Agency                                    
 Securities)                                                         
Repurchase Agreements - 43.9%                                        
  Lehman Brothers, Inc., dated 11/29/02,                             
   repurchase price $205,810                                         
   1.37%, 12/2/02                              205,794        205,794
  Credit Suisse First Boston Corp., dated                            
   11/29/02, repurchase price $450,036                               
   1.42%, 12/2/02                              450,000        450,000
  Goldman Sachs, dated 11/29/02,                                     
   repurchase price $150,012                                         
   1.42%, 12/2/02                              150,000        150,000
  Bear Stearns, Inc., dated 11/29/02,                                
   repurchase price $425,034                                         
   1.45%, 12/2/02                              425,000        425,000
---------------------------------------------------------------------
                                                            1,230,794
---------------------------------------------------------------------
Total Repurchase Agreements (cost $1,280,794)               1,280,794
---------------------------------------------------------------------
Total Investments - 98.4% (cost $2,759,917)                 2,759,917
  Other Assets less Liabilities - 1.6%                         45,565
---------------------------------------------------------------------
NET ASSETS - 100.0%                                        $2,805,482

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 25 MONEY MARKET PORTFOLIOS

N-30D 201st “Page” of 244 TOC 1st Previous Next ↓Bottom Just 201st
---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

GOVERNMENT SELECT PORTFOLIO                                       

                                                                [Download Table]

                                  PRINCIPAL            
                                   AMOUNT      VALUE   
                                   (000S)      (000S)  
                                                       
U.S. GOVERNMENT AGENCIES - 94.6%                       
Federal Farm Credit Bank - 8.6%                        
  Federal Farm Credit Bank Discount Notes              
   1.60%, 12/5/02                 $    3,485 $    3,484
   1.64%, 12/20/02                    24,000     23,979
   1.25%, 12/27/02                    50,000     49,955
   1.25%, 12/30/02                    50,000     49,950
   1.95%, 4/14/03                     30,000     29,782
   1.32%, 5/23/03                     10,000      9,937
   1.31%, 7/14/03                     18,551     18,399
   1.70%, 8/21/03                     10,000      9,876
   1.47%, 9/24/03                      7,397      7,307
  Federal Farm Credit Bank FRN                         
   1.53%, 12/6/02                     85,000     84,980
  Federal Farm Credit Bank Notes                       
   1.60%, 2/3/03                      25,000     25,000
   1.55%, 5/1/03                      35,000     35,000
   2.30%, 10/10/03                    25,000     25,103
-------------------------------------------------------
                                                372,752
-------------------------------------------------------
Federal Home Loan Bank - 74.1%                         
  FHLB Discount Notes                                  
   1.19%, 12/2/02                  1,040,947  1,040,913
   1.22%, 12/2/02                    135,000    134,995
   1.20%, 12/4/02                     25,000     24,998
   1.25%, 12/4/02                      2,340      2,340
   1.45%, 12/4/02                    125,000    124,985
   1.25%, 12/5/02                     27,455     27,451
   1.22%, 12/6/02                     24,940     24,936
   1.24%, 12/6/02                     30,700     30,695
   1.25%, 12/6/02                      1,000      1,000
   1.67%, 12/6/02                    100,000     99,977
   1.77%, 12/6/02                    100,000     99,975
   1.25%, 12/10/02                    10,000      9,997
   1.22%, 12/11/02                    32,535     32,524
   1.24%, 12/11/02                   110,000    109,962
   1.72%, 12/13/02                    24,236     24,222
   1.25%, 12/18/02                    97,667     97,609
   1.78%, 12/18/02                    75,000     74,937
   1.22%, 12/20/02                    52,394     52,360
   1.25%, 12/20/02                    37,459     37,434
   1.75%, 12/26/02                    20,000     19,976
   1.27%, 1/8/03                       3,800      3,795
   1.59%, 1/8/03                     144,470    144,227
   1.61%, 1/8/03                      69,000     68,883
                                                                [Download Table]

                                             PRINCIPAL           
                                              AMOUNT     VALUE   
                                              (000S)     (000S)  
                                                                 
U.S. GOVERNMENT AGENCIES - 94.6% - CONTINUED                     
Federal Home Loan Bank - 74.1% - (continued)                     
   1.75%, 1/8/03                             $ 24,982  $   24,936
   1.76%, 1/8/03                              108,825     108,623
   1.72%, 1/10/03                              10,765      10,744
   1.75%, 1/17/03                              40,000      39,909
   1.26%, 1/22/03                               6,000       5,989
   1.76%, 1/23/03                               4,200       4,189
   1.25%, 2/14/03                              17,600      17,554
   1.66%, 2/14/03                              84,015      83,725
   1.27%, 2/21/03                               4,000       3,988
   1.67%, 2/28/03                              25,000      24,897
   1.60%, 3/5/03                               85,000      84,645
   1.32%, 5/28/03                              10,849      10,778
   1.94%, 7/1/03                               40,000      39,543
   1.66%, 7/31/03                              15,000      14,833
   1.73%, 8/1/03                               46,000      45,463
   1.44%, 10/31/03                              7,000       6,906
  FHLB FRN                                                       
   1.26%, 12/2/02                             103,000     102,988
   1.62%, 12/11/02                              3,000       3,000
   1.25%, 12/16/02                             40,000      39,986
   1.27%, 12/20/02                             50,000      49,997
   1.24%, 12/24/02                             40,000      39,993
   1.63%, 12/30/02                             75,000      74,963
  FHLB Notes                                                     
   2.38%, 2/4/03                               50,000      50,002
   3.03%, 4/25/03                               4,000       4,020
   4.50%, 5/15/03                               3,500       3,543
   7.25%, 5/15/03                               3,850       3,945
   5.13%, 9/15/03                               3,935       4,035
   6.38%, 11/14/03                              5,000       5,228
-----------------------------------------------------------------
                                                        3,196,613
-----------------------------------------------------------------
Student Loan Marketing Association - 4.6%                        
  SLMA Discount Notes                                            
   1.20%, 12/2/02                              72,000      71,998
   2.22%, 1/27/03                               7,859       7,831
   2.26%, 1/27/03                              47,225      47,056
   2.62%, 1/31/03                              36,000      35,840
   1.75%, 2/4/03                               20,000      19,937
   1.69%, 8/1/03                               14,900      14,730
-----------------------------------------------------------------
                                                          197,392
-----------------------------------------------------------------

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 26 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                                [Download Table]

U.S. GOVERNMENT AGENCIES--                   PRINCIPAL           
 94.6%                                        AMOUNT     VALUE   
                                              (000S)     (000S)  
                                                                 
U.S. GOVERNMENT AGENCIES - 94.6% - CONTINUED                     
Tennessee Valley Authority - 7.3%                                
  Tennessee Valley Authority Discount Notes                      
   1.21%, 12/2/02                            $ 68,000  $   67,998
   1.57%, 12/12/02                             50,000      49,976
   1.21%, 12/13/02                            120,000     119,952
   1.21%, 12/20/02                             75,000      74,952
-----------------------------------------------------------------
                                                          312,878
-----------------------------------------------------------------
Total U.S. Government Agencies (cost $4,079,635)        4,079,635
U.S. GOVERNMENT OBLIGATIONS - 2.7%                               
  U.S. Treasury Notes                                            
   2.75%, 9/30/03                              20,000      20,182
   2.75%, 10/31/03                             30,000      30,342
   4.25%, 11/15/03                             65,000      66,630
-----------------------------------------------------------------
Total U.S. Government Obligations (cost $117,154)         117,154
Total Investments - 97.3% (cost $4,196,789)             4,196,789
  Other Assets less liabilities - 2.7%                    117,105
-----------------------------------------------------------------
NET ASSETS - 100.0%                                    $4,313,894

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 27 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

TAX-EXEMPT PORTFOLIO                                              

                                                                [Download Table]

                                                 PRINCIPAL        
                                                  AMOUNT   VALUE  
                                                  (000S)   (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 100.1%                                    
Alabama - 2.1%                                                    
  Alabama Special Care Facilities Financing                       
   Authority Revenue VRDB, Series 1999B                           
   (Ascension Health Gtd.),                                       
   1.20%, 12/6/02                                 $ 6,700  $ 6,700
  Oxford G.O. VRDB, Trust Receipts SGB 34                         
   (AMBAC Insured),                                               
   1.25%, 12/6/02                                   4,000    4,000
  West Jefferson County Industrial Development                    
   Board Series 1998, PCR Bonds (Alabama                          
   Power Co.Gtd.),                                                
   1.30%, 12/2/02                                   8,800    8,800
------------------------------------------------------------------
                                                            19,500
------------------------------------------------------------------
Arizona - 0.8%                                                    
  Pima County Development Authority Multifamily                   
   VRDN, Series 2001, Eastside Place                              
   Apartments Project (FNMA LOC),                                 
   1.32%, 12/6/02                                   3,000    3,000
  Pima County IDA VRDN, Series 2002A,                             
   La Posada Senior Living Facilities Project                     
   (LaSalle Bank LOC),                                            
   1.20%, 12/6/02                                   4,745    4,745
------------------------------------------------------------------
                                                             7,745
------------------------------------------------------------------
Arkansas - 0.4%                                                   
  Arkansas Hospital Equipment Finance Authority                   
   VRDB, Series 1998, Arkansas Hospital                           
   Associations Pooled Finance Program                            
   (Bank of America LOC),                                         
   1.25%, 12/6/02                                   3,895    3,895
------------------------------------------------------------------
California - 11.5%                                                
  California Department of Water Resources                        
   Power Supply Revenue Bonds (Department of                      
   Water Resources LOC),                                          
    Series 2002B-1,                                               
   1.80%, 3/13/03                                   5,000    5,000
   Series 2002B-2,                                                
   1.80%, 2/13/03                                  20,000   20,000
   Series 2002B-4,                                                
   1.80%, 3/13/03                                  20,000   20,000
  California Department of Water Resources                        
   Power Supply Revenue Bonds Series 2002C-3                      
   (AMBAC Insured),                                               
   1.80%, 3/13/03                                  10,000   10,000
                                                                [Download Table]

                                                 PRINCIPAL         
                                                  AMOUNT    VALUE  
                                                  (000S)    (000S) 
                                                                   
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                         
California - 11.5% - (continued)                                   
  Series 2002C-15 (Department of Water                             
   Resources LOC),                                                 
   1.80%, 2/13/03                                 $20,000  $ 20,000
  California PCR Finance Authority Bonds,                          
   San Diego Gas & Electric, Merrill Lynch                         
   P-Floats PA-538R (MBIA Insured),                                
   1.26%,12/6/02                                   11,260    11,260
  California PCR Finance Authority Bonds,                          
   San Diego Gas & Electric, Merrill Lynch                         
   P-Floats PA-633R (MBIA Insured),                                
   1.26%, 12/6/02                                   1,050     1,050
  California State RAN, Series 2002A,                              
   1.38%, 6/20/03                                   5,000     5,000
   2.50%, 6/20/03                                  13,000    13,062
-------------------------------------------------------------------
                                                            105,372
-------------------------------------------------------------------
Colorado - 0.7%                                                    
  Colorado State General Fund TRAN,                                
   Series 2002A,                                                   
   3.00%, 6/27/03                                   2,000     2,017
  Jefferson County TAN, School District R-001,                     
   2.50%, 6/30/03                                   4,000     4,025
-------------------------------------------------------------------
                                                              6,042
-------------------------------------------------------------------
District of Columbia - 1.8%                                        
  District of Columbia Revenue Bonds, National                     
   Public Radio, Inc. (SunTrust Bank LOC),                         
   1.15%, 12/6/02                                   5,300     5,300
  District of Columbia Water & Sewer VRDB,                         
   Series 1998, Citibank Eagle Trust 985201                        
   (FSA Insured),                                                  
   1.25%, 12/6/02                                   4,200     4,200
  District of Columbia Water & Sewer Revenue                       
   VRDB, Citicorp Eagle Trust 8121A,                               
   (FSA Insured),                                                  
   1.25%, 12/6/02                                   7,000     7,000
-------------------------------------------------------------------
                                                             16,500
-------------------------------------------------------------------
Florida - 4.3%                                                     
  Jacksonville PCR Refunding Bonds, Series                         
   1994, Florida Power & Light Project (Florida                    
   Power & Light Co. Gtd.),                                        
   1.65%, 12/6/02                                   3,000     3,000

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 28 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                                [Download Table]

                                                 PRINCIPAL        
                                                  AMOUNT   VALUE  
                                                  (000S)   (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                        
Florida - 4.3% - (continued)                                      
  Lakeland City VRDB, Series 2001A,                               
   Energy System,                                                 
   1.10%, 12/6/02                                 $ 2,600  $ 2,600
  Lee Memorial Health System Board of Directors                   
   Hospital Revenue VRDB, Series 1995A,                           
   1.30%, 12/2/02                                     200      200
  Marion County Hospital District VRDB, Series                    
   2001, Munroe Regional Health System                            
   (AmSouth Bank Birmingham LOC),                                 
   1.15%, 12/6/02                                   1,000    1,000
  Orange County Health Facility Revenue VRDB,                     
   Morgan Stanley Floater Certificates,                           
   Series 531 (FSA Insured),                                      
   1.36%, 12/6/02                                  27,000   27,000
  Palm Beach County HFA Multifamily Revenue                       
   Refunding VRDN, Cotton Bay (Credit Suisse                      
   First Boston Gtd.),                                            
   1.10%, 12/6/02                                   2,700    2,700
  Putnam County Development Authority PCR                         
   Bonds, National Rural Utilities Seminole                       
   Electric H-4 (National Rural Utilities                         
   Cooperative Finance Co. Gtd.),                                 
   1.60%, 3/15/03                                   3,000    3,000
------------------------------------------------------------------
                                                            39,500
------------------------------------------------------------------
Georgia - 3.9%                                                    
  Clayton County Hospital Authority RAN, Series                   
   1998B, Southern Regional Medical Center                        
   (SunTrust Bank LOC),                                           
   1.15%, 12/6/02                                   1,155    1,155
  Development Authority of Cobb County Revenue                    
   VRDB, Series 2001, Boy Scouts of America                       
   (SunTrust Bank LOC),                                           
   1.15%, 12/6/02                                   3,000    3,000
  Fulton County Development Authority Revenue                     
   VRDB, Series 2002, Lovett School Project                       
   (SunTrust Bank LOC),                                           
   1.15%, 12/6/02                                   3,000    3,000
  Georgia State G.O. VRDB,                                        
   Eagle Trust Series 97C1001,                                    
   1.25%, 12/6/02                                     340      340
   Eagle Trust Series 99D1002,                                    
   1.25%, 12/6/02                                   7,000    7,000
                                                                [Download Table]

                                                  PRINCIPAL        
                                                   AMOUNT   VALUE  
                                                   (000S)   (000S) 
                                                                   
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                         
Georgia - 3.9% - (continued)                                       
  Macon Water Authority & Sewer Revenue                            
   Bonds, Series 2001A,                                            
   1.30%, 12/6/02                                  $ 5,000  $ 5,000
  Putnam County Development Authority PCR                          
   Bonds, Series 1998-1, Georgia Power Plant                       
   Co. Branch (Georgia Power Co. Gtd.),                            
   1.30%, 12/2/02                                    2,825    2,825
  Putnam County Development Authority PCR                          
   Bonds, Georgia Power Plant Co. Branch                           
   Project (Georgia Power Co. Gtd.),                               
   1.30%, 12/2/02                                    4,500    4,500
  Rockdale County Hospital Authority RAN,                          
   Series 2002, Rockdale Hospital                                  
   (SunTrust Bank LOC),                                            
   1.30%, 12/6/02                                    5,000    5,000
  Smyrna Multifamily Housing VRDN,                                 
   Series 1997, F & M Villages Project                             
   (FNMA LOC),                                                     
   1.15%, 12/6/02                                    3,500    3,500
-------------------------------------------------------------------
                                                             35,320
-------------------------------------------------------------------
Illinois - 12.2%                                                   
  Chicago Board of Education G.O. Unlimited                        
   VRDB, Series 2000A, School Reform Board                         
   (FGIC Insured),                                                 
   1.26%, 12/6/02                                   10,405   10,405
  Chicago Board of Education G.O. Unlimited                        
   VRDB, Series A, Merrill P-Floats PA-617,                        
   School Reform Board (FGIC Insured),                             
   1.23%, 12/6/02                                    4,995    4,995
  Chicago G.O. Project & Refunding Bonds, Series                   
   1998M, Bank of America Partnership                              
   (FGIC Insured),                                                 
   1.26%, 12/6/02                                    6,300    6,300
  Chicago G.O. Refunding VRDB, Series 1998,                        
   Citicorp Eagle Trust 981302 (FSA Insured),                      
   1.25%, 12/6/02                                    1,000    1,000

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 29 MONEY MARKET PORTFOLIOS

N-30D 205th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 205th
---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

TAX-EXEMPT PORTFOLIO (continued)                                  

                                                                [Download Table]

                                                     PRINCIPAL        
                                                      AMOUNT   VALUE  
                                                      (000S)   (000S) 
                                                                      
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                            
Illinois - 12.2% - (continued)                                        
  Chicago Park District G.O. VRDB, First Union                        
   Merlots Series 2001A61, Tax Park Project                           
   (FGIC Insured),                                                    
   1.42%, 12/6/02                                     $ 7,115  $ 7,115
  Chicago School Reform Board G.O. VRDN,                              
   Series 1996, Bank of America Securities                            
   Variable Rate Certificates (MBIA Insured),                         
   1.36%, 12/6/02                                      11,800   11,800
  Illinois Development Finance Authority VRDB,                        
   Series 2002, United Way Crusade of Mercy                           
   (LaSalle Bank LOC),                                                
   1.20%, 12/6/02                                       5,465    5,465
  Illinois Development Finance Authority Revenue                      
   VRDB, BAPS Inc. Project (Comerica                                  
   Bank LOC),                                                         
   1.50%, 12/6/02                                       5,000    5,000
  Illinois Development Finance Authority Revenue                      
   VRDB, Series 2001, British Home for Retired                        
   Men & Women Project (LaSalle Bank LOC),                            
   1.20%, 12/6/02                                       1,600    1,600
  Illinois Development Finance Authority Revenue                      
   VRDN, Enterprise Office Campus (Colld. by                          
   U.S. Government Securities),                                       
   1.55%, 12/2/02                                       3,000    3,000
  Illinois Development Finance Authority Revenue                      
   Bonds, La Rabida Childrens Hospital                                
   (Bank of America LOC),                                             
   1.25%, 12/6/02                                       1,000    1,000
  Illinois Educational Facilities Authority Revenue                   
   Bonds, Series 2000, Lake County YMCA                               
   (Harris Trust & Savings Bank LOC),                                 
   1.15%, 12/6/02                                       1,000    1,000
  Illinois Educational Facilities Authority Revenue                   
   Bonds, University of Chicago,                                      
   1.65%, 7/1/03                                        3,000    3,000
  Illinois Educational Facilities Authority VRDB,                     
   Series 2000, Shedd Aquarium Society,                               
   (Bank One LOC),                                                    
   1.20%, 12/6/02                                       5,600    5,600
  Illinois Health Facilities Authority Revenue                        
   Bonds, Revolving Pooled Loan Facility                              
   (Bank One LOC),                                                    
   1.20%, 12/6/02                                       1,000    1,000
                                                                [Download Table]

                                                     PRINCIPAL         
                                                      AMOUNT    VALUE  
                                                      (000S)    (000S) 
                                                                       
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                             
Illinois - 12.2% - (continued)                                         
  Illinois Health Facilities Authority Revenue                         
   Bonds, Series 1996, Proctor Hospital                                
   (Bank One LOC),                                                     
   1.20%, 12/6/02                                     $ 5,150  $  5,150
  Illinois Health Facilities Authority Revenue                         
   Bonds, Evanston Hospital Corp. (Evanston                            
   Northwestern Healthcare Gtd.)                                       
   Series 1987-E,                                                      
   1.48%, 2/27/03                                       5,000     5,000
   Series 1995,                                                        
   1.63%, 12/12/02                                      2,500     2,500
   Series 1996,                                                        
   1.30%, 2/20/03                                       5,000     5,000
  Illinois Health Facilities Authority Revenue                         
   VRDB, Series 1990, Gottlieb Health                                  
   Resources, Inc. (Harris Trust & Savings                             
   Bank LOC),                                                          
   1.15%, 12/6/02                                       1,400     1,400
  Illinois State Revenue Anticipation Certificates,                    
   Series 2002,                                                        
   2.50%, 5/15/03                                      13,000    13,064
  Metropolitan Pier & Exposition Authority                             
   Morgan Stanley Floating Rate Trust                                  
   Certificates 2000 VRDN, Series 296                                  
   (AMBAC Insured),                                                    
   1.24%, 12/6/02                                       2,500     2,500
  Regional Transportation Authority Merlots                            
   Revenue VRDB, Series 2001A93,                                       
   (FGIC Insured),                                                     
   1.32%, 12/6/02                                       3,625     3,625
  Regional Transportation Authority Revenue                            
   Bonds, Series 20001303 (MBIA Insured),                              
   1.25%, 12/6/02                                       3,800     3,800
  Village of South Barrington G.O. VRDB, Series                        
   1998 (Harris Trust & Savings Bank LOC),                             
   1.15%, 12/6/02                                       1,300     1,300
-----------------------------------------------------------------------
                                                                111,619
-----------------------------------------------------------------------
Indiana - 5.9%                                                         
  Indiana Bond Bank Advance Funding Program                            
   Notes, Series 2002A,                                                
   2.25%, 1/22/03                                      20,000    20,017

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 30 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

N-30D 206th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 206th
                                                             NOVEMBER 30, 2002

                                                                [Download Table]

                                                PRINCIPAL        
                                                 AMOUNT   VALUE  
                                                 (000S)   (000S) 
                                                                 
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                       
Indiana - 5.9% - (continued)                                     
  Indiana Development Finance Authority Bonds,                   
   Indianapolis Museum of Art, Series 2002                       
   (Bank One LOC),                                               
   1.20%, 12/6/02                                $9,800   $ 9,800
  Indiana Public Improvement Board Bank ABN                      
   Amro Munitops Certificates, Series 2002-7A                    
   (MBIA Insured),                                               
   2.00%, 5/21/03                                 3,000     3,000
  Indiana Transportation Authority Highway                       
   Revenue VRDB, Citicorp Eagle Trust                            
   Series 981402,                                                
   1.25%, 12/6/02                                 6,410     6,410
  Indiana University CP, Series 2002                             
   (Bank One LOC),                                               
   1.40%, 12/11/02                                3,000     3,000
  Indianapolis Local Public Improvement Bond                     
   Bank CP, Series 2002B (KeyBank LOC),                          
   1.50%, 12/9/02                                 6,485     6,485
  Shelby Eastern School Building Corp.                           
   First Mortgage Revenue Refunding Bonds,                       
   Merlots Series 2001A84 (FGIC Insured),                        
   1.32%, 12/6/02                                 4,825     4,825
-----------------------------------------------------------------
                                                           53,537
-----------------------------------------------------------------
Iowa - 1.3%                                                      
  Iowa Finance Authority Economic Development                    
   VRDB, Series 2002, Iowa West Foundation                       
   Project (U.S. Bank LOC),                                      
   1.30%, 12/6/02                                 1,500     1,500
  Iowa Finance Authority Revenue Bonds,                          
   Series 2000, YMCA & Rehab Center Project                      
   (Bank of America LOC),                                        
   1.20%, 12/6/02                                 2,400     2,400
  Iowa State Revenue Primary Road Fund RAN,                      
   Series 2002,                                                  
   2.50%, 6/30/03                                 2,500     2,515
  Iowa State Vision Special Funds, Merlots                       
   Series 2001A110 (MBIA Insured),                               
   1.32%, 12/6/02                                 5,735     5,735
-----------------------------------------------------------------
                                                           12,150
-----------------------------------------------------------------
                                                                [Download Table]

                                                   PRINCIPAL        
                                                    AMOUNT   VALUE  
                                                    (000S)   (000S) 
                                                                    
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                          
Kansas - 1.0%                                                       
  Johnson County School District No. 512 VRDB,                      
   Merlots, Series 2001A92,                                         
   1.32%, 12/6/02                                   $9,505   $ 9,505
--------------------------------------------------------------------
Kentucky - 2.1%                                                     
  Henderson County VRDB, Series 2000A1,                             
   Kentucky Hospital Association Health                             
   Facilities (Bank of America GIC),                                
   1.25%, 12/6/02                                    9,000     9,000
  Kentucky Economic Development Finance                             
   Authority Hospital Revenue Bonds,                                
   Series 1999B, Baptist Healthcare System                          
   (MBIA Insured LOC),                                              
   1.20%, 12/6/02                                    9,535     9,535
  Logan/Todd Regional Water Commission BAN,                         
   3.00%, 8/1/03                                     1,000     1,010
--------------------------------------------------------------------
                                                              19,545
--------------------------------------------------------------------
Louisiana - 1.4%                                                    
  Lafayette Public Power Authority Morgan                           
   Stanley Floating Rate Trust Certificates 2000,                   
   Series 294 (AMBAC Insured),                                      
   1.24%, 12/6/02                                    3,995     3,995
  Lake Charles Harbor & Terminal District                           
   Revenue VRDB, Lehman Floating Rate Trust                         
   (Bank of America Gtd.),                                          
   1.47%, 12/6/02                                    5,000     5,000
  Louisiana State Offshore Terminal Storage                         
   Revenue Bonds, First Stage LOOP, Inc.                            
   (SunTrust Bank LOC),                                             
   1.30%, 12/2/02                                    3,650     3,650
--------------------------------------------------------------------
                                                              12,645
--------------------------------------------------------------------
Maine - 0.1%                                                        
  Maine Health & Higher Educational Facilities                      
   Authority VRDB, Series 1985E, Voluntary                          
   Hospitals of America New England Inc.                            
   (AMBAC Insured),                                                 
   1.20%, 12/6/02                                    1,325     1,325
--------------------------------------------------------------------
Maryland - 0.4%                                                     
  Howard County, Consolidated Public                                
   Improvement BAN, Series 2002,                                    
   1.40%, 12/11/02                                   3,300     3,300
--------------------------------------------------------------------

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 31 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

TAX-EXEMPT PORTFOLIO (continued)                                  

                                                                [Download Table]

                                                 PRINCIPAL        
                                                  AMOUNT   VALUE  
                                                  (000S)   (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                        
Massachusetts - 0.1%                                              
  Commonwealth of Massachusetts CP Notes,                         
   Series H,                                                      
   1.50%, 12/4/02                                 $1,000    $1,000
------------------------------------------------------------------
Michigan - 1.3%                                                   
  Detroit Sewage Disposal System VRDN, First                      
   Union Merlots Series 2000 (FGIC Insured),                      
   1.32%, 12/6/02                                     700      700
  Detroit Sewage Disposal System VRDN, First                      
   Union Merlots Series 2001A103                                  
   (FGIC Insured),                                                
   1.32%, 12/6/02                                   4,800    4,800
  Michigan Hospital Finance Authority                             
   Revenue Bonds, Series 2000, Mt. Clemens                        
   General Hospital (Comerica Bank LOC),                          
   1.25%, 12/6/02                                     400      400
  Michigan State Strategic Fund Limited                           
   Obligation VRDN, Roeper School Project                         
   (Standard Federal Bank LOC),                                   
   1.20%, 12/6/02                                   1,800    1,800
  Southfield Economic Development Revenue                         
   VRDB, Series 2000, Lawrence Tech University                    
   Project (Bank One LOC),                                        
   1.20%, 12/6/02                                   3,800    3,800
------------------------------------------------------------------
                                                            11,500
------------------------------------------------------------------
Minnesota - 1.5%                                                  
  Center City, Minnesota Health Care Facilities                   
   Revenue VRDB, Series 2002, Hazelden                            
   Foundation Project (Allied Irish Bank LOC),                    
   1.35%, 12/6/02                                   2,600    2,600
  Kandiyohi County School District No. 345                        
   G.O. Certificates of Indebtedness of 2002,                     
   2.25%, 8/11/03                                   3,000    3,015
  University of Minnesota VRDB, Series 2001C,                     
   1.25%, 12/6/02                                   7,700    7,700
------------------------------------------------------------------
                                                            13,315
------------------------------------------------------------------
                                                                [Download Table]

                                                PRINCIPAL        
                                                 AMOUNT   VALUE  
                                                 (000S)   (000S) 
                                                                 
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                       
Mississippi - 0.9%                                               
  Claiborne County PCR Refunding Bonds,                          
   Series 1985G2 (National Rural Utilities                       
   Cooperative Finance Co. Gtd.),                                
   1.70%, 12/10/02                               $ 3,700  $ 3,700
  Mississippi Business Finance Corp. Revenue                     
   Bonds, Series 2000, St. Andrew's Project                      
   (Allied Irish Bank Insured),                                  
   1.24%, 12/6/02                                    630      630
  Mississippi Development Bank Special                           
   Obligation, Series 2001A, Merlots Series                      
   2001A16 (AMBAC Insured),                                      
   1.32%, 12/6/02                                  4,095    4,095
-----------------------------------------------------------------
                                                            8,425
-----------------------------------------------------------------
Missouri - 0.4%                                                  
  Kansas City IDA Hospital Revenue VRDB, Resh                    
   Health Services System (MBIA Insured),                        
   1.40%, 12/2/02                                  2,510    2,510
  St. Louis County IDA VRDB, Series 1996B,                       
   Friendship Village West County Project                        
   (LaSalle Bank LOC),                                           
   1.25%, 12/6/02                                  1,400    1,400
-----------------------------------------------------------------
                                                            3,910
-----------------------------------------------------------------
New Jersey - 3.3%                                                
  New Jersey State TRAN, Series 2002,                            
   3.00%, 6/12/03                                 30,000   30,237
-----------------------------------------------------------------
New Mexico - 0.3%                                                
  City of Farmington PCR Bonds, Series 1994B,                    
   Arizona Public Service Four Corners Project                   
   (Barclays Bank LOC),                                          
   1.30%, 12/2/02                                  2,500    2,500
-----------------------------------------------------------------
New York - 1.7%                                                  
  Albany County Industrial Development                           
   Agency VRN, Series 2002, Research                             
   Foundation of State University Project,                       
   1.30%, 12/6/02                                  2,600    2,600
  New York City G.O. VRDB, Series 2002C-3                        
   (BNP Paribas LOC),                                            
   1.10%, 12/6/02                                  5,500    5,500

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 32 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

                                                                [Download Table]

                                                 PRINCIPAL        
                                                  AMOUNT   VALUE  
                                                  (000S)   (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                        
New York - 1.7% - (continued)                                     
  New York City RAN, Series 2002,                                 
   2.50%, 4/11/03                                 $3,000   $ 3,012
  New York City TFA Revenue Notes, Series 4,                      
   2.50%, 2/26/03                                  1,000     1,002
  Triborough Bridge & Tunnel Revenue VRN,                         
   Series F,                                                      
   1.05%, 12/6/02                                  3,200     3,200
------------------------------------------------------------------
                                                            15,314
------------------------------------------------------------------
North Carolina - 1.2%                                             
  Meckenburg County G.O. Unlimited VRDB,                          
   Series 2002C,                                                  
   1.20%, 12/6/02                                  1,000     1,000
  North Carolina Education Facilities Finance                     
   Agency VRN, Cardinal Gibbons Project                           
   (Bank of America LOC),                                         
   1.15%, 12/6/02                                  2,300     2,300
  North Carolina Housing Finance Agency VRN,                      
   Series 2002, Masonic Home for Children at                      
   Oxford (Wachovia Bank LOC),                                    
   1.30%,12/6/02                                   2,800     2,800
  North Carolina MedCare VRDB, Merlots Series                     
   2001A39 (Colld. by GNMA),                                      
   1.32%, 12/6/02                                  4,995     4,995
------------------------------------------------------------------
                                                            11,095
------------------------------------------------------------------
Ohio - 0.6%                                                       
  Franklin County Hospital Revenue VRDB, Series                   
   2001 II-R-55, Smith Barney ROC (Salomon                        
   Smith Barney Holdings Gtd.),                                   
   1.36%, 12/6/02                                  5,500     5,500
------------------------------------------------------------------
Oklahoma - 1.0%                                                   
  Garfield County Industrial Authority Revenue                    
   Bonds, Series A, Oklahoma Gas & Electric                       
   Co. Project (Oklahoma Gas & Electric Co.                       
   Gtd.),                                                         
   1.30%, 12/6/02                                  3,000     3,000
  Muskogee Industrial Trust PCR VRDB, Series A,                   
   Oklahoma Gas & Electric Co. Project                            
   (Oklahoma Gas & Electric Co. Gtd.),                            
   1.75%, 12/6/02                                  1,400     1,400
                                                                [Download Table]

                                                  PRINCIPAL        
                                                   AMOUNT   VALUE  
                                                   (000S)   (000S) 
                                                                   
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                         
Oklahoma - 1.0% - (continued)                                      
  Oklahoma Water Resources Board Revenue                           
   Bonds, Series 2001, State Loan Program,                         
   1.45%, 4/1/03                                   $ 4,640  $ 4,640
-------------------------------------------------------------------
                                                              9,040
-------------------------------------------------------------------
Oregon - 1.2%                                                      
  Oregon Housing and Community Services                            
   Department SFM Program Morgan Stanley                           
   Floating Rate Trust Certificates, Series 298,                   
   1.24%, 12/6/02                                    3,260    3,260
  Oregon State G.O. TAN, Series A,                                 
   3.25%, 5/1/03                                     8,000    8,041
-------------------------------------------------------------------
                                                             11,301
-------------------------------------------------------------------
Pennsylvania - 2.5%                                                
  Delaware Valley Regional Financing Authority                     
   Local Government Revenue VRDN, Merrill                          
   Lynch P-Floats PT-152 (AMBAC Insured),                          
   1.34%, 12/6/02                                    4,300    4,300
  Delaware Valley Regional Financing Authority                     
   Local Government Revenue VRDB, Series                           
   1985-C (Toronto Dominion Bank LOC),                             
   1.15%, 12/6/02                                   10,100   10,100
  Mercersburg Borough General Purpose                              
   Authority Revenue Bonds, Series A,                              
   Mercersburg College (Wachovia                                   
   Bank LOC),                                                      
   1.15%, 12/6/02                                    1,500    1,500
  North Wales Water Authority Revenue Notes,                       
   Series 2001, Rural Water Project,                               
   4.00%, 12/15/02                                   1,000    1,001
  Philadelphia School District TRAN,                               
   2.75%, 6/30/03                                    2,000    2,014
  Southcentral General Authority Revenue Notes,                    
   Cerebral Palsy Home                                             
   (Fleet National Bank LOC),                                      
   1.30%, 12/6/02                                    3,880    3,880
  Washington County Authority Lease                                
   Revenue VRDB, Series B-1, Subseries E,                          
   Eye & Ear Hospital (Allied Irish Bank LOC),                     
   1.28%, 12/6/02                                      400      400
-------------------------------------------------------------------
                                                             23,195
-------------------------------------------------------------------

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 33 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

TAX-EXEMPT PORTFOLIO (continued)                                  

                                                                [Download Table]

                                                 PRINCIPAL        
                                                  AMOUNT   VALUE  
                                                  (000S)   (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                        
South Carolina - 2.3%                                             
  Richland County School District No.1 G.O.                       
   Bonds, Series 2002,                                            
   2.00%, 10/1/03                                 $ 1,000  $ 1,004
  South Carolina Public Service Authority                         
   Revenue Promissory Notes,                                      
   1.77%, 12/11/02                                  4,000    4,000
   1.25%, 12/12/02                                 11,700   11,700
  South Carolina School Facilities G.O. Bonds,                    
   Series 7, 2000 ROCS,                                           
   1.25%, 12/6/02                                   4,000    4,000
------------------------------------------------------------------
                                                            20,704
------------------------------------------------------------------
Tennessee - 9.0%                                                  
  Blount County Health Education Facility Board                   
   Revenue Bonds, Maryville College (SunTrust                     
   Bank LOC),                                                     
   1.15%, 12/6/02                                   5,000    5,000
  Chattanooga Health Education & Housing                          
   Authority VRDB, Series 1993, Lehman Floating                   
   Receipts TRS-Series L28 (Colld. by U.S.                        
   Treasury Securities),                                          
   1.35%, 12/6/02                                  11,000   11,000
  Knox County Health and Education                                
   Facilities VRDB, Series 2000, Volunteer                        
   Student Housing (Wachovia Bank LOC),                           
   1.30%, 12/6/02                                   3,700    3,700
  Memphis Improvement G.O. Bonds,                                 
   Series 1996, Soc Gen Trust SGB-23,                             
   1.36%, 12/6/02                                   1,000    1,000
  Metropolitan Government Nashville & Davidson                    
   County VRDB, Series 2001B-1, Ascension                         
   Health Credit,                                                 
   1.60%, 7/28/03                                   4,000    4,000
  Metropolitan Government Nashville & Davidson                    
   County VRDB, Series 2001B-2, Ascension                         
   Health Credit,                                                 
   2.00%, 1/3/03                                    2,000    2,000
  Metropolitan Government Nashville & Davidson                    
   County VRDB, Series 2002A, Belmont                             
   University Project,                                            
   1.15%, 12/6/02                                   8,250    8,250
                                                                [Download Table]

                                                 PRINCIPAL        
                                                  AMOUNT   VALUE  
                                                  (000S)   (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                        
Tennessee - 9.0% - (continued)                                    
  Metropolitan, Nashville, & Davidson Counties                    
   Education Facilities Improvement VRDB,                         
   Series 2002, University of Nashville Project                   
   (SunTrust Bank LOC),                                           
   1.15%, 12/6/02                                 $ 3,000  $ 3,000
  Metropolitan, Nashville, & Davidson Counties                    
   Electric Revenue VRDN, Citicorp Eagle Trust                    
   Series 984201,                                                 
   1.25%, 12/6/02                                  18,000   18,000
  Sevier County Public Building Authority Local                   
   Government Public Improvement VRDB,                            
   Series 1999 II-A (AMBAC Insured),                              
   1.20%, 12/6/02                                   3,200    3,200
   Series 2000 IV-B-1 (FSA Insured),                              
   1.30%, 12/2/02                                   7,900    7,900
   Series 2000 IV-C (FSA Insured),                                
   1.30%, 12/2/02                                   3,700    3,700
   Series 2000 IV-D (AMBAC Insured),                              
   1.30%, 12/2/02                                   1,335    1,335
   Series 2000 IV-I (AMBAC Insured),                              
   1.30%, 12/2/02                                   2,020    2,020
   Series 2001 IV-I (AMBAC Insured),                              
   1.30%, 12/2/02                                   2,500    2,500
  Shelby County, Education and Housing VRDB,                      
   Memphis University School Project (SunTrust                    
   Bank LOC),                                                     
   1.20%, 12/6/02                                   5,700    5,700
  Sumner County Health, Education & Housing                       
   VRDB, Series 1999A, Hospital Alliance of                       
   Tennessee Pooled Program (Transamerica                         
   Life Insurance & Annuity Co. Gtd.),                            
   1.31%, 12/6/02                                     300      300
------------------------------------------------------------------
                                                            82,605
------------------------------------------------------------------
Texas - 10.6%                                                     
  Austin Water and Wastewater System Revenue                      
   Bonds, Series 2002A1, First Union Merlots                      
   (FSA Insured),                                                 
   1.32%, 12/6/02                                   3,000    3,000
  Bexar County VRDB, State Street Clipper Trust                   
   Series 20013 (Clipper Certificates Trust                       
   Insured), /(1)/                                                
   1.90%, 12/20/02                                 10,000   10,000

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 34 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

                                                                [Download Table]

                                                     PRINCIPAL        
                                                      AMOUNT   VALUE  
                                                      (000S)   (000S) 
                                                                      
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                            
Texas - 10.6% - (continued)                                           
  Comal Independent School District VRDB,                             
   Series 1999-9, ABN Amro Munitops                                   
   (PSF of Texas Gtd.), /(1)/                                         
   1.26%, 12/6/02                                     $ 6,500  $ 6,500
  Dallas G.O. Refunding VRDB, Morgan Stanley                          
   Floating Rate Certificates, Series 93,                             
   1.24%, 12/6/02                                         595      595
  Dallas Independent School District G.O.                             
   Unlimited VRDN, Tax P-Floats PT-370                                
   (Colld. by U.S. Treasury Securities),                              
   1.22%, 12/6/02                                       6,885    6,885
  Granbury Independent School District VRDN,                          
   Series 1999, P-Float SG-129 (PSF of Texas Gtd.),                   
   1.22%, 12/6/02                                       4,815    4,815
  Harris County Health Facilities Development                         
   Corp. Revenue VRDB. Merlots Series 2001A87                         
   Corp. (U.S. Treasuries Escrowed),                                  
   1.32%, 12/6/02                                       5,630    5,630
  Keller Independent School District ABN Amro                         
   Munitop 2001-26,                                                   
   1.28%, 12/6/02                                       4,000    4,000
  San Antonio City Education Facilities Corp.,                        
   Series 2, Trinity University Project,                              
   1.25%, 12/2/02                                       1,200    1,200
  San Antonio City Electric & Gas VRDB, First                         
   Union Merlots Series 2001A68 (Colld. by U.S.                       
   Treasury Securities),                                              
   1.32%, 12/6/02                                       3,635    3,635
  San Antonio Independent School District, ABN                        
   Amro Munitops 2001-29,                                             
   1.55%, 5/15/03                                       5,000    5,000
  State of Texas TRAN, Series 2001A,                                  
   2.75%, 8/29/03                                      33,000   33,324
  State of Texas TRAN, Series 2002, Floating Rate                     
   Trust Receipts,                                                    
   1.35, 12/6/02                                        8,000    8,000
  Texas City Industrial Development Corp. VRDB,                       
   First Union Merlots Series 2000A34, Arco                           
   Pipeline Project (BP PLC Gtd.),                                    
   1.32%, 12/6/02                                       3,965    3,965
----------------------------------------------------------------------
                                                                96,549
----------------------------------------------------------------------
                                                                [Download Table]

                                                PRINCIPAL        
                                                 AMOUNT   VALUE  
                                                 (000S)   (000S) 
                                                                 
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                       
Utah - 0.9%                                                      
  Intermountain Power Agency Power Supply                        
   Revenue CP, Series 1997B,                                     
   1.50%, 12/9/02                                $ 3,000  $ 3,000
  Utah Water Finance Agency Revenue VRDB,                        
   Series 2002A2 (AMBAC Insured),                                
   1.25%, 12/6/02                                  5,430    5,430
-----------------------------------------------------------------
                                                            8,430
-----------------------------------------------------------------
Virginia - 0.1%                                                  
  Roanoke IDA Hospital Revenue VRDB,                             
   Carilion Health System Obligated Group,                       
   Series 2002B,                                                 
    1.25%, 12/2/02                                   400      400
    Series 2002C,                                                
   1.25%, 12/2/02                                    700      700
-----------------------------------------------------------------
                                                            1,100
-----------------------------------------------------------------
Washington - 6.0%                                                
  King County G.O. Refunding Bonds, Series 98B                   
   ABN Amro MuniTop Certificates 2001-1                          
   (MBIA Insured),                                               
   1.28%, 12/6/02                                  7,500    7,500
  Seattle Light and Power VRDN, SMB ROC II-R                     
   (FSA Corp. Insured),                                          
   Series 47,                                                    
   1.25%, 12/6/02                                 17,920   17,920
   Series 48,                                                    
   1.25%, 12/6/02                                  5,995    5,995
  Washington Public Power Supply System                          
   Revenue VRDN, Series 1993-1A-2, Nuclear                       
   Project No. 1 (Bank of America LOC),                          
   1.10%, 12/6/02                                  2,100    2,100
  Washington State G.O. Series 2002 R-03-A                       
   Series 2002A57, Wachovia Merlots                              
   (MBIA Insured),                                               
   1.32%, 12/6/02                                  6,200    6,200
  Washington State G.O. VRDN, Series 1993B,                      
   Smith Barney Soc Gen Trust SGB-13,                            
   1.25%, 12/6/02                                 12,000   12,000
  Washington State Housing Finance Commission                    
   VRN, Series 2001A, Pioneer Human Services                     
   Project (U.S. Bank LOC),                                      
   1.25%, 12/2/02                                  2,900    2,900

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 35 MONEY MARKET PORTFOLIOS

N-30D 211th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 211th
---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           
                                                             NOVEMBER 30, 2002

TAX-EXEMPT PORTFOLIO (continued)                                  

                                                                [Download Table]

                                                   PRINCIPAL        
                                                    AMOUNT   VALUE  
                                                    (000S)   (000S) 
                                                                    
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                          
Washington - 6.0% - (continued)                                     
  Washington State Housing Finance Commission                       
   NonProfit Housing Revenue VRDB, Series                           
   1994, Rockwood Retirement Communities                            
   Program (Wells Fargo Bank LOC),                                  
   1.25%, 12/2/02                                   $   800  $   800
--------------------------------------------------------------------
                                                              55,415
--------------------------------------------------------------------
West Virginia - 1.1%                                                
  West Virginia Hospital Loan Financing Authority                   
   VRDB, Series 2000A (West Virginia Financing                      
   Authority Pooled Loan GIC),                                      
   1.45%, 12/6/02                                    10,000   10,000
--------------------------------------------------------------------
Wisconsin - 3.0%                                                    
  University of Wisconsin Hospital and Clinics                      
   Revenue Bonds, Series 2000RR, First Union                        
   Merlots (FSA Corp. Insured),                                     
   1.32%, 12/6/02                                     3,000    3,000
  Wauwatosa Housing Authority Adjustable Rate                       
   Put Options, Series 1995, San Camillio, Inc.                     
   Project (U.S. Bank LOC),                                         
   1.25%, 12/6/02                                       900      900
  Wisconsin Health and Education Facilities                         
   Authority Revenue Bonds, Series 2000B,                           
   Oakwood Village                                                  
   (Marshall & Ilsley Bank LOC),                                    
   1.25%, 12/6/02                                       500      500
  Wisconsin Health and Education Facilities                         
   Authority Revenue Bonds, Series 2002A,                           
   Caps Acs Pool/Vernon Memorial Hospital                           
   (U.S. Bank LOC),                                                 
   1.20%, 12/2/02                                     2,500    2,500
  Wisconsin Health and Education Facilities                         
   VRDB, Series 94A, Sinai Medical Center                           
   (Marshall & Ilsley Bank LOC),                                    
   1.25%, 12/6/02                                     7,600    7,600
  Wisconsin Health and Education Hospital                           
   Revenue VRN, St. Joseph Community                                
   Hospital (Marshall & Ilsley Bank LOC),                           
   1.25%, 12/6/02                                     9,675    9,675
  Wisconsin Public Power Inc. System, Series                        
   1996A, JPM Chase PUTTER, Series 285                              
   (MBIA Insured),                                                  
   1.26%, 12/6/02                                     2,920    2,920
--------------------------------------------------------------------
                                                              27,095
--------------------------------------------------------------------
                                                                [Download Table]

                                            PRINCIPAL          
                                             AMOUNT    VALUE   
                                             (000S)    (000S)  
                                                               
MUNICIPAL INVESTMENTS - 100.1% - CONTINUED                     
Wyoming - 0.8%                                                 
  Uinta County PCR Bonds, Series 1993,                         
   Chevron USA Inc. Project                                    
   (ChevronTexaco Gtd.),                                       
   1.30%, 12/2/02                            $7,500     $7,500 
---------------------------------------------------------------
Multiple States Pooled Securities - 0.4%                       
  Clipper Multistate Tax-Exempt Trust                          
   Certificates, Series A,                                     
   1.41%, 12/6/02                             2,800      2,800 
  Soc Gen Puttable Floating Option, Series                     
   2001 SGP-13, Tax-Exempt Pooled Trust                        
   Receipts,                                                   
   1.36%, 12/6/02                               805        805 
---------------------------------------------------------------
                                                         3,605 
---------------------------------------------------------------
Total Municipal Investments (cost $916,835)            916,835 
                                            NUMBER OF          
                                             SHARES    VALUE   
                                             (000S)    (000S)  
OTHER - 0.4%                                                   
  AIM Tax Free Money Market Fund              1,735      1,735 
  Dreyfus Tax-Exempt Cash Management Fund       917        917 
  Federated Tax Free Trust Money Market                        
   Fund No. 15                                  466        466 
  Federated Tax Free Trust Money Market                        
   Fund No. 73                                  319        319 
---------------------------------------------------------------
Total Other (cost $3,437)                                3,437 

---------------------------------------------------------------
Total Investments - 100.5% (cost $920,272)             920,272 
   Liabilities less Other Assets - (0.5)%               (4,779)
---------------------------------------------------------------
NET ASSETS - 100.0%                                   $915,493 

At November 30, 2002, the Tax-Exempt Portfolio's investments were diversified   
as follows:                                                                     

                                                                [Download Table]
                                                         
INDUSTRY SECTOR                               PERCENTAGE 
Educational Services                                10.3%
Electric Services                                   14.0 
Executive, Legislative and General Government       35.1 
General Medical and Surgical                         6.8 
Health Services                                      7.4 
Other                                               26.4 
---------------------------------------------------------
Total                                              100.0%

(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. At November 30, 
  2002, the value of these securities amounted to approximately $16,500,000 or
1.8% of net assets.                                                       

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 36 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                     ---------------------------------------------------------
                                                       MONEY MARKET PORTFOLIOS
                                                                          ----
SCHEDULE OF INVESTMENTS                                           
                                                             NOVEMBER 30, 2002

MUNICIPAL PORTFOLIO                                               

                                                                [Download Table]

                                                   PRINCIPAL        
                                                    AMOUNT   VALUE  
                                                    (000S)   (000S) 
                                                                    
MUNICIPAL INVESTMENTS - 98.8%                                       
Alabama - 0.6%                                                      
  Gadsen Industrial Development Board PCR                           
   Bonds, Alabama Power Co. Project                                 
   (Alabama Power Gtd.),                                            
   1.30%, 12/2/02                                   $   150  $   150
  McIntosh Industrial Development Board                             
   Environmental Improvement Facilities                             
   Revenue Refunding VRDB, Series 1998D,                            
   CIBA Specialty Chemicals Corp.                                   
   (CIBA Specialty Chemicals Corp. Gtd.),                           
   1.30%, 12/2/02                                     2,400    2,400
--------------------------------------------------------------------
                                                               2,550
--------------------------------------------------------------------
Arizona - 0.4%                                                      
  Pima County IDA VRDB, Series 2002A, La                            
   Posada Senior Living Facilities Project                          
   (LaSalle Bank LOC),                                              
   1.20%, 12/6/02                                     1,800    1,800
--------------------------------------------------------------------
California - 10.8%                                                  
  California Department of Water Resources                          
   Power Supply Revenue Bonds                                       
   (Department of Water Resources LOC),                             
   Series 2002B-1 (Bank of New York LOC),                           
   1.80%, 3/13/03                                     5,000    5,000
   Series 2002B-2 (BNP Paribas LOC),                                
   1.80%, 2/13/03                                     8,700    8,700
   Series 2002B-4 (Dexia Credit Local de France,                    
    LOC),                                                           
   1.80%, 3/13/03                                     5,000    5,000
   Series 2002C-3 (AMBAC Insured),                                  
   1.80%, 3/13/03                                     5,000    5,000
   Series 2002C-7 (FSA Insured),                                    
   1.80%, 2/13/03                                     3,000    3,000
   Series 2002C-15 (Bank of Nova Scotia LOC),                       
   1.80%, 2/13/03                                    10,000   10,000
  California PCR Finance Authority Bonds,                           
   San Diego Gas & Electric Co. Merrill Lynch                       
   P-Floats PA-538R (MBIA Insured),                                 
   1.26%,12/6/02                                      3,700    3,700
  California State RANS, Series 2002A,                              
   2.50%, 6/20/03                                     3,000    3,015
  California State Variable Rate RANS,                              
   Series 2002A,                                                    
   1.38%, 6/20/03                                     5,000    5,000
                                                                [Download Table]

                                                  PRINCIPAL        
                                                   AMOUNT   VALUE  
                                                   (000S)   (000S) 
                                                                   
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                          
California - 10.8% - (continued)                                   
   Series 2002G,                                                   
   1.42%, 6/20/03                                  $1,000   $ 1,000
-------------------------------------------------------------------
                                                             49,415
-------------------------------------------------------------------
Colorado - 0.2%                                                    
  Jefferson County TAN, School District                            
   No. R-001,                                                      
   2.50%, 6/30/03                                   1,000     1,006
-------------------------------------------------------------------
Florida - 5.5%                                                     
  Collier County IDA Healthcare Facilities                         
   Revenue Bonds, NCH Healthcare                                   
   Systems, Inc. (Fifth Third Bank LOC),                           
   1.27%, 12/6/02                                   7,650     7,650
  Jacksonville PCR Refunding Bonds, Series 1994,                   
   Florida Power & Light Project                                   
   (Florida Power & Light Co. Gtd.),                               
   1.65%, 12/6/02                                   1,500     1,500
  Miami-Dade County Educational Facilities                         
   Authority Revenue Bonds, Series 2000,                           
   International University Foundation Project                     
   (SunTrust Bank LOC),                                            
   1.15%, 12/6/02                                   3,200     3,200
  Orange County Health Facility Revenue VRDB,                      
   Series 531, Morgan Stanley Floater                              
   Cerificates (FSA Corp. Insured),                                
   1.36%, 12/6/02                                   4,100     4,100
  Orange County Health Facility Revenue VRDB,                      
   Series 532, Morgan Stanley Floater                              
   Certificates (AMBAC Insured),                                   
   1.36%, 12/6/02                                   3,660     3,660
  Orange County HFA VRDB, Series 1987-A,                           
   Citicorp Eagle Trust (Colld. by GNMA                            
   Securities),                                                    
   1.25%, 12/6/02                                     300       300
  Putnam County Development Authority PCR                          
   Bonds, Series H-4, National Rural Utilities                     
   Seminole Electric Cooperative Project                           
   (National Rural Utilities Cooperative Finance                   
   Co. Gtd.),                                                      
   2.00%, 12/15/02                                  1,000     1,000
  Sarasota County Public Hospital Revenue                          
   VRDB, Series 1996A, Sarasota Memorial                           
   Hospital Project,                                               
   1.60%, 12/6/02                                   3,800     3,800
-------------------------------------------------------------------
                                                             25,210
-------------------------------------------------------------------

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 37 MONEY MARKET PORTFOLIOS

N-30D 213th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 213th
---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

MUNICIPAL PORTFOLIO (continued)                                   

                                                                [Download Table]

                                                 PRINCIPAL        
                                                  AMOUNT   VALUE  
                                                  (000S)   (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                         
Georgia - 5.6%                                                    
  Appling County Development Authority PCR                        
   Bonds, Series 1997, Georgia Power Co. Plant                    
   Hatch Project (Georgia Power Gtd.),                            
   1.30%, 12/2/02                                 $2,000   $ 2,000
  Bartow County Development Authority PCR                         
   Bonds, Series 1998, Georgia Power Co. Plant                    
   Bowen Project (Georgia Power Gtd.),                            
   1.20%, 12/2/02                                    800       800
   1.30%, 12/2/02                                  1,600     1,600
  DeKalb County Hospital Authority Revenue                        
   VRDN, Series B, Atlantic Certificates DeKalb                   
   Medical Center (SunTrust Bank LOC),                            
   1.15%, 12/6/02                                  3,900     3,900
  Fulton County Development Authority Revenue                     
   VRDB, Series 2002, Lovett School Project                       
   (SunTrust Bank LOC),                                           
   1.15%, 12/6/02                                  1,900     1,900
  Fulton County Development Authority Revenue                     
   VRDB, Trinity School Project                                   
   (SunTrust Bank LOC),                                           
   1.15%, 12/6/02                                  1,400     1,400
  Macon Water Authority & Sewer Revenue                           
   Bonds, Series 2001A,                                           
   1.30%, 12/6/02                                  5,000     5,000
  Putnam County Development Authority PCR                         
   Bonds, Series 1998, Georgia Power Plant                        
   Branch Project (Georgia Power Gtd.),                           
   1.30%, 12/2/02                                  6,000     6,000
  Roswell Housing Authority Multifamily Revenue                   
   VRDN, Series 2002, Chambrel at Roswell                         
   Project (FNMA Gtd.),                                           
   1.15%, 12/6/02                                  3,200     3,200
------------------------------------------------------------------
                                                            25,800
------------------------------------------------------------------
Illinois - 10.7%                                                  
  Chicago Board of Education G.O. Unlimited                       
   VRDB Merrill P-Floats, Series A-PA-616,                        
   School Reform Board (FGIC Insured),                            
   1.23%, 12/6/02                                    500       500
  Chicago G.O. Project & Refunding Bonds,                         
   Series 1998M, Bank of America Partnership                      
   (FGIC Insured),                                                
   1.26%, 12/6/02                                  3,800     3,800
                                                                [Download Table]

                                                     PRINCIPAL       
                                                      AMOUNT   VALUE 
                                                      (000S)   (000S)
                                                                     
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                            
Illinois - 10.7% - (continued)                                       
  Chicago G.O. Refunding VRDB, Series 1998,                          
   Citicorp Eagle Trust 981302 (FSA Insured),                        
   1.25%, 12/6/02                                     $  500   $  500
  Illinois Development Finance Authority Revenue                     
   VRDN, Enterprise Office Campus                                    
   (Colld. by U.S. Government Securities),                           
   1.55%, 12/2/02                                      2,950    2,950
  Illinois Development Finance Authority Revenue                     
   VRDB, Oak Crest Residence Project                                 
   (Bank One LOC),                                                   
   1.30%, 12/6/02                                      1,500    1,500
  Illinois Development Finance Authority Revenue                     
   VRDB, Series 1994, WBEZ Alliance Project                          
   (LaSalle Bank LOC),                                               
   1.15%, 12/6/02                                      1,200    1,200
  Illinois Educational Facilities Authority Revenue                  
   Bonds, Cultural Pooled Financing Project                          
   (Bank One LOC),                                                   
   1.15%, 12/6/02                                      3,550    3,550
  Illinois Educational Facilities Authority Revenue                  
   Bonds, University of Chicago,                                     
   1.65%, 7/1/03                                       1,000    1,000
   1.60%, 8/1/03                                       2,000    2,000
  Illinois Health Facilities Authority Revenue                       
   Bonds, Evanston Hospital Corp.,                                   
   Series 1987-A,                                                    
   1.48%, 2/27/03                                      2,000    2,000
   Series 1987-B,                                                    
   1.48%, 2/27/03                                      5,000    5,000
   Series 1995,                                                      
   1.63%, 12/12/02                                     2,000    2,000
   Series 1996,                                                      
   1.30%, 2/20/03                                      5,000    5,000
  Illinois Health Facilities Authority Revenue                       
   Bonds, Series 1996-B, Franciscan Eldercare                        
   Village (LaSalle Bank LOC),                                       
   1.25%, 12/6/02                                      1,350    1,350
  Illinois Health Facilities Authority Revenue                       
   Bonds, Series 1997B, Friendship Village of                        
   Schaumburg (LaSalle National Bank LOC),                           
   1.25%, 12/6/02                                      4,000    4,000

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 38 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                                [Download Table]

                                                     PRINCIPAL        
                                                      AMOUNT   VALUE  
                                                      (000S)   (000S) 
                                                                      
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                             
Illinois - 10.7% - (continued)                                        
  Illinois Health Facilities Authority Revenue                        
   Bonds, Morgan Stanley Floating Rate Trust,                         
   Series 166, Sinai Health System                                    
   (AMBAC Insured),                                                   
   1.65%, 8/7/03                                      $ 2,220  $ 2,220
  Illinois Health Facilities Authority Revenue                        
   Bonds, Series 1999B, Resurrection                                  
   Healthcare (FSA Insured),                                          
   1.20%, 12/6/02                                         300      300
  Illinois Health Facilities Authority VRDN, Series                   
   1994, Riverside Health System                                      
   (LaSalle Bank LOC),                                                
   1.27%, 12/6/02                                         500      500
  Regional Transportation Authority Revenue                           
   VRDB, Citicorp Eagle Trust, Series 20001303                        
   (MBIA Insured),                                                    
   1.25%, 12/6/02                                         500      500
  Regional Transportation Authority Revenue                           
   VRDB, Series 2001-A73, First Union Merlot                          
   (MBIA Insured),                                                    
   1.32%, 12/6/02                                       5,000    5,000
  Rockford City Revenue Bonds, Wesley Willows                         
   Obligated Group (Marshall & Ilsley LOC),                           
   1.30%, 12/2/02                                       4,400    4,400
----------------------------------------------------------------------
                                                                49,270
----------------------------------------------------------------------
Indiana - 4.7%                                                        
  Indiana Bond Bank Advance Funding Program                           
   Notes, Series 2002A2,                                              
   2.25%, 1/22/03                                      10,000   10,008
  Indiana Health Facilities Financing Authority                       
   Revenue VRDB, Franciscan Eldercare                                 
   (LaSalle Bank LOC),                                                
   1.20%, 12/6/02                                         300      300
  Indiana Public Improvement Bond Bank,                               
   Series A, ABN Amro MuniTop 2002-7                                  
   (MBIA Insured),                                                    
   2.00%, 5/21/03                                       2,000    2,000
  Indiana Transportation Authority Highway                            
   Revenue VRDB, Citicorp Eagle Trust                                 
   Series 981402,                                                     
   1.25%, 12/6/02                                         650      650
                                                                [Download Table]

                                                  PRINCIPAL        
                                                   AMOUNT   VALUE  
                                                   (000S)   (000S) 
                                                                   
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                          
Indiana - 4.7% - (continued)                                       
  Indiana University CP, Series 2002                               
   (Bank One LOC),                                                 
   1.40%, 12/11/02                                 $2,000   $ 2,000
  Sullivan Industrial PCR VRDB, Series 1985L-3,                    
   Hoosier Energy Rural Electric,                                  
   1.80%, 12/13/02                                  2,200     2,200
  Sullivan Industiral PCR VRDB, Series L6,                         
   Hoosier Energy Rural Electric (Natural Rural                    
   Utilities Coop Finance Co. Gtd.),                               
   1.80%, 12/13/02                                  1,300     1,300
  Vincennes Indiana Economic Development                           
   Knox County ARC (Wells Fargo Bank LOC),                         
   1.40%, 12/6/02                                   3,300     3,300
-------------------------------------------------------------------
                                                             21,758
-------------------------------------------------------------------
Iowa - 2.1%                                                        
  Davenport Community School District Revenue                      
   Bonds, School Infrastructure and Services                       
   (MBIA Insured),                                                 
   5.00%, 7/1/03                                    1,705     1,740
  Iowa Higher Education Loan Authority, Series                     
   2002, Luther College Project (U.S. Bank LOC),                   
   1.35%, 12/6/02                                   5,500     5,500
  Iowa State Revenue Primary Road Fund RANS,                       
   Series 2002,                                                    
   2.50%, 6/30/03                                   2,500     2,515
-------------------------------------------------------------------
                                                              9,755
-------------------------------------------------------------------
Kentucky - 1.8%                                                    
  Henderson County VRDB, Series 2000A,                             
   Kentucky Hospital Association Health                            
   Facilities (Bank of America GIC),                               
   1.25%, 12/6/02                                   6,540     6,540
  Logan/Todd Regional Water Commission BAN,                        
   3.00%, 8/1/03                                    1,000     1,009
  Mason County PCR VRDB, Series 1984-B1, East                      
   Kentucky Power Project (National Rural                          
   Utilities Cooperative Finance Co. Gtd.),                        
   1.55%, 12/6/02                                     655       655
-------------------------------------------------------------------
                                                              8,204
-------------------------------------------------------------------
Louisiana - 0.5%                                                   
  New Orleans G.O. VDRB, Series 1998, Wachovia                     
   Merlot, Series A20 (FGIC Insured),                              
   1.32%, 12/6/02                                   2,110     2,110
-------------------------------------------------------------------

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 39 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

MUNICIPAL PORTFOLIO (continued)                                   

                                                                [Download Table]

                                               PRINCIPAL        
                                                AMOUNT   VALUE  
                                                (000S)   (000S) 
                                                                
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                       
Maryland - 3.1%                                                 
  Gaithersburg Economic Development Revenue                     
   VRDN, Asbury Methodist (MBIA Insured),                       
   1.20%, 12/6/02                               $ 5,500  $ 5,500
  Howard County Consolidated Public                             
   Improvement BAN, Series 2002C,                               
   1.40%, 12/11/02                                2,500    2,500
  Howard County Multi-Family Housing Revenue                    
   VRDB, Sherwood Crossing Ltd.                                 
   (U.S. Treasuries LOC),                                       
   2.00%, 6/1/03                                  6,000    6,000
----------------------------------------------------------------
                                                          14,000
----------------------------------------------------------------
Massachusetts - 4.1%                                            
  Commonwealth of Massachusetts CP Notes,                       
   Series G,                                                    
   1.30%, 12/12/02                               10,000   10,000
   Series H,                                                    
   1.50%, 12/4/02                                 9,000    9,000
----------------------------------------------------------------
                                                          19,000
----------------------------------------------------------------
Michigan - 2.6%                                                 
  Detroit Sewage Disposal System VRDN, First                    
   Union Merlots Series A103 (FGIC Insured),                    
   1.32%, 12/6/02                                 6,300    6,300
  Grand Rapids Economic Development Corp.                       
   Revenue Bonds, Series 1991-A, Amway Hotel                    
   (Standard Federal Bank LOC),                                 
   1.35%, 12/6/02                                 2,525    2,525
  Jackson County Economic Development Corp.                     
   VRDB, Series 2001-A, Vista Grande Villa                      
   (LaSalle Bank LOC),                                          
   1.25%, 12/2/02                                   600      600
  Kentwood Economic Development Corp. VRDN,                     
   Series 2002, Holland Home Obligated Group                    
   (LaSalle Bank LOC),                                          
   1.30%, 12/6/02                                 1,900    1,900
  Michigan Hospital Finance Authority Revenue                   
   Bonds, Series 2000, Mt. Clemens General                      
   Hospital (Comerica Bank LOC),                                
   1.25%, 12/6/02                                   500      500
----------------------------------------------------------------
                                                          11,825
----------------------------------------------------------------
                                                                [Download Table]

                                                  PRINCIPAL       
                                                   AMOUNT   VALUE 
                                                   (000S)   (000S)
                                                                  
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                         
Minnesota - 0.4%                                                  
  Kandiyohi County School District No. 345 G.O.                   
   Certificates of Indebtedness of 2002,                          
   2.25%, 8/11/03                                  $1,750   $1,759
------------------------------------------------------------------
Mississippi - 0.2%                                                
  Medical Center Educational Building Revenue                     
   VRDN, Adult Hospital Project                                   
   (AMBAC Insured),                                               
   1.20%, 12/2/02                                     700      700
------------------------------------------------------------------
Missouri - 1.2%                                                   
  Kansas City IDA VRDN, Series 1985, Resh Health                  
   Services System (MBIA Insured),                                
   1.40%, 12/2/02                                     400      400
  Missouri Health & Education Facilities VRDB,                    
   Series 1999, Pooled Hospital Freeman Health                    
   System (KBC Bank LOC),                                         
   1.25%, 12/6/02                                   4,155    4,155
  St. Louis General Funding Revenue TRAN,                         
   2.88%, 6/26/03                                   1,000    1,007
------------------------------------------------------------------
                                                             5,562
------------------------------------------------------------------
Nevada - 0.9%                                                     
  Nevada Muni Bond Bank Revenue VRDB,                             
   Series 1997-SGB 31 (FGIC Insured),                             
   1.25%, 12/6/02                                   4,165    4,165
------------------------------------------------------------------
New Jersey - 1.5%                                                 
  New Jersey State TRAN, Series 2002,                             
   3.00%, 6/12/03                                   5,000    5,040
  New Jersey State Transportation Corp.                           
   Revenue Bonds, Series 15, ROC 2000                             
   (AMBAC Insured),                                               
   1.31%, 12/6/02                                   2,000    2,000
------------------------------------------------------------------
                                                             7,040
------------------------------------------------------------------
New Mexico - 0.6%                                                 
  City of Farmington PCR VRN, Series                              
   1994A, Arizona Public Service Four Corners                     
   Project (Barclays Bank LOC),                                   
   1.30%, 12/2/02                                   2,700    2,700
------------------------------------------------------------------
New York - 0.7%                                                   
  New York City TFA Revenue Notes, Series 4,                      
   2.50%, 2/26/03                                   1,000    1,002

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 40 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

N-30D 216th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 216th
                                                             NOVEMBER 30, 2002

                                                                [Download Table]

                                                PRINCIPAL       
                                                 AMOUNT   VALUE 
                                                 (000S)   (000S)
                                                                
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                       
New York - 0.7% - (continued)                                   
  Triborough Bridge & Tunnel Revenue VRN,                       
   Series F,                                                    
   1.05%, 12/6/02                                $2,300   $2,300
----------------------------------------------------------------
                                                           3,302
----------------------------------------------------------------
North Carolina - 1.3%                                           
  North Carolina Housing Finance Agency                         
   Series 2002, Masonic Home for Children at                    
   Oxford (Wachovia Bank LOC),                                  
   1.30%,12/6/02                                  4,000    4,000
  North Carolina MedCare VRDB, Merlots Series                   
   2001A39 Providend Place Project                              
   (Colld. by GNMA),                                            
   1.32%, 12/6/02                                 1,815    1,815
----------------------------------------------------------------
                                                           5,815
----------------------------------------------------------------
Ohio - 0.4%                                                     
  Clinton County Hospital Revenue VRDB,                         
   Series 2002A-1, Memorial Hospital Project                    
   (Fifth Third Bank LOC),                                      
   1.25%, 12/6/02                                 2,000    2,000
----------------------------------------------------------------
Oklahoma - 0.7%                                                 
  Garfield County IDA VRDB, Series A, Gas and                   
   Electric Co. Project (Oklahoma Gas and                       
   Electric Co. Gtd.),                                          
   1.30%, 12/6/02                                 2,200    2,200
  Oklahoma Water Resources Board Revenue                        
   Bonds, Series 2001, State Loan Program,                      
   1.45%, 4/1/03                                    925      925
----------------------------------------------------------------
                                                           3,125
----------------------------------------------------------------
Oregon - 0.4%                                                   
  Oregon State G.O. TAN, Series A,                              
   3.25%, 5/1/03                                  2,000    2,010
----------------------------------------------------------------
Pennsylvania - 2.9%                                             
  Delaware Valley Finance Authority Local                       
   Government Revenue VRDN, Merrill Lynch                       
   P-Floats PT-152 (AMBAC Insured),                             
   1.34%, 12/6/02                                 3,005    3,005
  Delaware Valley Regional Financing Authority                  
   Local Government Revenue VRDB, Merrill                       
   Lynch P-Floats Series 1985-C                                 
   (Toronto-Dominion Bank LOC),                                 
   1.15%, 12/6/02                                 5,000    5,000
                                                                [Download Table]

                                                 PRINCIPAL        
                                                  AMOUNT   VALUE  
                                                  (000S)   (000S) 
                                                                  
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                         
Pennsylvania - 2.9% - (continued)                                 
  Geisinger Health System Authority Revenue                       
   Bonds, Series 2000,                                            
   1.15%, 12/2/02                                 $ 1,000  $ 1,000
  Mercersburg Borough General Purpose                             
   Authority Revenue Bonds, Series 2000A,                         
   Mercersburg College (Wachovia Bank LOC),                       
   1.15%, 12/6/02                                   1,200    1,200
  North Wales Water Authority Revenue Notes,                      
   Series 2001, Rural Water Project,                              
   4.00%,12/15/02                                   1,000    1,001
  Southcentral General Authority Revenue Notes,                   
   Cerebral Palsy Home (Fleet National                            
   Bank LOC),                                                     
   1.30%, 12/6/02                                   2,000    2,000
------------------------------------------------------------------
                                                            13,206
------------------------------------------------------------------
South Carolina - 1.5%                                             
  Richland County School District No. 1                           
   G.O. Bonds, Series 2002,                                       
   2.00%, 10/1/03                                   1,000    1,004
  South Carolina Public Service Authority                         
   Revenue Promissory Notes, Series 98,                           
   1.77%, 12/11/02                                  2,083    2,083
  South Carolina State Housing, Financing, and                    
   Development Multi-Family VRDB, Series 2001,                    
   East Ridge Apartments Project                                  
   (General Electric Capital Corp. LOC),                          
   1.32%, 12/6/02                                   3,900    3,900
------------------------------------------------------------------
                                                             6,987
------------------------------------------------------------------
Tennessee - 10.1%                                                 
  Blount County Public Building Authority                         
   Revenue Bonds, Government Public                               
   Improvement Series 2001-A-1-H                                  
   (AMBAC Insured),                                               
   1.30%, 12/2/02                                   1,290    1,290
  Knox County Health and Education Facilities                     
   Revenue VRN, Series 2000, Volunteer Student                    
   Housing (Wachovia Bank LOC),                                   
   1.30%, 12/6/02                                  14,400   14,400
  McMinn County Industrial Development Board                      
   Revenue Bonds, Series 2002, Tennessee                          
   Wesleyan College Project (Regions Bank LOC),                   
   1.26%, 12/6/02                                   2,705    2,705

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 41 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           

MUNICIPAL PORTFOLIO (continued)                                   

                                                                [Download Table]

                                                  PRINCIPAL        
                                                   AMOUNT   VALUE  
                                                   (000S)   (000S) 
                                                                   
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                          
Tennessee - 10.1% - (continued)                                    
  Memphis Improvement G.O. Bonds, Series 1996,                     
   Soc Gen Trust SGB-23,                                           
   1.36%, 12/6/02                                  $  150   $   150
  Metropolitan Government Nashville & Davidson                     
   Counties VRDB, Series 2001B-1,                                  
   Ascension Health,                                               
   1.60%, 7/28/03                                   2,400     2,400
  Metropolitan Government Nashville & Davidson                     
   Counties VRDB, Series 2001B-2,                                  
   Ascension Health,                                               
   1.25%, 1/3/03                                    1,000     1,000
  Metropolitan, Nashville, & Davidson Counties                     
   Education Facilities Improvement Series 2002,                   
   University of Nashville Project                                 
   (SunTrust Bank LOC),                                            
   1.15%, 12/6/02                                   1,000     1,000
  Montgomery County Public Building Authority                      
   Revenue VRN, Series 2002, Tennessee                             
   County Loan Pool (Bank of America LOC),                         
   1.25%, 12/2/02                                   6,000     6,000
  Sevier County Public Building Authority Local                    
   Government Public Improvement VRDB                              
   (AMBAC Insured),                                                
   Series 2000 IV-D-1,                                             
   1.30%, 12/2/02                                   4,070     4,070
   Series 2000 IV-E-6,                                             
   1.30%, 12/2/02                                   1,200     1,200
   Series 2000 IV-F-2,                                             
   1.30%, 12/2/02                                   2,000     2,000
   Series 2000 IV-G-4,                                             
   1.30%, 12/2/02                                   1,000     1,000
   Series 2000 IV-H-3,                                             
   1.30%, 12/2/02                                   3,000     3,000
   Series 2000 IV-I-2,                                             
   1.30%, 12/2/02                                   4,500     4,500
   Series 2000 IV-J-3,                                             
   1.30%, 12/2/02                                     800       800
  Sevier County Public Building Authority                          
   Adjustable Rate Local Government Public                         
   Improvement Bonds, Series IV-B-8                                
   (FSA Corp. Insured),                                            
   1.30%, 12/2/02                                     985       985
-------------------------------------------------------------------
                                                             46,500
-------------------------------------------------------------------
                                                                [Download Table]

                                                  PRINCIPAL        
                                                   AMOUNT   VALUE  
                                                   (000S)   (000S) 
                                                                   
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                          
Texas - 13.1%                                                      
  Bastrop Independent School District VRDB,                        
   Soc Gen Municipal Securities Trust, Series                      
   1997 SGB 37 (PSF of Texas Gtd.),                                
   1.25%, 12/6/02                                  $   400  $   400
  Bexar County Health Facilities Development                       
   Corp. Revenue Bonds, Air Force Village                          
   (Bank of America LOC),                                          
   1.30%, 12/6/02                                    4,000    4,000
  Comal Independent School District VRDN,                          
   ABN Amro Munitops Certificates 1999-9                           
   (PSF of Texas Gtd.),/ (1)/                                      
   1.28%, 12/6/02                                    1,300    1,300
  Dallas G.O. Refunding Bonds, Morgan Stanley                      
   Floating Rate Certificates, Series 1998-93,                     
   1.24%, 12/6/02                                      200      200
  Harris County Health Facilities Development                      
   Corp. Revenue VRDB, Merlot Series 2001-A87                      
   (U.S. Treasuries Escrowed),                                     
   1.32%, 12/6/02                                      985      985
  Harris County Health Facilities Development                      
   Corp. Revenue VRDB, Texas Children Hospital                     
   Series 1999 (MBIA Insured),                                     
   1.30%, 12/2/02                                    5,500    5,500
  Harris County Houston Sports Authority Special                   
   Revenue VRDB, Series 2001, Junior Lien                          
   Rodeo Project (MBIA Insured),                                   
   1.20%, 12/6/02                                    9,700    9,700
  Keller Independent School District ABN Amro                      
   MuniTop 2001-26 (PSF of Texas Gtd.),                            
   1.28%, 12/6/02                                    2,500    2,500
  Northside Independent School District                            
   Revenue Bonds,                                                  
   4.00%, 2/15/03                                    3,000    3,014
  Port Arthur Navigation District Industrial                       
   Development VRDB (AMT), American                                
   Petrofina Corp. Project (Credit Commercial de                   
   France LOC),                                                    
   1.25%, 12/2/02                                    1,100    1,100
  San Antonio Independent School District                          
   Revenue Bonds, ABN Amro MuniTops                                
   2001-29,                                                        
   1.55%, 5/15/03                                    5,000    5,000
  State of Texas TRAN, Series 2001A,                               
   2.75%, 8/29/03                                   12,000   12,117

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 42 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

                                                                [Download Table]

                                                PRINCIPAL        
                                                 AMOUNT   VALUE  
                                                 (000S)   (000S) 
                                                                 
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                        
Texas - 13.1% - (continued)                                      
  Tarrant County Health Facility Authority                       
   Revenue VRN, Adventist Health System                          
   Sunbelt 1996-A (SunTrust Bank LOC),                           
   1.20%, 12/6/02                                $ 9,500  $ 9,500
  State of Texas TRAN, Series 2002, Lehman                       
   Brothers Floating Rate Trust Receipts,                        
   1.35%, 12/6/02                                  5,000    5,000
-----------------------------------------------------------------
                                                           60,316
-----------------------------------------------------------------
Utah - 0.2%                                                      
  Intermountain Power Agency Power Supply                        
   Revenue CP, Series 1997B-3,                                   
   1.50%, 12/9/02                                  1,000    1,000
-----------------------------------------------------------------
Virginia - 0.2%                                                  
  Roanoke IDA Hospital Revenue VRDB,                             
   Series 2002C, Carilion Health System                          
   Obligated Group,                                              
   1.25%, 12/2/02                                    790      790
-----------------------------------------------------------------
Washington - 7.8%                                                
  Washington G.O. VRDN, Series 2001 FR/RI-L15,                   
   Lehman Brothers Trust Receipts,                               
   1.40%, 12/6/02                                  7,100    7,100
  Washington Public Power Supply System                          
   Revenue VRDN, Citicorp Eagle Trust                            
   Series 944701,                                                
   1.25%, 12/6/02                                  3,200    3,200
  Washington Public Power Supply System                          
   Revenue VRDN, Series 1993-1A-2, Nuclear                       
   Project No. 1 (Bank of America LOC),                          
   1.10%, 12/6/02                                 13,100   13,100
  Washington State G.O. Refunding VRDB,                          
   Eagle Trust Series 1993C,                                     
   1.25%, 12/6/02                                    800      800
  Washington State Housing Finance Commission                    
   Non-Profit Housing Revenue VRDB, Series                       
   1997, Panorama City Project (KeyBank LOC),                    
   1.25%, 12/2/02                                  2,600    2,600
  Washington State Housing Finance Commission                    
   VRDB, Series 2001A, Pioneer Human Services                    
   Project (U.S. Bank LOC),                                      
   1.25%, 12/2/02                                  2,150    2,150
                                                                [Download Table]

                                                   PRINCIPAL        
                                                    AMOUNT   VALUE  
                                                    (000S)   (000S) 
                                                                    
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                           
Washington - 7.8% - (continued)                                     
  Washington State Housing Finance Commission                       
   Non-Profit Revenue Bonds, Rockwood                               
   Retirement Communities (Wells Fargo                              
   Bank LOC),                                                       
   1.25%, 12/2/02                                   $1,360   $ 1,360
  Washington State Housing Finance Commission                       
   Non-Profit Housing Revenue VRDB, Series                          
   1994, Rockwood Retirement Communities                            
   Program (Wells Fargo Bank LOC),                                  
   1.25%, 12/2/02                                    3,175     3,175
  Washington State Various Purpose G.O. VRDB,                       
   Series 2000B, Eagle Trust Series No.                             
   20004701,                                                        
   1.25%, 12/6/02                                    2,300     2,300
--------------------------------------------------------------------
                                                              35,785
--------------------------------------------------------------------
West Virginia - 0.4%                                                
  West Virginia Hospital Loan Financing Authority                   
   VRDB, Series 2000A (Bank of America GIC),                        
   1.45%, 12/6/02                                    2,000     2,000
--------------------------------------------------------------------
Wisconsin - 1.3%                                                    
  Wauwatosa Housing Authority Adjustable Rate                       
   Put Option, Series 1995, San Camillo, Inc.                       
   Project (U.S. Bank LOC),                                         
   1.25%, 12/6/02                                    1,200     1,200
  Wisconsin Health & Education Facilities VRDB,                     
   Series 94A, Sinai Samaritan Medical Center                       
   (Marshall & Ilsley Bank LOC),                                    
   1.25%, 12/6/02                                      500       500
  Wisconsin Health & Education Facilities                           
   Authority VRDB, Series 2000B, Oakwood                            
   Village (Marshall & Ilsley Bank LOC),                            
   1.25%, 12/6/02                                      200       200
  Wisconsin Health & Education Facilities                           
   Authority VRDB, Cap Acs Pool Vernon                              
   Memorial Hospital (U.S. Bank LOC),                               
   Series 2002A,                                                    
   1.20%, 12/2/02                                      900       900
   Series 2002B,                                                    
   1.20%, 12/2/02                                    3,000     3,000
--------------------------------------------------------------------
                                                               5,800
--------------------------------------------------------------------

See Notes to the Financial Statements.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 43 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
SCHEDULE OF INVESTMENTS                                           
                                                             NOVEMBER 30, 2002

MUNICIPAL PORTFOLIO (continued)                                   

                                                                [Download Table]


                                                 PRINCIPAL         
                                                  AMOUNT    VALUE  
                                                  (000S)    (000S) 
                                                                   
MUNICIPAL INVESTMENTS - 98.8% - CONTINUED                          
Multiple States Pooled Securities - 0.3%                           
  Clipper Multistate Tax-Exempt Trust                              
   Certificates, Series A,                                         
   1.41%, 12/6/02                                 $1,000     $1,000
  Soc Gen Puttable Floating Option, Series 2001                    
   SG P-13 Tax Exempt Pooled Trust Receipts,                       
   1.36%, 12/6/02                                    230        230
-------------------------------------------------------------------
                                                              1,230
-------------------------------------------------------------------
Total Municipal Investments (cost $453,495)                 453,495

                                                  NUMBER           
                                                    OF             
                                                  SHARES    VALUE  
                                                  (000S)    (000S) 
OTHER - 1.0%                                                       
  AIM Tax Free Money Market Fund                   2,968     $2,968
  Dreyfus Tax-Exempt Cash Management Fund            716        716
  Federated Tax Free Trust Money Market Fund                       
   No. 15                                            591        591
-------------------------------------------------------------------
Total Other (cost $4,275)                                     4,275
-------------------------------------------------------------------
Total Investments - 99.8% (cost $457,770)                   457,770
   Other Assets less Liabilities - 0.2%                         970
-------------------------------------------------------------------
NET ASSETS - 100.0%                                        $458,740

(1)Securities exempt from registration under Rule 144A of the Securities Act of 
1933. These securites may be resold in transactions exempt from           
registration, normally to qualified institutional buyers. At November 30, 
 2002, the value of these securities amounted to approximately $1,300,000 or
0.3% of net assets.                                                       

At November 30, 2002, the Municipal Portfolio's investments were diversified  
as follows:                                                                   

                                                                [Download Table]
                                                         
INDUSTRY SECTOR                               PERCENTAGE 
Educational Services                                 8.4%
Electric Services                                   15.5 
Executive, Legislative and General Government       27.5 
General Medical and Surgical                        10.3 
Residential Care                                     5.8 
Other                                               32.5 
---------------------------------------------------------
Total                                              100.0%

See Notes to the Financial Statements.                                          

MONEY MARKET PORTFOLIOS 44 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                     ---------------------------------------------------------
                                                       MONEY MARKET PORTFOLIOS
                                                                          ----
ABBREVIATIONS AND OTHER INFORMATION                               
                                                             NOVEMBER 30, 2002

The percentage shown for each investment category reflects the value of         
investments in that category as a percentage of net assets.                     

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

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

Amortized cost also represents cost for federal income tax purposes.            

Interest rates are reset daily and interest is payable monthly with respect to  
all joint repurchase agreements.                                                
EXPLANATION OF ABBREVATIONS USED THROUGHOUT THE SCHEDULES OF INVESTMENTS  
--------------------------------------------------------------------------------

                                                                [Download Table]
                                   
AMBAC  American Municipal Bond     
       Assurance Corp.             

AMT    Alternative Minimum Tax     

BAN    Bond Anticipation Note      

Colld. Collateralized              

COP    Certificate of Participation

CP     Commercial Paper            

FGIC   Financial Guaranty Insurance
       Corp.                       

FHLB   Federal Home Loan Bank      

FHLMC  Freddie Mac                 

FNMA   Fannie Mae                  

FRN    Floating Rate Note          

FSA    Financial Security Assurance
       Corp.                       

GIC    Guaranteed Investment       
       Contract                    

GNMA   Government National         
       Mortgage Association        

G.O.   General Obligation          

Gtd.   Guaranteed                  

HDA    Housing Development         
       Authority                   

HFA    Housing Finance Authority   

IDA    Industrial Development      
       Authority                   

LOC    Letter of Credit            

MBIA   Municipal Bond Insurance    
       Association                 

MTN    Medium Term Note            

PCR    Pollution Control Revenue   

PUTTER Puttable Tax-Exempt Receipts
                                                                [Download Table]
                                   

P-Floats Puttable Floating Rate    
         Security                  

PSF      Permanent School Fund     

RAN      Revenue Anticipation Notes

ROC      Reset Option Certificates 

SFM      Single Family Mortgage    

SLMA     Student Loan Marketing    
         Association               

Soc Gen  Societe Generale          

SGB      Societe Generale Bank     

TAN      Tax Anticipation Note     

TFA      Transitional Finance      
         Authority                 

TRAN     Tax and Revenue           
         Anticipation Note         

TRS      Trust Receipts            

VRDB     Variable Rate Demand Bond 

VRDN     Variable Rate Demand Note 

VRN      Variable Rate Notes       

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 45 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
NOTES TO THE FINANCIAL STATEMENTS                                 

1   ORGANIZATION                                                                
Northern Institutional Funds (the "Trust") is a Delaware business trust, and is 
registered under the Investment Company Act of 1940, as amended, as an open-end 
management investment company. The Trust currently includes twenty-two          
portfolios, each with its own investment objective. Northern Trust Investments, 
Inc. ("NTI") is the investment adviser for all of the Trust's money market      
portfolios (the "Portfolios"). The Northern Trust Company ("TNTC") is the       
custodian and transfer agent for the Trust. NTI and PFPC, Inc. ("PFPC") are the 
Trust's co-administrators and Northern Funds Distributors, LLC is the Trust's   
distributor.                                                                    

Presented herein are the financial statements of five money market Portfolios.  
These include: Diversified Assets Portfolio, Government Portfolio, Government   
Select Portfolio,Tax-Exempt Portfolio and Municipal Portfolio. Each of these    
diversified Portfolios is authorized to issue three classes of shares: Shares,  
Service Shares and Premier Shares. Each class is distinguished by the level of  
administrative, liaison and transfer agent service provided. As of November 30, 
2002, Shares, Service Shares and Premier Shares were outstanding for the        
Diversified Assets, Government and Government Select Portfolios, and Shares and 
Service Shares were outstanding for the Tax-Exempt and Municipal Portfolios.    

2   SIGNIFICANT ACCOUNTING POLICIES                                             
The following is a summary of significant accounting policies consistently      
followed by the Portfolios in the preparation of their financial statements.    
These policies are in conformity with accounting principles generally accepted  
in the United States or "GAAP." The presentation of financial statements in     
conformity with GAAP requires management to make estimates and assumptions that 
affect the reported amounts of assets and liabilities at the date of the        
financial statements and the reported amounts of revenues and expenses during   
the reporting period. Actual results may differ from those estimates.           

A) VALUATION OF SECURITIES - Short-term investments held by the Portfolios are  
valued at amortized cost, which the investment adviser had determined, pursuant 
to Board authorization, approximates fair market value. Under this method,      
investments purchased at a discount or premium are valued by amortizing the     
difference between the original purchase price and maturity value of the issue  
over the period to maturity.                                                    

B) REPURCHASE AGREEMENTS - During the term of a repurchase agreement, the       
market value of the underlying collateral, including accrued interest, is       
required to equal or exceed the market value of the repurchase agreement. The   
underlying collateral for tri-party repurchase agreements is held in accounts   
for TNTC, as agent for the Portfolios, at the Bank of New York and/or JP Morgan 
Chase which, in turn, hold securities through the book-entry system at the      
Federal Reserve Bank of New York. The underlying collateral for other           
repurchase agreements is held in a customer-only account for TNTC, as custodian 
for the Portfolios, at the Federal Reserve Bank.                                

Each Portfolio may enter into joint repurchase agreements with non-affiliated   
counterparties through a master repurchase agreement with TNTC. NTI administers 
and manages these repurchase agreements in accordance with and as part of its   
duties under its investment advisory agreements with the Portfolios and does    
not collect any additional fees from the Portfolios. The                        
Diversified Assets Portfolio and Government Portfolio have entered into such    
joint repurchase agreements as of November 30, 2002, as reflected in their      
accompanying Schedules of Investments.                                          

C) INTEREST INCOME - Interest income is recorded on the accrual basis and       
includes amortization of discounts and premiums.                                

D) FEDERAL TAXES - It is each Portfolio's policy to continue to comply with the 
requirements of the Internal Revenue Code applicable to regulated investment    
companies and to distribute each year substantially all of its taxable income   
and tax-exempt income to its shareholders. Therefore, no provision is made for  
federal taxes.                                                                  

For the period subsequent to October 31, 2002 through the fiscal year end, the  
following Portfolio incurred net capital losses for which the Portfolio intends 
to treat as having been incurred in the following fiscal year (in thousands):   
Government Select -- $1.                                                        

At November 30, 2002, the capital loss carryforwards for U.S. federal income    
tax purposes and their respective years of expiration were as follows (in       
thousands):                                                                     

                                                                [Download Table]

           NOVEMBER 30,
PORTFOLIO      2010    
-----------------------
                       
Tax-Exempt     $16     
Municipal        1     
-----------------------

The Portfolios in the above table may offset future capital gains with these    
capital loss carryforwards.                                                     

MONEY MARKET PORTFOLIOS 46 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

At November 30, 2002, the tax components of undistributed net investment income 
and realized gains, including amounts declared but not yet paid for federal     
income tax purposes, were as follows:                                           

                                                                [Download Table]

                        UNDISTRIBUTED   
                     -------------------
                     TAX-EXEMPT ORDINARY
Amounts in thousands   INCOME   INCOME* 
----------------------------------------
                                        
 Diversified Assets     $ --    $11,748 
 Government               --      3,111 
 Government Select        --      4,517 
 Tax-Exempt              983         -- 
 Municipal               520         -- 
----------------------------------------

*Ordinary income includes taxable market discount income and short-term capital 
gains, if any.                                                                

The tax character of distributions paid during the year ended November 30,      
2002, were as follows:                                                          

                                                                [Download Table]

                      DISTRIBUTED FROM  
                     -------------------
                     TAX-EXEMPT ORDINARY
Amounts in thousands   INCOME   INCOME* 
----------------------------------------
                                        
 Diversified Assets   $     --  $199,726
 Government                 --    48,288
 Government Select          --    78,592
 Tax-Exempt             10,578       165
 Municipal               3,620        19
----------------------------------------

*Ordinary income includes taxable market discount income and short-term capital 
gains, if any.                                                                

E) EXPENSES - Expenses arising in connection with a specific Portfolio are      
charged to that Portfolio. Certain expenses arising in connection with a class  
of shares are charged to that class of shares.                                  

Expenses incurred which do not specifically relate to an individual Portfolio   
are allocated among the Portfolios based on each Portfolio's relative average   
net assets.                                                                     

F) DISTRIBUTIONS - Each Portfolio's net investment income is declared daily as  
a dividend to shareholders of record on that day. Net realized short-term       
capital gains, if any, in excess of net capital loss carryforwards, are         
declared and distributed at least annually.                                     

Distributions of net investment income with respect to a calendar month         
(including with respect to shares redeemed at any time during the month) are    
made as soon as practicable following the end of the month. Distributions are   
made by each Portfolio to TNTC in cash or automatically reinvested in           
additional shares of the Portfolio. TNTC has undertaken to credit or arrange    
for the crediting of such distributions to each shareholder's account with      
TNTC, its affiliates or its correspondents. The Portfolios may periodically     
make reclassifications among certain of their capital accounts to reflect       
differences between financial reporting and federal income tax basis            
distributions. These reclassifications have no impact on the total net assets   
or the net asset values of the Portfolios.                                      

3   ADVISORY, TRANSFER AGENCY, CUSTODIAN AND OTHER                              
AGREEMENTS                                                              
As compensation for services rendered, including the assumption of the expenses 
related thereto, the investment adviser is entitled to a fee, computed daily    
and payable monthly, based on a specified percentage of each Portfolio's        
average daily net assets.                                                       

The annualized rate of such fee, effective April 1, 2002, is shown below. The   
annualized rate prior to April 1, 2002 is also shown below. For the year ended  
November 30, 2002, the investment advisers voluntarily agreed to waive a        
portion of the advisory fee as shown in the accompanying Statement of           
Operations.                                                                     

                                                                [Download Table]

                   ADVISORY FEE  ADVISORY FEE  ADVISORY FEE
                     EFFECTIVE     PRIOR TO       AFTER    
                   APRIL 1, 2002 APRIL 1, 2002   WAIVER*   
-----------------------------------------------------------
                                                           
Diversified Assets     0.25%         0.25%        0.25%    
Government             0.25%         0.25%        0.25%    
Government Select      0.20%         0.25%        0.10%    
Tax-Exempt             0.25%         0.25%        0.25%    
Municipal              0.20%         0.25%        0.10%    
-----------------------------------------------------------

*For periods prior to and after April 1, 2002.                                  

The waivers described above are voluntary and may be waived at any time.        

4   ADMINISTRATION AND DISTRIBUTION AGREEMENTS                                  
NTI and PFPC, the co-administrators of the Portfolios, are entitled to a        
monthly co-administration fee at the annual rate of .10% of each Portfolio's    
average daily net assets. The co-administrators are also entitled to additional 
fees for special legal services.                                                

In addition, if in any fiscal year the sum of a Portfolio's expenses, including 
administration fees, but excluding the fees payable to NTI for its duties as    
adviser and TNTC for its duties as transfer agent for all shares, payments      
under the service plan for the Portfolios' Service Shares and Premier Shares    
and certain extraordinary expenses, exceed on an annualized basis .10% of the   
Portfolio's average daily net assets, the co-administrators reimburse each      
Portfolio for the amount of the excess pursuant to the terms of the             
co-administration agreement.                                                    

Expenses reimbursed during the year ended November 30, 2002 are shown on the    
accompanying Statements of Operations.                                          

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 47 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
NOTES TO THE FINANCIAL STATEMENTS (continued)                     

Northern Funds Distributors, LLC, the distributor for the Portfolios, receives  
no compensation under its distribution agreement.                               

5   SERVICE PLAN                                                                
The Trust has adopted a Service Plan pursuant to which the Trust may enter into 
agreements with Northern Trust, its affiliates or other institutions            
("Servicing Agents") under which they will render certain administrative        
support services and in some cases personal and account maintenance services    
for their customers or investors who beneficially own Service and Premier       
Shares. As compensation under the Service Plan, the institution or other        
financial intermediary receives a fee at an annual rate of up to .25% and .50%  
of the average daily net asset value of the outstanding Service and Premier     
Shares, respectively.                                                           

6   BANK LOANS                                                                  
On December 19, 2002, the Trust entered into a $150,000,000 revolving bank      
credit line for liquidity and other purposes. Borrowings under this arrangement 
bear interest at .45% above LIBOR (London Interbank Offering Rate).             

Prior to December 19, 2002, the Trust maintained a $100,000,000 revolving bank  
credit line for liquidity and other purposes. Borrowings under this arrangement 
bear interest at .45% above the NIBOR funds rate (New York Interbank Offering   
Rate).                                                                          

None of the Portfolios had any borrowings under this agreement during the year  
ended November 30, 2002.                                                        

TAX INFORMATION (UNAUDITED)                                                     

During the year ended November 30, 2002, the percentage of dividends derived    
from net investment income paid by each of the following Portfolios as          
"exempt-interest dividends", excludable from gross income for federal income    
tax purposes were as follows: Municipal Portfolio--99.50%, and Tax-Exempt       
Portfolio--98.40%.                                                              

money market portfolios 48 northern institutional funds annual report           

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                     ---------------------------------------------------------
                                                       MONEY MARKET PORTFOLIOS
                                                                          ----
REPORT OF INDEPENDENT AUDITORS                                    
                                                             NOVEMBER 30, 2002

TO THE NORTHERN                                                                 
INSTITUTIONAL FUNDS                                                             
SHAREHOLDERS AND                                                                
BOARD OF TRUSTEES:                                                              

We have audited the accompanying statements of assets and liabilities,          
including the schedules of investments, of the Diversified Assets, Government,  
Government Select, Tax-Exempt and Municipal Portfolios of the Northern          
Institutional Funds, as of November 30, 2002, and the related statements of     
operations, changes in net assets and financial highlights for the periods      
indicated therein. These financial statements and financial highlights are the  
responsibility of the Portfolios' management. Our responsibility is to express  
an opinion on these financial statements and financial highlights based on our  
audits.                                                                         

We conducted our audits in accordance with auditing standards generally         
accepted in the United States. Those standards require that we plan and perform 
the audits to obtain reasonable assurance about whether the financial           
statements and financial highlights are free of material misstatement. An audit 
includes examining, on a test basis, evidence supporting the amounts and        
disclosures in the financial statements and financial highlights. Our           
procedures included verification of the investments owned at November 30, 2002  
by physical examination of the securities held by the custodian and by          
correspondence with central depositories, unaffiliated subcustodian banks, and  
brokers or by other appropriate auditing procedures where replies from brokers  
were not received. An audit also includes assessing the accounting principles   
used and significant estimates made by management, as well as evaluating the    
overall financial statement presentation. We believe that our audits provide a  
reasonable basis for our opinion.                                               

In our opinion, the financial statements and financial highlights referred to   
above present fairly, in all material respects, the financial position of the   
Diversified Assets, Government, Government Select, Tax-Exempt and Municipal     
Portfolios at November 30, 2002, the results of their operations, the changes   
in their net assets and financial highlights for the periods indicated therein, 
in conformity with accounting principles generally accepted in the United       
States.                                                                         

/s/ Ernst & Young LLP                                                           

Chicago, Illinois                                                               
January 14, 2003                                                                

       NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 49 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
TRUSTEES AND OFFICERS                                             

Set forth below is information about the Trustees and Officers of Northern      
Institutional Funds. Each Trustee has served in that capacity since he or she   
was originally elected or appointed to the Board of Trustees. Each Trustee      
oversees a total of 54 portfolios in the Northern Funds Complex -- 22 for       
Northern Institutional Funds and 32 for Northern Funds. The Northern            
Institutional Funds' Statement of Additional Information contains additional    
information about the Trustees and is available upon request and without charge 
by calling 800/637-1380.                                                        

NON-INTERESTED TRUSTEES                                                         

                                                        [Enlarge/Download Table]

NAME, ADDRESS/(1)/, AGE,                                                                                        
POSITIONS HELD WITH                                                                                             
FUND AND LENGTH OF                                                                                              
SERVICE AS NORTHERN                                                                                             
INSTITUTIONAL FUNDS                                                                   OTHER DIRECTORSHIPS       
TRUSTEE/(2)/             PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                 HELD BY TRUSTEE           
----------------------------------------------------------------------------------------------------------------
                                                                                                                
Richard G. Cline         . Chairman and Director, Hawthorne Investors, Inc. (a        .PepsiAmericas (a soft    
Age 67                     management advisory services and private investment         drink bottling           
Trustee since 1997         company) since 1996;                                        company);                
                         . Managing Partner, Hawthorne Investments, L.L.C. (a         .Kmart Corporation (a     
                           management advisory services and private investment         retailing company);      
                           company) since 2001;                                       .Ryerson Tull, Inc. (a    
                         . Chairman and Director of Hussmann International, Inc. (a    metals distribution      
                           refrigeration company) from 1998 to 2000;                   company).                
                         . Chairman, President and CEO of NICOR Inc. (a diversified                             
                           public utility holding company) from 1985 to 1995; and                               
                           President from 1992 to 1993;                                                         
                         . Chairman, Federal Reserve Bank of Chicago from 1992                                  
                           through 1994; and Deputy Chairman in 1991 and 1995.                                  

Edward J. Condon, Jr.    . Chairman and CEO of The Paradigm Group, Ltd. (a financial  .None                     
Age 62                     advisor) since 1993;                                                                 
Trustee since 1994       . Principal and Co-Founder of Paradigm Capital since 1993;                             
                           Senior Partner of New- Ellis Ventures since 2001;                                    
                         . Member of Advisory Board of Real-Time USA, Inc. (a                                   
                           software development company);                                                       
                         . Member of the Board of Managers of The Liberty Hampshire                             
                           Company, LLC (a receivable securitization company);                                  
                         . Director of University Eldercare, Inc. (an Alzheimer's                               
                           disease research and treatment company);                                             
                         . Director of Financial Pacific Company (a small business                              
                           leasing company);                                                                    
                         . Trustee, Dominican University.                                                       

William J. Dolan Jr.     . Partner of Arthur Andersen & Co. S.C. (an accounting       .None                     
Age 70                     firm) from 1966 to 1989;                                                             
Trustee since 2000       . Financial Consultant, Ernst & Young LLP (an accounting                               
                           firm) from 1992 to 1993 and 1997.                                                    

Sharon Gist Gilliam      . Executive Vice President, Unison-Maximus, Inc. (aviation   .None                     
Age 59                     and governmental consulting);                                                        
Trustee since 2001       . Director of Town and Country Utilities, Inc.;                                        
                         . Director of Unison Consulting Group, Inc. until May 1999.                            

Sandra Polk Guthman      . President and CEO of Polk Bros. Foundation (an Illinois    .MB Financial Corp.       
Age 58                     not-for-profit corporation) from 1993 to present.           (a municipal bond        
Trustee since 1997                                                                     insurance company)       
                                                                                       1999-2000.               

Richard P. Strubel       . President, Chief Operating Officer and Director of Unext   .Gildan Activewear,       
Age 63                     Inc. (a provider of educational services via the            Inc. (an athletic cloth- 
Trustee since 1982         Internet) since 1999;                                       ing marketing and        
                         . Director, Cantilever Technologies (a private software       manufacturing            
                           company) since 1999;                                        company);                
                         . Trustee, The University of Chicago since 1987;             .Goldman Sachs Mu-        
                         . Managing Director of Tandem Partners, Inc. (a privately     tual Fund Complex        
                           held management services firm) until 1999.                  (69 portfolios).         

MONEY MARKET PORTFOLIOS 50 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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                                                             NOVEMBER 30, 2002

INTERESTED TRUSTEES                                                         

                                                        [Enlarge/Download Table]

NAME, ADDRESS/(1)/, AGE,                                                                                          
POSITIONS HELD WITH                                                                                               
FUND AND LENGTH OF                                                                                                
SERVICE AS NORTHERN                                                                                               
INSTITUTIONAL FUNDS                                                                         OTHER DIRECTORSHIPS   
TRUSTEE/(2)/                   PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                 HELD BY TRUSTEE       
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Michael E. Murphy/(3)/         . President of Sara Lee Foundation (philanthropic            .Coach, Inc.;         
Age 66                           organization) from 1997 to 2001;                           .Payless Shoe Source, 
Trustee since 2000             . Vice Chairman and Chief Administrative Officer of Sara      Inc. (a retail shoe  
                                 Lee Corporation (a consumer product company) from 1994 to   store business);     
                                 1997.                                                      .GATX Corporation (a  
                                                                                             railroad holding     
                                                                                             company);            
                                                                                            .Bassett Furniture    
                                                                                             Industries, Inc. (a  
                                                                                             furniture            
                                                                                             manufacturer).       

Mary Jacobs Skinner, Esq./(3)/ . Partner in the law firm of Sidley Austin Brown & Wood.     .None                 
Age 45                                                                                                            
Trustee since 2000                                                                                                

Stephen Timbers/(3)/           . Director, President and Chief Executive Officer of         .USFreightways        
Age 58                           Northern Trust Investments, Inc. since 2001;                Corporation.         
Trustee since 2000             . President of Northern Trust Global Investments, a                                
                                 division of Northern Trust Corporation and Executive                             
                                 Vice President, The Northern Trust Company since 1998;                           
                               . President, Chief Executive Officer and Director of Zurich                        
                                 Kemper Investments (a financial services company) from                           
                                 1996 to 1998;                                                                    
                               . President, Chief Operating Officer and Director of Kemper                        
                                 Corporation (a financial services company) from 1992 to                          
                                 1996;                                                                            
                               . President and Director of Kemper Funds (a registered                             
                                 investment company) from 1990 to 1998.                                           

(1)Each Trustee may be contacted by writing to the Trustee, c/o Lloyd Wennlund, 
The Northern Trust Company, 50 S. LaSalle Street, Chicago, IL 60675.      

(2)Each Trustee serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

(3)An "interested person", as defined by the 1940 Act. Mr. Murphy is deemed to  
be an "interested" Trustee because he owns shares of Northern Trust       
Corporation, Ms. Skinner because her law firm provides legal services to  
  Northern Trust Corporation and its affiliates, and Mr. Timbers because he is
  an officer, director, employee and shareholder of Northern Trust Corporation
and/or its affiliates.                                                    

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 51 MONEY MARKET PORTFOLIOS

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---------------------------------------------------------                       
MONEY MARKET PORTFOLIOS                                                 
----                                                                            
TRUSTEES AND OFFICERS (continued)                                 
                                                             NOVEMBER 30, 2002

OFFICERS OF THE TRUST/(1)/                                                      

                                                        [Enlarge/Download Table]

NAME, ADDRESS, AGE,                                                                          
POSITIONS HELD WITH                                                                          
FUND AND LENGTH OF                                                                           
SERVICE AS NORTHERN                                                                          
INSTITUTIONAL FUNDS                                                                          
OFFICER                          PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                
---------------------------------------------------------------------------------------------
                                                                                             
Lloyd A. Wennlund                . Senior Vice President and Director of Northern Trust      
Age 45                             Investments, Inc. since 2001;                             
50 South LaSalle Street          . Senior Vice President and other positions at The Northern 
Chicago, IL 60675                  Trust Company, President of Northern Trust Securities,    
President since 2000               Inc., and Managing Executive, Mutual Funds for Northern   
                                   Trust Global Investments since 1989.                      

Eric K. Schweitzer               . Senior Vice President at Northern Trust Investments, Inc. 
Age 41                             since 2001 and Senior Vice President at The Northern      
50 South LaSalle Street            Trust Company and Director of Distribution, Product       
Chicago, IL 60675                  Management and Client Services in the Mutual Fund Group   
Vice President since 2000          of Northern Trust Global Investments since 2000;          
                                 . Managing Director of Mutual Funds for US Bancorp from     
                                   1997 to 2000.                                             

Brian Ovaert                     . Senior Vice President and Department Head at The Northern 
Age 41                             Trust Company overseeing Fund Accounting, Transfer Agent  
50 South LaSalle Street            and Fund Administration functions, Division Manager of    
Chicago, IL 60675                  Fund Accounting, 1992-1998;                               
Treasurer since 2002             . Audit Manager at Arthur Andersen LLP (an accounting firm) 
                                   prior thereto.                                            

Brian R. Curran                  . Vice President and Director of Fund Administration at     
Age 35                             PFPC Inc. since 1997;                                     
4400 Computer Drive              . Director of Fund Administration at State Street Bank &    
Westborough, MA 01581              Trust Company from February 1997 to October 1997;         
Vice President and               . Senior Auditor at Price Waterhouse LLP (an accounting     
Assistant Treasurer since 1999     firm) prior thereto.                                      

Stuart Schuldt                   . Vice President, Fund Administration, The Northern Trust   
Age 40                             Company;                                                  
50 South LaSalle Street          . Vice President, Fund Accounting, Scudder Kemper (a mutual 
Chicago, IL 60675                  fund company), from 1993 to 1998;                         
Assistant Treasurer since 2002   . Audit Manager, Arthur Andersen & Co. (an accounting firm) 
                                   prior thereto.                                            

Jeffrey A. Dalke, Esq.           . Partner in the law firm of Drinker Biddle & Reath LLP     
Age 52                                                                                       
One Logan Square                                                                             
18th and Cherry Streets                                                                      
Philadelphia, PA 19103-6996                                                                  
Secretary since 2000                                                                         

Linda J. Hoard, Esq.             . Vice President at PFPC Inc. since 1998;                   
Age 55                           . Attorney Consultant for Fidelity Management & Research (a 
101 Federal Street                 financial service company), Investors Bank & Trust        
Boston, MA 02110                   Company (a financial service provider) and First Data     
Assistant Secretary since 1999     Investors Services Group, Inc. prior thereto.             

Wes L. Ringo                     . Senior Vice President of Northern Trust Investments, Inc. 
Age 52                             and Compliance Director of Northern Trust Securities,     
50 South LaSalle Street            Inc. since 2001;                                          
Chicago, IL 60675                . Managing Director, Assistant General Counsel and Director 
Anti-Money Laundering Compliance   of Regulatory Affairs of U.S. Bancorp Piper Jaffrey from  
Officer since 2002                 1996-2001.                                                

(1)Each Officer serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

MONEY MARKET PORTFOLIOS 52 NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT           

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(C) 2003 Northern Institutional Funds                                           
Northern Funds Distributors, LLC, not affiliated with Northern Trust            

                                                                 NIF ANR MM 1/03

--------------------------------------------------------------------------------

50 South LaSalle Street                                          ---------------
P.O. 75986                                                          PRESORTED   
Chicago, Illinois 60675-5986                                        STANDARD    
800/637-1380                                                       U.S. POSTAGE 
northernfunds.com/institutional                                        PAID     
                                                                 FARMINGDALE, NY
                                                                  PERMIT NO. 225
                                                                 ---------------

[LOGO OF NORTHERN INSTITUTIONAL FUNDS]                                          
Managed by Northern Trust                                                       
[LOGO OF NORTHERN TRUST APPEARS HERE]                                           

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                                                           November 30, 2002

                                                               annual report
--------------------------------------------------------------------------------

                                                                    NORTHERN
                                                         INSTITUTIONAL FUNDS
                                                    LIQUID ASSETS PORTFOLIOS
--------------------------------------------------------------------------------

TRUST NORTHERN for investment solutions  [Logo of Northern Institutional Funds] 

                                        Managed by
                 [Logo of Northern Trust]   Northern Trust

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                                                               November 30, 2002
Liquid Assets Portfolio                                           
                                       -----------------------------------------
     Table of Contents              2  PORTFOLIO MANAGEMENT COMMENTARY

                                        3  STATEMENT OF ASSETS AND LIABILITIES

                            4  STATEMENT OF OPERATIONS

                                       5  STATEMENT OF CHANGES IN NET ASSETS

                         6  FINANCIAL HIGHLIGHTS

                            7  SCHEDULE OF INVESTMENTS

                                      9  NOTES TO THE FINANCIAL STATEMENTS

                                  11  REPORT OF INDEPENDENT AUDITORS

                         12  TRUSTEES AND OFFICERS

-------------------------------------                                           
NOT FDIC INSURED                                            
-------------------------------------                                           
May lose value/No bank guarantee                                            
-------------------------------------                                           
The report has been prepared for the                                            
general information of Northern                                                 
Institutional Liquid Assets Portfolio                                           
shareholders. It is not authorized                                              
for distribution to prospective                                                 
investors unless accompanied or                                                 
preceded by a current Northern                                                  
Institutional Liquid Assets Portfolio                                           
prospectus, which contains more                                                 
complete information about Northern                                             
Institutional Liquid Assets Portfolio                                           
investment policies, management fees                                            
and expenses. Investors are reminded                                            
to read the prospectus carefully                                                
before investing or sending money.                                              

Investments in the Portfolio are not                                            
insured or guaranteed by the FDIC or                                            
any other governmental agency.                                                  
Although the Portfolio seeks to                                                 
maintain a value of $1.00 per share,                                            
it is possible to lose money by                                                 
investing.                                                                      

Northern Funds Distributors, LLC, not                                           
affiliated with Northern Trust.                                                 
                                       -----------------------------------------

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 1 LIQUID ASSETS PORTFOLIO

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Liquid Assets Portfolio                                                         

PORTFOLIO MANAGEMENT COMMENTARY                                                 

Liquid Assets Portfolio -- Jay Sommariva, Portfolio Manager                     

For its most recent fiscal year ended November 30, 2002, the Liquid Assets      
Portfolio posted a 1.96 percent total return, compared with the 1.56 percent    
return of the iMoney Net's First Tier Institutional Category. As of November 30,
the Portfolio's 7-day current yield was 1.45 percent.                           

Similar to 2001, fiscal year 2002 continued to show weakness in many areas of   
the economy. Corporate profits fell, accounting problems became more prevalent, 
and the fight against terrorism continued to be the most prominent news         
headline. However, unlike in 2001, we are beginning to see signs of improvement 
in both the economic environment and the political situation. Inflation remains 
restrained, and it is likely that in the near future the government will pass a 
broad-based tax cut to maintain economic momentum.                              

During the year, we sought to maintain a slighter longer duration compared with 
our peer group even as the Porftolio continued to grow in size. The Porfolio was
positioned defensively throughout the year, remaining long. This proved         
advantageous for performance. Throughout the period we invested aggressively in 
sell-offs in the long end of the market in an attempt to lock in higher yields  
before the next Treasury rally.                                                 

As the employment rate, manufacturing orders, and purchasing patterns continue  
to exhibit signs of an improving economy, we believe that the Federal Open      
Market Committee will begin to reverse its previous actions and start to raise  
interest rates. With this in mind, we will continue to increase Porfolio        
liquidity levels as maturities come due, investing most of the proceeds in      
shorter-term securities. When trends become clearer in the coming months, we    
will selectively purchase longer-dated securities as the yield curve begins to  
steepen.                                                                        

Past performance is no guarantee of future results. Performance calculations    
reflect fee waivers in effect. In the absence of fee waivers, total return and  
yield would have been reduced. Total return is based on net change in NAV       
assuming reinvestment of all dividends and distributions. Current 7-day yield is
the annualization of net investment income for the 7-day period ending on       
November 30, 2002. The 7-day yield more closely reflects the current earnings of
a Portfolio than the total return.                                              

We compare our Portfolio to the iMoney Net Money Fund Report Averages/TM/, which
are composites of professionally managed money market investments with similar  
investment objectives.                                                          

Visit northernfunds.com/institutional for the most recent performance           
information.                                                                    

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 2 LIQUID ASSETS PORTFOLIO

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Liquid Assets Portfolio                                                         

STATEMENT OF ASSETS AND LIABILITIES                            NOVEMBER 30, 2002

                                                                    LIQUID
Amounts in thousands,                                                  ASSETS   
except per share data                                                 PORTFOLIO 
------------------------------------------------------------------------------- 
ASSETS:                                                                         
Investments, at amortized cost                                         $532,340 
Repurchase agreements, at cost which approximates fair value            242,814 
Income receivable                                                           974 
Receivable from affiliated administrator                                     15 
Prepaid and other assets                                                      8 
Total Assets                                                            776,151 
------------------------------------------------------------------------------- 
LIABILITIES:                                                                    
Cash overdraft                                                               24 
Payable for securities purchased                                          4,145 
Distributions payable to shareholders                                       924 
Accrued administration fees                                                  60 
Accrued registration fees and other liabilities                              32 
Total Liabilities                                                         5,185 
------------------------------------------------------------------------------- 
Net Assets                                                             $770,966 
------------------------------------------------------------------------------- 
ANALYSIS OF NET ASSETS:                                                         
Capital stock                                                          $770,868 
Undistributed net investment income                                          98 
Net Assets                                                             $770,966 
------------------------------------------------------------------------------- 
Total Shares Outstanding (no par value), Unlimited Shares                       
 Authorized:                                                           770,868

Net Asset Value, Redemption and Offering Price Per Share:                 $1.00 

See Notes to the Financial Statements.                                          

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 3 LIQUID ASSETS PORTFOLIO

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Liquid Assets Portfolio                                                         

STATEMENT OF OPERATIONS              FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2002

                                                                      LIQUID
                                                                      ASSETS
Amounts in thousands                                                  PORTFOLIO 
------------------------------------------------------------------------------- 
INVESTMENT INCOME:                                                              
Interest income                                                         $13,491 
EXPENSES:                                                                       
Investment advisory fees                                                  1,658 
Administration fees                                                         663 
Custody fees                                                                 88 
Printing fees                                                                15 
Professional fees                                                            45 
Trustee fees and expenses                                                    24 
Other                                                                        22 
------------------------------------------------------------------------------- 
Total Expenses                                                            2,515 
Less voluntary waivers of:                                                  
    Investment advisory fees                                             (1,658)
    Custody fees                                                            (88)
Less expenses reimbursed by                                                 
    Administrator                                                          (106)
 Net Expenses                                                              663
------------------------------------------------------------------------------- 
Net Investment Income                                                    12,828 
------------------------------------------------------------------------------- 
NET REALIZED GAINS:                                                             
Net realized gains on investments                                           103 
 Net Gains on Investments                                                  103
------------------------------------------------------------------------------- 
Net Increase in Net Assets Resulting from                                       
 Operations                                                            $12,931

See Notes to the Financial Statements.                                          

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 4 LIQUID ASSETS PORTFOLIO

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Liquid Assets Portfolio                                                         

STATEMENT OF CHANGES IN NET ASSETS FOR THE FISCAL YEARS ENDED NOVEMBER 30,      

                                                  LIQUID
                                                  ASSETS
                                                 PORTFOLIO
 Amounts in thousands                                   2002          2001 /(2)/
------------------------------------------------------------------------------- 
OPERATIONS:                                                                   
Net investment income                                 $12,828           $5,662
Net realized gains (losses) on                                                
    investments                                            103               (5)
Net Increase in Net Assets Resulting                                    
   from Operations                                     12,931            5,657
------------------------------------------------------------------------------- 
CAPITAL SHARE TRANSACTIONS: /(1)/                                             
Shares sold                                         3,623,079        1,593,692
 Shares redeemed                                    (3,469,309)        (976,594)
Net Increase in Net Assets Resulting                                    
   from Capital Share Transactions                    153,770          617,098
------------------------------------------------------------------------------- 
DISTRIBUTIONS PAID:                                                           
 From net investment income                            (12,828)          (5,662)
    Total Distributions Paid                           (12,828)          (5,662)
------------------------------------------------------------------------------- 
Total Increase in Net Assets                          153,873          617,093
NET ASSETS:                                                                   
Beginning of period                                   617,093                -
End of period                                        $770,966         $617,093
------------------------------------------------------------------------------- 
Accumulated Undistributed Net Investment                                      
   Income                                                 $98              $ -
------------------------------------------------------------------------------- 

(1)  The number of shares sold and redeemed approximates the dollar amount of   
transactions.                                                         
(2)  Commenced operations on August 15, 2001.                                   

See Notes to the Financial Statements.                                        

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 5 LIQUID ASSETS PORTFOLIO

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Liquid Assets Portfolio                                                         

FINANCIAL HIGHLIGHTS               FOR THE FISCAL YEARS ENDED NOVEMBER 30,      

                                    LIQUID
                                    ASSETS
                                   PORTFOLIO

Selected per share data                          2002       2001 /(3)/        
-------------------------------------------------------------------------       
Net Asset Value, Beginning of Period              $1.00          $1.00        
INCOME FROM INVESTMENT OPERATIONS:                                            
Net investment income                              0.02           0.01        
Total Income from Investment Operations         0.02           0.01     
-------------------------------------------------------------------------       
LESS DISTRIBUTIONS PAID:                                                      
From net investment income                     (0.02)         (0.01)    
Total Distributions Paid                     (0.02)         (0.01)  
-------------------------------------------------------------------------       
Net Asset Value, End of Period                    $1.00          $1.00        
-------------------------------------------------------------------------       
Total Return /(1)/                                 1.96%          0.90%       
SUPPLEMENTAL DATA AND RATIOS:                                                 
Net assets, in thousands, end of period        $770,966       $617,093        
Ratio to average net assets of: /(2)/                                         
Expenses, net of waivers and reimbursements     0.10%          0.10%    
Expenses, before waivers and reimbursements     0.38%          0.39%    
Net investment income, net of waivers and                               
reimbursements                                1.93%          3.01%  
Net investment income, before waivers and                               
reimbursements                                1.65%          2.72%  
-------------------------------------------------------------------------       

(1) Assumes investment at net asset value at the beginning of the period,       
    reinvestment of all dividends and distributions and a complete redemption of
    the investment at net asset value at the end of the period.  Total return is
not annualized for periods less than one year.                          
(2) Annualized for periods less than one year.                                  
(3) For the period August 15, 2001 (commencement of operations) through         
November 30, 2001.                                                      

See Notes to the Financial Statements.                                          

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 6 LIQUID ASSETS PORTFOLIO

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                                                         LIQUID ASSETS PORTFOLIO

SCHEDULE OF INVESTMENTS                                        November 30, 2002
LIQUID ASSETS PORTFOLIO                                                     

                                               PRINCIPAL
                                                           AMOUNT      VALUE
                                                            (000S)      (000S)
------------------------------------------------------------------------------- 
CERTIFICATES OF DEPOSIT - 16.3%                                                 
------------------------------------------------------------------------------- 
Domestic Depository Institutions - 2.0%                                         
HSBC Bank USA,                                                              
  1.78%, 4/22/03                                          $1,000      $1,000
State Street Bank, Boston,                                                  
  1.75%, 12/5/02                                           5,000       5,000
Wells Fargo Bank, N.A., San Francisco,                                      
  1.73%, 1/21/03                                          10,000      10,000
------------------------------------------------------------------------------- 
                                                                      16,000
------------------------------------------------------------------------------- 
Foreign Depository Institutions - 14.3%                                         
Abbey National PLC, Stamford Branch,                                        
  1.31%, 2/12/03                                          20,000      20,000
Alliance & Leicester Group Treasury PLC,                                    
  1.73%, 1/27/03                                           4,000       4,000
Banque Nationale de Paris, Paris Branch,                                    
  1.75%, 2/18/03                                           2,000       2,000
  1.62%, 4/7/03                                            3,000       3,000
Barclays Bank, London Branch,                                               
  1.34%, 1/14/03                                           5,000       5,000
Bayerische HypoVereinsBank,                                                 
New York Branch,                                                            
  1.75%, 12/5/02                                          10,000      10,000
ING Bank, London Branch,                                                    
  1.73%, 12/19/02                                         10,000      10,000
Lloyds Bank, New York Branch,                                               
  1.70%, 3/6/03                                           10,000      10,000
Monte Dei Paschi di Siena,                                                  
London Branch,                                                              
  1.37%, 1/21/03                                          10,000      10,000
Rabobank Nederland, New York Branch,                                        
  1.70%, 1/23/03                                          10,000      10,000
Societe Generale, New York Branch,                                          
Floating Rate Yankee CD                                                     
  1.33%, 12/2/02                                           5,000       4,999
Societe Generale, New York Branch,                                          
  1.60%, 11/25/03                                          1,000       1,000
Standard Chartered Bank,                                                    
  1.77%, 12/20/02                                          5,000       5,000
Svenska Handelsbanken, Inc.,                                                
New York Branch,                                                            
  1.70%, 2/18/03                                          10,000      10,008
UBS AG, Stamford Branch,                                                    
  2.40%, 2/18/03                                           5,000       5,000
------------------------------------------------------------------------------- 
                                                                     110,007
------------------------------------------------------------------------------- 
Total Certificates of Deposit                                                   
------------------------------------------------------------------------------- 
(Cost $126,007)                                                        126,007  

------------------------------------------------------------------------------- 
COMMERCIAL PAPER - 21.8%                                                        
------------------------------------------------------------------------------- 
Auto Receivable - 0.2%                                                          
FCAR1 Owner Trust,                                                          
  1.72%, 2/21/03                                           2,000       1,992
------------------------------------------------------------------------------- 
Bank Holding Company - 0.4%                                                     
Citicorp,                                                                   
  1.76%, 12/2/02                                           3,000       3,000
------------------------------------------------------------------------------- 
Credit Card Master Trust - 1.7%                                                 
MBNA Credit Card Master Trust,                                              
  1.80%, 12/12/02                                         13,000      12,993

COMMERCIAL PAPER - 21.8% Continued                                              
                                               PRINCIPAL
                                                           AMOUNT      VALUE
                                                            (000S)      (000S)
------------------------------------------------------------------------------- 
Electronic and Other Electrical Companies - 1.2%                                
General Electric Capital Corp.,                                             
  1.78%, 4/22/03                                           1,000         993
General Electric International Series A,                                    
  1.60%, 1/30/03                                           8,000       7,979
------------------------------------------------------------------------------- 
                                                                       8,972
------------------------------------------------------------------------------- 
Multi-Seller Conduits - 12.2%                                                   
Amstel Funding Corp.,                                                       
  1.77%, 1/7/03                                            8,000       7,985
  1.82%, 1/22/03                                           1,000         997
  1.76%, 2/3/03                                            2,000       1,994
  1.40%, 2/21/03                                          10,000       9,968
  1.39%, 2/24/03                                           4,000       3,987
Amsterdam Funding,                                                          
  1.33%, 12/10/02                                          5,000       4,998
Atlantic Asset Securitization Corp.,                                        
  1.74%, 12/13/02                                          5,000       4,997
  1.36%, 12/16/02                                         10,000       9,994
Charta Corp.,                                                               
  1.75%, 12/3/02                                           1,000       1,000
Edison Asset Securitization,                                                
  1.78%, 1/22/03                                          10,000       9,974
Jupiter Securitization Corp.,                                               
  1.80%, 12/3/02                                           5,000       5,000
  1.37%, 1/10/03                                           3,000       2,995
Lexington Parker Capital,                                                   
  1.73%, 1/10/03                                           5,000       4,990
  1.35%, 2/5/03                                            2,000       1,995
Liberty Street Funding Co.,                                                 
  1.34%, 12/16/02                                          2,000       1,999
  1.79%, 12/20/02                                          1,000         999
  1.38%, 1/28/03                                           5,000       4,989
Sheffield Receivables Corp.,                                                
  1.35%, 1/15/03                                           2,000       1,997
Tulip Funding Corp.,                                                        
  1.80%, 1/23/03                                           4,000       3,989
  1.37%, 1/27/03                                           8,000       7,983
Variable Funding,                                                           
  1.72%, 12/5/02                                           1,000       1,000
------------------------------------------------------------------------------- 
                                                                      93,830
------------------------------------------------------------------------------- 
Nondepository Personal Credit - 0.3%                                            
American Express Credit Co.,                                                
  1.73%, 2/14/03                                           2,000       1,993
------------------------------------------------------------------------------- 
Petroleum Refining and Related - 4.5%                                           
Koch Industries, Inc.,                                                      
  1.40%, 12/2/02                                          35,000      34,999
------------------------------------------------------------------------------- 
Single Seller Conduits - 1.3%                                                   
Forrestal Funding Master Trust,                                             
  1.36%, 1/29/03                                           7,000       6,984
Halogen Capital Co. LLC,                                                    
  1.81%, 1/17/03                                           3,000       2,993
------------------------------------------------------------------------------- 
                                                                       9,977
------------------------------------------------------------------------------- 
Total Commercial Paper                                                          
------------------------------------------------------------------------------- 
(Cost $167,756)                                                        167,756  

See Notes to the Financial Statements.

NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 7 LIQUID ASSETS PORTFOLIO

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                                                         LIQUID ASSETS PORTFOLIO

SCHEDULE OF INVESTMENTS                                        November 30, 2002
LIQUID ASSETS PORTFOLIO (continued)                                             

                                               PRINCIPAL
                                                           AMOUNT      VALUE
                                                            (000S)      (000S)
------------------------------------------------------------------------------- 
CORPORATE NOTES/BONDS - 7.3%                                                    
------------------------------------------------------------------------------- 
Collateralized Loan Obligations - 0.7%                                          
Syndicated Loan Funding Trust Senior Secured Notes,                         
Series 2001-12,                                                             
  1.85%, 12/9/02                                          $5,000      $5,000
------------------------------------------------------------------------------- 
Domestic Depository Institutions - 1.5%                                         
Bank One, N.A. Chicago,                                                     
  1.70%, 3/26/03                                           2,000       2,000
Marshall & Ilsley Bank Notes,                                               
  6.15%, 12/2/02                                           2,000       2,000
  5.26%, 12/15/03                                          4,000       4,145
Wells Fargo Bank, San Francisco,                                            
  1.68%, 4/1/03                                            3,000       3,000
------------------------------------------------------------------------------- 
                                                                      11,145
------------------------------------------------------------------------------- 
Non-Depository Personal Credit Institutions - 1.9%                              
American Express Credit FRN,                                                
  1.33%, 12/16/02                                         10,000       9,995
  1.38%, 12/26/02                                          5,000       5,000
------------------------------------------------------------------------------- 
                                                                      14,995
------------------------------------------------------------------------------- 
Wholesale Trade/Durable Goods - 3.2%                                            
International Lease Finance Corp. FRN,                                      
  1.92%, 2/3/03                                           25,000      25,012
------------------------------------------------------------------------------- 
Total Corporate Notes/Bonds                                                     
------------------------------------------------------------------------------- 
(Cost $56,152)                                                          56,152  

------------------------------------------------------------------------------- 
EURODOLLAR TIME DEPOSITS - 2.8%                                                 
------------------------------------------------------------------------------- 
Fortis Bank, Brussels,                                                      
Eurodollar Time Deposit,                                                    
  1.42%, 5/27/03                                           2,000       2,000
HBOS Treasury Services, London,                                             
Eurodollar Time Deposit,                                                    
  1.75%, 12/5/02                                          10,000      10,000
Unicredito Italiano, London,                                                
Eurodollar Time Deposit,                                                    
  1.75%, 12/6/02                                          10,000      10,000
------------------------------------------------------------------------------- 
Total Eurodollar Time Deposits                                                  
------------------------------------------------------------------------------- 
(Cost $22,000)                                                          22,000  

------------------------------------------------------------------------------- 
MUNICIPAL INVESTMENT - 0.8%                                                     
------------------------------------------------------------------------------- 
Electric Services - 0.8%                                                        
Massachusetts State Development Finance Agency,                             
Resource Recovery Project 2001C,                                            
  2.90%, 1/1/03                                            6,200       6,200
------------------------------------------------------------------------------- 
Total Municipal Investment                                                      
------------------------------------------------------------------------------- 
(Cost $6,200)                                                            6,200  

------------------------------------------------------------------------------- 

                                                 NUMBER OF
                                                           SHARES      VALUE
                                                            (000S)      (000S)
------------------------------------------------------------------------------- 
OTHER - 7.8%                                                                    
------------------------------------------------------------------------------- 
Deutsche Cash Reserves                                                      
Money Market Fund                                         30,000      30,000
Federated Prime Cash Obligations                                            
Money Market Fund No. 851                                 30,000      30,000
------------------------------------------------------------------------------- 
Total Other                                                                     
------------------------------------------------------------------------------- 
(Cost $60,000)                                                          60,000  
------------------------------------------------------------------------------- 

                                               PRINCIPAL
                                                           AMOUNT      VALUE
                                                            (000S)      (000S)
------------------------------------------------------------------------------- 
U.S. GOVERNMENT AGENCIES - 12.2%                                                
------------------------------------------------------------------------------- 
Fannie Mae - 4.1%                                                               
FNMA Discount Notes                                                         
  1.61%, 3/5/03                                           $5,000      $4,979
  1.60%, 4/15/03                                           5,000       4,970
  2.35%, 5/30/03                                          20,000      19,783
FNMA Note                                                                   
  1.75%, 2/15/03                                           1,500       1,500
------------------------------------------------------------------------------- 
                                                                      31,232
------------------------------------------------------------------------------- 
Federal Home Loan Bank - 6.7%                                                   
FHLB Discount Notes                                                         
  1.76%, 1/8/03                                            5,000       4,990
  1.72%, 1/10/03                                           6,000       5,988
  1.75%, 1/17/03                                           8,000       7,982
  1.64%, 1/27/03                                          15,000      14,961
  1.92%, 7/3/03                                            5,000       4,943
FHLB Notes                                                                  
  1.85%, 1/7/03                                            2,000       2,000
  1.86%, 1/9/03                                            1,500       1,500
  1.90%, 1/10/03                                           1,500       1,500
  1.83%, 4/3/03                                            7,000       7,000
  1.90%, 4/21/03                                           1,000       1,000
  2.00%, 4/25/03                                             250         250
------------------------------------------------------------------------------- 
                                                                      52,114
------------------------------------------------------------------------------- 
Freddie Mac - 1.4%                                                              
FHLMC Discount Note                                                         
  1.70%, 8/14/03                                          10,000       9,879
FHLMC Note                                                                  
  1.75%, 2/12/03                                           1,000       1,000
------------------------------------------------------------------------------- 
                                                                      10,879
------------------------------------------------------------------------------- 
Total U.S. Government Agencies                                                  
------------------------------------------------------------------------------- 
(Cost $94,225)                                                          94,225  

------------------------------------------------------------------------------- 
REPURCHASE AGREEMENTS - 31.5%                                                   
------------------------------------------------------------------------------- 
(Colld. by U.S. Government/Agency Securities)                                   
Joint Repurchase Agreement - 5.6%                                               
UBS-Warburg LLC, dated 11/29/02,                                            
repurchase price $42,845                                                    
  1.26%, 12/7/02                                          42,814      42,814
------------------------------------------------------------------------------- 
(Colld. by U.S. Government/Agency Securities)                                   
Repurchase Agreements - 25.9%                                                   
Lehman Brothers, Inc., dated 11/29/02,                                      
repurchase price $50,004                                                    
  1.37%, 12/2/02                                          50,000      50,000
Credit Suisse First Boston Corp.,                                           
dated 11/29/02, repurchase price $150,012                                   
  1.42%, 12/2/02                                         150,000     150,000
------------------------------------------------------------------------------- 
                                                                     200,000
------------------------------------------------------------------------------- 
Total Repurchase Agreements                                                     
------------------------------------------------------------------------------- 
(Cost $242,814)                                                        242,814  

------------------------------------------------------------------------------- 
Total Investments - 100.5%                                                      
------------------------------------------------------------------------------- 
(Cost $775,154)                                                        775,154  

------------------------------------------------------------------------------- 
 Liabilities less Other Assets - (0.5%)                                (4,188)
------------------------------------------------------------------------------- 
NET ASSETS - 100.0%                                                 $770,966

See Notes to the Financial Statements.                                          

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 8 LIQUID ASSETS PORTFOLIO

N-30D 238th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 238th
Liquid Assets Portfolio                                                         

NOTES TO THE FINANCIAL STATEMENTS                              NOVEMBER 30, 2002

1. ORGANIZATION                                                                 
Northern Institutional Funds (the "Trust") is a Delaware business trust, and is 
registered under the Investment Company Act of 1940, as amended, as an open-end 
management investment company. The Trust currently includes twenty-two          
portfolios, each with its own investment objective. The Liquid Assets Portfolio 
(the "Portfolio") seeks to maximize current income to the extent consistent with
the preservation of capital and maintenance of liquidity by investing           
exclusively in high- quality money market instruments. Northern Trust           
Investments, Inc. ("NTI"), a subsidiary of The Northern Trust Company ("TNTC"), 
serves as the investment adviser of the Liquid Assets Portfolio. TNTC serves as 
custodian, and transfer agent to the Trust. In addition, NTI and PFPC Inc.      
("PFPC") are the Trust's co-administrators and Northern Funds Distributors, LLC 
is the Trust's distributor. Presented herein are the financial statements for   
the Portfolio.                                                                  

2. SIGNIFICANT ACCOUNTING POLICIES                                              
The following is a summary of significant accounting policies consistently      
followed by the Portfolio in the preparation of the financial statements. These 
policies are in conformity with accounting principles generally accepted in the 
United States or "GAAP." The presentation of financial statements in conformity 
with GAAP requires management to make estimates and assumptions that affect the 
reported amounts of assets and liabilities at the date of the financial         
statements and the reported amounts of revenues and expenses during the         
reporting period. Actual results may differ from those estimates.               

A) VALUATION OF SECURITIES - Short-term investments held by the Portfolio are   
valued at amortized cost, which the investment adviser has determined, pursuant 
to Board authorization, approximates fair market value. Under this method,      
investments purchased at a discount or premium are valued by amortizing the     
difference between the original purchase price and maturity value of the issue  
over the period to maturity.                                                    

B) REPURCHASE AGREEMENTS - During the term of a repurchase agreement, the market
value of the underlying collateral, including accrued interest, is required to  
equal or exceed the market value of the repurchase agreement. The underlying    
collateral for tri-party repurchase agreements is held in accounts for TNTC, as 
agent for the Portfolio, at the Bank of New York and/or JP Morgan Chase which,  
in turn, hold securities through the book-entry system at the Federal Reserve   
Bank of New York. The underlying collateral for other repurchase agreements is  
held in a customer-only account for TNTC, as custodian for the Portfolio, at the
Federal Reserve Bank.                                                           

The Portfolio and other Portfolios of the Trust may enter into joint repurchase 
agreements with non-affiliated counterparties through a master repurchase       
agreement with TNTC. NTI administers and manages these repurchase agreements in 
accordance with and as part of its duties under its investment advisory         
agreements with the Portfolio and does not collect any additional fees from the 
Portfolio. The Portfolio has entered into such joint repurchase agreements as of
November 30, 2002, as reflected in its accompanying Schedule of Investments.    

C) INTEREST INCOME - Interest income is recorded on the accrual basis and       
includes amortization of discounts and premiums.                                

D) FEDERAL TAXES - It is the Portfolio's policy to continue to comply with the  
requirements of the Internal Revenue Code applicable to regulated investment    
companies and to distribute each year substantially all of its taxable income   
and tax-exempt income to its shareholders. Therefore, no provision is made for  
federal taxes.                                                                  

At November 30, 2002, the tax component of undistributed net investment income  
and realized gain, including amount declared but not yet paid for federal income
tax purposes, is as follows (in thousands):                                     

Undistributed Ordinary Income *                                                 
$1,022                                                                          

Undistributed Capital Gains                                                     
$0                                                                              

The tax character of distributions paid during the year ended                   
November 30, 2002 is as follows (in thousands):                                 

Distributions from Ordinary Income *                                            
$11,904                                                                         

* Ordinary income includes taxable market discount income and short-term capital
gains, if any.                                                                  

E) EXPENSES - The Portfolio is charged for those expenses that are directly     
attributable to the Portfolio. Expenses that are not directly attributable to   
the Portfolio are typically allocated among the portfolios of the Trust in      
proportion to their relative average net assets.                                

F) DISTRIBUTIONS - The Porfolio's net investment income is declared daily as a  
dividend to shareholders of record on that day. Net realized short-term capital 
gains, if any, in excess of net capital loss carryforwards, are declared and    
distributed at least annually.                                                  

Distributions of net investment income with respect to a calendar month         
(including with respect to shares redeemed at any time dur-                     

            NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 9 LIQUID ASSETS PORTFOLIO

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Liquid Assets Portfolio                                                         

NOTES TO THE FINANCIAL STATEMENTS                              NOVEMBER 30, 2002

ing the month) are made as soon as practicable following the end of the month.  
Distributions are made by the Portfolio to TNTC in cash. TNTC has undertaken to 
credit or arrange for the crediting of such distributions to each shareholder's 
account with TNTC, its affiliates or its correspondents.                        

3. ADVISORY, TRANSFER AGENCY, CUSTODIAN AND OTHER AGREEMENTS                    
As compensation for services rendered, including the assumption of the expenses 
related thereto, the Investment Adviser is entitled to a fee, computed daily and
payable monthly, at an annual rate of .25% of the Portfolio's daily net assets. 
Until further notice, the Investment Adviser has voluntarily agreed to waive all
of the advisory fee. The effect of this waiver by the Investment Adviser for the
year ended November 30, 2002, reduced advisory fees as shown on the accompanying
Statement of Operations.                                                        

As compensation for services rendered, including the assumption of the expenses 
related thereto, the Custodian and Transfer Agent receive compensation based on 
a pre-determined schedule of charges approved by the Board. Until further       
notice, the Investment Adviser has voluntarily agreed to waive all of the       
Custodian and Transfer Agent fees. The effect of this Custodian and Transfer    
Agent fee waiver by the Investment Adviser for the year ended November 30, 2002,
reduced fees as shown on the accompanying Statement of Operations.              

4. ADMINISTRATION AND DISTRIBUTION AGREEMENT                                    
NTI and PFPC, the co-administrators of the Portfolio, are entitled to a monthly 
co-administration fee at the annual rate of .10% of the Portfolio's average     
daily net assets. The co-administrators are also entitled to additional fees for
special legal services.                                                         

In addition, if in any fiscal year the sum of a Portfolio's expenses, including 
administration fees, but excluding the fees payable to NTI for its duties as    
adviser and TNTC for its duties as transfer agent and certain extraordinary     
expenses, exceed on an annualized basis .10% of the Portfolio's average daily   
net assets, the co-administrators reimburse the Portfolio for the amount of the 
excess pursuant to the terms of the co-administration agreement.                

Expenses reimbursed during the year ended November 30, 2002, are shown on the   
accompanying Statement of Operations.                                           

Northern Funds Distributors, LLC, the placement agent for the Portfolio,        
receives no compensation under the placement agency agreement.                  

5. BANK LOAN                                                                    
On December 19, 2002, the Trust entered into a $150,000,000 revolving bank      
credit line for liquidity and other purposes. Borrowings under this arrangement 
bear interest at .45% above LIBOR (London Interbank Offering Rate).             

Prior to December 19, 2002, the Trust maintained a $100,000,000 revolving bank  
credit line for liquidity and other purposes. Borrowings under this arrangement 
bear interest at .45% above the NIBOR (New York Interbank Offering Rate).       

The Portfolio had no borrowings under this agreement during the year ended      
November 30, 2002.                                                              

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 10 LIQUID ASSETS PORTFOLIO

N-30D 240th “Page” of 244 TOC 1st Previous Next ↓Bottom Just 240th
Report of Independent Auditors                                                  

TO THE NORTHERN INSTITUTIONAL FUNDS                                             
SHAREHOLDERS AND BOARD OF TRUSTEES:                                             

We have audited the accompanying statement of assets and liabilities, including 
the schedule of investments, of the Liquid Assets Portfolio of the Northern     
Institutional Funds as of November 30, 2002, and the related statement of       
operations, changes in net assets and financial highlights for the periods      
indicated therein. These financial statements and financial highlights are the  
responsibility of the Portfolio's management. Our responsibility is to express  
an opinion on these financial statements and financial highlights based on our  
audit.                                                                          

We conducted our audit in accordance with auditing standards generally accepted 
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and       
financial highlights are free of material misstatement. An audit includes       
examining, on a test basis, evidence supporting the amounts and disclosures in  
the financial statements and financial highlights. Our procedures included      
verification of the investments owned at November 30, 2002 by physical          
examination of the securities held by the custodian and by correspondence with  
central depositories, unaffiliated subcustodian banks, and brokers or by other  
appropriate auditing procedures where replies from brokers were not received. An
audit also includes assessing the accounting principles used and significant    
estimates made by management, as well as evaluating the overall financial       
statement presentation. We believe that our audit provides a reasonable basis   
for our opinion.                                                                

In our opinion, the financial statements and financial highlights referred to   
above present fairly, in all material respects, the financial position of the   
Liquid Assets Portfolio at November 30, 2002, the results of its operations, the
changes in its net assets, and the financial highlights for the periods         
indicated therein, in conformity with accounting principles generally accepted  
in the United States.                                                           

                                                               Ernst & Young LLP

Chicago, Illinois                                                               
January 14, 2003                                                                

           NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 11 LIQUID ASSETS PORTFOLIO

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                                    ------------------------------------------
                                                       LIQUID ASSETS PORTFOLIO
------------------------------------------------------------------------------- 
      TRUSTEES AND OFFICERS                                  NOVEMBER 30, 2002
------------------------------------------------------------------------------- 

Set forth below is information about the Trustees and Officers of Northern      
Institutional Funds. Each Trustee has served in that capacity since he or she   
was originally elected or appointed to the Board of Trustees. Each Trustee      
oversees a total of 54 portfolios in the Northern Funds Complex -- 22 for       
Northern Institutional Funds and 32 for Northern Funds. The Northern            
Institutional Funds' Statement of Additional Information contains additional    
information about the Trustees and is available upon request and without charge 
by calling 800/621-1911.                                                        

NON-INTERESTED TRUSTEES                                                         

                                                        [Enlarge/Download Table]

NAME, ADDRESS/(1)/, AGE,                                                                                        
POSITIONS HELD WITH                                                                                             
FUND AND LENGTH OF                                                                                              
SERVICE AS NORTHERN                                                                                             
INSTITUTIONAL FUNDS                                                                   OTHER DIRECTORSHIPS       
TRUSTEE/(2)/             PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                 HELD BY TRUSTEE           
----------------------------------------------------------------------------------------------------------------
                                                                                                                
Richard G. Cline         . Chairman and Director, Hawthorne Investors, Inc. (a        .PepsiAmericas (a soft    
Age 67                     management advisory services and private investment         drink bottling           
Trustee since 1997         company) since 1996;                                        company);                
                         . Managing Partner, Hawthorne Investments, L.L.C. (a         .Kmart Corporation (a     
                           management advisory services and private investment         retailing company);      
                           company) since 2001;                                       .Ryerson Tull, Inc. (a    
                         . Chairman and Director of Hussmann International, Inc. (a    metals distribution      
                           refrigeration company) from 1998 to 2000;                   company).                
                         . Chairman, President and CEO of NICOR Inc. (a diversified                             
                           public utility holding company) from 1985 to 1995; and                               
                           President from 1992 to 1993;                                                         
                         . Chairman, Federal Reserve Bank of Chicago from 1992                                  
                           through 1994; and Deputy Chairman in 1991 and 1995.                                  

Edward J. Condon, Jr.    . Chairman and CEO of The Paradigm Group, Ltd. (a financial  .None                     
Age 62                     advisor) since 1993;                                                                 
Trustee since 1994       . Principal and Co-Founder of Paradigm Capital since 1993;                             
                           Senior Partner of New-Ellis Ventures since 2001;                                     
                         . Member of Advisory Board of Real-Time USA, Inc. (a                                   
                           software development company);                                                       
                         . Member of the Board of Managers of The Liberty Hampshire                             
                           Company, LLC (a receivable securitization company);                                  
                         . Director of University Eldercare, Inc. (an Alzheimer's                               
                           disease research and treatment company);                                             
                         . Director of Financial Pacific Company (a small business                              
                           leasing company);                                                                    
                         . Trustee, Dominican University.                                                       

William J. Dolan Jr.     . Partner of Arthur Andersen & Co. S.C. (an accounting       .None                     
Age 70                     firm) from 1966 to 1989;                                                             
Trustee since 2000       . Financial Consultant, Ernst & Young LLP (an accounting                               
                           firm) from 1992 to 1993 and 1997.                                                    

Sharon Gist Gilliam      . Executive Vice President, Unison-Maximus, Inc. (aviation   .None                     
Age 59                     and governmental consulting);                                                        
Trustee since 2001       . Director of Town and Country Utilities, Inc.;                                        
                         . Director of Unison Consulting Group, Inc. until May 1999.                            

Sandra Polk Guthman      . President and CEO of Polk Bros. Foundation (an Illinois    .MB Financial Corp.       
Age 58                     not-for-profit corporation) from 1993 to present.           (a municipal bond        
Trustee since 1997                                                                     insurance company)       
                                                                                       1999-2000.               

Richard P. Strubel       . President, Chief Operating Officer and Director of Unext   .Gildan Activewear,       
Age 63                     Inc. (a provider of educational services via the            Inc. (an athletic cloth- 
                           Internet) since 1999;                                       ing marketing and        
Trustee since 1982       . Director, Cantilever Technologies (a private software       manufacturing            
                           company) since 1999;                                        company);                
                         . Trustee, The University of Chicago since 1987;             .Goldman Sachs Mu-        
                         . Managing Director of Tandem Partners, Inc. (a privately     tual Fund Complex        
                           held management services firm) until 1999.                  (69 portfolios).         

(1)Each Trustee may be contacted by writing to the Trustee, c/o Lloyd Wennlund, 
The Northern Trust Company, 50 S. LaSalle Street, Chicago, IL 60675.      

(2)Each Trustee serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

(3)An "interested person", as defined by the 1940 Act. Mr. Murphy is deemed to  
be an "interested" Trustee because he owns shares of Northern Trust       
Corporation, Ms. Skinner because her law firm provides legal services to  
  Northern Trust Corporation and its affiliates, and Mr. Timbers because he is
  an officer, director, employee and shareholder of Northern Trust Corporation
and/or its affiliates.                                                    

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 12 LIQUID ASSETS PORTFOLIO

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                                    ------------------------------------------
                                                       LIQUID ASSETS PORTFOLIO
                                                                          ----
TRUSTEES AND OFFICERS (continued)                                 
                                                             NOVEMBER 30, 2002

INTERESTED TRUSTEES                                                         

                                                        [Enlarge/Download Table]

NAME, ADDRESS/(1)/, AGE,                                                                                          
POSITIONS HELD WITH                                                                                               
FUND AND LENGTH OF                                                                                                
SERVICE AS NORTHERN                                                                                               
INSTITUTIONAL FUNDS                                                                         OTHER DIRECTORSHIPS   
TRUSTEE/(2)/                   PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                 HELD BY TRUSTEE       
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Michael E. Murphy/(3)/         . President of Sara Lee Foundation (philanthropic            .Coach, Inc.;         
Age 66                           organization) from 1997 to 2001;                           .Payless Shoe Source, 
Trustee since 2000             . Vice Chairman and Chief Administrative Officer of Sara      Inc. (a retail shoe  
                                 Lee Corporation (a consumer product company) from 1994 to   store business);     
                                 1997.                                                      .GATX Corporation (a  
                                                                                             railroad holding     
                                                                                             company);            
                                                                                            .Bassett Furniture    
                                                                                             Industries, Inc. (a  
                                                                                             furniture            
                                                                                             manufacturer).       

Mary Jacobs Skinner, Esq./(3)/ . Partner in the law firm of Sidley Austin Brown & Wood.     .None                 
Age 45                                                                                                            
Trustee since 2000                                                                                                

Stephen Timbers/(3)/           . Director, President and Chief Executive Officer of         .USFreightways        
Age 58                           Northern Trust Investments, Inc. since 2001;                Corporation.         
Trustee since 2000             . President of Northern Trust Global Investments, a                                
                                 division of Northern Trust Corporation and Executive Vice                        
                                 President, The Northern Trust Company since 1998;                                
                               . President, Chief Executive Officer and Director of Zurich                        
                                 Kemper Investments (a financial services company) from                           
                                 1996 to 1998;                                                                    
                               . President, Chief Operating Officer and Director of Kemper                        
                                 Corporation (a financial services company) from 1992 to                          
                                 1996;                                                                            
                               . President and Director of Kemper Funds (a registered                             
                                 investment company) from 1990 to 1998.                                           

(1)Each Trustee may be contacted by writing to the Trustee, c/o Lloyd Wennlund, 
The Northern Trust Company, 50 S. LaSalle Street, Chicago, IL 60675.      

(2)Each Trustee serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

(3)An "interested person", as defined by the 1940 Act. Mr. Murphy is deemed to  
be an "interested" Trustee because he owns shares of Northern Trust       
Corporation, Ms. Skinner because her law firm provides legal services to  
  Northern Trust Corporation and its affiliates, and Mr. Timbers because he is
  an officer, director, employee and shareholder of Northern Trust Corporation
and/or its affiliates.                                                    

NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 13 LIQUID ASSETS PORTFOLIO 

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                                    ------------------------------------------
                                                       LIQUID ASSETS PORTFOLIO
                                                                          ----
TRUSTEES AND OFFICERS (continued)                                 
                                                             NOVEMBER 30, 2002

OFFICERS OF THE TRUST/(1)/                                                  

                                                        [Enlarge/Download Table]

NAME, ADDRESS, AGE, POSITIONS                                                                
HELD WITH                                                                                    
FUND AND LENGTH OF                                                                           
SERVICE AS NORTHERN                                                                          
INSTITUTIONAL FUNDS                                                                          
OFFICER                          PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS                
---------------------------------------------------------------------------------------------
                                                                                             
Lloyd A. Wennlund                . Senior Vice President and Director of Northern Trust      
Age 45                             Investments, Inc. since 2001;                             
50 South LaSalle Street          . Senior Vice President and other positions at The Northern 
Chicago, IL 60675                  Trust Company, President of Northern Trust Securities,    
President since 2000               Inc., and Managing Executive, Mutual Funds for Northern   
                                   Trust Global Investments since 1989.                      

Eric K. Schweitzer               . Senior Vice President at Northern Trust Investments, Inc. 
Age 41                             since 2001 and Senior Vice President at The Northern      
50 South LaSalle Street            Trust Company and Director of Distribution, Product       
Chicago, IL 60675                  Management and Client Services in the Mutual Fund Group   
Vice President since 2000          of Northern Trust Global Investments since 2000;          
                                 . Managing Director of Mutual Funds for US Bancorp from     
                                   1997 to 2000.                                             

Brian Ovaert                     . Senior Vice President and Department Head at The Northern 
Age 41                             Trust Company overseeing Fund Accounting, Transfer Agent  
50 South LaSalle Street            and Fund Administration functions, Division Manager of    
Chicago, IL 60675                  Fund Accounting, 1992-1998;                               
Treasurer since 2002             . Audit Manager at Arthur Andersen LLP (an accounting firm) 
                                   prior thereto.                                            

Brian R. Curran                  . Vice President and Director of Fund Administration at     
Age 35                             PFPC Inc. since 1997;                                     
4400 Computer Drive              . Director of Fund Administration at State Street Bank &    
Westborough, MA 01581              Trust Company from February 1997 to October 1997;         
Vice President and               . Senior Auditor at Price Waterhouse LLP (an accounting     
Assistant Treasurer since 1999     firm) prior thereto.                                      

Stuart Schuldt                   . Vice President, Fund Administration, The Northern Trust   
Age 40                             Company;                                                  
50 South LaSalle Street          . Vice President, Fund Accounting, Scudder Kemper (a mutual 
Chicago, IL 60675                  fund company), from 1993 to 1998;                         
Assistant Treasurer since 2002   . Audit Manager, Arthur Andersen & Co. (an accounting firm) 
                                   prior thereto.                                            

Jeffrey A. Dalke, Esq.           . Partner in the law firm of Drinker Biddle & Reath LLP     
Age 52                                                                                       
One Logan Square                                                                             
18th and Cherry Streets                                                                      
Philadelphia, PA 19103-6996                                                                  
Secretary since 2000                                                                         

Linda J. Hoard, Esq.             . Vice President at PFPC Inc. since 1998;                   
Age 55                           . Attorney Consultant for Fidelity Management & Research (a 
101 Federal Street                 financial service company), Investors Bank & Trust        
Boston, MA 02110                   Company (a financial service provider) and First Data     
Assistant Secretary since 1999     Investors Services Group, Inc. prior thereto.             

Wes L. Ringo                     . Senior Vice President of Northern Trust Investments, Inc. 
Age 52                             and Compliance Director of Northern Trust Securities,     
50 South LaSalle Street            Inc. since 2001;                                          
Chicago, IL 60675                . Managing Director, Assistant General Counsel and Director 
Anti-Money Laundering Compliance   of Regulatory Affairs of U.S. Bancorp Piper Jaffrey from  
Officer since 2002                 1996-2001.                                                

(1)Each Officer serves until his or her resignation, removal or retirement, or  
election of his or her successor.                                         

         NORTHERN INSTITUTIONAL FUNDS ANNUAL REPORT 14 LIQUID ASSETS PORTFOLIO

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--------------------------------------------------------------------------------
(C)2003 Northern Trust Corporation.                                             
Northern Funds Distributors, LLC, not affiliated with Northern Trust.           

50 South LaSalle Street                     
Chicago, Illinois 60675                     
800/621-1911                                

[LOGO OF NORTHERN INSTITUTIONAL FUNDS]                                          

(LOGO OF NORTHERN TRUST)

 Managed by Northern Trust

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-30D’ Filing	Date	First	Last	Other Filings

Filed on / Effective on:	2/7/03
	1/14/03	106	240
	12/19/02	103	239	497
For Period End:	11/30/02	1	243	24F-2NT, NSAR-B
	10/31/02	101	221
	9/20/02	11
	9/5/02	129
	9/4/02	129
	6/13/02	22
	5/31/02	5		40-17F2, N-30D, NSAR-A
	4/1/02	99	222	497J
	12/1/01	31	138
	11/30/01	24	235	24F-2NT, N-30D, NSAR-B
	8/15/01	234	235
	6/15/01	20
	6/14/01	20
	4/4/01	24		497
	3/29/01	127	133
	2/1/01	185	192
	1/29/01	25		485APOS, NSAR-B
	12/15/00	99	164
	11/30/00	22	192	24F-2NT, N-30D, NSAR-B
	2/11/00	192
	12/31/99	24
	12/1/99	22	192
	11/30/99	20	191	24F-2NT, 497, N-30D, NSAR-B
	9/30/99	190
	9/29/99	190
	8/23/99	20	129
	8/22/99	20	129
	7/21/99	190
	7/20/99	190
	5/28/99	189
	5/13/99	191
	4/1/99	186	187
	12/15/98	188
	11/30/98	21	190	24F-2NT, N-30D, NSAR-B
	11/23/98	190
	10/6/98	134
	10/5/98	21
	10/2/98	136
	7/1/98	185
				List all Filings

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Filing Submission 0000950131-03-000468 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Northern Institutional Funds – ‘N-30D’ for 11/30/02

On: Friday, 2/7/03, at 11:27am ET · Effective: 2/7/03 · For: 11/30/02 · Accession #: 950131-3-468 · File #: 811-03605

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Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1Filing Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents