<PAGE>
Northern Institutional Funds
FIXED INCOME AND EQUITY PORTFOLIOS
MAY 31, 1999
Semi-Annual Report
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- --------------------------------------------------------------------------------
Table of Contents
<TABLE>
<CAPTION>
Page
----
<S> <C>
Investment Strategy........................................................ 2
Fixed Income Portfolios
Statements of Investments
Bond Portfolio......................................................... 6
Intermediate Bond Portfolio............................................ 8
International Bond Portfolio........................................... 10
Short-Intermediate Bond Portfolio...................................... 11
U.S. Government Securities Portfolio................................... 13
U.S. Treasury Index Portfolio.......................................... 14
Statements of Assets and Liabilities..................................... 15
Statements of Operations................................................. 16
Statements of Changes in Net Assets...................................... 18
Financial Highlights..................................................... 20
Equity Portfolios
Statements of Investments
Balanced Portfolio..................................................... 26
Diversified Growth Portfolio........................................... 29
Equity Index Portfolio................................................. 31
Focused Growth Portfolio............................................... 38
International Equity Index Portfolio................................... 40
International Growth Portfolio......................................... 51
Small Company Index Portfolio.......................................... 53
Statements of Assets and Liabilities..................................... 73
Statements of Operations................................................. 74
Statements of Changes in Net Assets...................................... 76
Financial Highlights..................................................... 78
Notes to the Financial Statements.......................................... 85
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Investment Strategy
<TABLE>
<CAPTION>
Month to Year to
Month Date
% Change % Change
-------- --------
<S> <C> <C>
DJIA.......................................................... 3.9 19.5
S&P 500....................................................... 5.4 11.7
S&P 400 MidCap................................................ 5.3 6.2
NASDAQ Index.................................................. 8.7 22.5
Russell 2000.................................................. 4.3 8.5
Japan Topix................................................... 9.6 30.3
London FTSE................................................... 1.5 7.4
German DAX.................................................... 6.1 7.5
DJ World...................................................... 4.9 8.4
</TABLE>
What Has Changed
. The Federal Reserve raised the federal funds rate by 25 basis points and
returned its bias for future interest rate actions to neutral.
. Chairman Greenspan indicated that the monetary authority's "speed limit" for
the U.S. economy has been increased to 3% from 2.5%.
. May's consumer price index (CPI) was reported below expectations with 1999's
"core" CPI slowing from year-ago levels.
. Expectations of a global recovery strengthened amid continued mixed economic
data.
World Economic Growth is Picking Up
. U.S. domestic demand is expected to moderate as foreign demand recovers.
. Stronger-than-expected economic growth and higher industrial commodity
prices have caused inflationary expectations to rise.
Bond Investors' Concerns Appear Overdone
. The Federal Reserve's focus on moderating domestic growth is likely to cause
near-term market volatility to increase.
. Despite cyclical concerns, the secular inflation outlook remains
constructive.
. Neutral portfolio durations are still recommended.
Maintain Equity Exposure at Low End of Strategic Range
. Mega-cap stocks are likely to underperform.
. Mid- and smaller-cap stocks should respond favorably to a global economic
pickup and valuations are supportive.
Foreign Equities are Relatively Attractive
. European markets should thrive on an expected pickup in earnings growth next
year.
. Asian markets will continue their recovery as growth and earnings accelerate
into 2000.
Conclusions: 12-18 Month Horizon
. Equity exposure is at strategic minimums.
. Maintain a slight overweight in bonds.
. Cash positions are slightly above strategic norms.
Economic Outlook
WORLD ECONOMIC GROWTH IS PICKING UP
Continued increases in real income and capital gains in both the stock and
housing markets have combined to support strong household spending. Strength
in household demand and improved corporate profits have kept business
investment spending robust. In addition, some capital goods expenditures may
have been brought forward in the year because of year 2000 compliance issues.
The rise in mortgage rates in recent months is expected to slow down the
residential real estate sector. Mortgage rate increases also would be expected
to deter existing homeowners from tapping the equity that they have built up
in their houses. Home-equity withdrawal appears to have been important in
fueling consumer spending. While these elements of domestic demand moderate,
foreign demand appears to be strengthening. A number of East Asian economies
have entered a recovery phase, including the Japanese economy. European Union
economies are either exhibiting a reacceleration in growth or continue to grow
at a relatively high rate. One region, however, that remains very weak is
South America.
Prices of industrial commodities have started to move higher. To a large
degree, the sharp increase in the prices of petroleum products is the result
of production cuts by the Organization of Petroleum Exporting Countries
(OPEC). The recovery of the global economy, however, also has contributed to
oil price increases, as well as to the continued rise in the prices of wood
products and the rebound in the prices of industrial metals. Higher commodity
prices have resulted in the firming of intermediate goods prices. This rise in
commodity prices in combination with stronger-than-expected global economic
growth has raised inflationary expectations. To date,
2
<PAGE>
- -------------------------------------------------------------------------------
however, there has been no acceleration in the prices of final goods and
services when the effects of higher energy prices are excluded.
With the continued strength in domestic demand and the nascent recovery in
foreign demand, the Federal Reserve has increased its target federal funds
rate by 25 basis points to 5% in an effort to preempt any rise in underlying
inflation. The FOMC has moved back to a neutral policy stance and has
indicated that strong aggregate demand for goods and services and "tight"
labor markets alone would not necessarily trigger further near-term Federal
Reserve actions to raise interest rates. Rather, the central bank's comments
imply that the decision whether to push interest rates higher would depend
more on the behavior of factors with a closer link to inflation than economic
growth or the rate of unemployment. Of course, investors may have some
difficulty taking the Federal Reserve's "neutral" bias at face value, given
that the monetary authority just raised interest rates by 25 basis points
without any real inflationary justification.
Fixed Income Outlook
BOND INVESTORS' CONCERNS APPEAR OVERDONE
U.S. government bond yields rose further in the second quarter, eventually
breaching the top end of the 5.25% to 5.75% range which we had viewed as a
reasonable estimate of the near-term trend of interest rates. The yield curve
flattened by 20 basis points between the 2-year Treasury note and the 30-year
Treasury bond as the market correctly anticipated the Federal Reserve's move
to reverse a portion of the monetary easing initiated last fall. The central
bank's move to tighten credit, clearly telegraphed in Chairman Greenspan's
forthright testimony to Congress, indicated that the primary barometer guiding
its policy actions had shifted away from measured inflation, which remains
subdued, toward the pace of U.S. economic growth, which continues to be brisk.
In fact, we believe that bond yields moved above the high end of our trading
range because domestic growth has not slowed to the degree we had expected.
More precisely, we did not foresee the importance the Federal Reserve would
place on moderating domestic growth despite an absence of building
inflationary pressures. The central bank's shift in focus clearly had a
negative impact on investor psychology as this new information brought
significant uncertainty to a bond market that thought it had a pretty good
handle on Greenspan & Co.'s concerns. Nevertheless, over the long run, we
believe it is inflation, not growth, which is the more important driver of
interest rates, and we remain constructive on the inflation front.
During the second quarter, most of the favorable fundamentals which have
fueled the highly desirable three-year trend of low-inflationary growth
remained firmly in place: cost pressures were subdued, employment expanded,
productivity remained high, and corporate earnings showed signs of
strengthening. The ongoing benefits from this constructive growth dynamic
cannot be overemphasized. For example, updated White House budget projections
now show an additional $20 billion improvement in the U.S. government's fiscal
surplus in the coming year and $180 billion extra over five years. While the
accuracy of longer-term revenue projections is always suspect, the fact is
that robust, non-inflationary growth has paid big dividends on the fiscal
front, and, should this trend continue, it would bring us significant benefits
in the future. Real growth, of course, delivers a host of favorable financial,
social, and political outcomes, the likes of which all segments of society
would like to see continue.
The "new-era" economic view sees strong growth as being compatible with low
inflation in part due to technological advances, global competition, and
stable monetary policy. In the past, Alan Greenspan has indicated his support
for many of these "new-era" beliefs. However, in his recent testimony, he
articulated a new policy predicated upon slowing the growth of the U.S.
economy down to a "speed limit" of around 3% in order to prevent "inevitable"
wage increases brought on by tightness in the labor market. Unfortunately, we
think that this shift in focus is likely to add an element of uncertainty to
the central bank's policymaking which will result in a more volatile bond
market. Because investors cannot know the degree of policy tightening
necessary to produce the pace of economic growth acceptable to the Federal
Reserve, we expect that they will overscrutinize each and every data release
pertaining to the economy. These individual economic reports, of course,
always contain a fair degree of noise, hence our expectation that near term
market volatility is likely to remain high. So, while we do not share the
chairman's concerns that the U.S. economy is nearing a breaking point and
continue to believe that longer-term inflation will remain benign, we fully
respect the new uncertainty the Federal Reserve's shift in focus has brought
to the bond market and, in turn, have embraced a wait-and-see outlook for
interest rates over the near horizon. An
3
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Investment Strategy--Continued
attempt to "fine-tune" the U.S. economy down to a 3% rate of growth,
particularly when inflationary pressures remain non-threatening, may provide
very little benefit and could ultimately lead to renewed global economic and
financial problems. Consequently, we recommend maintaining neutral portfolio
durations while awaiting further evidence that the fundamental factors
underpinning the economy's favorable growth/inflation dynamic remain in place.
Equity Outlook
MAINTAIN EQUITY EXPOSURE AT LOW END OF STRATEGIC RANGE
Several interesting observations can be made regarding the first half of 1999.
Growth in the U.S. economy certainly surprised on the upside versus the
consensus forecast, which had called for a slowdown. Industrial prices rose
from depressed levels, and, in conjunction with solid growth, caused bonds to
suffer. Equities balanced better growth with higher rates to result in an 11%
gain for the initial six months of the year, but since the S&P 500 was up over
6% by mid-January, the past five-and-a-half months saw limited progress. Upon
closer examination, industrial, technology, and mid- and small-capitalization
stocks performed well in the past quarter so an initial change in leadership
could be under way. All in all, stocks fared well in the face of rising long
and short rates.
We remain concerned about the 25 to 50 largest stocks in the market, which,
we feel, are 15% to 30% overvalued as a group. However, using similar
methodology, the balance of the S&P 500 appears to be just modestly expensive
(maybe 10% overvalued) while mid- and small-capitalization stocks actually
look undervalued. Thus, while the popular S&P 500 in total looks expensive, we
remain convinced that a narrow group of extended leadership stocks comprises
the majority of the valuation excess and thus the risk. We think these stocks
will underperform for some time and have recommended that 15% of these assets
be redeployed.
It might be helpful to recount our shifts in asset allocation since early
1999 to put the first half into perspective. In January we moved 5% from
megacapitalization stocks to cash, and in late March we shifted an additional
5% from the same stock class into midcapitalization issues. In May, we
transferred another 5% from megacapitalization stocks to cash. The net result
was to reduce our exposure to megacapitalization stocks by 15%, deploying 10%
to cash reserves and 5% to midcapitalization stocks. This now leaves our
recommended equity asset allocation at minimum levels compared with our
strategic norms.
These moves in asset allocation reflect our concern with valuations of
megacapitalization stocks. However, the S&P 500 has continued to move higher
in the face of rising interest rates due to stronger economic growth and
better-than-expected earnings. Longer term, though, we believe that returns on
equities will revert toward the norm from the outstanding returns achieved
over the past four years of greater than 20% each year, something never
previously achieved in the U.S. market. If the large-capitalization stocks
drag the averages down over the near to intermediate term, we may well deploy
cash reserves into the small- or midcapitalization arena where we expect
longer-term leadership to emerge.
In our opinion, small- and mid-capitalization stocks should benefit from the
pickup in world economic growth detailed earlier and yet they sell at
valuations that are much more appealing. Many attractive issues sell for 15 to
20 times earnings per share versus 28 times for the S&P 500 and over 40 times
for the top-growth stocks in that index. The shift toward these names will
unfold slowly, perhaps even over another year or more, but should result in
solid intermediate-term performance. While we think that positions in
megacapitalization stocks should be reduced, we also see excellent
opportunities in small-capitalization, mid-capitalization, and international
stocks that should absorb a portion of the funds raised.
Global Outlook
FOREIGN EQUITIES ARE RELATIVELY ATTRACTIVE
European markets rose between 5% and 15% in the first half of the year with an
average gain of about 8%. Given that the new currency, the euro, lost about
11% of its value over the same period, U.S.-dollar-based investors generally
were no better off than they were at the end of 1998. However, Latin American
and Asian markets were up between 15% and 35%, averaging over 20% in U.S.
dollars, a strong first-half gain. Japan was by far the best major market, up
30% locally and 23% in U.S dollars. Asia outpaced Europe substantially in
dollar returns, reversing several years of poor performance under way since
the mid-1990s.
We think European growth is set to surprise positively in the second half of
1999 as rate cuts and the weaker euro
4
<PAGE>
- -------------------------------------------------------------------------------
lead to a nice recovery. This recovery, in turn, will cause earnings upgrades
which should fuel a rally in the second half of the year, but it will probably
come later in the year due to the typical seasonal slump in the summer as
Europeans go on vacation. With earnings set to rise both this year and next,
and with valuations less stretched than in the U.S., the European bull run of
the past two years could gain additional vigor. Add in potential benefits from
corporate restructuring and plenty of positive surprises are possible in
Europe on a two-year perspective.
Despite its strong recovery over the past nine months, Asia, we believe,
still has above-average investment merit. The intensity of the economic upturn
will not be strong by past standards, but most investors will underestimate
the coming profit surge led by restructuring in Japan as well as in South
Korea and elsewhere in Southeast Asia. Markets typically move in response to
profit growth, not economic growth, and we think that the profit recovery will
be more intense than the economic numbers suggest.
Japan surprised with its recovery in gross domestic product, and, while
skeptics abound, it looks like the economy is back on a growth path after two
years of recession. Also, one of the best leading indicators for Japan in the
past has been the performance of small-capitalization stocks. Given that the
prices of these equities have doubled since year-end, signs point to a
continued upside surprise in Japan, which has further bullish implications for
the rest of Asia. Since Japan's economy is by far the largest in the region
and because the country imports goods from all across Asia, the recovery in
Japan is indeed good news for the entire region. While occasional setbacks are
to be expected, we continue to see Asia as one of the best longer-term
investment stories in the world today.
July, 1999
5
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------------
Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--12.7%
Auto--3.5%
Banc One Auto
Grantor Trust,
Series 1997-B, Class
A
$ 8,066 6.29% 7/20/04 $ 8,109
WFS Financial Owner
Trust,
Series 1997-A, Class
A-3
4,062 6.50 9/20/01 4,078
Series 1997-D, Class
A-3
15,058 6.25 3/20/02 15,118
--------
27,305
--------
Home Equity Loans--6.1%
Contimortgage Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1998-1, Class
A10I
-- 6.50 9/15/00 7,560
Contimortgage Net
Interest Margin
Notes,
Series 1998-A, Class
A(/1/)
6,224 7.92 3/16/28 6,058
Series 1996-9, Class
A-6
7,300 7.69 1/15/28 7,464
Series 1997-6, Class
B-1
7,300 7.17 1/15/29 6,837
IMC Excess Cashflow
Securities Trust,
Series 1997-A, Class
A(/1/)
10,938 7.41 11/26/28 10,085
Lehman Brothers
Commercial Conduit
Mortgage Trust,
Series 1999-C1,
Class A-2
9,345 6.78 4/15/09 9,435
--------
47,439
--------
Special Purpose--1.1%
Bunge Trade
Ltd.(/1/)
8,370 9.25 5/1/02 8,262
--------
Utilities--2.0%
California
Infrastructure &
Economic
Development, Series
1997-1, Class A4
15,785 6.22 3/25/04 15,805
- -----------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $106,774) $ 98,811
- -----------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--
12.9%
Commercial Mortgage
Asset Trust,
Series 1999-C1,
Class A-3
$ 6,815 6.64% 9/17/10 $ 6,679
Credit Suisse First
Boston Mortgage
Securities Corp.,
Series 1998-C2,
Class A-1
9,421 5.96 12/15/07 9,210
Delta Funding Corp.,
Interest Only
Stripped
Security, Series
1991-1, Class A-4(/1/)
-- 18.00 1/1/06 7
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------------
<C> <S> <C> <C>
Donaldson, Lufkin, &
Jenrette
Mortgage Acceptance
Corp.,
Series 1994-Q8,
Class 2-A1
$ 2,735 7.25% 5/25/24 $ 2,764
Donaldson, Lufkin, &
Jenrette
Mortgage Acceptance
Corp.,
Adjustable Rate,
Interest Only
Stripped
Security, Series
1995-QE9, Class S
-- 6.48 11/25/25 329
Donaldson, Lufkin, &
Jenrette
Mortgage Acceptance
Corp.,
Adjustable Rate,
Interest Only
Stripped
Security, Series
1996-CF2, Class
S(/1/)
-- 7.50 11/12/21 5,533
First Union-Lehman
Brothers-Bank of
America Commercial
Mortgage Trust,
Series 1998-C2,
Class A-2
11,840 6.56 11/18/08 11,715
Lehman FHA Title
Loan Trust,
Interest Only
Stripped Security,
Series 1996-2, Class
S
-- 0.586 5/25/17 1,784
Morgan Stanley
Capital I,
Series 1998-WF1,
Class A2
20,000 6.55 12/15/07 19,674
Mortgage Capital
Funding, Inc.,
Series 1998-MC1,
Class A-2
5,000 6.66 1/18/08 4,985
Nationslink Funding
Corp.,
Series 1999-1, Class
A-2
29,400 6.316 11/20/08 28,544
PNC Mortgage
Securities Corp.,
Series 1996-PR1,
Class A(/1/)
6,151 7.05 4/28/27 6,389
Residential Asset
Securitization
Trust,
Series 1997-A8,
Class A-3
2,470 7.00 10/25/27 2,467
- -----------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS--(Cost $103,201) $100,080
- -----------------------------------------------
CORPORATE/FOREIGN GOVERNMENT
BONDS/NOTES--15.8%
Auto--2.0%
Ford Motor Credit
Co.
$15,880 5.75% 2/23/04 $ 15,417
--------
Beverages--2.0%
Coca-Cola (The) Co.
14,935 6.70 10/15/36 15,113
--------
Insurance--2.7%
Anthem
Insurance(/1/)
6,000 9.00 4/1/27 6,069
Lumberman's Mutual
Casualty Co.
7,050 9.15 7/1/26(/1/) 7,765
4,830 8.30 12/1/37 4,783
1,960 8.45 12/1/37(/1/) 1,940
--------
20,557
--------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------
<C> <S> <C> <C>
Sanitary Services--2.0%
Waste Management,
Inc.
$15,300 7.10% 8/1/26 $ 15,624
--------
Sovereign--2.6%
Asian Development
Bank
20,360 6.375 10/1/28 20,602
--------
Telephone--3.9%
AT&T Corp.
17,470 6.00 3/15/09 16,732
MCI WorldCom, Inc.
13,435 6.125 8/15/01 13,422
--------
30,154
--------
Transportation Services--0.6%
Burlington Northern
Santa Fe Corp.
5,000 6.53 7/15/37 4,894
- ------------------------------------------
TOTAL CORPORATE/FOREIGN GOVERN-
MENT BONDS/NOTES--(Cost
$126,180) $122,361
- ------------------------------------------
U.S. GOVERNMENT AGENCIES--16.3%
Fannie Mae REMIC Trust--8.4%
Series 1992-73,
Class G
$ 1,021 7.50% 4/25/21 $ 1,021
Interest Only
Stripped Securities,
Series 278, Class 2
-- 1.25 8/1/25 1,024
Series 1997-20,
Class IO
-- 1.84 3/25/27 2,222
Pool #452421
31,695 6.00 12/1/28 30,140
Pool #452480
31,960 6.00 11/1/28 30,392
Principal Only
Stripped Securities,
Series 1994-9, Class
G
119 5.15 11/25/23 114
--------
64,913
--------
Fannie Mae--6.0%
Fannie Mae
24,695 5.625 5/14/04 24,267
24,145 5.25 1/15/09 22,523
--------
46,790
--------
Freddie Mac REMIC Trusts--1.9%
Pool #252649
1 6.50 6/1/04 1
Pool #C18118
15,605 6.00 11/1/28 14,849
--------
14,850
- ------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $130,264) $126,553
- ------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- -------------------------------------------
Shares/
Principal Maturity
Amount Rate Date Value
- -------------------------------------------
<C> <S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS--
35.7%
U.S. Treasury Bonds--14.5%
$99,950 7.13% 2/15/23 $112,756
--------
U.S. Treasury Inflation Index
Notes--4.3%
33,555 3.68 1/15/08 33,594
--------
U.S. Treasury Notes--16.9%
50,045 6.625 7/31/01 51,210
8,060 7.50 2/15/05 8,731
70,055 6.125 8/15/07 71,456
--------
131,397
- -------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $286,667) $277,747
- -------------------------------------------
PREFERRED STOCK--1.7%
(Cost $15,000)
Agency--1.7%
15,000 Home Ownership
Funding Corp. $ 13,459
- -------------------------------------------
FLOATING RATE BANK NOTES--3.2%
Lloyds Bank PLC,
Series 1
$14,950 5.3125% 6/15/99 $ 12,820
National Westminster
Bank,
Series C
15,300 5.1875 8/31/99 12,385
- -------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $25,971) $ 25,205
- -------------------------------------------
SHORT-TERM INVESTMENT--4.0%
(Cost $31,171)
CDC Marches, Paris,
France
$23,771 4.88% 6/1/99 $ 31,171
- -------------------------------------------
TOTAL INVESTMENTS--102.3%
(Cost $825,228)(/1/) $795,387
- -------------------------------------------
Liabilities, less other as-
sets--(2.3)% (17,890)
- -------------------------------------------
NET ASSETS--100.0% $777,497
</TABLE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
(/1/)At May 31, 1999, the Portfolio owned restricted securities valued at
approximately $52,108 (6.7% of net assets), with an aggregate cost basis of
$50,827. These securities may not be publicly sold without registration under
the Securities Act of 1933. The value of these securities is determined by
valuations supplied by pricing service brokers or, if not available, in
accordance with procedures established by the Trustees.
See accompanying notes to financial statements.
7
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------------------
Intermediate Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--8.1%
Auto--4.3%
Chevy Chase
Automobile
Receivables Trust,
Series 1997-4, Class
A
$ 287 6.25% 6/15/04 $ 287
Olympic Automobile
Receivables Trust,
Series 1996-D, Class
A-4
500 6.05 8/15/02 503
Western Financial
Owner Trust.,
Series 1997-D, Class
A-3
471 6.25 3/20/02 472
Series 1998-B, A-3
750 5.95 7/20/02 750
-------
2,012
-------
Home Equity Loans--2.3%
Advanta Mortgage
Loan Trust, Interest
Only Stripped
Security, Series
1998-1 Class AI0
-- 5.00 10/25/00 297
Contimortgage Net
Interest Margin
Notes, Series 1998-
A, Class A(/1/)
189 7.92 3/16/28 184
IMC Excess Cashflow
Securities Trust,
Series 1997-A, Class
A(/1/)
682 7.41 11/26/28 629
-------
1,110
-------
Utililies--1.5%
California
Infrastructure &
Economic
Development, Series
1997-1, Class A-4
690 6.22 3/25/04 691
- -----------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $4,709) $ 3,813
- -----------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--
16.4%
Commercial Mortgage
Asset Trust,
Series 1999, Class
A-2
$ 880 6.64% 4/17/13 $ 862
Credit Suisse First
Boston Mortgage
Securities Corp.,
Series 1998-C2,
Class A-1
1,150 5.96 12/15/07 1,125
Donaldson, Lufkin &
Jenrette, Inc.
Commercial Mortgage
Corp.
1,000 6.41 2/15/08 974
Interest Only
Stripped Securities
-- 1.63 11/21/21 684
Morgan Stanley
Capital I,
Series 1998-WF1,
Class A-2
355 6.55 12/15/07 349
Mortgage Capital
Funding, Inc.,
Series 1998-MC1,
Class A-2
540 6.66 1/18/08 538
Nationslink Funding
Corp.,
Series 1999-1, Class
A
3,200 6.32 11/20/08 3,107
Residential Asset
Securitization
Trust,
Series 1997-A8,
Class A-3
100 7.00 10/25/27 100
- -----------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $7,995) $ 7,739
- -----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------
<C> <S> <C> <C>
CORPORATE BONDS--22.0%
Auto--4.5%
Ford Motor Credit
Co.
$ 2,300 5.80% 1/12/09 $ 2,135
-------
Beverages--2.3%
Coca-Cola (The) Co.
1,100 6.70 10/15/36 1,113
-------
Diversified Financial Servic-
es--2.1%
CIT Group Holdings,
Inc.
1,000 5.85 5/26/00 1,000
-------
Environmental Control--1.0%
Waste Management,
Inc.
440 7.10 8/1/26 449
-------
Insurance--1.5%
Lumbermans' Mutual
Casualty Co.(/1/)
545 9.15 7/1/26 600
105 8.45 12/1/37 104
-------
704
-------
Oil & Gas Producers--2.8%
Conoco, Inc.
1,350 5.90 4/15/04 1,323
-------
Special Purpose--2.1%
Bunge Trade
Ltd.(/1/)
1,000 9.25 5/1/02 987
-------
Telephone--3.6%
MCI WorldCom, Inc.
1,575 7.75 4/1/07 1,673
-------
Transportation--2.1%
Burlington Northern
Santa Fe Corp.
1,000 6.53 7/15/37 979
- -----------------------------------------
TOTAL CORPORATE BONDS (Cost
$10,803) $10,363
- -----------------------------------------
U.S. GOVERNMENT AGENCIES--14.7%
Fannie Mae REMIC Trusts--13.5%
Pool #440700
$ 1,326 6.00% 11/1/28 $ 1,261
Pool#452421
1,423 6.00 12/1/28 1,353
Pool#456078
3,938 6.00 12/1/28 3,745
-------
6,359
-------
Freddie Mac REMIC Trust--1.2%
Pool#C18079
609 6.00 11/1/28 580
- -----------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $6,581) $ 6,939
- -----------------------------------------
U.S. GOVERNMENT OBLIGATIONS--
29.2%
U.S. Treasury Inflation Indexed
Notes--2.9%
$ 1,350 3.625% 1/15/08 $ 1,352
U.S. Treasury Notes--26.3%
12,110 6.625 7/31/01 12,392
- -----------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $13,935) $13,744
- -----------------------------------------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------
<C> <S> <C> <C>
FLOATING RATE BANK NOTES--4.5%
Lloyds Bank PLC,
Series 1,
$ 750 5.3125% 6/15/99 $ 643
National Westminster
Bank, Series C,
1,850 5.1875 8/31/99 1,497
- ------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $2,265) $ 2,140
- ------------------------------------------
SHORT-TERM INVESTMENTS--18.7%
CDC Marches, Paris,
France
$2,901 4.875% 6/1/99 $ 2,901
Federal Home Loan
Bank Discount Note
5,924 4.68 6/1/99 5,924
- ------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,825) $ 8,825
- ------------------------------------------
TOTAL INVESTMENTS--113.6%
(Cost $55,113) $53,563
- ------------------------------------------
Liabilities, less other as-
sets--(13.6)% (6,442)
- ------------------------------------------
NET ASSETS--100.0% $47,121
- ------------------------------------------
- ------------------------------------------
</TABLE>
(/1/)At May 31, 1999, the Portfolio owned restricted securities valued at
approximately $2,504 (5.3% of net assets), with an aggregate cost basis of
$2,622. These securities may not be publicly sold without registration under
the Securities Act of 1933. The value of these securities is determined by
valuations supplied by pricing service brokers or, if not available, in
accordance with procedures established by the Trustees.
See accompanying notes to financial statements.
9
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------
Local
Currency/
Principal Maturity
Amount Rate Date Value
- ------------------------------------------------------
International Bond Portfolio
<C> <S> <C> <C>
DEBT OBLIGATIONS--96.4%
Australian Dollar--2.6%
Commonwealth of
Australia
980 10.00% 10/15/02 $ 728
-------
British Pound Sterling--16.3%
Abbey National PLC
825 6.00 8/10/99 1,323
BAA PLC
525 7.875 2/10/07 935
Lloyds Bank PLC
800 7.375 3/11/04 1,358
Treasury of Great
Britain
400 8.00 6/7/21 910
-------
4,526
-------
Canadian Dollar--2.8%
Province of Ontario
1,050 7.25 9/27/05 766
-------
Danish Krone--6.3%
Kingdom of Denmark
10,100 8.00 3/15/06 1,733
-------
Euro--42.8%
Electricite de
France
1,214 3.75 10/28/03 1,281
Federal Republic of
Germany
750 6.00 2/16/06 887
1,650 4.00 7/4/09 1,711
918 6.25 1/4/24 1,116
Kingdom of Belgium
453 7.50 7/29/08 586
Kingdom of Spain
721 11.30 1/15/02 909
210 10.00 2/28/05 290
Kingdom of the
Netherlands
318 5.75 2/15/07 371
Republic of Austria
1,670 8.00 1/30/02 1,003
Republic of Finland
1,920 5.50 2/9/01 1,069
Republic of Italy
2,066 8.50 4/1/04 2,635
-------
11,858
-------
Japanese Yen--15.0%
Asian Development
Bank
90,000 5.00 2/5/03 870
European Bank for
Reconstruction
and Development
95,000 5.875 11/26/99 808
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Local
Currency/
Principal Maturity
Amount Rate Date Value
- -----------------------------------------
<C> <S> <C> <C>
International Bank
for Reconstruction
and Development
100,000 4.50% 3/20/03 $ 957
Japan Development
Bank
160,000 6.50 9/20/01 1,516
-------
4,151
-------
Swedish Krona--1.9%
Kingdom of Sweden
3,700 10.25 5/5/03 532
-------
United States Dollar--8.7%
U.S. Treasury Bond
2,150 7.125 2/15/23 2,425
- -----------------------------------------
TOTAL DEBT OBLIGATIONS (Cost
$27,278) $26,719
- -----------------------------------------
SHORT-TERM INVESTMENT--1.5%
(Cost $431)
United States Dollar
CDC Marches, Paris,
France
$ 431 4.875% 6/1/99 $ 431
- -----------------------------------------
TOTAL INVESTMENTS--97.9%
(Cost $27,709) $27,150
- -----------------------------------------
Other assets, less liabili-
ties--2.1% 571
- -----------------------------------------
NET ASSETS--100.0% $27,721
- -----------------------------------------
- -----------------------------------------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- --------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- --------------------------------------------------------
Short-Intermediate Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--31.6%
Airplane Leases--1.6%
Pegasus Aviation
Lease
Securitization,
Series 1999-1A,
Class A1
$ 2,927 6.30% 3/25/29 $ 2,875
--------
Auto--8.0%
Chevy Chase
Automobile
Receivables Trust,
Series 1997-4, Class
A
2,433 6.25 6/15/04 2,441
Olympic Automobile
Receivables Trust,
Series 1995-A, Class
A
579 7.875 7/15/01 579
Series 1996-D, Class
A-4
4,075 6.05 8/15/02 4,093
WFS Financial Owner
Trust,
Series 1997-A, Class
A-3
2,356 6.50 9/20/01 2,365
Series 1997-D, Class
A-3
4,706 6.25 3/20/02 4,724
--------
14,202
--------
Credit Card--3.1%
MBNA Master Credit
Card Trust
Series 1998-J, Class
A
5,800 5.25 2/15/06 5,564
--------
Home Equity Loans--11.8%
Contimortgage Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1998-1, Class
A10I
-- 7.70 9/15/00 2,658
Contimortgage Net
Interest Margin
Notes, Series 1998-
A, Class A(/1/)
2,346 7.92 3/16/28 2,284
Delta Funding Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1997-2, Class
AIO
-- 8.29 6/25/27 1,299
Green Tree Home
Equity Loan Trust,
Series 1998-C, Class
A6
5,800 6.29 7/15/29 5,764
IMC Excess Cashflow
Securities Trust,
Series 1997-A, Class
A(/1/)
2,813 7.41 11/26/28 2,594
Lehman FHA Title I
Loan Trust,
Series 1995-3, Class
A
5,432 8.00 5/25/16 5,558
Interest Only
Stripped Security,
Series 1995-6, Class
S
-- 10.24 11/25/16 1,012
--------
21,169
--------
Utilities--7.1%
California
Infrastructure
Pacific Gas &
Electric, Series
1997-1, Class A-3
7,250 6.15 6/25/02 7,274
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------
<C> <S> <C> <C>
ComEd Transitional
Funding Trust,
Series 1998-1, Class
A2
$ 3,000 5.29% 6/25/03 $ 2,976
Southern Pacific
Secured Asset Corp.,
Interest Only
Stripped Security,
Series 1997-2, Class
AIO
-- 1.78 6/25/00 2,455
--------
12,705
- ------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $72,884) 56,515
- ------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--
19.1%
AAMES Mortgage
Trust, Interest Only
Stripped Security,
Series 1997-B, Class
AIO
$ -- 8.40% 7/15/00 $ 996
BA Mortgage
Securities, Inc.,
Series 1998-4, Class
1A5
8,250 6.50 8/25/28 8,219
Donaldson, Lufkin &
Jenrette Mortgage
Acceptance Corp.,
Interest Only
Stripped Security,
Series 1997-CF2,
Class CP
-- 7.08 11/15/04 5,206
Series 1994-Q8,
Class 2A1
1,176 6.875 5/25/24 1,189
GE Capital Mortgage
Services, Inc.,
Series 1994-15,
Class A-6
3,713 6.00 4/25/09 3,685
Nationslink Funding
Corp.,
Series 1999-SL,
Class A-3
5,000 6.30 12/10/02 5,000
PNC Mortgage
Securities Corp.,
Series 1996-PRI,
ClassA(/1/)
1,768 7.05 4/28/27 1,836
Prudential Home
Mortgage Securities
Co., Series 1994-1,
Class A-3
5,580 6.00 2/25/09 5,559
Residential Asset
Securitization
Trust,
Series 1997-A8,
Class A-3
1,001 7.00 10/25/27 1,000
Principal Only
Stripped Security
Series 1998-A1,
Class A-6
1,560 14.24 3/25/28 1,431
- ------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $27,714) 34,121
- ------------------------------------------
CORPORATE BONDS--13.3%
Auto--2.2%
Ford Motor Credit
Co.,
$ 4,000 5.75% 2/23/04 $ 3,883
--------
Diversified Financial Servic-
es--6.4%
Associates Corp., NA
5,000 5.85 1/15/01 4,990
Donaldson, Lufkin &
Jenrette, Inc.,
Medium Term Note
6,500 5.625 2/15/16 6,438
--------
11,428
--------
Oil & Gas Producers--1.5%
Conoco, Inc.
2,705 5.90 4/15/04 2,651
--------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- --------------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- --------------------------------------------------------------
Short-Intermediate Bond Portfolio--Continued
<C> <S> <C> <C>
Special Purposes--1.0%
Bunge Trade
Ltd.,(/1/)
$ 1,935 9.25% 5/1/02 $ 1,910
--------
Telephone--2.2%
MCI WorldCom, Inc.
4,000 6.125 8/15/01 3,996
- --------------------------------------------------------------
TOTAL CORPORATE BONDS (Cost
$24,049) $ 23,868
- --------------------------------------------------------------
U.S. GOVERNMENT AGENCY--0.1%
(Cost $98)
Fannie Mae REMIC
Trust, Principal
Only Stripped
Security, Series
1994-9, Class G
$ 118 5.63% 11/25/23 $ 115
- --------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--
33.8%
U.S. Treasury Inflation Indexed
Notes--5.3%
$ 9,500 3.625 1/15/08 $ 9,511
U.S. Treasury Notes--28.5%
30,800 5.75% 10/31/02 30,915
20,000 5.75 8/15/03 20,041
--------
50,956
- --------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $61,261) $ 60,467
- --------------------------------------------------------------
SHORT-TERM INVESTMENT--0.3%
(Cost $591)
CDC Marches, Paris,
France
<CAPTION>
$ 591 4.875% 6/1/99 $ 591
- --------------------------------------------------------------
<C> <S> <C> <C>
TOTAL INVESTMENTS--98.2%
(Cost $186,597) $175,677
- --------------------------------------------------------------
Other assets, less liabili-
ties--1.8% 3,302
- --------------------------------------------------------------
NET ASSETS--100.0% $178,979
- --------------------------------------------------------------
- --------------------------------------------------------------
</TABLE>
(/1/)At May 31, 1999, the Portfolio owned restricted securities valued at
approximately $8,624 (4.8% of net assets), with an aggregate cost basis of
$8,972. These securities may not be publicly sold without registration under
the Securities Act of 1933. The value of these securities is determined by
valuations supplied by pricing service or brokers or, if not available, in
accordance with procedures established by the Trustees.
See accompanying notes to financial statements.
12
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ----------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ----------------------------------------------------------
U.S. Government Securities Portfolio
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCIES--33.0%
COLLATERALIZED MORTGAGE OBLIGATIONS--
10.0%
Fannie Mae REMIC Trust--6.8%
Series 1998-M2,
Class CPI,
Interest Only
Stripped Security
$ -- 28.50% 2/17/02 $ 458
Series 1997-M1,
Class A
2,309 6.78 1/17/03 2,334
Series 1993-133,
Class EZ
2,285 5.85 2/25/17 2,281
Series 1992-2000,
Class E
229 6.25 6/25/17 229
Series 1997-20,
Class IO,
Interest Only
Stripped Security
-- 20.20 3/25/27 361
-------
5,663
-------
Freddie Mac--3.2%
Series 1296, Class H
167 12.69 7/15/99 169
Series 1520, Class F
331 5.65 9/15/04 331
Series 2080, Class
PE
2,250 6.00 11/15/21 2,213
-------
2,713
-------
8,376
-------
MORTGAGE-BACKED SECURITIES--12.7%
Fannie Mae--8.1%
Pool #124945
$ 1,674 6.98% 1/1/31 $ 1,727
Pool #452421
2,649 6.00 12/1/28 2,519
Pool #452480
2,541 6.00 11/1/28 2,541
-------
6,787
-------
Freddie Mac--4.6%
Pool #410092
179 7.12 11/1/24 185
Pool #G00767
1,685 7.50 8/1/27 1,721
Pool #C18079
2,071 6.00 11/1/28 1,971
-------
3,877
-------
10,664
-------
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------
<C> <S> <C> <C>
AGENCY OBLIGATIONS--10.3%
Fannie Mae--5.9%
$ 2,250 5.625% 3/15/03 $ 2,249
2,750 5.25 1/15/03 2,689
--------
4,938
--------
Freddie Mac--2.6%
2,250 5.75 7/15/03 2,230
--------
Tennessee Valley Authority Note--1.8%
1,500 6.24 7/15/45 1,517
--------
8,685
- ------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $28,270) $ 27,725
- ------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--53.4%
U.S. Treasury Inflation Indexed
Notes--3.2%
$ 2,700 3.625% 1/15/08 $ 2,703
U.S. Treasury Notes--50.2%
25,500 6.625 7/31/01 26,094
2,250 6.25 1/31/02 2,288
3,500 6.625 4/30/02 3,596
8,000 5.75 10/31/02 8,030
2,000 7.50 2/15/05 2,167
--------
42,175
--------
- ------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $45,551) $ 44,878
- ------------------------------------------
SHORT-TERM INVESTMENT--12.5%
(Cost $10,516)
Federal Home Loan
Bank Discount Note
$10,516 4.68% 6/1/99 $ 10,516
- ------------------------------------------
TOTAL INVESTMENTS--98.9%
(Cost $84,337) $ 83,119
- ------------------------------------------
Other assets, less liabili-
ties--1.1% 880
- ------------------------------------------
NET ASSETS--100.0% $ 83,999
- ------------------------------------------
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------------------
U.S. Treasury Index Portfolio
<C> <S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS--
98.4%
U.S. Treasury Notes--54.4%
$1,450 4.50% 9/30/00 $ 1,435
2,000 5.50 12/31/00 2,003
650 4.875 3/31/01 644
1,000 6.50 5/31/01 1,020
1,000 6.625 3/31/02 1,027
2,000 5.75 8/15/03 2,004
1,720 6.50 8/15/05 1,783
1,310 6.25 2/15/07 1,345
1,280 4.75 11/15/08 1,191
-------
12,452
-------
U.S. Treasury Bonds--44.0%
1,100 7.50 11/15/01 1,149
2,040 6.00 7/31/02 2,063
660 14.00 11/15/11 975
1,450 7.25 5/15/16 1,622
1,025 8.125 5/15/21 1,270
700 8.00 11/15/21 859
500 6.25 8/15/23 510
1,530 6.50 11/15/26 1,619
-------
10,067
- ------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $22,734) $22,519
- ------------------------------------------------------
SHORT-TERM INVESTMENT--1.5%
(Cost $338)
Federal Home Loan
Bank Discount Note
$ 338 4.68% 6/1/99 $ 338
- ------------------------------------------------------
TOTAL INVESTMENTS--99.9%
(Cost $23,072) $22,857
- ------------------------------------------------------
Other assets, less liabili-
ties--0.1% 37
- ------------------------------------------------------
NET ASSETS--100.0% $22,894
- ------------------------------------------------------
- ------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
May 31, 1999
(All amounts in thousands, except net asset value per share)
(Unaudited)
<TABLE>
<CAPTION>
Short- U.S. U.S.
Intermediate International Intermediate Government Treasury
Bond Bond Bond Bond Securities Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments in securi-
ties, at cost $825,228 $55,113 $27,709 $186,597 $84,337 $23,072
- ------------------------------------------------------------------------------------------------
Investments in securi-
ties, at value $795,387 $53,563 $27,150 $175,677 $83,119 $22,857
Cash and foreign cur-
rencies -- -- 2 -- 28 --
Receivables:
Interest 10,553 632 572 2,169 1,041 262
Investment securities
sold 3,217 4,305 -- 1,184 -- 451
Fund shares sold 97 -- -- 143 3 1
Administrator 22 6 7 9 5 6
Foreign tax reclaims -- -- 17 -- -- --
Other assets 25 16 7 6 3 4
- ------------------------------------------------------------------------------------------------
Total assets 809,301 58,522 27,755 179,188 84,199 23,581
- ------------------------------------------------------------------------------------------------
Liabilities:
Overdraft 21,177 1,094 -- 65 -- 27
Payable for:
Investment securities
purchased 9,435 -- -- -- -- 632
Fund shares redeemed 753 10,269 -- 56 163 12
Accrued expenses:
Advisory fees 165 18 17 39 17 3
Shareholder service
fees 134 -- -- 1 1 1
Administration fees 66 7 4 16 7 2
Transfer agent fees 12 1 -- 2 1 --
Custodian fees 12 -- 5 4 4 2
Other liabilities 50 12 8 26 7 8
- ------------------------------------------------------------------------------------------------
Total liabilities 31,804 11,401 34 209 200 687
- ------------------------------------------------------------------------------------------------
Net assets $777,497 $47,121 $27,721 $178,979 $83,999 $22,894
- ------------------------------------------------------------------------------------------------
Analysis of net assets:
Paid-in capital $800,659 $49,879 $28,429 $188,442 $85,239 $22,987
Undistributed net in-
vestment income 2,013 104 76 1,414 96 30
Accumulated net
realized gains
(losses) on
investments, forward
foreign currency
contracts and foreign
currency transactions 4,666 (1,312) (210) 43 (118) 92
Net unrealized
depreciation on
investments, forward
foreign currency
contracts and foreign
currency transactions (29,841) (1,550) (559) (10,920) (1,218) (215)
Net unrealized loss on
translation of other
assets and liabilities
denominated in foreign
currencies -- -- (15) -- -- --
- ------------------------------------------------------------------------------------------------
Net assets $777,497 $47,121 $27,721 $178,979 $83,999 $22,894
- ------------------------------------------------------------------------------------------------
Total shares outstand-
ing (no par value), un-
limited shares autho-
rized
Class A 35,753 2,424 1,412 9,257 4,235 1,074
Class C 3,036 -- -- -- -- 7
Class D 81 2 1 13 41 24
- ------------------------------------------------------------------------------------------------
Net asset value, offer-
ing and redemption
price per share
Class A $ 20.00 $ 19.43 $ 19.62 $ 19.31 $ 19.64 $ 20.72
Class C $ 20.00 -- -- -- -- $ 20.72
Class D $ 19.97 $ 19.41 $ 19.56 $ 19.26 $ 19.60 $ 20.69
- ------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Short- U.S. U.S.
Intermediate International Intermediate Government Treasury
Bond Bond Bond Bond Securities Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Interest income $25,558 $2,326 $ 854(a) $8,735 $2,037 $ 655
- ------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fees 2,172 249 129 539 221 48
Administration fees 362 41 21 90 37 12
Transfer agent fees 66 4 1 9 5 2
Registration fees 64 8 11 19 10 9
Shareholder servicing
fees 49 -- -- 1 2 1
Custodian fees 41 9 29 20 11 11
Professional fees 24 3 3 7 3 3
Trustee fees and ex-
penses 11 2 2 3 2 2
Amortization of deferred
organization costs -- -- 5 -- -- --
Other 23 7 8 8 4 4
- ------------------------------------------------------------------------------------------------
Total expenses 2,812 323 209 696 295 92
Less voluntary waivers
of investment advisory
fees (1,267) (145) (29) (315) (129) (30)
Less expenses reimburs-
able by Administrator (164) (29) (42) (57) (30) (29)
- ------------------------------------------------------------------------------------------------
Net expenses 1,381 149 138 324 136 33
- ------------------------------------------------------------------------------------------------
Net investment income 24,177 2,177 716 8,411 1,901 622
Net realized gains
(losses) on:
Investment transactions 4,546 (1,312) (50) (21) (82) 415
Foreign currency trans-
actions -- -- (173) -- -- --
Net change in unrealized
depreciation on invest-
ments, forward foreign
currency contracts and
foreign currency
transactions (38,678) (1,404) (1,705) (4,899) (1,293) (1,599)
Net change in unrealized
losses on translation
of other assets and li-
abilities denominated
in foreign currencies -- -- (30) -- -- --
- ------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets resulting
from operations $(9,955) $(539) $(1,242) $3,491 $526 $(562)
- ------------------------------------------------------------------------------------------------
</TABLE>
(a) Net of $3 in non-reclaimable foreign withholding taxes.
See accompanying notes to financial statements.
16
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
17
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended May 31, 1999 (Unaudited) and the Year Ended November
30,
(All amounts in thousands)
<TABLE>
<CAPTION>
Intermediate
Bond Bond
Portfolio Portfolio
------------------ ----------------
1999 1998 1999 1998
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income $ 24,177 $ 41,026 $ 2,177 $ 1,373
Net realized gains (losses) on
investments, forward foreign currency
contracts and foreign currency
transactions 4,546 21,659 (1,312) 324
Net change in unrealized appreciation
(depreciation) on investments, forward
foreign currency contracts and foreign
currency transactions (38,678) (6,108) (1,404) (85)
Net change in unrealized gains (losses)
on translations of other assets and
liabilities denominated in foreign
currencies -- -- -- --
- ------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations (9,955) 56,577 (539) 1,612
- ------------------------------------------------------------------------------
Distributions to Class A shareholders:
Net investment income (21,440) (35,543) (2,105) (1,358)
Net realized gain (19,315) (2,645) (303) --
- ------------------------------------------------------------------------------
Total distributions to Class A
shareholders (40,755) (38,188) (2,408) (1,358)
- ------------------------------------------------------------------------------
Distributions to Class C shareholders:
Net investment income (1,929) (3,794) -- --
Net realized gain (1,966) (295) -- --
- ------------------------------------------------------------------------------
Total distributions to Class C
shareholders (3,895) (4,089) -- --
- ------------------------------------------------------------------------------
Distributions to Class D shareholders:
Net investment income (54) (107) (1) (1)
Net realized gain (63) (6) -- --
- ------------------------------------------------------------------------------
Total distributions to Class D
shareholders (117) (113) (1) (1)
- ------------------------------------------------------------------------------
Class A share transactions:
Proceeds from the sale of shares 160,531 217,204 71,450 27,967
Reinvested distributions 35,251 32,297 1,154 1,346
Cost of shares redeemed (36,297) (117,228) (53,016) (11,125)
- ------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from
Class A share transactions 159,485 132,273 19,588 18,188
- ------------------------------------------------------------------------------
Class C share transactions:
Proceeds from the sale of shares 11,082 30,139 -- --
Reinvested distributions 3,895 4,089 -- --
Cost of shares redeemed (10,976) (24,755) -- --
- ------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from Class C share
transactions 4,001 9,473 -- --
- ------------------------------------------------------------------------------
Class D share transactions:
Proceeds from the sale of shares 122 2,529 -- 41
Reinvested distributions 116 113 1 1
Cost of shares redeemed (511) (1,238) -- --
- ------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from Class D share
transactions (273) 1,404 1 42
- ------------------------------------------------------------------------------
Net increase (decrease) 108,491 157,337 16,641 18,483
Net assets--beginning of period 669,006 511,669 30,480 11,997
- ------------------------------------------------------------------------------
Net assets--end of period $777,497 $669,006 $47,121 $30,480
- ------------------------------------------------------------------------------
Undistributed net investment income $ 2,013 $ 1,259 $ 104 $ 33
- ------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Short- U.S. Government
International Intermediate Securities U.S. Treasury
Bond Portfolio Bond Portfolio Portfolio Index Portfolio
- ---------------- ------------------ ---------------- -----------------
1999 1998 1999 1998 1999 1998 1999 1998
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 716 $ 1,396 $ 8,411 $ 19,141 $ 1,901 $ 2,954 $ 622 $ 1,443
(223) 220 (21) 1,538 (82) 786 415 732
(1,705) 1,365 (4,899) (6,078) (1,293) (228) (1,599) 445
(30) 17 -- -- -- -- -- --
- --------------------------------------------------------------------------
(1,242) 2,998 3,491 14,601 526 3,512 (562) 2,620
- --------------------------------------------------------------------------
(992) (1,024) (7,680) (17,379) (1,807) (2,583) (591) (1,370)
(183) (385) (2,451) (267) (683) -- -- --
- --------------------------------------------------------------------------
(1,175) (1,409) (10,131) (17,646) (2,490) (2,583) (591) (1,370)
- --------------------------------------------------------------------------
-- -- -- -- (15) (188) (4) (1)
-- -- -- -- (56) -- -- --
- --------------------------------------------------------------------------
-- -- -- -- (71) (188) (4) (1)
- --------------------------------------------------------------------------
(2) (5) (19) (87) (20) (42) (20) (105)
(1) (2) (10) (1) (16) -- -- --
- --------------------------------------------------------------------------
(3) (7) (29) (88) (36) (42) (20) (105)
- --------------------------------------------------------------------------
825 2,261 48,448 125,815 38,217 12,721 8,651 15,301
983 1,217 8,363 14,872 2,387 2,336 294 458
(238) (2,867) (54,427) (156,030) (3,705) (10,457) (7,651) (28,575)
- --------------------------------------------------------------------------
1,570 611 2,384 (15,343) 36,899 4,600 1,294 (12,816)
- --------------------------------------------------------------------------
-- -- -- -- 24 1,687 255 184
-- -- -- -- 70 188 4 1
-- -- -- -- (4,023) (1,094) (128) (164)
- --------------------------------------------------------------------------
-- -- -- -- (3,929) 781 131 21
- --------------------------------------------------------------------------
5 65 66 454 163 1,026 158 445
3 6 29 75 37 29 17 53
(137) (38) (654) (578) (583) (155) (1,352) (570)
- --------------------------------------------------------------------------
(129) 33 (559) (49) (383) 900 (1,177) (72)
- --------------------------------------------------------------------------
(979) 2,226 (4,844) (18,525) 30,516 6,980 (929) (11,723)
28,700 26,474 183,823 202,348 53,483 46,503 23,823 35,546
- --------------------------------------------------------------------------
$27,721 $28,700 $178,979 $183,823 $83,999 $53,483 $22,894 $ 23,823
- --------------------------------------------------------------------------
$ 76 $ 354 $ 1,414 $ 702 $ 96 $ 37 $ 30 $ 23
- --------------------------------------------------------------------------
</TABLE>
19
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Bond Portfolio
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------
1999 1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 21.61 $ 21.08 $ 20.77 $ 20.96 $ 18.29 $ 20.70
Income from investment
operations:
Net investment income 0.67 1.47 1.34 1.29 1.17 1.42
Net realized and
unrealized gain (loss) (0.94) 0.62 0.29 (0.19) 2.66 (2.21)
- ---------------------------------------------------------------------------------------
Total income (loss) from
investment operations (0.27) 2.09 1.63 1.10 3.83 (0.79)
- ---------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.66) (1.44) (1.32) (1.26) (1.14) (1.46)
Net realized gain (0.68) (0.12) -- -- -- (0.15)
Return of capital -- -- -- (0.03) (0.02) (0.01)
- ---------------------------------------------------------------------------------------
Total distributions to
shareholders (1.34) (1.56) (1.32) (1.29) (1.16) (1.62)
- ---------------------------------------------------------------------------------------
Net increase (decrease) (1.61) 0.53 0.31 (0.19) 2.67 (2.41)
- ---------------------------------------------------------------------------------------
Net asset value, end of
period $ 20.00 $ 21.61 $ 21.08 $ 20.77 $ 20.96 $ 18.29
- ---------------------------------------------------------------------------------------
Total return (a) (1.34)% 10.31% 8.17% 5.57% 21.55% (4.04)%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.36% 0.36% 0.36% 0.36% 0.36% 0.36%
Expenses, before waiv-
ers and reimbursements 0.76% 0.75% 0.77% 0.84% 0.84% 0.87%
Net investment income,
net of waivers and re-
imbursements 6.70% 7.07% 6.66% 6.39% 5.94% 7.31%
Net investment income,
before waivers and re-
imbursements 6.30% 6.68% 6.25% 5.91% 5.46% 6.80%
Portfolio turnover rate 40.98% 84.80% 76.30% 101.38% 74.19% 103.09%
Net assets at end of pe-
riod (in thousands) $715,176 $605,517 $460,514 $366,850 $286,301 $257,391
- ---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------------------------------- -------------------------------------------------
1999 1998 1997 1996 1995(c) 1999 1998 1997 1996 1995 1994(d)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 21.60 $ 21.07 $ 20.78 $ 20.96 $20.21 $21.58 $21.05 $20.76 $ 20.94 $18.29 $18.74
Income from investment
operations:
Net investment income 0.67 1.42 1.29 1.25 0.47 0.66 1.38 1.24 1.22 1.08 0.28
Net realized and
unrealized gain (loss) (0.95) 0.62 0.28 (0.18) 0.74 (0.97) 0.63 0.30 (0.18) 2.66 (0.45)
- -------------------------------------------------------------------------------------------------------------------------
Total income from in-
vestment operations (0.28) 2.04 1.57 1.07 1.21 (0.31) 2.01 1.54 1.04 3.74 (0.17)
- -------------------------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.64) (1.39) (1.28) (1.22) (0.45) (0.62) (1.36) (1.25) (1.19) (1.09) (0.28)
Net realized gain (0.68) (0.12) -- -- -- (0.68) (0.12) -- -- -- --
Return of capital -- -- -- (0.03) (0.01) -- -- -- (0.03) -- --
- -------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.32) (1.51) (1.28) (1.25) (0.46) (1.30) (1.48) (1.25) (1.22) (1.09) (0.28)
- -------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (1.60) 0.53 0.29 (0.18) 0.75 (1.61) 0.53 0.29 (0.18) 2.65 (0.45)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $ 20.00 $ 21.60 $ 21.07 $ 20.78 $20.96 $19.97 $21.58 $21.05 $ 20.76 $20.94 $18.29
- -------------------------------------------------------------------------------------------------------------------------
Total return (a) (1.46)% 10.04% 7.88% 5.33% 6.08% (1.53)% 9.89% 7.74% 5.17% 21.06% (0.94)%
Ratio to average net as-
sets of (b):
Expenses, net of
waivers and
reimbursements 0.60% 0.60% 0.60% 0.60% 0.60% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Expenses, before
waivers and
reimbursements 1.00% 0.99% 1.01% 1.08% 1.08% 1.15% 1.14% 1.16% 1.23% 1.23% 1.26%
Net investment income,
net of waivers and
reimbursements 6.46% 6.83% 6.39% 6.09% 5.59% 6.31% 6.70% 6.27% 5.99% 5.48% 6.31%
Net investment income,
before waivers and
reimbursements 6.06% 6.44% 5.98% 5.61% 5.11% 5.91% 6.31% 5.86% 5.51% 5.00% 5.80%
Portfolio turnover rate 40.98% 84.80% 76.30% 101.38% 74.19% 40.98% 84.80% 76.30% 101.38% 74.19% 103.09%
Net assets at end of
period (in thousands) $60,696 $61,450 $50,554 $ 7,342 $3,704 $1,625 $2,039 $ 601 $ 220 $ 120 $ 15
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) For the period July 3, 1995 (Class C shares issue date) through November
30, 1995.
(d) For the period September 14, 1994 (Class D shares issue date) through
November 30, 1994.
See accompanying notes to financial statements.
20
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Intermediate Bond Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------
1999 1998 1997 (a)
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 20.15 $ 19.89 $ 20.00
Income (loss) from investment operations:
Net investment income 0.52 1.19 0.38
Net realized and unrealized gain (loss) (0.62) 0.27 (0.15)
- -----------------------------------------------------------------------------
Total income (loss) from investment operations (0.10) 1.46 0.23
- -----------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.50) (1.20) (0.34)
Net realized gain (0.12) -- --
- -----------------------------------------------------------------------------
Total distributions to shareholders (0.62) (1.20) (0.34)
- -----------------------------------------------------------------------------
Net increase (decrease) (0.72) 0.26 (0.11)
- -----------------------------------------------------------------------------
Net asset value, end of period $ 19.43 $ 20.15 $ 19.89
- -----------------------------------------------------------------------------
Total return (b) (0.59)% 7.55% 1.17%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.36% 0.36% 0.36%
Expenses, before waivers and reimbursements 0.78% 1.09% 2.28%
Net investment income, net of waivers and reim-
bursements 5.25% 6.19% 5.87%
Net investment income, before waivers and reim-
bursements 4.83% 5.46% 3.95%
Portfolio turnover rate 127.74% 93.40% 56.99%
Net assets at end of period (in thousands) $47,080 $30,439 $11,997
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
-----------------
1999 1998 (d)
- ----------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $20.13 $20.46
Income (loss) from investment operations:
Net investment income 0.49 0.18
Net realized and unrealized loss (0.63) (0.32)
- ----------------------------------------------------------------------------
Total loss from investment operations (0.14) (0.14)
- ----------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.46) (0.19)
Net realized gain (0.12) --
- ----------------------------------------------------------------------------
Total distributions to shareholders (0.58) (0.19)
- ----------------------------------------------------------------------------
Net decrease (0.72) (0.33)
- ----------------------------------------------------------------------------
Net asset value, end of period $19.41 $20.13
- ----------------------------------------------------------------------------
Total return (b) (0.79)% (0.70)%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.75% 0.75%
Expenses, before waivers and reimbursements 1.17% 1.48%
Net investment income, net of waivers and reimbursements 4.86% 5.69%
Net investment income, before waivers and reimbursements 4.44% 4.96%
Portfolio turnover rate 127.74% 93.40%
Net assets at end of period (in thousands) $ 41 $ 41
- ----------------------------------------------------------------------------
</TABLE>
(a) For the period August 1, 1997 (commencement of operations) through
November 30, 1997.
(b) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(c) Annualized for periods less than a full year.
(d) For the period October 5, 1998 (Class D share issue date) through November
30, 1998.
See accompanying notes to financial statements.
21
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
International Bond Portfolio
<TABLE>
<CAPTION>
Class A
-------------------------------------------------------
1999 1998 1997 1996 1995 1994 (a)
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 21.35 $ 20.13 $ 22.16 $ 21.74 $ 19.93 $ 20.00
Income (Loss) from in-
vestment operations:
Net investment income 1.02 0.98 1.02 1.54 1.26 0.79
Net realized and
unrealized gain (loss) (1.88) 1.33 (1.70) 0.43 2.28 0.01
- ---------------------------------------------------------------------------------
Total income (loss) from
investment operations (0.86) 2.31 (0.68) 1.97 3.54 0.80
- ---------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income
(b) (0.73) (0.79) (1.01) (1.55) (1.73) (0.87)
Net realized gain (0.14) (0.30) (0.34) -- -- --
- ---------------------------------------------------------------------------------
Total distributions to
shareholders (0.87) (1.09) (1.35) (1.55) (1.73) (0.87)
- ---------------------------------------------------------------------------------
Net increase (decrease) (1.73) 1.22 (2.03) 0.42 1.81 (0.07)
- ---------------------------------------------------------------------------------
Net asset value, end of
period $ 19.62 $ 21.35 $ 20.13 $ 22.16 $ 21.74 $ 19.93
- ---------------------------------------------------------------------------------
Total return (c) (4.53)% 11.85% (3.02)% 9.47% 18.20% 4.03%
Ratio to average net as-
sets of (d):
Expenses, net of waiv-
ers and reimbursements 0.96% 0.96% 0.96% 0.96% 0.96% 0.96%
Expenses, before waiv-
ers and reimbursements 1.46% 1.52% 1.52% 1.58% 1.47% 1.49%
Net investment income,
net of waivers and re-
imbursements 5.00% 5.27% 5.61% 5.91% 5.92% 5.93%
Net investment income,
before waivers and re-
imbursements 4.50% 4.71% 5.05% 5.29% 5.41% 5.40%
Portfolio turnover rate 6.67% 23.76% 29.29% 33.89% 54.46% 88.65%
Net assets at end of pe-
riod (in thousands) $27,720 $28,568 $26,383 $34,183 $32,673 $26,947
- ---------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
-------------------------------------------
1999 (e) 1998 1997 1996 1995 (f)
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of pe-
riod $21.26 $20.06 $22.14 $21.74 $22.17
Income (Loss) from investment op-
erations:
Net investment income 0.38 0.93 0.97 1.37 0.02
Net realized and unrealized gain
(loss) (1.40) 1.29 (1.72) 0.51 (0.08)
- -------------------------------------------------------------------------------
Total income (loss) from invest-
ment operations (1.02) 2.22 (0.75) 1.88 (0.06)
- -------------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (b) (0.54) (0.72) (0.99) (1.48) (0.37)
Net realized gain (0.14) (0.30) (0.34) -- --
- -------------------------------------------------------------------------------
Total distributions to sharehold-
ers (0.68) (1.02) (1.33) (1.48) (0.37)
- -------------------------------------------------------------------------------
Net increase (decrease) (1.70) 1.20 (2.08) 0.40 (0.43)
- -------------------------------------------------------------------------------
Net asset value, end of period $19.56 $21.26 $20.06 $22.14 $21.74
- -------------------------------------------------------------------------------
Total return (c) (5.00)% 11.43% (3.38)% 9.04% (0.30)%
Ratio to average net assets of
(d):
Expenses, net of waivers and re-
imbursements 1.35% 1.35% 1.35% 1.35% 1.35%
Expenses, before waivers and re-
imbursements 1.85% 1.91% 1.91% 1.97% 1.86%
Net investment income, net of
waivers and reimbursements 4.61% 4.90% 5.36% 5.67% 3.26%
Net investment income, before
waivers and reimbursements 4.11% 4.34% 4.80% 5.05% 2.75%
Portfolio turnover rate 6.67% 23.76% 29.29% 33.89% 54.46%
Net assets at end of period (in
thousands) $ 1 $ 132 $ 91 $ 52 $ 9
- -------------------------------------------------------------------------------
</TABLE>
(a) For the period March 28, 1994 (commencement of operations) through
November 30, 1994.
(b) 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.
(c) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(d) Annualized for periods less than a full year.
(e) Financial highlights for the six months ended May 31, 1999 were calculated
using average shares outstanding for the period.
(f) For the period November 20, 1995 (Class D shares issue date) through
November 30, 1995.
See accompanying notes to financial statements.
22
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Short-Intermediate Bond Portfolio
<TABLE>
<CAPTION>
Class A
---------------------------------------------------------
1999 1998 1997 1996 1995 1994
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 20.03 $ 20.36 $ 20.70 $ 20.73 $ 19.53 $ 20.33
Income (loss) from in-
vestment operations:
Net investment income 0.91 1.84 1.46 1.14 1.02 0.97
Net realized and
unrealized gain (loss) (0.52) (0.36) (0.29) (0.01) 1.19 (0.80)
- ------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.39 1.48 1.17 1.13 2.21 0.17
- ------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.84) (1.78) (1.46) (1.16) (1.01) (0.97)
Net realized gain (0.27) (0.03) (0.05) -- -- --
- ------------------------------------------------------------------------------------
Total distributions to
shareholders (1.11) (1.81) (1.51) (1.16) (1.01) (0.97)
- ------------------------------------------------------------------------------------
Net increase (decrease) (0.72) (0.33) (0.34) (0.03) 1.20 (0.80)
- ------------------------------------------------------------------------------------
Net asset value, end of
period $ 19.31 $ 20.03 $ 20.36 $ 20.70 $ 20.73 $ 19.53
- ------------------------------------------------------------------------------------
Total return (a) 1.88% 7.50% 5.95% 5.68% 11.58% 0.84%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.36% 0.36% 0.36% 0.36% 0.36% 0.36%
Expenses, before waiv-
ers and reimbursements 0.77% 0.76% 0.81% 0.88% 0.91% 0.95%
Net investment income,
net of waivers and re-
imbursements 9.37% 9.61% 7.68% 5.83% 5.14% 4.84%
Net investment income,
before waivers and re-
imbursements 8.96% 9.21% 7.23% 5.31% 4.59% 4.25%
Portfolio turnover rate 55.50% 89.97% 48.49% 47.68% 54.68% 48.67%
Net assets at end of pe-
riod (in thousands) $178,733 $182,999 $201,457 $153,675 $158,678 $96,209
- ------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
-------------------------------------------------
1999 (c) 1998 1997 1996 1995 1994 (d)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $19.97 $20.31 $20.66 $20.71 $19.53 $19.82
Income (loss) from invest-
ment operations:
Net investment income 0.89 1.78 1.43 1.07 0.94 0.23
Net realized and unrealized
gain (loss) (0.54) (0.40) (0.34) (0.02) 1.18 (0.29)
- --------------------------------------------------------------------------------
Total income (loss) from in-
vestment operations 0.35 1.38 1.09 1.05 2.12 (0.06)
- --------------------------------------------------------------------------------
Distributions to sharehold-
ers:
Net investment income (0.79) (1.69) (1.39) (1.10) (0.94) (0.23)
Net realized gain (0.27) (0.03) (0.05) -- -- --
- --------------------------------------------------------------------------------
Total distributions to
shareholders (1.06) (1.72) (1.44) (1.10) (0.94) (0.23)
- --------------------------------------------------------------------------------
Net increase (decrease) (0.71) (0.34) (0.35) (0.05) 1.18 (0.29)
- --------------------------------------------------------------------------------
Net asset value, end of pe-
riod $19.26 $19.97 $20.31 $20.66 $20.71 $19.53
- --------------------------------------------------------------------------------
Total return (a) 1.70% 7.08% 5.54% 5.22% 11.09% (0.30)%
Ratio to average net assets
of (b):
Expenses, net of waivers
and reimbursements 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Expenses, before waivers
and reimbursements 1.16% 1.15% 1.20% 1.27% 1.30% 1.34%
Net investment income, net
of waivers and reimburse-
ments 8.98% 9.31% 7.48% 4.96% 4.85% 4.42%
Net investment income, be-
fore waivers and reim-
bursements 8.57% 8.91% 7.03% 4.44% 4.30% 3.83%
Portfolio turnover rate 55.50% 89.97% 48.49% 47.68% 54.68% 48.67%
Net assets at end of period
(in thousands) $ 246 $ 824 $ 891 $ 343 $ 13 $ 1
- --------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) Financial highlights for the six months ended May 31, 1999 were calculated
using average shares outstanding for the period.
(d) For the period September 14, 1994 (Class D shares issue date) through
November 30, 1994.
See accompanying notes to financial statements.
23
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
U.S. Government Securities Portfolio
<TABLE>
<CAPTION>
Class A
------------------------------------------------------------
1999 1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 20.27 $ 19.99 $ 20.07 $ 20.08 $ 19.05 $ 20.07
Income from investment
operations:
Net investment income 0.49 1.17 1.21 1.02 1.05 0.91
Net realized and
unrealized gain (loss) (0.34) 0.26 (0.07) (0.01) 1.02 (1.02)
- ----------------------------------------------------------------------------------------
Total income (loss) from
investment operations 0.15 1.43 1.14 1.01 2.07 (0.11)
- ----------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.49) (1.15) (1.22) (1.02) (1.04) (0.91)
Net realized gains (0.29) -- -- -- -- --
- ----------------------------------------------------------------------------------------
Total distributions to
shareholders (0.78) (1.15) (1.22) (1.02) (1.04) (0.91)
- ----------------------------------------------------------------------------------------
Net increase (decrease) (0.63) 0.28 (0.08) (0.01) 1.03 (1.02)
- ----------------------------------------------------------------------------------------
Net asset value, end of
period $ 19.64 $ 20.27 $ 19.99 $ 20.07 $ 20.08 $ 19.05
- ----------------------------------------------------------------------------------------
Total return (a) 0.68% 7.36% 5.93% 5.15% 11.18% (0.57)%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.36% 0.36% 0.36% 0.36% 0.36% 0.36%
Expenses, before waiv-
ers and reimbursements 0.79% 0.86% 0.85% 0.94% 1.09% 1.12%
Net investment income,
net of waivers and re-
imbursements 5.22% 6.01% 5.86% 5.22% 5.43% 4.62%
Net investment income,
before waivers and re-
imbursements 4.79% 5.51% 5.37% 4.64% 4.70% 3.86%
Portfolio turnover rate 26.31% 115.55% 95.73% 119.75% 141.14% 45.55%
Net assets at end of pe-
riod (in thousands) $83,189 $48,317 $43,073 $92,351 $56,329 $25,293
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------------------------- -------------------------------------------------
1999 1998 1997 1996 (c) 1999 1998 1997 1996 1995 1994 (e)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $20.26 $19.98 $ 20.06 $20.13 $20.22 $19.94 $20.03 $20.04 $ 19.05 $ 19.43
Income from investment
operations:
Net investment income 0.03 1.12 1.14 0.91 0.50 1.08 1.16 0.96 0.96 0.22
Net realized and
unrealized gain (loss) 0.01 0.26 (0.04) (0.12) (0.38) 0.28 (0.10) (0.03) 1.00 (0.38)
- ------------------------------------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.04 1.38 1.10 0.79 0.12 1.36 1.06 0.93 1.96 (0.16)
- ------------------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.08) (1.10) (1.18) (0.86) (0.45) (1.08) (1.15) (0.94) (0.97) (0.22)
Net realized gains (0.29) -- -- -- (0.29) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.37) (1.10) (1.18) (0.86) (0.74) (1.08) (1.15) (0.94) (0.97) (0.22)
- ------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (0.33) 0.28 (0.08) (0.07) (0.62) 0.28 (0.09) (0.01) 0.99 (0.38)
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $19.93(d) $20.26 $ 19.98 $20.06 $19.60 $20.22 $19.94 $20.03 $ 20.04 $ 19.05
- ------------------------------------------------------------------------------------------------------------------
Total return (a) 0.20% 7.10% 5.67% 4.05% 0.53% 6.96% 5.52% 4.77% 10.66% (0.90)%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.60% 0.60% 0.60% 0.60% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Expenses, before waiv-
ers and reimbursements 1.03% 1.10% 1.09% 1.18% 1.18% 1.25% 1.24% 1.33% 1.48% 1.51%
Net investment income,
net of waivers and
reimbursements 1.52% 5.77% 5.63% 4.97% 4.83% 5.55% 5.50% 4.83% 5.08% 4.65%
Net investment income,
before waivers and
reimbursements 1.09% 5.27% 5.14% 4.39% 4.40% 5.05% 5.01% 4.25% 4.35% 3.89%
Portfolio turnover rate 26.31% 115.55% 95.73% 119.75% 26.31% 115.55% 95.73% 119.75% 141.14% 45.55%
Net assets at end of pe-
riod (in thousands) $ -- $3,942 $ 3,118 $3,535 $ 810 $1,224 $ 312 $ 225 $ 67 $ 13
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) For the period December 29, 1995 (Class C shares issue date) through
November 30, 1996.
(d) Class C shares were fully redeemed as of February 10, 1999.
(e) For the period September 15, 1994 (Class D shares issue date) through
November 30, 1994.
See accompanying notes to financial statements.
24
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
U.S. Treasury Index Portfolio
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------
1999 1998 1997 1996 1995 1994
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 21.77 $ 20.81 $ 20.60 $ 20.78 $ 18.77 $ 21.05
Income (loss) from in-
vestment operations:
Net investment income 0.54 1.23 1.26 1.19 1.11 1.15
Net realized and
unrealized gain (loss) (1.04) 0.97 0.20 (0.18) 2.01 (1.93)
- ---------------------------------------------------------------------------------
Total income (loss) from
investment operations (0.50) 2.20 1.46 1.01 3.12 (0.78)
- ---------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.55) (1.24) (1.25) (1.19) (1.11) (1.14)
Net realized gains -- -- -- -- -- (0.36)
- ---------------------------------------------------------------------------------
Total distributions to
shareholders (0.55) (1.24) (1.25) (1.19) (1.11) (1.50)
- ---------------------------------------------------------------------------------
Net increase (decrease) (1.05) 0.96 0.21 (0.18) 2.01 (2.28)
- ---------------------------------------------------------------------------------
Net asset value, end of
period $ 20.72 $ 21.77 $ 20.81 $ 20.60 $ 20.78 $ 18.77
- ---------------------------------------------------------------------------------
Total return (a) (2.39)% 10.92% 7.44% 5.10% 16.95% (3.80)%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.26% 0.26% 0.26% 0.26% 0.26% 0.26%
Expenses, before waiv-
ers and reimbursements 0.75% 0.77% 0.82% 1.04% 0.89% 0.79%
Net investment income,
net of waivers and
reimbursements 5.24% 5.73% 6.36% 5.93% 5.09% 5.60%
Net investment income,
before waivers and
reimbursements 4.75% 5.22% 5.80% 5.15% 4.46% 5.07%
Portfolio turnover rate 59.39% 69.84% 72.61% 42.49% 80.36% 52.80%
Net assets at end of pe-
riod (in thousands) $22,246 $22,085 $33,839 $26,273 $17,674 $37,305
- ---------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
----------------- -------------------------------------------------
1999 1998 (c) 1999 1998 1997 1996 1995 1994 (d)
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $21.81 $22.28 $21.74 $20.77 $20.57 $20.75 $18.77 $18.80
Income (loss) from in-
vestment operations:
Net investment income 0.45 0.21 0.61 1.13 1.20 1.17 1.00 0.09
Net realized and
unrealized gain (loss) (1.02) (0.52) (1.16) 1.00 0.18 (0.24) 2.03 (0.03)
- ----------------------------------------------------------------------------------------------
Total income (loss) from
investment operations (0.57) (0.31) (0.55) 2.13 1.38 0.93 3.03 0.06
- ----------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.52) (0.16) (0.50) (1.16) (1.18) (1.11) (1.05) (0.09)
- ----------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.52) (0.16) (0.50) (1.16) (1.18) (1.11) (1.05) (0.09)
- ----------------------------------------------------------------------------------------------
Net increase (decrease) (1.09) (0.47) (1.05) 0.97 0.20 (0.18) 1.98 (0.03)
- ----------------------------------------------------------------------------------------------
Net asset value, end of
period $20.72 $21.81 $20.69 $21.74 $20.77 $20.57 $20.75 $18.77
- ----------------------------------------------------------------------------------------------
Total return (a) (2.66)% (1.39)% (2.58)% 10.50% 7.03% 4.72% 16.43% 0.37%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.50% 0.50% 0.65% 0.65% 0.65% 0.65% 0.65% 0.65%
Expenses, before waiv-
ers and reimbursements 0.99% 1.01% 1.14% 1.16% 1.21% 1.43% 1.28% 1.18%
Net investment income,
net of waivers and
reimbursements 5.00% 5.22% 4.85% 5.35% 6.07% 5.57% 5.41% 6.05%
Net investment income,
before waivers and
reimbursements 4.51% 4.71% 4.36% 4.84% 5.51% 4.79% 4.78% 5.52%
Portfolio turnover rate 59.39% 69.84% 59.39% 69.84% 72.61% 42.49% 80.36% 52.80%
Net assets at end of pe-
riod (in thousands) $ 140 $ 17 $ 508 $1,721 $1,707 $ 848 $ 286 $ --
- ----------------------------------------------------------------------------------------------
</TABLE>
(a) 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.
(b) Annualized for periods less than a full year.
(c) For the period October 7, 1998 (Class C shares issue date) through
November 30, 1998.
(d) For the period November 16, 1994 (Class D shares issue date) through
November 30, 1994.
See accompanying notes to financial statements.
25
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
Balanced Portfolio
<C> <S> <C>
COMMON STOCKS--50.4%
Advertising--0.7%
3,700 Interpublic Group of Cos., Inc. $ 280
11,000 Snyder Communications, Inc. 269
-------
549
-------
Aerospace/Defense--0.5%
6,000 United Technologies Corp. 372
-------
Airlines--0.3%
8,000 Southwest Airlines Co. 256
-------
Auto Manufacturers--0.5%
4,000 DaimlerChrysler AG 350
-------
Banks--2.5%
8,600 BankAmerica Corp. 556
8,500 Bank One Corp. 481
4,900 State Street Corp. 374
10,700 Wells Fargo & Co. 428
-------
1,839
-------
Beverages--0.5%
5,000 Coca-Cola (The) Co. 342
-------
Building Materials--0.3%
8,000 Masco Corp. 228
-------
Chemicals--0.3%
3,700 du Pont (E.I.) de Nemours & Co. 242
-------
Commercial Services--0.5%
13,500 Paychex, Inc. 400
-------
Computers--4.5%
5,825 Cisco Systems, Inc.* 635
9,600 Computer Sciences Corp. 621
9,000 Dell Computer Corp. 310
5,000 EMC Corp. 498
7,100 International Business Machines Corp. 826
7,800 Sun Microsystems, Inc.* 466
-------
3,356
-------
Cosmetics/Personal Care--1.0%
7,000 Gillette Co. 357
4,500 Procter & Gamble Co. 420
-------
777
-------
Diversified Financial Services--4.2%
2,100 American Express Co. 254
2,100 Capital One Financial Corp. 316
9,000 Citigroup, Inc. 596
6,500 Fannie Mae 442
11,000 Freddie Mac 642
819 Goldman Sachs Group, Inc. 56
6,000 MBNA Corp. 166
3,000 Merrill Lynch & Co., Inc. 252
3,800 Morgan Stanley, Dean Witter & Co. 367
-------
3,091
-------
Electronics--1.4%
7,800 Linear Technology Corp. 413
12,000 Solectron Corp.* 656
-------
1,069
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
Environmental Control--0.6%
10,000 Republic Services, Inc.* $ 235
4,700 Waste Management, Inc. 249
-------
484
-------
Forest Products & Paper--0.8%
4,000 Georgia-Pacific Corp. 346
5,700 International Paper Co. 285
-------
631
-------
Hand/Machine Tools--0.3%
4,000 Black & Decker Corp. 228
-------
Health Care--1.2%
2,000 Guidant Corp. 100
4,400 Johnson & Johnson Co. 408
5,400 Medtronic, Inc. 383
-------
891
-------
Housewares--0.5%
10,000 Newell Rubbermaid, Inc. 405
-------
Insurance--1.4%
6,250 American International Group, Inc. 714
4,900 MBIA, Inc. 335
-------
1,049
-------
Machinery--Diversified--0.5%
7,200 Applied Materials, Inc.* 396
-------
Media--1.1%
4,900 Disney (The Walt) Co. 143
8,300 Fox Entertainment Group, Inc. 212
6,400 Time Warner, Inc. 436
-------
791
-------
Miscellaneous Manufacturing--2.6%
12,500 General Electric Co. 1,271
7,800 Tyco International Ltd. 682
-------
1,953
-------
Office/Business Equipment--0.9%
10,000 Pitney Bowes, Inc. 637
-------
Oil & Gas Producers--3.0%
4,500 Chevron Corp. 417
8,000 Conoco, Inc. 217
9,900 Exxon Corp. 791
13,800 Royal Dutch Petroleum Co. 781
-------
2,206
-------
Oil & Gas Services--1.2%
11,000 Halliburton Co. 455
7,100 Schlumberger Ltd. 427
-------
882
-------
Pharmaceuticals--3.7%
7,100 Bristol-Myers Squibb Co. 487
7,000 Cardinal Health, Inc. 423
6,000 Elan Corp. PLC ADR 324
4,200 Lilly (Eli) & Co. 300
8,800 Merck & Co., Inc. 593
2,700 Pfizer, Inc. 289
6,900 Schering-Plough Corp. 311
-------
2,727
-------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------
<C> <S> <C>
Pipelines--0.4%
3,700 Enron Corp. $ 264
-------
Real Estate Investment Trusts--0.4%
2,500 Apartment Investment & Management Co.* 105
6,000 Equity Office Properties Trust 170
-------
275
-------
Retail--5.4%
7,300 Dayton-Hudson Corp. 460
5,750 Gap (The), Inc. 360
10,300 Home Depot (The), Inc. 586
4,100 Kohl's Corp.* 280
4,100 Lowe's Cos., Inc. 213
12,075 Staples, Inc.* 347
12,000 Starbucks Corp.* 442
28,000 Walgreen Co. 651
16,800 Wal-Mart Stores, Inc. 716
-------
4,055
-------
Semiconductors--1.6%
11,800 Intel Corp. 638
3,000 Motorola, Inc. 248
2,800 Texas Instruments, Inc. 306
-------
1,192
-------
Software--1.7%
15,300 Microsoft Corp.* 1,235
-------
Telecommunication Equipment--2.0%
12,000 Lucent Technologies, Inc. 682
5,600 Nokia Oyj 398
6,800 Tellabs, Inc.* 398
-------
1,478
-------
Telephone--3.4%
10,200 Ameritech Corp. 671
12,450 AT&T Corp. 691
4,000 BellSouth Corp. 189
6,800 MCI WorldCom, Inc.* 587
7,000 SBC Communications, Inc. 358
-------
2,496
-------
Textiles--0.5%
5,400 Cintas Corp. 343
- --------------------------------------------------------
TOTAL COMMON STOCKS (Cost $25,625) $37,489
- --------------------------------------------------------
PREFERRED STOCK--1.2%
(Cost $1,000)
Agency--1.2%
1,000 Home Ownership Funding Corp. $ 897
- --------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
- -------------------------------------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES--3.8%
Auto--1.9%
Chevy Chase Auto Receivables Trust,
Series 1997-4, Class A
$ 520 6.25%Due 6/15/04 $ 522
Olympic Automobile Receivable Trust,
Series 1996-D, Class A-4
600 6.05Due 8/15/02 603
Western Financial Grantor Trust,
Series 1995-5, Class A-1
122 5.875Due 3/1/02 122
Western Financial Owner Trust,
Series 1997-A, Class A-3
162 6.50Due 9/20/01 163
-------
1,410
-------
Credit Card--1.3%
Circuit City Credit Card Master Trust,
Series 1994-2, Class A
1,000 8.00Due 11/15/03 1,012
-------
Home Equity Loans--0.6%
IMC Excess CashFlow Securities Trust, Series 1997-A,
Class A
334 7.41Due 11/26/28(/1/) 308
The Money Store Trust, Series 1997-1
147 7.36Due 5/16/01(/1/) 138
-------
446
- -------------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES (Cost $2,888) $ 2,868
- -------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--4.8%
Commercial Mortgage Asset Trust,
Series 1999-C1, Class A3
$ 300 6.64Due 9/17/10 $ 294
Credit Suisse First Boston Mortgage Securities Corp.,
Series 1998-C2, Class A1
378 5.96%Due 12/15/07 370
Donaldson, Lufkin & Jenrette Mortgage Acceptance Corp.,
Series 1994-Q8,
Class 2-A1
155 7.25Due 5/25/24 157
First Union-Lehman Brothers-Bank of America Commercial
Mortgage Trust,
Series 1998-C2, Class A2
510 6.56Due 11/18/08 505
Lehman Brothers Commercial Conduit Mortgage Trust, Series
1999-C1, Class A2
680 6.78Due 6/1/39 687
Mortgage Capital Funding, Inc.,
Series 1998-MC1, Class A2
605 6.66Due 1/18/08 603
Nationslink Funding Corp., Series 1999-1, Class A2
1,000 6.316Due 11/20/08 971
- -------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,661) $ 3,587
- -------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Description Value
- ----------------------------------------------------------
Balanced Portfolio--Continued
<C> <S> <C> <C>
CORPORATE/FOREIGN GOVERNMENT BONDS/NOTES--
6.1%
Auto--1.1%
Ford Motor Credit Co.
$ 800 6.00%Due 1/14/03 $ 791
--------
Environmental Services--1.5%
Waste Management, Inc.
285 8.25Due 11/15/99 288
800 7.10Due 8/1/26, putable 8/1/03 817
--------
1,105
--------
Insurance--1.7%
Lumbermens Mutual Casualty Co.
460 9.15Due 7/1/26(/1/) 507
90 8.45Due 12/1/97(/1/) 89
Salomon, Inc. Medium Term Note
650 6.65Due 7/15/01 656
--------
1,252
--------
Oil & Gas Producers--0.6%
Conoco, Inc.
460 5.90Due 4/15/04 451
--------
Special Purpose--0.4%
Bunge Trade Ltd.
330 9.25Due 5/1/02(/1/) 326
--------
Telecommunications--0.8%
MCI WorldCom, Inc.
615 6.125Due 8/15/01 614
- ----------------------------------------------------------
TOTAL CORPORATE/FOREIGN GOVERNMENT/BONDS
(Cost $4,595) $ 4,539
- ----------------------------------------------------------
U.S. GOVERNMENT AGENCIES--7.8%
Fannie Mae--3.5%
$1,355 5.625%Due 5/14/04 $ 1,332
1355 5.25Due 1/15/09 1,264
--------
2,596
--------
Fannie Mae REMIC Trust--3.5%
Series 92-200, Class E
115 6.25Due 6/25/17 114
Pool #440700
1277 6.00Due 11/1/28 1,214
Pool #452421
1374 6.00Due 12/1/28 1,306
--------
$ 2,634
--------
Freddie Mac REMIC Trust--0.8%
Pool #C18079
563 6.00Due 11/1/28 536
- ----------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $5,895) $ 5,766
- ----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
- -----------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--17.3%
<C> <S> <C>
U.S. Treasury Notes--15.5%
$ 775 7.75%Due 2/15/01 $ 804
6,960 6.625Due 7/31/01 7,122
1,000 5.75Due 10/31/02 1,004
2,415 7.50Due 2/15/05 2,616
-------
11,546
-------
U.S Treasury Inflationary Index
Notes--1.8%
1,300 3.625Due 1/15/08 1,301
- -----------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $13,042) $12,847
- -----------------------------------------------
FLOATING RATE BANK NOTES--1.6%
Lloyds Bank PLC
$ 610 5.313%Due 6/15/99 $ 523
National Westminster Bank
800 5.188Due 8/31/99 648
- -----------------------------------------------
TOTAL FLOATING RATE BANK NOTES (Cost
$1,244) $ 1,171
- -----------------------------------------------
SHORT-TERM INVESTMENT--4.7%
(Cost $3,474)
CDC Marches, Paris, France
$3,474 4.875%Due 6/1/99 $ 3,474
- -----------------------------------------------
TOTAL INVESTMENTS--97.7%
(Cost $61,424) $72,638
- -----------------------------------------------
Other assets, less liabilities 2.3% $ 1,713
- -----------------------------------------------
NET ASSETS--100.0% $74,351
- -----------------------------------------------
- -----------------------------------------------
</TABLE>
* Non-income producing security.
(/1/At)May 31, 1999, the Portfolio owned restricted securities valued at
approximately $1,368 (1.8% of net assets), with an aggregate cost basis of
$1,815. These securities may not be publicly sold without registration
under the Securities Act of 1933. The value of these securities is
determined by valuations supplied by pricing service brokers or, if not
available, in accordance with procedures established by the Trustees.
See accompanying notes to financial statements.
28
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------
Diversified Growth Portfolio
<C> <S> <C>
COMMON STOCKS--98.4%
Advertising--1.3%
18,300 Interpublic Group of Cos., Inc. $ 1,386
44,100 Snyder Communications, Inc. 1,078
--------
2,464
--------
Aerospace & Defense--0.9%
28,000 United Technologies Corp. 1,738
--------
Airlines--0.6%
38,000 Southwest Airlines Co. 1,218
--------
Auto Manufacturers--0.9%
20,000 DaimlerChrysler A.G.* 1,749
--------
Banks--4.7%
41,000 Bank One Corp. 2,319
41,400 BankAmerica Corp. 2,678
23,200 State Street Corp. 1,769
53,400 Wells Fargo & Co. 2,136
--------
8,902
--------
Beverages--1.0%
28,000 Coca-Cola (The) Co. 1,913
--------
Building Materials--0.6%
38,000 Masco Corp. 1,085
--------
Chemicals--0.6%
18,000 du Pont (E.I.) de Nemours & Co. 1,178
--------
Commercial Services--0.8%
52,500 Paychex, Inc. 1,555
--------
Computers--8.5%
27,575 Cisco Systems, Inc.* 3,006
44,800 Computer Sciences Corp.* 2,898
43,200 Dell Computer Corp.* 1,488
25,500 EMC Corp.* 2,540
35,000 International Business Machines Corp. 4,071
34,400 Sun Microsystems, Inc.* 2,055
--------
16,058
--------
Cosmetics/Personal Care--2.0%
32,000 Gillette Co. 1,632
22,500 Procter & Gamble Co. 2,101
--------
3,733
--------
Diversified Financial Services--8.0%
12,600 American Express Co. 1,527
10,200 Capital One Financial Corp. 1,537
43,000 Citigroup, Inc. 2,849
28,100 Fannie Mae 1,911
56,000 Freddie Mac 3,266
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
3,822 Goldman Sachs Group, Inc.* $ 260
23,000 MBNA Corp. 635
14,600 Merrill Lynch & Co. 1,226
19,200 Morgan Stanley, Dean Witter & Co. 1,853
--------
15,064
--------
Electronics--2.6%
38,200 Linear Technology Corp. 2,025
52,000 Solectron Corp.* 2,847
--------
4,872
--------
Environmental Control--1.4%
60,000 Republic Services, Inc.* 1,410
22,000 Waste Management, Inc. 1,163
--------
2,573
--------
Food--0.9%
48,222 Keebler Foods Co.* 1,615
--------
Forest Products & Paper--1.6%
20,000 Georgia-Pacific Corp. 1,729
27,300 International Paper Co. 1,365
--------
3,094
--------
Hand/Machine Tools--0.5%
17,000 Black & Decker Corp. 968
--------
Health Care--2.4%
11,000 Guidant Corp. 550
22,500 Johnson & Johnson 2,084
26,000 Medtronic, Inc. 1,846
--------
4,480
--------
Housewares--0.8%
36,700 Newell Rubbermaid, Inc. 1,486
--------
Insurance--3.0%
33,775 American International Group, Inc. 3,861
26,800 MBIA, Inc. 1,831
--------
5,692
--------
Machinery-Diversified--1.0%
36,000 Applied Materials, Inc.* 1,980
--------
Media--2.3%
38,000 Disney (The Walt) Co. 1,107
50,200 Fox Entertainment Group, Inc.* 1,280
30,000 Time Warner, Inc. 2,042
--------
4,429
--------
Miscellaneous Manufacturing--5.5%
68,500 General Electric Co. 6,966
39,000 Tyco International Ltd. 3,408
--------
10,374
--------
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
Diversified Growth Portfolio--Continued
<C> <S> <C>
Oil & Gas Producers--8.1%
22,000 Chevron Corp. $ 2,039
47,000 Conoco, Inc.* 1,275
50,800 Exxon Corp. 4,058
53,800 Halliburton Co. 2,226
63,800 Royal Dutch Petroleum Co. ADR 3,609
33,500 Schlumberger Ltd. ADR 2,016
--------
15,223
--------
Pharmaceuticals--7.1%
35,000 Bristol-Myers Squibb Co. 2,402
27,000 Cardinal Health, Inc. 1,630
31,000 Elan Corp. PLC* 1,674
20,500 Lilly (Eli) & Co. 1,464
48,800 Merck & Co., Inc. 3,294
13,400 Pfizer, Inc. 1,433
33,600 Schering-Plough Corp. 1,514
--------
13,411
--------
Pipelines--0.7%
17,800 Enron Corp. 1,270
--------
Real Estate Investments Trusts--0.7%
11,100 Apartment Investment & Management Co. 466
27,000 Equity Office Properties Trust 763
--------
1,229
--------
Retail--11.4%
42,000 Dayton-Hudson Corp. 2,646
28,200 Gap (The), Inc. 1,764
72,100 Home Depot (The), Inc. 4,101
33,300 Kohl's Corp.* 2,270
12,000 Lowe's Cos., Inc. 623
67,162 Staples, Inc.* 1,931
57,600 Starbucks Corp.* 2,124
96,000 Walgreen Co. 2,232
89,400 Wal-Mart Stores, Inc. 3,811
--------
21,502
--------
Semiconductors--3.3%
65,600 Intel Corp. 3,547
15,500 Motorola, Inc. 1,284
13,000 Texas Instruments, Inc. 1,422
--------
6,253
--------
Software--3.4%
79,000 Microsoft Corp.* 6,374
--------
Telecommunication Equipment--3.8%
60,000 Lucent Technologies, Inc. 3,413
27,000 Nokia OYJ 1,917
32,400 Tellabs, Inc.* 1,895
--------
7,225
--------
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
- ------------------------------------------------------------------
<C> <S> <C>
Telephone--7.1%
48,000 Ameritech Corp. $ 3,159
61,050 AT&T Corp. 3,388
45,000 BellSouth Corp. 2,123
33,000 MCI WorldCom, Inc.* 2,850
37,000 SBC Communications, Inc. 1,892
--------
13,412
--------
Textiles--0.9%
25,400 Cintas Corp. 1,613
- ------------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $121,027) $185,732
- ------------------------------------------------------------------
SHORT-TERM INVESTMENTS--0.2%
$ 204 CDC Marches, Paris, France 4.875% Due 6/1/99 $ 204
U.S. Treasury Bill
210 4.34% Due 6/10/99 210
- ------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $414) $ 414
- ------------------------------------------------------------------
TOTAL INVESTMENTS--98.6%
(Cost $121,441) $186,146
- ------------------------------------------------------------------
Other Assets, less liabilities--1.4% 2,692
- ------------------------------------------------------------------
NET ASSETS--100.0% $188,838
- ------------------------------------------------------------------
- ------------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
30
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
Equity Index Portfolio
<C> <S> <C>
COMMON STOCKS--98.2%
Advertising--0.2%
18,200 Interpublic Group Cos., Inc. $ 1,379
22,100 Omnicom Group, Inc. 1,547
--------
2,926
--------
Aerospace and Defense--1.4%
73,000 AlliedSignal, Inc. 4,239
122,900 Boeing (The) Co. 5,193
16,600 General Dynamics Corp. 1,091
9,700 Goodrich (B.F.) Co. 393
51,408 Lockheed Martin Corp. 2,079
9,000 Northrop Grumman Corp. 607
44,100 Raytheon Co., Class B 3,002
59,200 United Technologies Corp. 3,674
--------
20,278
--------
Airlines--0.3%
23,900 AMR Corp.* 1,555
18,600 Delta Air Lines, Inc. 1,067
44,075 Southwest Airlines, Co. 1,413
11,500 U.S Airways Group, Inc.* 558
--------
4,593
--------
Apparel--0.3%
9,400 Fruit of the Loom, Inc., Class A* 97
8,500 Liz Claiborne, Inc. 306
37,000 Nike, Inc., Class B 2,255
7,400 Reebok International Ltd.* 147
4,700 Russell Corp. 110
15,700 VF Corp. 722
--------
3,637
--------
Auto Manufacturers--1.1%
158,500 Ford Motor Co. 9,044
85,700 General Motors Corp. 5,913
8,720 Navistar International Corp.* 431
10,220 PACCAR, Inc. 576
--------
15,964
--------
Auto Parts and Equipment--0.3%
9,900 Cooper Tire & Rubber Co. 235
21,784 Dana Corp. 1,125
73,790 Delphi Automotive Systems* 1,448
20,400 Goodyear Tire & Rubber (The) Co. 1,218
15,700 TRW, Inc. 786
--------
4,812
--------
Banks--6.6%
23,600 AmSouth Bancorportation 670
99,600 Bank of New York Co., Inc. 3,561
154,042 Bank One Corp. 8,713
226,686 BankAmerica Corp. 14,664
38,800 BankBoston Corp. 1,838
12,500 Bankers Trust Corp. 1,157
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C> <C>
40,700 BB&T Corp. $ 1,486
110,792 Chase Manhattan Corp. 8,032
20,400 Comerica, Inc. 1,233
34,875 Fifth Third Bancorp 2,378
129,756 First Union Corp. 5,977
90,400 Firstar Corp. 2,605
74,402 Fleet Financial Group, Inc. 3,060
27,650 Huntington Bancshares, Inc. 957
59,600 KeyCorp 2,071
68,400 Mellon Bank Corp. 2,441
20,600 Mercantile Bancorp, Inc. 1,204
22,900 Morgan (J.P.) & Co., Inc. 3,190
42,700 National City Corp. 2,826
39,400 PNC Bank Corp. 2,256
29,000 Regions Financial Corp. 1,098
14,100 Republic New York Corp. 958
21,600 Southtrust Corp. 841
21,000 State Street Corp. 1,601
22,700 Summit Bancorp 929
42,000 SunTrust Banks, Inc. 2,835
35,000 Synovus Financial Corp. 704
95,417 U.S. Bancorp 3,101
18,000 Union Planters Corp. 744
26,600 Wachovia Corp. 2,347
215,360 Wells Fargo & Co. 8,614
--------
94,091
--------
Beverages--2.6%
62,600 Anheuser-Busch Cos., Inc. 4,574
9,000 Brown-Forman Corp., Class B 600
322,900 Coca-Cola (The) Co. 22,058
53,900 Coca-Cola Enterprises 1,954
4,800 Coors (Adolph) Co., Class B 228
192,200 PepsiCo, Inc. 6,883
--------
36,297
--------
Biotechnology--0.6%
66,700 Amgen, Inc.* 4,219
82,100 Monsanto Co. 3,407
31,400 Pioneer Hi-Bred International, Inc. 1,178
--------
8,804
--------
Building Materials--0.1%
5,200 Armstrong World Industries, Inc. 303
44,400 Masco Corp. 1,268
7,100 Owens Corning Corp. 280
--------
1,851
--------
Chemicals--1.5%
30,000 Air Products & Chemicals, Inc. 1,230
29,000 Dow Chemical Co. 3,523
147,500 du Pont (E.I.) de Nemours & Co. 9,652
10,375 Eastman Chemical Co. 525
16,387 Engelhard Corp. 332
7,700 Great Lakes Chemical Corp. 348
13,200 Hercules, Inc. 461
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
Equity Index Portfolio--Continued
<C> <S> <C>
15,800 Morton International, Inc. $ 616
8,600 Nalco Chemical Co. 288
20,700 Praxair, Inc. 1,010
22,000 Rohm & Haas Co. 883
22,500 Sherwin-Williams Co. 693
13,200 Sigma-Aldrich Corp. 422
17,400 Union Carbide Corp. 893
9,600 W.R. Grace & Company* 171
--------
21,047
--------
Commercial Services--0.6%
100,611 Cendant Corp.* 1,855
10,500 Deluxe Corp. 379
21,600 Dun & Bradstreet (The) Corp. 756
16,900 Ecolab, Inc. 718
19,300 Equifax, Inc. 695
12,800 H & R Block, Inc. 617
36,310 Mckesson HBOC, Inc. 1,237
32,100 Paychex, Inc. 951
35,800 Service Corp. International 687
--------
7,895
--------
Computers--7.5%
47,000 3Com Corp.* 1,284
17,900 Apple Computer, Inc.* 789
28,400 Ascend Communications, Inc.* 2,632
22,600 Cabletron Systems, Inc.* 336
18,700 Ceridian Corp.* 617
206,875 Cisco Systems, Inc.* 22,549
220,957 Compaq Computer Corp. 5,234
20,800 Computer Sciences Corp.* 1,346
6,600 Data General Corp.* 87
333,300 Dell Computer Corp.* 11,478
64,500 Electronic Data Systems Corp. 3,628
65,700 EMC Corp.* 6,545
20,500 Gateway 2000, Inc.* 1,247
133,000 Hewlett-Packard Co. 12,544
241,800 International Business Machines Corp. 28,124
31,900 Seagate Technology, Inc.* 963
24,600 Silicon Graphics, Inc.* 304
100,900 Sun Microsystems, Inc.* 6,029
34,100 Unisys Corp.* 1,294
--------
107,030
--------
Cosmetics/Personal Care--2.4%
7,500 Alberto-Culver Co., Class B 198
34,400 Avon Products, Inc. 1,701
38,400 Colgate-Palmolive Co. 3,835
145,300 Gillette Co. 7,410
13,900 International Flavors & Fragrances, Inc 572
70,984 Kimberly-Clark Corp. 4,166
173,900 Procter & Gamble Co. 16,238
--------
34,120
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C>
Distribution and Wholesale--0.1%
23,575 Genuine Parts Co. $ 794
--------
Diversified Financial Services--5.3%
59,300 American Express Co. 7,186
95,314 Associates First Capital Corp., Class A 3,908
14,560 Bear Stearns Cos., Inc. 646
8,600 Capital One Financial Corp. 1,296
295,787 Citigroup, Inc. 19,596
14,700 Countrywide Credit Industries, Inc. 605
135,800 Fannie Mae 9,234
33,100 Franklin Resources, Inc. 1,440
88,900 Freddie Mac 5,184
63,199 Household International, Inc. 2,741
14,900 Lehman Brothers Holdings, Inc. 814
105,030 MBNA Corp. 2,901
46,500 Merrill Lynch & Co., Inc. 3,906
75,649 Morgan Stanley, Dean Witter & Co. 7,300
18,500 Providian Financial Corp. 1,775
52,525 Schwab (Charles) Corp. 5,558
21,700 SLM Holding Corp. 901
--------
74,991
--------
Electric--2.3%
24,900 AES Corp.* 1,239
18,000 Ameren Corp. 737
25,100 American Electric Power Co. 1,089
19,800 Carolina Power & Light Co. 866
27,800 Central & South West Corp. 716
20,810 Cinergy Corp. 710
14,200 CMS Energy Corp. 660
30,500 Consolidated Edison, Inc. 1,481
19,600 Constellation Energy Group, Inc. 611
25,600 Dominion Resources, Inc. 1,106
19,000 DTE Energy Co. 828
47,443 Duke Energy 2,861
46,200 Edison International 1,270
32,300 Entergy Corp. 1,048
31,100 FirstEnergy Corp. 989
23,700 FPL Group, Inc. 1,379
16,800 GPU, Inc. 732
15,000 New Century Energies, Inc. 607
24,500 Niagara Mohawk Power Corp.* 364
20,000 Northern States Power Co. 521
38,900 PacifiCorp 707
29,300 Peco Energy Co. 1,434
50,100 PG&E Corp. 1,691
19,800 PP&L Resources, Inc. 594
29,200 Public Service Enterprise Group, Inc. 1,225
37,218 Reliant Energy, Inc. 1,135
91,300 Southern Co. 2,591
37,012 Texas Utilities Co. 1,666
28,400 Unicom Corp. 1,202
--------
32,059
--------
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
Electrical Components & Equipment--0.3%
57,300 Emerson Electric Co. $ 3,660
--------
Electronics--0.5%
5,900 EG&G, Inc. 175
16,500 Honeywell, Inc. 1,561
11,100 Johnson Controls, Inc. 700
5,800 Millipore Corp. 194
14,225 Parker Hannifin Corp. 621
6,500 PE Corp.-PE Biosystems Group 726
32,900 Solectron Corp.* 1,801
6,100 Tektronix, Inc. 141
20,800 Thermo Electron Corp.* 398
7,400 Thomas & Betts Corp. 317
--------
6,634
--------
Engineering and Construction--0.0%
9,900 Fluor Corp. 369
5,300 Foster Wheeler Corp. 73
--------
442
--------
Entertainment--0.1%
16,500 Harrah's Entertainment, Inc.* 357
25,800 Mirage Resorts, Inc.* 529
--------
886
--------
Environmental Control--0.4%
20,700 Browning-Ferris Industries, Inc. 859
78,385 Waste Management, Inc. 4,145
--------
5,004
--------
Food--2.4%
32,200 Albertson's, Inc. 1,723
36,000 American Stores, Co. 1,188
77,570 Archer-Daniels-Midland Co. 1,164
37,400 Bestfoods 1,870
58,200 Campbell Soup Co. 2,568
64,100 ConAgra, Inc. 1,671
20,100 General Mills, Inc. 1,616
5,000 Great Atlantic & Pacific Tea Co., Inc. 164
47,400 Heinz (H.J.) Co. 2,290
18,800 Hershey Foods Corp. 1,020
53,100 Kellogg Co. 1,842
53,900 Kroger Co.* 3,157
17,800 Quaker Oats Co. 1,176
43,000 Ralston-Ralston Purina Group 1,172
42,500 RJR Nabisco Holdings Corp. 1,315
63,700 Safeway, Inc.* 2,962
119,500 Sara Lee Corp. 2,868
15,700 Supervalu, Inc. 381
43,600 Sysco Corp. 1,294
19,500 Winn-Dixie Stores, Inc. 698
15,200 Wrigley (W.M.) Jr. Co. 1,323
--------
33,462
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------
<C> <S> <C>
Forest Products & Paper--0.7%
7,400 Boise Cascade Corp. $ 293
12,500 Champion International Corp. 641
28,900 Fort James Corp. 1,058
11,500 Georgia-Pacific Corp. 994
53,744 International Paper Co. 2,687
14,200 Louisiana-Pacific Corp. 288
13,300 Mead Corp. 497
3,800 Potlatch Corp. 150
7,300 Temple-Inland, Inc. 489
13,150 Westvaco Corp. 376
26,100 Weyerhaeuser Co. 1,620
14,500 Willamette Industries, Inc. 614
--------
9,707
--------
Gas--0.1%
3,000 Eastern Enterprises 104
6,200 NICOR, Inc. 233
4,100 NEOK, Inc. 123
4,600 Peoples Energy Corp. 177
31,393 Sempra Energy* 675
--------
1,312
--------
Hand/Machine Tools--0.1%
11,500 Black & Decker Corp. 655
12,400 Grainger (W.W.), Inc. 658
5,000 Milacron, Inc. 107
8,100 Snap-On, Inc. 293
11,600 Stanley Works (The) 378
--------
2,091
--------
Health Care--2.7%
8,600 Allergan, Inc. 800
7,000 Bard (C.R.), Inc. 320
7,300 Bausch & Lomb, Inc. 558
37,500 Baxter International, Inc. 2,421
32,600 Becton, Dickinson & Co. 1,263
14,700 Biomet, Inc. 587
51,500 Boston Scientific Corp.* 1,954
84,595 Columbia/HCA Healthcare Corp. 1,993
39,500 Guidant Corp. 1,975
14,550 HCR Manor Care* 389
55,400 HEALTHSOUTH Corp.* 741
21,900 Humana, Inc.* 275
176,100 Johnson & Johnson 16,311
9,300 Mallinckrodt, Inc. 322
76,500 Medtronic, Inc. 5,431
11,000 St. Jude Medical, Inc.* 372
40,600 Tenet Healthcare Corp.* 995
24,400 United Healthcare Corp. 1,421
--------
38,128
--------
Holding Companies--Diversified--0.2%
52,300 Seagram (The) Co. Ltd. 2,716
--------
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
Equity Index Portfolio--Continued
<C> <S> <C>
Home Builders--0.0%
7,800 Centex Corp. $ 289
4,600 Fleetwood Enterprises, Inc. 117
6,300 Kaufman & Broad Home Corp. 152
5,700 Pulte Corp. 136
--------
694
--------
Home Furnishings--0.1%
11,800 Maytag Corp. 833
10,000 Whirlpool Corp. 645
--------
1,478
--------
Household Products/Wares--0.6%
9,200 American Greetings Corp., Class A 263
15,200 Avery-Dennison Corp. 910
15,300 Clorox Co. 1,544
22,400 Fortune Brands, Inc. 916
4,600 Jostens, Inc. 97
7,500 Tupperware Corp. 167
74,825 Unilever N.V., New York Shares 4,887
--------
8,784
--------
Housewares--0.1%
36,802 Newell Rubbermaid, Inc. 1,490
--------
Insurance--3.6%
18,757 Aetna, Inc. 1,703
30,000 Aflac, Inc. 1,530
107,430 Allstate Corp. 3,914
32,970 American General Corp. 2,382
160,905 American International Group, Inc. 18,393
33,400 AON Corp. 1,436
21,300 Chubb (The) Corp. 1,492
27,000 CIGNA Corp. 2,518
21,900 Cincinnati Financial Corp. 902
41,963 Conseco, Inc. 1,282
30,600 Hartford Financial Services Group, Inc. 1,935
13,837 Jefferson-Pilot Corp. 937
13,200 Lincoln National Corp. 1,343
14,900 Loews Corp. 1,212
33,750 Marsh & McLennan Cos., Inc. 2,455
13,000 MBIA, Inc. 888
14,300 MGIC Investment Corp. 688
9,500 Progressive Corp. 1,334
17,700 Provident Companies, Inc. 691
17,800 SAFECO Corp. 782
30,844 St. Paul Cos., Inc. 1,097
18,400 Torchmark Corp. 614
16,300 Transamerica Corp. 1,196
18,100 UNUM Corp. 974
--------
51,698
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
Iron/Steel--0.1%
25,727 Allegheny Teledyne, Inc. $ 526
17,000 Bethlehem Steel Corp.* 141
11,500 Nucor Corp. 574
11,600 USX-U.S. Steel Group, Inc. 312
--------
1,553
--------
Leisure Time--0.3%
12,000 Brunswick Corp. 288
80,329 Carnival Corp., Class A 3,293
--------
3,581
--------
Lodging--0.1%
34,200 Hilton Hotels Corp. 470
31,800 Marriott International, Inc. 1,210
--------
1,680
--------
Machinery--Construction and Mining--0.2%
47,000 Caterpillar, Inc. 2,579
6,200 Harnischfeger Industries, Inc. 45
--------
2,624
--------
Machinery--Diversified--0.6%
48,300 Applied Materials, Inc.* 2,657
3,100 Briggs & Stratton Corp. 194
9,700 Case Corp. 456
5,500 Cummins Engine Co., Inc. 278
31,200 Deere & Co. 1,187
29,200 Dover Corp. 1,100
21,550 Ingersoll-Rand Co. 1,372
7,700 McDermott International, Inc. 197
1,100 NACCO Industries, Inc., Class A 82
24,900 Rockwell International Corp. 1,374
--------
8,897
--------
Media--3.3%
92,500 CBS Corp.* 3,862
42,400 Clear Channel Communications, Inc.* 2,801
96,900 Comcast Corp., Class A 3,731
269,300 Disney (The Walt) Co. 7,843
17,600 Donnelley (R.R.) & Sons Co. 638
12,300 Dow Jones & Co., Inc. 646
36,900 Gannett Co., Inc. 2,666
9,400 King World Productions, Inc.* 314
10,300 Knight Ridder, Inc. 543
25,800 McGraw-Hill Cos., Inc. 1,338
79,500 MediaOne Group, Inc.* 5,873
6,800 Meredith Corp. 238
23,900 New York Times Co., Class A 816
160,700 Time Warner, Inc. 10,938
9,500 Times Mirror Co., Class A 560
15,600 Tribune Co. 1,231
91,100 Viacom, Inc., Class B* 3,507
--------
47,545
--------
</TABLE>
See accompanying notes to financial statements.
34
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------------
<C> <S> <C>
Metal Fabricate/Hardware--0.0%
8,100 Timken (The) Co. $ 167
12,075 Worthington Industries, Inc. 155
--------
322
--------
Metals--Diversified--0.4%
29,800 Alcan Aluminium Ltd. 834
48,100 Alcoa, Inc. 2,645
5,200 ASARCO, Inc. 84
21,700 Freeport-McMoRan Copper & Gold, Inc., Class B* 307
23,700 Inco Ltd.* 338
7,600 Phelps Dodge Corp. 394
32,800 Placer Dome, Inc. 365
8,400 Reynolds Metals Co. 447
--------
5,414
--------
Mining--0.1%
48,900 Barrick Gold Corp. 844
30,100 Battle Mountain Gold Co. 73
11,950 Cyprus Amax Minerals Co. 150
34,100 Homestake Mining Co. 266
21,897 Newmont Mining Corp. 390
--------
1,723
--------
Miscellaneous Manufacturing--5.1%
12,400 Cooper Industries, Inc. 615
30,400 Corning, Inc. 1,661
9,000 Crane Co. 271
17,500 Danaher Corp. 1,058
42,400 Eastman Kodak Co. 2,867
9,400 Eaton Corp. 820
4,300 FMC Corp.* 285
429,200 General Electric Co. 43,644
32,800 Illinois Tool Works, Inc. 2,517
11,900 ITT Industries, Inc. 449
52,700 Minnesota Mining & Manufacturing Co. 4,519
5,400 National Service Industries, Inc. 199
16,266 Pall Corp. 326
5,700 Polaroid Corp. 120
23,100 PPG Industries, Inc. 1,402
10,100 Raychem Corp. 351
22,300 Tenneco, Inc. 520
20,800 Textron, Inc. 1,853
106,906 Tyco International Ltd. 9,341
--------
72,818
--------
Office & Business Equiptment--0.5%
10,300 Harris Corp. 389
35,700 Pitney Bowes, Inc. 2,276
85,900 Xerox Corp. 4,827
--------
7,492
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
Oil & Gas Producers--5.6%
11,800 Amerada Hess Corp. $ 707
16,600 Anadarko Petroleum Corp. 623
14,500 Apache Corp. 522
9,700 Ashland, Inc. 395
42,700 Atlantic Richfield Co. 3,573
23,252 Burlington Resources, Inc. 998
85,500 Chevron Corp. 7,925
27,900 Coastal Corp. 1,076
318,500 Exxon Corp. 25,440
6,500 Helmerich & Payne, Inc. 152
11,313 Kerr-McGee Corp. 526
102,200 Mobil Corp. 10,348
45,300 Occidental Petroleum Corp. 957
33,400 Phillips Petroleum Co. 1,751
11,000 Rowan Cos., Inc.* 186
280,900 Royal Dutch Petroleum Co. 15,888
12,300 Sunoco, Inc. 374
70,000 Texaco, Inc. 4,585
32,876 Union Pacific Resources Group, Inc. 458
31,600 Unocal Corp. 1,256
40,300 USX-Marathon Group, Inc. 1,206
--------
78,946
--------
Oil & Gas Services--0.6%
42,840 Baker Hughes, Inc. 1,333
57,600 Halliburton Co. 2,383
71,500 Schlumberger Ltd. 4,303
--------
8,019
--------
Packaging & Containers--0.1%
4,000 Ball Corp. 195
6,900 Bemis Co. 260
16,000 Crown Cork & Seal Co., Inc. 502
20,400 Owens-Illinois, Inc.* 622
10,906 Sealed Air Corp.* 678
--------
2,257
--------
Pharmaceuticals--7.6%
198,800 Abbott Laboratories 8,983
13,100 ALZA Corp.* 468
172,700 American Home Products Corp. 9,952
260,300 Bristol-Myers Squibb Co. 17,863
35,650 Cardinal Health, Inc. 2,152
144,096 Lilly (Eli) & Co. 10,294
312,000 Merck & Co., Inc. 21,060
170,000 Pfizer, Inc. 18,190
66,520 Pharmacia & Upjohn, Inc. 3,688
192,500 Schering-Plough Corp. 8,675
107,600 Warner-Lambert Co. 6,671
12,500 Watson Pharmaceutical, Inc.* 479
--------
108,475
--------
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares and number of contracts)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------
Equity Index Portfolio--Continued
<C> <S> <C>
Pipelines--0.6%
10,900 Columbia Energy Group $ 583
12,600 Consolidated Natural Gas Co. 749
46,000 Enron Corp. 3,283
14,400 Sonat, Inc. 510
56,000 Williams (The) Cos., Inc. 2,902
----------
8,027
----------
Retail--6.0%
19,600 Autozone, Inc.* 567
13,200 Circuit City Stores, Inc. 948
14,300 Consolidated Stores Corp.* 492
28,603 Costco Cos., Inc.* 2,074
51,100 CVS Corp. 2,351
18,000 Darden Restaurants, Inc. 384
57,700 Dayton-Hudson Corp. 3,635
14,000 Dillards, Inc., Class A 492
29,150 Dollar General 774
27,500 Federated Department Stores, Inc.* 1,499
74,650 Gap (The), Inc. 4,670
9,300 Harcourt General, Inc. 457
193,100 Home Depot (The), Inc. 10,983
19,300 IKON Office Solutions, Inc. 269
64,600 KMart Corp.* 993
20,700 Kohl's Corp.* 1,411
29,600 Limited (The), Inc. 1,447
5,100 Longs Drug Stores, Inc. 178
48,600 Lowe's Cos., Inc. 2,524
45,900 MAY Department Stores Co. 1,988
177,300 McDonald's Corp. 6,826
18,600 Nordstrom, Inc. 660
34,500 Penney (J.C.) Co., Inc. 1,783
6,900 Pep Boys-Manny, Moe & Jack 130
33,900 Rite Aid Corp. 848
50,200 Sears, Roebuck & Co. 2,400
60,400 Staples, Inc.* 1,737
13,000 Tandy Corp. 1,073
42,300 TJX Cos., Inc. 1,269
32,900 Toys "R" Us, Inc.* 759
19,930 Tricon Global Restaurants* 1,161
130,800 Walgreen Co. 3,041
582,500 Wal-Mart Stores, Inc. 24,829
16,300 Wendy's International, Inc. 444
----------
85,096
----------
Savings & Loans--0.3%
7,500 Golden West Financial Corp. 712
77,761 Washington Mutual, Inc. 2,969
----------
3,681
----------
Semiconductors--2.7%
19,000 Advanced Micro Devices, Inc.* 351
436,700 Intel Corp. 23,609
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------
<C> <S> <C>
11,500 KLA-Tencor Corp.* $ 523
18,500 LSI Logic Corp.* 686
32,400 Micron Technology, Inc.* 1,229
78,600 Motorola, Inc. 6,509
21,900 National Semiconductor Corp.* 424
51,100 Texas Instruments, Inc. 5,589
----------
38,920
----------
Software--6.4%
8,000 Adobe Systems, Inc. 593
134,600 America Online, Inc.* 16,068
7,800 Autodesk, Inc. 215
80,700 Automatic Data Processing, Inc. 3,324
30,900 BMC Software, Inc.* 1,528
70,525 Computer Associates International, Inc. 3,337
48,100 Compuware Corp.* 1,494
58,000 First Data Corp. 2,606
41,800 IMS Health, Inc. 1,029
661,100 Microsoft Corp.* 53,343
44,200 Novell, Inc.* 1,039
188,600 Oracle Corp.* 4,680
35,000 Parametric Technology Corp.* 486
30,500 Peoplesoft, Inc.* 494
3,500 Shared Medical Systems Corp. 230
----------
90,466
----------
Telecommunication Equipment--2.1%
10,830 Andrew Corp.* 168
21,900 General Instrument Corp.* 847
346,256 Lucent Technologies, Inc. 19,693
86,960 Nortel Networks Corp. 6,522
9,900 Scientific-Atlanta, Inc. 350
50,900 Tellabs, Inc.* 2,978
----------
30,558
----------
Telecommunications--0.9%
74,900 AirTouch Communications, Inc.* 7,527
22,500 Frontier Corp. 1,184
37,700 Nextel Communications, Inc., Class A* 1,390
57,650 Sprint Corp. (PCS Group)* 2,594
----------
12,695
----------
Telephone--7.8%
36,000 Alltel Corp. 2,581
144,000 Ameritech Corp. 9,477
412,255 AT&T Corp. 22,880
203,360 Bell Atlantic Corp. 11,134
255,400 Bellsouth Corporation 12,052
18,100 CenturyTel, Inc. 693
126,400 GTE Corp. 7,971
240,170 MCI WorldCom, Inc.* 20,745
256,212 SBC Communications, Inc. 13,099
58,500 Sprint Corp. (FON Group)* 6,596
65,932 US West, Inc. 3,564
----------
110,792
----------
</TABLE>
36
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
<C> <S> <C>
Textiles--0.0%
2,300 Springs Industries, Inc. $ 91
----------
Tobacco--0.9%
318,900 Philip Morris Cos., Inc. 12,298
24,400 UST, Inc. 744
----------
13,042
----------
Toys, Games, and Hobbies--0.1%
25,712 Hasbro, Inc. 736
54,545 Mattel, Inc. 1,442
----------
2,178
----------
Transportation--0.7%
61,495 Burlington Northern Santa Fe Corp. 1,906
28,400 CSX Corp. 1,333
38,720 FDX Corp.* 2,132
14,400 Kansas City Southern Industries 810
43,200 Laidlaw, Inc. 302
49,700 Norfolk Southern Corp. 1,628
32,400 Union Pacific Corp. 1,848
----------
9,959
----------
Trucking and Leasing--0.0%
9,400 Ryder System, Inc. 226
- ---------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $866,946) $1,396,452
- ---------------------------------------------------------
SHORT-TERM INVESTMENT--0.0%
CDC Marches, Paris, France
$30 4.875%Due 6/1/99 $ 30
U.S. Treasury Bill #
2,570 4.37%Due 6/24/99 2,542
- ---------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,572) $ 2,572
- ---------------------------------------------------------
TOTAL INVESTMENTS--98.4%
(Cost $869,518) $1,399,024
- ---------------------------------------------------------
Other assets, less liabilities--1.6% 22,444
- ---------------------------------------------------------
NET ASSETS--100.0% $1,421,468
- ---------------------------------------------------------
- ---------------------------------------------------------
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Number of Contract Contract Contract Unrealized
Type Contracts Amount Position Expiration Loss
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
S&P 500 82 $26,593 Long June, 1999 $(529)
- -------------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
# Securities pledged to cover margin requirements for open futures contracts.
See accompanying notes to financial statements.
37
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
Focused Growth Portfolio
<C> <S> <C>
COMMON STOCKS--98.8%
Advertising--1.1%
10,000 Interpublic Group Cos., Inc. $ 758
40,400 Snyder Communications, Inc. 987
--------
1,745
--------
Aerospace/Defense--1.6%
25,000 Boeing (The) Co. 1,056
25,000 United Technologies Corp. 1,552
--------
2,608
--------
Airlines--0.5%
25,000 Southwest Airlines Co. 802
--------
Auto Manufacturers--0.8%
15,000 DaimlerChrysler A.G. ADR 1,312
--------
Banks--3.0%
22,500 Bank One Corp. 1,272
12,000 Chase Manhattan Corp. 870
15,000 State Street Corp. 1,144
40,000 Wells Fargo Co. 1,600
--------
4,886
--------
Commercial Services--1.2%
30,000 Concord EFS, Inc.* 1,016
30,000 Paychex, Inc. 889
--------
1,905
--------
Computers--6.2%
25,000 Apple Computer, Inc.* 1,102
30,300 Cisco Systems, Inc.* 3,303
30,000 Computer Sciences Corp.* 1,941
28,200 International Business Machines Corp. 3,280
10,000 Sun Microsystems, Inc.* 598
--------
10,224
--------
Cosmetics/Personal Care--0.8%
15,000 Procter & Gamble Co. 1,401
--------
Diversified Financial Services--8.9%
7,500 American Express Co. 909
14,000 Capital One Financial Corp. 2,110
36,250 Fannie Mae 2,465
34,750 Freddie Mac 2,026
6,826 Goldman Sachs Group, Inc. 464
95,350 MBNA Corp. 2,634
10,000 Merrill Lynch & Co., Inc. 840
17,000 Providian Financial Corp. 1,631
15,650 Schwab (Charles) Corp. 1,656
--------
14,735
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------
<C> <S> <C>
Electronics--4.8%
15,000 Johnson Controls, Inc. $ 946
10,000 Koninklijke Philip Electronics N.V. 860
25,300 Linear Technology Corp. 1,341
22,000 Sanmina Corp.* 1,650
29,200 Solectron Corp.* 1,599
10,000 Teradyne, Inc.* 528
10,000 Waters Corp.* 986
--------
7,910
--------
Entertainment--0.6%
20,000 International Speedway Corp. Class A 980
--------
Environmental Control--1.7%
65,000 Republic Services, Inc.* 1,528
25,000 Waste Management, Inc. 1,322
--------
2,850
--------
Food--0.8%
38,577 Keebler Foods Co.* 1,292
--------
Forest Products & Paper--0.6%
20,000 International Paper Co. 1,000
--------
Hand/Machine Tools--0.9%
15,000 Black & Decker Corp. 854
25,000 Kennametal, Inc. 711
--------
1,565
--------
Health Care--2.7%
36,200 Guidant Corp. 1,810
25,000 Medtronic, Inc. 1,775
25,000 St. Jude Medical, Inc.* 845
--------
4,430
--------
Housewares--0.9%
35,000 Newell Rubbermaid, Inc. 1,418
--------
Insurance--3.2%
29,200 American International Group, Inc. 3,338
14,000 Progressive Corp. 1,965
--------
5,303
--------
Leisure Time--0.8%
32,700 Carnival Corp., Class A 1,341
--------
Machinery-Diversified--1.2%
20,000 Applied Materials, Inc.* 1,100
15,000 Ingersoll-Rand Co. 955
--------
2,055
--------
Media--3.4%
10,000 Adelphia Communications Co.* 755
10,000 Cablevision Systems Corp., Class A* 789
20,000 Clear Channel Communications, Inc.* 1,321
40,000 Fox Entertainment Group., Inc.* 1,020
26,300 Time Warner, Inc. 1,790
--------
5,675
--------
</TABLE>
See accompanying notes to financial statements.
38
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-
Shares Description Value
- ---------------------------------------------------------
<C> <S> <C>
Miscellaneous Manufacturing--5.2%
20,000 Danaher Corp. $ 1,208
45,000 General Electric Co. 4,576
31,000 Tyco International Ltd. 2,709
--------
8,493
--------
Office and Business Equipment--0.5%
11,700 Pitney Bowes, Inc. 746
--------
Oil and Gas Producers--5.5%
30,000 Apache Corp. 1,081
27,500 Burlington Resources, Inc. 1,176
10,000 Chevron Corp. 927
43,850 Conoco, Inc.* 1,189
36,550 Exxon Corp. 2,919
16,850 Mobil Corp. 1,706
--------
8,998
--------
Oil and Gas Services--1.4%
25,000 Baker Hughes, Inc. 778
35,000 Halliburton Co. 1,448
--------
2,226
--------
Pharmaceuticals--2.8%
22,000 Cardinal Health, Inc. 1,328
22,000 Merck & Co., Inc. 1,485
40,000 Schering-Plough Corp. 1,803
--------
4,616
--------
Pipelines--2.0%
32,500 Enron Corp. 2,320
20,000 Williams (The) Cos., Inc. 1,036
--------
3,356
--------
Real Estate Investments Trust--0.7%
5,600 Apartment Investment & Management Co. 235
35,000 Equity Office Properties Trust 989
--------
1,224
--------
Retail--12.4%
30,000 Best Buy Company, Inc.* 1,365
17,500 Circuit City Stores, Inc. 1,257
24,350 Dayton-Hudson Corp. 1,534
31,250 Dollar General 830
50,000 Home Depot (The), Inc. 2,844
43,850 Kohl's Corp.* 2,990
90,000 Staples, Inc.* 2,588
50,000 Starbucks Corp.* 1,844
58,400 Walgreen Co. 1,357
90,000 Wal-Mart Stores, Inc. 3,836
--------
20,445
--------
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
- ---------------------------------------------------------------
<C> <S> <C>
Semiconductors--4.5%
40,000 Altera Corp.* $ 1,393
36,700 Intel Corp. 1,984
20,000 Motorola, Inc. 1,656
12,500 Texas Instruments, Inc. 1,367
22,500 Xilinx, Inc.* 1,000
--------
7,400
--------
Software--3.8%
65,000 Microsoft Corp.* 5,244
45,000 Novell, Inc.* 1,058
--------
6,302
--------
Telecommunication Equipment--4.5%
15,000 ADC Telecommunications, Inc.* 733
30,000 General Instrument Corp.* 1,161
39,000 Lucent Technologies, Inc. 2,218
17,000 Nokia OYJ 1,207
36,000 Tellabs, Inc.* 2,106
--------
7,425
--------
Telecommunications--3.5%
39,000 Qwest Communications International, Inc.* 1,655
37,500 Time Warner Telecom, Inc.* 961
22,000 United Pan-Europe Communications NV ADR* 1,356
9,500 Vodafone Group PLC ADR 1,818
--------
5,790
--------
Telephone--5.3%
30,000 Ameritech Corp. 1,974
33,750 AT&T Corp. 1,873
40,000 BellSouth Corp. 1,888
35,000 MCI WorldCom, Inc.* 3,023
--------
8,758
--------
Textiles--1.0%
25,000 Cintas Corp. 1,588
- ---------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $113,473) $162,804
- ---------------------------------------------------------------
SHORT-TERM INVESTMENT--0.5% (Cost $781)
CDC Marches, Paris, France
$781 5.375% Due 12/1/98 $ 781
- ---------------------------------------------------------------
TOTAL INVESTMENTS--99.3%
(Cost $114,254) $163,585
- ---------------------------------------------------------------
Other assets, less liabilities--0.7% 1,102
- ---------------------------------------------------------------
NET ASSETS--100.0% $164,687
- ---------------------------------------------------------------
- ---------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
39
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
International Equity Index Portfolio
<C> <S> <C>
COMMON STOCKS--97.2%
Australia--2.5%
3,500 Amcor Ltd. $ 19
5,800 AMP Ltd. 63
1,800 Ashton Mining Ltd. 1
1,766 Australian Gas Light Co. Ltd. 11
6,399 Boral Ltd. 10
1,200 Brambles Industries Ltd. 32
10,220 Broken Hill Proprietary Co. Ltd. 105
3,500 Burns Philp & Co. Ltd. 1
5,532 Coca-Cola Amatil Ltd. 24
6,351 Coles Myer Ltd. 33
4,900 Colonial Ltd. 17
6,400 Crown Ltd.* 4
700 CSL Ltd. 6
5,600 CSR Ltd. 15
2,600 David Jones Ltd. 3
1,300 Delta Gold NL 2
2,061 Email Ltd. 4
1,275 Evans Deakin Industries Ltd. 3
831 Faulding (F.H.) & Co. Ltd. 5
9,500 Foster's Brewing Group Ltd. 27
3,209 Futuris Corp. Ltd. 4
7,616 General Property Trust Units 13
3,334 GIO Australia Holdings Ltd. 9
7,019 Goodman Fielder Ltd. 7
2,200 Hardie (James) Industries Ltd. 5
408 Homestake Mining Co. 3
917 Iluka Resources Ltd. 2
1,400 Leighton Holdings Ltd. 5
2,747 Lend Lease Corp. Ltd. 35
9,325 M.I.M. Holdings Ltd. 5
1,956 Mayne Nickless Ltd. 7
1,200 Metal Manufactures Ltd. 2
7,800 National Australia Bank 127
1,600 Newcrest Mining Ltd. 3
10,859 News Corp. Ltd. 90
9,384 Normandy Mining Ltd. 7
4,044 North Ltd. 7
1,485 Orica Ltd. 8
5,600 Pacific Dunlop Ltd. 10
4,800 Pioneer International Ltd. 11
2,136 QBE Insurance Group Ltd. 8
4,315 QCT Resources Ltd. 2
1,414 Resolute Ltd. 1
1,400 RGC Ltd.* 0
1,656 RIO Tinto Ltd. 23
650 Rothmans Holdings Ltd. 6
3,300 Santos Ltd. 10
2,800 Schroders Property Fund 4
1,014 Smith (Howard) Ltd. 8
764 Sons of Gwalia Ltd. 2
3,372 Southcorp Holdings Ltd. 14
3,600 Star City Holdings Ltd. 4
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------------
<C> <S> <C>
1,979 Stockland Trust Group $ 4
1,600 Suncorp-Metway Ltd. 9
1,650 TABCORP Holdings Ltd. 12
27,800 Telstra Corp. Ltd. 138
1,373 Wesfarmers Ltd. 13
7,095 Westfield Trust 14
10,269 Westpac Banking Corp. Ltd. 70
6,155 WMC Ltd. 23
6,302 Woolworths Ltd. 21
260 Zimbabwe Platinum Mines Ltd.* 0
------
1,131
------
Austria--0.3%
19 Austria Mikro Systeme International A.G. 1
90 Austria Tabakwerke A.G. 6
168 Austrian Airlines Osterreichische 4
63 Bank Austria A.G. 3
30 Bank Austria A.G. (Partial Certificates) 1
639 BAU Holdings A.G. 33
70 Bohler-Uddeholm A.G. 3
12 BWT A.G. 2
135 Flughafen Wien A.G. 6
40 Generali Holding Vienna A.G. 7
26 Lenzing A.G. 1
78 Mayr-Melnhof Karton A.G. 4
72 Nevia Beteiligungs A.G.* 1
58 Oesterreichische Brau-Beteiligungs A.G. 2
179 Oesterreichische Elektrizitaetswirtschafts A.G. 23
163 OMV A.G. 14
90 Radex-Heraklith Industriebeteiligungs A.G. 3
33 Universale-Bau A.G. 1
82 VA Technologies A.G. 7
50 Wienerberger Baustoffindustrie A.G. 9
------
131
------
Belgium--1.5%
50 Barco Industries 8
12 Bekaert N.V. 5
120 Cimenteries CBR Cementbedrisven 11
50 Colruyt S.A. 33
50 Compagnie Maritime Belge S.A. 2
50 D'ieteren Trading N.V. 22
285 Delhaize-Le Lion 25
300 Electrabel S.A. 92
4,150 Fortis A.G., Class B 133
50 Glaverbel S.A. 5
150 Groupe Bruxelles Lambert S.A. 26
1,626 KBC Bancassurance Holding 99
120 Petrofina S.A. 65
450 Solvay S.A. 30
475 Tractebel 63
850 UCB S.A. 37
150 Union Miniere Group 6
------
662
------
Denmark--0.8%
12 Aarhus Oliefabrik A/S, Class A --
12 Aarhus Oliefabrik A/S, Class B, Limited Voting --
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C>
82 Bang & Olufsen Holdings A/S, Class B $ 5
231 Carlsberg A/S, Class A 10
178 Carlsberg A/S, Class B 8
6 Dampskibsselskabet af 1912 A/S, Class B 50
5 Dampskibsselskabet Svendborg A/S, Class B 60
343 Danisco A/S 17
300 Den Danske Bank 32
85 Det Ostasiatiske Kompagni A/S* 1
280 FLS Industries A/S, Class B 7
206 GN Store Nord A/S 7
176 International Service System A/S, Class B 9
82 Korn-OG Foderstofkomp 2
6 Lauritzen (J.) Holding A/S 1
45 NKT Holdings A/S 3
447 Novo-Nordisk A/S, Class B 46
45 Radiometer A/S, Class B 2
257 SAS Danmark A/S 3
164 Superfos A/S 2
643 Tele Danmark A/S 65
315 Unidanmark A/S, Class A 22
-------
352
-------
Finland--1.7%
100 Amer Group Ltd., Class A 1
200 Asko OYJ 4
300 Cultor OYJ, Series 1 6
100 Cultor OYJ, Series 2 2
400 Hartwall Oy AB, Class A 6
100 Instrumentarium Group Oy, Class A 4
900 Kemira OYJ 6
600 Kesko Oy* 8
100 Kone OYJ, Class B 13
4,900 Merita Ltd. 29
100 Metra OYJ, Class A 2
200 Metra OYJ, Class B 4
7,200 Nokia OYJ 513
700 Outokumpu OYJ, Class A 7
100 Pohjola Group Insurance Corp., Class A 5
100 Pohjola Group Insurance Corp., Class B 5
1,000 Raisio Group PLC 11
800 Rautaruukki OYJ, Class K 5
400 Sampo Insurance Co. Ltd., Class A 12
2,600 Sonera Group OYJ 51
100 Stockman AB, Class A 2
200 Stockman AB, Class B 3
300 Tieto Corp. OYJ 10
1,600 Upm-Kymmene OYJ 47
500 Valmet Corp. 5
-------
761
-------
France--9.4%
200 Accor S.A. 49
1,055 Air Liquide 159
1,170 Alcatel S.A. 139
2,050 Axa 237
1,321 Banque Nationale de Paris 112
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------------------------
<C> <S> <C>
10 Bongrain S.A. $ 4
150 Bouygues 40
190 Canal Plus 55
400 Cap Gemini S.A. 58
1,350 Carrefour Supermarche S.A. 178
50 Chargeurs S.A. 3
100 Club Mediterranee 9
50 Coflexip Stena Offshore 4
527 Compagnie de Saint Gobain 83
100 Compagnie Francaise d'Ettudes et de Construction Technip 11
50 Compagnie Generale de Geophysique S.A. 2
75 Compagnie Parisienne de Reescompte 3
600 Dassault Systemes S.A. 20
1,600 Elf Aquitaine S.A. 232
165 Eridania Beghin-Say S.A. 24
60 Essilor International S.A. 21
450 Etablissements Economiques du Casino 43
6,025 France Telecom S.A. 463
42 Gecina 5
455 Groupe Danone 126
100 Groupe GTM 10
100 Imetal S.A. 13
410 L'OREAL 247
1,300 Lafarage S.A. 117
750 Lagardere S.C.A. 29
170 Legrand S.A. 35
540 LVMH Moet Hennessy Louis Vuitton 151
808 Michelin, Class B 36
100 Natexis 5
100 Nord-Est S.A. 3
950 Paribas 103
150 Pathe 14
400 Pechiney S.A. 16
350 Pernod-Ricard 23
675 Pinault Printemps-Redoute S.A. 115
150 Primagaz Cie 14
120 Promodes 79
300 PSA Peugeot Citroen 45
2,200 Rhone-Poulenc, Class A 105
30 Sagem S.A. 18
2,600 Sanofi-Synthelabo S.A.* 110
850 Schneider Electric S.A. 51
50 SEB S.A. 4
300 SEITA 18
200 Sidel S.A. 28
100 Simco S.A. 9
100 Skis Rossignol S.A. 1
350 Societe BIC S.A. 20
21 Societe Eurafrance S.A. 12
50 Societe Francaise d'Investissements Immobiliers et de Gestion 3
590 Societe Generale, Class A 107
210 Sodexho Alliance S.A. 34
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
France--Continued
150 Sommer-Allibert $ 4
867 Suez Lyonnaise des Eaux 144
900 Thomson CSF 29
1,450 Total S.A., Class B 177
50 Union du Credit-Bail Immobilier 7
1,400 Usinor S.A. 19
454 Valeo S.A. 37
2,760 Vivendi 205
20 Zodiac S.A. 4
-------
4,281
-------
Germany--8.6%
250 Adidas-Salomon A.G. 25
250 Agiv A.G. 5
1,360 Allianz A.G. 373
50 AMB Aachener & Muenchener Beteilgungs- A.G. (Bearer) 5
200 AMB Aachener & Muenchener Beteilgungs- A.G. (Registered) 22
150 Axa Colonia Konzern A.G. 14
3,400 BASF A.G. 133
3,950 Bayer A.G. 154
2,237 Bayerische HypoVereinsbank A.G. 121
450 Beiersdorf A.G. 29
200 Bilfinger & Berger Bau A.G. 5
600 Continental A.G. 14
5,317 DaimlerChrysler A.G. 460
550 Degussa-Huels A.G.* 22
2,900 Deutsche Bank A.G. 152
2,050 Deutsche Lufthansa A.G. (Registered) 44
12,000 Deutsche Telekom A.G. 480
400 Deutz A.G.* 3
200 Douglas Holdings A.G. 9
2,800 Dresdner Bank A.G. 104
400 FAG Kugelfischer Georg Schaefer A.G. 4
270 Heidelberger Zement A.G. 22
400 Hochtief A.G. 18
100 IWKA A.G. 2
70 Karstadt A.G. 29
70 Linde A.G. 41
600 MAN A.G. 18
2,100 Mannesmann A.G. 288
950 Merck KGaA 33
1,460 Metro A.G. 92
1,450 Muenchener Ruckversicherungs-Gesellschaft A.G. 248
763 Preussag A.G. 39
100 Rheinmetall A.G. 2
2,550 RWE A.G. 114
350 SAP A.G. 122
350 Schering A.G. 37
100 SGL Carbon A.G. 7
3,100 Siemens A.G. 209
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
3,100 Thyssen Krupp A.G.* $ 61
2,700 Veba A.G. 154
150 Viag A.G. 68
1,700 Volkswagen A.G. 106
-------
3,888
-------
Hong Kong--2.4%
10,000 Applied International Holdings --
8,304 Bank of East Asia Ltd.* 18
20,000 Cathay Pacific Airways 31
14,000 Cheung Kong Ltd. 114
12,000 Chinese Estates Holdings 2
14,500 CLP Holdings Ltd. 70
2,000 Dickson Concepts International Ltd 1
5,000 Elec & Eltek International Holdings Ltd. 1
6,000 Giordano International Ltd. 3
8,000 Hang Lung Development Co. 9
11,300 Hang Seng Bank Ltd. 121
28,292 Hong Kong & China Gas Co. Ltd. 40
7,500 Hong Kong & Shanghai Hotels Ltd. 6
1,200 Hong Kong Aircraft Engineering Co. Ltd. 2
3,000 Hong Kong Construction Holdings 1
70,800 Hong Kong Telecommunications Ltd. 164
5,600 Hopewell Holdings Ltd. 3
23,000 Hutchinson Whampoa Ltd. 192
6,222 Hysan Development Co. Ltd. 9
5,800 Johnson Electric Holdings Ltd. 21
3,000 Miramar Hotel & Investment Ltd. 4
11,879 New World Development Co. Ltd. 29
12,000 Oriental Press Group 2
2,000 Playmates Toys Holdings --
26,400 Regal Hotels International 3
11,000 Shangri-La Asia Ltd. 12
12,000 Shun TAK Holdings Ltd. 4
20,963 Sino Land Co. 11
2,000 South China Morning Post Holdings Ltd. --
12,000 Stelux Holdings 6
14,172 Sun Hung Kai Properties Ltd. 113
9,000 Swire Pacific Ltd. 43
5,000 TAI Cheung Holdings Ltd. 1
2,000 Television Broadcasts Ltd. 8
2,000 Varitronix International Ltd. 4
14,000 Wharf Holdings Ltd. 36
1,500 Wing Lung Bank 5
-------
1,089
-------
Ireland--0.5%
5,168 Allied Irish Banks PLC 69
275 Clondalkin Group PLC Units 2
293 Crean (James) PLC --
2,304 CRH PLC 40
540 DCC PLC 4
1,912 Fyffes PLC 4
1,245 Greencore Group PLC 5
1,734 Independent Newspapers PLC 9
168 Irish Continental Group PLC 2
</TABLE>
See accompanying notes to financial statements.
42
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
2,905 Irish Life & Permanent PLC $ 37
263 Jurys Hotel Group PLC 2
971 Kerry Group PLC, Class A 12
972 Ryanair Holdings PLC* 9
6,555 Smurfit (Jefferson) Group PLC 17
1,489 Tullow Oil PLC* 1
4,995 Waterford Wedgewood PLC Units 5
-------
218
-------
Italy--4.5%
9,000 Alitalia S.p.A. 27
1,000 Arnoldo Mondadori Editore S.p.A. 17
6,000 Assicurazioni Generali 214
11,000 Banca Commerciale Italiana 79
13,000 Banca Intesa S.p.A. 66
4,000 Banca Intesa-RNC S.p.A. 10
2,000 Banco Popolare di Milano 16
11,000 Benetton Group S.p.A. 22
2,000 Bulgari S.p.A. 12
1,000 Cartiere Burgo S.p.A. 7
2,200 Cementir S.p.A. 2
4,000 Edison S.p.A. 35
47,000 ENI S.p.A. 294
1,000 Falck S.p.A. 8
21,400 Fiat S.p.A. 69
4,300 Fiat-RNC S.p.A. 7
4,000 Impregilo S.p.A. 3
24,000 Istituto Nationale Assicurazioni 56
1,000 Italcementi S.p.A. 11
1,000 Italcementi-RNC S.p.A. 4
4,000 Italgas S.p.A. 17
3,200 Magneti Marelli 4
7,000 Mediaset S.p.A. 57
3,000 Mediobanca S.p.A. 34
29,000 Montedison S.p.A. 26
4,000 Montedison-RNC S.p.A. 3
17,240 Olivetti S.p.A.* 54
9,000 Parmalat Finanziaria S.p.A. 12
11,000 Pirelli S.p.A. 31
1,000 Pirelli-RNC S.p.A. 2
1,000 Reno de Medici S.p.A. 2
1,000 Rinascente (La) S.p.A. 9
3,000 Riunione Adriatic di Sicurta S.p.A. 29
1,000 Riunione Adriatic di Sicurta-RNC S.p.A. 8
8,180 San Paolo-IMI S.p.A. 111
1,000 Sirti S.p.A. 5
4,000 Snia BPD S.p.A. 5
1,000 Snia BPD-RNC S.p.A. 1
1,000 Societa Assicuratrice Industriale S.p.A. 11
39,000 Telecom Italia Mobile S.p.A. 230
9,000 Telecom Italia Mobile-RNC S.p.A. 30
22,111 Telecom Italia S.p.A. 229
5,488 Telecom Italia-RNC S.p.A. 30
29,000 Unicredito Italiano S.p.A. 137
28,000 Unione Immobiliare S.p.A. 13
-------
2,049
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
Japan--22.6%
2,000 77 Bank $ 17
900 Acom Co. Ltd. 65
600 Advantest Corp. 48
4,000 Ajinomoto Co. 43
1,000 Alps Electric Co. Ltd. 22
2,000 Amada Co. Ltd. 13
1,000 Amano Corp. 8
3,000 Aoki Corp.* 2
400 Aoyama Trading 12
300 Arabian Oil Co. 5
15,000 Asahi Bank Ltd. 71
3,000 Asahi Breweries Ltd. 38
9,000 Asahi Chemical Industry Co. Ltd. 49
7,000 Asahi Glass Co. Ltd. 45
4,000 Ashikaga Bank Ltd. 8
200 Autobacs Seven Co. Ltd. 8
27,000 Bank of Tokyo-Mitsubishi Ltd. 362
7,000 Bank of Yokohama Ltd. 19
5,000 Bridgestone Corp. 131
2,000 Brother Industries Ltd. 6
5,000 Canon, Inc. 126
2,000 Casio Computer Co. Ltd. 14
5,000 Chiba Bank Ltd. 20
1,000 Chiyoda Corp.* 2
1,000 Chugai Pharmaceutical Co. Ltd. 11
2,000 Citizen Watch Co. Ltd. 15
4,000 Cosmo Oil Co. Ltd. 7
1,000 Credit Saison Co. Ltd. 20
400 CSK Corp. 10
5,000 Dai Nippon Printing Co. Ltd. 17
2,000 Daicel Chemical Industry Ltd. 75
3,000 Daido Steel Co. Ltd. 6
4,000 Daiei, Inc. 5
1,000 Daifuku Co. Ltd. 12
2,000 Daiichi Pharmaceutical 6
2,000 Daikin Industries Ltd. 32
1,000 Daikyo, Inc. 18
2,000 Daimaru, Inc. 3
5,000 Dainippon Ink & Chemicals, Inc. 8
1,000 Dainippon Screen MFG Co. Ltd. 5
800 Daito Trust Construction Co. 9
3,000 Daiwa House Industry Co. Ltd. 32
1,000 Daiwa Kosho Lease Co. Ltd. 3
8,000 Daiwa Securities Co. Ltd. 42
3,000 Denki Kagaku Kogyo Kabushiki Kaisha 5
5,000 Denso Corp. 93
24 East Japan Railway Co. 139
2,000 Ebara Corp. 23
2,000 Eisai Co. Ltd. 37
1,000 Ezaki Glico Co. Ltd. 6
1,400 Fanuc 60
20,000 Fuji Bank Ltd. 127
3,000 Fuji Photo Film Co. 107
2,000 Fujikura Ltd. 10
</TABLE>
See accompanying notes to financial statements.
43
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
Japan--Continued
3,000 Fujita Corp. $ 2
1,000 Fujita Kanko, Inc. 10
11,000 Fujitsu Ltd. 184
4,000 Furukawa Electric Co. Ltd. 16
1,000 Gakken Co. Ltd. 1
3,000 Gunma Bank 19
1,000 Gunze Ltd. 2
5,000 Hankyu Corp. 21
1,000 Hankyu Department Stores, Inc. 7
3,000 Haseko* 2
2,000 Hazama Corp. 2
2,000 Higo Bank 9
200 Hirose Electric 17
20,000 Hitachi Ltd. 147
6,000 Hitachi Zosen Corp. 7
4,000 Hokuriku Bank 8
6,000 Honda Motor Co. Ltd. 246
1,000 House Foods Corp. 15
1,000 Hoya Corp. 51
1,000 Inax 7
16,000 Industrial Bank of Japan 113
1,000 Isetan 9
2,000 Ishihara Sangyo Kaisha* 4
2,000 Ito-Yokado Co. 119
8,000 Itochu Corp. 18
1,000 Itoham Foods 4
1,000 Iwataini International Corp. 2
1,000 JACCS Co., Ltd. 4
11,000 Japan Airlines 34
6,000 Japan Energy Corp. 7
1,000 Japan Metals & Chemicals* 2
2,000 Japan Steel Works* 2
1,000 JGC Corp. 3
5,000 Joyo Bank 20
2,000 JUSCO Co. 38
6,000 Kajima Corp. 18
1,000 Kaken Pharmaceutical Co. 6
2,000 Kamigumi Co. Ltd. 9
1,000 Kandenko Co. Ltd. 6
4,000 Kanebo Ltd.* 6
2,000 Kaneka Corp. 17
5,800 Kansai Electric Power Co., Inc. 119
2,000 Kansai Paint 6
4,000 Kao Corp. 110
8,000 Kawasaki Heavy Industries Ltd. 18
3,000 Kawasaki Kisen Kaisha Ltd. 7
19,000 Kawasaki Steel Corp. 34
3,000 Keihin Electric Expesss Railway Co. Ltd. 10
1,000 Kikkoman Corp. 7
2,000 Kinden Corp. 23
10,000 Kinki Nippon Railway 50
6,000 Kirin Brewery Co. Ltd. 69
1,000 Kokuyo Co. Ltd. 15
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------
<C> <S> <C>
6,000 Komatsu Ltd. $ 36
300 Konami Co. Ltd. 10
2,000 Konica Corp. 8
1,000 Koyo Seiko Co. 6
8,000 Kubota Corp. 23
5,000 Kumagai Gumi Co. Ltd. 5
2,000 Kurabo Industries 2
2,000 Kurary Co. Ltd. 22
1,000 Kureha Chemical Industry 2
1,000 Kurita Water Industries Ltd. 16
1,100 Kyocera Corp. 58
3,000 Kyowa Hakko Kogyo 16
2,000 Lion Corp. 8
1,000 Maeda Road Construction Co. Ltd. 7
1,000 Makino Milling Machine Co. Ltd. 7
1,000 Makita Corp. 11
9,000 Marubeni Corp. 19
2,000 Maruha Corp. 2
2,000 Marui Co. Ltd. 30
12,000 Matsushita Electric Industrial Co. Ltd. 218
2,000 Meiji Milk Products Co. Ltd. 6
2,000 Meiji Seika 11
2,000 Minebea Co. Ltd. 20
1,000 Misawa Homes Co. Ltd. 4
12,000 Mitsubishi Chemical Corp. 34
9,000 Mitsubishi Corp. 55
13,000 Mitsubishi Electric Corp. 41
8,000 Mitsubishi Estate Co. Ltd. 76
3,000 Mitsubishi Gas Chemical Co. 8
20,000 Mitsubishi Heavy Industries Ltd. 78
1,000 Mitsubishi Logistics Corp. 11
7,000 Mitsubishi Materials Corp. 14
2,000 Mitsubishi Paper Mills 3
4,000 Mitsubishi Rayon Co. 10
8,000 Mitsubishi Trust & Banking Corp. 72
9,000 Mitsui & Co. 58
6,000 Mitsui Engineering & Shipbuilding Co. Ltd.* 7
5,000 Mitsui Fudosan Co. Ltd. 42
5,000 Mitsui Marine & Fire Insurance Co. Ltd. 25
3,000 Mitsui Mining & Smelting 14
7,000 Mitsui O.S.K. Lines Ltd. 16
1,000 Mitsui Soko Co. Ltd. 3
7,000 Mitsui Trust & Banking Co. Ltd. 11
3,000 Mitsukoshi Ltd. 11
1,000 Mori Seiki Co. Ltd. 12
1,000 Murata Manufacturing Co. Ltd. 55
2,000 Mycal Corp. 11
1,000 Nagase & Co. Ltd. 5
5,000 Nagoya Railroad Co. Ltd. 17
300 Namco Ltd. 7
3,000 Nankai Electric Railway 14
9,000 NEC Corp. 100
2,000 NGK Insulators Ltd. 20
1,000 NGK Spark Plug Co. 11
3,000 Nichido Fire & Marine Insurance 15
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
2,000 Nichirei Corp. $ 5
2,000 Niigata Engineering Co. Ltd.* 2
2,000 Nikon Corp. 26
1,000 Nippon Beet Sugar Manufacturing Co. Ltd. 2
1,000 Nippon Comsys Corp. 15
6,000 Nippon Express Co. Ltd. 34
3,000 Nippon Fire & Marine Insurance 10
3,000 Nippon Light Metal Co. 4
1,000 Nippon Meat Packers, Inc. 13
8,000 Nippon Mitsubishi Oil Co. Ltd. 32
6,000 Nippon Paper Industries Co. 30
1,000 Nippon Sharyo Ltd. 3
3,000 Nippon Sheet Glass Co. Ltd. 10
2,000 Nippon Shinpan Co. 6
1,000 Nippon Shokubai K.K. Co. 6
40,000 Nippon Steel Corp. 84
2,000 Nippon Suisan Kaisha Ltd. 3
71 Nippon Telegraph & Telephone Corp. 693
7,000 Nippon Yusen Kabushiki Kaisha 28
2,000 Nishimatsu Construction 11
15,000 Nissan Motor Co. Ltd. 66
1,000 Nisshinbo Industries, Inc. 4
1,000 Nissin Food Products 22
1,000 Nitto Denko Corp. 20
20,000 NKK Corp. 16
1,000 NOF Corp. 2
12,000 Nomura Securities Co. Ltd. 120
1,000 Noritake Co. Ltd. 5
3,000 NSK Ltd. 14
3,000 NTN Corp. 9
4,000 Obayashi Corp. 19
4,000 Odakyu Electric Railway 14
6,000 OJI Paper Co. Ltd. 35
1,000 Okamoto Industries Inc. 2
1,000 Okuma Corp. 4
1,000 Okumura Corp. 4
2,000 Olympus Optical Co. Ltd. 25
2,000 Omron Corp. 28
1,000 Onward Kasiyama Co. Ltd. 12
2,000 Orient Corp. 6
400 Orix Corp. 32
15,000 Osaka Gas Co. Ltd. 49
200 Oyo Corp. 4
2,000 Penta-Ocean Construction 3
1,000 Pioneer Electronic Corp. 17
1,000 Q.P. Corp. 7
2,000 Renown, Inc.* 3
1,000 Rohm Co. Ltd. 131
22,000 Sakura Bank Ltd. 75
1,000 Sanden Corp. 8
2,000 Sankyo Aluminum Industry Co. 2
3,000 Sankyo Co. Ltd. 71
1,000 Sanwa Shutter Corp. 5
11,000 Sanyo Electric Co. 40
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------
<C> <S> <C>
2,000 Sapporo Breweries Ltd. $ 9
2,000 Sato Kogyo 2
1,000 Secom Co. Ltd. 95
600 Sega Enterprises 10
1,000 Seino Transportation Co. Ltd. 6
1,000 Seiyu Ltd. 6
3,000 Sekisui Chemical Co. Ltd. 19
4,000 Sekisui House Ltd. 43
7,000 Sharp Corp. 78
300 Shimachu Co., Ltd. 7
1,000 Shimano Inc. 25
5,000 Shimizu Corp. 18
2,000 Shin-Etsu Chemical Co. Ltd. 62
2,000 Shionogi & Co. 16
2,000 Shiseido Co. Ltd. 30
5,000 Shizuoka Bank 52
7,000 Showa Denko K.K. 9
1,000 Skylark Co. Ltd. 19
400 SMC Corp. 37
2,000 Snow Brand Milk Products 9
2,400 Sony Corp. 226
19,000 Sumitomo Bank Ltd. 230
10,000 Sumitomo Chemicals Co. 42
6,000 Sumitomo Corp. 41
4,000 Sumitomo Electric Industries 45
1,000 Sumitomo Forestry Co. Ltd. 8
3,000 Sumitomo Heavy Industries Ltd. 7
4,000 Sumitomo Marine & Fire Insurance 26
21,000 Sumitomo Metal Industries 28
3,000 Sumitomo Metal Mining Co. 12
3,000 Sumitomo Osaka Cement Co. Ltd. 5
5,400 Taiheiyo Cement Corp. 14
6,000 Taisei Corp. 14
2,000 Taisho Pharmaceutical Co. 64
1,000 Taiyo Yuden Co. Ltd. 14
1,000 Takara Shuzo 7
1,000 Takara Standard Co. Ltd. 7
2,000 Takashimaya Co. Ltd. 18
5,000 Takeda Chemical Industries 222
5,000 Teijin Ltd. 19
2,000 Teikoku Oil Co. Ltd. 7
1,000 Toa Corp. 2
5,000 Tobu Railway Co. 14
1,000 Toei Co. Ltd. 4
100 Toho Co. 14
3,000 Tohoku Electric Power 47
12,000 Tokai Bank 70
9,000 Tokio Marine & Fire Insurance Co. 98
1,000 Tokyo Broadcasting System Inc. 13
1,000 Tokyo Dome Corp. 5
8,000 Tokyo Electric Power Co. 174
1,000 Tokyo Electron Ltd. 55
17,000 Tokyo Gas Co. Ltd. 43
900 Tokyo Steel Manufacturing 4
1,000 Tokyo Style Co. Ltd. 11
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
Japan--Continued
1,000 Tokyo Tatemono Co. Ltd. $ 2
2,000 Tokyotokeiba 3
7,000 Tokyu Corp. 18
4,000 Toppan Printing Co. Ltd. 45
8,000 Toray Industries, Inc. 39
4,000 Tosoh Corp. 8
1,000 Tostem Corp. 19
2,000 Toto Ltd. 15
1,000 Toyo Engineering Corp. 1
1,000 Toyo Seikan Kaisha 19
4,000 Toyobo Ltd. 6
2,000 Toyoda Automatic Loom Works 36
22,000 Toyota Motor Corp. 601
100 Trans Cosmos Inc. 5
1,000 Tsubakimoto Chain 3
5,000 Ube Industries Ltd. 9
400 Uni-Charm Corp. 17
3,000 Unitika Ltd.* 3
1,000 Uny Co. Ltd. 15
1,000 Wacoal Corp. 11
1,000 Yamaguchi Bank 9
1,000 Yamaha Corp. 10
5,000 Yamaichi Securities Co. Ltd.* --
2,000 Yamanouchi Pharmaceutical Co. Ltd. 69
3,000 Yamato Transport Co. Ltd. 49
1,000 Yamazaki Baking Co. Ltd. 13
9,000 Yasuda Trust & Banking 11
1,000 Yokogawa Electric 5
-------
10,256
-------
Malaysia--0.0%
67 Aokam Perdana Berhad* --
4,000 Promet Berhad* --
280 Silverstone Berhad* --
-------
--
-------
Netherlands--5.8%
8,489 ABN AMRO Holdings N.V. 189
3,434 Aegon N.V. 278
1,680 Akzo Nobel 70
233 ASR Verzekeringsgroep N.V. 16
452 Buhrmann N.V. 8
3,929 Elsevier N.V. 50
531 Getronics N.V. 20
613 Hagemeyer N.V 20
1,847 Heineken N.V. 103
215 Hollandsche Beton Groep N.V. 3
154 IHC Caland N.V. 6
5,593 ING Groep N.V. 300
436 KLM N.V. 13
3,699 Koninklijke Ahold N.V. 129
2,170 Koninklijke Philips Electronics N.V.* 187
250 Koninklijke Hoogovens N.V. 10
148 Koninklijke Nedlloyd N.V. 4
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
220 Koninklijke Pakhoed N.V. $ 5
495 OCE N.V. 14
12,683 Royal Dutch Petroleum Co. 708
2,798 Royal KPN N.V. 135
210 Stork N.V. 4
2,798 TNT Post Group N.V. 70
3,366 Unilever N.V. 224
563 Vedior N.V. 10
1,640 Wolters Kluwer N.V. 66
-------
2,642
-------
New Zealand--0.2%
17,500 Brierley Investments Ltd. 5
11,200 Carter Holt Harvey Ltd. 13
800 Fisher & Paykel Industries Ltd. 3
2,279 Fletcher Challenge Building 3
2,347 Fletcher Challenge Energy 6
5,317 Fletcher Challenge Forests 3
4,200 Fletcher Challenge Paper 3
3,600 Lion Nathan Ltd. 9
10,400 Telecom Corp. of New Zealand Ltd. 45
-------
90
-------
Norway--0.4%
400 Aker RGI ASA 5
140 Aker RGI ASA, Class B 2
300 ASK Proxima ASA* 2
300 Bergesen d.y. ASA, Class A 4
100 Bergesen d.y. ASA, Class B 1
3,300 Christiania Bank Og Kreditkasse 13
3,800 Den norske Bank ASA 13
100 Dyno ASA 2
300 Elkem ASA 5
500 Hafslund ASA, Class A 3
200 Hafslund ASA, Class B 1
100 Helicopter Services Group ASA 1
200 Kvaerner ASA 3
100 Kvaerner ASA, Class B 1
200 Leif Hoegh & Co. ASA 3
600 Merkantildata ASA 6
1,600 NCL Holdings ASA* 5
1,400 Norsk Hydro ASA 55
200 Norske Skogindustrier ASA, Class A 7
900 Orkla ASA, Class A 14
200 Orkla ASA, Class B 3
500 Petroleum Geo-Services ASA* 8
300 SAS Norge ASA, Class B 3
400 Schibsted ASA 5
200 Smedvig, Class A 2
100 Smedvig, Class B 1
1,600 Storebrand ASA* 11
200 Tomra System ASA 7
100 Unitor ASA 1
-------
187
-------
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------------------------
<C> <S> <C>
Portugal--0.6%
1,100 Banco Comercial Portugues S.A. (Registered) $ 30
700 Banco Espirito Santo e Comercial de Lisboa S.A. (Registered) 17
400 Banco Totta & Acores S.A. (Registered) 7
400 BPI-SGPS S.A. (Registered) 9
300 Brisa-Auto Estradas de Portugal S.A. 14
500 Cimpor-Cimentos de Portugal SGPS S.A. 13
100 Colep-Companhia Portuguesa de Embalagens* 1
100 Companhia de Seguros Tranquilidade (Registered) 2
100 Corticeira Amorim S.A. 1
100 EFACEC Capital SGPS S.A. 1
3,500 Electricidade de Portugal S.A. 64
100 Engil-SGPS --
100 INAPA Investimentos Participacoes e Gestao S.A. 1
600 Jeronimo Martins SGPS S.A. 21
500 Portucel Industral-Empresa Produtora deCelulose S.A. 3
1,100 Portugal Telecom S.A. (Registered) 50
180 Soares da Costa (Sociedade de Construcoes) S.A. 1
100 Somague-SGPS S.A. --
200 Sonae Investmentos-SGPS S.A. 7
100 UNICER-Uniao Cervejeira S.A. 2
-------
244
-------
Singapore--1.1%
1,000 Chuan Hup Holdings Ltd. 1
3,000 City Developments Ltd. 18
2,000 Comfort Group Ltd. 1
1,000 Cycle & Carriage Ltd. 6
3,000 DBS Land Ltd. 5
10,900 Development Bank of Singapore Ltd.* 112
1,000 First Capital Corp. Ltd. 1
1,000 Fraser & Neave Ltd. 4
2,000 Goldtron Ltd. --
2,000 Hai Sun Hup Group Ltd. 1
1,000 Haw Par Brothers International Ltd. 2
1,000 Hotel Properties Ltd. 1
1,000 Inchape Motors Ltd. 2
6,000 IPC Corp. 1
2,250 Keppel Corp. Ltd. 6
2,400 Lum Chang Holdings Ltd. 1
1,000 NatSteel Ltd. 2
3,000 Neptune Orient Lines Ltd. 2
16,600 Overseas Chinese Banking Corp. Ltd. (Foreign) 130
1,000 Overseas Union Enterprise Ltd. 3
1,000 Parkways Holdings Ltd. 2
5,494 Sembcorp Industries Ltd.* 7
1,000 Sembcorp Logistics Ltd. 3
10,000 Singapore Airlines Ltd. 89
1,893 Singapore Press Holdings Ltd. 26
17,000 Singapore Telecommunications Ltd. 29
1,000 Straits Trading Co. Ltd. 1
4,000 United Industrial Corp. Ltd. 3
8,000 United Overseas Bank Ltd. (Foreign) 53
2,000 United Overseas Land Ltd. 2
-------
514
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------------------------
<C> <S> <C>
Spain--3.0%
375 Acerinox S.A. $ 11
300 ACS, Actividades de Construccion y Servicios S.A.* 9
200 Aguila (El) S.A.* 2
2,950 Argentaria, Caja Postal y Banco Hipotecario de Espana S.A. 66
1,450 Autopistas Concesionaria ESP 18
400 Azucarera Ebro Agricolas 6
12,156 Banco Bilbao Vizcaya S.A. 176
10,908 Banco Central Hispanoamericano 228
75 Corporacion Financiera Alba 11
393 Corporacion Mapfre 8
200 Cortefiel S.A. 5
150 Empresa Nacional de Celulosas S.A. 3
5,700 Endesa S.A. 122
900 Ercros S.A.* 1
200 Fabrica Espanola de Productos Quimicos y Farmaceuticos S.A. 3
375 Fomenta de Construcciones y Contratas S.A. 22
925 Gas Natural SDG S.A., Class E 72
340 Grupo Dragados S.A.* 12
5,344 Iberdrola S.A. 77
250 Inmobiliaria Urbis S.A.* 3
300 Metrovacesa S.A. 7
125 Portland Valderrivas S.A. 4
400 Prosegur CIA de Seguridad S.A. (Registered) 4
5,100 Puleva S.A.* 3
630 Reno de Medici S.p.A.* 2
5,325 Repsol S.A. 97
275 Sociedade General de Aguas de Barcelona S.A. 15
200 SOL Melia S.A. 8
1,075 Tabacalera S.A., Class A 21
6,197 Telefonica de Espana 298
1,300 Telepizza S.A.* 8
1,805 Union Electrica Fenosa S.A. 24
350 Uralita S.A. 3
725 Vallehermoso S.A. 7
300 Viscofan Industria Navarra de Envolturas Celulosicas S.A. 4
350 Zardoya Otis S.A. 9
-------
1,369
-------
Sweden--3.1%
3,900 ABB AB, Class A 53
1,600 ABB AB, Class B 22
800 AGA AB, Class A 10
700 AGA AB, Class B 9
9,820 AstraZeneca PLC 387
400 Atlas Copco AB, Class A 10
700 Atlas Copco AB, Class B 18
312 Boliden Ltd. SDR* 1
400 Diligentia AB 3
700 Drott AB, Class B 6
2,140 Electrolux AB, Class B 42
100 Esselte AB, Class A 2
</TABLE>
See accompanying notes to financial statements.
47
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
Sweden--Continued
100 Esselte AB, Class B $ 2
2,100 ForeningsSparbanken AB 43
192 Granges AB 3
4,800 Hennes & Mauritz AB, Class B 108
600 Netcom AB, Class B* 18
500 Om Gruppen AB 6
1,100 Sandvik AB, Class A 24
400 Sandvik AB, Class B 9
1,900 Securitas AB, Class B 27
3,005 Skandia Forsakrings AB 52
3,500 Skandinaviska Enskilda Banken, Class A 42
700 Skanska AB, Class B 24
300 SKF AB, Class A 5
411 SKF AB, Class B 6
1,200 Svenska Cellulosa AB, Class B 28
1,300 Svenska Handelsbanken, Class A 47
100 Svenska Handelsbanken, Class B 3
500 Svenskt Stal AB, Class A 6
200 Svenskt Stal AB, Class B 2
2,500 Swedish Match AB 9
11,500 Telefonaktiebolaget LM Ericsson, Class B 308
800 Trelleborg AB, Class B 7
800 Volvo AB, Class A 20
1,800 Volvo AB, Class B 46
400 Wm-Data AB, Class B 14
-------
1,422
-------
Switzerland--6.8%
35 ABB A.G. (Bearer)* 10
45 ABB A.G. (Registered) 64
100 Adecco S.A. 52
40 Alusuisse-Lonza Holdings A.G. (Registered) 47
1,585 Credit Suisse Group (Registered) 276
10 Forbo Holding A.G. 4
15 Georg Fischer A.G. (Registered) 5
30 Holderbank Financiere Glarus A.G., (Bearer) 36
60 Holderbank Financiere Glarus A.G. (Registered) 19
10 Jelmoli S.A. 2
2 Kuoni Reisen A.G., Category B (Registered) 8
10 Moevenpick Holding 4
230 Nestle S.A. (Registered) 414
410 Novartis A.G. (Registered) 596
10 Roche Holdings A.G. (Bearer) 174
42 Roche Holdings A.G. (Genusss) 445
75 SAirGroup (Registered) 17
85 Schweizerische Reuckversicherungs-Gesellschaft (Registered) 162
5 SGS Societe Generale de Surveillance Holdings S.A (Bearer) 5
20 SGS Societe Generale de Surveillance Holdings S.A 5
(Registered)
10 Sika Finanz A.G. 3
20 Sulzer A.G. (Registered) 12
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
20 Swatch Group A.G. (Bearer) $ 13
100 Swatch Group A.G. (Registered) 15
430 Swisscom A.G. 155
1,269 UBS (Registered) 368
25 Valora Holding A.G. 6
280 Zurich Allied A.G. 165
-------
3,082
-------
United Kingdom--21.4%
8,000 Abbey National PLC 165
9,205 Allied Zurich PLC* 117
1,031 AMEC PLC 4
439 Amstrad PLC --
1,929 Anglian Water PLC 21
2,067 Anglian Water PLC, Class B 2
5,000 Arjo Wiggins Appleton PLC 14
4,400 Associated British Foods PLC 33
6,000 AstraZeneca PLC 239
6,000 BAA PLC 64
8,859 Barclays PLC 269
1,000 Barratt Developments PLC 5
4,604 Bass PLC 68
2,089 BBA Group PLC 15
1,000 Berkeley Group PLC 11
23,294 BG PLC 128
2,113 BICC PLC 3
4,219 Blue Circle Industries PLC 26
3,037 BOC Group PLC 52
5,280 Boots Co. PLC 69
1,024 Bowthorpe PLC 8
56,513 BP Amoco PLC 1,012
3,000 BPB PLC 14
10,177 British Aerospace PLC 67
6,120 British Airways PLC 44
9,205 British American Tobacco PLC 84
3,035 British Land Co. PLC 27
10,000 British Sky Broadcasting Group PLC 95
11,000 British Steel PLC 23
37,132 British Telecommunications PLC 619
3,000 Bunzl PLC 14
833 Burmah Castrol PLC 14
14,066 Cable & Wireless PLC 174
11,870 Cadbury Schweppes PLC 81
2,900 Caradon PLC 7
3,097 Carlton Communications PLC 25
23,400 Centrica PLC* 47
7,305 CGU PLC 107
5,000 Coats Viyella PLC 3
1,000 Cobham PLC 15
5,872 Coca-Cola Beverages PLC* 11
4,000 Compass Group PLC 41
1,000 Courtaulds Textiles PLC 2
1,000 De La Rue PLC 5
1,000 Delta PLC 2
21,190 Diageo PLC 223
2,000 Electrocomponents PLC 16
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
<C> <S> <C>
2,146 Elementis PLC $ 3
4,137 EMI Group PLC 29
3,000 FKI PLC 9
15,740 General Electric Co. PLC 149
4,646 GKN PLC 78
21,257 Glaxo Wellcome PLC 597
5,132 Granada Group PLC 105
2,000 Great Portland Estates PLC 7
6,000 Great Universal Stores PLC 64
14,300 Halifax PLC 185
2,040 Hammerson PLC 15
4,000 Hanson PLC 36
1,000 Hepworth PLC 3
10,436 HSBC Holdings PLC 349
5,208 HSBC Holdings PLC (75P) 174
1,020 Hyder PLC 12
2,000 IMI PLC 8
4,000 Imperial Chemical Industries PLC 44
22,104 Invensys PLC 101
1,000 Jarvis PLC 8
1,000 Johnson Matthey PLC 9
8,176 Kingfisher PLC 103
7,226 Ladbroke Group PLC 32
1,000 Laird Group PLC 4
3,210 Land Securities Group PLC 46
6,000 LASMO PLC 13
28,000 Legal & General Group PLC 82
1,000 Lex Service PLC 9
31,723 Lloyds TSB Group PLC 419
1,313 Lonmin PLC 11
16,556 Marks & Spencer PLC 105
2,251 MEPC PLC 18
1,000 Meyer International PLC 7
3,008 Misys PLC 25
8,050 National Grid Group PLC 55
7,302 National Power PLC 57
2,000 Next PLC 23
911 Ocean Group PLC 14
3,666 Peninsular & Oriental Steam Navigation Co. 54
3,505 Pearson PLC 67
6,939 Pilkington PLC 8
1,929 Provident Financial PLC 29
11,000 Prudential Corp. PLC 145
2,000 Racal Electronics PLC 12
3,016 Railtrack Group PLC 62
4,215 Rank Group PLC 15
6,832 Reed International PLC 50
17,000 Rentokil Initial PLC 69
8,400 Reuters Holdings PLC 116
2,472 Rexam PLC 10
1,437 Rexam PLC, Class B* 2
6,298 Rio Tinto PLC (Registered) 92
2,000 RMC Group PLC 27
8,133 Rolls-Royce PLC 34
8,410 Royal & Sun Alliance Insurance Group PLC 69
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------------
<C> <S> <C>
5,156 Royal Bank Scotland Group PLC $ 110
4,000 Rugby Group PLC 7
6,354 Safeway PLC 26
11,033 Sainsbury (J) PLC 67
1,500 Schroders PLC 31
4,000 Scottish & Newcastle PLC 46
7,000 Scottish Power PLC 60
5,000 Scottish & Southern Energy PLC 47
993 Selfridges PLC 4
2,000 Slough Estates PLC 12
32,327 SmithKline Beecham PLC 422
2,036 Smiths Industries PLC 30
2,000 St. James Place Capital PLC 8
8,024 Stagecoach Holdings PLC 26
1,406 Sun Life & Provintial Holdings 11
5,583 Tarmac PLC 11
3,000 Tate & Lyle PLC 20
2,046 Taylor Woodrow PLC 6
38,253 Tesco PLC 111
1,860 Thames Water PLC 30
2,000 Thames Water PLC, Class B* 2
3,000 TI Group PLC 23
565 Transport Development Group PLC 2
1,000 Transport Development Group PLC, Class B* 1
1,389 Unigate PLC 9
16,846 Unilever PLC 148
3,642 United Biscuits Holdings PLC 12
3,000 United Biscuits Holdings PLC, Class B* 36
1,333 Vickers PLC 3
1,000 Viglen Technology PLC 0
18,257 Vodafone Group PLC 348
4,307 Williams PLC 25
1,000 Wilson (Connolly) Holdings PLC 2
2,000 Wimpey (George) PLC 5
3,093 Wolseley PLC 24
-------
9,679
- -----------------------------------------------------------
TOTAL COMMON STOCKS (Cost $40,377) $44,047
- -----------------------------------------------------------
PREFERRED STOCKS--0.5%
Australia--0.2%
9,703 News Corp. Ltd. $ 74
-------
Austria--0.0%
12 Bau Holdings A.G.--Vorzug --
4 Generali Holding Vienna A.G.--Vorzug 1
-------
1
-------
France--0.0%
100 Etablissements Econonmiques du Casino
Guichard-Perrachon S.A. 6
-------
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares and number of contracts)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
Germany--0.3%
50 Axa Colonia Konzern A.G.--Non Voting $ 4
500 MAN A.G.--Vorzug 10
100 Metro A.G.--Vorzug 3
100 Rheinmetall A.G. 2
450 RWE A.G.--Non Voting 13
250 SAP A.G.--Vorzug 100
500 Volkswagen A.G.--Non Voting 18
-------
150
-------
Italy--0.0%
6,300 Fiat S.p.A. 10
-------
United Kingdom--0.0%
2,726 MEPC PLC, Class B 4
- --------------------------------------------------------------------
TOTAL PREFERRED STOCKS (Cost $205) $ 245
- --------------------------------------------------------------------
WARRANTS/RIGHTS--0.0%
Belgium--0.0%
100 Gevaert N.V., Exp 10/9/00* $ --
-------
France--0.0%
27 Assurances Generales de France S.A., Exp 6/15/00* --
300 Vivendi, Exp 5/2/01* 1
2,760 Vivendi, Exp 6/7/99* 3
-------
4
-------
Hong Kong--0.0%
1,200 Chinese Estates Holdings, Exp 11/24/99* --
1,200 Chinese Estates Holdings, Exp 11/24/00* --
1,260 Hong Kong & China Gas Co. Ltd., Exp 9/30/99* --
600 Hong Kong Construction, Exp 12/31/99* --
750 Wharf Holdings Ltd., Exp 12/31/99* 1
-------
1
-------
Norway--0.0%
200 Kvaerner ASA, Class A, Exp 6/9/99* --
100 Kvaerner ASA, Class B, Exp 6/9/99* --
-------
--
-------
Portugal--0.0%
400 BPI-SGPS S.A. (Registered), Exp 6/19/99* 2
100 EFACEC Capital SGPS S.A., Exp 6/14/99* 1
-------
3
- --------------------------------------------------------------------
TOTAL WARRANTS/RIGHTS (Cost $0) $ 8
- --------------------------------------------------------------------
OTHER--0.7%
Australia--0.2%
7,000 World Equity Benchmark Shares $ 73
(WEBS) Index Series--Australia
-------
Germany--0.4%
9,000 WEBS Index Series--Germany 181
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------
<C> <S> <C>
Spain--0.1%
1,600 WEBS Index Series--Spain $ 43
- --------------------------------------------
TOTAL OTHER (Cost $322) $ 297
- --------------------------------------------
SHORT-TERM INVESTMENTS--0.2%
CDC Marches, Paris, France
$82 4.875% Due 6/1/99 $ 82
U.S. Treasury Bill #
20 4.428% Due 6/24/99 20
</TABLE>
<TABLE>
- -----------------------------
<S> <C> <C>
TOTAL SHORT-TERM $ 102
INVESTMENTS (Cost
$102)
- -----------------------------
TOTAL INVESTMENTS--
98.6%
(Cost $41,006) $44,699
- -----------------------------
Other assets, less 628
liabilities--1.4%
- -----------------------------
NET ASSETS--100.0% $45,327
- -----------------------------
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Number of Contract Contract Contract Unrealized
Type Contracts Amount Position Expiration Loss
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Nikkei 225 3 $239 Long 6/11/99 ($15)
- ----------------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
#Security pledged to cover margin requirements for open futures contracts
At May 31, 1999 the Portfolio's investments, excluding
short-term investments, were diversified as follows:
<TABLE>
<S> <C>
Industry/Sector
- ------------------------------
Banks 14.9%
Business Services 10.3
Capital Goods 5.6
Consumer Durables 6.7
Consumer Non-durables 6.3
Consumer Services 3.9
Energy/Utilities 6.3
Financial Services 10.3
Pharmaceuticals/Health 7.6
Multi-Industry 2.5
Raw Materials 6.4
Retail 3.9
Technology 4.6
Transportation 2.6
Utilities 8.1
- ------------------------------
Total 100.0%
- ------------------------------
</TABLE>
See accompanying notes to financial statements.
50
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------------
International Growth Portfolio
<C> <S> <C>
COMMON STOCKS--92.5%
Australia--2.2%
185,000 Broken Hill Proprietary Co. Ltd. $ 1,902
20,000 News Corp. Ltd. ADR 664
--------
2,566
--------
Austria--1.3%
18,000 VA Technologies A.G. 1,515
--------
China--1.3%
500,000 Beijing Enterprises Holdings Ltd. 812
2,400,000 Huaneng Power International, Inc., H Shares 712
--------
1,524
--------
Finland--1.2%
70,000 Stora Enso Oyj, R Shares 716
24,000 Upm-Kymmene Oyj 705
--------
1,421
--------
France--9.4%
10,000 Axa--UAP 1,155
4,000 Canal Plus 1,161
4,000 Cap Gemini S.A. 578
9,000 Elf Aquitaine S.A. 1,306
15,500 Lafarge S.A. 1,400
5,000 LVMH Moet-Hennessy Louis Vuitton 1,396
6,500 Societe Generale, A Shares 1,184
7,500 Suez Lyonnaise des Eaux 1,246
18,000 Vivendi 1,336
--------
10,762
--------
Germany--10.5%
14,000 Adidas-Salomon A.G. 1,398
30,000 BASF A.G. 1,170
2,000 Bayerische Motoren Werke A.G. 1,284
14,000 DaimlerChrysler A.G. 1,224
20,000 Deutsche Bank A.G. 1,046
30,000 Hoechst A.G. 1,339
9,000 Mannesmann A.G. 1,233
12,000 SGL Carbon A.G. 841
18,000 Siemens A.G. 1,214
19,000 Volkswagen A.G. 1,180
--------
11,929
--------
Greece--0.8%
40,000 Hellenic Telecommunications Organization S.A. 868
--------
India--0.6%
80,000 Mahanagar Telephone Nigam Ltd. GDR 730
--------
Ireland--0.6%
12,500 Elan Corp. PLC ADR* 675
--------
Italy--3.5%
38,000 Assicurazioni Generali 1,355
92,000 Bulgari S.p.A. 555
320,000 ENI S.p.A. 2,004
--------
3,914
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
Japan--21.0%
82,000 Fujitsu Ltd. $ 1,373
65,000 Isetan Co. Ltd. 581
30,000 Jafco Co. Ltd. 1,207
40,000 JUSCO Co. Ltd. 758
825,000 Kawasaki Steel Corp. 1,475
8,000 Keyence Corp. 1,159
40,000 Kissei Pharmaceutical Co. Ltd. 844
180,000 Mazda Motor Corp. 853
180,000 Mitsui & Co. Ltd. 1,152
300,000 Nikko Securities Co. Ltd. 1,311
55,000 Nikon Corp. 724
240,000 Oji Paper Co. Ltd. 1,391
120,000 Omron Corp. 1,659
55,000 Onward Kasiyama Co. Ltd. 637
40,000 Ricoh Co. Ltd. 444
50,000 Sankyo Co. Ltd. 1,171
95,000 Sanwa Bank 923
50,000 SHIMANO, Inc. 1,233
8,000 Sony Corp. ADR 747
75,000 Sumitomo Bank Ltd. 908
120,000 Sumitomo Electric Industries 1,345
75,000 Takashimaya Co. Ltd. 683
150,000 Tokyo Gas Co. Ltd. 381
160,000 Toshiba Corp. 989
--------
23,948
--------
Netherlands--5.4%
14,000 ASM Lithography Holding N.V. ADR 618
67,000 Buhrmann N.V. 1,121
7,000 Equant N.V. ADR* 581
27,000 ING Groep N.V. 1,447
20,214 Unilever N.V. ADR 1,320
55,000 Vedior N.V. 1,021
--------
6,108
--------
Norway--1.2%
380,000 Den Norske Bank A.S.A. 1,315
--------
Philippines--0.7%
30,000 Philippine Long Distance Telephone Co. 844
--------
Portugal--1.0%
26,000 Portugal Telecom S.A. 1,180
--------
South Korea--1.2%
368 Daewoo Corp. 2
50,000 Korea Electric Power Corp. ADR 853
15,000 Korea Telecom Corp. ADR* 477
--------
1,332
--------
Spain--2.8%
65,000 Argentaria S.A. 1,461
35,000 Telefonica de Espana 1,683
--------
3,144
--------
Sweden--0.6%
25,000 Telefonaktiebolaget LM Ericsson ADR 673
--------
</TABLE>
See accompanying notes to financial statements.
51
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
- --------------------------------------------------------------
International Growth Portfolio--Continued
<C> <S> <C>
Switzerland--5.3%
1,200 ABB A.G. Bearer $ 1,704
1,200 Novartis A.G. 1,745
4,000 Swisscom A.G. * 1,444
4,100 UBS A.G. 1,189
--------
6,082
--------
Thailand--0.7%
155,000 BEC World Public Co. Ltd. 835
--------
United Kingdom--21.2%
110,000 Allied Zurich PLC* 1,403
50,000 Barclays PLC 1,517
100,000 Bass PLC 1,476
11,000 BP Amoco PLC ADR 1,178
95,000 British Land Co. PLC 837
100,000 British Sky Broadcasting Group PLC 950
140,000 Canary Wharf Finance PLC* 875
16,000 Glaxo Wellcome PLC ADR 900
120,000 Great Universal Stores PLC 1,281
120,000 Halifax PLC 1,550
37,000 HSBC Holdings PLC 1,237
85,000 Imperial Chemical Industries PLC 937
255,000 Invensys PLC 1,162
200,000 Marks & Spencer PLC 1,263
32,000 Pearson PLC 610
60,000 Rio Tinto PLC 880
140,909 Royal & Sun Alliance Insurance Group PLC 1,153
145,000 Scottish & Newcastle PLC 1,683
205,000 Shell Transport & Trading Co. 1,484
235,000 TI Group PLC 1,811
--------
24,187
- --------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $99,511) $105,552
- --------------------------------------------------------------
RIGHTS--0.0%
(Cost $0)
18,000 Vivendi, Exp. 6/7/99* $ 19
- --------------------------------------------------------------
SHORT-TERM INVESTMENT--3.8%
(Cost $4,341)
CDC Marches, Paris, France
$ 4,341 4.875% Due 6/1/99 $ 4,341
- --------------------------------------------------------------
TOTAL INVESTMENTS--96.3%
(Cost $103,852) $109,912
- --------------------------------------------------------------
Other assets, less liabilities--3.7% 4,221
- --------------------------------------------------------------
NET ASSETS--100.0% $114,133
- --------------------------------------------------------------
- --------------------------------------------------------------
</TABLE>
At May 31, 1999, the Portfolio's investments, excluding the short-term
investment, were diversified as follows:
<TABLE>
<CAPTION>
Industry/Sector
- --------------------------
<S> <C>
Auto 2.7%
Basic Materials 12.2
Building 1.2
Capital Goods 9.9
Chemicals 1.2
Consumer Goods 10.0
Financial Services 16.5
Food/Beverages 2.7
Insurance 1.2
Media 2.3
Oil 3.9
Other 9.6
Pharmaceuticals 2.2
Real Estate 1.5
Retail 5.2
Technology 8.1
Telecommunications 4.9
Transportation 1.8
Utilities 2.9
- --------------------------
100.0%
- --------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
52
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
Small Company Index Portfolio
<C> <S> <C>
COMMON STOCKS--95.2%
Advertising--0.4%
4,125 Advo, Inc.* $ 82
3,400 Catalina Marketing Corp.* 301
4,100 Getty Images, Inc.* 90
100 Grey Advertising, Inc. 30
7,150 Ha-Lo Industries, Inc.* 86
7,100 Sitel Corp.* 20
2,200 TMP Worldwide, Inc.* 107
--------
716
--------
Aerospace & Defense--0.6%
5,100 AAR Corp. 101
1,600 Alliant Techsystems, Inc.* 136
4,500 BE Aerospace, Inc. 80
900 Curtiss-Wright Corp. 34
1,550 Ducommun, Inc.* 18
3,640 Fairchild Corp. (The)* 54
6,400 GenCorp, Inc. 156
1,100 Heico Corp.* 28
4,300 Kaman Corp. 57
2,200 Kellstrom Inds, Inc.* 40
1,200 L-3 Communications Holdings, Inc.* 59
2,150 Nichols Research Corp.* 44
1,700 Primex Technologies, Inc. 32
3,700 Remec, Inc.* 48
1,100 Sequa Corp.* 64
--------
951
--------
Agriculture--0.1%
7,800 Agribiotech, Inc.* 50
2,000 Agribrands International, Inc.* 70
6,400 Cadiz, Inc.* 66
1,700 Tejon Ranch Co.* 45
--------
231
--------
Airlines--0.4%
10,400 Airtran Holdings, Inc.* 49
4,900 Alaska Airgroup, Inc.* 203
7,730 America West Holding Corp., Class B* 151
600 Amtran, Inc.* 14
2,400 Atlantic Coast Airlines Holdings* 42
4,700 Mesa Air Group, Inc.* 31
2,250 Mesaba Holdings, Inc.* 33
2,625 Midwest Express Holdings* 79
3,800 Skywest, Inc. 88
10,700 Trans World Airlines* 55
--------
745
--------
Apparel--0.8%
3,500 Authentic Fitness Corp.* 57
10,600 Burlington Industries, Inc. 104
1,100 Columbia Sportswear Co.* 16
4,100 Cone Mills Corp.* 25
2,400 Donna Karan International, Inc.* 25
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------------
<C> <S> <C>
2,200 Galey & Lord, Inc.* $ 9
1,400 Guess ?, Inc.* 15
4,900 Hartmarx Corp.* 24
4,150 Kellwood Co. 99
6,200 Nautica Enterprises, Inc.* 100
4,400 Nine West Group, Inc.* 122
2,300 Oshkosh B'gosh, Inc. 45
1,200 Oxford Industries, Inc. 33
4,300 Phillips-Van Heusen Corp. 38
3,850 Quiksilver, Inc.* 110
5,500 Russell Corp. 129
3,100 St John Knits, Inc. 89
8,600 Stride Rite Corp. 90
1,000 Timberland Co.* 65
7,600 Wolverine World Wide, Inc.* 103
--------
1,298
--------
Auto Manufacturers--0.0%
4,300 Wabash National Corp. 82
--------
Auto Parts & Equipment--0.8%
3,800 Aftermarket Technology Corp.* 42
4,500 Arvin Industries, Inc. 177
2,400 Bandag, Inc. 83
4,463 Borg-Warner Automotive, Inc.* 247
3,000 Breed Technologies, Inc.* 10
4,000 Delco Remy International, Inc.* 44
1,600 Detroit Diesel Corp.* 40
3,200 Exide Corp.* 50
3,400 Hayes Lemmerz International, Inc.* 112
7,400 Miller Industries, Inc.* 36
3,100 OEA, Inc.* 31
3,100 Simpson Industries 31
1,900 Standard Motor Products, Inc. 45
3,025 Standard Products Co. 67
3,800 Superior Industries International, Inc. 95
3,125 Titan International, Inc.* 29
8,600 Tower Automotive, Inc.* 197
2,643 Wynn's International, Inc. 48
--------
1,384
--------
Banks--6.0%
1,400 Alabama National BanCorp. 34
5,250 Amcore Financial, Inc. 111
1,900 Area Bancshares Corp. 47
900 Bancfirst Corp. 29
1,300 Bancfirst Ohio Corp. 32
10,400 BancorpSouth, Inc. 177
4,100 Bancwest Corp. 156
2,127 Bank of Granite Corp. 51
4,280 Banknorth Group, Inc. 114
2,014 BOK Financial Corp. 51
2,470 Brenton Banks, Inc. 43
1,300 BSB BanCorp, Inc. 33
2,460 BT Financial Corp. 66
700 Capital City Bank Group, Inc. 16
4,200 Carolina First Corp. 115
</TABLE>
See accompanying notes to financial statements.
53
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Banks--Continued
1,300 Cathay BanCorp, Inc. $ 46
3,163 Centennial BanCorp.* 37
1,700 Century South Banks, Inc. 40
2,528 Chemical Financial Corp. 78
2,608 Chittenden Corp. 76
4,450 Citizens Banking Corp. 132
3,122 City Holding Co. 85
5,876 CNB Bancshares, Inc. 253
2,005 Columbia Banking Systems, Inc.* 33
4,856 Commerce BanCorp., Inc. 195
1,400 Community Bank System, Inc. 33
8,800 Community First Bankshares, Inc. 186
2,083 Community Trust BanCorp. 48
1,500 Corus Bankshares, Inc. 48
4,980 Cullen/Frost Bankers, Inc. 280
1,995 CVB Financial Corp. 47
1,240 F & M BanCorp. 40
2,906 F & M BanCorp., Inc. 107
4,155 F & M National Corp. 124
3,534 F.N.B. Corp. 95
1,200 Farmers Capital Bank Corp. 41
4,450 First BanCorp. of Puerto Rico 107
3,100 First Charter Corp. 75
1,100 First Citizens Bancshares, Inc. 91
2,200 First Commerce Bancshares, Inc. 59
5,800 First Commonwealth Financial Co. 130
5,367 First Financial BanCorp. 127
1,889 First Financial Bankshares, Inc. 59
1,152 First Financial Corp. 43
1,900 First Merchants Corp. 45
4,713 First Midwest BanCorp., Inc. 183
1,800 First Republic Bank Corp.* 47
2,141 First Source Corp. 69
4,000 First United Bancshares, Inc. 62
2,032 First Western BanCorp. 71
2,600 Frontier Financial Corp.* 63
2,500 GBC BanCorp. 46
1,600 Gold Banc Corp., Inc.* 22
2,770 Grand Premier Financial, Inc. 33
1,800 Greater Bay BanCorp. 58
1,500 Hamilton BanCorp., Inc.* 34
1,710 Hancock Holding Co. 76
1,368 Harleysville National Corp. 48
7,412 Hudson United BanCorp. 227
6,527 Imperial BanCorp.* 126
2,200 Independent Bank Corp. 31
2,000 International Bancshares Corp. 94
2,550 Interwest BanCorp., Inc. 52
2,500 Investors Financial Services Co. 88
2,200 Irwin Financial Corp. 51
1,433 Jeffbanks, Inc. 37
1,200 Mahoning National BanCorp. 37
1,400 Merchants New York BanCorp. 48
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
<C> <S> <C>
600 Michigan Financial Corp. $ 19
1,470 Mid-America BanCorp. 36
1,200 Mississippi Valley Bancshares, Inc. 39
2,282 N B T BanCorp., Inc. 48
2,900 National BanCorp of Alaska 80
1,000 National City BanCorp.* 20
3,169 National City Bancshares 80
3,185 National Penn Bancshares, Inc. 73
8,039 Old National BanCorp. 279
1,700 Omega Financial Corp. 60
6,431 One Valley BanCorp, Inc. 247
2,100 Oriental Financial Group 56
4,500 Pacific Capital BanCorp. 128
1,500 Park National Corp. 147
1,100 Peoples Holding Co. (The) 36
800 Pinnacle Banc Group, Inc. 25
4,800 Premier Bancshares, Inc. 100
1,000 Prime Bancshares, Inc. 17
1,800 Prime BanCorp., Inc. 48
5,009 Provident Bankshares Corp. 116
7,370 Republic BanCorp. 95
900 Republic Bancshares, Inc.* 17
1,600 Republic Banking Corp. 30
9,416 Republic Security Financial Corp. 79
3,300 Riggs National Corp. of Washington D.C. 55
5,100 S & T BanCorp, Inc. 127
1,800 Sandy Spring BanCorp., Inc. 50
1,200 Shoreline Financial Corp. 33
3,600 Silicon Valley Bancshares* 69
1,200 Simmons First National Corp. 40
8,333 Sky Financial Group, Inc. 245
4,500 Southwest BanCorp. of Texas 75
1,500 Sterling BanCorp. 31
4,450 Sterling Bancshares, Inc. 56
1,100 Sterling Financial Corp. 37
6,893 Susquehanna Bancshares, Inc. 125
2,650 Texas Regional Bancshares 72
4,700 Triangle BanCorp., Inc. 79
3,000 Trust Co. of New Jersey 66
4,954 Trustco Bank Corp. 136
2,500 US BanCorp, Inc. 38
2,663 UMB Financial Corp. 113
8,000 United Bankshares, Inc. 214
2,810 United National BanCorp. 64
1,610 USB Holding Co., Inc. 23
7,928 UST Corp. 191
2,400 Vermont Financial Services Corp. 75
1,900 Washington Trust BanCorp. 33
3,850 Wesbanco, Inc. 114
2,650 West Coast BanCorp. of Oregon 46
7,500 Westamerica BanCorp. 259
3,900 Western BanCorp. 159
7,900 Westernbank Puerto Rico 108
4,375 Whitney Holding Corp. 178
-------
10,224
-------
</TABLE>
See accompanying notes to financial statements.
54
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
<C> <S> <C>
Beverages--0.4%
3,400 Beringer Wine Estates Holdings* $ 138
2,700 Boston Beer Company, Inc.* 22
359 Buenos Aires Embotelladora SA --
2,900 Canandaigua Brands, Inc.* 144
400 Coca-Cola Bottling Co. Consolidated 22
6,600 Coors (Adolph) 313
198 Farmer Bros. Co. 41
1,337 Pepsi-Cola Puerto Rico Bottling Co. 6
1,500 Robert Mondavi* 51
------
737
------
Biotechnology--1.1%
6,900 Advanced Tissue Sciences, Inc.* 27
2,900 Affymetrix, Inc.* 102
2,400 Aviron* 52
1,900 Bio-Rad Laboratories, Inc.* 54
9,700 Bio-Technology General Corp.* 69
4,400 Cell Genesys, Inc.* 21
1,900 Entremed, Inc.* 49
3,994 Enzo Biochem, Inc.* 43
4,200 Human Genome Sciences, Inc.* 177
6,900 Icos Corp.* 302
3,300 Idec Pharmaceuticals Corp.* 166
4,400 Incyte Pharmaceuticals, Inc.* 114
3,100 Inhale Therapeutic Systems, Inc.* 82
7,100 Liposome Co, Inc.* 102
6,200 Millennium Pharmaceuticals, Inc.* 235
2,200 Neurogen Corp.* 27
5,456 Organogenesis, Inc.* 60
3,500 Protein Design Labs, Inc.* 69
4,300 Regeneron Pharmaceutical, Inc.* 31
4,600 Serologicals Corp.* 37
1,900 Sugen, Inc.* 39
3,100 Transkaryotic Therapies, Inc.* 93
3,000 Vical, Inc.* 36
------
1,987
------
Building Materials--1.1%
2,600 Advanced Lighting Technologies, Inc.* 19
700 Ameron International Corp. 30
5,100 Apogee Enterprises, Inc. 61
1,050 Butler MFG Co. 30
1,700 Centex Construction Products, Inc. 61
7,100 Comfort Systems USA, Inc.* 112
6,500 Dal-Tile International, Inc.* 64
2,450 Elcor Corp. 99
2,500 Florida Rock Industries, Inc. 100
2,300 Genlyte Group, Inc.* 49
1,700 Giant Cement Holding, Inc.* 37
2,000 Holophane Corp.* 55
7,000 Homebase, Inc.* 40
9,500 Hussmann International, Inc.* 152
3,200 Juno Lighting, Inc. 73
3,600 Lone Star Industries, Inc. 128
4,100 Modine Manufacturing Co. 132
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------
<C> <S> <C>
3,400 NCI Building Systems, Inc.* $ 86
1,800 Nortek, Inc.* 55
800 Puerto Rican Cement Co., Inc. 26
5,200 Rayonier, Inc. 242
1,600 Republic Group, Inc. 29
800 Simpson Manufacturing Co., Inc.* 36
3,900 Texas Industries, Inc. 142
2,300 TJ International, Inc. 63
2,800 Universal Forest Products, Inc.* 50
------
1,971
------
Chemicals--1.3%
11,500 Airgas, Inc.* 132
3,600 Albemarle Corp. 81
1,100 Bush Boake Allen, Inc.* 32
4,292 Cambrex Corp. 97
1,600 Carbide/Graphite Group* 21
3,400 Chemfirst, Inc. 81
11,600 Ethyl Corp. 58
6,600 Ferro Corp. 192
2,500 Fuller (H. B.) Co. 159
1,700 General Chemical Group, Inc. 7
4,400 Geon Co. 133
5,800 Georgia Gulf Corp. 87
8,200 Hanna (M.A.) Co. 121
4,600 Lawter International, Inc. 56
4,275 Lilly Industries, Inc. 81
2,700 MacDermid, Inc. 109
1,600 McWhorter Technologies, Inc.* 22
3,600 Minerals Technologies, Inc. 192
4,868 Mississippi Chemical Corp. 47
4,000 NL Industries, Inc. 42
2,600 Octel Corp.* 36
4,400 OM Group, Inc. 164
1,400 Penford Corp. 18
6,000 Schulman (A.), Inc. 100
2,400 Spartech Corp. 58
1,400 Stepan Co. 35
6,100 Terra Industries, Inc. 24
2,000 Tetra Technologies, Inc.* 17
1,700 Valhi, Inc. 20
5,800 Wellman, Inc. 79
------
2,301
------
Commercial Services--4.7%
2,700 Aaron Rents, Inc.* 51
1,500 Abacus Direct Corp.* 110
3,120 ABM Industries, Inc. 85
5,300 ABR Information Services, Inc.* 134
1,100 Administaff, Inc.* 18
1,300 AHL Services, Inc.* 34
2,700 Alternative Resources Corp.* 21
5,200 American Oncology Resources, Inc.* 53
2,800 Ameripath, Inc.* 26
4,600 Avis Rent A Car, Inc.* 132
900 Bacou USA, Inc.* 15
447 Berlitz International, Inc.* 10
</TABLE>
See accompanying notes to financial statements.
55
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Commercial Services--Continued
3,200 Big Flower Holdings, Inc.* $ 100
6,900 Billing Concepts Corp.* 86
2,400 Borg-Warner Security Corp.* 39
1,900 Boron Lepore & Associates, Inc.* 18
4,800 Budget Group, Inc.* 64
5,042 Building One Services Corp.* 67
4,400 Caribiner International, Inc.* 24
1,800 Carriage Services, Inc.* 31
2,000 CDI Corp.* 65
2,100 Central Parking Corp.* 68
10,900 Century Business Services, Inc.* 121
1,700 Chemed Corp. 55
2,400 Coinmach Laundry Corp.* 29
3,200 Computer Learning Centers* 16
8,807 Concentra Managed Care, Inc.* 129
2,400 Cort Business Services Corp.* 58
1,800 CPI Corp. 57
6,750 Crawford & Co. 93
1,900 Crescent Operating, Inc.* 10
1,100 Data Processing Resources, Inc.* 17
1,800 Data Transmission Network Corp.* 40
1,400 DBT Online, Inc.* 50
11,100 Devry, Inc.* 247
1,300 Diamond Technology Partners, Inc.* 31
4,500 Dollar Thrifty Automotive Group, Inc.* 96
800 Duff & Phelps Credit Rating, Inc. 49
3,300 Education Management, Inc.* 59
600 Edutreck International, Inc.* 3
2,768 Electro Rent Corp. 34
2,200 F.Y.I., Inc.* 61
2,900 First Consulting Group, Inc.* 33
400 Forrester Research, Inc.* 13
4,000 Franklin Covey Co.* 39
5,800 Group Maintenance American Corp.* 79
2,200 Hagler Bailly, Inc.* 18
1,643 Healthplan Services Corp. 15
5,200 Hooper Holmes, Inc.* 94
3,700 Horizon Offshore, Inc. 29
3,800 Integrated Electrical Services, Inc.* 57
8,800 Interim Services, Inc.* 192
2,400 International Telcomm Data Systems, Inc. 30
3,250 Iron Mountain, Inc.* 90
3,050 ITT Educational Services, Inc.* 73
1,400 Kendle International, Inc.* 19
1,700 Kroll-O'Gara Co.* 34
4,300 Labor Ready, Inc.* 153
1,500 Landauer, Inc. 42
2,300 Lason, Inc.* 88
2,000 Learning Tree International, Inc.* 21
1,000 Leasing Solutions, Inc.* 1
1,700 Maximus, Inc.* 51
1,400 McGrath RentCorp. 26
14,700 Medaphis Corp.* 74
6,300 Medquist, Inc.* 232
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
2,300 Memberworks, Inc.* $ 104
1,600 Meta Group, Inc.* 22
3,200 Metzler Group, Inc.* 105
3,100 Midas, Inc. 97
1,400 National Processing, Inc.* 8
1,550 NCO Group, Inc.* 47
3,250 NFO Worldwide, Inc.* 46
2,800 Norrell Corp. 52
12,990 Nova Corp.* 289
5,200 Novacare Employee Services, Inc.* 24
12,500 Olsten Corp. 111
2,000 On Assignment, Inc.* 51
6,700 Orthodontic Centers of America* 81
4,600 Parexel International Corp.* 110
2,900 Paymentech, Inc.* 73
2,900 Pediatrix Medical Group, Inc.* 65
6,100 Personnel Group of America, Inc.* 69
3,145 Pharmaceutical Product Development* 84
14,200 Phycor, Inc.* 99
3,800 Phymatrix, Inc.* 6
5,300 Physician Reliance Network, Inc.* 48
1,400 Pierce Leahy Corp.* 35
2,800 Plexus Corp. 86
3,700 Prepaid Legal Services, Inc.* 98
4,000 Primark Corp.* 108
2,100 Probusiness Services, Inc.* 65
2,500 Profit Recovery Group International* 92
4,000 Protection One, Inc.* 22
900 Remedytemp, Inc.* 12
2,560 Renaissance Worldwide, Inc.* 19
2,900 Rent-A-Center, Inc. 75
3,070 Rent-Way, Inc.* 77
5,200 Rental Services Corp. 124
3,300 Rollins, Inc. 55
6,613 Romac International, Inc.* 95
5,100 Ruddick Corp. 90
2,600 Rural/Metro Corp.* 20
600 S M & A Corp.* 4
2,900 Service Experts, Inc.* 54
1,800 SOS Staffing Services, Inc.* 11
7,500 Sotheby's Holdings, Inc. 285
2,800 Staff Leasing, Inc.* 32
4,100 Staffmark, Inc.* 45
1,350 Strayer Education, Inc. 39
1,300 Superior Consultant Holdings, Inc.* 49
7,075 Sylvan Learning Systems, Inc.* 193
4,000 Teletech Holdings, Inc.* 30
3,800 Trico Marine Services, Inc.* 27
2,600 United Payors & United Providors 49
5,655 United Rentals, Inc.* 170
12,000 USWeb, Corp.* 305
1,500 Volt Information Sciences, Inc.* 26
1,900 Wackenhut Corrections Corp.* 38
1,797 Wackhenut Corp. 41
1,300 Westaff, Inc.* 9
------
8,080
------
</TABLE>
See accompanying notes to financial statements.
56
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
Computers--3.9%
2,100 Anacomp, Inc.* $ 40
3,911 Analysts International Corp. 62
4,600 Anixter International, Inc.* 81
700 AnswerThink Consulting Group, Inc.* 18
1,400 Apex PC Solutions, Inc.* 25
1,100 ARIS Corp.* 10
5,175 Avant! Corp.* 63
4,600 Axent Technologies, Inc.* 57
3,666 Banctec, Inc.* 59
2,700 Bell & Howell Co.* 103
4,500 Bisys Group, Inc.* 247
7,400 Checkfree Holdings Corp.* 348
2,500 Complete Business Solutions* 61
4,200 Compucom Systems, Inc.* 17
5,800 Computer Horizons Corp.* 106
3,200 Computer Task Group, Inc. 53
2,400 Cotelligent, Inc.* 32
3,600 Cylink Corp.* 14
9,300 Data General Corp.* 122
2,300 DecisionOne Holdings Corp.* 7
6,500 Diamond Multimedia Systems* 29
10,000 Electronics for Imaging, Inc.* 491
1,800 Evans & Sutherland CMP Corp.* 28
1,650 Factset Research Systems, Inc.* 71
2,450 Henry (Jack) & Associates 87
7,200 HMT Technology Corp.* 29
3,700 Hutchinson Technology* 86
1,900 Hypercom Corp.* 13
7,004 Inacom Corp. 77
800 Intelligroup, Inc.* 5
8,000 Intergraph Corp.* 64
6,250 International Network Services* 234
1,900 ISS Group, Inc.* 53
9,900 Komag, Inc.* 38
2,300 Kronos, Inc.* 85
700 Manhattan Associates, Inc.* 6
3,700 Mastech Corp.* 71
11,500 Mentor Graphics Corp.* 145
5,400 Metamor Worldwide, Inc. 148
3,850 Microage, Inc. 22
6,500 Micron Electronics, Inc.* 65
3,000 Micros Systems, Inc.* 94
5,700 MMC Networks, Inc.* 159
4,700 MTI Technology, Corp.* 42
3,400 MTS Systems, Corp. 40
5,200 National Computer Systems, Inc. 163
11,500 Network Appliance, Inc.* 542
1,700 Pomeroy Computer Resources* 24
1,400 QRS Corp.* 104
1,300 Radiant Systems, Inc.* 16
8,400 Read-Rite Corp.* 55
800 RWD Technologies, Inc.* 13
5,200 Safeguard Scientifics, Inc.* 380
3,600 Sandisk Corp.* 112
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------
<C> <S> <C>
1,900 Sapient Corp. $ 121
2,300 SCM Microsystems, Inc.* 133
6,800 Security Dynamics Technologies* 129
8,100 Sequent Computer Systems, Inc.* 105
4,900 Smart Modular Technologies* 74
2,600 Splash Technology Holdings* 21
1,400 SPR, Inc.* 9
3,100 Sykes Enterprises, Inc.* 96
1,000 Syntel, Inc.* 11
6,100 Systems & Computer Technology Co.* 100
7,625 Technology Solutions Co.* 71
3,000 Telxon Corp.* 31
4,800 Tyler Technologies, Inc.* 29
3,700 Visual Networks, Inc.* 109
8,700 Wang Laboratories* 252
5,300 Whittman-Hart, Inc.* 150
4,500 Xircom, Inc.* 114
------
6,671
------
Cosmetics/Personal Care--0.0%
1,800 Chattem, Inc.* 65
1,500 French Fragrances, Inc.* 11
------
76
------
Distribution/Wholesale--0.7%
3,500 Anicom, Inc. 32
3,400 Aviall, Inc* 53
1,700 Aviation Sales Co.* 65
9,724 Brightpoint, Inc.* 55
2,700 CDW Computer Centers, Inc.* 117
6,300 Cellstar Corp.* 49
6,300 CHS Electronics, Inc.* 28
2,100 Daisytek International Corp.* 34
3,675 Insight Enterprises, Inc.* 93
900 JLK Direct Distribution, Inc.* 10
2,900 Keystone Automotive Industries, Inc.* 47
14,900 Merisel, Inc.* 35
3,700 Owens & Minor, Inc. Holding Co. 40
2,500 Tristar Aerospace Co.* 23
2,200 U.S.A. Floral Products, Inc.* 16
13,100 Unisource Worldwide, Inc. 154
6,900 United Stationers, Inc.* 129
2,700 VWR Scientific Products Corp.* 77
4,300 Watsco, Inc. 83
------
1,140
------
Diversified Financial Services--2.8%
4,750 Aames Financial Corp.* 7
4,400 Advanta Corp. 76
1,300 Advest Group, Inc. 27
4,300 Affiliated Managers Group* 126
11,700 Americredit Corp.* 186
3,500 Ameritrade Holding Corp.* 314
800 Amplicon, Inc. 11
3,800 Charter Municipal Mortgage Acceptance 49
2,500 Cityscape Financial Corp. --
</TABLE>
See accompanying notes to financial statements.
57
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Diversified Financial Services--Continued
2,400 Conning Corp. $ 41
2,100 Contifinancial Corp.* 15
4,100 Credit Acceptance Corp.* 25
2,300 Dain Rauscher Corp. 120
900 Delta Financial Corp.* 6
5,800 Doral Financial Corp. 98
2,100 DVI, Inc.* 33
38,000 E*trade Group, Inc.* 1,691
5,400 Eaton Vance Corp. 165
2,500 Everen Capital Corp. 73
600 Federal Agricultural Mortgage Co.* 41
1,750 Financial Federal Corp.* 39
2,100 First Sierra Financial, Inc.* 46
1,000 Firstcity Financial Corp.* 6
1,900 Franchise Mortgage Acceptance Corp.* 17
2,400 Freedom Securities Corp. 42
4,400 Friedman, Billings, Ramsey Group* 46
1,000 Fund American Enterprise Holdings, Inc. 149
3,300 Hambrecht & Quist, Inc.* 119
2,200 Healthcare Financial Partners* 74
5,264 Imperial Credit Industries* 43
3,916 Investment Technology Group, Inc.* 174
2,900 Jefferies Group, Inc. 71
1,100 John Nuveen Co. 46
3,900 Long Beach Financial Corp.* 56
2,100 Medallion Financial Corp. 36
3,546 Metris Cos., Inc.* 207
5,037 Morgan Keegan, Inc. 93
8,150 Phoenix Investment Partners Ltd. 80
4,200 Pioneer Group, Inc.* 74
4,100 Resource America, Inc. 59
2,696 Resource Bancshares MTG Group 28
91 Search Financial Services --
1,960 Southwest Securities Group 131
700 Student Loan Corp. 28
8,300 UniCapital Corp.* 47
------
4,815
------
Electric--2.4%
7,550 Avista Corp. 136
3,950 Black Hills Corp. 91
4,900 Calpine Corp.* 266
3,100 Central Hudson Gas & Electric 131
2,500 Cilcorp, Inc. 152
4,200 Cleco Corp. 139
6,000 CMP Group, Inc. 122
3,400 Commonwealth Energy System 144
3,800 Eastern Utilities Associates 110
10,300 EL Paso Electric Co.* 88
3,200 Empire District Electric Co. 83
5,950 Hawaiian Electric Industries 219
7,000 IdaCorp, Inc. 233
2,950 Madison Gas & Electric Co. 63
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
9,875 MDU Resources Group, Inc. $ 226
13,500 Minnesota Power, Inc. 290
9,500 Nevada Power Co. 239
4,278 Northwestern Corp. 112
2,500 Orange & Rockland Utilities 145
2,200 Otter Tail Power Co. 86
7,800 Public Service Co. Of New Mexico 162
7,000 Rochester Gas & Electric Corp 196
5,800 Sierra Pacific Resources 211
4,350 SIGCORP, Inc. 137
2,000 TNP Enterprises, Inc. 75
5,980 Unisource Energy Corp. Holding* 75
2,700 United Illuminating Co. 118
4,900 WPS Resources Corp. 157
------
4,206
------
Electrical Components & Equipment--0.7%
1,375 AFC Cable Systems, Inc.* 47
2,900 Alpine Group, Inc.* 47
6,000 Ametek, Inc. 138
4,500 Belden, Inc. 106
2,300 C&D Technologies, Inc. 63
6,500 C-Cube Microsystems, Inc.* 163
5,275 Cable Design Technologies Corp.* 75
2,300 Encore Wire Corp.* 22
6,900 General Cable Corp. 105
3,500 Littelfuse, Inc.* 70
5,100 Rayovac Corp. 129
2,000 Scotsman Industries, Inc. 41
2,775 SLI, Inc.* 90
3,600 Vicor Corp.* 59
------
1,155
------
Electronics--3.0%
1,500 Aavid Thermal Technologies* 30
3,000 Amphenol Corp.* 113
1,200 Analogic Corp. 39
1,900 Benchmark Electronics, Inc.* 57
5,100 BMC Industries, Inc.* 51
3,880 Brady Corp. 97
5,300 Checkpoint Systems, Inc.* 48
4,400 Coherent, Inc.* 71
1,800 Cohu, Inc. 54
3,800 Credence Systems Corp.* 113
2,109 CTS Corp. 118
976 Cubic Corp. 24
5,100 Cymer, Inc.* 93
5,700 DII Group, Inc.* 188
4,200 Dionex Corp.* 172
2,100 Electro Scientific Industries, Inc.* 79
7,400 Fisher Scientific International 150
5,400 Genrad, Inc.* 99
13,500 Gentex Corp.* 405
2,500 Hadco Corp.* 77
2,000 Harmon Industries, Inc. 42
2,800 Innovex, Inc. 37
</TABLE>
See accompanying notes to financial statements.
58
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
15,400 Integrated Device Technology, Inc.* $ 122
1,600 ITI Technologies, Inc.* 38
2,100 Itron, Inc.* 17
8,400 Jabil Circuit, Inc. 405
7,100 Kemet Corp.* 114
5,200 Kent Electronics Corp.* 68
3,400 Lo-Jack Corp.* 27
6,650 Methode Electronics 123
7,100 Mettler Toledo International, Inc.* 176
2,500 Micrel, Inc.* 140
9,400 Microchip Technology, Inc.* 412
1,300 Moog, Inc.* 36
3,340 OAK Industries, Inc.* 161
1,698 Park Electrochemical Corp. 41
6,432 Paxar Corp.* 58
10,500 Procurenet, Inc.* --
1,900 Recoton Corp.* 19
1,400 Rogers Corp.* 40
2,200 Sawtek, Inc.* 87
12,600 Sensormatic Electronics Corp.* 169
3,300 Sipex Corp.* 53
2,000 Spectra-Physics Lasers, Inc.* 16
2,100 Stoneridge, Inc.* 30
4,100 Tava Technologies, Inc.* 30
2,600 Technitrol, Inc. 77
3,000 Thermedics, Inc.* 26
600 Thermo Optek Corp.* 6
700 Thermoquest Corp.* 9
4,100 Trimble Navigation Ltd.* 51
2,200 Triumph Group, Inc.* 67
1,800 Veeco Instruments, Inc.* 55
9,600 Vishay Intertechnology, Inc.* 200
3,000 Watts Industries 51
1,600 Woodward Governor Co. 40
3,100 X-Rite, Inc. 22
------
5,143
------
Engineering & Construction--0.4%
3,000 Dames & Moore Group 47
3,400 Dycom Industries, Inc.* 164
7,600 Foster Wheeler Corp. 105
3,475 Granite Construction, Inc. 98
3,700 Insituform Technologies, Inc.* 62
4,100 Jacobs Engineering Group, Inc.* 152
6,191 Morrison Knudsen Corp.* 62
1,300 Stone & Webster, Inc. 32
2,300 URS Corp.* 57
------
779
------
Entertainment--1.4%
1,200 AMC Entertainment, Inc.* 20
1,400 Anchor Gaming* 63
5,500 Ascent Entertainment Group* 63
8,400 Aztar Corp.* 57
6,700 Boyd Gaming Corp.* 40
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------
<C> <S> <C>
1,400 Carmike Cinemas, Inc.* $ 25
1,900 Championship Auto Racing Teams* 64
1,400 Churchill Downs, Inc. 46
1,800 Dover Downs Entertainment 34
8,200 Fairfield Communities, Inc. 130
3,800 Gaylord Entertainment Co. 118
1,000 GC Cos., Inc.* 36
7,500 Gtech Holdings Corp.* 185
4,300 Harrah's Entertainment, Inc. 93
3,600 Hollywood Park, Inc.* 52
3,500 International Speedway Corp.* 172
298 Park Place Entertainment Corp. 3
1,100 Penske Motorsports, Inc.* 54
11,700 Premier Parks, Inc.* 417
1,800 Scientific Games Holdings, Inc.* 32
5,300 SFX Entertainment, Inc.* 289
800 Silverleaf Resorts, Inc.* 6
2,300 Speedway Motorsports, Inc.* 92
3,900 Station Casinos, Inc.* 68
1,600 Steinway Musical Instruments* 37
5,100 Sunterra Corp.* 69
700 Trendwest Resorts, Inc.* 16
5,000 Vail Resorts, Inc.* 103
1,400 Vistana, Inc.* 22
------
2,406
------
Environmental Control--0.5%
34,400 Aqua Alliance, Inc.* 82
6,300 Calgon Carbon Corp. 36
1,300 Casella Waste Systems, Inc.* 26
8,900 Catalytica, Inc.* 106
2,800 Imco Recycling, Inc. 47
3,000 Ionics, Inc.* 94
5,500 Metal Management, Inc.* 10
700 Mine Safety Appliances Co. 44
5,505 Safety-Kleen Corp.* 86
5,100 Superior Services, Inc.* 109
4,200 Syntroleum Corp.* 31
5,497 Tetra Tech, Inc.* 117
1,250 Thermo Ecotek Corp.* 13
700 Waste Industries, Inc.* 11
23,900 Wastemasters, Inc.* 3
------
815
------
Food--1.2%
3,400 American Italian Pasta Company* 94
7,000 Chiquita Brands International 56
7,000 Corn Products International, Inc. 207
3,900 Dreyer's Grand Ice Cream, Inc. 65
8,000 Earthgrains Co. 188
100 Fleming Cos., Inc.* 1
3,300 Great Atlantic & Pacific Tea Co. 108
2,500 Hain Food Group, Inc.* 49
3,300 Imperial Sugar Co. 20
1,700 Ingles Markets, Inc. 21
</TABLE>
See accompanying notes to financial statements.
59
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Food--Continued
3,200 International Multifoods Corp. $ 70
4,100 Lance, Inc. 60
2,400 Michael Foods, Inc. 56
2,350 Performance Food Group Co.* 56
799 Pilgrims Pride Corp.* 17
5,800 RalCorp Holdings, Inc.* 109
8,900 Richfood Holdings, Inc. 114
1,400 Riviana Foods, Inc. 29
100 Seaboard Corp. 26
6,900 Smithfield Foods, Inc.* 184
4,900 Smucker (J.M.) Co. 101
900 United Natural Foods, Inc.* 24
9,500 Universal Foods Corp. 218
4,800 Vlasic Foods International* 36
2,000 Wild Oats Markets, Inc.* 59
2,900 Zapata Corp. 23
------
1,991
------
Forest Products & Paper--0.5%
4,400 Buckeye Technologies, Inc.* 72
4,600 Caraustar Industries, Inc. 121
3,600 Chesapeake Corp.* 130
2,200 Deltic Timber Corp. 55
4,800 Glatfelter (P.H.) Co. 64
5,400 Potlatch Corp. 213
2,170 Rock-Tenn Co. 33
2,600 Schweitzer-Mauduit International 40
9,891 Wausau-Mosinee Paper Corp. 178
------
906
------
Gas--1.7%
10,700 AGL Resources, Inc. 202
5,750 Atmos Energy Corp. 147
1,700 Colonial Gas Co. 58
1,900 Connecticut Energy Corp. 71
4,200 Eastern Enterprises 146
4,900 Energen Corp. 94
5,533 Indiana Energy, Inc. 122
3,300 Laclede Gas Co. 73
3,300 New Jersey Resources 125
1,850 North Carolina Natural Gas 62
4,600 Northwest Natural Gas Co. 110
2,400 NUI Corp. 60
5,900 Oneok, Inc. 177
2,000 Pennsylvania Enterprises, Inc. 58
6,600 Peoples Energy Corp. 254
5,776 Piedmont Natural Gas Co. 195
3,850 Public Service Co. Of North Carolina 112
3,287 SEMCO Energy, Inc. 46
1,420 South Jersey Industries 40
3,318 Southern Union Co.* 75
5,700 Southwest Gas Corp. 161
4,600 Southwestern Energy Co. 43
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------
<C> <S> <C>
6,100 UGI Corp. $ 120
8,600 Washington Gas Light Co. 210
7,000 Wicor, Inc. 179
1,950 Yankee Energy Systems, Inc. 62
------
3,002
------
Hand/Machine Tools--0.7%
7,275 Applied Power, Inc.* 176
6,193 Baldor Electric Co. 119
868 Franklin Electric Co., Inc. 54
1,800 Hardinge, Inc. 32
8,500 Lincoln Electric Holdings, Inc. 190
7,000 Milacron, Inc. 149
3,900 Regal Beloit 91
5,800 SPX Corp.* 450
1,300 Starrett (L.S.) Co. 35
------
1,296
------
Health Care--3.1%
3,800 Acuson Corp.* 59
3,800 Adac Laboratories* 31
8,400 Alaris Medical, Inc.* 42
2,900 Alterra Healthcare Corp. 36
1,700 American Homepatient, Inc.* 3
3,200 American Retirement Corp.* 54
7,700 Apria Healthcare Group, Inc.* 159
2,600 Arrow International, Inc. 66
3,000 Assisted Living Concepts, Inc.* 8
5,700 Ballard Medical Products 135
1,800 Brookdale Living Communities* 25
2,000 Capital Senior Living Corp.* 22
1,900 Carematrix Corp.* 28
2,200 Centennial HealthCare Corp.* 12
1,200 Closure Medical Corp.* 37
4,300 Columbia Laboratories, Inc.* 38
2,850 Conmed Corp.* 97
2,800 Cooper Cos., Inc.* 64
10,850 Covance, Inc.* 230
10,900 Coventry Health Care, Inc.* 144
2,400 Curative Health Services, Inc.* 16
3,000 Cytyc Corp.* 62
2,400 Datascope Corp.* 60
2,100 Diagnostic Products Corp. 48
6,600 Genesis Health Ventures* 29
4,300 Haemonetics Corp.* 82
3,500 Hanger Orthopedic Group, Inc.* 57
4,700 Henry Schein, Inc.* 142
2,500 Hologic, Inc.* 19
6,600 Idexx Laboratories, Inc.* 168
2,000 Igen International, Inc.* 58
1,600 Impath, Inc.* 44
4,400 Invacare Corp.* 110
9,000 Laboratory Corp. of America * 23
1,900 Lifecore Biomedical, Inc.* 21
330 LTC Healthcare, Inc. 1
5,900 Magellan Health Services* 48
</TABLE>
See accompanying notes to financial statements.
60
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------
<C> <S> <C>
13,627 Mariner Post-Acute Network* $ 31
2,700 Maxxim Medical, Inc.* 43
4,264 Mentor Corp. 68
8,500 MID Atlantic Medical Services* 88
2,800 Minimed, Inc.* 165
1,400 National Healthcare Corp.* 10
11,700 Novacare, Inc.* 25
1,500 Novoste Corp.* 38
5,800 Oakley, Inc.* 47
1,700 Ocular Sciences, Inc.* 52
2,400 OEC Medical, Inc.* 57
15,000 Oxford Health Plans* 286
1,300 Perclose, Inc.* 51
1,600 Province Healthcare Co.* 35
13,125 PSS World Medical, Inc.* 162
5,600 Quest Diagnostics, Inc.* 143
7,550 Renal Care Group, Inc.* 210
2,250 Res-Care, Inc.* 47
2,700 Resmed, Inc.* 76
5,155 Respironics, Inc.* 83
1,800 Sabratek Corp.* 41
4,400 Sierra Health Services* 67
4,600 Sola International, Inc.* 77
9,680 Sun Healthcare Group, Inc.* 11
2,600 Sunrise Assisted Living, Inc.* 96
3,700 Sunrise Medical, Inc.* 31
3,500 Techne Corp.* 88
1,100 Thermo Bioanalysis Corp.* 20
3,400 Thermo Cardiosystems, Inc.* 41
2,600 Thermolase Corp.* 6
1,750 Thermotrex Corp.* 14
1,200 Trex Medical Corp.* 8
11,500 Vencor, Inc.* 8
2,500 Ventana Medical Systems* 50
10,300 Visx, Inc.* 535
1,100 Vital Signs, Inc. 21
2,000 Wesley Jessen Visioncare* 62
2,223 West Pharmaceutical Services, Inc. 76
2,300 Xomed Surgical Products, Inc.* 94
------
5,341
------
Holding Companies--Diversified--0.1%
2,532 Triarc Cos., Inc.* 52
7,600 Walter Industries, Inc.* 100
------
152
------
Home Builders--1.0%
2,512 American Homestar Corp.* 19
3,700 Cavalier Homes, Inc. 34
7,704 Champion Enterprises, Inc.* 157
3,100 Coachmen Industries, Inc. 68
7,558 DR Horton, Inc. 128
8,900 Kaufman & Broad Home Corp. 215
4,100 MDC Holdings, Inc. 81
2,300 Monaco Coach Corp.* 69
1,900 National RV Holdings, Inc.* 49
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
1,700 NVR, Inc.* $ 82
8,750 Oakwood Homes* 109
3,520 Palm Harbor Homes, Inc.* 76
4,500 Pulte Corp. 107
2,800 Ryland Group, Inc. 78
1,400 Skyline Corp. 44
4,700 Standard-Pacific Corp. 62
1,283 Thor Industries, Inc. 34
4,500 Toll Brothers, Inc.* 98
2,479 U S Home Corp.* 86
2,700 Webb (DEL E.) Corp. 61
2,400 Winnebago Industries 40
------
1,697
------
Home Furnishings--0.5%
2,400 Bassett Furniture Industries 58
1,900 Bush Industries 28
5,800 Fedders Corp. 33
3,310 Harman International 147
6,600 Kimball International 119
9,700 La-Z-Boy, Inc. 193
700 Meadowcraft, Inc.* 7
3,000 O'Sullivan Industries Holdings* 50
1,100 Parkervision, Inc.* 34
2,900 Polycom, Inc.* 74
4,100 Windmere-Durable Holdings* 54
------
797
------
Household Products/Wares--0.7%
2,850 American Business Products, Inc. 45
5,100 Central Garden and Pet Co.* 69
3,300 Church & Dwight, Inc. 141
1,200 CSS Industries, Inc.* 32
1,400 DAY Runner, Inc.* 17
1,600 Fossil, Inc.* 67
2,900 Gibson Greetings, Inc.* 21
5,800 Harland (John H.) Co. 104
1,600 Hunt Corp. 16
6,500 Jostens, Inc. 137
2,400 New England Business Services, Inc. 65
6,100 Playtex Products, Inc. 92
2,000 Russ Berrie & Co., Inc. 51
3,400 Scotts Company (The) 150
2,400 Standard Register Co. 71
7,900 Wallace Computer Services, Inc. 181
------
1,259
------
Housewares--0.3%
3,000 Enesco Group, Inc. 69
3,200 Libbey, Inc. 96
9,857 Metromedia International Group* 82
1,690 Mikasa, Inc. 19
1,300 National Presto Industries, Inc. 49
2,550 Oneida Ltd. 66
2,400 Toro Co. 81
------
462
------
</TABLE>
See accompanying notes to financial statements.
61
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Insurance--3.0%
2,200 Acceptance Insurance Cos., Inc.* $ 35
4,600 Alfa Corp. 79
1,424 American Annuity Group, Inc. 33
3,000 American Heritage Life Investment Corp. 70
1,600 American Medical Security Group 15
4,300 Amerin Corp.* 116
2,849 Amerus Life Holdings, Inc. 74
3,300 Argonaut Group, Inc. 89
4,400 ARM Financial Group, Inc. 66
2,200 Baldwin & Lyons, Inc. 46
2,400 Blanch (EW) Holdings, Inc. 154
1,925 Brown & Brown, Inc. 69
4,100 Capital Re Corp. 67
1,600 Capitol Transamerica Corp. 24
1,500 Chartwell RE Corp. 24
2,600 Chicago Title Corp. 96
4,200 Cmac Investment Corp. 212
3,100 CNA Surety Corp.* 45
4,900 Commerce Group, Inc. 114
2,734 Delphi Financial Group* 95
4,500 Enhance Financial Services Group 88
1,900 Executive Risk, Inc.* 162
5,900 FBL Financial Group, Inc. 118
4,281 Fidelity National Financial, Inc. 73
9,750 First American Financial Corp. 160
3,200 Foremost Corp. of America 71
1,800 Fpic Insurance Group, Inc.* 81
5,934 Frontier Insurance Group, Inc. 102
3,400 Gallagher, Arthur J. & Co. 166
1,700 Guarantee Life Cos., Inc. 34
2,100 Harleysville Group, Inc. 41
7,100 HCC Insurance Holdings, Inc. 158
2,400 Highlands Insurance Group* 26
2,300 Hilb, Rogal & Hamilton Co. 47
5,350 HSB Group, Inc. 220
700 Kansas City Life Insurance Co. 57
400 LabOne, Inc. 5
2,800 Landamerica Financial Group, Inc. 80
2,000 Liberty Funds 103
3,800 Life USA Holding, Inc. 76
800 Markel Corp.* 151
1,000 Meadowbrook Insurance Group 14
4,312 Medical Assurance, Inc.* 120
800 Midland Co. 20
3,000 MMI Cos., Inc. 52
2,800 NAC RE Corp. 153
400 National Western Life Insurance* 38
800 Nymagic, Inc. 10
1,100 Penn Treaty American Corp.* 28
4,900 Penncorp Financial Group, Inc.* 3
1,200 Philadelphia Consolidated Holdings* 29
2,800 PMA Capital Corp. 58
4,100 Presidential Life Corp. 75
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
1,851 Pxre Corp. $ 34
7,050 Reinsurance Group of America 275
2,400 Risk Capital Holdings, Inc.* 38
1,481 RLI Corp. 55
2,200 Scpie Holdings, Inc. 63
5,200 Selective Insurance Group 98
2,700 State Auto Financial Corp. 33
2,400 Stewart Information Services 47
1,950 Trenwick Group, Inc. 61
2,500 Triad Guaranty, Inc.* 38
7,000 UICI* 168
1,250 United Fire & Casualty Co. 33
2,300 Vesta Insurance Group, Inc. 12
3,900 W.R. Berkley Corp. 99
1,800 Zenith National Insurance Corp. 41
------
5,237
------
Investment Companies--0.0%
1,000 PEC Israel Economic Corp.* 32
------
Iron/Steel--0.9%
8,500 AK Steel Holding Corp. 204
3,300 Arch Coal, Inc. 48
16,800 Armco, Inc.* 108
24,206 Bethlehem Steel Corp.* 201
5,100 Birmingham Steel Corp. 26
3,600 Carpenter Technology 103
2,000 Citation Corp.* 27
2,100 Cleveland-Cliffs, Inc. 78
1,200 Gibraltar Steel Corp.* 26
4,200 Lone Star Technologies* 65
18,600 LTV Corp. 114
3,800 National Steel Corp. 29
4,100 Oregon Steel Mills, Inc. 56
1,950 Reliance Steel & Aluminum 69
2,100 Roanoke Electric Steel Corp. 33
1,500 Rouge Industries, Inc. 13
5,393 Ryerson Tull, Inc. 124
900 Schnitzer Steel Industries, Inc. 14
900 Shiloh Industries, Inc.* 11
6,600 Steel Dynamics, Inc.* 113
2,800 WHX Corp.* 21
------
1,483
------
Leisure Time--0.3%
800 Ambassadors International, Inc.* 11
1,300 American Classic Voyager* 23
2,800 American Skiing Co.* 13
4,300 Bally Total Fitness Holding* 110
1,800 Coleman Co., Inc.* 16
3,650 Family Golf Centers, Inc.* 33
2,117 K2, Inc. 21
2,400 North Face, Inc.* 22
2,000 Pegasus Systems, Inc.* 70
4,200 Polaris Industries, Inc. 181
1,500 Travel Services International, Inc.* 12
------
512
------
</TABLE>
See accompanying notes to financial statements.
62
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
Lodging--0.4%
6,700 Choice Hotels International, Inc.* $ 104
13,300 Extended Stay America, Inc.* 141
5,100 Florida Panthers Holdings* 55
3,300 Homestead Village, Inc.* 10
5,000 Lodgian, Inc. 35
4,259 Marcus Corp. 53
9,500 Prime Hospitality Corp.* 99
5,100 Red Roof Inns, Inc.* 92
2,000 Suburban Lodges of America* 14
------
603
------
Machinery--Construction & Mining--0.4%
2,800 Astec Industries, Inc.* 105
2,450 Commercial Intertech Corp. 37
4,100 Global Industries Technologies * 51
7,500 JLG Industries, Inc. 145
4,787 Manitowoc Co. 163
3,300 Terex Corp.* 102
------
603
------
Machinery--Diversified--1.7%
1,400 Advanced Energy Industries* 35
3,181 Albany International Corp. 74
1,800 Allied Products 9
4,000 Applied Industrial Technology, Inc. 68
4,400 Briggs & Stratton 275
2,950 Chart Industries, Inc. 31
6,300 Cognex Corp.* 169
2,100 Columbus McKinnon Corp. N.Y. 52
1,800 DT Industries, Inc.* 17
3,200 Esterline Technologies Corp.* 48
7,078 Flowserve Corp. 145
4,300 FSI International, Inc. 35
2,450 Gardner Denver Machinery, Inc.* 42
3,600 Gerber Scientific, Inc. 84
1,500 Gleason Corp. 25
2,745 Graco, Inc. 90
3,500 Helix Technology Corp. 60
5,525 Idex Corp. 155
7,400 Imation Corp.* 174
2,900 Iteq, Inc.* 6
4,400 Kulicke & Soffa Industries 93
2,150 Lindsay Manufacturing Co. 38
5,000 Magnetek, Inc.* 51
5,000 Motivepower Industries, Inc.* 85
1,200 Nacco Industries 89
2,600 Nordson Corp. 153
1,900 Omniquip International, Inc.* 20
5,100 Presstek, Inc.* 36
3,300 PRI Automation, Inc.* 81
1,448 Robbins & Myers, Inc. 35
1,700 Sauer, Inc. 18
2,100 Specialty Equipment Cos., Inc.* 61
5,414 SpeedFam International, Inc.* 71
5,200 Stewart & Stevenson Services 57
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -----------------------------------------------------
<C> <S> <C>
3,400 Tecumseh Products Co. $ 224
1,700 Tennant Co. 58
1,800 Thermo Fibertek, Inc. 13
2,950 Thomas Industries, Inc. 60
6,800 Unova, Inc.* 99
4,300 Zebra Technologies Corp. 138
------
3,074
------
Media--2.8%
1,700 @Entertainment, Inc 21
2,800 Ackerley Group, Inc.* 53
5,800 Adelphia Communications* 438
5,400 Banta Corp. 132
6,900 Bowne & Co., Inc. 116
2,600 CD Radio, Inc.* 59
5,900 Century Communications* 314
2,200 Consolidated Graphics, Inc.* 101
1,600 COX Radio, Inc.* 86
2,100 Emmis Communications Corp.* 98
900 Gray Communication System* 14
7,500 Hollinger International, Inc. 104
4,500 Houghton Mifflin Co. 207
2,700 Jones Intercable, Inc.* 144
2,000 Journal Register Co.* 35
8,300 LEE Enterprises 241
7,100 Mail-Well, Inc.* 105
4,275 Mcclatchy Co. 157
4,400 Media General, Inc. 227
2,608 Merrill Corp. 39
1,300 Metro Networks, Inc.* 72
1,800 On Command Corp.* 25
428 Panavision, Inc. 4
3,400 Paxson Communications Corp.* 44
1,600 Pegasus Communications Corp.* 76
3,600 Playboy Enterprises* 105
2,400 Scholastic Corp.* 116
4,400 Spelling Entertainment Group* 43
7,600 United International Holdings, Inc.* 547
700 United Television, Inc. 70
10,050 Valassis Communications, Inc.* 350
400 Value Line, Inc. 15
3,900 Westwood One, Inc.* 136
4,800 Wiley (John) & Sons 207
7,200 World Color Press, Inc.* 184
1,700 Young Broadcasting Corp.* 69
------
4,754
------
Metal Fabricate/Hardware--0.7%
2,056 Castle (A.M.) & Co. 32
2,500 Chase Industries, Inc.* 21
2,466 Commercial Metals Co. 58
3,500 Intermet Corp. 49
5,900 Kaydon Corp. 196
2,600 Ladish Co., Inc.* 21
1,100 Lawson Products 27
2,900 Maverick Tube Corp.* 37
</TABLE>
See accompanying notes to financial statements.
63
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Metal Fabricate/Hardware--Continued
5,300 Metals USA, Inc.* $ 61
6,700 Mueller Industries, Inc.* 194
3,600 NS Group, Inc.* 26
4,600 Precision Castparts Corp. 186
2,700 Quanex Corp. 71
4,300 ROHN Industries, Inc. 6
1,100 Shaw Group, Inc. (The)* 14
700 Special Metals Corp.* 3
3,400 Valmont Industries 56
2,600 Wolverine Tube, Inc. 62
3,700 Wyman-Gordon Co.* 71
------
1,191
------
Metals--Diversified--0.5%
6,900 Asarco, Inc. 111
3,000 Brush Wellman, Inc. 51
2,200 Century Aluminum Co. 14
2,200 Commonwealth Industries, Inc. 24
10,300 Hecla Mining Co.* 25
5,400 Kaiser Aluminum Corp.* 47
700 Maxxam, Inc.* 43
14,007 Placer Dome, Inc. 156
2,700 RTI International Metals, Inc.* 36
4,700 Southern Peru Ltd. 58
5,700 Stillwater Mining Co.* 182
4,100 Titanium Metals Corp. 29
700 Tremont Corp. 13
------
789
------
Mining--0.1%
4,400 Amcol International Corp. 62
23,800 Battle Mountain Gold Co.* 58
------
120
------
Miscellaneous Manufacturing--1.8%
2,600 ACX Technologies, Inc.* 32
5,800 Aptargroup, Inc. 160
3,750 Arctic Cat, Inc. 31
5,896 Artesyn Technologies, Inc. 125
17,200 Aura Systems, Inc.* 4
2,700 Barnes Group, Inc. 62
4,600 Blount International, Inc. 128
4,450 Clarcor, Inc. 82
3,050 Cuno, Inc.* 56
4,300 Dexter Corp. 167
7,000 Donaldson Co., Inc. 169
8,500 Federal Signal Corp. 203
2,600 Foamex International, Inc.* 16
3,400 Furon Co. 62
5,700 Griffon Corp.* 46
3,300 Heska Corp.* 13
2,800 Hexcel Corp.* 30
3,100 Justin Industries 42
2,900 Lydall, Inc.* 35
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------
<C> <S> <C>
9,900 Mark IV Industries, Inc. $ 183
6,600 Mascotech, Inc. 103
3,000 Matthews International Corp. 87
3,394 Myers Industries, Inc. 78
400 NCH Corp. 22
5,000 Polymer Group, Inc.* 61
5,600 Roper Industries, Inc. 181
1,900 Samsonite Corp.* 12
3,400 Scott Technologies, Inc.* 64
2,600 Smith (A.O.) Corp. 63
1,928 SPS Technologies, Inc.* 82
2,100 Standex International Corp. 55
3,600 Sturm Ruger & Co., Inc. 40
3,800 Synetic, Inc.* 348
3,800 Tredegar Corp. 81
3,200 Westinghouse Air Brake Co.* 73
2,000 Zoltek Cos., Inc.* 15
------
3,011
------
Office Furnishings--0.1%
8,700 Interface, Inc. 67
2,500 Knoll, Inc.* 61
960 Virco Manufacturing 18
------
146
------
Office/Business Equipment--0.0%
1,100 General Binding Corp. 23
------
Oil & Gas Producers--1.7%
1,900 Atwood Oceanics, Inc.* 55
5,940 Barrett Resources Corp.* 201
1,300 Belco Oil & Gas Corp.* 10
4,900 Benton Oil & Gas, Co.* 17
3,400 Berry Petroleum 48
5,000 Brown (Tom), Inc. 65
4,200 Cabot Oil & Gas Corp. 75
10,354 Chesapeake Energy Corp. 22
4,500 Comstock Resources, Inc.* 18
7,200 Cross Timbers Oil Co. 78
5,500 Devon Energy Corp. 191
7,900 EEX Corp. 54
6,400 Forest Oil Corp.* 68
5,100 Frontier Oil Corp.* 26
27,100 Grey Wolf, Inc.* 56
24,900 Harken Energy Corp.* 48
9,200 Helmerich & Payne* 214
1,078 Holly Corp. 14
1,500 Houston Exploration Co.* 28
3,100 HS Resources, Inc.* 37
4,700 KCS Energy, Inc.* 3
23,400 Kelley Oil & Gas Corp.* 16
3,400 Key Energy Group 11
3,656 Louis Dreyfus Natural Gas* 71
9,800 Marine Drilling Co., Inc.* 141
8,276 Meridian Resource Corp.* 44
3,800 Mitchell Energy & Development 61
</TABLE>
See accompanying notes to financial statements.
64
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
6,700 Newfield Exploration Co.* $ 170
3,700 Nuevo Energy Co.* 56
11,600 Parker Drilling Co.* 36
5,900 Patterson Energy, Inc.* 49
1,100 Penn Virginia Corp. 21
3,100 Plains Resources, Inc.* 53
7,500 Pogo Producing Co. 137
9,400 Pride International, Inc.* 98
6,800 Range Resources Corp. 33
31,750 Santa Fe Snyder Corp.* 270
2,000 St. Mary Land & Exploration 40
2,500 Stone Energy Corp.* 94
2,720 Swift Energy Co.* 35
6,000 Tesoro Petroleum Corp.* 71
6,700 Titan Exploration, Inc.* 31
1 Transtexas Gas Corp.* --
7,000 Vintage Petroleum, Inc. 79
2,530 WD-40 Co. 65
------
3,010
------
Oil & Gas Services--0.8%
900 CAL Dive International, Inc.* 22
600 Carbo Ceramics, Inc. 13
2,600 Daniel Industries 55
2,100 Friede Goldman International, Inc.* 36
1,400 Gulf Island Fabrication, Inc.* 15
5,300 Hanover Compressor Co.* 147
8,400 Input/Output, Inc.* 71
3,000 IRI International Corp.* 15
1,200 Lufkin Industries, Inc. 20
12,760 Newpark Resources* 115
30,700 Ocean Energy, Inc. 303
4,200 Oceaneering International, Inc.* 65
700 Omni Energy Services Corp.* 3
3,900 Pool Energy Services Co.* 66
2,500 RPC, Inc. 22
2,400 Seacor Smit, Inc.* 119
4,400 Seitel, Inc.* 70
3,900 Superior Energy Services* 18
8,300 Tuboscope, Inc.* 111
2,300 UTI Energy Corp.* 33
4,200 Veritas DGC, Inc.* 77
------
1,396
------
Packaging & Containers--0.5%
5,600 Ball Corp. 273
1,100 Bway Corp.* 16
5,000 Earthshell Corp.* 37
9,900 Gaylord Container Corp. 83
2,600 Greif Brothers Corp. 67
3,400 Ivex Packaging Corp.* 65
9,600 Longview Fibre Co. 130
4,150 Shorewood Packaging Corp.* 71
2,100 Silgan Holdings, Inc.* 42
------
784
------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------
<C> <S> <C>
Pharmaceuticals--3.5%
1,600 Advance Paradigm, Inc.* $ 77
2,100 Algos Pharmaceuticals Corp.* 47
4,200 Alkermes, Inc.* 104
76 Alpha 1 Biomedicals, Inc. --
3,400 Alpharma, Inc., Class A 91
8,000 Amerisource Health Corp.* 236
1,300 Andrx Corp.* 131
5,600 AxyS Pharmaceuticals, Inc.* 20
1,700 Barr Laboratories, Inc.* 56
3,133 Bindley Western Industries* 94
2,600 Biomatrix, Inc.* 80
2,579 Block Drug Co. 96
4,100 Carter-Wallace, Inc. 74
5,000 Cephalon, Inc.* 68
2,400 Chirex, Inc.* 72
4,600 COR Therapeutics, Inc.* 65
2,600 Coulter Pharmaceutical, Inc.* 68
8,200 Dura Pharmaceuticals, Inc.* 85
6,200 Express Scripts, Inc. 435
3,300 Fuisz Technologies, Ltd.* 13
2,500 Geltex Pharmaceuticals, Inc.* 43
14,800 Gensia Sicor, Inc.* 67
5,700 Gilead Sciences, Inc.* 249
3,000 Guilford Pharmaceuticals, Inc.* 32
2,266 Herbalife International, Inc. 25
4,500 Imclone Systems* 89
4,500 Immune Response Corp.* 29
5,000 Isis Pharmaceuticals, Inc.* 51
17,800 Ivax Corp.* 239
4,300 Jones Pharma, Inc. 153
2,550 KV Pharmaceutical Co.* 44
7,458 Ligand Pharmaceuticals, Inc.* 76
3,400 Macrochem Corp.* 27
5,300 Medicis Pharmaceutical* 142
9,100 Medimmune, Inc.* 579
1,600 Miravant Medical Technologies* 12
2,623 Natures Sunshine Products, Inc. 32
10,900 NBTY, Inc.* 68
2,700 NCS Healthcare, Inc.* 37
5,400 Nexstar Pharmaceuticals, Inc.* 95
1,500 Omega Protein Corp.* 9
3,000 Pathogensis Corp.* 43
4,050 Patterson Dental Co.* 148
11,900 Perrigo Co.* 109
2,300 Pharmacyclics, Inc.* 43
6,209 Priority Healthcare Corp.* 212
4,800 Roberts Pharmaceutical Corp.* 91
3,000 Sangstat Medical Corp.* 41
900 Schein Pharmaceutical, Inc.* 12
7,000 Scios, Inc.* 25
5,700 Sepracor, Inc.* 363
2,200 SuperGen, Inc* 38
4,800 Theragenics Corp.* 36
4,300 Triangle Pharmaceuticals, Inc.* 80
</TABLE>
See accompanying notes to financial statements.
65
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Pharmaceuticals--Continued
4,200 Twinlab Corp.* $ 39
5,000 US Bioscience, Inc.* 40
4,700 Vertex Pharmaceuticals, Inc.* 94
3,900 Veterinary Centers of America* 54
2,200 Viropharma, Inc.* 17
5,900 Vivus, Inc.* 25
6,164 Warner-Lambert Co. 382
1,700 Weider Nutrition International 9
6,600 Zila Pharmaceuticals, Inc.* 23
2,100 Zonagen, Inc.* 23
------
5,957
------
Pipelines--0.2%
6,300 Equitable Resources, Inc. 199
4,800 Transmontaigne, Inc.* 68
4,000 Western Gas Resources, Inc. 52
------
319
------
Real Estate--0.4%
1,100 Avatar Holdings, Inc.* 20
2,400 Castle & Cooke, Inc.* 38
2,500 CB Richard Ellis, Inc* 48
2,500 Forest City Enterprises, Class A 69
1,462 Getty Realty Corp. 20
3,700 Grubb & Ellis Co.* 24
2,933 Insignia Financial Group, Inc.* 36
3,000 Jones Lang LaSalle, Inc. 85
4,800 LNR Property Corp.* 96
7,600 Security Capital Group, Inc.* 113
5,400 Trammell Crow Co.* 100
3,300 Wellsford Real Properties, Inc.* 34
------
683
------
Real Estate Investment Trusts--6.5%
670 Alexander's, Inc.* 50
2,000 Alexandria Real Estate Equities 63
4,300 American Health Properties 86
2,500 Amli Residential Properties 56
3,700 Anthracite Capital, Inc. 26
3,200 Associated Estates Realty 37
4,100 Bedford Property Investors 71
6,800 Berkshire Realty Co. 78
3,200 Boykin Lodging Co. 48
4,503 Bradley Real Estate, Inc. 94
6,200 Brandywine Realty Trust 120
8,224 BRE Properties, Inc., Class A 212
5,900 Burnham Pacific Property, Inc. 65
3,500 Cabot Industrial Trust 75
8,333 Camden Property Trust 229
3,400 Capital Automotive 44
11,475 Capstead Mortgage Corp.* 67
4,300 CBL & Associates Properties 111
3,800 Centerpoint Properties Corp. 136
4,800 Centertrust Retail Properties, Inc. 57
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
3,900 Chateau Communities, Inc. $ 118
2,900 Chelsea GCA Realty, Inc. 110
4,800 Colonial Properties Trust 135
5,600 Commercial NET Lease Realty 74
7,300 Cornerstone Realty Income Trust 76
4,700 Cousins Properties, Inc. 163
9,300 Criimi MAE, Inc. 22
1,400 Crossmann Communities, Inc. 37
4,300 Crown American Realty 33
10,700 Developers Diversified Realty 177
8,100 Dynex Capital, Inc. 25
3,000 Eastgroup Properties 61
2,600 Entertainment Properties Trust 49
6,800 Equity Inns, Inc. 65
2,700 Essex Property Trust, Inc. 87
7,400 Federal Realty Investments Trust 171
12,033 Felcor Lodging Trust, Inc. 273
7,100 First Industrial Realty Trust 192
5,800 First Union Real Estate 29
10,400 Franchise Finance Corp. of America 256
4,900 Gables Residential Trust 118
7,300 General Growth Properties 281
5,900 Glenborough Realty Trust, Inc. 108
4,400 Glimcher Realty Trust 75
1,400 Golf Trust Of America, Inc. 34
3,100 Great Lakes Reit, Inc. 49
5,800 Health Care Property Investors 176
5,300 Health Care Reit, Inc. 131
7,399 Healthcare Realty Trust, Inc. 160
3,400 Home Properties of New York, Inc. 89
6,800 Hospitality Properties Trust 184
4,600 IMPAC Mortgage Holdings, Inc. 25
6,400 Imperial Credit Commerical Mortgage 66
6,100 Innkeepers USA Trust 63
5,800 IRT Property Co. 56
3,500 Irvine Apartment Communities 118
6,150 JDN Realty Corp. 135
2,400 JP Realty, Inc. 49
5,100 Kilroy Realty Corp. 126
4,900 Koger Equity, Inc. 82
2,200 LaSalle Hotel Properties 31
3,400 Laser Mortgage Management, Inc. 12
3,200 Lexington Corporate Properties 37
5,200 LTC Properties, Inc. 69
5,700 Macerich Company (The) 151
4,000 Manufactured Home Communities 103
8,742 Meristar Hospitality Corp.* 191
2,600 MGI Properties, Inc. 72
3,500 Mid-America Apartment Communities 80
2,800 Mills Corp. 62
2,300 National Golf Properties, Inc. 59
4,200 National Health Investors 98
8,100 Nationwide Health Properties, Inc. 165
16,480 New Plan Excel Realty Trust 330
3,300 Ocwen Asset Investment Corp. 18
</TABLE>
See accompanying notes to financial statements.
66
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------------
<C> <S> <C>
3,718 Omega Healthcare Investors $ 98
3,300 Pacific Gulf Properties, Inc. 73
1,900 PAN Pacific Retail Properties, Inc. 38
1,900 Parkway Properties, Inc. 63
2,200 Pennsylvania Real Estate Investment Trust 46
7,200 Prentiss Properties Trust 170
1,309 Price Enterprises, Inc. 10
800 Prime Group Realty Trust 13
7,997 Prime Retail, Inc. 71
21,000 Prison Realty Trust, Inc. 265
4,400 PS Business Parks, Inc. 109
5,000 Realty Income Corp. 120
7,500 Reckson Associates Realty 194
1,900 Redwood Trust, Inc. 32
5,900 Regency Realty Corp. 130
4,200 RFS Hotel Investors, Inc. 57
5,400 Shurgard Storage Centers, Inc. 147
4,500 SL Green Realty Corp. 98
3,300 Smith (Charles E.) Residential Realty, Inc. 114
2,300 Sovran Self Storage, Inc. 57
5,200 Storage USA, Inc. 174
4,500 Summit Properties, Inc. 87
3,200 Sun Communities, Inc. 117
7,000 Sunstone Hotel Investors, Inc. 63
1,000 Tanger Factory Outlet Centers, Inc. 25
7,200 Taubman Centers, Inc. 99
4,000 Thornburg Mortgage Asset Corp. 42
3,600 Tower Realty Trust, Inc. 83
2,900 Town & Country Trust 49
4,200 Trinet Corporate Realty Trust 114
19,300 United Dominion Realty Trust 213
1,800 Urban Shopping Centers, Inc. 59
10,100 Ventas, Inc. 54
4,200 Walden Residential Properties, Inc. 84
6,600 Washington Reit 117
3,700 Weeks Corp. 116
5,000 Weingarten Realty Investment 210
3,200 Western Investment Real Estate Trust 38
5,600 Westfield America, Inc. 93
-------
11,223
-------
Retail--4.7%
26,600 7-Eleven, Inc. 63
1,568 99 Cents Only Stores* 74
7,400 Advantica Restaurant Group, Inc.* 34
5,000 American Eagle Outfitters, Inc.* 204
4,300 Ames Department Stores, Inc.* 176
3,700 Ann Taylor Stores Corp.* 160
4,600 Applebees International, Inc. 136
4,912 Avado Brands, Inc.* 44
1,700 Barnett, Inc.* 16
1,300 Blair Corp. 22
7,600 BOB Evans Farms 146
2,300 Boise Cascade Office Product* 27
3,400 Brown Shoe Company, Inc. 65
1,300 Buckle, Inc.* 36
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
8,140 Buffets, Inc.* $ 85
3,780 Burlington Coat Factory Warehouse* 64
9,800 Casey's General Stores, Inc.* 132
4,700 Cash America Investments, Inc.* 60
2,900 Cato Corp. 38
3,507 CDnow, Inc.* 63
3,350 CEC Entertainment, Inc.* 127
18,200 Charming Shoppes* 92
3,100 Cheesecake Factory (The)* 86
2,400 Childrens Place* 93
7,650 Claire's Stores, Inc. 224
1,900 Coldwater Creek, Inc.* 38
2,500 Cole National Corp.* 23
3,860 Consolidated Products, Inc.* 71
3,500 Copart, Inc.* 64
19,400 Corporate Express, Inc.* 127
2,450 Cost Plus, Inc.* 92
3,500 CSK Auto Corp.* 98
2,400 Dave & Buster's, Inc.* 65
600 Delia*s, Inc.* 8
1,600 Discount Auto Parts* 40
3,100 Dress Barn, Inc.* 46
3,200 Duane Reade, Inc.* 102
2,900 Elder-Beerman Stores Corp.* 25
3,200 Finish Line* 39
1,300 Finlay Enterprises* 18
6,300 Foodmaker, Inc.* 170
4,600 Footstar, Inc.* 179
1,600 Fred's, Inc. 21
2,200 Friedman's, Inc.* 20
1,700 Gadzooks, Inc.* 16
2,800 Garden Ridge Corp.* 17
4,500 Genesco, Inc.* 60
2,100 Genesis Direct, Inc.* 7
3,500 Goody's Family Clothing, Inc.* 38
2,600 Group 1 Automotive, Inc.* 65
3,200 Guitar Center, Inc.* 49
4,500 Gymboree Corp.* 55
3,700 Hancock Fabrics, Inc. 21
5,900 Handleman Co.* 70
21,700 Hanover Direct, Inc.* 56
1,600 Haverty Furniture 47
11,100 Heilig-Meyers Co. 77
5,400 Hollywood Entertainment Corp.* 139
5,300 Host Marriott Services Corp.* 41
4,000 Hughes Supply, Inc. 108
3,400 Ihop Corp.* 81
3,100 Jo-Ann Stores, Inc.* 52
4,550 Just For Feet, Inc.* 35
1,100 K & G Men's Center, Inc.* 12
1,300 Kenneth Cole Productions, Inc.* 39
2,600 Land's End, Inc.* 111
4,800 Landry's Seafood Restaurant* 44
7,300 Linens 'N Things, Inc.* 291
8,400 Lone Star Steakhouse & Saloon* 85
</TABLE>
See accompanying notes to financial statements.
67
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Retail--Continued
5,700 Longs Drug Stores, Inc. $ 198
4,200 Luby's, Inc. 71
3,500 Maxim Group, Inc. (The)* 31
10 MAY Department Stores Co.* --
4,012 Men's Wearhouse, Inc.* 102
4,500 Michaels Stores, Inc.* 120
6,500 Micro Warehouse, Inc.* 101
1,700 Movado Group, Inc. 41
6,700 Musicland Stores Corp.* 59
1,700 NPC International, Inc. 30
2,900 O'Reilly Automotive, Inc.* 128
600 Onsale, Inc.* 12
3,775 Pacific Sunwear Of California* 142
3,850 Papa John's International, Inc.* 152
2,000 Party City Corp.* 8
3,950 Petco Animal Supplies, Inc.* 56
21,600 Petsmart, Inc.* 194
700 PJ America, Inc.* 16
6,800 Planet Hollywood International* 6
4,350 Rainforest Cafe, Inc.* 24
5,000 Regis Corp. 121
5,400 Ruby Tuesday, Inc.* 100
7,300 Ryan's Family Steak Houses, Inc.* 85
2,450 Sbarro, Inc.* 67
4,900 Shopko Stores, Inc.* 174
1,800 Smart & Final, Inc. 17
3,550 Sonic Corp.* 98
5,300 Spiegel, Inc.* 39
5,900 Sports Authority, Inc. 29
5,000 Stage Stores, Inc. 27
5,100 Stein Mart, Inc.* 47
7,900 Sunglass HUT International, Inc.* 120
1,400 Syms Corp.* 11
3,000 Systemax, Inc. 41
2,100 Talbots, Inc. 67
2,400 TCBY Enterprises, Inc. 16
2,850 Trans World Entertainment 36
3,000 United Auto Group, Inc.* 30
1,800 Urban Outfitters, Inc.* 43
2,200 Value City Dept Stores, Inc.* 21
1,700 West Marine, Inc.* 22
2,000 WET Seal, Inc.* 55
2,000 Wilmar Industries, Inc.* 23
6,700 Zale Corp.* 258
-------
8,167
-------
Savings & Loans--1.7%
3,300 Anchor BanCorp Wisconsin, Inc. 54
1,200 Andover BanCorp, Inc. 35
7,300 Arcadia Financial Ltd.* 54
6,700 Bancatlantic BanCorp., Inc. 54
3,600 Bank Plus Corp.* 19
2,400 Bankunited Financial Corp.* 22
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
3,600 Bay View Capital Corp. $ 65
2,500 Brookline BanCorp, Inc. 29
1,650 CFSB BanCorp., Inc. 42
11,294 Commercial Federal Corp. 258
2,454 Commonwealth BanCorp., Inc. 40
2,400 Dime Community Bancshares 53
3,806 Downey Financial Corp. 84
3,000 First Federal Capital Corp. 44
2,500 First Financial Holdings, Inc. 48
1,757 First Indiana Corp. 34
2,100 First Liberty Financial Corp. 60
7,995 First Sentinel BanCorp., Inc. 66
2,220 First Washington BanCorp., Inc. 45
3,700 Firstfed Financial Corp.* 70
1,000 Flagstar BanCorp., Inc. 23
2,706 Harbor Florida Bancshares, Inc. 32
1,500 Harris Financial, Inc. 17
1,600 Haven BanCorp., Inc. 22
14,100 Independence Community Bank 187
1,700 Jefferson Savings BanCorp., Inc. 21
1,400 JSB Financial, Inc. 72
3,800 Local Financial Corp.* 38
4,488 MAF BanCorp., Inc. 104
2,700 Northwest BanCorp., Inc. 25
2,300 Ocean Financial Corp. 41
2,300 PBOC Holdings, Inc.* 20
6,100 Peoples BanCorp, Inc. 63
2,900 PFF BanCorp, Inc.* 53
3,250 Queens County BanCorp., Inc. 103
1,600 Reliance BanCorp, Inc. 45
4,400 Richmond County Financial Corp. 80
14,395 Roslyn BanCorp., Inc. 261
7,719 St. Paul BanCorp., Inc. 200
7,900 Staten Island BanCorp., Inc. 152
7,000 Webster Financial Corp. 203
1,818 Westcorp 17
500 Wilshire Financial Services Group* --
1,800 WSFS Financial Corp. 26
-------
2,981
-------
Semiconductors--2.8%
3,400 Actel Corp.* 44
6,800 Amkor Technology, Inc.* 63
4,300 Applied Micro Circuits Corp.* 254
1,300 Artisan Components, Inc.* 9
2,400 Aspec Technology, Inc. 2
3,000 ATMI, Inc.* 66
4,475 Burr-Brown Corp.* 143
12,300 Cirrus Logic, Inc.* 92
15,900 Cypress Semiconductor Corp.* 177
5,300 Dallas Semiconductor Corp. 231
900 Dupont Photomasks, Inc.* 35
3,700 Electroglas, Inc.* 54
3,900 Etec Systems, Inc.* 105
5,300 General Semiconductor, Inc. 41
9,600 International Rectifier Corp.* 104
</TABLE>
See accompanying notes to financial statements.
68
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------
<C> <S> <C>
1,900 Kopin Corp.* $ 38
7,100 Lam Research Corp.* 197
4,100 Lattice Semiconductor Corp.* 201
7,300 Level One Communications, Inc.* 330
3,100 Marshall Industries* 55
3,600 MEMC Electronics Materials* 30
7,200 Novellus Systems, Inc.* 351
6,800 OAK Technology, Inc.* 24
3,900 Photronics, Inc.* 77
4,937 Pioneer Standard Electronics 48
11,500 PMC--Sierra, Inc.* 558
3,300 Qlogic Corp.* 362
2,800 Rambus, Inc. 217
2,500 SDL, Inc.* 233
2,300 Semtech Corp.* 96
6,100 Silicon Valley Group, Inc.* 84
1,900 Siliconix, Inc.* 70
3,900 Ultratech Stepper, Inc.* 51
5,900 Unitrode Corp.* 123
9,400 Vlsi Technology, Inc.* 197
-------
4,762
-------
Shipbuilding--0.2%
1,800 Avondale Industries, Inc.* 66
5,350 Halter Marine Group, Inc.* 39
6,400 Newport News Shipbuilding 176
-------
281
-------
Software--8.2%
2,700 3DFX Interactive, Inc.* 52
8,200 Acclaim Enmnt, Inc.* 53
9,620 Acxiom Corp.* 260
1,600 Advantage Learning Systems, Inc.* 36
1,000 Advent Software* 70
1,900 Alydaar Software Corp.* 7
7,900 American Management Systems* 251
1,940 Applied Graphics Technologies* 21
3,200 Aspect Development, Inc.* 46
4,600 Aspen Technology, Inc.* 48
4,300 Avid Technology, Inc.* 70
2,000 Barra, Inc.* 48
8,200 BEA Systems, Inc.* 167
3,300 Black Box Corp.* 151
3,300 Broadvision, Inc.* 172
4,400 CCC Information Services Group* 57
4,800 Cerner Corp.* 97
2,700 Choicepoint, Inc.* 162
4,100 Clarify, Inc.* 132
13,400 CMGI, Inc.* 1,389
3,200 CNET, Inc.* 346
6,800 Concentric Network Corp.* 220
2,500 Concord Communications, Inc.* 111
9,600 CSG Systems International* 307
2,900 Datastream Systems, Inc.* 35
1,400 Deltek Systems, Inc.* 13
3,400 Dendrite International, Inc.* 112
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------
<C> <S> <C>
1,800 Dialogic Corp.* $ 60
2,400 Digi International, Inc.* 20
2,300 Documentum, Inc.* 32
6,300 Doubleclick, Inc.* 614
3,100 Earthlink Network, Inc.* 166
1,500 Engineering Animation, Inc.* 34
6,423 Epicor Software Corp. 45
5,000 Excite, Inc.* 665
4,800 Exodus Communications, Inc.* 360
1,900 Fair Issac & Company, Inc.* 62
5,500 Filenet Corp.* 54
5,600 General Magic, Inc.* 21
1,700 Genesys Telecomm Labs, Inc.* 39
1,600 Great Plaines Software, Inc.* 60
5,200 GT Interactive Software Corp.* 21
1,900 H.T.E., Inc. 9
5,775 Harbinger Corp.* 64
4,800 HNC Software* 130
5,685 Hyperion Solutions Corp.* 88
1,800 IDX Systems Corp.* 43
2,200 IMRglobal Corp.* 46
5,900 Indus International, Inc.* 25
4,800 Industri-Matematik International* 11
5,200 Information Resources, Inc.* 44
32,100 Informix Corp.* 214
4,500 Infoseek Corp.* 188
5,200 InfoUSA, Inc.* 32
8,900 Inprise Corp.* 33
1,950 Inspire Insurance Solutions, Inc* 34
3,400 Integrated Systems, Inc.* 42
3,800 Inter-Tel, Inc.* 56
3,700 JDA Software Group, Inc.* 33
7,000 Legato Systems, Inc.* 383
8,050 Lycos, Inc.* 809
6,600 Macromedia Inc.* 253
3,600 Manugistics Group, Inc.* 33
3,100 Mapics, Inc.* 29
2,000 Medical Manager Corp.* 99
5,800 Mercury Interactive Corp.* 191
1,200 Metro Information Services, Inc.* 28
1,900 Micromuse, Inc.* 76
5,273 Midway Games, Inc.* 56
3,200 Mindspring Enterprises, Inc.* 237
600 Mobius Management Systems, Inc.* 5
6,300 National Data Corp.* 296
2,750 National Instruments Corp. 105
3,700 Neomagic Corp. 30
1,500 Network Solutions, Inc.* 95
3,200 New ERA of Networks, Inc.* 142
2,500 Objective Systems Integrator* 7
4,200 Open Market, Inc.* 52
1,300 Pegasystems, Inc.* 11
3,300 Peregrine Systems, Inc.* 76
1,700 Pinnacle Systems, Inc.* 88
</TABLE>
See accompanying notes to financial statements.
69
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Software--Continued
2,300 Preview Travel, Inc.* $ 40
3,200 Progress Software Corp.* 83
1,300 Project Software & Development* 37
8,100 Psinet, Inc.* 360
1,600 QAD, Inc.* 6
3,600 Quadramed Corp. 37
15,885 Rational Software Corp.* 537
3,300 RealNetworks, Inc.* 234
4,100 Remedy Corp.* 78
9,600 S3, Inc. 64
5,700 Saga Systems, Inc. 67
1,100 Sanchez Computer Associates* 76
2,000 SCB Computer Technology, Inc.* 13
1,900 Schawk, Inc.* 23
2,400 SEI Investments Co. 245
2,900 Sportsline USA, Inc.* 108
1,700 SS&C Technologies, Inc.* 21
6,800 Structural Dynamics Research* 122
15,300 Sybase, Inc.* 148
10,400 Symantec Corp.* 255
6,150 System Software Associates, Inc.* 12
5,800 Transaction Systems Architects, Inc.* 185
4,900 Vantive Corp.* 53
1,000 Verio, Inc.* 54
3,400 Viasoft, Inc.* 13
4,700 Visio Corp.* 155
3,900 Wavephore, Inc.* 26
6,137 Wind River Systems* 129
------
14,060
------
Telecommunication Equipment--2.1%
3,600 Adtran, Inc.* 93
21,940 American Tower Corp.* 494
4,400 Antec Corp.* 129
9,100 Aspect Telecommunications* 77
5,300 Associated Group, Inc.* 344
6,700 Cellnet Data Systems, Inc.* 59
900 Com21, Inc.* 16
7,400 Commscope, Inc.* 194
2,050 Davox Corp.* 17
11,500 Digital Microwave Corp.* 145
7,100 DSP Communications, Inc.* 218
1,000 Excel Switching Corp.* 22
3,500 Geotel Communications Corp.* 194
11,600 Glenayre Technologies, Inc.* 41
9,000 Interdigital Communications Corp.* 42
9,500 Metromedia Fiber Network, Inc.* 384
2,000 Natural Microsystems Corp.* 12
4,000 Network Equipment Technologies * 41
2,800 North Pittsburgh Systems, Inc. 38
500 Optical Cable Corp.* 6
8,100 P-Com, Inc.* 36
6,400 Pagemart Wireless, Inc.* 30
13,200 Pairgain Technologies, Inc.* 164
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- -------------------------------------------------------
<C> <S> <C>
7,500 Picturetel Corp.* $ 67
3,200 Plantronics, Inc.* 196
800 Powerwave Technologies, Inc.* 19
4,500 Premisys Communications, Inc.* 39
11,200 SkyTel Communications, Inc.* 227
1,868 Superior Telecom, Inc.* 55
6,400 Tekelec* 65
2,500 Westell Technologies, Inc.* 17
4,800 World Access, Inc.* 55
------
3,536
------
Telecommunications--3.0%
2,400 Adaptive Broadband Corp. 38
2,300 Aerial Communications, Inc.* 25
5,100 Allen Telecom, Inc. 53
3,400 American Mobile Satellite Corp.* 49
4,000 APAC Teleservices, Inc.* 15
1,700 AVT Corp. 57
2,000 Cellular Communications of Puerto Rico 56
3,400 Centennial Cellular Corp.* 156
3,900 Commnet Cellular, Inc.* 78
2,166 Commonwealth Telephone Enterprise* 85
1,300 CoreComm Ltd. 58
2,300 Echostar Communications Corp.* 264
1,600 Electric Lightwave, Inc.* 19
6,700 General Communication* 33
2,605 Hughes Electronics 143
8,600 ICG Communications, Inc.* 164
3,100 IDT Corp.* 69
9,600 ITC Deltacom, Inc.* 229
5,100 IXC Communications, Inc.* 184
2,900 LCC International, Inc.* 14
2,300 Mastec, Inc.* 56
5,100 Metrocall, Inc.* 15
700 MGC Communications, Inc.* 19
4,300 MRV Communications, Inc.* 50
1,700 Norstan, Inc.* 19
11,233 NTL, Inc.* 1,061
5,700 Omnipoint Corp.* 99
1,500 Pacific Gateway Exchange, Inc.* 59
4,300 PLD Telekom, Inc.* 15
2,900 Powertel, Inc.* 73
6,200 Premiere Technologies, Inc.* 96
6,400 RCN Corp.* 266
4,200 Smartalk Teleservices, Inc.* --
4,000 Star Telecommunications, Inc.* 35
5,700 Talk.com, Inc. 59
1,100 Telegroup, Inc.* --
1,750 Transaction Network Services, Inc.* 47
1,100 US LEC Corp.* 22
700 Verisign, Inc. 83
14,200 Voicestream Wireless Corp. 388
3,300 West Teleservices Corp.* 25
14,200 Western Wireless Corp., Class A* 348
8,000 Winstar Communications, Inc.* 395
------
5,019
------
</TABLE>
See accompanying notes to financial statements.
70
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------------
<C> <S> <C>
Telephone--0.3%
6,600 Aliant Communications, Inc. $ 313
2,400 CFW Communications Co. 59
9,000 e.spire Communications Inc.* 103
3,900 Primus Telecommunications* 65
3,300 USN Communications, Inc.* --
--------
540
--------
Textiles--0.3%
10,900 Collins & Aikman Corp.* 61
1,700 Culp, Inc. 14
3,800 DAN River, Inc.* 35
3,550 G & K Services, Inc.* 168
3,097 Guilford Mills, Inc. 31
1,300 Pillowtex Corp. 21
2,300 Quaker Fabric Corp.* 11
2,000 Springs Industries, Inc. 79
1,600 Unifirst Corp. 29
--------
449
--------
Tobacco--0.1%
600 800-Jr Cigar, Inc.* 5
8,300 Dimon, Inc. 44
1,100 General Cigar Holdings, Inc.* 9
6,200 Universal Corp. 162
--------
220
--------
Toys, Games & Hobbies--0.1%
2,700 Action Performance Cos., Inc.* 103
3,400 Department 56* 113
1,500 Marvel Enterprises, Inc.* 13
900 Media Arts Group, Inc.* 6
24 Score Board, Inc. --
--------
235
--------
Transportation--1.6%
6,250 Air Express International CP 156
1,400 Airnet Systems, Inc.* 15
7,100 Alexander & Baldwin, Inc. 161
3,900 American Freightways Corp.* 68
3,600 Arnold Industries, Inc. 59
2,550 Atlas Air, Inc.* 68
7,700 C.H. Robinson Worldwide, Inc. 249
2,400 Circle International Group 50
4,500 Coach USA, Inc.* 131
3,900 Consolidated Freightways Corp.* 52
1,300 Covenant Transport, Inc.* 16
1,900 Dispatch Management Services Co.* 5
1,500 Eagle USA Airfreight, Inc.* 71
4,600 Expeditors International of Washington, Inc. 256
2,100 Florida East Coast Industries 73
4,300 Fritz Cos., Inc.* 46
1,100 Gulfmark Offshore, Inc.* 18
3,239 Heartland Express, Inc.* 50
4,000 Hunt (JB) Transport Services, Inc. 67
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------
<C> <S> <C>
2,500 Hvide Marine, Inc.* $ 5
3,700 Kirby Corp. 70
3,100 Kitty Hawk, Inc.* 25
1,100 Knight Transportation, Inc.* 22
1,900 Landstar System, Inc.* 71
1,700 MS Carriers, Inc.* 54
4,000 Offshore Logistics 45
5,000 Overseas Shipholding Group 62
3,900 Pittston Bax Group 42
2,900 Roadway Express, Inc. 56
6,875 Swift Transportation Co., Inc.* 126
4,850 U.S. Freightways Corp. 191
1,400 US Xpress Enterprises, Inc.* 17
5,312 Werner Enterprises, Inc. 103
9,500 Wisconsin Central Transport* 188
4,200 Yellow Corp.* 71
--------
2,759
--------
Trucking & Leasing--0.2%
1,600 Amerco, Inc.* 40
1,000 Greenbrier Co., Inc. 9
2,500 Interpool, Inc. 31
8,900 Rollins Truck Leasing Corp. 97
3,200 Varlen Corp. 121
2,600 Xtra Corp. 116
--------
414
--------
Water--0.3%
2,150 Aquarion Co. 67
2,126 California Water Service Group 55
1,600 E'Town Corp. 68
6,533 Philadelphia Suburban Corp. 144
5,152 United Water Resources, Inc. 112
--------
446
- --------------------------------------------------
TOTAL COMMON STOCKS (Cost $155,956) $163,635
- --------------------------------------------------
PREFERRED STOCKS--0.1%
Diversified Financial Services--0.0%
2,862 Superior Trust $ 138
--------
Health Care--0.0%
135 Mediq Co., Class A 1
--------
Oil & Gas Services--0.0%
1,100 Dril-Quip 28
--------
Real Estate Investment Trusts--0.0%
2,300 US Restaurants Properties, Inc. 49
- --------------------------------------------------
TOTAL PREFERRED STOCKS (Cost $216) $ 216
- --------------------------------------------------
RIGHTS--0.0%
1,900 Smart & Final, Inc.* $ --
425 Talk.com, Inc.* --
8,000 Homestead Village, Inc.* --
2,400 First Union Real Estate* --
- --------------------------------------------------
TOTAL RIGHTS (Cost $0) $ --
- --------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
71
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
WARRANTS--0.0%
248 Corarm Healthcare Corp., Exp. 7/11/99* $ --
350 Milicom American Satellite Corp., Exp. 6/30/1999* --
57 PE Corp., Exp. 9/11/03* --
- --------------------------------------------------------------------
TOTAL WARRANTS (Cost $0) $ --
- --------------------------------------------------------------------
OTHER INVESTMENTS--0.0%
2,000 Escrow CFS Group, Inc.* $ --
1,400 Escrow Millicom, Inc.* --
900 Escrow Northeast Bancorp, Inc.* --
1,420 Escrow Strawbridge & Clothier* --
- --------------------------------------------------------------------
TOTAL OTHER INVESTMENTS (Cost $0) $ --
- --------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
- ------------------------------------------------
<C> <S> <C>
SHORT-TERM INVESTMENTS--4.5%
CDC Marches, Paris, France
$7,083 4.875% Due 6/1/99 $ 7,083
U.S. Treasury Bill #
$ 670 4.34% Due 6/24/99 663
- ------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS--4.5%
(Cost $7,746) $ 7,746
- ------------------------------------------------
TOTAL INVESTMENTS--99.8%
(Cost $163,918) $171,597
- ------------------------------------------------
Other assets, less liabilities--0.2% 243
- ------------------------------------------------
NET ASSETS--100.0% $171,840
- ------------------------------------------------
- ------------------------------------------------
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Type of Number of Contract Contract Unrealized
Contracts Contracts Amount Position Expiration Gain
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Russell 2000 34 $7,494 Long 6/18/99 $446
- ---------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
#Security pledged to cover margin requirements for open futures contracts.
See accompanying notes to financial statements.
72
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
May 31, 1999
(All amounts in thousands, except net asset value per share)
(Unaudited)
<TABLE>
<CAPTION>
Small
Diversified Equity Focused International International Company
Balanced Growth Index Growth Equity Index Growth Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments in
securities, at cost $61,424 $121,441 $ 869,518 $114,254 $41,006 $103,852 $163,918
- -----------------------------------------------------------------------------------------------------------
Investments in
securities, at value $72,638 $186,146 $1,399,024 $163,585 $44,699 $109,912 $171,597
Cash and foreign
currencies 1,068 1,352 23,784 807 474 774 --
Receivables:
Investment securities
sold 1,269 2,561 330 1,186 -- 4,005 116
Dividends and interest 463 130 2,410 104 137 563 148
Foreign tax reclaims -- -- -- -- 43 180 --
Fund shares sold 9 -- 571 3,098 1 310 254
Administrator 7 6 39 7 7 6 20
Deferred organization
costs, net -- -- -- -- 10 -- --
Other assets 3 4 34 3 6 5 6
- -----------------------------------------------------------------------------------------------------------
Total assets 75,457 190,199 1,426,192 168,790 45,377 115,755 172,141
- -----------------------------------------------------------------------------------------------------------
Liabilities:
Overdraft -- -- -- -- -- -- 211
Payable for:
Investment securities
purchased 961 1,231 1,845 3,924 -- 1,461 --
Fund shares redeemed 90 4 2,419 33 19 44 31
Accrued expenses:
Advisory fees 32 92 128 112 10 80 32
Administration fees 6 17 128 14 6 15 16
Custodian fees 1 2 29 1 7 13 --
Transfer agent fees 1 2 24 2 -- 1 2
Shareholder service
fees 1 1 -- 7 -- -- 2
Other liabilities 14 12 151 10 8 8 7
- -----------------------------------------------------------------------------------------------------------
Total liabilities 1,106 1,361 4,724 4,103 50 1,622 301
- -----------------------------------------------------------------------------------------------------------
Net assets $74,351 $188,838 $1,421,468 $164,687 $45,327 $114,133 $171,840
- -----------------------------------------------------------------------------------------------------------
Analysis of net assets:
Paid-in capital $56,533 $ 99,999 $824,014 $ 99,401 $41,684 $ 93,984 $157,718
Undistributed
(distribution in
excess of)
net investment income (39) 392 (983) (267) (285) (1,006) 1,128
Accumulated net
realized gains on
investments, futures
and foreign currency
transactions 6,643 23,742 69,460 16,222 210 15,107 4,869
Net unrealized
appreciation on
investments, futures
and foreign currency
transactions 11,214 64,705 528,977 49,331 3,678 6,060 8,125
Net unrealized gains
(losses) on
translation of other
assets and liabilities
denominated in foreign
currencies -- -- -- -- 40 (12) --
- -----------------------------------------------------------------------------------------------------------
Net assets $74,351 $188,838 $1,421,468 $164,687 $45,327 $114,133 $171,840
- -----------------------------------------------------------------------------------------------------------
Total shares
outstanding (no par
value), unlimited
shares authorized
Class A 5,077 10,623 54,350 8,591 3,890 9,646 13,552
Class C 57 -- 4,771 557 -- -- 29
Class D 36 19 703 46 1 1 44
- -----------------------------------------------------------------------------------------------------------
Net asset value,
offering and
redemption price per
share
Class A $ 14.38 $ 17.75 $ 23.77 $ 17.92 $ 11.65 $ 11.83 $ 12.61
Class C $ 14.40 -- $ 23.71 $ 17.84 -- -- $ 12.58
Class D $ 14.33 $ 17.51 $ 23.66 $ 17.59 $ 11.62 $ 11.69 $ 12.52
- -----------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
73
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Small
Diversified Equity Focused International International Company
Balanced Growth Index Growth Equity Index Growth Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividend $ 189 $ 915 $ 9,632 $ 528 $ 474 $1,390 $ 1,375
Interest 964 139 752 28 3 103 254
- ----------------------------------------------------------------------------------------------------------
Total income 1,153 1,054 10,384 556 477(a) 1,493(b) 1,629
- ----------------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fees 286 776 2,156 841 114 561 395
Administration fees 36 97 719 77 35 84 99
Custodian fees 12 14 119 14 39 68 209
Registration fees 8 13 52 11 12 11 29
Transfer agent fees 5 10 139 13 2 6 11
Professional fees 4 4 35 4 4 4 4
Shareholder servicing
fees 2 1 114 9 -- -- 1
Trustee fees and ex-
penses 2 2 16 2 2 2 2
Amortization of deferred
organization costs -- -- -- -- 2 -- --
Other 4 9 39 6 4 8 44
- ----------------------------------------------------------------------------------------------------------
Total expenses 359 926 3,389 977 214 744 794
Less voluntary waivers
of investment advisory
fees (107) (243) (1,437) (229) (56) (106) (197)
Less expenses reimburs-
able by Administrator (30) (39) (259) (35) (39) (37) (241)
- ----------------------------------------------------------------------------------------------------------
Net expenses 222 644 1,693 713 119 601 356
- ----------------------------------------------------------------------------------------------------------
Net investment income
(loss) 931 410 8,691 (157) 358 892 1,273
Net realized gains
(losses) on:
Investment transactions 6,658 23,452 71,168 16,428 387 16,159 4,766
Futures transactions -- 630 3,055 -- -- -- 63
Foreign currency trans-
actions -- -- -- -- (5) 6 --
Net change in unrealized
appreciation
(depreciation) on
investments, futures,
and foreign currency
transactions (2,886) (3,453) 80,488 7,396 915 (7,210) 10,935
Net change in unrealized
gains (losses) on
translation of other
assets and liabilities
denominated in foreign
currencies -- -- -- -- 39 (52) --
- ----------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations $4,703 $21,039 $163,402 $23,667 $1,694 $9,795 $17,037
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(a) Net of $56 in non-reclaimable foreign withholding taxes.
(b) Net of $182 in non-reclaimable foreign withholding taxes.
See accompanying notes to financial statements.
74
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
75
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended May 31, 1999 (Unaudited) and the Year Ended November
30, 1998
(All amounts in thousands)
<TABLE>
<CAPTION>
Balanced Diversified
Portfolio Growth Portfolio
---------------- ------------------
1999 1998 1999 1998
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income (loss) $ 931 $ 1,670 $ 410 $ 734
Net realized gains on investments, op-
tions, futures and foreign currency
transactions 6,658 5,868 24,082 18,782
Net change in unrealized appreciation
(depreciation) on investments, options,
futures and foreign currency
transactions (2,886) 2,033 (3,453) 17,053
Net change in unrealized gains (losses)
on translations of other assets and li-
abilities denominated in foreign cur-
rencies -- -- -- --
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from operations 4,703 9,571 21,039 36,569
- --------------------------------------------------------------------------------
Distributions to Class A shareholders:
Net investment income (1,285) (1,247) (733) (1,086)
Net realized gains (5,339) (1,990) (18,907) (18,075)
- --------------------------------------------------------------------------------
Total distributions to Class A sharehold-
ers (6,624) (3,237) (19,640) (19,161)
- --------------------------------------------------------------------------------
Distributions to Class C shareholders:
Net investment income (41) (107) -- --
Net realized gains (473) (174) -- --
- --------------------------------------------------------------------------------
Total distributions to Class C sharehold-
ers (514) (281) -- --
- --------------------------------------------------------------------------------
Distributions to Class D shareholders:
Net investment income (10) (14) (1) (4)
Net realized gains (66) (29) (124) (104)
- --------------------------------------------------------------------------------
Total distributions to Class D sharehold-
ers (76) (43) (125) (108)
- --------------------------------------------------------------------------------
Class A share transactions:
Proceeds from the sale of shares 14,406 19,629 9,281 13,164
Reinvested distributions 6,606 3,204 18,539 18,263
Cost of shares redeemed (7,682) (17,773) (18,552) (29,056)
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from Class A share transactions 13,330 5,060 9,268 2,371
- --------------------------------------------------------------------------------
Class C share transactions:
Proceeds from the sale of shares 285 1,465 -- --
Reinvested distributions 514 281 -- --
Cost of shares redeemed (5,246) (1,386) -- --
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from Class C share transactions (4,447) 360 -- --
- --------------------------------------------------------------------------------
Class D share transactions:
Proceeds from the sale of shares 149 618 69 511
Reinvested distributions 76 43 124 108
Cost of shares redeemed (426) (295) (966) (300)
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from Class D share transactions (201) 366 (773) 319
- --------------------------------------------------------------------------------
Net increase (decrease) 6,171 11,796 9,769 19,990
Net assets--beginning of period 68,180 56,384 179,069 159,079
- --------------------------------------------------------------------------------
Net assets--end of period $74,351 $68,180 $188,838 $179,069
- --------------------------------------------------------------------------------
Undistributed (distribution in excess of)
net investment income $ (39) $ 366 $ 392 $ 716
- --------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
76
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International
Equity Index Focused Growth Equity Index International Small Company
Portfolio Portfolio Portfolio Growth Portfolio Index Portfolio
- ----------------------- ------------------ ---------------- ------------------ ------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 8,691 $ 15,089 $ (157) $ (87) $ 358 $ 638 $ 892 $ 959 $ 1,273 $ 1,470
74,223 83,021 16,428 10,166 382 1,818 16,165 9,825 4,829 22,845
80,488 132,779 7,396 17,953 915 4,011 (7,210) 8,909 10,935 (28,927)
-- -- -- -- 39 4 (52) 46 -- --
- ------------------------------------------------------------------------------------------------------
163,402 230,889 23,667 28,032 1,694 6,471 9,795 19,739 17,037 (4,612)
- ------------------------------------------------------------------------------------------------------
(10,417) (12,617) -- (321) (885) (678) (2,013) (1,630) (1,491) (1,365)
(75,449) (64,765) (9,490) (20,346) (2,016) -- (6,897) (5,679) (23,084) (8,892)
- ------------------------------------------------------------------------------------------------------
(85,866) (77,382) (9,490) (20,667) (2,901) (678) (8,910) (7,309) (24,575) (10,257)
- ------------------------------------------------------------------------------------------------------
(747) (1,037) -- (5) -- -- -- -- -- --
(6,898) (5,908) (674) (1,471) -- -- -- -- (13) --
- ------------------------------------------------------------------------------------------------------
(7,645) (6,945) (674) (1,476) -- -- -- -- (13) --
- ------------------------------------------------------------------------------------------------------
(112) (298) -- (1) -- -- (2) (3) (3) (5)
(1,990) (2,272) (136) (270) (1) -- (12) (15) (96) (43)
- ------------------------------------------------------------------------------------------------------
(2,102) (2,570) (136) (271) (1) -- (14) (18) (99) (48)
- ------------------------------------------------------------------------------------------------------
255,269 512,427 20,713 20,270 3,057 22,035 5,515 9,817 117,213 99,274
72,451 68,757 9,041 19,625 2,858 649 7,690 6,291 22,577 9,261
(272,726) (376,883) (11,621) (37,427) (4,333) (17,779) (11,550) (23,669) (100,387) (102,546)
- ------------------------------------------------------------------------------------------------------
54,994 204,301 18,133 2,468 1,582 4,905 1,655 (7,561) 39,403 5,989
- ------------------------------------------------------------------------------------------------------
19,178 44,422 685 178 -- -- -- -- 889 2,017
7,645 6,945 674 1,476 -- -- -- -- 13 --
(30,877) (35,066) (955) (1,678) -- -- -- -- (1,391) (1,148)
- ------------------------------------------------------------------------------------------------------
(4,054) 16,301 404 (24) -- -- -- -- (489) 869
- ------------------------------------------------------------------------------------------------------
3,549 10,633 55 770 -- 10 7 162 59 544
2,081 2,526 80 271 1 -- 15 17 99 48
(21,697) (16,644) (1,230) (558) -- -- (212) (241) (407) (285)
- ------------------------------------------------------------------------------------------------------
(16,067) (3,485) (1,095) 483 1 10 (190) (62) (249) 307
- ------------------------------------------------------------------------------------------------------
102,662 361,109 30,809 8,545 375 10,708 2,336 4,789 31,015 (7,752)
1,318,806 957,697 133,878 125,333 44,952 34,244 111,797 107,008 140,825 148,577
- ------------------------------------------------------------------------------------------------------
$1,421,468 $1,318,806 $164,687 $133,878 $45,327 $44,952 $114,133 $111,797 $171,840 $140,825
- ------------------------------------------------------------------------------------------------------
$ (983) $ 1,602 $ (267) $ (110) $ (285) $ 242 $ (1,006) $ 117 $ 1,128 $ 1,349
- ------------------------------------------------------------------------------------------------------
</TABLE>
77
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Balanced Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------
1999 1998 1997 1996 1995 1994
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 14.95 $ 13.59 $ 12.24 $ 11.05 $ 9.50 $ 10.22
Income (Loss) from in-
vestment operations:
Net investment income 0.19 0.38 0.38 0.34 0.34 0.24
Net realized and
unrealized gain (loss) 0.03 1.81 1.66 1.19 1.55 (0.72)
- --------------------------------------------------------------------------------
Total income from in-
vestment operations 0.22 2.19 2.04 1.53 1.89 (0.48)
- --------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.28) (0.32) (0.38) (0.34) (0.34) (0.22)
Net realized gain (0.51) (0.51) (0.31) -- -- (0.02)
- --------------------------------------------------------------------------------
Total distributions to
shareholders (0.79) (0.83) (0.69) (0.34) (0.34) (0.24)
- --------------------------------------------------------------------------------
Net increase (decrease) (0.57) 1.36 1.35 1.19 1.55 (0.72)
- --------------------------------------------------------------------------------
Net asset value, end of
period $ 14.38 $ 14.95 $ 13.59 $ 12.24 $ 11.05 $ 9.50
- --------------------------------------------------------------------------------
Total return (a) 7.06% 16.90% 17.29% 14.07% 20.22% (4.76)%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.61% 0.61% 0.61% 0.61% 0.61% 0.61%
Expenses, before waiv-
ers and reimbursements 1.00% 1.04% 1.11% 1.20% 1.28% 1.50%
Net investment income,
net of waivers and re-
imbursements 2.61% 2.83% 2.99% 3.03% 3.36% 2.56%
Net investment income,
before waivers and re-
imbursements 2.22% 2.40% 2.49% 2.44% 2.69% 1.68%
Portfolio turnover rate 41.89% 67.16% 59.06% 104.76% 93.39% 75.69%
Net assets at end of pe-
riod (in thousands) $73,013 $61,969 $51,475 $45,157 $38,897 $31,462
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
--------------------------------- --------------------------------
1999 (c) 1998 1997 1996 (d) 1999 1998 1997 1996 (e)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $14.91 $13.56 $12.24 $11.12 $14.88 $13.54 $12.23 $11.34
Income (loss) from in-
vestment operations:
Net investment income 0.20 0.37 0.36 0.29 0.15 0.40 0.34 0.22
Net realized and
unrealized gain (loss) 0.03 1.78 1.64 1.12 0.09 1.72 1.64 0.96
- --------------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.23 2.15 2.00 1.41 0.24 2.12 1.98 1.18
- --------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.23) (0.29) (0.37) (0.29) (0.28) (0.27) (0.36) (0.29)
Net realized gain (0.51) (0.51) (0.31) -- (0.51) (0.51) (0.31) --
- --------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.74) (0.80) (0.68) (0.29) (0.79) (0.78) (0.67) (0.29)
- --------------------------------------------------------------------------------------------
Net increase (decrease) (0.51) 1.35 1.32 1.12 (0.55) 1.34 1.31 0.89
- --------------------------------------------------------------------------------------------
Net asset value, end of
period $14.40 $14.91 $13.56 $12.24 $14.33 $14.88 $13.54 $12.23
- --------------------------------------------------------------------------------------------
Total return (a) 7.12% 16.61% 17.00% 12.72% 6.92% 16.45% 16.82% 10.55%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.85% 0.85% 0.85% 0.85% 1.00% 1.00% 1.00% 1.00%
Expenses, before waiv-
ers and reimbursements 1.24% 1.28% 1.35% 1.44% 1.39% 1.43% 1.50% 1.59%
Net investment income,
net of waivers and re-
imbursements 2.37% 2.58% 2.75% 2.80% 2.22% 2.44% 2.60% 2.78%
Net investment income,
before waivers and re-
imbursements 1.98% 2.15% 2.25% 2.21% 1.83% 2.01% 2.10% 2.19%
Portfolio turnover rate 41.89% 67.16% 59.06% 104.76% 41.89% 67.16% 59.06% 104.76%
Net assets at end of pe-
riod (in thousands) $ 816 $5,459 $4,587 $5,997 $ 522 $ 752 $ 322 $ 232
- --------------------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) Financial highlights for the six months ended May 31, 1999 were calculated
using average shares outstanding for the period.
(d) For the period December 29, 1995 (Class C shares issue date) through
November 30, 1996.
(e) For the period February 20, 1996 (Class D shares issue date) through
November 30, 1996.
See accompanying notes to financial statements.
78
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Diversified Growth Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------------
1999 1998 1997 1996 1995 1994
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 17.76 $ 16.20 $ 14.36 $ 12.20 $ 9.88 $ 10.65
Income (loss) from
investment operations:
Net investment income 0.04 0.07 0.11 0.14 0.15 0.09
Net realized and
unrealized gain (loss) 1.94 3.46 3.33 2.33 2.26 (0.83)
- --------------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.98 3.53 3.44 2.47 2.41 (0.74)
- --------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.07) (0.11) (0.14) (0.15) (0.09) (0.01)
Net realized gain (1.92) (1.86) (1.46) (0.16) -- (0.02)
- --------------------------------------------------------------------------------------
Total distributions to
shareholders (1.99) (1.97) (1.60) (0.31) (0.09) (0.03)
- --------------------------------------------------------------------------------------
Net increase (decrease) (0.01) 1.56 1.84 2.16 2.32 (0.77)
- --------------------------------------------------------------------------------------
Net asset value, end of
period $ 17.75 $ 17.76 $ 16.20 $ 14.36 $ 12.20 $ 9.88
- --------------------------------------------------------------------------------------
Total return (a) 11.81% 25.22% 27.06% 20.83% 24.55% (6.98)%
Ratio to average net as-
sets of (b):
Expenses, net of
waivers and
reimbursements 0.66% 0.66% 0.67% 0.66% 0.69% 0.67%
Expenses, before
waivers and
reimbursements 0.95% 0.96% 1.03% 1.10% 1.12% 1.08%
Net investment income,
net of waivers and
reimbursements 0.42% 0.45% 0.76% 0.98% 1.16% 0.77%
Net investment income,
before waivers and
reimbursements 0.13% 0.15% 0.40% 0.54% 0.73% 0.35%
Portfolio turnover rate 30.62% 37.74% 45.53% 59.99% 81.65% 78.94%
Net assets at end of pe-
riod (in thousands) $188,512 $177,947 $158,383 $142,055 $146,731 $164,963
- --------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
--------------------------------------------------
1999 (c) 1998 1997 1996 1995 1994(d)
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $17.53 $16.03 $14.26 $12.16 $ 9.88 $10.41
Income (loss) from
investment operations:
Net investment income
(loss) 0.02 0.03 0.09 0.11 0.11 0.01
Net realized and
unrealized gain (loss) 1.89 3.40 3.27 2.29 2.25 (0.54)
- --------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.91 3.43 3.36 2.40 2.36 (0.53)
- --------------------------------------------------------------------------------
Distributions to sharehold-
ers:
Net investment income (0.01) (0.07) (0.13) (0.14) (0.08) --
Net realized gain (1.92) (1.86) (1.46) (0.16) -- --
- --------------------------------------------------------------------------------
Total distributions to
shareholders (1.93) (1.93) (1.59) (0.30) (0.08) --
- --------------------------------------------------------------------------------
Net increase (decrease) (0.02) 1.50 1.77 2.10 2.28 (0.53)
- --------------------------------------------------------------------------------
Net asset value, end of pe-
riod $17.51 $17.53 $16.03 $14.26 $12.16 $ 9.88
- --------------------------------------------------------------------------------
Total return (a) 11.48% 24.73% 26.60% 20.39% 24.19% (5.14)%
Ratio to average net assets
of (b):
Expenses, net of waivers
and reimbursements 1.05% 1.05% 1.06% 1.05% 1.08% 1.05%
Expenses, before waivers
and reimbursements 1.34% 1.35% 1.42% 1.49% 1.51% 1.46%
Net investment income, net
of waivers and
reimbursements 0.03% 0.06% 0.37% 0.59% 0.73% 0.94%
Net investment income
(loss), before waivers
and reimbursements (0.26)% (0.24)% 0.01% 0.15% 0.30% 0.53%
Portfolio turnover rate 30.62% 37.74% 45.53% 59.99% 81.65% 78.94%
Net assets at end of period
(in thousands) $ 327 $1,122 $ 696 $ 433 $ 221 $ 40
- --------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) Financial highlights for the six months ended May 31, 1999 were calculated
using average shares outstanding for the period.
(d) For the period September 14, 1994 (Class D shares issue date) through
November 30, 1994.
See accompanying notes to financial statements.
79
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Equity Index Portfolio
<TABLE>
<CAPTION>
Class A
--------------------------------------------------------------
1999 1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 22.69 $ 20.09 $ 16.79 $ 13.86 $ 10.60 $ 10.78
Income (loss) from
investment operations:
Net investment income 0.14 0.28 0.30 0.31 0.30 0.27
Net realized and
unrealized gain (loss) 2.56 4.02 4.13 3.36 3.47 (0.18)
- ----------------------------------------------------------------------------------------
Total income from
investment operations 2.70 4.30 4.43 3.67 3.77 0.09
- ----------------------------------------------------------------------------------------
Distributions to
shareholders:
Net investment income (0.19) (0.26) (0.30) (0.31) (0.30) (0.27)
Net realized gain (1.43) (1.44) (0.83) (0.43) (0.21) --
- ----------------------------------------------------------------------------------------
Total distributions to
shareholders (1.62) (1.70) (1.13) (0.74) (0.51) (0.27)
- ----------------------------------------------------------------------------------------
Net increase (decrease) 1.08 2.60 3.30 2.93 3.26 (0.18)
- ----------------------------------------------------------------------------------------
Net asset value, end of
period $ 23.77 $ 22.69 $ 20.09 $ 16.79 $ 13.86 $ 10.60
- ----------------------------------------------------------------------------------------
Total return (a) 12.45% 23.39% 27.93% 27.53% 36.60% 0.87%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.21% 0.21% 0.22% 0.22% 0.22% 0.23%
Expenses, before
waivers and
reimbursements 0.44% 0.46% 0.46% 0.50% 0.54% 0.59%
Net investment income,
net of waivers and
reimbursements 1.24% 1.36% 1.66% 2.12% 2.54% 2.62%
Net investment income,
before waivers and
reimbursements 1.01% 1.11% 1.42% 1.84% 2.22% 2.25%
Portfolio turnover rate 4.77% 15.26% 18.96% 18.02% 15.27% 71.98%
Net assets at end of
period (in thousands) $1,291,723 $1,175,112 $844,065 $675,804 $479,763 $281,817
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
---------------------------------------------- --------------------------------------------------
1999 1998 1997 1996 1995 (c) 1999 1998 1997 1996 1995 1994(d)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 22.64 $ 20.05 $ 16.79 $ 13.86 $ 13.43 $ 22.58 $ 20.00 $ 16.77 $13.83 $10.60 $10.96
Income (loss) from
investment operations:
Net investment income 0.12 0.24 0.26 0.28 0.05 0.08 0.21 0.26 0.27 0.25 0.02
Net realized and
unrealized gain (loss) 2.54 4.01 4.11 3.35 0.45 2.55 4.00 4.07 3.36 3.47 (0.31)
- -----------------------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations 2.66 4.25 4.37 3.63 0.50 2.63 4.21 4.33 3.63 3.72 (0.29)
- -----------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders:
Net investment income (0.16) (0.22) (0.28) (0.27) (0.07) (0.12) (0.19) (0.27) (0.26) (0.28) (0.07)
Net realized gain (1.43) (1.44) (0.83) (0.43) -- (1.43) (1.44) (0.83) (0.43) (0.21) --
- -----------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.59) (1.66) (1.11) (0.70) (0.07) (1.55) (1.63) (1.10) (0.69) (0.49) (0.07)
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) 1.07 2.59 3.26 2.93 0.43 1.08 2.58 3.23 2.94 3.23 (0.36)
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $ 23.71 $ 22.64 $ 20.05 $ 16.79 $ 13.86 $ 23.66 $ 22.58 $ 20.00 $16.77 $13.83 $10.60
- -----------------------------------------------------------------------------------------------------------------------------
Total return (a) 12.28% 23.09% 27.64% 27.24% 3.94% 12.18% 22.90% 27.45% 27.20% 36.20% (2.68)%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.45% 0.45% 0.46% 0.46% 0.46% 0.60% 0.60% 0.61% 0.61% 0.61% 0.60%
Expenses, before
waivers and
reimbursements 0.68% 0.70% 0.70% 0.74% 0.78% 0.83% 0.85% 0.85% 0.89% 0.93% 0.96%
Net investment income,
net of waivers and
reimbursements 1.00% 1.12% 1.42% 1.89% 2.29% 0.85% 0.97% 1.27% 1.78% 2.07% 2.67%
Net investment income,
before waivers and
reimbursements 0.77% 0.87% 1.18% 1.61% 1.97% 0.62% 0.72% 1.03% 1.50% 1.75% 2.31%
Portfolio turnover rate 4.77% 15.26% 18.96% 18.02% 15.27% 4.77% 15.26% 18.96% 18.02% 15.27% 71.98%
Net assets at end of
period (in thousands) $113,100 $111,991 $82,982 $53,929 $18,390 $16,645 $31,703 $30,650 $8,005 $ 810 $ 3
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) For the period September 28, 1995 (Class C shares issue date) through
November 30, 1995.
(d) For the period September 14, 1994 (Class D shares issue date) through
November 30, 1994.
See accompanying notes to financial statements.
80
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Focused Growth Portfolio
<TABLE>
<CAPTION>
Class A
-------------------------------------------------------------
1999 1998 1997 1996 1995 1994
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 16.39 $ 16.20 $ 14.48 $ 12.53 $ 9.79 $ 10.43
Income (loss) from
investment operations:
Net investment income
(loss) (0.01) (0.01) 0.05 0.02 0.05 0.02
Net realized and
unrealized gain (loss) 2.80 3.10 3.37 2.17 2.71 (0.66)
- -----------------------------------------------------------------------------------------
Total income (loss) from
investment operations 2.79 3.09 3.42 2.19 2.76 (0.64)
- -----------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income -- (0.05) (0.02) (0.05) (0.02) --
Net realized gain (1.26) (2.85) (1.68) (0.19) -- --
- -----------------------------------------------------------------------------------------
Total distributions to
shareholders (1.26) (2.90) (1.70) (0.24) (0.02) --
- -----------------------------------------------------------------------------------------
Net increase (decrease) 1.53 0.19 1.72 1.95 2.74 (0.64)
- -----------------------------------------------------------------------------------------
Net asset value, end of
period $ 17.92 $ 16.39 $ 16.20 $ 14.48 $ 12.53 $ 9.79
- -----------------------------------------------------------------------------------------
Total return (a) 17.86% 24.03% 27.05% 17.82% 28.38% (6.15)%
Ratio to average net as-
sets of (b):
Expenses, net of
waivers and
reimbursements 0.91% 0.92% 0.92% 0.91% 0.91% 0.91%
Expenses, before
waivers and
reimbursements 1.26% 1.29% 1.34% 1.43% 1.47% 1.55%
Net investment income
(loss), net of waivers
and reimbursements (0.19)% (0.04)% 0.30% 0.12% 0.46% 0.24%
Net investment loss,
before waivers and
reimbursements (0.54)% (0.41)% (0.12)% (0.40)% (0.10)% (0.39)%
Portfolio turnover rate 48.67% 79.11% 108.29% 116.78% 85.93% 74.28%
Net assets at end of
period (in thousands) $153,927 $123,380 $115,802 $106,250 $86,099 $57,801
- -----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------------------------- -----------------------------------------------
1999 1998 1997 1996 (c) 1999 1998 1997 1996 1995 (d)
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $16.34 $ 16.16 $ 14.47 $ 13.46 $16.14 $ 16.01 $ 14.37 $ 12.48 $ 9.55
Income (loss) from
investment operations:
Net investment income
(loss) (0.03) (0.05) 0.01 (0.01) (0.10) (0.05) 0.03 (0.03) 0.02
Net realized and
unrealized gain 2.79 3.09 3.37 1.02 2.81 3.04 3.30 2.15 2.93
- ------------------------------------------------------------------------------------------------------------------
Total income from in-
vestment operations 2.76 3.04 3.38 1.01 2.71 2.99 3.33 2.12 2.95
- ------------------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income -- (0.01) (0.01) -- -- (0.01) (0.01) (0.04) (0.02)
Net realized gain (1.26) (2.85) (1.68) -- (1.26) (2.85) (1.68) (0.19) --
- ------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.26) (2.86) (1.69) -- (1.26) (2.86) (1.69) (0.23) (0.02)
- ------------------------------------------------------------------------------------------------------------------
Net increase 1.50 0.18 1.69 1.01 1.45 0.13 1.64 1.89 2.93
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $17.84 $ 16.34 $ 16.16 $ 14.47 $17.59 $ 16.14 $ 16.01 $ 14.37 $12.48
- ------------------------------------------------------------------------------------------------------------------
Total return (a) 17.78% 23.73% 26.75% 7.51% 17.62% 23.60% 26.52% 17.42% 30.97%
Ratio to average net as-
sets of (b):
Expenses, net of
waivers and
reimbursements 1.15% 1.16% 1.16% 1.15% 1.30% 1.31% 1.31% 1.30% 1.30%
Expenses, before
waivers and
reimbursements 1.50% 1.53% 1.58% 1.67% 1.65% 1.68% 1.73% 1.82% 1.86%
Net investment income
(loss), net of waivers
and reimbursements (0.43)% (0.29)% 0.06% (0.12)% (0.58)% (0.44)% (0.09)% (0.28)% (0.11)%
Net investment loss,
before waivers and
reimbursements (0.78)% (0.66)% (0.36)% (0.64)% (0.93)% (0.81)% (0.51)% (0.80)% (0.67)%
Portfolio turnover rate 48.67% 79.11% 108.29% 116.78% 48.67% 79.11% 108.29% 116.78% 85.93%
Net assets at end of pe-
riod (in thousands) $9,948 $ 8,719 $ 8,325 $ 6,993 $ 812 $ 1,779 $ 1,206 $ 656 $ 489
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) For the period June 14, 1996 (Class C shares issue date) through November
30, 1996.
(d) For the period December 8, 1994 (Class D shares issue date) through
November 30, 1995.
See accompanying notes to financial statements.
81
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
International Equity Index Portfolio
<TABLE>
<CAPTION>
Class A
--------------------------
1999 1998 1997 (a)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 11.98 $ 10.55 $ 10.00
Income from investment operations:
Net investment income 0.10 0.14 0.10
Net realized and unrealized gain 0.35 1.46 0.45
- -----------------------------------------------------------------------
Total income from investment operations 0.45 1.60 0.55
- -----------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.24) (0.17) --
Net realized gain (0.54) -- --
- -----------------------------------------------------------------------
Total distributions to shareholders (0.78) (0.17) --
- -----------------------------------------------------------------------
Net increase (decrease) (0.33) 1.43 0.55
- -----------------------------------------------------------------------
Net asset value, end of period $ 11.65 $ 11.98 $ 10.55
- -----------------------------------------------------------------------
Total return (b) 3.84% 15.50% 5.45%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.52% 0.55% 0.51%
Expenses, before waivers and reimbursements 0.93% 1.00% 1.08%
Net investment income, net of waivers and
reimbursements 1.54% 1.36% 1.75%
Net investment income, before waivers and
reimbursements 1.13% 0.91% 1.18%
Portfolio turnover rate 8.71% 41.53% 8.16%
Net assets at end of period (in thousands) $45,315 $44,940 $34,244
- -----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
-----------------
1999 1998 (d)
- --------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 11.97 $ 9.88
Income from investment operations:
Net investment income 0.08 --
Net realized and unrealized gain 0.34 2.09
- --------------------------------------------------------------------
Total income from investment operations 0.42 2.09
- --------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.23) --
Net realized gain (0.54) --
- --------------------------------------------------------------------
Total distributions to shareholders (0.77) --
- --------------------------------------------------------------------
Net increase (decrease) (0.35) 2.09
- --------------------------------------------------------------------
Net asset value, end of period $ 11.62 $ 11.97
- --------------------------------------------------------------------
Total return (b) 3.61% 21.15 %
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.91% 0.94 %
Expenses, before waivers and reimbursements 1.32% 1.39 %
Net investment income (loss), net of waivers and
reimbursements 1.15% (0.11)%
Net investment income (loss), before waivers and
reimbursements 0.74% (0.56)%
Portfolio turnover rate 8.71% 41.53 %
Net assets at end of period (in thousands) $ 12 $ 12
- --------------------------------------------------------------------
</TABLE>
(a) For the period April 1, 1997 (commencement of operations) through November
30, 1997.
(b) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(c) Annualized for periods less than a full year.
(d) For the period October 5, 1998 (Class D shares issue date) through
November 30, 1998.
See accompanying notes to financial statements.
82
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
International Growth Portfolio
<TABLE>
<CAPTION>
Class A
------------------------------------------------------------
1999 1998 1997 1996 1995 1994(c)
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 11.78 $ 10.52 $ 10.63 $ 9.88 $ 10.21 $ 10.00
Income (loss) from in-
vestment operations:
Net investment income 0.11 0.09 0.11 0.10 0.12 0.05
Net realized and
unrealized gain (loss) 0.93 1.90 0.31 0.87 (0.36) 0.16
- ----------------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.04 1.99 0.42 0.97 (0.24) 0.21
- ----------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.23) (0.16) (0.08) (0.22) (0.05) --
Net realized gain (0.76) (0.57) (0.45) -- (0.04) --
- ----------------------------------------------------------------------------------------
Total distributions to
shareholders (0.99) (0.73) (0.53) (0.22) (0.09) --
- ----------------------------------------------------------------------------------------
Net increase (decrease) 0.05 1.26 (0.11) 0.75 (0.33) 0.21
- ----------------------------------------------------------------------------------------
Net asset value, end of
period $ 11.83 $ 11.78 $ 10.52 $ 10.63 $ 9.88 $ 10.21
- ----------------------------------------------------------------------------------------
Total return (a) 9.36% 20.44% 4.21% 9.96% (2.32)% 2.11%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 1.06% 1.06% 1.06% 1.06% 1.06% 1.04%
Expenses, before waiv-
ers and reimbursements 1.31% 1.31% 1.37% 1.43% 1.38% 1.47%
Net investment income,
net of waivers and re-
imbursements 1.58% 0.89% 0.97% 0.73% 1.22% 0.76%
Net investment income,
before waivers and re-
imbursements 1.33% 0.64% 0.66% 0.36% 0.90% 0.33%
Portfolio turnover rate 85.67% 160.13% 153.22% 202.47% 215.31% 77.79%
Net assets at end of pe-
riod (in thousands) $114,123 $111,594 $106,774 $138,182 $148,704 $133,212
- ----------------------------------------------------------------------------------------
<CAPTION>
Class D
------------------------------------------------------------
1999(d) 1998 1997 1996 1995 1994(e)
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 11.60 $ 10.39 $ 10.54 $ 9.83 $ 10.21 $ 10.47
Income (loss) from in-
vestment operations:
Net investment income
(loss) (0.01) 0.09 0.09 0.01 0.19 --
Net realized and
unrealized gain (loss) 1.00 1.83 0.29 0.92 (0.48) (0.26)
- ----------------------------------------------------------------------------------------
Total income (loss) from
investment operations 0.99 1.92 0.38 0.93 (0.29) (0.26)
- ----------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.14) (0.14) (0.08) (0.22) (0.05) --
Net realized gain (0.76) (0.57) (0.45) -- (0.04) --
- ----------------------------------------------------------------------------------------
Total distributions to
shareholders (0.90) (0.71) (0.53) (0.22) (0.09) --
- ----------------------------------------------------------------------------------------
Net increase (decrease) 0.09 1.21 (0.15) 0.71 (0.38) (0.26)
- ----------------------------------------------------------------------------------------
Net asset value, end of
period $ 11.69 $ 11.60 $ 10.39 $ 10.54 $ 9.83 $ 10.21
- ----------------------------------------------------------------------------------------
Total return (a) 9.18% 19.91% 3.79% 9.59% (2.78)% (2.56)%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 1.45% 1.45% 1.45% 1.45% 1.45% 1.35%
Expenses, before waiv-
ers and reimbursements 1.70% 1.70% 1.76% 1.82% 1.77% 1.78%
Net investment income
(loss), net of waivers
and reimbursements (0.09)% 0.59% 0.54% 0.44% 2.01% --
Net investment income
(loss), before waivers
and reimbursements (0.34)% 0.34% 0.23% 0.07% 1.69% (0.43)%
Portfolio turnover rate 85.67% 160.13% 154.62% 202.47% 215.31% 77.79%
Net assets at end of pe-
riod (in thousands) $ 10 $ 203 $ 234 $ 94 $ 20 $ --
- ----------------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) For the period March 28, 1994 (commencement of operations) through
November 30, 1994.
(d) Financial highlights for the six months ended May 31, 1999 were calculated
using average shares outstanding for the period.
(e) For the period November 16, 1994 (Class D shares issue date) through
November 30, 1994.
See accompanying notes to financial statements.
83
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Small Company Index Portfolio
<TABLE>
<CAPTION>
Class A
------------------------------------------------------------
1999 1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 13.02 $ 15.05 $ 13.97 $ 12.98 $ 10.86 $ 11.29
Income (loss) from
investment operations:
Net investment income 0.05 0.13 0.15 0.19 0.16 0.14
Net realized and
unrealized gain (loss) 1.15 (1.13) 2.69 1.75 2.67 (0.30)
- ----------------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.19 (1.00) 2.84 1.94 2.83 (0.16)
- ----------------------------------------------------------------------------------------
Distributions to
shareholders from:
Net investment income (0.10) (0.14) (0.17) (0.14) (0.15) (0.02)
Net realized gain (1.51) (0.89) (1.59) (0.81) (0.56) (0.25)
- ----------------------------------------------------------------------------------------
Total distributions to
shareholders (1.60) (1.03) (1.76) (0.95) (0.71) (0.27)
- ----------------------------------------------------------------------------------------
Net increase (decrease) (0.41) (2.03) 1.08 0.99 2.12 (0.43)
- ----------------------------------------------------------------------------------------
Net asset value, end of
period $ 12.61 $ 13.02 $ 15.05 $ 13.97 $ 12.98 $ 10.86
- ----------------------------------------------------------------------------------------
Total return (a) 10.33% (7.02)% 23.06% 15.96% 27.76% (1.54)%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.36%(c) 0.31% 0.32% 0.32% 0.32% 0.33 %
Expenses, before
waivers and
reimbursements 0.80% 0.74% 0.68% 0.79% 0.81% 0.86 %
Net investment income,
net of waivers and
reimbursements 1.29% 1.19% 1.22% 1.36% 1.31% 1.27 %
Net investment income,
before waivers and
reimbursements 0.85% 0.76% 0.86% 0.89% 0.82% 0.74 %
Portfolio turnover rate 46.54% 59.21% 42.66% 46.26% 38.46% 98.43 %
Net assets at end of
period (in thousands) $170,920 $139,100 $147,887 $112,856 $94,899 $77,120
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------- -------------------------------------------
1999 1998 (d) 1999 1998 1997 1996 1995 (e)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $12.98 $13.89 $12.94 $15.01 $13.96 $12.95 $10.51
Income (loss) from
investment operations:
Net investment income 0.05 0.03 0.11 0.11 0.17 0.13 0.18
Net realized and
unrealized gain (loss) 1.09 (0.94) 1.08 (1.19) 2.62 1.83 2.96
- -----------------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.14 (0.91) 1.19 (1.08) 2.79 1.96 3.14
- -----------------------------------------------------------------------------------------
Distributions to
shareholders from:
Net investment income (0.03) -- (0.10) (0.10) (0.15) (0.14) (0.14)
Net realized gain (1.51) -- (1.51) (0.89) (1.59) (0.81) (0.56)
- -----------------------------------------------------------------------------------------
Total distributions to
shareholders (1.54) -- (1.61) (0.99) (1.74) (0.95) (0.70)
- -----------------------------------------------------------------------------------------
Net increase (decrease) (0.40) (0.91) (0.42) (2.07) 1.05 1.01 2.44
- -----------------------------------------------------------------------------------------
Net asset value, end of
period $12.58 $12.98 $12.52 $12.94 $15.01 $13.96 $12.95
- -----------------------------------------------------------------------------------------
Total return (a) 9.89% (6.54)% 9.83% (7.58)% 22.68% 16.20% 31.62%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.60%(c) 0.55% 0.75%(c) 0.70% 0.71% 0.71% 0.71%
Expenses, before
waivers and
reimbursements 1.04% 0.98% 1.19% 1.13% 1.07% 1.18% 1.20%
Net investment income,
net of waivers and
reimbursements 1.05% 0.98% 0.90% 0.80% 0.76% 1.02% 0.90%
Net investment income,
before waivers and
reimbursements 0.61% 0.55% 0.46% 0.37% 0.40% 0.55% 0.41%
Portfolio turnover rate 46.54% 59.21% 46.54% 59.21% 42.66% 46.26% 38.46%
Net assets at end of
period (in thousands) $ 361 $ 870 $ 559 $ 855 $ 690 $ 269 $ 44
- -----------------------------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) Expense ratio, net of waivers and reimbursement, for the six months ended
May 31, 1999 would have been 0.31%, 0.55% and 0.70% for Class A, C and D
respectively absent the effect of any interest expenses incurred by the
fund's temporary borrowing against a credit line agreement.
(d) For the period January 8, 1998 (Class C shares issue date) through May 31,
1998.
(e) For the period December 8, 1994 (Class D shares issue date) through
November 30, 1995.
See accompanying notes to financial statements.
84
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements
May 31, 1999
(Unaudited)
1. Organization
Northern Institutional Funds (the "Trust") is a Delaware business trust which
was formed on July 1, 1997, and is registered under the Investment Company Act
of 1940 (as amended) as an open-end management investment company. The Trust,
formerly known as The Benchmark Funds, changed its name effective July 15,
1998. The Trust includes seventeen portfolios, each with its own investment
objective. Each Portfolio, other than the International Bond Portfolio, is
classified as diversified. Except as noted below, the Northern Trust Company
("Northern") is the investment adviser for all actively managed Portfolios and
is the custodian and transfer agent for the Trust. Northern Trust Quantitative
Advisors, Inc. ("NTQA"), a wholly-owned subsidiary of Northern Trust
Corporation, is the investment adviser for the U.S. Treasury Index, Equity
Index, International Equity Index and Small Company Index Portfolios.
Effective May 1, 1999, Northern and First Data Investor Services Group, Inc.
("Investor Services Group") became the Trust's co-administrators, and First
Data Distributors, Inc. ("FDDI"), an affiliate of Investor Services Group,
became the Trust's distributor. Presented herein are the financial statements
of the fixed income and equity portfolios (the "Portfolios").
Each of the Portfolios has three separate classes: Class A, C and D. Each
class is distinguished by the level of administrative support and transfer
agent service provided. As of May 31, 1999, 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 generally accepted accounting principles
("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) Investment Valuation
Investments held by a Portfolio are valued at the last quoted sale price on
the exchange on which such securities are primarily traded, or if any
securities are not traded on a valuation date, at the last quoted bid price.
Securities which are traded in the over-the-counter markets are valued at the
last quoted bid price. Exchange traded futures and options are valued at the
settlement price as established by the exchange on which they are traded.
Index futures are marked to market on a daily basis. Any securities, including
restricted securities, for which current quotations are not readily available
are valued at fair value as determined in good faith by Northern under the
supervision of the Board of Trustees (the "Board"). Short-term investments are
valued at amortized cost which Northern has determined, pursuant to Board
authorization, approximates market value.
(b) Investment Transactions and Investment Income
Investment transactions are recorded as of the trade date. 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 Statements 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-date, or as soon as
the information is available.
(c) Deferred Organization Costs
Organization-related costs are being amortized on a straight-line basis over
five years. In the event any of the initial shares of any of the Portfolios
are redeemed, the redemption proceeds will be reduced by the amount of any
unamortized organization expenses in the same proportion as the number of
shares redeemed bears to the number of initial shares held at the time of
redemption.
(d) Expenses
Expenses arising in connection with a specific Portfolio are allocated to that
Portfolio. Certain expenses arising in connection with a class of shares are
allocated 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.
(e) Repurchase Agreements
During the term of a repurchase agreement, the market value of the underlying
collateral, including accrued
85
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements--Continued
May 31, 1999
(Unaudited)
interest, is required to exceed the market value of the repurchase agreement.
The underlying collateral for all repurchase agreements is held in a customer-
only account of Northern, as custodian for the Trust, at the Federal Reserve
Bank of Chicago.
(f) Futures Contracts
Each Portfolio may invest in long or short futures contracts for hedging
purposes, to increase total return (i.e., for speculative purposes) or to
maintain liquidity. The Portfolios bear 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 May 31, 1999, the Equity Index, International Equity Index and Small
Company Index Portfolios had entered into long exchange traded futures
contracts. The aggregate market value of assets pledged to cover margin
requirements for open positions at May 31, 1999 was approximately $2,542,000,
$20,000 and $663,000, respectively.
(g) Options Contracts
Each Portfolio may purchase and write (sell) put and call options on foreign
and domestic stock indices, foreign currencies, and U.S. and foreign
securities that are traded on U.S. and foreign securities exchanges and over-
the-counter markets. These transactions are for hedging (or cross-hedging)
purposes or for the purposes of earning additional income.
The risk associated with purchasing an option is that the Portfolio pays a
premium whether or not the option is exercised. Additionally, the Portfolio
bears the risk of loss of premium and change in market value should the
counterparty not perform under the contract. 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 is
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.
The Portfolios did not write call or put options during the six months ended
May 31, 1999.
(h) 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.
(i) Forward Foreign Currency Exchange Contracts
Certain Portfolios are authorized to enter into forward foreign currency
exchange contracts for the purchase 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. In addition, the International Bond and
International Growth Portfolios may enter into foreign currency exchange
contracts for speculative purposes. 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 entry 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 exchange 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.
At May 31, 1999, there were no outstanding forward foreign currency exchange
contracts.
(j) Foreign Currency Translations
Values of investments denominated in foreign currencies are converted into
U.S. dollars using the spot market rate
86
<PAGE>
- -------------------------------------------------------------------------------
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.
(k) 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. Therefore, no provision is made for federal taxes.
At November 30, 1998, the Trust's most recent tax year end, the Portfolios
had approximately the following amounts of capital loss carryforwards for U.S.
federal income tax purposes:
<TABLE>
<CAPTION>
Amount
(in thousands) Year(s) of Expiration
- ---------------------------------------------------------
<S> <C> <C>
U.S. Treasury Index $323 2002 to 2005
- ---------------------------------------------------------
</TABLE>
This amount is available to be carried forward to offset future capital gains
to the extent permitted by applicable laws or regulations.
(l) Distributions
Dividends from net investment income are declared and paid as follows:
<TABLE>
- -------------------------------------
<S> <C>
Bond Monthly
Intermediate Bond Monthly
International Bond Quarterly
Short-Intermediate Bond Monthly
U.S. Government Securities Monthly
U.S. Treasury Index Monthly
Balanced Quarterly
Diversified Growth Annually
Equity Index Quarterly
Focused Growth Annually
International Equity Index Annually
International Growth Annually
Small Company Index Annually
- -------------------------------------
</TABLE>
Each Portfolio's net realized capital gains 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 generally accepted accounting
principles.
3. Advisory, Transfer Agency and Custodian Agreements
The Trust has an investment advisory agreement whereby each Portfolio pays
Northern or NTQA, as the case may be, a fee, computed daily and payable
monthly, based on a specified percentage of its average daily net assets. For
the current period, Northern and NTQA each voluntarily agreed to waive a
portion of the advisory fees as shown on the accompanying Statements of
Operations. The annual advisory fees and waiver rates expressed as a
percentage of average daily net assets for the six months ended May 31, 1999,
are as follows:
<TABLE>
<CAPTION>
Net
Advisory Less: Advisory
Fee Waiver Fee
- ----------------------------------------------------
<S> <C> <C> <C>
Bond .60% .35% .25%
Intermediate Bond .60 .35 .25
International Bond .90 .20 .70
Short-Intermediate Bond .60 .35 .25
U.S. Government Securities .60 .35 .25
U.S. Treasury Index .40 .25 .15
Balanced .80 .30 .50
Diversified Growth .80 .25 .55
Equity Index .30 .20 .10
Focused Growth 1.10 .30 .80
International Equity Index .50 .25 .25
International Growth 1.00 .20 .80
Small Company Index .40 .20 .20
- ----------------------------------------------------
</TABLE>
As compensation for the services rendered as transfer agent, including the
assumption by Northern of the expenses related thereto, Northern receives a
fee, computed daily and payable monthly, at an annual rate of .01%, .10% and
.15% of the average daily net asset value of the outstanding Class A, C and D
shares, respectively, for the Portfolios.
4. Administration and Distribution Agreements
Northern and Investors Services Group, the co-administrators of the Portfolios
as of May 1, 1999, are entitled to a monthly co-administrative fee at an
annual rate of 0.10% (0.15% in the case of the International Bond,
International Equity Index and International Growth Portfolios) of the average
daily net assets of the respective Portfolios. The co-administrators are also
entitled to additional fees for special legal services.
The Trust had an administration agreement with Goldman Sachs during the five
months ended April 30, 1999 whereby each Portfolio paid the administrator a
fee at an annual rate of .10% of the Portfolio's average daily
87
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements--Continued
May 31, 1999
(Unaudited)
net assets (.15% for the International Bond, International Equity Index and
International Growth Portfolios).
In addition, if in any fiscal year the sum of a Portfolio's expenses,
including the administration fee, but excluding the fees payable to Northern
for its duties as investment adviser and transfer agent, shareholder servicing
fees and extraordinary expenses (such as taxes, interest and indemnification
expenses), exceeded on an annualized basis .10% of a Portfolio's average daily
net assets (0.25% for the International Bond, International Growth and
International Equity Index Portfolios), the administrators reimbursed each
Portfolio for the amount of the excess pursuant to the terms of the
administration agreements.
The expenses reimbursable during the six months ended May 31, 1999, under
such arrangements, are shown on the accompanying Statements of Operations. No
administration fees were waived under this agreement during the six months
ended May 31, 1999.
Goldman Sachs received no compensation under the distribution agreement.
FDDI, the distributor for the Portfolios as of May 1, 1999, receives no
compensation under the 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 asset value of the outstanding
Class C and D shares, respectively.
6. Investment Transactions
Investment transactions for the six months ended May 31, 1999 (excluding
short-term investments) were as follows:
<TABLE>
<CAPTION>
Proceeds
from sales Proceeds
and from sales
Purchases maturities and
of U.S. Purchases of U.S. maturities
Government of other Government of other
Obligations securities Obligations securities
- -------------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond $303,421 $138,241 $220,042 $ 58,428
Intermediate Bond 84,719 23,601 77,692 10,540
International Bond -- 2,676 -- 1,816
Short-
Intermediate Bond 62,046 35,404 65,325 30,787
U.S. Government Securities 41,214 -- 16,996 --
U.S. Treasury Index 14,503 -- 13,856 --
Balanced 15,617 5,975 8,337 18,034
Diversified Growth -- 57,310 -- 63,048
Equity Index -- 66,507 -- 126,931
Focused Growth -- 78,615 -- 74,145
International Equity Index -- 3,985 -- 5,134
International Growth -- 91,979 -- 101,318
Small Company Index -- 117,160 -- 86,593
- -------------------------------------------------------------------------
</TABLE>
As of May 31, 1999, the composition of unrealized appreciation (depreciation)
of investment securities (including the effects of foreign currency
translation and excluding futures transactions) based on the aggregate cost of
investments for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Cost for
Federal
Net Income
Appreciation Tax
Appreciation Depreciation (Depreciation) Purposes
- -----------------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond $ 904 $30,745 $(29,841) $825,228
Intermediate Bond 260 1,810 (1,550) 55,113
International Bond 613 1,172 (559) 27,709
Short-Intermediate Bond 461 11,381 (10,920) 186,597
U.S. Government Securities 59 1,277 (1,218) 84,337
U.S. Treasury Index 268 483 (215) 22,891
Balanced 12,980 1,766 11,214 61,424
Diversified Growth 66,825 2,118 64,707 121,439
Equity Index 548,365 19,388 528,977 896,640
Focused Growth 50,983 1,652 49,331 114,254
International Equity Index 6,611 2,933 3,678 41,260
International Growth 10,174 4,114 6,060 103,852
Small Company Index 21,878 13,753 8,125 170,966
- -----------------------------------------------------------------------------
</TABLE>
88
<PAGE>
- -------------------------------------------------------------------------------
7. Bank Loans
The Trust maintains a $100,000,000 revolving bank credit line and a
$15,000,000 conditional revolving credit line for liquidity and other
purposes. Borrowings under this arrangement bear interest at 1% above the
federal funds rate and are secured by pledged securities equal to or exceeding
120% of the outstanding balance.
Interest expense for the six months ended May 31, 1999 was approximately
$2,000, $4,000, $3,000, $1,000 and $47,000 for the Diversified Growth, Equity
Index, Focused Growth, International Equity Index and Small Company Index
Portfolios, respectively. These amounts are included in "Other Expenses" on
the Statements of Operations.
As of May 31, 1999, there were no outstanding borrowings.
8. Share Transactions
Transactions in Class A Shares for the six months ended May 31, 1999 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- -----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 7,788 1,708 1,764 7,732
Intermediate Bond 3,566 58 2,711 913
International Bond 39 47 12 74
Short-Intermediate Bond 2,477 427 2,784 120
U.S. Government Securities 1,917 120 186 1,851
U.S. Treasury Index 402 14 356 60
Balanced 991 468 528 931
Diversified Growth 528 1,105 1,031 602
Equity Index 10,913 3,273 11,618 2,568
Focused Growth 1,183 558 679 1,062
International Equity Index 258 251 371 138
International Growth 470 695 989 176
Small Company
Index 9,351 1,961 8,440 2,872
- -----------------------------------------------------------------------
</TABLE>
Transactions in Class A shares for the year ended November 30, 1998 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- -----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 10,138 1,515 5,483 6,170
Intermediate Bond 1,392 67 551 908
International Bond 108 60 140 28
Short-Intermediate Bond 6,204 738 7,697 (755)
U.S. Government Securities 632 116 518 230
U.S. Treasury Index 724 21 1,357 (612)
Balanced 1,380 239 1,260 359
Diversified Growth 812 1,322 1,887 247
Equity Index 24,202 3,689 18,131 9,760
Focused Growth 1,385 1,532 2,536 381
International Equity Index 1,984 63 1,540 507
International Growth 892 644 2,220 (684)
Small Company
Index 7,425 673 7,245 853
- -----------------------------------------------------------------------
</TABLE>
Transactions in Class C shares for the six months ended May 31, 1999 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 537 189 535 191
U.S. Government Securities 4 3 202 (195)
U.S. Treasury Index 12 -- 6 6
Balanced 20 37 366 (309)
Equity Index 825 347 1,348 (176)
Focused Growth 38 42 56 24
Small Company
Index 74 1 113 (38)
- ----------------------------------------------------------------------
</TABLE>
89
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements--Continued
May 31, 1999
(Unaudited)
Transactions in Class C shares for the year ended November 30, 1998 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 1,409 192 1,156 445
U.S. Government Securities 84 9 54 39
U.S. Treasury Index 8 -- 7 1
Balanced 104 21 97 28
Equity Index 2,131 373 1,696 808
Focused Growth 12 115 109 18
Small Company Index 153 -- 86 67
- ----------------------------------------------------------------------
</TABLE>
Transactions in Class D shares for the six months ended May 31, 1999 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 6 6 25 (13)
Intermediate Bond -- -- -- --
International Bond -- -- 5 (5)
Short-Intermediate Bond 3 2 33 (28)
U.S. Government Securities 8 2 29 (19)
U.S. Treasury Index 7 1 63 (55)
Balanced 10 5 30 (15)
Diversified Growth 4 8 57 (45)
Equity Index 155 95 951 (701)
Focused Growth 3 5 72 (64)
International Equity Index -- -- -- --
International Growth 1 1 18 (16)
Small Company Index 5 8 35 (22)
- ----------------------------------------------------------------------
</TABLE>
Transactions in Class D shares for the year ended November 30, 1998 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 118 5 58 65
Intermediate Bond 2 -- -- 2
International Bond 3 -- 2 1
Short-Intermediate Bond 22 4 29 (3)
U.S. Government Securities 51 1 8 44
U.S. Treasury Index 21 3 27 (3)
Balanced 45 3 21 27
Diversified Growth 32 8 20 20
Equity Index 513 137 778 (128)
Focused Growth 52 21 38 35
International Equity Index 1 -- -- 1
International Growth 15 1 22 (6)
Small Company Index 38 3 21 20
- ----------------------------------------------------------------------
</TABLE>
90
<PAGE>
Investment Advisers:
The Northern Trust Company
Northern Trust Quantitative Advisors, Inc.
50 South LaSalle Street
Chicago, Illinois 60675
Transfer Agent and Custodian:
The Northern Trust Company
This Semi-Annual Report is authorized for distribution to prospective investors
only when preceded or accompanied by a Prospectus which contains facts
concerning the objectives and policies, management expenses and other
information.
<PAGE>
Northern Institutional Funds
MONEY MARKET PORTFOLIOS
May 31, 1999
Semi-Annual Report
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Table of Contents
<TABLE>
<CAPTION>
Page
----
<S> <C>
Investment Strategy........................................................ 2
Statements of Investments
Investment Abbreviations and Notes....................................... 3
Diversified Assets Portfolio............................................. 4
Government Portfolio..................................................... 8
Government Select Portfolio.............................................. 9
Tax Exempt Portfolio..................................................... 10
Statements of Assets and Liabilities....................................... 15
Statements of Operations................................................... 16
Statements of Changes in Net Assets........................................ 17
Financial Highlights....................................................... 18
Notes to the Financial Statements.......................................... 22
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Investment Strategy
What Has Changed
While the Federal Open Market Committee (FOMC), as expected, raised the
federal funds rate by 25 basis points, its shift to a neutral bias regarding
future policy actions surprised financial markets, providing solace to the
beleaguered U.S. bond market and pushing domestic stock indices to new highs.
On a less pleasant note, the central bank's tightening in the absence of
inflationary pressures and the declaration of a 3% "speed limit" for the U.S.
economy combined to increase uncertainty for market participants. Meanwhile,
despite somewhat spotty evidence, expectations of global recovery
strengthened.
Economic Outlook
WORLD ECONOMIC GROWTH IS PICKING UP
Continued increases in real income and capital gains in both the stock and
housing markets have combined to support strong household spending. Strength
in household demand and improved corporate profits have kept business
investment spending robust. In addition, some capital goods expenditures may
have been brought forward in the year because of year 2000 compliance issues.
The rise in mortgage rates in recent months is expected to slow down the
residential real estate sector. Mortgage rate increases also would be expected
to deter existing homeowners from tapping the equity that they have built up
in their houses. Home-equity withdrawal appears to have been important in
fueling consumer spending. While these elements of domestic demand moderate,
foreign demand appears to be strengthening. A number of East Asian economies
have entered a recovery phase, including the Japanese economy. European Union
economies are either exhibiting a reacceleration in growth or continue to grow
at a relatively high rate. One region, however, that remains very weak is
South America.
Prices of industrial commodities have started to move higher. To a large
degree, the sharp increase in the prices of petroleum products is the result
of production cuts by the Organization of Petroleum Exporting Countries
(OPEC). The recovery of the global economy, however, also has contributed to
oil price increases, as well as to the continued rise in the prices of wood
products and the rebound in the prices of industrial metals. Higher commodity
prices have resulted in the firming of intermediate goods prices. This rise in
commodity prices in combination with stronger-than-expected global economic
growth has raised inflationary expectations. To date, however, there has been
no acceleration in the prices of final goods and services when the effects of
higher energy prices are excluded.
With the continued strength in domestic demand and the nascent recovery in
foreign demand, the Federal Reserve has increased its target federal funds
rate by 25 basis points to 5% in an effort to preempt any rise in underlying
inflation. The FOMC has moved back to a neutral policy stance and has
indicated that strong aggregate demand for goods and services and "tight"
labor markets alone would not necessarily trigger further near-term Federal
Reserve actions to raise interest rates. Rather, the central bank's comments
imply that the decision whether to push interest rates higher would depend
more on the behavior of factors with a closer link to inflation than economic
growth or the rate of unemployment. Of course, investors may have some
difficulty taking the Federal Reserve's "neutral" bias at face value, given
that the monetary authority just raised interest rates by 25 basis points
without any real inflationary justification.
July, 1999
2
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(Unaudited)
Investment Abbreviations and Notes:
AMBAC--American Municipal Bond Assurance Corp.
BAN --Bond Anticipation Note
BTP --Bankers Trust Partnership
Colld.
--Collateralized
CP --Commercial Paper
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corp.
FHLB --Federal Home Loan Bank
FHLMC--Freddie Mac
FRN --Floating Rate Note
FSA --Financial Security Assurance Corp.
GO --General Obligation
Gtd. --Guaranteed
HDA --Housing Development Authority
HFA --Housing Finance Authority
IDA --Industrial Development Authority
IDR --Industrial Development Revenue
LOC --Letter of Credit
MBIA --Municipal Bond Insurance Association
ML/SG--Merrill Lynch/Societe Generale
P-Floats
--Puttable Floating Rate Security
PCR --Pollution Control Revenue
PSF --Permanent School Fund
SFM --Single Family Mortgage
Soc Gen
--Societe Generale
TAN --Tax Anticipation Note
TOB --Tender Option Bond
TOCR --Tender Option Custodial Receipts
TRB --Tax Revenue Bond
TRAN --Tax and Revenue Anticipation Note
VRDN --Variable Rate Demand Note
. 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 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.
See accompanying notes to financial statements.
3
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ------------------------------------------------------
Diversified Assets Portfolio
<C> <C> <S> <C>
CERTIFICATES OF DEPOSIT--10.2%
Domestic Depository Institutions--2.3%
Bankers Trust Co.
$ 15,000 5.71% 7/1/99 $ 14,999
Huntington
National Bank
20,000 5.00 2/8/00 19,999
Huntington
National Bank,
Columbus
58,000 5.35 5/31/00 57,972
Michigan National
Bank
12,500 5.13 4/25/00 12,494
Regions Bank
25,000 4.87 7/20/99 25,000
----------
130,464
----------
Foreign Depository Institutions--7.9%
Abbey National PLC
2,500 5.72 6/11/99 2,500
Bank of Nova
Scotia, New York
50,000 5.16 2/25/00 49,986
Banque Nationale
de Paris, Chicago
25,000 5.20 2/25/00 24,995
92,000 5.07 4/17/00 91,961
Banque Nationale
de Paris, San
Francisco
12,500 4.94 12/14/99 12,499
Commerzbank, New
York
50,000 5.06 2/8/00 49,992
Deutsche Bank, New
York
37,500 5.20 5/10/00 37,483
Royal Bank of
Canada, New York
47,000 5.21 2/28/00 46,987
Societe Generale,
New York
100,000 5.22 2/28/00 99,971
40,000 5.20 5/8/00 39,986
----------
456,360
- ------------------------------------------------------
TOTAL CERTIFICATES OF DE-
POSIT $ 586,824
- ------------------------------------------------------
COMMERCIAL PAPER--55.1%
Administraton of Environment & Housing
Programs--0.6%
Alaska Housing
Finance Corp.
$ 5,000 4.89% 6/30/99 $ 4,980
21,700 4.85 7/2/99 21,609
7,500 4.85 7/6/99 7,465
----------
34,054
----------
Auto Manufacturers--2.8%
Cooperative
Association of
Tractor Dealers,
Series A
5,100 4.86 7/16/99 5,069
10,000 4.85 8/5/99 9,912
Series B
16,400 4.80 8/2/99 16,264
Ford Motor Credit
Ltd. Canada
26,000 4.89 6/7/99 25,979
General Motors
Acceptance Corp.
15,000 4.98 6/9/99 14,983
16,000 4.95 6/10/99 15,980
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------
<C> <C> <S> <C>
$ 13,000 4.83% 7/21/99 $ 12,913
10,000 4.87 7/26/99 9,926
20,000 4.89 8/17/99 19,791
Moriarty Ltd.
29,000 4.83 7/12/99 28,840
----------
159,657
----------
Banks--1.2%
Morgan J.P. & Co.,
Inc.
6,890 4.88 6/11/99 6,881
50,000 4.75 7/26/99 49,637
KeyCorp, Inc.
11,000 4.91 6/18/99 10,974
----------
67,492
----------
Beverages--0.6%
Coca Cola
Enterprises
6,000 4.88 6/10/99 5,993
3,500 4.87 7/13/99 3,480
23,500 4.83 8/18/99 23,254
----------
32,727
----------
Collateralized Loan Obligations--2.2%
Lyon Short Term
Funding
10,000 4.85 7/16/99 9,939
3,112 4.93 8/13/99 3,081
Syndicated Loan
Funding Trust
Series 1991-1
35,000 5.15 6/15/99 35,000
Series 1999-2
50,000 5.06 6/15/99 50,000
Triangle Funding,
Ltd., 1998-1A 1 P
30,000 5.04 7/15/99 30,000
----------
128,020
----------
Electrical Services--1.6%
Alliant
Industries, Inc.
14,000 4.87 6/25/99 13,955
FPL Group Capital,
Inc.
13,000 4.83 6/7/99 12,990
20,500 4.88 6/10/99 20,475
23,500 4.88 7/23/99 23,334
Texas Municipal
Power Agency
20,800 5.00 6/3/99 20,800
----------
91,554
----------
Electronics & Other Electric Compo-
nents--2.3%
Cooper Electric
Capital Corp.
20,995 4.95 6/1/99 20,995
General Electric
Capital Corp.
112,000 4.87 6/18/99 111,742
----------
132,737
----------
Food--0.3%
Diageo PLC
18,000 7.00 6/15/99 18,012
----------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------
<C> <C> <S> <C>
Foreign Depository Institutions--7.1%
Banco Santander
Centrale Hispano
Corp.
$ 50,000 4.88% 6/11/99 $ 49,932
Bank of Scotland
35,000 4.87 6/3/99 34,991
Credit Communal de
Belgique
40,000 4.75 7/21/99 39,736
Nordbanken N.A.,
Inc.
20,000 4.85 9/30/99 19,674
Prudential Finance
UK
50,000 4.88 6/8/99 49,953
San Paolo U.S.
Financial Co.
50,000 4.86 6/4/99 49,980
5,000 4.83 9/8/99 4,934
Spintab
AB/Swedmortgage
31,800 4.92 6/8/99 31,770
58,000 4.87 9/16/99 57,160
Swedbank, Inc.
23,000 4.88 7/8/99 22,885
UBS Finance
(Delaware), Inc.
50,000 4.85 6/10/99 49,939
----------
410,954
----------
Insurance--2.3%
Aetna Service Co.
32,500 4.88 6/21/99 32,412
17,500 4.89 6/21/99 17,452
AON Corp.
10,000 4.86 6/3/99 9,997
7,500 4.85 6/18/99 7,483
Commoloco, Inc.
25,250 4.82 9/3/99 24,932
SAFECO Credit
Corp.
10,800 4.90 7/27/99 10,718
6,775 4.92 8/19/99 6,702
Torchmark, Inc.
5,000 4.92 7/12/99 4,972
10,500 4.84 7/21/99 10,429
7,500 4.85 7/21/99 7,449
----------
132,546
----------
Machines & Computer Equipment--0.4%
BTR Finance, Inc.
22,250 4.88 8/20/99 22,009
----------
Multi-Sellers Conduits--8.4%
Barton Capital
Corp.
10,568 4.85 7/6/99 10,518
25,799 4.90 7/21/99 25,623
31,479 4.90 7/23/99 31,256
15,000 4.83 8/4/99 14,871
Concord Minutemen
Capital Co.
37,546 4.92 6/3/99 37,536
32,000 4.85 6/8/99 31,970
25,000 4.88 8/20/99 24,729
International
Securitization
Corp.
40,000 4.95 8/31/99 39,500
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------
<C> <C> <S> <C>
Kitty Hawk Funding
Corp.
$ 37,500 4.88% 6/8/99 $ 37,464
20,000 4.95 6/15/99 19,962
Ness LLC
10,000 4.90 6/24/99 9,969
15,000 4.84 7/22/99 14,897
Quincy Capital
Corp.
40,000 4.87 7/8/99 39,800
50,000 4.88 7/22/99 49,654
Receivables
Capital Corp.
7,495 5.00 6/4/99 7,492
Silver Tower U.S.
Funding
10,000 4.86 1/8/99 9,784
35,000 4.93 11/18/99 34,185
Thames Asset
Global
Securitization
10,000 4.95 8/31/99 9,875
Variable Funding
35,000 4.95 6/1/99 35,000
----------
484,085
----------
Non-Depository Credit Institutions--
1.3%
Finova Capital
Corp.
12,500 4.84 6/4/99 12,495
10,000 4.90 7/9/99 9,948
12,500 4.85 7/12/99 12,431
10,000 4.90 7/16/99 9,939
17,500 4.85 8/27/99 17,295
12,000 4.94 8/27/99 11,857
----------
73,965
----------
Non-Depository Personal Credit
Institutions--1.3%
Heller Financial
Corp.
20,000 4.93 6/24/99 19,937
24,000 4.95 6/28/99 23,911
8,000 4.88 8/2/99 7,933
Household Finance
Corp.
12,500 4.90 8/19/99 12,366
12,500 4.92 8/24/99 12,357
----------
76,504
----------
Other Asset Backed Securities--1.1%
Dakota Certificates Program
13,600 4.83 7/13/99 13,523
50,000 4.83 7/19/99 49,678
----------
63,201
----------
Securities Arbitrage--13.7%
ABC Funding
19,000 4.88 8/16/99 18,804
8,200 4.88 8/31/99 8,099
22,000 4.86 9/22/99 21,664
5,150 4.88 9/22/99 5,071
Beta Finance Corp.
12,500 4.84 9/24/99 12,307
Centauri Corp.
37,500 4.88 9/13/99 36,971
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------
Diversified Assets Portfolio--Continued
<C> <C> <S> <C>
Conduit Asset
Backed
Securities Co.,
Ltd.
$ 11,790 4.90% 6/22/99 $ 11,756
23,765 4.87 7/23/99 23,598
Crown Point
Capital Co.
23,591 4.88 6/23/99 23,521
Dorada Finance,
Inc.
6,500 4.85 6/8/99 6,494
Giro Funding Corp.
10,000 4.86 7/6/99 9,953
25,340 4.86 7/8/99 25,213
17,500 4.86 7/9/99 17,410
25,441 4.86 8/5/99 25,218
7,500 4.91 8/16/99 7,422
Grayhawk Funding
24,800 4.83 7/8/99 24,677
20,000 4.83 7/12/99 19,890
Intrepid Funding
37,000 5.02 6/3/99 36,990
K2 USA LLC
10,000 4.85 7/6/99 9,953
2,500 4.85 7/15/99 2,485
5,000 4.90 7/15/99 4,970
3,250 4.85 9/15/99 3,204
9,500 4.89 9/17/99 9,361
10,000 4.86 10/15/99 9,816
6,387 4.84 10/18/99 6,268
MPF, Ltd.
50,000 4.90 6/28/99 49,816
SALTS(III) Cayman
Islands Corp.
26,000 5.50 6/12/99 26,000
15,000 5.44 6/18/99 15,000
75,000 5.32 7/23/99 75,000
Sigma Finance,
Inc.
3,250 4.90 6/10/99 3,246
37,750 4.78 8/4/99 37,429
10,500 4.80 8/6/99 10,408
29,000 4.83 8/11/99 28,724
48,000 4.83 8/16/99 47,511
12,000 4.86 9/27/99 11,809
44,750 4.83 10/19/99 43,909
50,000 4.82 11/12/99 48,902
Trident Capital
Finance, Inc.
12,000 4.84 7/20/99 11,921
----------
790,790
----------
Single-Seller Conduits--4.0%
Atlantis One
Funding Corp.
30,000 4.88 7/26/99 29,776
50,000 4.88 7/27/99 49,620
33,500 4.87 8/24/99 33,119
58,597 4.87 8/25/99 57,923
25,000 4.90 9/22/99 24,615
CPI Funding
35,000 4.86 8/25/99 34,598
----------
229,651
----------
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ------------------------------------------
<C> <C> <S> <C>
Telephone--1.9%
GTE Corp.
$ 14,000 4.85% 6/2/99 $ 13,998
25,000 4.95 6/2/99 24,997
22,000 4.85 6/4/99 21,991
24,000 4.85 6/7/99 23,981
18,500 4.85 6/8/99 18,483
10,000 4.85 6/10/99 9,988
----------
113,438
----------
Transportation Equipment--2.0%
Daimler-Chrysler
25,000 4.85 8/18/99 24,737
50,000 4.88 8/23/99 49,437
Volkswagen of
America, Inc.
40,000 4.95 6/1/99 40,000
----------
114,174
- ------------------------------------------
TOTAL COMMERCIAL PAPER $3,175,570
- ------------------------------------------
CORPORATE NOTES--6.2%
Beneficial Corp.,
FRN
$ 5,000 5.07% 6/23/99 $ 5,000
Chrysler Financial
Corp.
5,000 6.28 6/22/99 5,003
CIT Group Inc., FRN
57,500 4.83 6/1/99 57,461
Countrywide Home
Loan FRN
25,000 5.01 8/4/99 24,998
GE Engine
Receivables 1995-1
Trust, FRN
8,940 4.91 6/7/99 9,223
GE Engine
Receivables 1996-1
Trust, FRN
27,232 4.91 6/7/99 26,950
General Motors
Acceptance Corp.
FRN
12,500 5.00 6/1/99 12,500
20,000 5.03 6/1/99 19,999
Heller Financial,
Inc.
35,000 5.67 6/1/99 35,031
Household Finance
Co.
13,000 5.10 7/14/99 13,000
Liberty Light U.S.
Capital Medium Term
FRN
25,000 5.04 10/8/99 24,991
Morgan Stanley
Trust Certificates
1996-2, FRN
23,296 5.03 6/23/99 23,296
Transamerica
Financial Corp.,
FRN
25,000 5.25 10/22/99 25,000
United Health Care
Corp.
75,000 5.65 12/1/99 75,001
- ------------------------------------------
TOTAL CORPORATE NOTES $ 357,453
- ------------------------------------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ----------------------------------------
<C> <C> <S> <C>
EURODOLLAR TIME DEPOSITS--10.4%
Banco Popular,
Puerto Rico
$ 50,000 4.88% 6/1/99 $ 50,000
Bank of Scotland,
Grand Cayman
Islands
50,000 4.88 6/1/99 50,000
Canadian Imperial
Bank of Commerce,
Grand Cayman
Islands
100,000 4.88 6/1/99 100,000
CDC Marches, Paris
150,681 4.88 6/1/99 150,681
Firstar Bank,
Grand Cayman
Islands
150,000 4.88 6/1/99 150,000
Key Bank, N.A.,
Grand Cayman
Islands
100,000 4.88 6/1/99 100,000
- ----------------------------------------
TOTAL EURODOLLAR TIME
DEPOSITS $600,681
- ----------------------------------------
INSURANCE FUNDING AGREEMENTS--3.6%
General American
Life Insurance Co.
$100,000 5.12% 6/23/99 $100,000
Integrity Life
Insurance Co.
30,000 5.20 6/7/99 30,000
Life Insurance
Company of
Virginia
50,000 4.99 6/1/99 50,000
Transamerica Life
Insurance and
Annuity Co.
25,000 5.05 6/7/99 25,000
- ----------------------------------------
TOTAL INSURANCE FUNDING
AGREEMENTS $205,000
- ----------------------------------------
MUNICIPAL INVESTMENTS--6.2%
Administration of Environmental &
Housing Programs--1.4%
Virginia State HDA
Mortgage Revenue
Bonds
$ 82,225 4.91% 6/2/99 $ 82,225
--------
Amusement & Recreation Services--0.3%
Maryland Stadium
Authority Sports
Facilities Lease
Revenue Series A
16,300 5.60 6/1/99 16,300
--------
Communications--0.4%
New Jersey State
Economic
Development
Authority Revenue
Refunding Bonds,
Series B,
MSNBC/CNBC
(Chase Manhattan
Bank LOC)
24,500 5.64 6/3/99 24,500
--------
Construction--0.2%
Metal Forming &
Coining Corp.
Project (National
City Bank LOC)
9,605 4.93 6/4/99 9,605
--------
Executive, Legislative & General
Government--2.7%
Kern County
(California)
Pension Obligation
18,000 5.00 6/1/99 18,000
</TABLE>
<TABLE>
<CAPTION>
Description
- -------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------
<C> <C> <S> <C>
Los Angeles County Floating Rate
TOCR California Pension Obligation
$ 40,000 4.97% 6/3/99 $ 40,000
Minneapolis City-St.Paul (Minnesota)
Metro Airport GO Bond
28,930 5.00 6/1/99 28,930
Seattle City Washington GO VRDN,
Series C (Credit Communal de Belgique
LOC)
46,525 4.85 6/7/99 46,525
Sonoma County (California) Pension
Obligation
22,800 5.00 6/1/99 22,800
----------
156,255
----------
Health Services--0.8%
Crozer Keystone Health System VRDN
7,480 5.69 6/2/99 7,480
Health Insurance Plan of Greater New
York
VRDN, Series 1990 B-1
17,500 4.92 6/2/99 17,500
Michigan State Hospital Finance
Authority, FRN
19,950 5.00 6/2/99 19,950
----------
44,930
----------
Real Estate--0.4%
1800 Harrison Foundation VRDN,
Series 99-A
25,000 5.00 6/2/99 25,000
- -------------------------------------------------------------
TOTAL MUNICIPAL INVESTMENTS $ 358,815
- -------------------------------------------------------------
REPURCHASE AGREEMENTS--9.6%
Repurchase Agreement--8.7%
ABN-AMRO, Dated 5/28/99
Repurchase Price $500,274
(U.S. Government Securities Colld.)
$500,000 4.93% 6/1/99 $ 500,000
----------
Joint Repurchase Agreement--0.9%
Warburg Dillon Read LLC, Dated 5/28/99
(U.S. Government Securities Colld.)
Accrued Interest $120
50,000 4.80 6/7/99 50,000
- -------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS $ 550,000
- -------------------------------------------------------------
TOTAL INVESTMENTS--101.3% $5,834,343
- -------------------------------------------------------------
Liabilities, less other assets--(1.3)% (74,598)
- -------------------------------------------------------------
NET ASSETS--100.0% $5,759,745
- -------------------------------------------------------------
- -------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- --------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- --------------------------------------------------
Government Portfolio
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCIES--68.4%
Fannie Mae Discount Notes
Mortgage Backed Securities--9.8%
$ 50,000 4.82% 7/1/99 $ 49,799
10,000 4.83 7/1/99 9,960
25,000 4.84 7/1/99 24,899
25,000 4.85 7/1/99 24,899
29,000 4.81 8/3/99 28,756
16,640 4.75 12/1/99 16,238
----------
154,551
----------
Fannie Mae Medium Term FRN--6.4%
65,000 5.09 6/1/99 64,990
35,000 4.77 8/5/99 34,975
----------
99,965
----------
Fannie Mae Medium Term Notes--10.5%
28,000 5.49 8/3/99 27,994
25,000 5.06 3/15/00 24,983
13,600 5.10 3/16/00 13,604
22,000 5.04 4/6/00 21,988
15,000 4.97 4/12/00 14,989
25,000 5.11 5/22/00 24,992
36,060 5.67 5/26/00 36,247
----------
164,797
----------
FFCB Discount Note--1.6%
25,000 4.75 8/20/99 24,736
----------
FFCB Medium Term FRN--1.9%
30,000 4.70 6/11/99 29,980
----------
FHLB Medium Term FRN--4.7%
24,000 5.11 6/2/99 23,988
50,000 4.78 8/12/99 49,960
----------
73,948
----------
FHLB Medium Term Notes--7.6%
39,000 5.53 6/10/99 38,998
42,000 5.54 7/13/99 41,997
19,000 5.54 7/15/99 18,998
20,000 5.16 3/22/00 20,000
----------
119,993
----------
</TABLE>
<TABLE>
<CAPTION>
Description
- ----------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ----------------------------------------------------------------------
<C> <S> <C> <C>
FHLMC Discount Note--25.9%
$ 25,000 4.75% 6/4/99 $ 24,990
25,000 4.74 6/16/99 24,951
20,000 4.77 6/22/99 19,944
7,179 4.75 6/30/99 7,152
50,000 4.69 7/12/99 49,674
22,819 4.63 7/26/99 22,658
50,000 4.64 8/5/99 49,581
60,600 4.70 8/6/99 60,078
6,212 4.71 8/6/99 6,158
5,862 4.76 8/23/99 5,798
137,000 4.83 8/26/99 135,421
----------
406,405
- ----------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES $1,074,375
- ----------------------------------------------------------------------
REPURCHASE AGREEMENTS--28.1%
Repurchase Agreements--24.9%
Bear Stearns Security Corp., Dated 5/28/99,
Repurchase Price $350,192
(U.S. Government Securities Colld.)
$350,000 4.93% 6/1/99 $ 350,000
Merrill Lynch & Co., Inc., Dated 5/28/99,
Repurchase Price $42,182
(U.S. Government Securities Colld.)
42,160 4.65 6/1/99 42,160
----------
$ 392,160
----------
Joint Repurchase Agreement--3.2%
Warburg Dillon Reed LLC, Dated 06/25/98,
(U.S. Government Securities Colld.) Accrued
Interest $125
50,000 4.80 6/1/99 50,000
- ----------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS $ 442,160
- ----------------------------------------------------------------------
TOTAL INVESTMENTS--96.5% $1,516,535
- ----------------------------------------------------------------------
Other assets, less liabilities--3.5% 55,105
- ----------------------------------------------------------------------
NET ASSETS--100.0% $1,571,640
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- -------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------------
Government Select Portfolio
U.S. GOVERNMENT AGENCIES--100.2%
FFCB Discount Note--2.8%
<S> <C> <C> <C>
$ 50,000 4.70% 6/1/99 $ 50,000
----------
FFCB Medium Term FRN--1.7%
30,000 4.70 5/11/00 29,980
----------
FFCB Medium Term Notes--7.3%
37,000 5.01 4/28/00 36,984
42,000 5.53 6/10/99 41,998
15,000 5.54 7/15/99 14,999
25,000 5.16 3/8/00 24,992
12,000 5.05 4/26/00 11,996
----------
130,969
----------
FHLB-FRN--9.5%
80,000 4.78 5/12/99 79,936
30,000 4.92 4/14/00 29,987
60,000 5.11 4/14/00 59,990
----------
169,913
----------
FHLB Discount Notes--78.9%
671,746 4.68 6/1/99 671,746
57,394 4.75 6/2/99 57,386
25,000 4.79 6/2/99 24,997
50,000 4.81 6/2/99 49,993
19,250 4.77 6/4/99 19,242
25,000 4.74 6/9/99 24,974
15,000 4.72 6/11/99 14,980
25,000 4.73 6/11/99 24,967
30,000 4.74 6/11/99 29,961
50,000 4.74 6/18/99 49,888
50,000 4.71 6/30/99 49,810
2,000 4.78 6/30/99 1,992
40,000 4.67 7/2/99 39,839
25,000 4.74 7/7/99 24,882
50,000 4.73 7/30/99 49,612
20,000 4.73 8/4/99 19,832
8,175 4.77 8/4/99 8,106
30,000 4.71 8/13/99 29,714
28,000 4.80 9/1/99 27,657
25,000 4.80 9/03/99 24,687
25,000 4.70 10/27/99 24,517
40,000 4.68 10/29/99 39,220
40,000 4.70 1/19/00 38,788
20,000 4.80 2/1/00 19,347
30,000 4.82 2/24/00 28,924
20,000 4.80 2/28/00 19,275
----------
1,414,336
----------
</TABLE>
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------------------------------------------------
Principal
Amount Rate Maturity Date Amortized Cost
- ---------------------------------------------------------------------------------------------------
<S> <C>
TOTAL INVESTMENTS--100.2_______________________________________________________________%$1,795,198
Liabilities, less other assets--(0.2)%______________________________________________________(3,888)
NET ASSETS--100.0_______________________________________________________________________$1,791,310%
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands, except shares)
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------------
Tax-Exempt Portfolio
MUNICIPAL INVESTMENTS--97.8%
Alabama--1.4%
Greenville City IDR VRDN,
Series 1992, Allied-Signal,
Inc. Project (Allied-Signal,
Inc. Gtd.)
<S> <C> <C> <C>
$ 1,350 3.40% 6/4/99 $ 1,350
Jefferson County Sewer Revenue
VRDN, Series A (FGIC Insured)
5,050 3.40 6/4/99 5,050
McIntosh IDB Environmental
Improvement Revenue VRDN,
Series 1998 D (CIBA Specialty
Chemical Corp. Gtd.)
2,000 3.35 6/1/99 2,000
--------
8,400
--------
Alaska--0.3%
Alaska Housing Finance Corp.
VRDN, Series 1994 PT-37,
Merrill P-Floats (Banque
National Paris LOC)
2,065 3.35 6/4/99 2,065
--------
Arizona--1.4%
Maricopa County Industrialized
Development
Authority Hospital Revenue
VRDN, Series 1998-103, MS
Floater Certified
6,200 3.40 6/4/99 6,200
Maricopa County Pollution
Control VRDN, Series D,
Arizona Public Service Co.
(Bank of America NT & SA LOC)
2,200 3.25 6/1/99 2,200
--------
8,400
--------
California--2.0%
Irvine Ranch Consolidated Water
District VRDN, Series
1993 B, District 2, 102, 103,
& 206
(Toronto Dominion Bank LOC)
6,900 3.25 6/1/99 6,900
San Marcos Public Facilities
Authority Revenue VRDN, Series
1989 B BTP-188, Civic Center
Project
(U.S. Government Securities
Colld.)
4,961 3.15 9/2/99 4,961
--------
11,861
--------
Colorado--5.2%
Arapahoe County Capital
Improvement Highway Revenue
VRDN, Series E BTP-254,
Project E-470,
(U.S. Government Securities
Colld.)
14,276 3.45 6/4/99 14,276
Arapahoe County Capital
Improvement Highway Revenue
VRDN, Series E BTP-255,
Project E-470,
(U.S. Government Securities
Colld.)
8,000 3.45 6/4/99 8,000
Intermountain Power Agency,
Series B, Goldman Sachs CP
8,400 2.80 6/16/99 8,400
--------
30,676
--------
Delaware--0.2%
Wilmington GO Bonds, Series
1996 A
(MBIA Insured)
1,335 5.00 10/1/99 1,344
--------
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------------
Florida--2.9%
Florida State Board of
Education GO, Series 1989A,
Eagle Trust 96C0915 (U.S.
Government Securities Colld.)
<S> <C> <C> <C>
$ 5,205 3.25% 12/1/99 $ 5,205
Florida State Board of
Education Public Education
Capital VRDN, Series 1991 B-
BTP-223 (U.S. Government
Securities Colld.)
4,000 3.50 6/4/99 4,000
Jacksonville PCR VRDN, Series
199, Florida Power & Light Co.
Project (Florida Power & Light
Co Gtd.)
7,700 3.30 6/1/99 7,700
--------
16,905
--------
Georgia--11.5%
Burke County Development
Authority PCR VRDN, Series 4,
Georgia Power Co. Vogtle
Project (Georgia Power Co.
Gtd.)
8,500 3.35 6/1/99 8,500
Burke County Development
Authority PCR VRDN, Series 4,
Georgia Power Co. Vogtle
Project (Georgia Power Co.
Gtd.)
3,000 3.45 6/1/99 3,000
Burke County Development
Authority PCR VRDN, Series
199, Georgia Power Co. Vogtle
Project (Georgia Power Co.
Gtd.)
2,800 3.45 6/1/99 2,800
Burke County Development
Authority PCR VRDN, Series
199, Georgia Power Co. Vogtle
Project (Georgia Power Co.
Gtd.)
9,300 3.35 6/1/99 9,300
DeKalb County Development
Authority, Marist School, Inc.
Project (Sun Trust Bank LOC)
3,500 3.30 6/4/99 3,500
Fulton County Development
Authority IDR, Citicorp Eagle
Trust 981001
11,000 3.10 8/2/99 11,000
Georgia State GO TOB, Series
1993 F, BTP-82A
9,900 3.15 12/1/99 9,900
Georgia State GO VRDN, Series
1994 D, BTP-100
6,035 3.15 8/1/99 6,035
Metro Atlanta Rapid Transit
Authority Sales Tax Revenue
VRDN, Series A-MTC#16, BOCM
Muni Trust Certified (MBIA
Insured)
8,000 3.47 6/4/99 8,000
Putnam County Development Authority PCR
VRDN, Georgia Power Co. Plant Branch Project
(Georgia Power Co. Gtd.)
5,900 3.35 6/1/99 5,900
--------
67,935
--------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ------------------------------------------------------------------------------------------------------
Illinois--10.5%
Chicago Board of Education
VRDN, BTP-239
(AMBAC Insured)
<S> <C> <C> <C>
$ 9,320 3.45% 6/4/99 $ 9,320
Chicago GO and Refunding GO
VRDN, Series 1998 M,
Bank of America Partnership
(FGIC Insured)
5,000 3.70 8/4/99 5,000
Chicago O'Hare Airport Revenue
VRDN, Series 1983-C, AMR, Inc.
Project (Royal Bank of Canada
LOC)
2,500 3.40 6/1/99 2,500
Chicago O'Hare Airport Revenue
VRDN, Series 1983-D, AMR, Inc.
Project (Royal Bank of Canada
LOC)
2,300 3.40 6/1/99 2,300
Chicago School Reform Board GO,
Series 1996, Bank of America
Securities Variable Rate
Certificates (MBIA Insured)
8,000 3.42 6/4/99 8,000
Illinois Education Facilities
Authority VRDN, Cultural
Pooled Financing Project
(First National Bank of
Chicago LOC)
2,400 3.25 6/2/99 2,400
Illinois Education Facilities
Authority VRDN, Series 1992,
The Art Institute of Chicago
3,000 3.30 6/4/99 3,000
Illinois Education Facilities
Authority VRDN, Series 1996,
The Art Institute of Chicago
8,300 3.30 6/4/99 8,300
Illinois Health Facilities
Authority VRDN, Series 1993,
Resurrection Health Care
System
3,700 3.35 6/1/99 3,700
Illinois Housing Development
Authority VRDN,
Series B-1, Homeowner Mortgage
2,155 3.20 4/27/00 2,155
Illinois Housing Development
Authority VRDN,
Subseries A-1, Homeowner
Mortgage
3,820 3.00 1/20/00 3,820
Illinois Sales TRB,
Series K (U.S. Government
Securities Colld.)
1,000 7.00 12/15/99 1,003
Illinois State Sales TRB,
Series U SG9, Merrill Soc Gen
Muni Trust (FSA Insured)
4,500 3.32 6/4/99 4,500
Metropolitan Pier & Exposition
Authority Dedicated Sales TRB,
BTP-230 (U.S. Government
Securities Colld.)
6,000 3.45 6/7/99 6,000
--------
61,998
--------
Indiana--3.2%
Indiana Bond Bank Operating
Municipal Notes, Series 1998
A-2, Advanced Funding Program
5,000 3.50 1/19/00 5,017
Indiana Transportation
Authority Highway Revenue
VRDN, Series 1998A, Citicorp
Eagle Trust 981402
7,750 3.10 8/2/99 7,750
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ------------------------------------------------------------------------------------------------------
Jasper County PCR, Series
1988D, Northern Indiana Public
Service Project (Northern
Indiana Public Service Gtd.)
<S> <C> <C> <C>
$ 1,000 3.15% 7/15/99 $ 1,000
Jasper County PCR, Series
1988D, Northern Indiana Public
Service Project (Northern
Indiana Public Service Gtd.)
5,000 3.20 9/13/99 5,000
--------
18,767
--------
Iowa--3.1%
Iowa Finance Authority SFM
Revenue VRDN,
9,190 2.95 2/23/00 9,190
Iowa Finance Authority SFM
Revenue VRDN, Series 1997 A
5,480 3.27 6/1/99 5,480
Iowa Student Loan Liquidity
Student Loan Revenue, Series
1990 I (AMBAC Insured)
3,500 3.10 12/1/99 3,500
--------
18,170
--------
Kansas--2.3%
Lawrence City GO Temporary
Notes, Series 1998-1
6,355 3.79 6/1/99 6,355
Wichita GO Temporary Notes,
Series 198
7,000 3.50 8/26/99 7,007
--------
13,362
--------
Kentucky--1.6%
Clark County PCR, Series J-2,
East Kentucky Power
(National Rural Utilities
Cooperative Finance Corp.
Gtd.)
6,450 3.10 10/15/99 6,450
Danville City Lease Revenue CP,
Municipal Pooled Lease Program
(PNC Bank LOC)
3,045 3.30 6/25/99 3,045
--------
9,495
--------
Louisiana--1.2%
Greater Baton Rouge Port
Commission PCR Bonds, Series
1983-A, Dow Chemical Co.
Project (Dow Chemical Co.
Gtd.)
5,120 3.20 12/15/99 5,120
Huntington City IDR PCR VRDN,
Allied-Signal, Inc. Project
(Allied-Signal, Inc. Gtd.)
2,000 3.40 6/4/99 2,000
--------
7,120
--------
Maine--1.2%
Maine State GO Municipal
General Purpose Bond
4,215 4.50 6/15/99 4,216
Maine State GO Municipal
Highway Bond
3,000 4.50 6/15/99 3,001
--------
7,217
--------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------------
Tax-Exempt Portfolio--Continued
Maryland--1.3%
Maryland State Community
Development Administration SFM
Revenue, Series 1993 PT-12,
Merrill P-Floats
<S> <C> <C> <C>
$ 5,620 3.27% 6/1/99 $ 5,620
Maryland State Economic
Development Authority Pooled
Revenue VRDN, Series 1995
(NationsBank LOC)
100 3.25 6/4/99 100
Montgomery County SFM Revenue
VRDN, Series PA-40, Merril P-
Floats
2,160 3.32 6/4/99 2,160
--------
7,880
--------
Massachusetts--0.9%
Gloucester County Renewal BAN
5,098 4.00 8/7/99 5,101
--------
Minnesota--1.8%
East Grand Forks Independent
School District 595 GO,
Minnesota School District
Credit Enhancement Program
2,000 3.90 6/30/99 2,000
Minnesota HFA SFM VRDN, Series
1998-F
8,500 3.65 8/9/99 8,500
--------
10,500
--------
Missouri--0.2%
New Madrid Power Revenue VRDN
(AMBAC Insured)
1,250 5.20 12/1/99 1,265
--------
Nebraska--0.7%
Nebraska Investment Finance
Authority SFM, Series 1988 B
(FGIC Colld.)
4,000 3.00 7/15/99 4,000
--------
Nevada--1.9%
Clark County School District GO
VRDN (FSA Insured)
10,000 3.47 6/4/99 10,000
Nevada State Municipal Bond
Bank GO VRDN, Series 1997
SGB31 (FGIC Insured)
1,000 3.37 6/4/99 1,000
--------
11,000
--------
New Jersey--0.6%
Jersey City Tax Appeal Renewal
BAN GO
3,380 3.625 1/14/00 3,389
--------
New York--3.6%
New York State Environmental
Facility Corp. PCR Bond, Eagle
Trust (FSA Insured)
10,000 3.15 12/15/99 10,000
New York State Medical Care
Facilities VRDN, Series B, St.
Lukes (U.S. Government
Securities Colld.)
5,000 7.45 2/15/00 5,221
Pooled Puttable VRDN P-Floats,
Series PPT2
1,770 3.35 6/1/99 1,770
Suffolk County TAN, Series I
(West Deutsche Landes Bank
LOC)
4,000 3.50 8/12/99 4,004
--------
20,995
--------
</TABLE>
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------------
Ohio--4.3%
Cleveland State University
General Receipts BAN, Series A
<S> <C> <C> <C>
$ 2,124 3.80% 8/16/99 $ 2,128
Greystone Revenue Senior VRDN,
Series Trust 1998-1, (Credit
Suisse First Boston LOC)
14,700 3.40 6/4/99 14,700
Ohio Air Quality Facilities
Revenue Bond, Series 1988A,
Ohio Edison Co. Project
(Toronto Dominion Bank LOC)
4,000 2.95 2/1/00 4,000
Ohio State Turnpike Commission
VRDN, Series A (FGIC Insured)
2,000 3.47 6/4/99 2,000
Red Roof Inns Mortgage Bond
Trust VRDN (PNC Bank LOC)
2,714 3.65 6/15/99 2,714
--------
25,542
--------
Oklahoma--0.2%
Tulsa County GO Combined
Purpose Bond, Industrial
School District No. 001
1,000 4.50 2/1/00 1,010
--------
Pennsylvania--3.0%
Allegheny County Hospital
Development Authority Revenue
VRDN, Series A, Presbyterian
Health Center (MBIA Insured)
500 3.30 6/4/99 500
Allegheny County Hospital
Development Authority Revenue
VRDN, Series B-1, Presbyterian
University Hospital (NBD Bank
LOC)
40 3.30 6/4/99 40
Pennsylvania Higher Education
Facilities Authority Revenue
VRDN, Var-Assn Independent
CLGS and UNIVS-D5 (PNC Bank
LOC)
2,000 3.75 5/1/00 2,009
Philadelphia School District
TRAN, Series 1998/99 A (First
Union National Bank LOC)
7,000 4.25 6/30/99 7,003
Philadelphia TRAN, Series
1998/99 A
6,000 4.25 6/30/99 6,003
Warren County Hospital
Authority VRDN, Series 1994 B,
Warren General Hospital
Project (PNC Bank LOC)
750 3.30 6/4/99 750
Washington County Authority
Lease Revenue, Higher
Education Pooled Equipment
Lease (First Union National
Bank LOC)
1,080 3.25 6/4/99 1,080
York City General Authority
Pooled Financing Revenue,
Series 1996 (First Union
National Bank LOC)
50 3.30 6/4/99 50
--------
17,435
--------
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------------
South Carolina--3.1%
Beaufort County School District
GO, Series C
<S> <C> <C> <C>
$ 4,655 3.625% 2/1/00 $ 4,674
Lexington County Pollution
Control Finance Authority IDR
VRDN, Series 1992A, Allied-
Signal, Inc. Project (Allied-
Signal, Inc. Gtd.)
1,880 3.40 6/4/99 1,880
Lexington County Revenue IDR
VRDN, Series 1992, Allied-
Signal, Inc. Project (Allied-
Signal, Inc. Gtd.)
800 3.40 6/4/99 800
Public Service Authority Santee
Cooper VRDN, Series 1998A BTP-
318
10,670 3.50 6/4/99 10,670
--------
18,024
--------
Tennessee--3.2%
Knox County Health Education
and Housing Facilities Revenue
(Republic of France LOC)
5,000 3.45 6/4/99 5,000
Memphis GO General Improvement,
Series 1996 SGB-23, Soc Gen
Trust (Memphis Insured)
5,000 3.37 6/4/99 5,000
Shelby County GO, Series BTP-
263
5,000 3.425 6/4/99 5,000
Shelby County GO VRDN, Series B
BTP-216
4,000 3.17 12/1/99 4,000
--------
19,000
--------
Texas--8.7%
Angelina & Neches River
Authority Solid Waste Dispose
Facility VRDN, Series 1984,
TEEC, Inc. Project (Credit
Suisse First Boston LOC)
3,600 3.45 6/1/99 3,600
Austin City School District
Building and Refunding VRDN,
Series 1996 ML/SG-6 (PSF of
Texas Gtd)
2,400 3.32 6/4/99 2,400
Denton City Independent School
District GO Bond, Series B (PSF
of Texas Gtd.)
6,000 3.65 8/15/99 6,000
Harris County Tax Revenue
Receipts
10,910 3.45 6/4/99 10,910
Harris County Health Facility
Development Corp. School
Healthcare, Series 1997 B
(Sisters of Charity of the
Incar. Gtd.)
5,000 3.45 6/4/99 5,000
Harris County Health Facility
Development Corp. VRDN, Series
1994, Methodist Hospital
(Methodist Hospital Gtd.)
1,700 3.40 6/1/99 1,700
San Antonio Electric and Gas
VRDN, Series A
(San Antonio Electric and Gas
Gtd.)
5,000 3.47 6/4/99 5,000
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------------
San Antonio Independent School
District GO VRDN, ROCS Series
30 (PSF of Texas Gtd.)
<S> <C> <C> <C>
$ 3,000 3.47% 6/4/99 $ 3,000
Texas State TRAN
7,000 4.50 8/31/99 7,021
Texas State Water Financing
Assistance Refunding GO VRDN,
Series 1998A BTP-309
5,385 3.45 6/4/99 5,385
Trinity River IDA IDR VRDN,
Automatic Data Processing, Inc.
Project (Automatic Data
Processing, Inc. Gtd.)
1,300 3.70 6/1/99 1,300
--------
51,316
--------
Utah--2.1%
Utah State GO Highway Bond,
Series 1997 F BTP-256
7,300 3.45 6/4/99 7,300
Utah State GO VRDN
5,000 3.45 6/4/99 5,000
--------
12,300
--------
Virginia--4.2%
Norfolk GO VRDN, Eagle Trust
No. 944601
10,100 3.42 6/4/99 10,100
Roanoke IDA Hospital Revenue
VRDN, Series 1997A, Carilion
Health System Obligated Group
(Carilion Health System Gtd.)
6,300 3.40 6/1/99 6,300
Town of Louisa IDA PCR CP,
Series 1984, Virginia Electric
& Power Co. Project (Virginia
Electric Power Co. Gtd.)
3,400 3.20 7/14/99 3,400
Town of Louisa PCR CP, Series
1987, Virginia Electric & Power
Co. Project (Virginia Electric
Power Co. Gtd.)
4,700 3.30 6/25/99 4,700
--------
24,500
--------
Vermont--0.3%
Vermont HFA SFM Note, Series
10-D
2,000 3.10 4/28/00 2,000
--------
Washington--5.4%
Washington Health Care
Facilities Authority, Fred
Hutchinson Cancer Research
Center (Morgan Guaranty Trust
Co. LOC)
3,900 3.50 6/1/99 3,900
Washington Public Power Supply
System VRDN, Series 944701,
Citicorp Eagle Trust
10,000 3.47 6/4/99 10,000
Washington State GO Bond,
Series E
2,000 5.75 7/1/99 2,005
Washington State Housing
Finance Commission Single
Family Program Notes
5,075 2.95 2/1/00 5,075
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------------
Tax-Exempt Portfolio--Continued
Washington State Public Power
Supply System Revenue Bond,
Series A, Project 2
<S> <C> <C> <C>
$ 4,000 5.30% 7/1/99 $ 4,006
Washington State Public Power
Supply System Revenue Bond,
Series C, Project 2
1,023 7.20 7/1/99 1,026
Washington State Refunding GO
VRDN, Series R-92-A, BTP-101
6,000 3.45 6/4/99 6,000
--------
32,012
--------
Wisconsin--3.4%
Kenosha Unified School District
TRAN, Series 1998-99
4,700 3.38 9/28/99 4,700
Menomonee Falls School District
BAN
3,325 4.10 11/24/99 3,339
Oshkosh Area School District
BAN
3,500 3.33 12/15/99 3,502
Racine Unified School District
TRAN, Series 1998/99
5,000 4.00 7/7/99 5,002
Wisconsin State Transportation
GO Revenue Bond, Series A (FGIC
Insured)
3,570 5.00 7/1/99 3,576
--------
20,119
--------
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Amortized
Amount/ Maturity Cost/
Shares Rate Date Value
- -----------------------------------------------------------------------------------------------------
Wyoming--0.9%
Uinta County PCR Bond, Series
1993, Chevron USA, Inc. Project
(Chevron Oil Gtd.)
<S> <C> <C> <C>
$1,000 3.30% 6/1/99 $ 1,000
Uinta County PCR Bond, Series 1997, Chevron USA, Inc. Project (Chevron Oil
Gtd.)
4,200 3.30 6/1/99 4,200
--------
5,200
--------
- -----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL INVESTMENTS $576,303
- -----------------------------------------------------------------------------------------------------
OTHER INVESTMENTS--0.4%
AIM Tax Free Money Market Fund
382 $ 382
Dreyfus Tax Exempt Cash Management Fund
400 400
Federated Tax-Free Trust Money
Market Fund #15
573 573
Federated Tax-Free Trust Money
Market Fund #73
320 320
Provident Municipal Fund
597 597
</TABLE>
- --------------------------------------------------------------------------------
TOTAL OTHER INVESTMENTS $ 2,272
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.2% $578,575
- --------------------------------------------------------------------------------
Other assets, less liabilities--1.8% 10,697
- --------------------------------------------------------------------------------
NET ASSETS--100.0% $589,272
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
14
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
May 31, 1999
(All amounts in thousands, except net asset value per share)
(Unaudited)
<TABLE>
<CAPTION>
Diversified Government Tax-
Assets Government Select Exempt
Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets:
Investments in securities, at
amortized cost $5,284,343 $1,074,375 $1,795,198 $578,575
Repurchase agreements, at cost 550,000 442,160 -- --
Cash -- 1 1 --
Receivables:
Fund shares sold 198,976 96,046 10,487 1,313
Interest 19,458 4,453 2,820 6,991
Investment securities sold -- -- -- 6,625
Administrator 98 38 42 21
Other assets 139 60 67 43
- ------------------------------------------------------------------------------
Total assets 6,053,014 1,617,133 1,808,615 593,568
- ------------------------------------------------------------------------------
Liabilities:
Payable for:
Fund shares redeemed 269,407 38,800 9,681 2,546
Distributions to shareholders 21,946 6,105 7,211 1,521
Accrued expenses:
Advisory fees 1,178 338 156 124
Administration fees 471 135 156 50
Custodian fees 31 22 11 14
Service agent fees 11 -- -- --
Transfer agent fees 6 6 -- --
Other liabilities 219 87 90 41
- ------------------------------------------------------------------------------
Total liabilities 293,269 45,493 17,305 4,296
- ------------------------------------------------------------------------------
Net assets $5,759,745 $1,571,640 $1,791,310 $589,272
- ------------------------------------------------------------------------------
Analysis of net assets:
Paid-in capital $5,760,620 $1,571,613 $1,791,304 $589,183
Accumulated net realized gains
(losses) on investment
transactions (875) 27 6 89
- ------------------------------------------------------------------------------
Net assets $5,759,745 $1,571,640 $1,791,310 $589,272
- ------------------------------------------------------------------------------
Total shares outstanding (no par
value), unlimited shares
authorized
Shares 5,725,377 1,533,372 1,787,641 589,145
Service Shares 34,212 25,459 3,272 38
Premier Shares 1,031 12,802 392 --
- ------------------------------------------------------------------------------
Net asset value, offering and
redemption price per share
Shares $ 1.00 $ 1.00 $ 1.00 $ 1.00
Service Shares $ 1.00 $ 1.00 $ 1.00 $ 1.00
Premier Shares $ 1.00 $ 1.00 $ 1.00 --
- ------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended May 31, 1999
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Diversified Government
Assets Government Select Tax-Exempt
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest income $127,398 $36,406 $ 44,542 $11,854
- -------------------------------------------------------------------------------
Expenses:
Investment advisory fees 6,209 1,831 2,255 938
Administration fees 2,484 732 902 375
Registration fees 292 56 57 38
Custodian fees 253 93 95 55
Professional fees 129 44 51 21
Shareholders servicing fees 119 17 1 --
Transfer agent fees 74 17 15 9
Trustee fees and expenses 60 21 24 10
Other 73 33 36 24
- -------------------------------------------------------------------------------
Total expenses 9,693 2,844 3,436 1,470
Less voluntary waivers of invest-
ment advisory fees -- -- (1,353) --
Less expenses reimbursable by Ad-
ministrator (791) (244) (264) (150)
- -------------------------------------------------------------------------------
Net expenses 8,902 2,600 1,819 1,320
- -------------------------------------------------------------------------------
Net investment income 118,496 33,806 42,723 10,534
Net realized gains on investment
transactions 62 12 2 34
- -------------------------------------------------------------------------------
Net increase in net assets re-
sulting from operations $118,558 $33,818 $ 42,725 $10,568
- -------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended May 31, 1999 (Unaudited) and the year ended November
30, 1998
(All amounts in thousands)
<TABLE>
<CAPTION>
Diversified Assets Government Government Select Tax-Exempt
Portfolio Portfolio Portfolio Portfolio
------------------------ ----------------------- ---------------------- ----------------------
1999 1998 1999 1998 1999 1998 1999 1998
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Increase (decrease)
in net assets from
operations:
Net investment
income $ 118,496 $ 218,012 $ 33,806 $ 69,654 $ 42,723 $ 77,613 $ 10,534 $ 22,415
Net realized gains
on investment
transactions 62 430 12 108 2 2 34 61
- -------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations 118,558 218,442 33,818 69,762 42,725 77,615 10,568 22,476
- -------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders:
Net investment
income (116,909) (217,888) (33,641) (69,654) (42,717) (77,613) (10,534) (22,415)
Realized Gains -- -- -- -- -- -- -- (174)
- -------------------------------------------------------------------------------------------------------------------------
Total distributions
to shareholders (116,909) (217,888) (33,641) (69,654) (42,717) (77,613) (10,534) (22,589)
- -------------------------------------------------------------------------------------------------------------------------
Distributions to
Service shareholders:
Net investment
income (1,578) (124) (100) -- (2) -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Total distributions
to Service
shareholders (1,578) (124) (100) -- (2) -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Distributions to
Premier shareholders:
Net investment
income (9) -- (65) -- (4) -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Total distributions
to Premier
shareholders (9) -- (65) -- (4) -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Share transactions
(at $1.00 per share):
Proceeds from the
sale of shares 27,678,455 53,687,791 9,269,866 16,723,046 4,475,814 8,794,437 2,817,964 5,796,229
Reinvested
distributions 4,615 9,197 1,010 748 2,144 5,934 130 210
Cost of shares
redeemed (26,753,460) (52,844,174) (9,390,379) (16,122,433) (4,385,183) (8,344,898) (2,977,045) (5,633,334)
- -------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets resulting from
share transactions 929,610 852,814 (119,503) 601,361 92,775 455,473 (158,951) 163,105
- -------------------------------------------------------------------------------------------------------------------------
Service share
transactions (at
$1.00 per share):
Proceeds from the
sale of shares 293,863 21,636 33,103 -- 3,273 -- 46 --
Cost of shares
redeemed (266,711) (14,576) (7,644) -- -- -- (8) --
- -------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
Service share
transactions 27,152 7,060 25,459 -- 3,273 -- 38 --
- -------------------------------------------------------------------------------------------------------------------------
Premier share
transactions (at
$1.00 per share):
Proceeds from the
sale of shares 4,631 -- 40,945 -- 1,552 110 -- --
Cost of shares
redeemed (3,600) -- (28,143) -- (1,269) (1) -- --
- -------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
Premier share
transactions 1,031 -- 12,802 -- 283 109 -- --
- -------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) 957,855 860,304 (81,230) 601,469 96,333 455,584 (158,879) 162,992
Net assets--beginning
of period 4,801,890 3,941,586 1,652,870 1,051,401 1,694,977 1,239,393 748,151 585,159
- -------------------------------------------------------------------------------------------------------------------------
Net assets--end of
period $ 5,759,745 $ 4,801,890 $1,571,640 $ 1,652,870 $1,791,310 $1,694,977 $ 589,272 $ 748,151
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Diversified Assets Portfolio
<TABLE>
<CAPTION>
Shares
--------------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of pe-
riod $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from in-
vestment opera-
tions:
Net investment
income 0.02 0.05 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from
investment opera-
tions 0.02 0.05 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.02) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to share-
holders (0.02) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total return (a) 2.39% 5.36% 5.42% 5.30% 5.78%(b) 3.92% 3.00% 3.80% 6.19%
Ratio to average
net assets of
(c):
Expenses, net of
waivers and
reimbursements 0.35% 0.35% 0.35% 0.34% 0.34% 0.35% 0.34% 0.34% 0.35%
Expenses, before
waivers and
reimbursements 0.38% 0.38% 0.36% 0.34% 0.34% 0.35% 0.36% 0.35% 0.36%
Net investment
income, net of
waivers and
reimbursements 4.78% 5.31% 5.30% 5.18% 5.63% 3.74% 3.00% 3.79% 6.18%
Net investment
income, before
waivers and
reimbursements 4.75% 5.28% 5.29% 5.18% 5.63% 3.74% 2.98% 3.78% 6.17%
Net assets at end
of period (in
thousands) $5,724,501 $4,794,830 $3,941,586 $3,179,529 $2,610,347 $2,891,880 $3,200,288 $2,801,744 $2,784,485
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1990
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value,
beginning of pe-
riod $1.00
Income from in-
vestment opera-
tions:
Net investment
income 0.08
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from
investment opera-
tions 0.08
- ---------------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.08)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to share-
holders (0.08)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total return (a) 8.01%
Ratio to average
net assets of
(c):
Expenses, net of
waivers and
reimbursements 0.35%
Expenses, before
waivers and
reimbursements 0.36%
Net investment
income, net of
waivers and
reimbursements 8.01%
Net investment
income, before
waivers and
reimbursements 8.00%
Net assets at end
of period (in
thousands) $2,192,756
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service Premier
----------------- --------
1999 1998 (d) 1999 (e)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00
Income from investment operations:
Net investment income 0.02 0.02 --
- -----------------------------------------------------------------------
Total income from investment operations 0.02 0.02 --
- -----------------------------------------------------------------------
Distributions to shareholders from:
Net investment income (0.02) (0.02) --
- -----------------------------------------------------------------------
Total distributions to shareholders (0.02) (0.02) --
- -----------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00
- -----------------------------------------------------------------------
Total return (a) 2.22% 1.76% 0.67%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.69% 0.69% 0.95%
Expenses, before waivers and reimbursements 0.72% 0.72% 0.99%
Net investment income, net of waivers and
reimbursements 4.44% 4.94% 4.18%
Net investment income, before waivers and
reimbursements 4.41% 4.91% 4.15%
Net assets at end of period (in thousands) $34,213 $7,060 $1,031
- -----------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the period. Total
return is not annualized for periods less than one year.
(b) Total return for the year ended November 30, 1995 would have been 5.73%
absent the effect of a capital contribution equivalent to $.0005 per share
received from Northern Trust Corporation.
(c) Annualized for periods less than one year.
(d) For the period July 1, 1998 (Service Shares issue date) through November
30, 1998.
(e) For the period April 1, 1999 (Premier Shares issue date) through May 31,
1999.
See accompanying notes to financial statements.
18
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Government Portfolio
<TABLE>
<CAPTION>
Shares
--------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from
investment
operations:
Net investment
income 0.03 0.04 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------
Total income from
investment
operations 0.03 0.04 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.03) (0.04) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------
Total
distributions to
shareholders (0.03) (0.04) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------
Total return (a) 2.31% 5.28% 5.31% 5.20% 5.64%(b) 3.78% 2.91% 3.91% 6.18%
Ratio to average
net assets of
(c):
Expenses, net of
waivers and
reimbursements 0.35% 0.35% 0.35% 0.35% 0.35% 0.34% 0.34% 0.34% 0.35%
Expenses, before
waivers and
reimbursements 0.39% 0.40% 0.37% 0.38% 0.40% 0.41% 0.38% 0.40% 0.40%
Net investment
income, net of
waivers and
reimbursements 4.62% 5.22% 5.18% 5.08% 5.49% 3.60% 2.92% 3.71% 6.03%
Net investment
income, before
waivers and
reimbursements 4.58% 5.17% 5.16% 5.05% 5.44% 3.53% 2.88% 3.65% 5.98%
Net assets at end
of period (in
thousands) $1,533,379 $1,652,870 $1,051,401 $1,268,515 $850,664 $787,816 $1,065,705 $1,163,905 $895,405
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1990
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value,
beginning of
period $ 1.00
Income from
investment
operations:
Net investment
income 0.08
- ---------------------------------------------------------------------------------------------------------------------------
Total income from
investment
operations 0.08
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.08)
- ---------------------------------------------------------------------------------------------------------------------------
Total
distributions to
shareholders (0.08)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------
Total return (a) 7.89%
Ratio to average
net assets of
(c):
Expenses, net of
waivers and
reimbursements 0.37%
Expenses, before
waivers and
reimbursements 0.46%
Net investment
income, net of
waivers and
reimbursements 7.88%
Net investment
income, before
waivers and
reimbursements 7.79%
Net assets at end
of period (in
thousands) $971,720
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service Premier
---------- ----------
1999 (d) 1999 (e)
- -------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00
Income from investment operations:
Net investment income 0.01 0.02
- -------------------------------------------------------------------
Total income from investment operations 0.01 0.02
- -------------------------------------------------------------------
Distributions to shareholders from:
Net investment income (0.01) (0.02)
- -------------------------------------------------------------------
Total distributions to shareholders (0.01) (0.02)
- -------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00
- -------------------------------------------------------------------
Total return (a) 0.68% 1.85%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.69% 0.95%
Expenses, before waivers and reimbursements 0.73% 0.99%
Net investment income, net of waivers and
reimbursements 4.28% 4.02%
Net investment income, before waivers and
reimbursements 4.24% 3.98%
Net assets at end of period (in thousands) $ 25,459 $ 12,802
- -------------------------------------------------------------------
</TABLE>
(a) 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 the net asset value at the end of the
period. Total return is not annualized for periods less than one year.
(b) Total return for the year ended November 30, 1995 would have been 5.53%
absent the effect of a capital contribution equivalent to $.0011 per
share received from Northern Trust Corporation.
(c) Annualized for periods less than one year.
(d) For the period April 1, 1999 (Service Shares issue date) through May 31,
1999.
(e) For the period December 15, 1998 (Premier Shares issue date) through May
31, 1999.
See accompanying notes to financial statements.
19
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Government Select Portfolio
<TABLE>
<CAPTION>
Shares
--------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Income from investment
operations:
Net investment income 0.02 0.05 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------
Total income from
investment operations: 0.02 0.05 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from:
- ---------------------------------------------------------------------------------------------------------------------------
Net investment income (0.02) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.02) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------
Total return (b) 2.37% 5.38% 5.41% 5.31% 5.82%(c) 3.84% 3.00% 3.71% 5.82%
Ratio to average net
assets of (d):
Expenses, net of
waivers and
reimbursements 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Expenses, before
waivers and
reimbursements 0.38% 0.39% 0.39% 0.40% 0.41% 0.43% 0.49% 0.52% 0.60%
Net investment income,
net of waivers and
reimbursements 4.74% 5.31% 5.30% 5.19% 5.67% 3.83% 2.99% 3.70% 5.78%
Net investment income,
before waivers and
reimbursements 4.56% 5.12% 5.11% 4.99% 5.46% 3.60% 2.70% 3.38% 5.38%
Net assets at end of
period (in thousands) $1,787,646 $1,694,869 $1,239,393 $836,349 $685,142 $493,718 $386,507 $264,756 $160,750
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1990(a)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value,
beginning of period $ 1.00
Income from investment
operations:
Net investment income 0.01
- ---------------------------------------------------------------------------------------------------------------------------
Total income from
investment operations: 0.01
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from:
- ---------------------------------------------------------------------------------------------------------------------------
Net investment income (0.01)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.01)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------
Total return (b) 0.50%
Ratio to average net
assets of (d):
Expenses, net of
waivers and
reimbursements 0.20%
Expenses, before
waivers and
reimbursements 1.33%
Net investment income,
net of waivers and
reimbursements 7.65%
Net investment income,
before waivers and
reimbursements 6.52%
Net assets at end of
period (in thousands) $44,215
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service Premier
-------- ----------------
1999 (e) 1999 1998 (f)
- ---------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income -- 0.02 --
- ---------------------------------------------------------------------
Total income from investment operations -- 0.02 --
- ---------------------------------------------------------------------
Distributions to shareholders from:
Net investment income -- (0.02) --
- ---------------------------------------------------------------------
Total distributions to shareholders -- (0.02) --
- ---------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------
Total return (a) 0.36% 1.99% 0.10%
Ratio to average net assets of (d):
Expenses, net of waivers and reimbursements 0.54% 0.80% 0.80%
Expenses, before waivers and reimbursements 0.72% 0.98% 0.99%
Net investment income, net of waivers and
reimbursements 4.40% 4.14% 4.71%
Net investment income, before waivers and
reimbursements 4.22% 3.96% 4.52%
Net assets at end of period (in thousands) $3,273 $ 391 $ 108
- ---------------------------------------------------------------------
</TABLE>
(a) For the period November 7, 1990 (commencement of operations) through
November 30, 1990.
(b) 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 the net asset value at the end of the period. Total return
is not annualized for periods less than one year.
(c) Total return for the year ended November 30, 1995 would have been 5.80%
absent the effect of a capital contribution equivalent to $.0002 per share
received from Northern Trust Corporation.
(d) Annualized for periods less than one year.
(e) For the period May 28, 1999 (Service Shares issue date) through May 31,
1999.
(f) For the period November 23, 1998 (Premier Shares issue date) through
November 30, 1998.
See accompanying notes to financial statements.
20
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 1999 (Unaudited) and the Years Ended November
30,
Tax-Exempt Portfolio
<TABLE>
<CAPTION>
Shares
------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment
operations:
Net investment income 0.01 0.03 0.03 0.03 0.04 0.02 0.02 0.03 0.05 0.06
- --------------------------------------------------------------------------------------------------------------------------------
Total income from
investment operations 0.01 0.03 0.03 0.03 0.04 0.02 0.02 0.03 0.05 0.06
- --------------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from:
Net investment income (0.01) (0.03) (0.03) (0.03) (0.04) (0.02) (0.02) (0.03) (0.05) (0.06)
- --------------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.01) (0.03) (0.03) (0.03) (0.04) (0.02) (0.02) (0.03) (0.05) (0.06)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------------------------
Total return (a) 1.42% 3.31% 3.44% 3.37% 3.71% 2.62% 2.27% 2.97% 4.57% 5.71%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.34% 0.34% 0.35% 0.36%
Expenses, before
waivers and
reimbursements 0.39% 0.39% 0.39% 0.40% 0.41% 0.36% 0.38% 0.39% 0.40% 0.43%
Net investment income,
net of waivers and
reimbursements 2.81% 3.27% 3.38% 3.32% 3.63% 2.40% 2.27% 2.95% 4.57% 5.71%
Net investment income,
before waivers and
reimbursements 2.77% 3.23% 3.34% 3.27% 3.57% 2.39% 2.23% 2.90% 4.52% 5.64%
Net assets at end of
period (in thousands) $589,234 $748,151 $585,159 $638,507 $803,730 $853,103 $1,191,932 $1,226,480 $872,405 $752,257
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service
--------
1999 (c)
- --------------------------------------
<S> <C>
Net asset value, beginning of
period $1.00
Income from investment
operations:
Net investment income --
- --------------------------------------
Total income from investment
operations --
- --------------------------------------
Distributions to shareholders
from:
Net investment income --
- --------------------------------------
Total distributions to
shareholders --
- --------------------------------------
Net asset value, end of period $1.00
- --------------------------------------
Total return (a) 0.13%
Ratio to average net assets of
(b):
Expenses, net of waivers and
reimbursements 0.69%
Expenses, before waivers and
reimbursements 0.73%
Net investment income, net of
waivers and reimbursements 2.47%
Net investment income, before
waivers and reimbursements 2.43%
Net assets at end of period (in
thousands) $ 38
- --------------------------------------
</TABLE>
(a) 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 the end of the period. Total return is not annualized
for periods less than one year.
(b) Annualized for period less than one year.
(c) For the period May 13, 1999 (Service Shares issue date) through May 31,
1999.
See accompanying notes to financial statements.
21
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements
May 31, 1999
(Unaudited)
1. Organization
Northern Institutional Funds (the "Trust") is a Delaware business trust which
was formed on July 1, 1997, and is registered under the Investment Company Act
of 1940 (as amended) as an open-end management investment company. The Trust,
formerly known as The Benchmark Funds, changed its name effective July 15,
1998. The Trust includes seventeen portfolios, each with its own investment
objective. Prior to March 31, 1998, each portfolio was a series of The
Benchmark Funds, a Massachusetts business trust, which reorganized into the
Trust at the close of business on that date. The Northern Trust Company
("Northern") is the investment adviser for all of the Trust's money market
portfolios and is the custodian and transfer agent for the Trust. Effective
May 1, 1999, Northern and First Data Investor Services Group, Inc. ("Investor
Services Group") became the Trust's co-administrators, and First Data
Distributors, Inc. ("FDDI"), an affiliate of Investor Services Group, became
the Trust's distributor. Presented herein are the financial statements of the
money market portfolios.
The Trust includes four diversified money market portfolios: Diversified
Assets Portfolio, Government Portfolio, Government Select Portfolio and Tax-
Exempt Portfolio (the "Portfolios"). Each of these Portfolios has 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 May 31, 1999, all three classes of shares were
outstanding for each Portfolio with the exception of Tax-Exempt Portfolio
Premier Shares.
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 generally accepted accounting principles
("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) Investment Valuation
Investments are valued at amortized cost, which approximates market value.
Under the amortized cost 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 exceed the market value
of the repurchase agreement. The underlying collateral for all repurchase
agreements is held in a customer-only account of Northern, as custodian for
the Trust, at the Federal Reserve Bank of Chicago.
Each Portfolio may enter into joint repurchase agreements with non-affiliated
counterparties through a master repurchase agreement with Northern. Northern
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 and Government Portfolios had entered into such joint
repurchase agreements as of May 31, 1999, as reflected in the accompanying
Statements 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.
At November 30, 1998, the Trust's most recent tax year end, the Portfolios
had approximately the following amount of capital loss carryforwards for U.S.
federal income tax purposes:
<TABLE>
<CAPTION>
Amount Year of Expiration
(in thousands)
- -----------------------------------------------------
<S> <C> <C>
Diversified Assets $939 2002
- -----------------------------------------------------
</TABLE>
This amount is available to be carried forward to offset future capital gains
to the extent permitted by applicable laws or regulations.
(e) Expenses
Expenses arising in connection with a specific Portfolio are allocated to that
Portfolio. Certain expenses arising in connection with a class of shares are
allocated 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 for the year.
22
<PAGE>
- -------------------------------------------------------------------------------
(f) Distributions
Each Portfolio's net investment income is declared daily as a dividend to
shareholders of record as of 3:00 p.m., Chicago time. 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 Northern in cash or automatically reinvested in
additional shares of the Portfolio. Northern has undertaken to credit or
arrange for the crediting of such distributions to each shareholder's account
with Northern, its affiliates or its correspondents.
3. Advisory, Transfer Agency, Custodian and Other Agreements
As compensation for the services rendered as investment adviser, including the
assumption by Northern of the expenses related thereto, Northern is entitled
to a fee, computed daily and payable monthly, at an annual rate of .25% of
each Portfolio's average daily net assets.
Until further notice, Northern has voluntarily agreed to waive .15% of its
advisory fee for the Government Select Portfolio, reducing such fee to .10%
per annum. The effect of this waiver by Northern for the six months ended May
31, 1999 was to reduce advisory fees as shown on the accompanying Statements
of Operations.
As compensation for the services rendered as custodian and transfer agent,
including the assumption by Northern of the expenses related thereto, Northern
receives compensation based on a pre-determined schedule of charges approved
by the Board.
4. Administration and Distribution Agreements
Northern and Investor Services Group, the co-administrators of the Portfolios
as of May 1, 1999, are entitled to a monthly co-administration fee at the
annual rate of 0.10% of each Portfolio's average daily net assets. The co-
administrators are also entitled to additional fees for special legal
services.
During the five months ended April 30, 1999, the Trust had an administration
agreement with Goldman Sachs & Co., the Trust's prior Administrator, whereby
each Portfolio paid the administrator a fee at an annual rate of .10% of each
Portfolio's average daily net assets.
In addition, if in any fiscal year the sum of a Portfolio's expenses,
including administration fees, but excluding the fees payable to Northern for
its duties as adviser and transfer agent for all shares, payments under the
service plan for the Portfolios' Premier Shares and Service Shares and certain
extraordinary expenses, exceeded on an annualized basis .10% of the
Portfolio's average daily net assets, the administrators reimbursed each
Portfolio for the amount of the excess pursuant to the terms of the
administration agreements.
Expenses reimbursed during the six months ended May 31, 1999 are shown on the
accompanying Statements of Operations. No administration fees were waived
under these agreements during the six months ended May 31, 1999.
Goldman Sachs received no compensation under the distribution agreement.
FDDI, the distributor for the Portfolio as of May 1, 1999, receives no
compensation under the distribution agreement.
5. Service Plan
The Trust has adopted a Service Plan pursuant to which the Trust may enter
into agreements with Northern, 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. Furthermore, the Service Plan also provides for the
payment of fees to Northern, Goldman Sachs or other institutions for
consulting services, technology and systems support services to the Service
and Premier Shares customers at an annual rate of up to .08% of the average
daily net asset value of such shares serviced.
6. Bank Loans
The Trust maintains a $100,000,000 revolving bank credit line and a
$15,000,000 conditional revolving credit line for liquidity and other
purposes. Borrowings under this arrangement bear interest at 1% above the
federal funds rate and are secured by pledged securities equal to or exceeding
120% of the outstanding balance.
The Portfolios had no borrowings under this agreement during the six months
ended May 31, 1999.
23
<PAGE>
Investment Advisers:
The Northern Trust Company
Northern Trust Quantitative Advisors, Inc.
50 South LaSalle Street
Chicago, Illinois 60675
Transfer Agent and Custodian:
The Northern Trust Company
The Semi-annual Report is authorized for distribution to prospective investors
only when preceded or accompanied by a Prospectus which contains facts
concerning the objectives and policies, management expenses and other
information.
