<PAGE>
[LOGO OF NORTHERN INSTITUTIONAL FUNDS]
Fixed Income and
Equity Portfolios
MAY 31, 2000
Semiannual Report
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
--------------------------------------------------------------------------------
Table of Contents
<TABLE>
<CAPTION>
Page
----
<S> <C>
Letter to Shareholders..................................................... 2
Fixed Income Portfolios
Statements of Investments
U.S. Government Securities Portfolio................................... 5
Short-Intermediate Bond Portfolio...................................... 6
Intermediate Bond Portfolio............................................ 8
U.S. Treasury Index Portfolio.......................................... 10
Bond Portfolio......................................................... 11
International Bond Portfolio........................................... 14
Statements of Assets and Liabilities..................................... 16
Statements of Operations................................................. 17
Statements of Changes in Net Assets...................................... 18
Financial Highlights..................................................... 20
Equity Portfolios
Statements of Investments
Balanced Portfolio..................................................... 26
Equity Index Portfolio................................................. 30
Diversified Growth Portfolio........................................... 37
Focused Growth Portfolio............................................... 39
Mid Cap Growth Portfolio............................................... 41
Small Company Index Portfolio.......................................... 43
Small Company Growth Portfolio......................................... 63
International Equity Index Portfolio................................... 65
International Growth Portfolio......................................... 76
Statements of Assets and Liabilities..................................... 78
Statements of Operations................................................. 79
Statements of Changes in Net Assets...................................... 80
Financial Highlights..................................................... 82
Notes to the Financial Statements.......................................... 91
Voting Results of Special Meeting of Shareholders.......................... 97
</TABLE>
--------------------------------------------------------------------------------
This Semiannual Report is authorized for distribution to prospective investors
only when preceded or accompanied by a prospectus, which contains investment
information on policies, risk considerations, charges, and expenses.
1
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
--------------------------------------------------------------------------------
Letter to Shareholders
Economic Review
In the first half of the calendar year, the economy experienced impressive
economic growth, a declining unemployment rate, rising inflation, and volatile
stock and bond markets. This volatile combination kept the Federal Reserve at
full alert and in a pre-emptive tightening mode. In less than a year's time,
the Fed has raised its federal funds target rate by 175 basis points to 6.5
percent and it appears that the economy is finally starting to show signs of
moderation. In the weeks following the Federal Open Market Committee (FOMC)
meeting on May 16, there has been a steady flow of softer economic data. The
employment report released on June 2 provided further evidence that the economy
may be slowing. In addition, forward-looking monetary and financial-market
leading indicators of economic activity lead us to believe the Fed's interest-
rate increases are starting to moderate economic growth.
Economic Outlook
Monetary and financial-market leading indicators of economic activity lead us
to believe the Central Bank's interest-rate increases will soon start to
moderate economic growth. One indicator, real M2 money supply, peaked at the
end of 1998, slowed significantly since then, and is expected to remain on a
downward trend. Although the predictive properties of real M2 deteriorated in
the first half of the 1990s, they have been "rehabilitated" in recent years.
The yield spread between top-rated corporate bonds and the federal funds rate
has progressively narrowed since the Fed started raising interest rates last
year. Such behavior historically has signaled a moderation in economic growth
in that it suggests the Fed is shifting back the supply of credit relative to
the economy's demand for it. Credit quality yield spreads in the corporate bond
market have widened to margins not seen since late 1998, when the capital
markets had "seized up." This increased cost of bond market credit has induced
some corporate borrowers to seek funding from their banks. But the cost of bank
credit, too, is rising as the Fed raises banks' funding costs and the banks are
tightening their lending terms. Start-up corporations also are having a more
difficult time raising funds, as the suppliers of venture capital are becoming
more discriminating.
Tentative signs of a moderation in domestic aggregate demand already are
beginning to appear. Consumer spending slowed in March and April, especially
spending on discretionary durable goods items. Both the production of houses
and their demand appear to be plateauing. Growth is slowing in the
manufacturing sector as evidenced by three consecutive monthly declines in the
Purchasing Managers' Index and a weakening in new orders for durable goods
during the first four months of this year.
The lagged effect of several years of above-potential U.S. economic growth in
combination with economic recovery overseas is exerting upward pressure on U.S.
prices. Producers have been faced with pronounced increases in the prices of
materials and services they buy. We foresee that the slowdown in economic
growth should moderate the price increases for these intermediate goods and
services. In terms of consumer prices, the area in which there is the clearest
sign of higher inflation is that of services, including those pertaining to
shelter and medical care. Price increases of consumer services are likely to be
somewhat less resistant to a moderation in the pace of economic activity than
those of consumer goods.
Clearer evidence of a slowdown in economic growth is expected in the coming
months as the lagged effects of the more recent Fed tightening begin to take
hold. Thus, we believe the Central Bank will be able to move to a neutral
policy stance with only a modest amount of further tightening--perhaps 25 to 50
basis points--during the remainder of this year. More Fed tightening than that
is the most likely risk to our base-case forecast. In this event, because of
relatively high consumer debt-servicing burdens and because of the highly
leveraged corporate sector, a more severe slowing in economic growth than we
envision could occur.
Fixed Income Review
For the six-month period ended May 31, 2000, long-term Treasuries returned
almost 7 percent, intermediate Treasuries around 2 percent, and T-bills 2.5
percent. The Fed's decision to raise the fed funds rate by 50 basis points on
May 16 suggested that they had adopted a more aggressive stance toward monetary
tightening.
Consequently, global equities tumbled, led by technology stocks. Treasury
obligations benefited from some flight-to-quality buying, ending the month of
May more or less unchanged across the yield curve. Credit markets remained
under pressure, as swap spreads--one component of the overall cost of
borrowing--continued to widen, and quality spreads suffered, with riskier asset
categories, such as high-yield and emerging market debt, underperforming
significantly.
2
<PAGE>
--------------------------------------------------------------------------------
Fixed Income Outlook
Because we believe that the Fed will tighten a little more, which is in line
with consensus, we reiterate our recommendation to maintain a neutral stance
toward overall portfolio duration. However, with market expectations regarding
the extent of future monetary tightening proving to be so volatile, we believe
opportunities may arise to adjust portfolio durations on a tactical basis to
take advantage of misplaced market sentiment. For example, such an opportunity
could present itself if investors were to extrapolate recent signs of economic
slowing into a belief that the Fed's work is finished.
From a strategic standpoint, we continue to believe the current environment
offers greater opportunities to outperform by adopting significantly different-
from-benchmark sector, quality, and yield-curve weightings. Our portfolios
reflect our base-case outlook for fairly stable Treasury rates, tightening swap
spreads, and continued credit spread widening and tiering. We would continue to
overweight mortgage spread product while concentrating our credit exposure in a
well-diversified collection of short- and intermediate-maturity, high-quality
holdings. Although this portfolio would not perform as well if our risk case of
a harder economic landing prevails, the emphasis on higher-quality spread
product is intended to limit the damage from such an outcome. Meanwhile, we
believe our continued overweight of long Treasury bonds will outperform shorter
Treasury obligations in either scenario, but would likely do even better if the
risk case prevails. Long Treasury bonds could get a boost when the
Congressional Budget Office increases its estimate of the budget surplus for
fiscal 2000 from $176 billion to more than $200 billion.
Equity Review
For the six-month period ended May 31, 2000, equity markets experienced
significant volatility and a tech-led correction. During this period, the S&P
500 Index returned 1.6 percent, the S&P MidCap 400 Index 12.3 percent, the
Russell 2000 Index 5 percent, and the NASDAQ 1.4 percent on a price only basis.
These positive returns don't really tell the full story. In the second quarter,
valuations on U.S. technology-related shares were pared by over 25 percent as
broad markets corrected. During this period, defensive sectors such as health
care, energy, and utilities posted impressive performance as investors flocked
to stocks with stable earnings, attractive valuations, and superior
fundamentals.
Many stocks experienced a continued bout of volatility in May and, despite a
late-month rally, posted poor results for a second month. The majority of the
damage was concentrated in technology-related issues. Especially good
performance was turned in by defensive growth sectors as buyers of growth
stocks looked for steady growth at reasonable prices after the shock of the
two-month fall in the NASDAQ. We think the market will continue to favor the
"old teddy bears," which can deliver predictable solid growth and where
valuations do not look stretched particularly against the technology sector. We
believe those sectors to benefit include health care, food and beverage, and
financials.
Equity Outlook
Despite the sharp two-month tumble taken by many technology stocks, by most
measures they still look expensive, having only returned to the levels of last
fall with the recent setback. To be sure, many concept and dot-com stocks have
fallen more severely, but the large-cap leadership names still look expensive
and could well see expectations scaled back when the Fed succeeds in slowing
economic growth. As the market looked for different investments, it returned to
the traditional growth and defensive sectors, a trend we suspect has further to
run. We continue to find stocks across most sectors that look attractive
relative to earnings prospects and believe the broadening trend we have seen
for the past few months can continue for several more quarters. We reiterate
our view that a sector neutral stance is appropriate and would use rallies in
technology shares to move to a neutral weighting (about 30 percent currently)
until growth prospects come into better balance with valuations.
We continue to suggest the market is in transition from mega-cap leadership to
one that will favor small- and mid-cap stocks as well as foreign securities.
The valuation argument remains compelling while earnings growth this year could
be nearly double that of the S&P 500 for small- and mid-cap stocks and at least
50 percent higher in foreign markets. Valuations remain compelling as many
stocks in our favored categories sell at just two-thirds to three-fourths of
the S&P 500 price/earnings multiple. While small- and mid-cap stocks also
suffered in the sell-off of the past few months, we think they can regain their
footing faster than the mega-cap leaders. Foreign markets have actually held up
even better, but the strength of the dollar so far this year has diminished
dollar returns, a situation we expect to reverse in this year's second half.
3
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
--------------------------------------------------------------------------------
Letter to Shareholders--continued
Global Review
For the six-month period ended May 31, 2000, global equity markets declined by
0.4 percent. However, the sharp sell-off in technology and telecommunications
stocks did not stop at the U.S. border. These issues fell sharply in almost all
markets and were particularly hard hit in the emerging markets where foreigners
hold large positions in telecommunications stocks. In the second quarter,
global technology-related stocks declined by over 28 percent, causing an 8
percent decline in global equities overall. Defensive growth stocks that had
lagged badly during the past 18 months found willing buyers and many of these
traditional growth shares have rallied 25 percent or more from their first
quarter low. Asian technology shares and Latin telecommunications stocks were
hit very hard, while the sharp rise in the cost of next-generation cellular
licenses impacted both bidders and eventual winners in the U.K. auction.
Global Outlook
We continue to expect earnings to come in at or above forecasts. Expectations
for 2000 have been raised in both Europe and Japan after the reporting season
that just ended. Europe should see earnings rise 20 percent this year after a
17 percent increase in 1999, while Japan could see gains well above 25 percent
after a better-than-expected year-end report (for the fiscal year ended March
2000). With recovery now entrenched in Asia and restructuring beginning to bear
fruit, we think surprises will be on the upside in Asia as long as the U.S.
economy achieves a "soft landing." If Mr. Greenspan does not gain the desired
outcome, Asia and Latin America would be particularly vulnerable while Japan
and the U.K. would be best positioned in a "hard-landing" scenario.
We now believe the worst of the euro's weakness has been seen and an important
low either has already been achieved at just below 0.89 per U.S. dollar or that
there will be an additional sell off. After falling nearly 25 percent in 15
months, the euro is deeply oversold, well below fair value (purchasing power
parity is nearly 25 percent higher) and unloved by most investors even as top-
down strategists are bullish. As U.S. growth slows in the next two to four
quarters and European growth stays steady, relative growth would favor the euro
against both the dollar and the yen.
We also think the heavy flow of foreign direct investment from Europe to the
U.S. will peak and probably abate once U.S. growth slows and portfolio returns
move to a more normal level. Further weakness in the U.S. stock markets may
well trigger some flowback, but we are almost certain to see less-aggressive
foreign buying of our shares, and thus of our currency. We think the U.S.
dollar will weaken toward year-end levels versus the euro but give less ground
against the yen. In any event, international investors appear to be nearing the
end of a three- to four-year dollar bull market, which has penalized dollar
returns. Long-term investors may even look at foreign fixed-income
opportunities if indeed the dollar reverses its long uptrend.
As always, thank you for your continued support of Northern Institutional
Funds.
Sincerely,
[LOGO James Synder]
James Snyder
Executive Vice President,
Chief Investment Officer
4
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
----------------------------------------------------------
Principal Maturity
Amount Rate Date Value
----------------------------------------------------------
U.S. Government Securities Portfolio
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCIES--43.1%
Fannie Mae--6.5%
Pool #452480
$ 2,523 6.00% 11/1/28 $ 2,267
Pool #452421
2,525 6.00 12/1/28 2,268
Pool #124945
1,329 7.482 1/1/31 1,382
-------
5,917
-------
Fannie Mae REMIC Trust--2.1%
Series 1997-M1,
Class A
1,732 6.784 1/17/03 1,727
Series 1997-20,
Class IO,
Interest Only
Stripped Securities,
-- 7.90 3/25/27 232
-------
1,959
-------
Fannie Mae Notes--8.2%
4,000 6.40 5/2/01 3,978
2,000 5.80 7/23/01 1,966
1,700 5.125 2/13/04 1,575
-------
7,519
-------
Federal Farm Credit Bank--4.3%
4,000 5.125 4/2/01 3,937
-------
Federal Home Loan Bank--4.7%
4,350 6.75 5/1/02 4,305
-------
Freddie Mac--5.9%
Pool #410092
148 7.364 11/1/24 152
Pool #G00767
1,399 7.50 8/1/27 1,366
Pool #C18079
1,944 6.00 11/1/28 1,749
Series 2080, Class
PE
2,250 6.00 11/15/21 2,131
-------
5,398
-------
Freddie Mac Notes--9.8%
2,250 6.25 10/15/02 2,196
4,670 7.375 5/15/03 4,664
2,250 5.75 7/15/03 2,145
-------
9,005
-------
Tennessee Valley Authority--1.6%
Series B, Putable
7/15/01
1,500 6.235 7/15/45 1,481
----------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $40,664) 39,521
----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------
Principal Maturity
Amount Rate Date Value
-----------------------------------------
<C> <S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS--53.1%
U.S. Treasury Notes
$ 2,000 8.00% 5/15/01 $ 2,022
14,000 6.625 7/31/01 13,977
5,000 5.50 8/31/01 4,922
8,000 5.625 9/30/01 7,881
3,000 7.50 11/15/01 3,029
2,250 6.25 1/31/02 2,231
3,500 6.625 4/30/02 3,491
6,580 5.75 10/31/02 6,436
2,700 5.70 8/15/03 2,628
2,000 7.50 2/15/05 2,069
-----------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $49,297) 48,686
-----------------------------------------
FOREIGN BOND--2.1%
(Cost $2,000)
Asian Development Bank
2,000 6.50 9/21/02 1,963
-----------------------------------------
SHORT-TERM INVESTMENT--0.6%
(Cost $586)
Federal Home Loan Bank
Discount Note
586 6.30 6/1/00 586
-----------------------------------------
TOTAL INVESTMENTS--98.9%
(Cost $92,547) $90,756
-----------------------------------------
Other assets, less liabili-
ties--1.1% 1,009
-----------------------------------------
NET ASSETS--100.0% $91,765
-----------------------------------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
--------------------------------------------------------
Principal Maturity
Amount Rate Date Value
--------------------------------------------------------
Short-Intermediate Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--22.1%
Airplane Leases--1.1%
Pegasus Aviation
Lease
Securitization,
Series 1999-1A,
Class A1(/1/)
$ 2,552 6.30% 3/25/29 $ 2,450
--------
Automotive--4.2%
Carmax Auto Owner
Trust,
Series 1999-1, Class
A3
2,750 6.76 8/15/03 2,724
Chevy Chase
Automobile
Receivables Trust,
Series 1997-4, Class
A
1,284 6.25 6/15/04 1,268
Distribution
Financial Services
Trust, Series 1999-
3, Class A3
5,440 6.43 11/15/07 5,354
--------
9,346
--------
Credit Card--2.4%
MBNA Master Credit
Card Trust,
Series 1998-J, Class
A
5,800 5.25 2/15/06 5,416
--------
Equipment--7.6%
American Airlines
Pass Through Trust,
Series 1999-1, Class
C
3,650 7.16 10/15/04 3,469
CIT Equipment
Collateral Trust,
Series 2000-1, Class
A4
4,000 7.58 3/20/08 3,976
Copelco Capital
Funding Corp.,
Series 2000-A, Class
A4
4,500 7.22 8/18/05 4,445
DVI Receivables
Corp.,
Series 2000-1, Class
A4
5,000 7.78 6/14/08 4,988
--------
16,878
--------
Home Equity Loans--5.3%
AAMES Mortgage
Trust,
Interest Only
Stripped Security,
Series 1997-B,Class
AIO
-- 5.50 7/15/00 3
Contimortgage Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1998-1, Class
A10I
-- 6.50 9/15/00 528
Delta Funding Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1997-2, Class
AIO
-- 6.50 6/25/27 3
Green Tree Home
Equity Loan Trust,
Series 1998-C, Class
A6
5,800 6.29 7/15/29 5,620
</TABLE>
<TABLE>
<CAPTION>
Description
------------------------------------------
Principal Maturity
Amount Rate Date Value
------------------------------------------
<C> <S> <C> <C>
IMC Excess Cashflow
Securities Trust,
Series 1997-A, Class
A(/1/)
$ 2,603 7.41% 11/26/28 $ 1,041
Lehman FHA Title I
Loan Trust,
Series 1995-3, Class
A
3,670 8.00 5/25/16 3,665
Series 1995-6, Class
S,
Interest Only
Stripped Security,
-- 7.72 11/25/16 593
Southern Pacific
Secured Assets
Corp.,
Interest Only
Stripped Security,
Series 1997-2, Class
AIO
-- 7.15 6/25/00 220
--------
11,673
--------
Utilities--1.5%
California
Infrastructure
Pacific Gas &
Electric, Series
1997-1, Class A-3
425 6.15 6/25/02 425
ComEd Transitional
Funding Trust,
Series 1998-1, Class
A2
3,000 5.29 6/25/03 2,970
--------
3,395
------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $66,732) 49,158
------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--
9.4%
BA Mortgage
Securities, Inc.,
Series 1998-4, Class
1A5
7,199 6.50 8/25/28 7,003
Donaldson, Lufkin &
Jenrette Mortgage
Acceptance Corp.,
Interest Only
Stripped Security,
Series 1994-Q8,
Class 2A1
-- 7.25 5/25/24 873
GE Capital Mortgage
Services, Inc.,
Series 1994-15,
Class A-6
2,806 6.00 4/25/09 2,750
Nationslink Funding
Corp.,
Series 1999-SL,
Class A-3
5,400 6.30 12/10/02 5,255
PNC Mortgage
Securities Corp.,
Series 1996-PRI,
Class A(/1/)
1,527 7.06 4/28/27 1,344
Prudential Home
Mortgage Securities
Co., Series 1994-1,
Class A-3
3,655 6.00 2/25/09 3,589
------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $21,281) 20,814
------------------------------------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
-----------------------------------------------------------------------------------
Principal Maturity
Amount Rate Date Value
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE BONDS--15.7%
Automotive--1.7%
Ford Motor Credit Co.
$4,000 5.75% 2/23/04 $ 3,727
--------
Computers--1.2%
Electronic Data Systems Corp.
2,705 6.85 10/15/04 2,635
--------
Diversified Financial Services--5.8%
Bank One Corp.
4,640 6.40 8/1/02 4,525
Bunge Trade Ltd.(/1/)
1,935 9.25 5/1/02 1,915
Donaldson, Lufkin & Jenrette, Inc.
6,500 5.625 2/15/16 6,359
--------
12,799
--------
Food--1.8%
Diageo Capital Placement
4,230 6.625 6/24/04 4,066
--------
Industrial--1.8%
Yosemite Security Trust I(/1/)
4,000 8.25 11/15/04 3,922
--------
Insurance--0.8%
American General Finance,
1,315 7.45 1/15/05 1,284
Conseco, Inc.
850 8.75 2/9/04 548
--------
1,832
--------
Oil Companies--0.9%
Phillips Petroleum Co.
2,050 8.50 5/25/05 2,069
--------
Special Purpose--0.9%
US West Capital Funding, Inc.
2,100 6.875 8/15/01 2,081
--------
Telephone--0.8%
Sprint Capital Corp.
1,900 6.50 11/15/01 1,870
-----------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (Cost $35,877) 35,001
-----------------------------------------------------------------------------------
U.S GOVERNMENT AGENCIES--15.5%
Fannie Mae--13.3%
15,000 6.25 11/15/02 14,630
15,000 7.125 2/15/05 14,829
--------
29,459
--------
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------------------------------------------------
Principal Maturity
Amount Rate Date Value
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
Federal Home Loan Bank--2.2%
$ 5,000 6.75% 2/1/02 $ 4,955
-----------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES (Cost $34,639) 34,414
-----------------------------------------------------------------------------------
U.S GOVERNMENT OBLIGATIONS--30.6%
U.S. Treasury Notes
310 6.625 7/31/01 309
33,810 5.75 10/31/02 33,070
35,705 5.75 8/15/03 34,751
-----------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $69,589) 68,130
-----------------------------------------------------------------------------------
SHORT-TERM INVESTMENT--5.5%
(Cost $12,184)
Sun Trust Bank, Atlanta, Grand Cayman,
Eurodollar Time Deposit
12,184 6.813 6/1/00 12,184
-----------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.8%
(Cost $240,302) $219,701
-----------------------------------------------------------------------------------
Other assets, less liabilities--1.2% 2,599
-----------------------------------------------------------------------------------
NET ASSETS--100.0% $222,300
-----------------------------------------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
(/1/At)May 31, 2000, the Portfolio owned restricted securities valued at
approximately $10,672 (4.8% of net assets), with an aggregate cost basis
of $12,620. 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 a pricing service brokers or, if not
available, in accordance with procedures established by the Board of
Trustees.
See accompanying notes to financial statements.
7
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
-----------------------------------------------------
Principal Maturity
Amount Rate Date Value
-----------------------------------------------------
Intermediate Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--5.8%
Auto--0.3%
Chevy Chase
Automobile
Receivables Trust,
Series 1997-4, Class
A
$ 151 6.25% 6/15/04 $ 149
-----
Home Equity Loans--1.4%
Advanta Mortgage
Loan Trust, Interest
Only Stripped
Security, Series
1998-1 Class AIO
-- 5.00 10/25/00 60
Green Tree Financial
Corp., Series 1999-
C, Class A-2
390 6.67 7/15/30 385
IMC Excess Cashflow
Securities Trust,
Series 1997-A, Class
A(/1/)
631 7.41 11/26/28 252
-----
697
-----
Other--2.7%
IKON Receivables
LLC, Series 1999-2,
Class A-3A
1,320 6.59 8/15/03 1,299
-----
Utilities--1.4%
California
Infrastructure &
Economic
Development, Series
1997-1, Class A-4
690 6.22 3/25/04 679
-----------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $3,707) 2,824
-----------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--
9.3%
Commercial Mortgage
Asset Trust,
Series 1999-C1,
Class A-3
880 6.64 9/17/10 806
Credit Suisse First
Boston Mortgage
Securities Corp.,
Series 1998-C2,
Class A-1
1,081 5.96 12/15/07 1,013
Donaldson, Lufkin &
Jenrette Commercial
Mortgage Corp.,
Series 1998-CF1,
Class A-1B
1,000 2.18 11/12/21 913
GMAC Commercial
Mortgage
Securitization,
Series 1999-C3,
Class A-1B
305 7.27 8/15/09 292
Morgan Stanley
Capital I,
Series 1998-WF1,
Class A-2
355 6.55 12/15/07 330
Mortgage Capital
Funding,
Series 1998-MC1,
Class A-2
235 6.66 1/18/08 219
Nationslink Funding
Corp.,
Series 1999-1, Class
A-2
1,015 6.32 11/20/08 921
-----------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $4,813) 4,494
-----------------------------------------------------
CORPORATE BONDS--23.2%
Banks--2.6%
Bank One Corp.
1,300 6.40 8/1/02 1,268
-----
Computers--2.1%
Electronic Data
Systems Corp.
1,050 6.85 10/15/04 1,023
-----
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------
Principal Maturity
Amount Rate Date Value
-----------------------------------------
<C> <S> <C> <C>
Diversified Financial Servic-
es--8.7%
CIT Group Holdings,
Inc.
$ 690 6.38% 11/15/02 $ 664
Diageo Capital PLC
565 6.625 6/24/04 543
Ford Motor Credit
Co.
1,800 5.80 1/12/09 1,547
Heller Financial
Commercial Mortgage
Association, Series
2000-PH1, Class A2
685 7.75 11/15/09 677
Transamerican
Finance
820 7.25 8/15/02 810
-------
4,241
-------
Environmental Control--0.8%
Waste Management,
Inc.
440 7.10 8/1/26 405
-------
Insurance--2.1%
American General
Finance Corp.,
Series F
355 7.45 1/15/05 347
Conseco, Inc.
225 8.75 2/9/04 145
Lumbermans' Mutual
Casualty Co.(/1/)
545 9.15 7/1/26 463
105 8.45 12/1/37 83
-------
1,038
-------
Oil Companies--1.0%
Phillips Petroleum
Co.
485 8.50 5/25/05 489
-------
Special Purpose--2.0%
Bunge Trade
Ltd.(/1/)
1,000 9.25 5/1/02 990
-------
Telephone--2.5%
MCI WorldCom, Inc.
1,225 7.75 4/1/07 1,203
-------
Transportation--1.4%
Burlington Northern
Santa Fe Corp.
750 6.53 7/15/37 701
-----------------------------------------
TOTAL CORPORATE BONDS (Cost
$12,249) 11,358
-----------------------------------------
U.S. GOVERNMENT AGENCIES--18.1%
Fannie Mae REMIC Trusts--9.1%
Pool #440700
1,234 6.00 11/1/28 1,109
Pool #456078
3,693 6.00 12/1/28 3,318
-------
4,427
-------
Fannie Mae--7.9%
2,150 5.625 5/15/04 2,019
2,150 5.25 1/15/09 1,841
-------
3,860
-------
Freddie Mac--1.1%
Pool #C18079
572 6.00 11/1/28 515
-----------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $9,481) 8,802
-----------------------------------------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
-----------------------------------------
Principal Maturity
Amount Rate Date Value
-----------------------------------------
<C> <S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS--
32.9%
U.S. Treasury Inflation Indexed
Notes--2.1%
$1,050 3.625% 1/15/08 $ 1,022
-------
U.S. Treasury Notes--30.8%
8,610 6.625 7/31/01 8,595
4,990 5.75 10/31/02 4,881
1,500 6.125 8/15/07 1,468
-------
14,944
-----------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $16,241) 15,966
-----------------------------------------
FLOATING RATE BANK NOTES--2.8%
Lloyds Bank PLC,
Series 1
560 7.25 6/15/00 463
National Westminster
Bank, Series C
1,130 7.00 8/31/00 886
-----------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $1,538) 1,349
-----------------------------------------
SHORT-TERM INVESTMENT--6.5%
(Cost $3,144)
Sun Trust Bank,
Atlanta, Grand
Cayman,
Eurodollar Time
Deposit
3,144 6.813 6/1/00 3,144
-----------------------------------------
TOTAL INVESTMENTS--98.6%
(Cost $51,173) $47,937
-----------------------------------------
Other assets, less liabili-
ties--1.4% 640
-----------------------------------------
NET ASSETS--100.0% $48,577
-----------------------------------------
</TABLE>
--------------------------------------------------------------------------------
(/1/)At May 31, 2000, the Portfolio owned restricted securities valued at
approximately $1,788 (3.7% of net assets), with an aggregate cost basis of
$2,381. 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 a pricing service or brokers or, if not available, in
accordance with procedures established by the Board of Trustees.
See accompanying notes to financial statements.
9
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
------------------------------------------------------
Principal Maturity
Amount Rate Date Value
------------------------------------------------------
U.S. Treasury Index Portfolio
<C> <S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS--
97.4%
U.S. Treasury Notes--64.2%
$1,000 6.50% 5/31/01 $ 997
3,000 6.375 9/30/01 2,984
1,900 7.50 11/15/01 1,918
500 6.625 3/31/02 499
1,000 6.00 7/31/02 985
900 5.75 11/30/02 880
630 6.25 2/15/03 623
2,700 5.75 8/15/03 2,628
700 5.25 5/15/04 667
1,300 6.00 8/15/04 1,272
1,500 6.50 8/15/05 1,493
350 7.00 7/15/06 357
800 6.25 2/15/07 789
600 6.125 8/15/07 587
900 4.75 11/15/08 802
950 6.00 8/15/09 926
-------
18,407
-------
U.S. Treasury Bonds--33.2%
660 14.00 11/15/11 909
200 12.50 8/15/14 279
1,450 7.25 5/15/16 1,570
1,050 9.00 11/15/18 1,340
1,200 8.125 5/15/21 1,439
1,200 8.00 11/15/21 1,425
500 6.25 8/15/23 495
1,500 6.50 11/15/26 1,538
200 5.25 2/15/29 175
350 6.25 5/15/30 361
-------
9,531
------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $28,367) 27,938
------------------------------------------------------
SHORT-TERM INVESTMENT--1.6%
(Cost $467)
Federal Home Loan
Bank Discount Note
467 6.30 6/1/00 467
------------------------------------------------------
TOTAL INVESTMENTS--99.0%
(Cost $28,834) $28,405
------------------------------------------------------
Other assets, less liabili-
ties--1.0% 278
------------------------------------------------------
NET ASSETS--100.0% $28,683
------------------------------------------------------
------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
-----------------------------------------------
Principal Maturity
Amount Rate Date Value
-----------------------------------------------
Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--6.2%
Auto--0.4%
Bank One Auto
Grantor Trust,
Series 1997-B, Class
A
$ 4,240 6.29% 7/20/04 $ 4,195
----------
Diversified Financial Servic-
es--1.4%
Green Tree Financial
Corp.,
Series 1994-B, Class
A
2,495 7.85 7/15/04 2,492
Series 1996-9, Class
A6
6,990 7.69 1/15/28 6,566
Series 1997-6, Class
B1
7,300 7.17 1/15/29 4,745
----------
13,803
----------
Home Equity Loans--1.4%
Contimortgage Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1998-1, Class
A10I
-- 6.50 9/15/00 1,503
Green Tree Home
Equity Loan Trust,
Series 1999-C, Class
A2
7,660 6.67 7/15/30 7,562
IMC Excess Cashflow
Securities Trust,
Series 1997-A, Class
A(/1/)
9,654 7.41 11/26/28 3,861
Lehman FHA Title
Loan Trust,
Interest Only
Stripped Security,
Series 1996-2, Class
S
-- 7.82 5/25/17 1,141
----------
14,067
----------
Utilities--3.0%
California
Infrastructure &
Economic
Development, Series
1997-1, Class A4
15,105 6.22 3/25/04 14,869
PP&L Transition Bond
Co. LLC,
Series 1999-1, Class
A5
16,800 6.83 3/25/07 16,333
----------
31,202
-----------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $96,159) 63,267
-----------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--11.3%
Commercial Mortgage
Asset Trust,
Series 1999-C1,
Class A-3
9,395 6.64 9/17/10 8,602
Credit Suisse First
Boston Mortgage
Securities Corp.,
Series 1998-C2,
Class A-1
8,473 5.96 12/15/07 7,940
</TABLE>
<TABLE>
<CAPTION>
Description
--------------------------------------------
Principal Maturity
Amount Rate Date Value
--------------------------------------------
<C> <S> <C> <C>
Delta Funding
Mortgage Corp.,
Interest Only
Stripped Security,
Series 1991-1, Class
A-4(/1/)
$ -- 7.50% 1/1/06 $ 7
Donaldson, Lufkin, &
Jenrette
Mortgage Acceptance
Corp.,
Series 1994-Q8,
Class 2-A1
1,941 7.25 5/25/24 2,031
First Union-Lehman
Brothers-Bank of
America Commercial
Mortgage Trust,
Series 1998-C2,
Class A-2
12,855 6.56 11/18/08 11,889
Heller Financial
Commercial Mortgage
Association,
Series 2000-PH1,
Class A2
12,870 7.75 11/15/09 12,714
Lehman Brothers
Commercial Conduit
Mortgage Trust,
Series 1999-C1,
Class A-2
11,685 6.78 4/15/09 10,878
Lehman Brothers-UBS
Commercial Mortgage
Trust,
Series 2000-C3,
Class A-2
12,500 7.95 1/15/10 12,536
Morgan Stanley
Capital I,
Series 1998-WF1,
Class A2
19,140 6.55 12/15/07 17,782
Series 1999-LIFE,
Class A2
14,745 7.11 7/15/09 13,976
Nationslink Funding
Corp.,
Series 1999-1, Class
A-2
15,270 6.316 11/20/08 13,854
PNC Mortgage
Securities Corp.,
Series 1996-PR1,
Class A(/1/)
5,315 7.059 4/28/27 4,677
--------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $110,718) 116,886
--------------------------------------------
CORPORATE/FOREIGN GOVERNMENT
BONDS/NOTES--14.7%
Airlines--1.7%
Continental
Airlines, Inc.,
Series 2000-1, Class
A-1
18,000 8.048 11/1/20 17,657
----------
Diversified Financial Servic-
es--3.1%
Bunge Trade
Ltd.(/1/)
8,370 9.25 5/1/02 8,285
Ford Motor Credit
Co.
15,200 5.75 2/23/04 14,163
Textron Financial
Corp.
9,610 7.125 12/9/04 9,348
----------
31,796
----------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
----------------------------------------------------
Principal Maturity
Amount Rate Date Value
----------------------------------------------------
Bond Portfolio--Continued
<C> <S> <C> <C>
Industrial--1.5%
Yosemite Security
Trust I(/1/)
$ 16,000 8.25% 11/15/04 $ 15,687
----------
Insurance--2.5%
American General
Finance
5,540 7.45 1/15/05 5,408
Anthem Insurance,
Inc.(/1/)
5,740 9.00 4/1/27 5,251
Conseco, Inc.
5,350 8.75 2/9/04 3,451
Lumberman's Mutual
Casualty Co.(/1/)
8,820 9.15 7/1/26 7,485
3,070 8.30 12/1/37 2,461
1,880 8.45 12/1/97 1,490
----------
25,546
----------
Real Estate--0.3%
EOP Operating L.P.
2,560 8.375 3/15/06 2,556
----------
Sanitary Services--1.3%
Waste Management,
Inc.
14,640 7.10 8/1/26 13,489
----------
Sovereign--1.8%
Asian Development
Bank
19,480 6.375 10/1/28 18,697
----------
Special Purpose--2.1%
Air 2 US Enhanced
Equipment(/1/)
15,000 8.03 10/1/19 14,663
US West Capital
Funding, Inc.
6,700 6.875 8/15/01 6,640
----------
21,303
----------
Transportation--0.4%
Burlington Northern
Santa Fe Corp.
4,780 6.53 7/15/37 4,476
----------------------------------------------------
TOTAL CORPORATE/FOREIGN
GOVERNMENT BONDS/NOTES (Cost
$165,354) 151,207
----------------------------------------------------
U.S. GOVERNMENT AGENCIES--45.3%
Fannie Mae REMIC Trust--33.7%
Pool #482836
2,939 6.00 1/1/14 2,733
Pool #323980
42,640 6.00 4/1/14 39,642
Pool #480593
2,718 6.00 4/1/14 2,527
Pool #489807
10,938 6.00 5/1/14 10,169
Pool #493666
303 6.00 5/1/14 282
</TABLE>
<TABLE>
<CAPTION>
Description
--------------------------------------------
Principal Maturity
Amount Rate Date Value
--------------------------------------------
<C> <S> <C> <C>
Interest Only
Stripped Security,
Series 278, Class 2
$ -- 7.78% 8/1/25 $ 866
Interest Only
Stripped Security,
Series 1997-20,
Class IO
-- 7.90 3/25/27 1,432
Pool #452421
28,887 6.00 11/1/28 25,954
Pool #452480
28,901 6.00 11/1/28 25,965
Pool #535276
29,784 6.50 11/1/28 27,634
Pool #323422
12,317 6.50 12/1/28 11,428
Pool #495404
9,233 6.00 4/1/29 8,295
Pool #489505
4,643 6.50 7/1/29 4,297
Pool #252807
9,056 8.00 10/1/29 8,985
Pool #522748
3,915 8.00 11/1/29 3,884
Pool #535198
3,205 8.00 3/1/30 3,180
Pool #532351
4,477 8.00 3/1/30 4,443
Pool #526354
5,277 8.00 3/1/30 5,236
Pool #526365
15,884 7.50 4/1/30 15,428
Pool #534001
19,576 7.50 4/1/30 19,013
Pool #536619
9,398 7.50 4/1/30 9,128
Pool #253184
25,937 8.00 4/1/30 25,734
Pool #534004
4,997 8.00 4/1/30 4,956
Pool #535300
92,254 6.50 5/1/30 85,508
----------
346,719
----------
Freddie Mac REMIC Trusts--3.0%
Pool #C18118
14,015 6.00 11/1/28 12,609
Pool #C00835
9,745 6.50 7/1/29 9,032
Pool #531116
9,544 8.00 3/1/30 9,469
----------
31,110
----------
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
--------------------------------------------
Principal
Amount/ Maturity
Shares Rate Date Value
--------------------------------------------
<C> <S> <C> <C>
Government National Mortgage
Association REMIC Trusts--8.6%
Pool #781136
$ 29,447 7.00% 12/15/28 $ 28,251
Pool #486873
18,297 6.50 1/15/29 17,114
Pool #781039
13,918 6.50 5/15/29 13,021
Pool #479289
9,993 8.00 4/15/30 10,009
Pool #505492
9,993 8.00 4/15/30 10,009
Pool #520663
9,971 8.00 4/15/30 9,987
----------
88,391
--------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $479,560) 466,220
--------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--
14.7%
U.S. Treasury Notes--0.5%
5,000 5.75 10/31/02 4,891
U.S. Treasury Bonds--14.2%
111,340 7.50 11/15/16 123,466
18,035 8.875 2/15/19 22,814
----------
146,280
--------------------------------------------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(Cost $150,918) 151,171
--------------------------------------------
PREFERRED STOCK--1.1%
(Cost $15,000)
Agency
15 Home Ownership
Funding Corp.(/1/) 11,704
--------------------------------------------
FLOATING RATE BANK NOTES--1.7%
Lloyds Bank PLC,
Series 1
$11,800 6.31% 6/15/00 9,755
National Westminster
Bank,
Series C
9,790 7.00 8/31/00 7,673
--------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $18,712) 17,428
--------------------------------------------
SHORT-TERM INVESTMENT--4.2%
(Cost $43,581)
Sun Trust Bank,
Atlanta, Grand
Cayman,
Eurodollar Time
Deposits
43,581 6.813 6/1/00 43,581
--------------------------------------------
TOTAL INVESTMENTS--99.2%
(Cost $1,080,002) $1,021,464
--------------------------------------------
Other assets, less
liabilities--0.8% 7,968
--------------------------------------------
NET ASSETS--100.0% $1,029,432
--------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
(/1/At)May 31, 2000, the Portfolio owned restricted securities valued at
approximately $68,086 (6.6% of net assets), with an aggregate cost basis
of $80,563. 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 a pricing service or brokers or, if
not available, in accordance with procedures established by the Board of
Trustees.
See accompanying notes to financial statements.
13
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Description
------------------------------------------------------
Principal
Amount
(in local Maturity
currency) Rate Date Value
------------------------------------------------------
International Bond Portfolio
<C> <S> <C> <C>
DEBT OBLIGATIONS--97.3%
Australian Dollar--1.0%
Commonwealth of
Australia
490 10.00% 10/15/02 $ 303
-------
British Pound Sterling--5.7%
BAA PLC
525 7.875 2/10/07 824
Treasury of Great
Britain
400 8.00 6/7/21 867
-------
1,691
-------
Canadian Dollar--3.9%
Government of Canada
680 5.50 6/1/10 436
Province of Ontario
1,050 7.25 9/27/05 718
-------
1,154
-------
Danish Krone--1.6%
Kingdom of Denmark
3,500 8.00 3/15/06 482
-------
Euro--63.2%
Bonos y Obligationes
del Estado
1,170 4.25 7/30/02 1,067
Buoni Poliennali del
Tes
625 3.00 6/15/02 556
1,160 5.25 11/1/29 991
Corp Andina de
Fomento
1,200 4.75 5/6/04 1,041
Electricite de
France
664 3.75 10/28/03 588
Fastnet Securities
926 3.99 11/15/31 858
Federal Republic of
Germany
1,900 6.00 2/16/06 1,827
918 6.25 1/4/24 930
325 6.50 7/4/27 342
Fort James Corp.
600 4.75 6/29/04 525
Gallagher Group PLC
500 5.875 8/6/08 218
Halifax Group
490 7.63 12/9/11 446
Haus Ltd.
900 4.44 12/10/37 835
Imperial Tobacco
Finance
600 6.375 9/27/06 543
International Credit
Recovery
865 4.85 7/28/07 801
Island Finance
300 4.69 1/15/15 278
Kingdom of France
1,200 5.50 4/25/10 1,115
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------
Principal
Amount
(in local Maturity
currency) Rate Date Value
-----------------------------------------
<C> <S> <C> <C>
Kingdom of the
Netherlands
2,020 5.50% 7/15/00 $ 1,891
Lehman Brothers
Holdings PLC
1,200 4.00 2/18/03 1,063
Lloyds TSB Capital I
600 7.375 2/7/12 557
National Westminster
Bank
600 6.625 10/5/09 533
Royal Bank of
Scottland Group PLC
600 6.77 3/31/05 558
Standard Chartered
Bank
600 5.375 5/6/09 507
Treasury of France
650 3.50 7/12/04 567
-------
18,637
-------
Japanese Yen--21.9%
Asian Development
Bank
90,000 5.00 2/5/03 934
Export-Import Bank
of Japan
200,000 4.375 10/1/03 2,082
Government of Canada
95,000 1.90 3/23/09 902
International Bank
for Reconstruction
and Development
100,000 4.50 3/20/03 1,033
KFW International
Finance
160,000 1.00 12/20/04 1,493
-------
6,444
-----------------------------------------
TOTAL DEBT OBLIGATIONS (Cost
$29,772) 28,711
-----------------------------------------
SHORT-TERM INVESTMENT--0.3%
(Cost $88)
SunTrust Bank,
Atlanta, Grand
Cayman,
Eurodollar Time
Deposit
88 6.813 6/1/00 88
-----------------------------------------
TOTAL INVESTMENTS--97.6%
(Cost $29,860) $28,799
-----------------------------------------
Other assets, less liabili-
ties--2.4% 699
-----------------------------------------
NET ASSETS--100.0% $29,498
-----------------------------------------
-----------------------------------------
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
15
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Assets and Liabilities
May 31, 2000
(All amounts in thousands, except net asset value per share)
(Unaudited)
<TABLE>
<CAPTION>
U.S. Short- U.S.
Government Intermediate Intermediate Treasury International
Securities Bond Bond Index Bond Bond
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments in
securities, at cost $92,547 $240,302 $51,173 $28,834 $1,080,002 $29,860
-------------------------------------------------------------------------------------------------
Investments in
securities, at value $90,756 $219,701 $47,937 $28,405 $1,021,464 $28,799
Cash and foreign
currencies 1 1 -- 1 -- 1,231
Receivables:
Interest 1,031 2,662 634 277 8,839 531
Administrator 6 11 7 6 29 8
Deferred organization
costs, net -- -- 8 -- -- --
Other assets 6 10 11 7 16 11
-------------------------------------------------------------------------------------------------
Total assets 91,800 222,385 48,597 28,696 1,030,348 30,580
-------------------------------------------------------------------------------------------------
Liabilities:
Cash overdraft -- -- -- -- 353 --
Payable for:
Investment securities
purchased -- -- -- -- -- 1,053
Accrued expenses:
Advisory fees 19 47 10 4 220 17
Shareholder service
fees 1 1 -- 1 203 --
Administration fees 8 19 4 2 88 4
Transfer agent fees 1 2 -- -- 12 --
Custodian fees 2 3 2 2 3 4
Other liabilities 4 13 4 4 37 4
-------------------------------------------------------------------------------------------------
Total liabilities 35 85 20 13 916 1,082
-------------------------------------------------------------------------------------------------
Net assets $91,765 $222,300 $48,577 $28,683 $1,029,432 $29,498
-------------------------------------------------------------------------------------------------
Analysis of net assets:
Paid-in capital $94,746 $245,602 $53,873 $29,285 $1,111,182 $32,795
Accumulated
undistributed net
investment income 179 1,430 136 48 3,904 535
Accumulated net
realized losses on
investments, forward
foreign currency
contracts and foreign
currency transactions (1,369) (4,131) (2,196) (221) (27,116) (2,708)
Net unrealized
depreciation on
investments, forward
foreign currency
contracts and foreign
currency transactions (1,791) (20,601) (3,236) (429) (58,538) (1,087)
Net unrealized loss on
translation of other
assets and liabilities
denominated in foreign
currencies -- -- -- -- -- (37)
-------------------------------------------------------------------------------------------------
Net assets $91,765 $222,300 $48,577 $28,683 $1,029,432 $29,498
-------------------------------------------------------------------------------------------------
Net assets
Class A $90,630 $222,274 $48,551 $28,189 $986,902 $29,498
Class C -- -- -- 398 42,412 --
Class D 1,135 26 26 96 118 --
-------------------------------------------------------------------------------------------------
Total shares
outstanding (no par
value), unlimited
shares authorized
Class A 4,704 12,371 2,621 1,395 52,516 1,640
Class C -- -- -- 20 2,259 --
Class D 59 1 1 5 6 --
-------------------------------------------------------------------------------------------------
Net asset value,
offering and
redemption price per
share
Class A $19.26 $17.97 $18.53 $20.21 $18.79 $17.99
Class C -- -- -- $20.21 $18.78 --
Class D $19.21 $17.93 $18.50 $20.18 $18.77 --
-------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended May 31, 2000
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
U.S. Short- U.S.
Government Intermediate Intermediate Treasury International
Securities Bond Bond Index Bond Bond
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Interest income: $2,949 $8,531 $1,661 $808 $38,632 $705
-------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fees 291 577 147 53 3,013 135
Administration fees 48 96 24 13 502 23
Registration fees 13 17 12 12 44 14
Custodian fees 10 17 11 11 53 30
Transfer agent fees 5 10 3 2 75 1
Professional fees 4 7 4 4 25 4
Trustee fees and
expenses 2 3 2 2 12 2
Shareholder servicing
fees 1 -- -- -- 41 --
Amortization of deferred
organization costs -- -- 2 -- -- --
Other 5 8 6 5 18 5
-------------------------------------------------------------------------------------------------
Total expenses 379 735 211 102 3,783 214
Less voluntary waivers
of investment advisory
fees (169) (337) (85) (33) (1,758) (30)
Less expenses reimbursed
by Administrator (34) (51) (37) (34) (151) (40)
-------------------------------------------------------------------------------------------------
Net expenses 176 347 89 35 1,874 144
-------------------------------------------------------------------------------------------------
Net investment income 2,773 8,184 1,572 773 36,758 561
Net realized losses on:
Investment transactions (1,094) (3,434) (283) (158) (21,357) (301)
Foreign currency
transactions -- -- -- -- -- (2,222)
Net change in unrealized
appreciation
(depreciation) on
investments, forward
foreign currency
contracts and
foreign currency
transactions (22) (1,983) (960) 181 (7,219) 525
Net change in unrealized
losses on translation
of other assets and
liabilities denominated
in foreign currencies -- -- -- -- -- (5)
-------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets resulting
from operations $1,657 $2,767 $329 $796 $8,182 $(1,442)
-------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
--------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended May 31, 2000 (Unaudited) and the Year Ended November
30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
U.S. Government
Securities Short-Intermediate
Portfolio Bond Portfolio
----------------- -------------------
2000 1999 2000 1999
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income $2,773 $4,157 $8,184 $17,493
Net realized gains (losses) on
investments, forward foreign currency
contracts and foreign currency
transactions (1,094) (340) (3,434) (731)
Net change in unrealized appreciation
(depreciation) on investments,
forward foreign currency contracts
and foreign currency transactions (22) (1,844) (1,983) (12,597)
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 1,657 1,973 2,767 4,165
-------------------------------------------------------------------------------
Distributions to Class A shareholders:
Net investment income (2,658) (3,949) (8,506) (16,445)
Net realized gain on investment
transactions -- (683) -- (2,451)
-------------------------------------------------------------------------------
Total distributions to Class A
shareholders (2,658) (4,632) (8,506) (18,896)
-------------------------------------------------------------------------------
Distributions to Class C shareholders:
Net investment income -- (15) -- --
Net realized gain -- (56) -- --
-------------------------------------------------------------------------------
Total distributions to Class C
shareholders -- (71) -- --
-------------------------------------------------------------------------------
Distributions to Class D shareholders:
Net investment income (25) (39) (3) (26)
Net realized gain -- (17) -- (10)
-------------------------------------------------------------------------------
Total distributions to Class D
shareholders (25) (56) (3) (36)
-------------------------------------------------------------------------------
Class A share transactions:
Proceeds from the sale of shares 22,517 51,108 129,945 177,463
Reinvested distributions 2,523 4,440 7,396 15,754
Cost of shares redeemed (21,095) (13,432) (93,709) (177,094)
-------------------------------------------------------------------------------
Net increase in net assets resulting
from Class A share transactions 3,945 42,116 43,632 16,123
-------------------------------------------------------------------------------
Class C share transactions:
Proceeds from the sale of shares -- 24 -- --
Reinvested distributions -- 71 -- --
Cost of shares redeemed -- (4,023) -- --
-------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from Class C share
transactions -- (3,928) -- --
-------------------------------------------------------------------------------
Class D share transactions:
Proceeds from the sale of shares 334 273 -- 74
Reinvested distributions 25 56 4 36
Cost of shares redeemed (22) (705) (97) (786)
-------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from Class D share
transactions 337 (376) (93) (676)
-------------------------------------------------------------------------------
Net increase (decrease) in net assets 3,256 35,026 37,797 680
Net assets--beginning of year 88,509 53,483 184,503 183,823
-------------------------------------------------------------------------------
Net assets--end of period $91,765 $88,509 $222,300 $184,503
-------------------------------------------------------------------------------
Undistributed net investment income
(loss) $179 $89 $1,430 $1,755
-------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Intermediate
Bond U.S. Treasury Bond International
Portfolio Index Portfolio Portfolio Bond Portfolio
----------------- ---------------- --------------------- ----------------
2000 1999 2000 1999 2000 1999 2000 1999
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$1,572 $4,027 $773 $1,211 $36,758 $56,833 $561 $1,384
(283) (1,913) (158) 260 (21,357) (6,632) (2,523) (198)
(960) (2,130) 181 (1,994) (7,219) (60,156) 525 (2,758)
-- -- -- -- -- -- (5) (47)
-----------------------------------------------------------------------------
329 (16) 796 (523) 8,182 (9,955) (1,442) (1,619)
-----------------------------------------------------------------------------
(1,509) (3,986) (764) (1,149) (33,652) (50,728) -- (1,730)
-- (303) -- -- -- (19,315) -- (183)
-----------------------------------------------------------------------------
(1,509) (4,289) (764) (1,149) (33,652) (70,043) -- (1,913)
-----------------------------------------------------------------------------
-- -- (8) (8) (1,812) (3,873) -- --
-- -- -- -- -- (1,966) -- --
-----------------------------------------------------------------------------
-- -- (8) (8) (1,812) (5,839) -- --
-----------------------------------------------------------------------------
(1) (2) (4) (27) (25) (104) -- (2)
-- -- -- -- -- (62) -- (1)
-----------------------------------------------------------------------------
(1) (2) (4) (27) (25) (166) -- (3)
-----------------------------------------------------------------------------
6,624 105,418 8,468 10,912 225,726 442,399 3,122 2,237
1,360 2,687 458 594 29,803 60,934 -- 1,576
(7,667) (84,825) (2,788) (9,904) (121,891) (150,698) (579) (451)
-----------------------------------------------------------------------------
317 23,280 6,138 1,602 133,638 352,635 2,543 3,362
-----------------------------------------------------------------------------
-- -- 667 385 5,818 23,198 -- --
-- -- 8 8 1,812 5,838 -- --
-- -- (474) (205) (26,384) (21,113) -- --
-----------------------------------------------------------------------------
-- -- 201 188 (18,754) 7,923 -- --
-----------------------------------------------------------------------------
-- -- 59 165 69 163 -- 5
1 2 4 23 25 166 -- 3
-- (15) (143) (1,690) (1,454) (675) -- (138)
-----------------------------------------------------------------------------
1 (13) (80) (1,502) (1,360) (346) -- (130)
-----------------------------------------------------------------------------
(863) 18,960 6,279 (1,419) 86,217 274,209 1,101 (303)
49,440 30,480 22,404 23,823 943,215 669,006 28,397 28,700
-----------------------------------------------------------------------------
$48,577 $49,440 $28,683 $22,404 $1,029,432 $943,215 $29,498 $28,397
-----------------------------------------------------------------------------
$136 $74 $48 $51 $3,904 $2,635 $535 $(26)
-----------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
19
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
U.S. Government Securities Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------
2000 1999 1998 1997 1996 1995
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $19.48 $20.27 $19.99 $20.07 $20.08 $19.05
Income from investment
operations:
Net investment income 0.55 0.99 1.17 1.21 1.02 1.05
Net realized and
unrealized gain (loss) (0.23) (0.51) 0.26 (0.07) (0.01) 1.02
--------------------------------------------------------------------------------
Total income from invest-
ment operations 0.32 0.48 1.43 1.14 1.01 2.07
--------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.54) (0.98) (1.15) (1.22) (1.02) (1.04)
Net realized gains -- (0.29) -- -- -- --
--------------------------------------------------------------------------------
Total distributions to
shareholders (0.54) (1.27) (1.15) (1.22) (1.02) (1.04)
--------------------------------------------------------------------------------
Net increase (decrease) (0.22) (0.79) 0.28 (0.08) (0.01) 1.03
--------------------------------------------------------------------------------
Net asset value, end of
period $19.26 $19.48 $20.27 $19.99 $20.07 $20.08
--------------------------------------------------------------------------------
Total return (a) 1.64% 2.43% 7.36% 5.93% 5.15% 11.18%
Ratio to average net as-
sets of (b):
Expenses, net of waivers
and reimbursements 0.36% 0.36% 0.36% 0.36% 0.36% 0.36%
Expenses, before waivers
and reimbursements 0.78% 0.77% 0.86% 0.85% 0.94% 1.09%
Net investment income,
net of waivers and re-
imbursements 5.73% 5.14% 6.01% 5.86% 5.22% 5.43%
Net investment income,
before waivers and re-
imbursements 5.31% 4.73% 5.51% 5.37% 4.64% 4.70%
Portfolio turnover rate 50.08% 50.70% 115.55% 95.73% 119.75% 141.14%
Net assets at end of pe-
riod (in thousands) $90,630 $87,699 $48,317 $43,073 $92,351 $56,329
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------------------------ -------------------------------------------------
1999 1998 1997 1996 (d) 2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------
<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 $19.43 $20.22 $19.94 $20.03 $20.04 $19.05
Income from investment
operations:
Net investment income 0.03 1.12 1.14 0.91 0.51 0.93 1.08 1.16 0.96 0.96
Net realized and
unrealized gain (loss) 0.01 0.26 (0.04) (0.12) (0.23) (0.53) 0.28 (0.10) (0.03) 1.00
------------------------------------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.04 1.38 1.10 0.79 0.28 0.40 1.36 1.06 0.93 1.96
------------------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.08) (1.10) (1.18) (0.86) (0.50) (0.90) (1.08) (1.15) (0.94) (0.97)
Net realized gains (0.29) -- -- -- -- (0.29) -- -- -- --
------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.37) (1.10) (1.18) (0.86) (0.50) (1.19) (1.08) (1.15) (0.94) (0.97)
------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (0.33) 0.28 (0.08) (0.07) (0.22) (0.79) 0.28 (0.09) (0.01) 0.99
------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $19.93(c) $20.26 $19.98 $20.06 $19.21 $19.43 $20.22 $19.94 $20.03 $20.04
------------------------------------------------------------------------------------------------------------------
Total return (a) 7.10% 5.67% 4.05% 1.47% 1.95% 6.96% 5.52% 4.77% 10.66%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.60% 0.60% 0.60% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Expenses, before waiv-
ers and reimbursements 1.10% 1.09% 1.18% 1.17% 1.16% 1.25% 1.24% 1.33% 1.48%
Net investment income,
net of waivers and
reimbursements 5.77% 5.63% 4.97% 5.34% 4.75% 5.55% 5.50% 4.83% 5.08%
Net investment income,
before waivers and
reimbursements 5.27% 5.14% 4.39% 4.92% 4.34% 5.05% 5.01% 4.25% 4.35%
Portfolio turnover rate 115.55% 95.73% 119.75% 50.08% 50.70% 115.55% 95.73% 119.75% 141.14%
Net assets at end of pe-
riod (in thousands) $3,942 $3,118 $3,535 $1,135 $810 $1,224 $312 $225 $67
------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) Class C shares were fully redeemed as of February 10, 1999.
(d) For the period December 29, 1995 (Class C shares issue date) through
November 30, 1996.
See accompanying notes to financial statements.
20
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Year Ended November
30,
Short-Intermediate Bond Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------------
2000 1999 1998 1997 1996 1995
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $18.50 $20.03 $20.36 $20.70 $20.73 $19.53
Income (loss) from in-
vestment operations:
Net investment income 0.75 1.79 1.84 1.46 1.14 1.02
Net realized and
unrealized gain (loss) (0.47) (1.36) (0.36) (0.29) (0.01) 1.19
-------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.28 0.43 1.48 1.17 1.13 2.21
-------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.81) (1.69) (1.78) (1.46) (1.16) (1.01)
Net realized gain -- (0.27) (0.03) (0.05) -- --
-------------------------------------------------------------------------------------
Total distributions to
shareholders (0.81) (1.96) (1.81) (1.51) (1.16) (1.01)
-------------------------------------------------------------------------------------
Net increase (decrease) (0.53) (1.53) (0.33) (0.34) (0.03) 1.20
-------------------------------------------------------------------------------------
Net asset value, end of
period $17.97 $18.50 $20.03 $20.36 $20.70 $20.73
-------------------------------------------------------------------------------------
Total return (a) 1.55% 2.25% 7.50% 5.95% 5.68% 11.58%
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% 0.76% 0.76% 0.81% 0.88% 0.91%
Net investment income,
net of waivers and re-
imbursements 8.50% 9.35% 9.61% 7.68% 5.83% 5.14%
Net investment income,
before waivers and re-
imbursements 8.10% 8.95% 9.21% 7.23% 5.31% 4.59%
Portfolio turnover rate 25.77% 88.29% 89.97% 48.49% 47.68% 54.68%
Net assets at end of pe-
riod (in thousands) $222,274 $184,382 $182,999 $201,457 $153,675 $158,678
-------------------------------------------------------------------------------------
<CAPTION>
Class D
----------------------------------------------------------
2000 (c) 1999 (d) 1998 1997 1996 1995
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $ 18.45 $ 19.97 $ 20.31 $ 20.66 $ 20.71 $ 19.53
Income (loss) from in-
vestment operations:
Net investment income 0.72 1.79 1.78 1.43 1.07 0.94
Net realized and
unrealized gain (loss) (0.48) (1.43) (0.40) (0.34) (0.02) 1.18
-------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.24 0.36 1.38 1.09 1.05 2.12
-------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.76) (1.61) (1.69) (1.39) (1.10) (0.94)
Net realized gain -- (0.27) (0.03) (0.05) -- --
-------------------------------------------------------------------------------------
Total distributions to
shareholders (0.76) (1.88) (1.72) (1.44) (1.10) (0.94)
-------------------------------------------------------------------------------------
Net increase (decrease) (0.52) (1.52) (0.34) (0.35) (0.05) 1.18
-------------------------------------------------------------------------------------
Net asset value, end of
period $ 17.93 $ 18.45 $ 19.97 $ 20.31 $ 20.66 $ 20.71
-------------------------------------------------------------------------------------
Total return (a) 1.33% 1.84% 7.08% 5.54% 5.22% 11.09%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Expenses, before waiv-
ers and reimbursements 1.15% 1.15% 1.15% 1.20% 1.27% 1.30%
Net investment income,
net of waivers and re-
imbursements 8.11% 8.96% 9.31% 7.48% 4.96% 4.85%
Net investment income,
before waivers and re-
imbursements 7.71% 8.56% 8.91% 7.03% 4.44% 4.30%
Portfolio turnover rate 25.77% 88.29% 89.97% 48.49% 47.68% 54.68%
Net assets at end of pe-
riod (in thousands) $26 $121 $824 $891 $343 $13
-------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. 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 period ended May 31, 2000 were calculated
using average shares outstanding method.
(d) Financial highlights for the year ended November 30, 1999 were calculated
using average shares outstanding method.
See accompanying notes to financial statements.
21
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Intermediate Bond Portfolio
<TABLE>
<CAPTION>
Class A
-----------------------------------
2000 1999 1998 1997 (c)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $18.98 $20.15 $19.89 $20.00
Income (loss) from investment operations:
Net investment income 0.61 1.10 1.19 0.38
Net realized and unrealized gain (loss) (0.48) (1.05) 0.27 (0.15)
-------------------------------------------------------------------------------
Total income from investment operations 0.13 0.05 1.46 0.23
-------------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.58) (1.10) (1.20) (0.34)
Net realized gain -- (0.12) -- --
-------------------------------------------------------------------------------
Total distributions to shareholders (0.58) (1.22) (1.20) (0.34)
-------------------------------------------------------------------------------
Net increase (decrease) (0.45) (1.17) 0.26 (0.11)
-------------------------------------------------------------------------------
Net asset value, end of period $18.53 $18.98 $20.15 $19.89
-------------------------------------------------------------------------------
Total return (a) 0.71% 0.25% 7.55% 1.17%
Ratio to average net assets of (b):
Expenses, net of waivers and reimburse-
ments 0.36% 0.36% 0.36% 0.36%
Expenses, before waivers and reimburse-
ments 0.86% 0.80% 1.09% 2.28%
Net investment income, net of waivers and
reimbursements 6.41% 5.65% 6.19% 5.87%
Net investment income, before waivers and
reimbursements 5.91% 5.21% 5.46% 3.95%
Portfolio turnover rate 9.54% 193.44% 93.40% 56.99%
Net assets at end of period (in thousands) $48,551 $49,414 $30,439 $11,997
-------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
--------------------------
2000 1999 1998 (d)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $18.95 $20.13 $20.46
Income (loss) from investment operations:
Net investment income 0.56 1.06 0.18
Net realized and unrealized loss (0.46) (1.10) (0.32)
----------------------------------------------------------------------------
Total income (loss) from investment operations 0.10 (0.04) (0.14)
----------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.55) (1.02) (0.19)
Net realized gain -- (0.12) --
----------------------------------------------------------------------------
Total distributions to shareholders (0.55) (1.14) (0.19)
----------------------------------------------------------------------------
Net decrease (0.45) (1.18) (0.33)
----------------------------------------------------------------------------
Net asset value, end of period $18.50 $18.95 $20.13
----------------------------------------------------------------------------
Total return (a) 0.54% (0.21)% (0.70)%
Ratio to average net assets of (b):
Expenses, net of waivers and reimbursements 0.75% 0.75% 0.75%
Expenses, before waivers and reimbursements 1.25% 1.19% 1.48%
Net investment income, net of waivers and reim-
bursements 6.02% 5.26% 5.69%
Net investment income, before waivers and reim-
bursements 5.52% 4.82% 4.96%
Portfolio turnover rate 9.54% 193.44% 93.40%
Net assets at end of period (in thousands) $26 $26 $41
----------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) For the period August 1, 1997 (commencement of operations) through
November 30, 1997.
(d) For the period October 5, 1998 (Class D shares issue date) through
November 30, 1998.
See accompanying notes to financial statements.
22
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
U.S. Treasury Index Portfolio
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------
2000 1999 1998 1997 1996 1995
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $20.25 $21.77 $20.81 $20.60 $20.78 $18.77
Income (loss) from in-
vestment operations:
Net investment income 0.58 1.09 1.23 1.26 1.19 1.11
Net realized and
unrealized gain (loss) (0.03) (1.54) 0.97 0.20 (0.18) 2.01
--------------------------------------------------------------------------------
Total income (loss) from
investment operations 0.55 (0.45) 2.20 1.46 1.01 3.12
--------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.59) (1.07) (1.24) (1.25) (1.19) (1.11)
--------------------------------------------------------------------------------
Total distributions to
shareholders (0.59) (1.07) (1.24) (1.25) (1.19) (1.11)
--------------------------------------------------------------------------------
Net increase (decrease) (0.04) (1.52) 0.96 0.21 (0.18) 2.01
--------------------------------------------------------------------------------
Net asset value, end of
period $20.21 $20.25 $21.77 $20.81 $20.60 $20.78
--------------------------------------------------------------------------------
Total return (a) 2.78% (2.10)% 10.92% 7.44% 5.10% 16.95%
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 0.77% 0.77% 0.77% 0.82% 1.04% 0.89%
Net investment income,
net of waivers and
reimbursements 5.84% 5.24% 5.73% 6.36% 5.93% 5.09%
Net investment income,
before waivers and
reimbursements 5.33% 4.73% 5.22% 5.80% 5.15% 4.46%
Portfolio turnover rate 22.34% 84.77% 69.84% 72.61% 42.49% 80.36%
Net assets at end of pe-
riod (in thousands) $28,189 $22,033 $22,085 $33,839 $26,273 $17,674
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------------- -------------------------------------------------
2000 1999 1998 (c) 2000 (d) 1999(d) 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $20.25 $21.81 $22.28 $20.22 $21.74 $20.77 $20.57 $20.75 $18.77
Income (loss) from in-
vestment operations:
Net investment income 0.55 0.96 0.21 0.56 1.05 1.13 1.20 1.17 1.00
Net realized and
unrealized gain (loss) (0.02) (1.50) (0.52) (0.04) (1.59) 1.00 0.18 (0.24) 2.03
-------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations 0.53 (0.54) (0.31) 0.52 (0.54) 2.13 1.38 0.93 3.03
-------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.57) (1.02) (0.16) (0.56) (0.98) (1.16) (1.18) (1.11) (1.05)
-------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.57) (1.02) (0.16) (0.56) (0.98) (1.16) (1.18) (1.11) (1.05)
-------------------------------------------------------------------------------------------------------
Net increase (decrease) (0.04) (1.56) (0.47) (0.04) (1.52) 0.97 0.20 (0.18) 1.98
-------------------------------------------------------------------------------------------------------
Net asset value, end of
period $20.21 $20.25 $21.81 $20.18 $20.22 $21.74 $20.77 $20.57 $20.75
-------------------------------------------------------------------------------------------------------
Total return (a) 2.67% (2.49)% (1.39)% 2.60% (2.50)% 10.50% 7.03% 4.72% 16.43%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.50% 0.50% 0.50% 0.65% 0.65% 0.65% 0.65% 0.65% 0.65%
Expenses, before waiv-
ers and reimbursements 1.01% 1.01% 1.01% 1.16% 1.16% 1.16% 1.21% 1.43% 1.28%
Net investment income,
net of waivers and
reimbursements 5.60% 5.00% 5.22% 5.45% 4.85% 5.35% 6.07% 5.57% 5.41%
Net investment income,
before waivers and
reimbursements 5.09% 4.49% 4.71% 4.94% 4.34% 4.84% 5.51% 4.79% 4.78%
Portfolio turnover rate 22.34% 84.77% 69.84% 22.34% 84.77% 69.84% 72.61% 42.49% 80.36%
Net assets at end of pe-
riod (in thousands) $398 $194 $17 $96 $177 $1,721 $1,707 $848 $286
-------------------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.
(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) Financial highlights for the periods ended November 30, 1999 and May 31,
2000 were calculated using average shares outstanding method.
See accompanying notes to financial statements.
23
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Bond Portfolio
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------
2000 1999 1998 1997 1996 1995
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $19.31 $21.61 $21.08 $20.77 $20.96 $18.29
Income from investment
operations:
Net investment income 0.69 1.35 1.47 1.34 1.29 1.17
Net realized and
unrealized gain (loss) (0.53) (1.63) 0.62 0.29 (0.19) 2.66
--------------------------------------------------------------------------------------
Total income (loss) from
investment operations 0.16 (0.28) 2.09 1.63 1.10 3.83
--------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.68) (1.34) (1.44) (1.32) (1.26) (1.14)
Net realized gain -- (0.68) (0.12) -- -- --
Return of capital -- -- -- -- (0.03) (0.02)
--------------------------------------------------------------------------------------
Total distributions to
shareholders (0.68) (2.02) (1.56) (1.32) (1.29) (1.16)
--------------------------------------------------------------------------------------
Net increase (decrease) (0.52) (2.30) 0.53 0.31 (0.19) 2.67
--------------------------------------------------------------------------------------
Net asset value, end of
period $18.79 $19.31 $21.61 $21.08 $20.77 $20.96
--------------------------------------------------------------------------------------
Total return (a) 0.83% (1.35)% 10.31% 8.17% 5.57% 21.55%
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 0.74% 0.74% 0.75% 0.77% 0.84% 0.84%
Net investment income,
net of waivers and re-
imbursements 7.33% 6.95% 7.07% 6.66% 6.39% 5.94%
Net investment income,
before waivers and re-
imbursements 6.95% 6.57% 6.68% 6.25% 5.91% 5.46%
Portfolio turnover rate 74.93% 72.61% 84.80% 76.30% 101.38% 74.19%
Net assets at end of pe-
riod (in thousands) $986,902 $879,161 $605,517 $460,514 $366,850 $286,301
--------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C
----------------------------------------------------
2000(c) 1999 1998 1997 1996 1995(d)
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $19.30 $21.60 $21.07 $20.78 $20.96 $20.21
Income from invest-
ment operations:
Net investment in-
come 0.67 1.32 1.42 1.29 1.25 0.47
Net realized and
unrealized gain
(loss) (0.53) (1.65) 0.62 0.28 (0.18) 0.74
------------------------------------------------------------------------------------------
Total income (loss)
from investment
operations 0.14 (0.33) 2.04 1.57 1.07 1.21
------------------------------------------------------------------------------------------
Distributions to
shareholders:
Net investment in-
come (0.66) (1.29) (1.39) (1.28) (1.22) (0.45)
Net realized gain -- (0.68) (0.12) -- -- --
Return of capital -- -- -- -- (0.03) (0.01)
------------------------------------------------------------------------------------------
Total distributions
to shareholders (0.66) (1.97) (1.51) (1.28) (1.25) (0.46)
------------------------------------------------------------------------------------------
Net increase (de-
crease) (0.52) (2.30) 0.53 0.29 (0.18) 0.75
------------------------------------------------------------------------------------------
Net asset value, end
of period $18.78 $19.30 $21.60 $21.07 $20.78 $20.96
------------------------------------------------------------------------------------------
Total return (a) 0.73% (1.59)% 10.04% 7.88% 5.33% 6.08%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%
Expenses, before
waivers and
reimbursements 0.98% 0.98% 0.99% 1.01% 1.08% 1.08%
Net investment
income, net of
waivers and
reimbursements 7.09% 6.71% 6.83% 6.39% 6.09% 5.59%
Net investment
income, before
waivers and
reimbursements 6.71% 6.33% 6.44% 5.98% 5.61% 5.11%
Portfolio turnover
rate 74.93% 72.61% 84.80% 76.30% 101.38% 74.19%
Net assets at end of
period (in
thousands) $42,412 $62,557 $61,450 $50,554 $7,342 $3,704
------------------------------------------------------------------------------------------
<CAPTION>
Class D
--------------------------------------------------
2000(c) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $19.28 $21.58 $21.05 $20.76 $20.94 $18.29
Income from invest-
ment operations:
Net investment in-
come 0.66 1.31 1.38 1.24 1.22 1.08
Net realized and
unrealized gain
(loss) (0.58) (1.67) 0.63 0.30 (0.18) 2.66
------------------------------------------------------------------------------------------
Total income (loss)
from investment
operations 0.08 (0.36) 2.01 1.54 1.04 3.74
------------------------------------------------------------------------------------------
Distributions to
shareholders:
Net investment in-
come (0.59) (1.26) (1.36) (1.25) (1.19) (1.09)
Net realized gain -- (0.68) (0.12) -- -- --
Return of capital -- -- -- -- (0.03) --
------------------------------------------------------------------------------------------
Total distributions
to shareholders (0.59) (1.94) (1.48) (1.25) (1.22) (1.09)
------------------------------------------------------------------------------------------
Net increase (de-
crease) (0.51) (2.30) 0.53 0.29 (0.18) 2.65
------------------------------------------------------------------------------------------
Net asset value, end
of period $18.77 $19.28 $21.58 $21.05 $20.76 $20.94
------------------------------------------------------------------------------------------
Total return (a) 0.42% (1.74)% 9.89% 7.74% 5.17% 21.06%
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 1.13% 1.13% 1.14% 1.16% 1.23% 1.23%
Net investment
income, net of
waivers and
reimbursements 6.94% 6.56% 6.70% 6.27% 5.99% 5.48%
Net investment
income, before
waivers and
reimbursements 6.56% 6.18% 6.31% 5.86% 5.51% 5.00%
Portfolio turnover
rate 74.93% 72.61% 84.80% 76.30% 101.38% 74.19%
Net assets at end of
period (in
thousands) $118 $1,497 $2,039 $601 $220 $120
------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. 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 period ended May 31, 2000 were calculated
using the average shares outstanding method.
(d) For the period July 3, 1995 (Class C shares issue date) through November
30, 1995.
See accompanying notes to financial statements.
24
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
International Bond Portfolio
<TABLE>
<CAPTION>
Class A
-------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $18.86 $21.35 $20.13 $22.16 $21.74 $19.93
Income (loss) from in-
vestment operations:
Net investment income 0.04 0.96 0.98 1.02 1.54 1.26
Net realized and
unrealized gain (loss) (0.91) (2.07) 1.33 (1.70) 0.43 2.28
----------------------------------------------------------------------------------
Total income (loss) from
investment operations (0.87) (1.11) 2.31 (0.68) 1.97 3.54
----------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income
(a) -- (1.24) (0.79) (1.01) (1.55) (1.73)
Net realized gain -- (0.14) (0.30) (0.34) -- --
----------------------------------------------------------------------------------
Total distributions to
shareholders -- (1.38) (1.09) (1.35) (1.55) (1.73)
----------------------------------------------------------------------------------
Net increase (decrease) (0.87) (2.49) 1.22 (2.03) 0.42 1.81
----------------------------------------------------------------------------------
Net asset value, end of
period $17.99 $18.86 $21.35 $20.13 $22.16 $21.74
----------------------------------------------------------------------------------
Total return (b) (4.61)% (5.76)% 11.85% (3.02)% 9.47% 18.20%
Ratio to average net as-
sets of (c):
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 1.43% 1.44% 1.52% 1.52% 1.58% 1.47%
Net investment income,
net of waivers and re-
imbursements 3.73% 4.89% 5.27% 5.61% 5.91% 5.92%
Net investment income,
before waivers and re-
imbursements 3.26% 4.41% 4.71% 5.05% 5.29% 5.41%
Portfolio turnover rate 68.93% 17.85% 23.76% 29.29% 33.89% 54.46%
Net assets at end of pe-
riod (in thousands) $29,498 $28,397 $28,568 $26,383 $34,183 $32,673
----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
-------------------------------------------
1999 1998 1997 1996 1995 (d)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $21.26 $20.06 $22.14 $21.74 $22.17
Income (loss) from investment
operations:
Net investment income 0.29 0.93 0.97 1.37 0.02
Net realized and unrealized
gain (loss) (1.25) 1.29 (1.72) 0.51 (0.08)
--------------------------------------------------------------------------------
Total income (loss) from in-
vestment operations (0.96) 2.22 (0.75) 1.88 (0.06)
--------------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (a) (0.54) (0.72) (0.99) (1.48) (0.37)
Net realized gain (0.14) (0.30) (0.34) -- --
--------------------------------------------------------------------------------
Total distributions to share-
holders (0.68) (1.02) (1.33) (1.48) (0.37)
--------------------------------------------------------------------------------
Net increase (decrease) (1.64) 1.20 (2.08) 0.40 (0.43)
--------------------------------------------------------------------------------
Net asset value, end of period $19.62(e) $21.26 $20.06 $22.14 $21.74
--------------------------------------------------------------------------------
Total return (b) 11.43% (3.38)% 9.04% (0.30)%
Ratio to average net assets of
(c):
Expenses, net of waivers and
reimbursements 1.35% 1.35% 1.35% 1.35%
Expenses, before waivers and
reimbursements 1.91% 1.91% 1.97% 1.86%
Net investment income, net of
waivers and reimbursements 4.90% 5.36% 5.67% 3.26%
Net investment income, before
waivers and reimbursements 4.34% 4.80% 5.05% 2.75%
Portfolio turnover rate 23.76% 29.29% 33.89% 54.46%
Net assets at end of period
(in thousands) $132 $91 $52 $9
--------------------------------------------------------------------------------
</TABLE>
(a) 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.
(b) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(c) Annualized for periods less than a full year.
(d) For the period November 20, 1995 (Class D shares issue date) through
November 30, 1995.
(e) Class D shares were fully redeemed as of August 22, 1999. Financial
highlights were calculated using the average shares outstanding method. At
May 31, 2000, there were no outstanding shares.
See accompanying notes to financial statements.
25
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
Balanced Portfolio
<C> <S> <C>
COMMON STOCKS--54.3%
Advertising--0.4%
7,000 Lamar Advertising Co.* $ 281
-------
Aerospace/Defense--0.5%
9,500 Boeing Co. 371
-------
Auto Manufacturers--0.6%
4,700 Ford Motor Co. 228
2,200 General Motors Corp. 155
-------
383
-------
Banks--2.3%
5,400 Bank of America Corp. 300
4,700 Chase Manhattan Corp. 351
7,000 Fleet Boston Financial Corp. 265
2,100 State Street Corp. 234
9,300 Wells Fargo Co. 421
-------
1,571
-------
Beverages--0.6%
2,000 Anheuser-Busch Cos., Inc. 155
6,500 PepsiCo, Inc. 264
-------
419
-------
Biotechnology--0.3%
1,800 Genentech, Inc.* 193
-------
Building Materials--0.3%
4,000 Martin Marietta Materials, Inc. 196
-------
Chemicals--0.8%
7,200 du Pont (E.I.) de Nemours & Co. 353
4,000 Praxair, Inc. 168
-------
521
-------
Commercial Services--0.6%
12,300 Paychex, Inc. 431
-------
Computers--6.0%
21,500 Cisco Systems, Inc.* 1,224
2,500 Computer Sciences Corp.* 240
5,000 Electronic Data Systems Corp. 322
3,000 EMC Corp.* 349
3,300 Hewlett-Packard Co. 396
6,000 International Business Machines Corp. 643
8,800 Oracle Corp.* 633
4,700 Sun Microsystems, Inc.* 360
-------
4,167
-------
Cosmetics/Personal Care--0.2%
1,900 Procter & Gamble Co. 126
-------
Distribution/Wholesale--0.2%
4,000 Costco Wholesale Corp.* 128
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------
<C> <S> <C>
Diversified Financial Services--4.0%
6,100 American Express Co. $ 328
7,200 Capital One Financial Corp. 340
10,200 Citigroup, Inc. 634
5,600 Fannie Mae 337
10,500 MBNA Corp. 293
1,900 Merrill Lynch & Co. 187
5,200 Morgan Stanley Dean Witter & Co. 374
3,300 Providian Financial Corp. 293
-------
2,786
-------
Electric--0.5%
5,500 Duke Energy Corp. 320
-------
Electronics--1.5%
5,400 Linear Technology Corp. 319
3,500 Sanmina Corp.* 223
11,600 Solectron Corp.* 384
2,500 Vitesse Semiconductor Corp.* 127
-------
1,053
-------
Forest Products/Paper--0.4%
5,000 Georgia-Pacific Corp. 164
4,000 International Paper Co. 139
-------
303
-------
Health Care--1.7%
7,000 Guidant Corp. 354
4,100 Johnson & Johnson Co. 367
9,400 Medtronic, Inc. 485
-------
1,206
-------
Insurance--1.3%
4,100 American International Group, Inc. 462
4,000 Hartford Life, Inc. 201
2,100 Marsh & McLennan Cos., Inc. 231
-------
894
-------
Media--2.8%
3,100 Clear Channel Communications* 232
5,300 Comcast Corp., Class A 201
6,700 Disney (The Walt) Co. 283
3,900 Hispanic Broadcasting Corp.* 295
6,000 Infinity Broadcasting Corp.* 190
6,700 Time Warner, Inc. 529
2,000 Univision Communications, Inc.* 206
-------
1,936
-------
Metals-Diversified--0.6%
7,000 Alcoa, Inc. 409
-------
Miscellaneous Manufacturing--3.1%
36,600 General Electric Co. 1,926
5,000 Tyco International Ltd. 235
-------
2,161
-------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------
<C> <S> <C>
Oil & Gas Producers--3.9%
2,200 Chevron Corp. $ 203
8,600 Ensco International, Inc. 300
11,800 EOG Resources, Inc. 383
12,500 Exxon Mobil Corp. 1,041
6,700 Royal Dutch Petroleum Co. ADR 418
4,277 Transocean Sedco Forex, Inc. 210
6,000 USX-Marathon Group, Inc. 163
-------
2,718
-------
Oil & Gas Services--1.0%
3,000 BJ Services Co.* 215
6,600 Schlumberger Ltd. ADR 486
-------
701
-------
Pharmaceuticals--3.9%
4,700 American Home Products Corp. 253
11,500 Bristol-Myers Squibb Co. 633
3,700 Lilly (Eli) & Co. 282
5,900 Merck & Co., Inc. 440
7,000 Pfizer, Inc. 312
9,200 Pharmacia Corp. 478
6,000 Schering-Plough Corp. 290
-------
2,688
-------
Pipelines--1.2%
3,500 El Paso Energy Corp. 180
7,400 Enron Corp. 539
3,000 Williams (The) Cos., Inc. 125
-------
844
-------
Retail--3.4%
5,000 Circuit City Stores 249
13,500 Home Depot, Inc. 659
7,200 Kohl's Corp.* 373
12,400 Walgreen Co. 352
13,300 Wal-Mart Stores, Inc. 766
-------
2,399
-------
Semiconductors--4.0%
2,200 Altera Corp.* 189
5,400 Applied Materials, Inc.* 451
10,900 Intel Corp. 1,359
4,700 National Semiconductor Corp.* 253
7,600 Texas Instruments, Inc. 549
-------
2,801
-------
Software--2.0%
3,700 America Online, Inc.* 196
7,900 Fiserv, Inc.* 369
7,800 Microsoft Corp.* 488
1,100 Siebel Systems, Inc.* 129
1,900 Yahoo, Inc.* 215
-------
1,397
-------
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
-------------------------------------------------------------------------------
<C> <S> <C>
Telecommunication Equipment--2.9%
3,500 Alcatel ADR $ 191
2,700 Corning, Inc. 522
1,800 Motorola, Inc. 169
10,600 Nortel Networks Corp. 576
2,000 QUALCOMM, Inc.* 133
3,000 Tellabs, Inc.* 195
5,500 Williams Communications Group* 202
-------
1,988
-------
Telecommunications--2.2%
10,300 Crown Castle International Corp.* 270
4,500 Gemstar International Group Ltd.* 191
3,500 Hughes Electronics Corp. 345
3,000 Nextel Communications, Inc.* 278
8,400 Pinnacle Holdings, Inc.* 412
-------
1,496
-------
Telephone--1.1%
5,100 Bell Atlantic Corp. 270
3,500 BellSouth Corp. 163
8,850 MCI WorldCom, Inc.* 333
-------
766
-------------------------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $27,033) 37,653
-------------------------------------------------------------------------------
PREFERRED STOCK--1.1%
(Cost $1,000)
Agency--1.1%
1,000 Home Ownership Funding Corp.* (/1/) 780
-------------------------------------------------------------------------------
ASSET-BACKED SECURITIES--2.8%
Automotive--1.8%
Carmax Auto Owner Trust, Series 1999-1, Class A3
$ 500 6.76% Due 8/15/03 495
Chevy Chase Auto Receivables Trust, Series 1997-4, Class A
274 6.25% Due 6/15/04 271
Distribution Financial Services Trust, Series 1999-3,
Class A4
500 6.65% Due 3/15/11 490
-------
1,256
-------
Equipment Leasing--0.8%
IKON Receivables LLC, Series 1999-2, Class A3A
610 6.59% Due 8/15/03 600
-------
Home Equity Loans--0.2%
IMC Excess Cashflow Securities Trust, Series 1997-A, Class
A
306 7.41% Due 11/26/28 (/1/) 122
-------------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES (Cost $2,167) 1,978
-------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
27
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Principal
Amount Description Value
------------------------------------------------------------------------------
Balanced Portfolio--Continued
<C> <S> <C>
COLLATERALIZED MORTGAGE
OBLIGATIONS--3.8%
Commercial Mortgage Asset Trust, Series 1999-C1, Class A3
$ 300 6.64% Due 9/17/10 $ 275
Credit Suisse First Boston Mortgage Securities Corp.,
Series 1998-C2, Class A1
356 5.96% Due 12/15/07 334
Donaldson, Lufkin & Jenrette Mortgage Acceptance Corp.,
Series 1994-Q8, Class 2-A1
110 7.25% Due 5/25/24 115
First Union-Lehman Brothers-Bank of America Commercial
Mortgage Trust, Series 1998-C2, Class A2
510 6.56% Due 11/18/08 472
General Motors Acceptance Corp. Commercial Mortgage
Securities, Inc., Series 1999-C3, Class A1B
135 7.27% Due 8/15/09 129
Heller Financial Commercial Mortgage Asset, Series 2000-
PH1, Class A2
250 7.75% Due 11/15/09 247
Lehman Brothers Commercial Conduit Mortgage Trust, Series
1999-C1, Class A2
680 6.78% Due 4/15/09 633
Lehman Brothers-UBS Commercial Mortgage Trust, Series
2000-C3, Class A2
210 7.95% Due 1/15/10 211
Mortgage Capital Funding, Inc. Commercial Mortgage Backed
Security, Series 1998-MC1, Class A2
260 6.66% Due 1/18/08 242
------------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,818) 2,658
------------------------------------------------------------------------------
CORPORATE BONDS--9.8%
Auto Manufacturers--0.6%
Daimler Chrysler NA Holding
415 6.90% Due 9/1/04 400
-------
Computer Services--0.6%
Electronic Data Systems Corp.
460 6.85% Due 10/15/04 448
-------
Environmental Services--0.8%
Waste Management, Inc.
630 7.10% Due 8/1/26, Putable 8/01/03 581
-------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
---------------------------------------------------------
<C> <S> <C>
Diversified Financial Services--5.0%
American General Finance
$ 220 7.45% Due 1/15/05 $ 215
Bank One Corp.
795 6.40% Due 8/1/02 775
Bunge Trade Ltd.(/1/)
330 9.25% Due 5/1/02 327
Diageo Capital PLC
385 6.625% Due 6/24/04 370
Ford Motor Credit Co.
800 6.00% Due 1/14/03 765
Textron Financial Corp.
500 7.125% Due 12/9/04 486
Transamerica Finance
550 7.25% Due 8/15/02 543
-------
3,481
-------
Insurance--0.8%
Conseco, Inc.
125 8.75% Due 2/9/04 81
Lumbermen's Mutual Casualty Co.(/1/)
460 9.15% Due 7/1/26 390
90 8.45% Due 12/1/97 71
-------
542
-------
Oil & Gas Producers--0.4%
Phillips Petroleum
275 8.50% Due 5/25/05 278
-------
Telecommunications--0.9%
MCI Worldcom, Inc.
325 6.125% Due 8/15/01 320
Sprint Capital Corp.
290 6.50% Due 11/15/01 285
-------
605
-------
Transportation Services--0.7%
Norfolk Southern Corp.
500 6.95% Due 5/01/02 490
---------------------------------------------------------
TOTAL CORPORATE BONDS (Cost $7,200) 6,825
---------------------------------------------------------
U.S. GOVERNMENT AGENCIES--9.3%
Fannie Mae--5.4%
2,905 5.625% Due 5/14/04 2,728
1,155 5.25% Due 1/15/09 989
-------
3,717
-------
Fannie Mae REMIC Trust--3.2%
Pool #440700
1,189 6.00% Due 11/1/28 1,068
Pool #452421
1,309 6.00% Due 12/1/28 1,176
-------
2,244
-------
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Description Value
---------------------------------------------------------------------------
<C> <S> <C>
Freddie Mac REMIC Trust--0.7%
Pool #C18079
$ 528 6.00% Due 11/1/28 $ 475
---------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $6,891) 6,436
---------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--12.6%
U.S. Treasury Notes
775 7.75% Due 2/15/01 780
4,275 6.625% Due 7/31/01 4,268
170 5.25% Due 8/15/03 163
1,300 5.75% Due 8/15/03 1,265
2,165 7.50% Due 2/15/05 2,240
---------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $8,880) 8,716
---------------------------------------------------------------------------
FLOATING RATE BANK NOTES--0.9%
Lloyds Bank PLC
520 6.31% Due 6/15/00 430
National Westminster Bank
225 7.00% Due 8/31/00 176
---------------------------------------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $671) 606
---------------------------------------------------------------------------
SHORT-TERM INVESTMENT--4.6%
(Cost $3,225)
Sun Trust Bank, Atlanta, Grand Cayman, Eurodollar Time
Deposit
3,225 6.813% Due 6/1/00 3,225
---------------------------------------------------------------------------
TOTAL INVESTMENTS--99.2%
(Cost $59,885) $68,877
---------------------------------------------------------------------------
Other assets, less liabilities--0.8% 564
---------------------------------------------------------------------------
NET ASSETS--100.0% $69,441
---------------------------------------------------------------------------
---------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
(/1/) At May 31, 2000, the Portfolio owned restricted securities valued at
approximately $1,690 (2.4% of net assets), with an aggregate cost basis of
$2,267. 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 a pricing service or brokers or, if not available, in
accordance with procedures established by the Board of Trustees.
See accompanying notes to financial statements.
29
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
Equity Index Portfolio
<C> <S> <C>
COMMON STOCKS--98.0%
Advertising--0.2%
29,600 Interpublic Group Cos., Inc. $ 1,271
18,700 Omnicom Group, Inc. 1,570
7,400 Young & Rubicam, Inc. 353
----------
3,194
----------
Aerospace/Defense--0.8%
91,700 Boeing (The) Co. 3,582
21,200 General Dynamics Corp. 1,252
11,600 Goodrich (B.F.) Co. 412
41,808 Lockheed Martin Corp. 1,024
7,300 Northrop Grumman Corp. 559
35,700 Raytheon Co., Class B 837
50,200 United Technologies Corp. 3,034
----------
10,700
----------
Airlines--0.2%
15,600 AMR Corp. 445
13,600 Delta Air Lines, Inc. 700
53,312 Southwest Airlines Co. 1,023
7,500 U.S. Airways Group, Inc.* 319
----------
2,487
----------
Apparel--0.2%
6,200 Liz Claiborne, Inc. 244
29,100 NIKE, Inc., Class B 1,248
5,900 Reebok International Ltd.* 82
3,500 Russell Corp. 78
12,500 VF Corp. 359
----------
2,011
----------
Auto Manufacturers--0.8%
127,600 Ford Motor Co. 6,197
58,500 General Motors Corp. 4,132
6,720 Navistar International Corp.* 216
8,320 PACCAR, Inc. 348
----------
10,893
----------
Auto Parts/Equipment--0.2%
8,000 Cooper Tire & Rubber Co. 97
17,384 Dana Corp. 449
59,698 Delphi Automotive Systems 1,078
16,500 Goodyear Tire & Rubber (The) Co. 410
12,800 TRW, Inc. 621
----------
2,655
----------
Banks--4.9%
41,300 AmSouth Bancorp 746
180,286 Bank of America Corp. 10,017
77,800 Bank of New York Co., Inc. 3,652
121,142 Bank One Corp. 4,005
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
36,700 BB&T Corp. $ 1,076
87,092 Chase Manhattan Corp. 6,505
16,500 Comerica, Inc. 835
32,575 Fifth Third Bancorp 2,215
104,256 First Union Corp. 3,669
103,538 Firstar Corp. 2,647
96,690 Fleet Boston Financial Corp. 3,656
24,125 Huntington Bancshares, Inc. 467
47,200 KeyCorp 991
53,700 Mellon Financial Corp. 2,071
65,100 National City Corp. 1,302
13,300 Old Kent Financial Corp. 442
31,000 PNC Financial Services Group 1,562
23,100 Regions Financial Corp. 523
17,700 SouthTrust Corp. 479
16,900 State Street Corp. 1,884
18,500 Summit Bancorp 531
33,800 SunTrust Banks, Inc. 2,020
29,500 Synovus Financial Corp. 590
79,517 U.S. Bancorp 2,067
14,900 Union Planters Corp. 466
21,400 Wachovia Corp. 1,479
174,360 Wells Fargo & Co. 7,890
----------
63,787
----------
Beverages--1.9%
49,100 Anheuser-Busch Cos., Inc. 3,805
7,200 Brown-Forman Corp., Class B 418
260,800 Coca-Cola (The) Co. 13,920
44,900 Coca-Cola Enterprises 769
3,900 Coors (Adolph) Co., Class B 219
153,700 PepsiCo, Inc. 6,254
----------
25,385
----------
Biotechnology--0.6%
107,900 Amgen, Inc.* 6,865
15,900 Biogen, Inc.* 866
----------
7,731
----------
Building Materials--0.1%
4,200 Armstrong World Industries, Inc. 72
47,200 Masco Corp. 929
5,800 Owens Corning Corp. 90
10,600 Vulcan Materials Co. 496
----------
1,587
----------
Chemicals--1.1%
24,200 Air Products & Chemicals, Inc. 838
7,500 Ashland, Inc. 262
23,200 Dow Chemical Co. 2,484
110,258 du Pont (E.I.) de Nemours & Co. 5,403
8,275 Eastman Chemical Co. 377
13,287 Engelhard Corp. 232
6,100 Great Lakes Chemical Corp. 169
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------------------
<C> <S> <C>
11,200 Hercules, Inc. $ 186
18,400 PPG Industries, Inc. 912
16,800 Praxair, Inc. 706
23,126 Rohm & Haas Co. 789
17,500 Sherwin-Williams Co. 407
10,700 Sigma-Aldrich Corp. 357
14,100 Union Carbide Corp. 771
7,600 W.R. Grace & Co.* 95
----------
13,988
----------
Commercial Services--0.4%
74,511 Cendant Corp.* 987
7,800 Deluxe Corp. 193
13,400 Donnelley (R.R.) & Sons Co. 331
17,000 Dun & Bradstreet (The) Corp. 523
13,700 Ecolab, Inc. 524
14,900 Equifax, Inc. 413
10,400 H & R Block, Inc. 321
29,710 McKesson HBOC, Inc. 488
39,150 Paychex, Inc. 1,370
12,100 Quintiles Transnational Corp.* 178
----------
5,328
----------
Computers--12.3%
36,200 3Com Corp.* 1,514
11,000 Adaptec, Inc.* 216
17,100 Apple Computer, Inc.* 1,436
19,200 Cabletron Systems, Inc.* 440
15,300 Ceridian Corp.* 369
722,500 Cisco Systems, Inc.* 41,137
178,857 Compaq Computer Corp. 4,695
17,700 Computer Sciences Corp.* 1,698
270,900 Dell Computer Corp.* 11,682
49,700 Electronic Data Systems Corp. 3,196
107,431 EMC Corp.* 12,496
33,400 Gateway, Inc.* 1,653
106,100 Hewlett-Packard Co. 12,745
190,400 International Business Machines Corp. 20,432
13,500 Lexmark International Group, Inc., Class A* 942
10,200 NCR Corp.* 430
32,200 Network Appliance, Inc.* 2,079
297,900 Oracle Corp.* 21,412
6,200 Sapient Corp.* 620
22,800 Seagate Technology, Inc.* 1,322
19,500 Silicon Graphics, Inc.* 129
166,700 Sun Microsystems, Inc.* 12,773
32,800 Unisys Corp.* 890
41,100 VERITAS Software Corp.* 4,788
----------
159,094
----------
Cosmetics/Personal Care--1.6%
5,900 Alberto-Culver Co., Class B 155
25,600 Avon Products, Inc. 1,058
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------------
<C> <S> <C>
61,500 Colgate-Palmolive Co. $ 3,236
113,300 Gillette Co. 3,781
11,100 International Flavors & Fragrances, Inc. 377
58,684 Kimberly-Clark Corp. 3,550
138,900 Procter & Gamble Co. 9,237
----------
21,394
----------
Distribution/Wholesale--0.1%
46,906 Costco Wholesale Corp.* 1,498
18,775 Genuine Parts Co. 448
----------
1,946
----------
Diversified Financial Services--5.5%
141,900 American Express Co. 7,636
76,914 Associates First Capital Corp., Class A 2,110
12,003 Bear Stearns Cos., Inc. 473
20,800 Capital One Financial Corp. 983
356,080 Citigroup, Inc. 22,144
12,000 Countrywide Credit Industries, Inc. 369
108,200 Fannie Mae 6,506
26,300 Franklin Resources, Inc. 789
73,400 Freddie Mac 3,266
49,599 Household International, Inc. 2,331
12,700 Lehman Brothers Holdings, Inc. 980
84,630 MBNA Corp. 2,359
120,298 Morgan Stanley Dean Witter & Co. 8,654
39,100 Merrill Lynch & Co., Inc. 3,856
18,300 Morgan (J.P.) & Co., Inc. 2,356
15,100 Paine Webber Group, Inc. 679
12,600 Price (T. Rowe) Associates 481
15,000 Providian Financial Corp. 1,334
129,825 Schwab (Charles) Corp. 3,732
16,800 SLM Holding Corp. 566
----------
71,604
----------
Electric--1.9%
21,800 AES Corp. 1,902
14,500 Ameren Corp. 532
20,500 American Electric Power Co. 729
16,900 Carolina Power & Light Co. 581
22,500 Central & South West Corp. 468
16,810 Cinergy Corp. 448
12,200 CMS Energy Corp. 278
23,300 Consolidated Edison, Inc. 760
15,800 Constellation Energy Group, Inc. 542
25,180 Dominion Resources, Inc. 1,152
15,300 DTE Energy Co. 529
38,643 Duke Energy Corp. 2,251
36,700 Edison International 784
26,100 Entergy Corp. 757
24,600 FirstEnergy Corp. 618
10,400 Florida Progress Corp. 516
18,900 FPL Group, Inc. 936
13,000 GPU, Inc. 367
</TABLE>
See accompanying notes to financial statements.
31
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------
Equity Index Portfolio--Continued
<C> <S> <C>
Electric--Continued
20,675 Molex, Inc. $ 1,009
12,200 New Century Energies, Inc. 410
18,700 Niagara Mohawk Holdings, Inc.* 275
16,300 Northern States Power Co. 361
19,600 PECO Energy Co. 861
40,500 PG&E Corp. 1,050
8,900 Pinnacle West Capital Corp. 318
15,200 PPL Corp. 359
23,100 Public Service Enterprise Group, Inc. 860
31,218 Reliant Energy, Inc. 890
71,100 Southern Co. 1,844
29,212 TXU Corp. 1,044
23,000 Unicom Corp. 959
----------
24,390
----------
Electrical Components/Equipment--0.3%
45,500 Emerson Electric Co. 2,685
----------
Electronics--0.7%
9,000 Johnson Controls, Inc. 512
32,900 Linear Technology Corp. 1,943
29,300 Maxim Integrated Products, Inc.* 1,859
4,800 Millipore Corp. 347
11,825 Parker Hannifin Corp. 493
21,800 PE Corp.-PE Biosystems Group 1,210
5,000 Perkin-Elmer Corp. 263
62,600 Solectron Corp.* 2,070
5,000 Tektronix, Inc. 268
16,700 Thermo Electron Corp.* 310
6,100 Thomas & Betts Corp. 173
----------
9,448
----------
Engineering/Construction--0.0%
8,000 Fluor Corp. 260
----------
Entertainment--0.1%
13,600 Harrah's Entertainment, Inc.* 269
20,400 Mirage Resorts, Inc.* 427
----------
696
----------
Environmental Control--0.1%
19,900 Allied Waste Industries, Inc.* 203
65,385 Waste Management, Inc. 1,332
----------
1,535
----------
Food--2.0%
44,780 Albertson's, Inc. 1,640
64,078 Archer-Daniels-Midland Co. 765
29,500 Bestfoods 1,903
45,000 Campbell Soup Co. 1,395
52,000 ConAgra, Inc. 1,199
31,800 General Mills, Inc. 1,262
4,100 Great Atlantic & Pacific Tea Co., Inc. 75
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------
<C> <S> <C>
37,500 Heinz (H.J.) Co. $ 1,470
14,600 Hershey Foods Corp. 757
42,800 Kellogg Co. 1,300
88,100 Kroger Co.* 1,751
34,400 Nabisco Group Holdings Corp. 750
14,100 Quaker Oats Co. 1,037
31,900 Ralston-Ralston Purina Group 592
53,700 Safeway, Inc.* 2,477
96,000 Sara Lee Corp. 1,728
14,700 SUPERVALU, Inc. 306
34,800 Sysco Corp. 1,459
60,325 Unilever N.V. 3,065
15,400 Winn-Dixie Stores, Inc. 244
12,200 Wrigley (W.M.) Jr. Co. 977
----------
26,152
----------
Forest Products & Paper--0.5%
6,000 Boise Cascade Corp. 175
10,200 Champion International Corp. 745
22,800 Fort James Corp. 516
18,100 Georgia-Pacific Corp. 593
43,744 International Paper Co. 1,523
11,200 Louisiana-Pacific Corp. 126
10,800 Mead Corp. 333
3,100 Potlatch Corp. 117
5,900 Temple-Inland, Inc. 293
10,550 Westvaco Corp. 318
24,800 Weyerhaeuser Co. 1,231
11,800 Willamette Industries, Inc. 384
----------
6,354
----------
Gas--0.1%
2,900 Eastern Enterprises 179
5,000 NICOR, Inc. 183
3,300 ONEOK, Inc. 96
3,800 Peoples Energy Corp. 129
21,540 Sempra Energy 405
----------
992
----------
Hand/Machine Tools--0.1%
9,200 Black & Decker Corp. 336
9,900 Grainger (W.W.), Inc. 395
3,900 Milacron, Inc. 62
6,200 Snap-On, Inc. 159
9,400 Stanley Works (The) 253
----------
1,205
----------
Health Care--2.5%
13,900 Allergan, Inc. 955
5,400 Bard (C.R.), Inc. 246
6,100 Bausch & Lomb, Inc. 424
30,700 Baxter International, Inc. 2,041
26,600 Becton, Dickinson & Co. 776
11,900 Biomet, Inc. 429
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
<C> <S> <C>
43,800 Boston Scientific Corp.* $ 1,122
32,500 Guidant Corp. 1,645
59,495 HCA-The Healthcare Corp. 1,606
40,800 HEALTHSOUTH Corp.* 263
17,700 Humana, Inc.* 100
146,900 Johnson & Johnson 13,148
7,200 Mallinckrodt, Inc. 208
10,850 Manor Care, Inc.* 77
126,100 Medtronic, Inc. 6,510
8,900 St. Jude Medical, Inc.* 320
32,900 Tenet Healthcare Corp.* 843
17,900 United Health Group, Inc. 1,335
6,700 Wellpoint Health Networks, Class A* 487
----------
32,535
----------
Home Builders--0.0%
6,300 Centex Corp. 131
5,000 Kaufman & Broad Home Corp. 87
4,600 Pulte Corp. 102
----------
320
----------
Home Furnishings--0.1%
20,700 Leggett & Platt, Inc. 415
8,900 Maytag Corp. 291
7,900 Whirlpool Corp. 448
----------
1,154
----------
Household Products/Wares--0.2%
6,800 American Greetings Corp., Class A 127
11,900 Avery Dennison Corp. 729
25,000 Clorox Co. 991
17,300 Fortune Brands, Inc. 461
6,100 Tupperware Corp. 135
----------
2,443
----------
Housewares--0.1%
29,802 Newell Rubbermaid, Inc. 782
----------
Insurance--3.1%
15,057 Aetna, Inc. 1,005
28,100 AFLAC, Inc. 1,452
85,030 Allstate Corp. 2,253
26,070 American General Corp. 1,670
163,531 American International Group, Inc. 18,407
27,100 Aon Corp. 952
18,600 Chubb (The) Corp. 1,302
17,800 CIGNA Corp. 1,581
17,300 Cincinnati Financial Corp. 694
34,563 Conseco, Inc. 216
23,400 Hartford Financial Services Group, Inc. 1,384
11,037 Jefferson-Pilot Corp. 757
20,600 Lincoln National Corp. 798
11,200 Loews Corp. 738
28,150 Marsh & McLennan Cos., Inc. 3,098
10,500 MBIA, Inc. 607
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
11,200 MGIC Investment Corp. $ 555
7,700 Progressive Corp. 723
13,700 SAFECO Corp. 337
24,044 St. Paul Cos., Inc 902
13,900 Torchmark Corp. 378
25,321 UnumProvident Corp. 574
----------
40,383
----------
Iron/Steel--0.1%
9,913 Allegheny Technologies, Inc. 224
13,800 Bethlehem Steel Corp.* 53
9,200 Nucor Corp. 358
9,300 USX-U.S. Steel Group, Inc. 210
----------
845
----------
Leisure Time--0.3%
9,700 Brunswick Corp. 187
65,129 Carnival Corp., Class A 1,767
32,000 Harley-Davidson, Inc. 1,192
13,640 Sabre Holdings Corp. 392
----------
3,538
----------
Lodging--0.1%
38,900 Hilton Hotels Corp. 331
26,300 Marriott International, Inc. 953
----------
1,284
----------
Machinery-Construction/Mining--0.1%
37,500 Caterpillar, Inc. 1,434
----------
Machinery-Diversified--0.3%
2,400 Briggs & Stratton Corp. 96
4,400 Cummins Engine Co., Inc. 143
24,700 Deere & Co. 1,027
21,500 Dover Corp. 1,000
17,250 Ingersoll-Rand Co. 786
6,300 McDermott International, Inc. 63
900 NACCO Industries, Inc., Class A 34
20,000 Rockwell International Corp. 820
----------
3,969
----------
Media--3.8%
35,700 Clear Channel Communications, Inc.* 2,673
97,800 Comcast Corp., Class A 3,704
218,600 Disney (The Walt) Co. 9,222
9,500 Dow Jones & Co., Inc. 646
29,400 Gannett Co., Inc. 1,904
7,500 Harcourt General, Inc. 296
8,900 Knight-Ridder, Inc. 472
20,700 McGraw-Hill Cos., Inc. 1,065
64,600 MediaOne Group, Inc.* 4,316
5,400 Meredith Corp. 164
18,100 New York Times Co., Class A 695
45,800 Seagram Co. Ltd. 2,184
135,900 Time Warner, Inc. 10,728
6,300 Times Mirror Co., Class A 608
</TABLE>
See accompanying notes to financial statements.
33
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------------------
Equity Index Portfolio--Continued
<C> <S> <C>
Media--Continued
25,100 Tribune Co. $ 966
160,931 Viacom, Inc., Class B* 9,978
----------
49,621
----------
Metal Fabricate/Hardware--0.0%
6,500 Timken (The) Co. 123
9,375 Worthington Industries, Inc. 114
----------
237
----------
Metals-Diversified--0.3%
23,100 Alcan Aluminium Ltd. 758
46,002 Alcoa, Inc. 2,688
17,300 Freeport-McMoRan Copper & Gold, Inc., Class B* 159
20,300 Inco Ltd.* 330
8,542 Phelps Dodge Corp. 383
----------
4,318
----------
Mining--0.1%
41,600 Barrick Gold Corp. 751
27,500 Homestake Mining Co. 186
17,697 Newmont Mining Corp. 408
34,400 Placer Dome, Inc. 284
----------
1,629
----------
Miscellaneous Manufacturing--6.0%
9,900 Cooper Industries, Inc. 332
7,000 Crane Co. 185
15,000 Danaher Corp. 723
33,300 Eastman Kodak Co. 1,990
7,800 Eaton Corp. 566
3,200 FMC Corp.* 194
1,039,500 General Electric Co. 54,704
83,587 Honeywell International, Inc. 4,571
31,700 Illinois Tool Works, Inc. 1,841
9,300 ITT Industries, Inc. 321
42,100 Minnesota Mining & Manufacturing Co. 3,610
4,300 National Service Industries, Inc. 94
13,066 Pall Corp. 274
4,700 Polaroid Corp. 90
15,700 Textron, Inc. 985
178,536 Tyco International Ltd. 8,402
----------
78,882
----------
Office/Business Equipment--0.2%
28,000 Pitney Bowes, Inc. 1,218
70,100 Xerox Corp. 1,901
----------
3,119
----------
Oil & Gas Producers--5.2%
9,600 Amerada Hess Corp. 637
13,500 Anadarko Petroleum Corp. 716
12,000 Apache Corp. 730
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
22,952 Burlington Resources, Inc. $ 1,050
69,300 Chevron Corp. 6,406
22,600 Coastal Corp. 1,387
66,131 Conoco, Inc., Class B 1,885
364,682 Exxon/Mobil Corp. 30,383
10,113 Kerr-McGee Corp. 604
38,800 Occidental Petroleum Corp. 919
26,700 Phillips Petroleum Co. 1,529
9,800 Rowan Cos., Inc.* 304
226,400 Royal Dutch Petroleum Co. ADR 14,136
9,500 Sunoco, Inc. 307
58,400 Texaco, Inc. 3,354
15,200 Tosco Corp. 466
22,109 Transocean Sedco Forex, Inc. 1,087
26,576 Union Pacific Resources Group, Inc. 630
25,600 Unocal Corp. 984
32,800 USX-Marathon Group, Inc. 892
----------
68,406
----------
Oil & Gas Services--0.6%
34,740 Baker Hughes, Inc. 1,259
46,600 Halliburton Co. 2,377
58,100 Schlumberger Ltd. ADR 4,274
----------
7,910
----------
Packing/Containers--0.1%
3,200 Ball Corp. 95
5,500 Bemis Co. 189
13,700 Crown Cork & Seal Co., Inc. 235
15,900 Owens-Illinois, Inc.* 179
18,100 Pactiv Corp.* 162
8,806 Sealed Air Corp.* 493
----------
1,353
----------
Pharmaceuticals--7.6%
162,300 Abbott Laboratories 6,603
10,800 ALZA Corp.* 549
137,900 American Home Products Corp. 7,429
209,500 Bristol-Myers Squibb Co. 11,535
29,750 Cardinal Health, Inc. 1,930
115,196 Lilly (Eli) & Co. 8,769
246,800 Merck & Co., Inc. 18,417
408,800 Pfizer, Inc. 18,217
132,177 Pharmacia & Upjohn, Inc. 6,865
155,100 Schering-Plough Corp. 7,503
90,700 Warner-Lambert Co. 11,077
10,100 Watson Pharmaceutical, Inc.* 446
----------
99,340
----------
Pipelines--0.7%
8,600 Columbia Energy Group 556
24,100 EL Paso Energy Corp. 1,241
75,600 Enron Corp. 5,509
45,900 Williams (The) Cos., Inc. 1,908
----------
9,214
----------
</TABLE>
See accompanying notes to financial statements.
34
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
<C> <S> <C>
Retail--5.6%
14,600 Autozone, Inc.* $ 409
14,800 Bed Bath & Beyond, Inc.* 545
21,600 Best Buy Co., Inc.* 1,382
21,500 Circuit City Stores, Inc. 1,071
11,700 Consolidated Stores Corp.* 152
41,400 CVS Corp. 1,801
13,500 Darden Restaurants, Inc. 232
11,100 Dillards, Inc., Class A 166
34,938 Dollar General 611
22,200 Federated Department Stores, Inc.* 855
89,875 Gap (The), Inc. 3,151
243,150 Home Depot (The), Inc. 11,869
15,800 IKON Office Solutions, Inc. 79
51,400 Kmart Corp.* 437
34,400 Kohl's Corp.* 1,780
45,400 Limited (The), Inc. 1,095
4,200 Longs Drug Stores, Inc. 85
40,400 Lowe's Cos., Inc.* 1,881
35,100 MAY Department Stores Co. 1,055
143,000 McDonald's Corp. 5,121
14,200 Nordstrom, Inc. 357
34,800 Office Depot, Inc.* 246
27,500 Penney (J.C.) Co., Inc. 498
20,400 RadioShack Corp. 866
27,300 Rite Aid Corp. 189
39,900 Sears, Roebuck & Co. 1,474
49,600 Staples, Inc.* 732
46,300 Target Corp. 2,902
32,700 TJX Cos., Inc. 707
25,300 Toys "R" Us, Inc.* 398
15,930 Tricon Global Restaurants* 467
106,300 Walgreen Co. 3,016
470,300 Wal-Mart Stores, Inc. 27,101
12,600 Wendy's International, Inc. 246
----------
72,976
----------
Savings & Loans--0.2%
17,100 Golden West Financial Corp. 714
60,961 Washington Mutual, Inc. 1,753
----------
2,467
----------
Semiconductors--6.3%
15,500 Advanced Micro Devices, Inc.* 1,262
21,100 Altera Corp.* 1,812
36,900 Analog Devices, Inc. 2,841
80,800 Applied Materials, Inc.* 6,747
22,700 Conexant Systems, Inc. 854
352,800 Intel Corp. 43,990
19,400 KLA-Tencor Corp.* 962
31,400 LSI Logic Corp.* 1,654
57,000 Micron Technology, Inc.* 3,986
18,100 National Semiconductor Corp.* 973
18,100 Teradyne, Inc.* 1,557
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
<C> <S> <C>
171,800 TXU Corp. $ 12,413
33,900 Xilinx, Inc.* 2,581
----------
81,632
----------
Software--5.4%
12,500 Adobe Systems, Inc. 1,407
240,900 America Online, Inc.* 12,768
6,500 Autodesk, Inc. 242
66,600 Automatic Data Processing, Inc. 3,659
25,800 BMC Software, Inc.* 1,135
18,900 Citrix Systems, Inc.* 995
62,101 Computer Associates International, Inc. 3,198
38,100 Compuware Corp.* 388
44,300 First Data Corp. 2,484
32,500 IMS Health, Inc. 536
549,600 Microsoft Corp.* 34,384
34,500 Novell, Inc.* 287
29,000 Parametric Technology Corp.* 308
28,300 Peoplesoft, Inc.* 391
2,800 Shared Medical Systems Corp. 203
20,300 Siebel Systems, Inc.* 2,375
55,600 Yahoo! Inc.* 6,286
----------
71,046
----------
Telecommunication Equipment--4.7%
31,700 ADC Telecommunications, Inc.* 2,130
8,530 Andrew Corp. 300
16,100 Comverse Technology, Inc.* 1,471
29,100 Corning, Inc. 5,629
336,576 Lucent Technologies, Inc. 19,311
74,872 Motorola, Inc. 7,019
304,840 Nortel Networks Corp. 16,557
77,900 QUALCOMM, Inc.* 5,171
16,700 Scientific-Atlanta, Inc. 941
42,500 Tellabs, Inc.* 2,760
----------
61,289
----------
Telecommunications--0.8%
82,305 Global Crossing Ltd.* 2,063
38,500 Nextel Communications, Inc., Class A* 3,566
91,000 Sprint Corp. (PCS Group)* 5,051
----------
10,680
----------
Telephone--5.8%
33,200 ALLTEL Corp. 2,172
337,455 AT&T Corp. 11,705
163,960 Bell Atlantic Corp. 8,669
198,800 BellSouth Corp. 9,281
14,700 CenturyTel, Inc. 397
102,600 GTE Corp. 6,489
360,278 SBC Communications, Inc. 15,740
92,000 Sprint Corp. (FON Group)* 5,566
53,332 U.S. West, Inc. 3,840
299,755 MCI WorldCom, Inc.* 11,278
----------
75,137
----------
</TABLE>
See accompanying notes to financial statements.
35
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares /
Principal
Amount Description Value
---------------------------------------------------------------------------
Equity Index Portfolio--Continued
<C> <S> <C>
Textiles--0.0%
1,900 Springs Industries, Inc. $ 90
----------
Tobacco--0.5%
249,900 Philip Morris Cos., Inc. 6,529
18,100 UST, Inc. 301
----------
6,830
----------
Toys/Games/Hobbies--0.1%
18,512 Hasbro, Inc. 303
44,445 Mattel, Inc. 603
----------
906
----------
Transportation--0.4%
48,295 Burlington Northern Santa Fe Corp. 1,141
23,100 CSX Corp. 502
30,620 FedEx Corp.* 1,083
11,700 Kansas City Southern Industries 787
40,300 Norfolk Southern Corp. 718
26,200 Union Pacific Corp. 1,109
----------
5,340
----------
Trucking/Leasing--0.0%
6,300 Ryder System, Inc. 121
---------------------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $850,575) 1,278,731
---------------------------------------------------------------------------
SHORT-TERM INVESTMENTS--1.9%
Sun Trust Bank, Atlanta, Grand Cayman, Eurodollar
Time Deposit
$ 19,798 6.813%, Due 6/1/00 19,798
U.S. Treasury Bill, #
4,500 4.68%, Due 6/22/00 4,485
---------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (Cost $24,283) 24,283
---------------------------------------------------------------------------
TOTAL INVESTMENTS--99.9%
(Cost $874,858) $1,303,014
---------------------------------------------------------------------------
Other assets, less liabilities--0.1% 1,400
---------------------------------------------------------------------------
NET ASSETS--100.0% $1,304,414
---------------------------------------------------------------------------
---------------------------------------------------------------------------
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Number of Notional Contract Contract Unrealized
Type Contracts Amount Position Expiration Loss
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
S&P 500 70 $24,889 Long June, 2000 $(104)
-------------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
#Security pledged to cover margin requirements for open future contracts.
See accompanying notes to financial statements.
36
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
Diversified Growth Portfolio
<C> <S> <C>
COMMON STOCKS--98.7%
Advertising--0.6%
19,600 Lamar Advertising Co.* $ 787
--------
Aerospace & Defense--0.7%
23,300 Boeing (The) Co. 910
--------
Auto Manufacturers--1.0%
14,100 Ford Motor Co. 685
7,100 General Motors Corp. 501
--------
1,186
--------
Banks--4.2%
18,100 Bank of America Corp. 1,006
15,400 Chase Manhattan Corp. 1,150
23,500 Fleet Boston Financial Corp. 889
7,000 State Street Corp. 780
31,400 Wells Fargo & Co. 1,421
--------
5,246
--------
Beverages--1.1%
7,100 Anheuser-Busch Cos., Inc. 550
21,800 PepsiCo, Inc. 887
--------
1,437
--------
Biotechnology--0.5%
6,000 Genentech, Inc.* 644
--------
Building Materials--0.6%
15,400 Martin Marietta Materials, Inc. 754
--------
Chemicals--1.2%
19,300 du Pont (E.I.) de Nemours & Co. 946
13,500 Praxair, Inc. 567
--------
1,513
--------
Commercial Services--1.1%
39,000 Paychex, Inc. 1,365
--------
Computers--11.1%
72,400 Cisco Systems, Inc.* 4,122
7,900 Computer Sciences Corp.* 758
15,800 Electronic Data Systems Corp. 1,016
10,700 EMC Corp.* 1,245
10,700 Hewlett-Packard Co. 1,285
19,900 International Business Machines Corp. 2,135
29,300 Oracle Corp.* 2,106
16,000 Sun Microsystems, Inc.* 1,226
--------
13,893
--------
Cosmetics & Personal Care--0.3%
6,400 Procter & Gamble Co. 426
--------
Distribution/Wholesale--0.3%
11,900 Costco Wholesale Corp. 380
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
Diversified Financial Services--7.0%
20,300 American Express Co. $ 1,092
23,100 Capital One Financial Corp. 1,091
32,700 Citigroup, Inc. 2,033
15,300 Fannie Mae 920
35,500 MBNA Corp. 990
6,300 Merrill Lynch & Co., Inc. 621
16,500 Morgan Stanley Dean Witter & Co. 1,187
10,300 Providian Financial Corp. 916
--------
8,850
--------
Electric--1.0%
22,400 Duke Energy Corp. 1,305
--------
Electronics--2.7%
18,200 Linear Technology Corp. 1,075
11,000 Sanmina Corp.* 700
37,500 Solectron Corp.* 1,240
7,900 Vitesse Semiconductor Corp.* 400
--------
3,415
--------
Food--0.9%
30,422 Keebler Foods Co. 1,103
--------
Forest Products & Paper--0.9%
16,400 Georgia-Pacific Group 537
16,100 International Paper Co. 561
--------
1,098
--------
Health Care--3.2%
22,500 Guidant Corp. 1,139
13,700 Johnson & Johnson 1,226
32,900 Medtronic, Inc. 1,698
--------
4,063
--------
Insurance--2.3%
12,850 American International Group, Inc. 1,446
12,700 Hartford Life, Inc. 637
6,800 Marsh & McLennan Cos., Inc. 748
--------
2,831
--------
Media--4.9%
8,400 Clear Channel Communications, Inc.* 629
15,800 Comcast Corp., Class A 598
22,100 Disney (The Walt) Co. 932
12,000 Hispanic Broadcasting Corp.* 909
19,000 Infinity Broadcasting Corp.* 601
22,600 Time Warner, Inc. 1,784
6,300 Univision Communications, Inc.* 649
--------
6,102
--------
Metals-Diversified--1.0%
20,800 Alcoa, Inc. 1,216
--------
</TABLE>
See accompanying notes to financial statements.
37
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
Diversified Growth Portfolio--Continued
<C> <S> <C>
Miscellaneous Manufacturing--5.1%
107,700 General Electric Co. $ 5,668
17,000 Tyco International Ltd. 800
--------
6,468
--------
Oil & Gas Producers--7.1%
7,600 Chevron Corp. 703
28,100 Ensco International, Inc. 982
37,900 EOG Resources, Inc. 1,232
39,800 Exxon Mobil Corp. 3,316
22,500 Royal Dutch Petroleum Co. ADR 1,405
14,850 Transocean Sedco Forex, Inc. 730
21,800 USX-Marathon Group, Inc. 592
--------
8,960
--------
Oil & Gas Services--1.7%
9,300 BJ Services Co.* 666
20,000 Schlumberger Ltd. ADR 1,471
--------
2,137
--------
Pharmaceuticals--6.9%
15,400 American Home Products Corp. 830
36,300 Bristol-Myers Squibb Co. 1,999
11,950 Lilly (Eli) & Co. 910
17,700 Merck & Co., Inc. 1,321
25,300 Pfizer, Inc. 1,127
28,600 Pharmacia Corp. 1,485
21,700 Schering-Plough Corp. 1,050
--------
8,722
--------
Pipelines--2.0%
10,000 El Paso Energy Corp. 515
22,400 Enron Corp. 1,633
9,700 Williams Cos., Inc. 403
--------
2,551
--------
Retail--6.7%
16,400 Circuit City Stores 817
49,700 Home Depot (The), Inc. 2,426
27,800 Kohl's Corp.* 1,439
41,200 Walgreen Co. 1,169
44,600 Wal-Mart Stores, Inc. 2,570
--------
8,421
--------
Semiconductors--7.4%
7,200 Altera Corp.* 618
18,300 Applied Materials, Inc.* 1,528
36,200 Intel Corp. 4,514
15,100 National Semiconductor Corp.* 811
24,800 Texas Instruments, Inc. 1,792
--------
9,263
--------
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
---------------------------------------------------------------------------
<C> <S> <C>
Software--4.0%
11,500 America Online, Inc.* $ 609
38,400 Fiserv, Inc.* 1,795
24,400 Microsoft Corp.* 1,527
3,500 Siebel Systems, Inc.* 410
6,200 Yahoo!, Inc.* 701
--------
5,042
--------
<CAPTION>
Telecommunication Equipment--4.8%
<C> <S> <C>
12,500 Alcatel ADR 682
6,800 Corning, Inc. 1,315
6,300 Motorola, Inc. 591
33,000 Nortel Networks Corp. 1,792
7,100 QUALCOMM, Inc.* 471
10,000 Tellabs, Inc.* 649
15,800 Williams Communication Group* 580
--------
6,080
--------
<CAPTION>
Telecommunications--3.8%
<C> <S> <C>
33,100 Crown Castle International Group* 867
14,900 Gemstar International Group Ltd.* 632
11,000 Hughes Electronics Corp. 1,083
8,300 Nextel Communications, Inc.* 769
27,400 Pinnacle Holdings, Inc.* 1,343
--------
4,694
--------
<CAPTION>
Telephone--2.6%
<C> <S> <C>
16,600 Bell Atlantic Corp. 878
28,400 BellSouth Corp. 1,326
27,400 MCI WorldCom, Inc.* 1,031
--------
3,235
---------------------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $88,740) 124,097
---------------------------------------------------------------------------
SHORT-TERM INVESTMENT--0.9%
(Cost $1,191)
SunTrust Bank, Atlanta, Grand Cayman, Eurodollar Time
Deposit
$ 1,191 6.813%, Due 6/1/00 1,191
---------------------------------------------------------------------------
TOTAL INVESTMENTS--99.6%
(Cost $89,931) $125,288
---------------------------------------------------------------------------
Other assets, less liabilities--0.4% 473
---------------------------------------------------------------------------
NET ASSETS--100.0% $125,761
---------------------------------------------------------------------------
---------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
38
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
Focused Growth Portfolio
<C> <S> <C>
COMMON STOCKS--100.0%
Auto Parts & Equipment--0.4%
50,000 Delphi Automotive Systems $ 903
--------
Banks--1.5%
45,000 Fleet Boston Financial Corp. 1,702
40,000 Wells Fargo Co. 1,810
--------
<CAPTION>
3,512
<C> <S> <C>
--------
Beverages--0.8%
50,000 PepsiCo, Inc. 2,034
--------
Biotechnology--0.9%
20,426 Genentech, Inc.* 2,193
--------
Chemicals--0.4%
25,000 Praxair, Inc. 1,050
--------
Commercial Services--0.4%
30,000 Paychex, Inc. 1,050
--------
Computers--8.7%
10,000 Check Point Software Technologies Ltd.* 1,879
90,000 Cisco Systems, Inc.* 5,125
25,000 EMC Corp. 2,908
17,500 Hewlett-Packard Co. 2,102
20,000 Network Appliance, Inc.* 1,291
29,000 Oracle Corp.* 2,084
35,000 Sun Microsystems, Inc.* 2,682
22,500 VERITAS Software Corp.* 2,621
--------
<CAPTION>
20,692
<C> <S> <C>
--------
Diversified Financial Services--7.2%
33,900 American Express Co. 1,824
60,000 Capital One Financial Corp. 2,835
30,000 Citigroup, Inc. 1,866
40,000 Freddie Mac 1,780
95,350 MBNA Corp. 2,658
40,000 Morgan Stanley Dean Witter & Co. 2,877
37,500 Providian Financial Corp. 3,335
--------
<CAPTION>
17,175
<C> <S> <C>
--------
Electronics--5.9%
24,180 Agilent Technologies, Inc.* 1,780
25,000 AVX Corp. 1,433
40,000 Integrated Device Technology, Inc.* 1,898
25,000 Kemet Corp.* 1,680
50,000 Sanmina Corp.* 3,181
33,658 Symbol Technologies, Inc. 1,483
30,000 Vitesse Semiconductor Corp.* 1,519
12,500 Waters Corp.* 1,181
--------
<CAPTION>
14,155
<C> <S> <C>
--------
Food--1.8%
65,000 Kroger Co. 1,292
65,000 Nabisco Holdings Corp. 3,002
--------
<CAPTION>
4,294
<C> <S> <C>
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
Health Care--2.9%
40,000 Allergan, Inc. $ 2,748
25,000 Guidant Corp. 1,266
55,000 Medtronic, Inc. 2,839
--------
6,853
--------
Insurance--3.4%
25,000 AFLAC, Inc. 1,292
36,500 American International Group, Inc. 4,108
25,000 Marsh & McLennan Cos., Inc. 2,752
--------
<CAPTION>
8,152
<C> <S> <C>
--------
Media--6.3%
30,000 AT&T--Liberty Media Group* 1,329
25,000 Cablevision Systems Corp., Class A* 1,566
30,000 Clear Channel Communications* 2,246
50,000 Comcast Corp., Class A 1,894
47,500 Disney (The Walt) Co. 2,004
18,000 Hispanic Broadcasting Corp.* 1,363
100,000 Infinity Broadcasting Corp.* 3,163
80,000 USA Networks, Inc.* 1,515
--------
<CAPTION>
15,080
<C> <S> <C>
--------
Metals-Diversified--1.0%
40,000 Alcoa, Inc. 2,337
--------
Miscellaneous Manufacturing--4.7%
135,000 General Electric Co. 7,104
15,000 Minnesota Mining & Manufacturing Co. 1,286
60,000 Tyco International Ltd. 2,824
--------
<CAPTION>
11,214
<C> <S> <C>
--------
Oil & Gas Producers--5.1%
30,000 Apache Corp. 1,826
60,000 Burlington Resources, Inc. 2,745
90,000 EOG Resources, Inc. 2,925
36,550 Exxon Mobil Corp. 3,045
35,900 Transocean Sedco Forex, Inc. 1,766
--------
<CAPTION>
12,307
<C> <S> <C>
--------
Oil & Gas Services--4.9%
30,000 BJ Services Co.* 2,149
20,000 Grant Prideco, Inc.* 465
30,000 Halliburton Co. 1,530
50,000 Schlumberger Ltd. ADR 3,678
30,000 Smith International, Inc. 2,372
35,000 Weatherford International, Inc.* 1,507
--------
<CAPTION>
11,701
<C> <S> <C>
--------
Packaging & Containers--0.5%
105,126 Packaging Corp. of America* 1,209
--------
Pharmaceuticals--4.7%
30,000 American Home Products Corp. 1,616
25,000 Cardinal Health, Inc. 1,622
30,000 Merck & Co., Inc. 2,239
</TABLE>
See accompanying notes to financial statements.
39
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
Focused Growth Portfolio--Continued
<C> <S> <C>
Pharmaceuticals--Continued
75,000 Pfizer, Inc. $ 3,342
50,000 Schering-Plough Corp. 2,419
--------
<CAPTION>
11,238
<C> <S> <C>
--------
Pipelines--1.8%
60,000 Enron Corp. 4,373
--------
Retail--7.8%
40,000 Circuit City Stores, Inc. 1,993
50,000 Home Depot, Inc. 2,440
90,000 Kohl's Corp.* 4,658
25,000 RadioShack Corp.* 1,061
29,350 Target Corp. 1,840
81,000 Walgreen Co. 2,298
75,000 Wal-Mart Stores, Inc. 4,322
--------
<CAPTION>
18,612
<C> <S> <C>
--------
Semiconductors--8.3%
25,000 Altera Corp.* 2,147
40,000 Analog Devices, Inc.* 3,080
26,000 Applied Materials, Inc.* 2,171
25,000 Cypress Semiconductor Corp.* 1,052
40,000 LSI Logic Corp.* 2,108
20,000 National Semiconductor Corp.* 1,075
45,000 Novellus Systems, Inc.* 2,168
30,000 Teradyne, Inc.* 2,580
50,000 Texas Instruments, Inc. 3,612
--------
<CAPTION>
19,993
<C> <S> <C>
--------
Software--4.2%
30,000 Electronic Arts, Inc.* 1,916
15,000 i2 Technologies, Inc.* 1,596
50,000 Microsoft Corp.* 3,128
30,000 Tibco Software, Inc.* 1,669
15,000 Yahoo!, Inc.* 1,696
--------
<CAPTION>
10,005
<C> <S> <C>
--------
Telecommunication Equipment--11.6%
25,000 ADC Telecommunications, Inc.* 1,679
30,000 Comverse Technology, Inc.* 2,741
15,000 Corning, Inc. 2,902
25,500 JDS Uniphase Corp.* 2,244
25,000 Motorola, Inc. 2,344
30,000 Nextel Communications, Inc.* 2,779
30,000 Nokia oyj ADR 1,560
50,000 Nortel Networks Corp. 2,716
60,000 Scientific-Atlanta, Inc. 3,382
100,000 Spectrasite Holdings, Inc.* 1,694
25,000 Tellabs, Inc.* 1,623
54,000 Williams Communications Group* 1,981
--------
<CAPTION>
27,645
<C> <S> <C>
--------
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
------------------------------------------------------------
<C> <S> <C>
Telecommunications--4.4%
50,000 Amdocs Ltd.* $ 3,097
25,000 Gemstar International Group Ltd.* 1,061
15,000 Hughes Electronics Corp. 1,477
75,000 McLeodUSA, Inc.* 1,500
25,000 Pinnacle Holdings, Inc.* 1,225
30,000 Vodafone AirTouch PLC ADR 1,374
20,000 Western Wireless* 956
--------
<CAPTION>
10,690
------------------------------------------------------------
<C> <S> <C>
Telephone--0.4%
20,000 Telefonos de Mexico SA 974
------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $171,942) 239,441
------------------------------------------------------------
SHORT-TERM INVESTMENT--1.7%
(Cost $4,134)
SunTrust Bank, Atlanta, Grand Cayman,
Eurodollar Time Deposit
$ 4,134 6.813%, Due 6/1/00 4,134
------------------------------------------------------------
TOTAL INVESTMENTS--101.7%
(Cost $176,076) $243,575
------------------------------------------------------------
Liabilities, less other assets--(1.7)% (4,116)
------------------------------------------------------------
NET ASSETS--100.0% $239,459
------------------------------------------------------------
------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
40
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Mid Cap Growth Portfolio
<C> <S> <C>
COMMON STOCKS--91.3%
Advertising--1.2%
4,500 Lamar Advertising Co.* $ 181
-------
Auto Parts & Equipment--1.8%
7,000 Delphi Automotive Systems Corp. 126
4,700 Superior Industries International, Inc. 131
-------
257
-------
Beverages--1.2%
3,000 Coors (Adolph) Co., Class B 169
-------
Building Materials--0.8%
2,500 Martin Marietta Materials, Inc. 122
-------
Chemicals--0.9%
3,100 Praxair, Inc. 130
-------
Commercial Services--0.7%
3,000 Paychex, Inc. 105
-------
Computers--1.6%
4,000 Diebold, Inc. 121
1,800 Network Appliance, Inc.* 116
-------
237
-------
Distribution & Wholesale--0.4%
1,000 Fastenal Co. 63
-------
Diversified Financial Services--3.8%
3,700 Capital One Financial Corp. 175
5,000 Metris Cos., Inc. 185
2,200 Providian Financial Corp. 196
-------
556
-------
Electronics--13.3%
2,250 AVX Corp. 129
2,500 Credence Systems Corp.* 137
2,500 CTS Corp. 138
2,500 Flextronics International Ltd.* 136
2,500 Integrated Device Technology, Inc.* 119
2,500 Jabil Circuit, Inc.* 91
2,000 Kemet Corp.* 134
4,000 Mettler Toledo International, Inc.* 157
1,000 Newport Corp. 171
2,500 Perkin-Elmer, Inc. 131
2,200 Sanmina Corp.* 140
3,000 Symbol Technologies, Inc. 132
1,700 Tektronix, Inc. 91
2,600 Vitesse Semiconductor Corp.* 132
1,000 Waters Corp.* 95
-------
1,933
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
<C> <S> <C>
Entertainment--2.2%
4,350 Gemstar International Group Ltd.* $ 185
3,000 International Speedway Corp., Class A 128
-------
313
-------
Food--3.2%
4,500 Keebler Foods Co. 163
7,000 Kroger Co. 139
3,500 Nabisco Group Holdings Corp. 162
-------
464
-------
Health Care--5.9%
2,400 Allergan, Inc. 165
7,000 Health Management Associates, Inc.,
Class A* 83
1,000 Minimed, Inc.* 120
5,972 Oratec Interventions, Inc.* 225
4,500 St. Jude Medical, Inc. 162
4,000 Tenet Healthcare Corp. 102
-------
857
-------
Household Products & Wares--1.1%
6,000 Fortune Brands, Inc. 160
-------
Insurance--2.8%
3,000 AFLAC, Inc. 155
4,000 Nationwide Financial Services, Inc. 113
2,500 Radian Group, Inc. 137
-------
405
-------
Machinery-Diversified--1.3%
2,400 Dover Corp. 112
1,400 PRI Automation, Inc.* 72
-------
184
-------
Media--4.7%
2,800 Cablevision Systems Corp.* 175
6,000 COX Radio, Inc.* 171
1,500 Univision Communications, Inc.* 154
9,500 USA Networks, Inc.* 180
-------
680
-------
Metals-Diversified--0.6%
2,800 Alcan Aluminium Ltd. 92
-------
Oil & Gas Producers--6.4%
2,500 Apache Corp. 152
3,500 Burlington Resources, Inc. 160
5,000 EOG Resources, Inc. 162
3,000 Noble Drilling Corp.* 130
4,000 Santa Fe International Corp. 155
3,400 Transocean Sedco Forex, Inc. 167
-------
926
-------
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
Mid Cap Growth Portfolio--Continued
<C> <S> <C>
Oil & Gas Services--4.9%
2,000 BJ Services Co. $ 143
7,000 Grant Prideco, Inc.* 163
1,900 Hanover Compressor Co.* 112
1,200 Smith International, Inc. 95
4,500 Weatherford International, Inc.* 194
-------
707
-------
Packaging & Containers--1.0%
12,808 Packaging Corp. of America* 147
-------
Pharmaceuticals--2.3%
3,500 Alpharma, Inc. 173
3,500 Medicis Pharmaceutical Corp.* 164
-------
337
-------
Pipelines--1.6%
5,500 Williams (The) Cos., Inc. 229
-------
Retail--2.5%
2,400 Circuit City Stores 120
3,000 Kohl's Corp.* 155
2,200 RadioShack Corp. 93
-------
368
-------
Semiconductors--7.7%
1,400 Analog Devices, Inc.* 108
2,500 Cypress Semiconductor Corp.* 105
1,500 Globespan, Inc.* 133
2,000 LSI Logic Corp.* 105
1,600 Novellus Systems, Inc.* 77
13,315 SCG Holding Corp.* 257
3,021 ST Assembly Test Service Ltd.* 93
4,000 Telcom Semiconductor, Inc.* 99
1,600 Teradyne, Inc.* 138
-------
1,115
-------
Software--5.2%
4,500 Acxiom Corp.* 132
4,000 BroadVision, Inc.* 143
2,000 CSG Systems International, Inc.* 99
2,550 Electronic Arts, Inc.* 163
900 Nvidia Corp.* 103
2,000 Tibco Software, Inc.* 111
-------
751
-------
Telecommunication Equipment--7.8%
2,250 ADC Telecommunications, Inc.* 151
2,000 Comverse Technology, Inc.* 183
8,461 Nextel Partners, Inc.* 144
2,250 Powerwave Technologies, Inc.* 122
3,000 Scientific-Atlanta, Inc. 169
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
-----------------------------------------------------------
<C> <S> <C>
10,000 Spectrasite Holdings, Inc.* $ 169
3,000 Tellabs, Inc.* 195
-------
1,133
-------
Telecommunications--4.4%
2,350 Amdocs Ltd.* 146
7,000 McLeodUSA, Inc., Class A* 140
2,500 Pinnacle Holdings, Inc.* 123
2,000 VoiceStream Wireless Corp.* 229
-------
638
-----------------------------------------------------------
TOTAL COMMON STOCKS (Cost $12,333) 13,259
-----------------------------------------------------------
SHORT-TERM INVESTMENT--13.6%
(Cost $1,978)
Sun Trust Bank, Atlanta, Grand Cayman
Eurodollar Time Deposit,
$ 1,978 6.813%, Due 6/1/00 1,978
-----------------------------------------------------------
TOTAL INVESTMENTS--104.9%
(Cost $14,311) $15,237
-----------------------------------------------------------
Liabilities, less other assets--(4.9)% (705)
-----------------------------------------------------------
NET ASSETS--100.0% $14,532
-----------------------------------------------------------
-----------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
42
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
Small Company Index Portfolio
<C> <S> <C>
COMMON STOCKS--97.5%
Advertising--0.8%
5,125 Advo, Inc. $ 165
4,600 E4L, Inc. 4
9,100 Getty Images, Inc.* 300
200 Grey Advertising, Inc. 94
11,550 Ha-Lo Industries, Inc.* 64
5,100 Marketing Services Group, Inc. 26
1,800 Modem Media Poppe Tyson, Inc.* 22
6,000 Penton Media, Inc. 168
9,000 R.H. Donnelley Corp. 167
12,500 Sitel Corp.* 73
12,300 True North Communications, Inc. 537
10,400 Valuevision International, Inc.* 301
--------
1,921
--------
Aerospace & Defense--0.8%
7,600 AAR Corp. 105
5,100 Aeroflex, Inc.* 184
2,800 Alliant Techsystems, Inc.* 193
6,500 BE Aerospace, Inc.* 44
1,400 Curtiss-Wright Corp. 49
4,440 Fairchild Corp. (The) 21
9,400 Gencorp, Inc. 92
1,400 Heico Corp. 18
6,300 Kaman Corp. 63
3,300 Kellstrom Industries, Inc.* 17
10,400 Orbital Sciences Corp.* 127
2,600 Primex Technologies, Inc. 50
6,100 Remec, Inc.* 207
2,900 Sequa Corp. 138
13,900 Titan Corp.* 499
3,300 Triumph Group, Inc.* 92
--------
1,899
--------
Agriculture--0.2%
10,600 Agribiotech, Inc.* --
2,900 Agribrands International, Inc.* 120
9,900 Cadiz, Inc.* 67
10,700 Delta & Pine Land Co. 230
6,200 Hines Horticulture, Inc.* 41
1,800 Tejon Ranch Co. 41
--------
499
--------
Airlines--0.4%
15,800 Airtran Holdings, Inc.* 65
6,900 Alaska Airgroup, Inc. 215
9,130 America West Holdings Corp., Class B* 163
900 Amtran, Inc.* 13
3,200 Atlantic Coast Airlines Holdings, Inc.* 97
4,900 Frontier Airlines, Inc.* 65
8,400 Mesa Air Group, Inc.* 50
3,450 Mesaba Holdings, Inc. 40
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------------
<C> <S> <C>
3,925 Midwest Express Holdings* $ 82
5,800 Skywest, Inc. 221
16,400 Trans World Airlines* 40
--------
1,051
--------
Apparel--0.7%
14,400 Burlington Industries, Inc.* 48
2,500 Columbia Sportswear Co.* 66
3,700 Donna Karan International, Inc.* 26
2,100 Guess ?, Inc.* 32
1,700 K-Swiss, Inc. 22
7,750 Kellwood Co. 131
8,700 Nautica Enterprises, Inc.* 108
3,000 Oshkosh B'gosh, Inc. 51
1,800 Oxford Industries, Inc. 28
6,300 Phillips-Van Heusen Corp. 55
5,950 Quiksilver, Inc.* 81
12,900 Reebok International Ltd. 179
7,600 Russell Corp. 169
12,100 Stride Rite Corp. 79
1,500 Tarrant Apparel Group* 12
2,700 Timberland Co. 200
1,300 Tropical Sportswear International Corp.* 30
16,500 Unifi, Inc. 210
11,600 Wolverine World Wide, Inc. 131
--------
1,658
--------
Auto Manufacturers--0.1%
2,700 ASV, Inc.* 33
4,050 Oshkosh Truck Corp. 124
6,000 Wabash National Corp. 77
--------
234
--------
Auto Parts & Equipment--0.4%
5,700 Aftermarket Technology Corp.* 34
2,700 American Axle & Manufacturing Holdings, Inc.* 44
7,200 Arvin Industries, Inc. 130
3,300 Bandag, Inc. 82
17,300 Collins & Aikman Corp.* 103
6,000 Delco Remy International, Inc.* 45
4,300 Dura Automotive Systems, Inc.* 51
5,300 Exide Corp. 45
5,000 Hayes Lemmerz International, Inc.* 72
11,100 Miller Industries, Inc.* 26
5,000 Simpson Industries 44
2,200 Standard Motor Products, Inc. 21
5,400 Superior Industries International, Inc. 151
4,425 Titan International, Inc. 26
11,200 Tower Automotive, Inc.* 156
3,943 Wynn's International, Inc. 53
--------
1,083
--------
</TABLE>
See accompanying notes to financial statements.
43
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Banks--4.7%
3,141 1st Source Corp. $ 56
2,600 Alabama National Bancorp 50
7,550 Amcore Financial, Inc. 146
2,300 Anchor Financial Corp 63
3,300 Area Bancshares Corp. 65
1,100 BancFirst Corp. 35
1,800 BancFirst Ohio Corp. 28
16,000 BancorpSouth, Inc. 246
13,500 Bancwest Corp. 252
3,227 Bank of Granite Corp. 63
11,826 Banknorth Group, Inc. 165
6,631 Bay View Capital Corp. 67
3,389 BOK Financial Corp.* 55
4,569 Brenton Banks 46
2,300 BSB Bancorp, Inc. 44
4,648 BT Financial Corp. 79
1,600 Capital City Bank Group, Inc. 30
2,500 Cathay Bancorp, Inc. 115
5,501 Centennial Bancorp* 47
3,100 Century South Banks, Inc. 62
3,889 Chemical Financial Corp. 108
7,897 Chittenden Corp. 219
11,275 Citizens Banking Corp. 207
4,722 City Holding Co. 47
8,488 Commerce Bancorp, Inc. 389
14,100 Community First Bankshares, Inc. 233
3,371 Community Trust Bancorp 49
2,600 Corus Bankshares, Inc. 64
2,300 CPB, Inc. 55
4,793 CVB Financial Corp. 74
6,300 East-West Bancorp, Inc. 78
2,942 F & M Bancorp 50
7,006 F & M National Corp. 166
5,911 F.N.B. Corp. 109
1,800 Farmers Capital Bank Corp. 54
3,000 FCNB Corp. 37
6,450 First Bancorp 117
3,000 First Busey Corp., Class A 60
7,800 First Charter Corp. 125
1,500 First Citizens Bancshares, Inc. 90
1,600 First Commerce Bancshares, Inc. 58
16,200 First Commonwealth Financial Corp. 158
9,893 First Financial Bancorp 176
2,789 First Financial Bankshares, Inc. 82
1,652 First Financial Corp. 53
3,200 First Merchants Corp. 68
9,919 First Midwest Bancorp, Inc. 248
2,700 First Republic Bank* 46
7,100 First United Bancshares 120
4,100 Frontier Financial Corp. 70
3,000 GBC Bancorp 86
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
2,940 Glacier Bancorp, Inc. $ 37
1,800 Great Southern Bancorp, Inc. 30
3,700 Greater Bay Bancorp 169
2,300 Hamilton Bancorp, Inc.* 40
2,510 Hancock Holding Co. 79
2,251 Harleysville National Corp. 67
14,464 Hudson United Bancorp 352
10,393 Imperial Bancorp 184
3,300 Independent Bank Corp. 41
4,847 Integra Bank Corp. 97
3,525 International Bancshares Corp. 155
4,450 Interwest Bancorp, Inc. 68
4,100 Investors Financial Services Corp. 331
3,000 Irwin Financial Corp. 43
5,700 Local Financial Corp.* 49
5,300 Merchants New York Bancorp 90
2,326 Mid-America Bancorp 54
3,200 Mid-State Bancshares 88
2,300 Midwest Banc Holdings, Inc. 31
1,800 Mississippi Valley Bancshares, Inc. 41
4,100 National Bancorp of Alaska 166
4,974 National Penn Bancshares, Inc. 109
5,026 NBT Bancorp, Inc. 50
2,500 Omega Financial Corp. 57
9,331 One Valley Bancorp, Inc. 346
3,200 Oriental Financial Group 44
6,900 Pacific Capital Bancorp 189
2,390 Park National Corp. 210
1,700 Peoples Holding Co. (The) 35
4,470 Premier National Bancorp, Inc. 56
7,459 Provident Bankshares Corp. 110
2,800 R & G Financial Corp. 23
12,597 Republic Bancorp 123
1,700 Republic Bancorp, Inc. 11
1,600 Republic Bancshares, Inc.* 16
13,616 Republic Security Financial Corp. 55
5,300 National Corp. of Washington D.C. 77
7,500 S & T Bancorp, Inc. 135
2,700 Sandy Spring Bancorp, Inc. 58
2,280 Santander Bancorp 30
2,900 Second Bancorp, Inc. 45
2,750 Shoreline Financial Corp. 38
11,200 Silicon Valley Bancshares 368
2,000 Simmons First National Corp. 38
21,668 Sky Financial Group, Inc. 335
7,100 South Financial Group, Inc. (The) 90
7,800 Southwest Bancorp of Texas* 154
7,250 Sterling Bancshares, Inc. 80
2,225 Sterling Financial Corp. 34
10,993 Susquehanna Bancshares, Inc. 149
4,050 Texas Regional Bancshares 109
4,500 Trust Co. of New Jersey 82
14,908 Trustco Bank Corp. 183
4,849 UMB Financial Corp. 179
</TABLE>
See accompanying notes to financial statements.
44
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
11,800 United Bankshares, Inc. $ 224
4,402 United National Bancorp 81
3,700 US Bancorp, Inc. 17
2,740 USB Holding Co., Inc. 34
11,700 W Holding Co., Inc. 107
5,450 Wesbanco, Inc. 127
4,265 West Coast Bancorp 46
6,275 Whitney Holding Corp. 244
--------
11,920
--------
Beverages--0.2%
5,100 Beringer Wine Estates Holdings, Inc.* 194
359 Buenos Aires Embotelladora SA --
4,500 Canandaigua Brands, Inc.* 236
400 Coca-Cola Bottling Co. Consolidated 20
198 Farmer Brothers Co. 33
2,300 Robert Mondavi Corp.* 72
--------
555
--------
Biotechnology--3.2%
5,100 Affymetrix, Inc.* 606
4,600 Aviron* 111
2,300 Bio-Rad Laboratories, Inc.* 53
15,100 Bio-Technology General Corp.* 159
4,000 Entremed, Inc.* 87
6,194 ENZO Biochem, Inc.* 218
10,300 Enzon, Inc.* 301
14,400 Human Genome Sciences, Inc.* 1,264
12,000 IDEC Pharmaceuticals Corp.* 766
7,600 INCYTE Pharmaceuticals, Inc.* 401
4,600 Inhale Therapeutic Systems, Inc.* 335
2,200 Invitrogen Corp.* 88
20,700 Millennium Pharmaceuticals, Inc.* 1,731
9,456 Organogenesis, Inc.* 84
14,600 PE Corp. - Celera Genomics Group* 812
5,400 Protein Design Labs, Inc.* 576
4,600 Regeneron Pharmaceutical* 94
2,500 SafeScience, Inc.* 21
5,600 Serologicals Corp.* 23
5,600 Transkaryotic Therapies, Inc.* 140
5,500 Vical, Inc.* 105
--------
7,975
--------
Building Materials--0.9%
7,800 Apogee Enterprises, Inc. 32
1,450 Butler Manufacturing Co. 32
2,300 Centex Construction Products, Inc. 69
8,100 Comfort Systems USA, Inc.* 49
15,200 Dal-Tile International, Inc.* 138
5,475 Elcor Corp. 104
5,300 Florida Rock Industries, Inc. 210
3,400 Genlyte Group, Inc.* 69
14,200 Hussmann International, Inc. 410
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
2,800 LSI Industries, Inc. $ 48
800 Mestek, Inc.* 13
6,200 Modine Manufacturing Co. 125
5,100 NCI Building Systems, Inc.* 87
2,700 Nortek, Inc. 58
7,600 Rayonier, Inc. 306
2,700 Republic Group, Inc. 25
2,300 Simpson Manufacturing Co., Inc.* 110
5,900 Texas Industries, Inc. 169
1,200 Trex Co., Inc.* 53
4,100 Universal Forest Products, Inc. 54
--------
2,161
--------
Chemicals--1.7%
17,400 Airgas, Inc.* 94
6,700 Albemarle Corp. 147
6,000 Arch Chemicals, Inc. 104
1,700 Bush Boake Allen, Inc.* 55
6,592 Cambrex Corp. 278
4,600 Chemfirst, Inc. 96
30,882 Crompton Corp. 374
11,500 Cytec Industries, Inc.* 312
17,400 Ethyl Corp. 45
9,700 Ferro Corp. 215
3,700 Fuller (H. B.) Co. 144
5,900 Geon Co. 127
8,700 Georgia Gulf Corp. 218
13,600 Hanna (M.A.) Co. 159
4,200 International Specialty Products, Inc. 23
6,375 Lilly Industries, Inc. 92
4,300 MacDermid, Inc. 88
5,100 Minerals Technologies, Inc. 236
7,268 Mississippi Chemical Corp. 42
5,900 NL Industries Co. 103
3,300 Octel Corp.* 26
11,200 Olin Corp. 175
6,700 OM Group, Inc. 327
9,100 Omnova Solutions, Inc. 65
8,500 Schulman (A.), Inc. 100
4,200 Spartech Corp. 124
1,600 Stepan Co. 35
9,200 Terra Industries, Inc. 20
8,900 U.S. Plastic Lumber Co.* 41
18,500 W.R. Grace & Co.* 232
8,800 Wellman, Inc. 173
--------
4,270
--------
Coal--0.1%
9,600 Arch Coal, Inc. 72
6,300 Consol Energy, Inc. 79
--------
151
--------
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Commercial Services--4.1%
4,900 Aaron Rents, Inc. $ 64
4,520 ABM Industries, Inc. 105
2,500 Administaff, Inc.* 130
2,100 AHL Services, Inc.* 16
2,000 Albany Molecular Research, Inc.* 104
6,000 Ameripath, Inc.* 51
2,700 Applied Analytical Industies, Inc.* 21
1,800 Arch Capital Group Ltd.* 27
6,100 Avis Group Holdings, Inc.* 117
1,300 Bacou USA, Inc.* 26
7,100 Banta Corp. 131
747 Berlitz International, Inc. 8
10,800 Billing Concepts Corp.* 50
10,100 Bowne & Co., Inc. 102
3,400 Bright Horizons Family Solutions, Inc.* 58
7,400 Budget Group, Inc.* 28
3,100 Burns International Services Corp.* 36
2,100 Career Education Corp.* 85
1,300 Careerbuilder, Inc.* 3
55,700 Caremark Rx, Inc.* 338
2,700 Carey International, Inc.* 25
3,200 Carriage Services, Inc. 9
3,100 CDI Corp.* 67
3,400 Central Parking Corp. 89
20,800 Century Business Services, Inc.* 55
2,100 Charles River Associates, Inc.* 38
2,500 Chemed Corp. 76
5,600 Coinstar, Inc.* 52
3,600 Consolidated Graphics, Inc.* 37
1,200 Corinthian Colleges, Inc.* 26
2,700 Cornell Companies, Inc.* 20
2,700 Corporate Executive Board Co.* 148
2,300 CoStar Group, Inc.* 48
2,200 CPI Corp. 49
8,400 Data Broadcasting Corp.* 39
3,450 Diamond Technology Partners, Inc.* 217
6,700 Dollar Thrifty Automotive Group, Inc.* 121
1,300 Duff & Phelps Credit Rating Co. 130
5,300 Education Management, Inc.* 88
4,068 Electro Rent Corp.* 44
19,903 Encompass Services Corp.* 117
3,500 F.Y.I., Inc.* 114
4,800 First Consulting Group, Inc.* 37
13,200 First Health Group Corp.* 462
1,700 Forrester Research, Inc.* 102
5,700 Franklin Covey Co.* 44
4,600 Heidrick & Struggles, Inc.* 189
18,300 Hooper Holmes, Inc. 188
8,600 Integrated Electrical Services, Inc.* 42
15,260 Interim Services, Inc.* 307
9,230 Iron Mountain, Inc.* 337
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
4,050 ITT Educational Services, Inc. $ 67
5,000 Kelly Services, Inc. 115
10,813 kforce.com, Inc.* 139
6,300 Korn/Ferry International* 136
3,200 Kroll-O'Gara Co.* 17
9,900 Labor Ready, Inc.* 93
2,200 Landauer, Inc. 41
5,400 Lason, Inc.* 14
3,000 Learning Tree International, Inc.* 158
10,700 Mail-Well, Inc.* 100
3,200 Maximus, Inc.* 66
2,400 McGrath RentCorp 37
9,900 MedQuist, Inc.* 410
3,400 Memberworks, Inc.* 110
4,500 Midas, Inc. 117
6,600 National Equipment Services* 38
2,100 National Processing, Inc.* 25
11,800 NationsRent, Inc.* 44
10,200 Navigant Consulting Co.* 47
3,350 NCO Group, Inc.* 80
3,300 Neff Corp.* 13
2,700 Nextera Enterprises LLC* 11
13,800 Ogden Corp. 119
6,000 On Assignment, Inc.* 156
11,400 Orthodontic Centers of America* 261
7,100 Parexel International Corp.* 64
4,400 Pediatrix Medical Group, Inc.* 31
7,100 Personnel Group of America, Inc.* 28
5,145 Pharmaceutical Product Development* 85
20,600 Phycor, Inc.* 10
4,900 Plexus Corp.* 409
5,400 Prepaid Legal Services, Inc.* 163
5,700 Primark Corp. 148
1,100 Professional Detailing, Inc.* 29
10,200 Profit Recovery Group International* 185
5,500 Protection One, Inc.* 10
2,600 Provant, Inc.* 10
5,200 Proxymed, Inc.* 7
14,900 Quanta Services, Inc.* 730
10,260 Renaissance Worldwide, Inc.* 23
4,700 Rent-A-Center, Inc.* 95
4,670 Rent-Way, Inc.* 125
4,700 Rollins, Inc. 56
2,800 Source Information Management Co.* 39
4,800 Staff Leasing, Inc.* 17
8,200 StaffMark, Inc.* 41
2,000 Startek, Inc.* 127
2,050 Strayer Education, Inc. 51
2,000 Superior Consultant Holdings* 16
6,300 Teletech Holdings, Inc.* 206
4,000 Towne Services, Inc.* 3
3,500 Track Data Corp.* 4
16,622 US Oncology, Inc.* 79
2,300 Volt Information Sciences, Inc.* 66
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
3,597 Wackenhut Corp. $ 48
2,800 Wackenhut Corrections Corp.* 18
4,100 Xceed, Inc.* 52
--------
10,206
--------
Computers--4.9%
2,700 ACT Networks, Inc.* 31
14,300 Advanced Digital Information* 182
3,100 Anacomp, Inc.* 9
5,911 Analysts International Corp. 48
8,100 Ancor Communications, Inc.* 214
5,900 Anixter International, Inc.* 167
7,600 AnswerThink Consulting Group, Inc.* 134
5,300 APEX, Inc.* 193
7,700 Auspex Systems, Inc.* 37
10,775 Avant! Corp.* 170
8,000 Axent Technologies, Inc.* 148
4,100 Bell & Howell Co.* 88
5,300 Black Box Corp.* 416
3,400 Brooktrout, Inc.* 77
2,600 Caci International, Inc.* 51
14,800 Cambridge Technology Partners, Inc.* 119
1,300 Catapult Communications Corp.* 10
52 Centennial Technologies, Inc.* --
12,600 Ciber, Inc.* 204
1,700 Cognizant Technology Solutions Corp.* 95
6,700 Complete Business Solutions* 151
13,300 Compucom Systems, Inc.* 32
9,300 Computer Horizons Corp.* 105
6,700 Computer Network Technology Corp.* 83
4,500 Computer Task Group, Inc. 32
14,500 Concurrent Computer Corp.* 123
3,300 Cotelligent, Inc.* 15
4,350 Cybex Computer Products Corp.* 146
5,200 Echelon Corp.* 279
13,125 Eloyalty Corp* 197
9,100 Emulex Corp.* 414
5,300 Entrust Technologies, Inc.* 258
5,600 Factset Research Systems, Inc. 144
7,600 Henry (Jack) & Associates 330
6,900 Hutchinson Technology* 81
3,500 Hypercom Corp.* 44
9,800 iGate Capital Corp.* 154
12,004 InaCom Corp.* 2
6,400 In Focus Systems, Inc.* 179
12,200 Intergraph Corp.* 68
9,000 InterVoice-Brite, Inc.* 128
75,500 Iomega Corp.* 245
7,300 ISS Group, Inc.* 540
18,300 Komag, Inc.* 39
3,300 Kronos, Inc.* 98
1,200 Manhattan Associates, Inc.* 22
19,200 Maxtor Corp.* 200
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
2,700 Maxwell Technologies, Inc. $ 37
18,200 Mentor Graphics Corp. 312
5,700 Mercury Computer Systems, Inc.* 179
9,700 Metamor Worldwide, Inc.* 221
1,800 Metro Information Services, Inc.* 18
2,800 Miami Computer Supply Corp.* 58
9,800 Micron Electronics, Inc.* 91
4,600 Micros Systems, Inc.* 145
9,000 MMC Networks, Inc.* 294
8,900 MTI Technology Corp.* 63
5,800 MTS Systems Corp. 42
9,100 National Computer Systems, Inc.* 413
4,400 Network Peripherals, Inc.* 77
6,300 PubliCARD, Inc.* 25
3,300 QRS Corp.* 91
4,450 Radiant Systems, Inc.* 70
2,850 Radisys Corp.* 111
12,800 Read-Rite Corp.* 26
10,300 RSA Security, Inc.* 593
1,300 RWD Technologies, Inc.* 6
25,100 S3, Inc.* 402
14,200 Sandisk Corp.* 825
3,600 SCM Microsystems, Inc.* 248
6,200 Sykes Enterprises, Inc.* 120
1,400 Syntel, Inc.* 17
9,000 Systems & Computer Technology Corp.* 170
12,225 Technology Solutions Co.* 60
12,100 Tyler Technologies, Inc. 48
7,000 Visual Networks, Inc.* 347
11,800 Wave Systems Corp.* 171
36,000 Western Digital Corp.* 169
7,400 Xircom, Inc.* 305
--------
12,256
--------
Cosmetics/Personal Care--0.0%
2,700 Chattem, Inc. 32
--------
Distribution/Wholesale--0.5%
7,000 Anicom, Inc.* 35
5,100 Aviall, Inc. 27
3,200 Aviation Sales Co.* 21
15,424 Brightpoint, Inc.* 180
9,500 Cellstar Corp.* 27
4,800 Daisytek International Corp.* 48
7,300 Handleman Co. 71
6,600 Hughes Supply, Inc. 125
1,200 JLK Direct Distribution, Inc.* 8
4,300 Keystone Automotive Industries, Inc.* 32
22,400 Merisel, Inc.* 18
3,600 Navarre Corp.* 6
9,200 Owens & Minor, Inc. Holding Co. 99
2,800 SCP Pool Corp.* 95
9,000 United Stationers, Inc. 288
1,000 Valley Media, Inc.* 3
</TABLE>
See accompanying notes to financial statements.
47
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Distribution/Wholesale--Continued
4,700 Watsco, Inc. $ 70
8,500 Wesco International, Inc.* 82
--------
1,235
--------
Diversified Financial Services--1.5%
5,300 Advanta Corp. 89
2,100 Advest Group, Inc. 40
6,300 Affiliated Managers Group* 211
20,900 AmeriCredit Corp.* 385
13,600 AMRESCO, Inc. 8
10,300 Associates First Capital Corp.* --
5,700 Charter Municipal Mortgage Acceptance Co. 67
2,500 Cityscape Financial Corp.* --
2,400 CompuCredit Corp.* 69
2,600 Contifinancial Corp.* --
6,100 Credit Acceptance Corp.* 34
1,300 Creditrust Corp.* 1
3,600 Dain Rauscher Corp. 215
8,900 Doral Financial Corp. 99
2,700 DVI, Inc.* 39
8,400 Eaton Vance Corp. 365
2,200 Federal Agricultural Mortgage Corp.* 33
3,050 Financial Federal Corp. 54
16,600 Finet.com, Inc.* 11
6,500 Friedman, Billings, Ramsey Group, Inc.* 41
7,164 Imperial Credit Industries* 25
6,100 Jefferies Group, Inc. 123
2,000 John Nuveen Co. 83
10,792 Metris Cos., Inc. 399
7,237 Morgan Keegan, Inc. 117
3,000 National Discount Brokers Group, Inc.* 75
2,700 New Century Financial Corp.* 26
1,500 NextCard, Inc.* 15
12,350 Phoenix Investment Partners Ltd. 103
7,500 Pioneer Group, Inc. 313
11,300 Raymond James Financial Corp. 222
6,500 Resource America, Inc. 45
5,496 Resource Bancshares Mortgage Group 26
91 Search Financial Services* --
200 Siebert Financial Corp. 1
4,600 SierraCities.com, Inc.* 18
3,306 Southwest Securities Group 96
1,100 Student Loan Corp. 42
4,400 Tucker Anthony Sutro Corp. 75
15,700 UniCapital Corp.* 11
14,100 United Asset Management Corp. 261
2,518 Westcorp 27
1,300 WFS Financial, Inc.* 20
--------
3,884
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------
<C> <S> <C>
Electric--1.6%
13,150 Avista Corp. $ 294
5,950 Black Hills Corp. 142
4,700 CH Energy Group, Inc. 151
6,300 Cleco Corp. 216
9,100 CMP Group, Inc. 264
15,300 EL Paso Electric Co. 182
4,800 Empire District Electric Co. 113
9,050 Hawaiian Electric Industries 320
10,500 Idacorp, Inc. 368
4,550 Madison Gas & Electric Co. 85
15,875 MDU Resources Group, Inc. 362
6,478 Northwestern Corp. 151
6,700 Otter Tail Power Co. 141
10,000 Public Service Co. of New Mexico 167
10,100 RGS Energy Group, Inc. 242
121 SCANA Corp. 3
21,868 Sierra Pacific Resources 316
8,980 Unisource Energy Corp. 138
4,000 United Illuminating Co. 190
7,500 WPS Resources Corp. 234
--------
4,079
--------
Electric Components & Equipment--1.1%
3,600 Alpine Group, Inc.* 24
4,300 American Superconductor Corp.* 114
8,900 Ametek, Inc. 185
10,875 Applied Power, Inc. 301
9,296 Artesyn Technologies, Inc.* 205
6,800 Belden, Inc. 186
3,600 C&D Technologies, Inc. 261
7,975 Cable Design Technologies Corp.* 221
8,500 General Cable Corp. 71
5,500 Littelfuse, Inc.* 221
4,100 Power-One, Inc.* 358
7,700 Rayovac Corp.* 137
5,075 SLI, Inc. 66
12,600 UCAR International, Inc.* 154
7,800 Valence Technology, Inc.* 114
5,300 Vicor Corp.* 140
--------
2,758
--------
Electronics--5.0%
12,900 Ampex Corp.* 23
10,500 Amphenol Corp.* 483
7,650 Anadigics, Inc.* 265
1,700 Analogic Corp. 61
4,500 Benchmark Electronics, Inc.* 153
7,600 BMC Industries, Inc. 29
5,780 Brady Corp. 174
8,000 Checkpoint Systems, Inc.* 64
6,900 Coherent, Inc.* 390
5,600 Cohu, Inc. 197
12,000 Credence Systems Corp.* 656
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
6,918 CTS Corp. $ 382
1,476 Cubic Corp. 30
8,100 Cymer, Inc.* 256
6,200 Dionex Corp.* 218
7,400 DSP Group, Inc.* 331
7,400 Electro Scientific Industries, Inc.* 350
11,200 Fisher Scientific International 386
7,500 GenRad, Inc. 55
3,900 Hadco Corp.* 344
2,800 Harmon Industries, Inc. 37
6,300 Identix, Inc.* 81
4,100 Innovex, Inc. 35
23,700 Integrated Device Technology, Inc.* 1,124
1,098 Interlogix, Inc.* 24
10,700 Kemet Corp.* 719
7,800 Kent Electronics Corp.* 216
6,400 Mechanical Technology, Inc.* 62
9,950 Methode Electronics 357
10,800 Mettler Toledo International, Inc.* 423
8,100 Micrel, Inc.* 516
2,700 Molecular Devices Corp.* 144
1,200 Moog, Inc. 26
2,598 Park Electrochemical Corp. 65
11,632 Paxar Corp.* 117
13,600 Perkin-Elmer, Inc. 714
6,300 Power Integrations, Inc.* 146
10,500 Procurenet, Inc.* --
4,200 Rogers Corp. 130
6,800 Sawtek, Inc.* 437
19,600 Sensormatic Electronics Corp. 307
6,100 Sipex Corp.* 134
3,400 Stoneridge, Inc.* 38
3,300 Technitrol, Inc. 228
12,600 Tektronix, Inc. 674
5,000 Thermedics, Inc.* 42
1,100 Thermo Optek Corp.* 17
1,700 Thermoquest Corp.* 29
6,000 Trimble Navigation Ltd.* 265
8,700 Varian, Inc.* 307
2,800 Vecco Instruments, Inc.* 126
4,700 Watts Industries, Inc. 53
2,300 Woodward Governor Co. 56
--------
12,496
--------
Engineering & Construction--0.5%
10,700 Dycom Industries, Inc.* 518
2,400 EMCOR Group, Inc.* 53
11,400 Foster Wheeler Corp. 96
5,275 Granite Construction, Inc. 137
5,500 Insituform Technologies, Inc.* 190
6,100 Jacobs Engineering Group, Inc. 203
8,891 Morrison Knudsen Corp.* 69
1,200 Pitt-Des Moines, Inc. 28
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
2,500 Stone & Webster, Inc. $ 2
3,600 URS Corp. 47
--------
1,343
--------
Entertainment--1.0%
5,100 AMC Entertainment, Inc. 24
2,000 Anchor Gaming* 89
5,400 Argosy Gaming Co.* 85
8,300 Ascent Entertainment Group* 127
10,700 Aztar Corp.* 136
10,100 Boyd Gaming Corp.* 50
2,600 Carmike Cinemas, Inc.* 14
2,700 Championship Auto Racing Teams, Inc.* 53
2,400 Churchill Downs, Inc. 54
3,800 Dover Downs Entertainment 45
12,400 Fairfield Communities, Inc.* 105
5,100 Gaylord Entertainment Co. 115
1,600 GC Cos., Inc.* 42
10,500 GTech Holdings Corp.* 232
3,800 Loews Cineplex Entertainment Corp.* 10
8,100 Macrovision Corp.* 566
6,600 Pinnacle Entertainment, Inc. 126
2,700 Scientific Games Holdings, Inc.* 65
6,400 Station Casinos, Inc.* 174
2,400 Steinway Musical Instruments* 42
10,000 Sunterra Corp.* 3
1,000 Trendwest Resorts, Inc.* 23
6,200 Vail Resorts, Inc.* 99
6,100 Zomax, Inc.* 109
--------
2,388
--------
Environmental Control--0.4%
9,500 Calgon Carbon Corp. 62
4,300 Casella Waste Systems, Inc.* 56
16,200 Catalytica, Inc.* 154
3,800 Imco Recycling, Inc. 25
4,500 Ionics, Inc.* 129
6,400 IT Group, Inc.* 37
2,700 Mine Safety Appliances Co. 63
3,800 Stericycle, Inc.* 77
7,600 Syntroleum Corp.* 137
9,546 Tetra Tech, Inc.* 210
650 Thermo Ecotek Corp.* 5
3,700 U.S. Liquids, Inc.* 18
4,500 Waste Connections, Inc.* 88
800 Waste Industries, Inc.* 7
--------
1,068
--------
Food--1.4%
5,100 American Italian Pasta Co.* 125
4,900 Aurora Foods, Inc.* 17
11,700 Chiquita Brands International 46
9,800 Corn Products International, Inc. 241
14,600 Del Monte Foods Co.* 125
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Food--Continued
3,900 Dreyer's Grand Ice Cream, Inc. $ 83
11,800 Earthgrains Co.* 195
10,900 Fleming Cos., Inc. 153
8,400 Grand Union Co.* 7
4,900 Great Atlantic & Pacific Tea Co. 90
5,100 Hain Celestial Group, Inc.* 150
8,800 Imperial Sugar Co. 12
2,700 Ingles Markets, Inc. 26
6,800 International Home Foods, Inc.* 116
4,800 International Multifoods Corp. 67
1,700 J & J Snack Foods Corp.* 25
6,500 Lance, Inc. 63
4,000 Michael Foods, Inc. 92
3,450 Performance Food Group Co.* 109
4,499 Pilgrims Pride Corp. 36
8,000 Ralcorp Holdings, Inc* 102
2,000 Riviana Foods, Inc. 33
8,400 Ruddick Corp. 117
1,700 Sanderson Farms, Inc. 11
100 Seaboard Corp. 18
15,300 Smithfield Foods, Inc.* 379
7,000 Smucker (J.M.) Co. 124
9,000 Suiza Foods Corp.* 404
2,500 United Natural Foods, Inc.* 38
13,100 Universal Foods Corp. 226
8,000 Vlasic Foods International* 18
7,300 Whole Foods Market, Inc.* 254
5,400 Wild Oats Markets, Inc.* 50
3,800 Zapata Corp. 14
--------
3,566
--------
Food Service--0.0%
3,730 Morrison Management Specialist, Inc. 101
--------
Forest Products & Paper--0.4%
7,000 Buckeye Technologies, Inc.* 133
7,200 Caraustar Industries, Inc. 119
4,900 Chesapeake Corp. 160
3,400 Deltic Timber Corp. 73
7,200 Glatfelter (P.H.) Co. 85
7,200 Potlatch Corp. 273
3,370 Rock-Tenn Co. 32
4,100 Schweitzer-Mauduit International, Inc. 56
14,791 Wausau-Mosinee Paper Corp. 137
--------
1,068
--------
Gas--1.5%
15,900 AGL Resources, Inc. 264
8,650 Atmos Energy Corp. 158
3,100 Cascade Natural Gas Corp. 55
2,400 CTG Resources, Inc. 95
7,600 Eastern Enterprises 469
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
7,500 Energen Corp. $ 166
5,300 Laclede Gas Co. 104
5,000 New Jersey Resources 194
7,000 Northwest Natural Gas Co. 152
3,600 NUI Corp. 101
8,800 Oneok, Inc. 256
8,676 Piedmont Natural Gas Co. 258
4,987 SEMCO Energy, Inc. 67
2,220 South Jersey Industries 58
10,039 Southern Union Co. 173
8,700 Southwest Gas Corp. 167
7,000 Southwestern Energy Co. 65
8,900 UGI Corp. 197
17,064 Vectren Corp.* 320
13,000 Washington Gas Light Co. 346
--------
3,665
--------
Hand/Machine Tools--0.4%
8,593 Baldor Electric Co. 161
1,268 Franklin Electric Co., Inc. 89
7,900 Kennametal, Inc. 208
10,300 Lincoln Electric Holdings, Inc. 153
10,200 Milacron, Inc. 161
5,900 Regal Beloit 99
1,900 Starrett (L.S.) Co. 39
--------
910
--------
Health Care--3.3%
5,900 Acuson Corp.* 72
3,500 Alaris Medical, Inc.* 5
6,200 Alterra Healthcare Corp.* 12
4,800 American Retirement Corp.* 26
14,600 Apria Healthcare Group, Inc.* 210
3,100 Arrow International, Inc. 102
26,200 Beverly Enterprises, Inc.* 79
3,700 Britesmile, Inc.* 28
3,000 Capital Senior Living Corp.* 7
2,800 Carematrix Corp.* 2
1,800 Closure Medical Corp.* 30
6,500 Columbia Laboratories, Inc.* 62
4,250 Conmed Corp.* 103
3,900 Cooper Cos., Inc. 135
16,450 Covance, Inc.* 117
16,500 Coventry Health Care, Inc.* 196
5,000 Cyberonics* 89
10,100 Cytyc Corp.* 507
3,400 Datascope Corp. 128
3,100 Diagnostic Products Corp. 96
5,400 Eclipse Surgical Technologies, Inc.* 19
2,700 Gliatech, Inc.* 51
7,200 Haemonetics Corp.* 154
5,300 Hanger Orthopedic Group, Inc.* 26
6,700 Henry Schein, Inc.* 118
9,900 IDEXX Laboratories, Inc.* 246
</TABLE>
See accompanying notes to financial statements.
50
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
2,800 IGEN International, Inc.* $ 37
2,400 Impath, Inc.* 132
13,000 Integrated Health Services 2
6,700 Invacare Corp. 166
2,020 Laboratory Corp. of America Holdings* 145
7,100 Laser Vision Centers, Inc.* 34
5,500 Lasersight, Inc.* 28
8,100 LCA-Vision, Inc.* 22
9,400 LifePoint Hospitals, Inc.* 202
330 LTC Healthcare, Inc.* --
8,900 Magellan Health Services* 19
10,300 Matria Healthcare, Inc.* 35
5,764 Mentor Corp. 138
12,400 MID Atlantic Medical Services* 153
4,000 Novoste Corp.* 151
8,000 Oakley, Inc.* 78
4,400 Ocular Sciences, Inc.* 60
4,000 Osteotech, Inc.* 36
4,200 Province Healthcare Co.* 118
19,825 PSS World Medical, Inc.* 167
11,400 Quest Diagnostics, Inc.* 762
19,700 Quorum Health Group, Inc.* 190
12,550 Renal Care Group, Inc.* 300
5,350 Res-Care, Inc.* 41
8,300 ResMed, Inc.* 199
9,255 Respironics, Inc.* 149
7,500 Sierra Health Services* 31
6,900 Sola International, Inc.* 35
18,800 Steris Corp.* 170
13,100 Summit Technology, Inc.* 243
5,200 Sunrise Assisted Living, Inc.* 95
6,200 Sunrise Medical, Inc.* 28
13,000 Sunrise Technologies International* 114
5,600 Techne Corp.* 448
4,300 Thermo Cardiosystems, Inc.* 42
21,000 Total Renal Care Holdings* 83
2,400 Trex Medical Corp.* 5
9,500 Triad Hospitals, Inc.* 204
8,500 Varian Medical Systems, Inc. 351
3,800 Ventana Medical Systems* 143
1,800 Vital Signs, Inc. 38
5,200 Wesley Jessen Visioncare, Inc.* 192
3,523 West Pharmaceutical Services, Inc. 83
--------
8,289
--------
Holding Companies--Diversified--0.1%
4,532 Triarc Cos., Inc. 94
11,100 Walter Industries, Inc. 120
--------
214
--------
Home Builders--0.9%
11,204 Champion Enterprises, Inc.* 64
4,600 Coachmen Industries, Inc. 55
2,000 Crossmann Communities, Inc.* 35
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
14,158 D.R. Horton, Inc. $ 185
9,300 Fleetwood Enterprises, Inc. 133
13,400 Kaufman & Broad Home Corp. 232
15,740 Lennar Corp. 297
6,200 MDC Holdings, Inc. 120
4,800 Monaco Coach Corp.* 69
2,400 National RV Holdings, Inc.* 27
2,700 NVR, Inc. 149
13,150 Oakwood Homes Corp. 38
5,120 Palm Harbor Homes, Inc.* 77
9,000 Pulte Corp. 200
3,800 Ryland Group, Inc. 84
2,500 Skyline Corp. 52
6,900 Standard-Pacific Corp. 78
1,883 Thor Industries, Inc. 44
5,700 Toll Brothers, Inc.* 110
4,200 Webb (Del E.) Corp. 64
3,900 Winnebago Industries 55
--------
2,168
--------
Home Furnishings--0.9%
1,300 American Woodmark Corp. 25
6,300 Applica, Inc. 93
3,400 Bassett Furniture Industries 42
2,500 Bush Industries 43
11,400 Ethan Allen Interiors, Inc. 265
8,300 Fedders Corp. 50
13,100 Furniture Brands International, Inc.* 209
4,510 Harman International 261
8,900 Kimball International 144
14,600 La-Z-Boy, Inc. 235
1,900 Parkervision, Inc.* 58
6,400 Polycom, Inc.* 538
2,550 Salton, Inc.* 81
5,000 Select Comfort Corp.* 19
25,762 Sunbeam Corp.* 81
--------
2,144
--------
Household Products & Wares--0.6%
5,700 Central Garden and Pet Co.* 65
10,700 Church & Dwight, Inc. 195
1,600 CSS Industries, Inc.* 32
4,000 Fossil, Inc.* 81
7,900 Harland (John H.) Co. 121
3,400 New England Business Services, Inc. 50
21,700 Pennzoil-Quaker State Co. 239
8,100 Playtex Products, Inc.* 94
2,900 Russ Berrie & Co., Inc. 55
5,100 Scotts Co. (The)* 192
3,400 Standard Register Co. 46
16,100 Tupperware Corp. 355
10,500 Wallace Computer Services, Inc. 105
--------
1,630
--------
</TABLE>
See accompanying notes to financial statements.
51
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Housewares--0.2%
3,800 Enesco Group, Inc. $ 15
4,200 Libbey, Inc. 127
19,557 Metromedia International Group, Inc.* 84
1,890 Mikasa, Inc. 18
2,000 National Presto Industries, Inc. 62
3,850 Oneida Ltd. 73
3,200 Toro Co. 101
--------
480
--------
Insurance--2.7%
3,200 Acceptance Insurance Cos., Inc. 16
10,900 Alfa Corp.* 185
1,326 Alleghany Corp. 220
2,224 American Annuity Group, Inc. 38
4,149 Amerus Life Holdings, Inc. 83
4,500 Argonaut Group, Inc. 80
3,600 Baldwin & Lyons, Inc. 67
3,700 Blanch (EW) Holdings, Inc. 95
3,025 Brown & Brown, Inc. 141
7,000 Commerce Group, Inc. 190
4,500 CNA Surety Corp.* 56
10,250 Crawford & Co. 120
4,099 Delphi Financial Group* 137
7,600 Enhance Financial Services Group 105
1,500 Farm Family Holdings, Inc.* 41
3,600 FBL Financial Group, Inc. 53
15,294 Fidelity National Financial, Inc. 237
15,350 First American Corp.* 255
2,700 FPIC Insurance Group, Inc.* 35
8,334 Frontier Insurance Group, Inc. 10
10,300 Gallagher, Arthur J. & Co. 398
3,700 Harleysville Group, Inc. 62
11,200 HCC Insurance Holdings, Inc. 191
2,800 HealthAxis, Inc.* 15
3,700 Hilb, Rogal & Hamilton Co., 116
11,500 Horace Mann Educators 196
8,150 HSB Group, Inc. 237
1,900 Kansas City Life Insurance Co. 57
3,700 Landamerica Financial Group, Inc. 68
10,800 Leucadia National Corp. 281
4,500 Liberty Corp 158
3,800 Liberty Financial Cos. 90
1,200 Markel Corp.* 173
6,487 Medical Assurance, Inc.* 74
1,200 Midland Co. 30
13,200 MONY Group, Inc. 489
600 National Western Life Insurance* 44
16,800 Ohio Casualty Corp. 201
1,600 Penn Treaty American Corp.* 32
2,300 Philadelphia Consolidated Holding Co.* 39
3,500 Pico Holdings, Inc.* 38
4,900 PMA Capital Corp.* 92
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
6,500 Presidential Life Corp. $ 95
2,490 Professionals Group, Inc.* 41
10,173 Radian Group, Inc. 560
18,000 Reliance Group Holdings 42
2,181 RLI Corp. 79
2,800 SCPIE Holdings, Inc. 68
7,300 Selective Insurance Group 135
3,900 StanCorp Financial Group 124
3,700 State Auto Financial Corp. 42
3,300 Stewart Information Services 42
4,700 Superior National Insurance Group, Inc.* --
4,550 Trenwick Group, Inc. 68
3,700 Triad Guaranty, Inc.* 68
10,600 UICI* 52
3,900 Unistar Financial Services Corp.* 3
1,950 United Fire & Casualty Co. 34
4,800 W.R. Berkley Corp. 106
2,600 Zenith National Insurance Corp. 62
--------
6,866
--------
Investment Companies--0.1%
19,200 Allied Capital Corp. Funds 328
3,100 Medallion Financial Corp. 44
--------
372
--------
Iron/Steel--0.4%
36,606 Bethlehem Steel Corp. 142
5,100 Carpenter Technology 106
3,000 Cleveland-Cliffs, Inc. 76
2,100 Gibraltar Steel Corp. 33
6,600 Lone Star Technologies* 350
27,900 LTV Corp. 73
5,600 National Steel Corp. 29
7,200 Oregon Steel Mills, Inc. 16
5,275 Reliance Steel & Aluminum 110
2,400 Rouge Industries, Inc. 11
3,793 Ryerson Tull, Inc. 37
11,900 Steel Dynamics, Inc.* 111
--------
1,094
--------
Leisure Time--0.4%
2,800 American Classic Voyager 53
23,289 AMF Bowling, Inc.* 22
5,050 Arctic Cat, Inc. 54
6,600 Bally Total Fitness Holding* 152
21,400 Callaway Golf Co. 388
2,500 Direct Focus, Inc.* 80
5,850 Family Golf Centers, Inc.* 1
5,200 Pegasus Solutions, Inc.* 72
6,700 Polaris Industries, Inc. 201
6,400 WMS Industries, Inc. 79
--------
1,102
--------
</TABLE>
See accompanying notes to financial statements.
52
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
Lodging--0.3%
8,900 Boca Resorts, Inc.* $ 77
15,100 Choice Hotels International, Inc.* 183
4,300 Crestline Capital Corp.* 77
19,800 Extended Stay America, Inc.* 178
6,700 Lodgian, Inc. 15
6,259 Marcus Corp. 68
13,300 Prime Hospitality Corp. 115
3,800 U.S. Franchise Systems, Inc.* 21
37,700 Wyndham International, Inc.* 71
--------
805
--------
Machinery-Construction & Mining--0.1%
4,100 Astec Industries, Inc.* 106
5,200 CMI Corp. 19
12,300 JLG Industries, Inc. 120
6,900 Terex Corp. 110
--------
355
--------
Machinery-Diversified--2.1%
2,900 Advanced Energy Industries* 107
16,600 AGCO Corp. 208
5,270 Albany International Corp. 75
5,800 Applied Industrial Technology, Inc. 101
8,300 Asyst Technologies, Inc.* 335
3,100 Brooks Automation, Inc.* 123
4,550 Chart Industries, Inc. 20
9,900 Cognex Corp.* 535
3,500 Columbus McKinnon Corp. 48
2,200 Detroit Diesel Corp. 35
4,800 Esterline Technologies Corp. 65
10,578 Flowserve Corp. 169
7,000 FSI International, Inc.* 101
3,650 Gardner Denver, Inc.* 64
5,500 Gerber Scientific, Inc. 66
4,145 Graco, Inc. 133
6,300 Helix Technology Corp. 215
8,225 IDEX Corp. 275
10,000 Imation Corp.* 283
6,700 Kulicke & Soffa Industries 337
3,450 Lindsay Manufacturing Co. 65
6,800 Magnetek, Inc.* 57
7,287 Manitowoc Co. 238
1,800 NACCO Industries 68
3,900 Nordson Corp. 189
7,700 Presstek, Inc.* 146
5,500 PRI Automation, Inc.* 283
2,148 Robbins & Myers, Inc. 46
3,300 Sauer, Inc. 28
3,400 Specialty Equipment Cos., Inc.* 72
7,014 SpeedFam-IPEC, Inc.* 92
7,800 Stewart & Stevenson Services 109
2,500 Tennant Co. 89
1,700 Thermo Fibertek, Inc.* 10
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------
<C> <S> <C>
4,350 Thomas Industries, Inc. $ 87
11,900 UNOVA, Inc.* 164
6,900 Zebra Technologies Corp.* 331
--------
5,369
--------
Media--1.7%
3,300 Ackerley Group, Inc. 40
12,000 ACTV, Inc.* 146
7,400 Citadel Communications Corp.* 296
8,400 Cumulus Media, Inc.* 96
12,800 Emmis Communications Corp.* 437
6,600 Entercom Communications Corp.* 300
3,600 Gray Communication System 41
100 Grupo Televisa 6
900 IDG Books Worldwide, Inc.* 8
1,600 Information Holdings, Inc.* 39
13,000 Journal Register Co.* 169
12,300 Lee Enterprises 269
2,800 On Command Corp.* 45
8,400 Paxson Communications Corp.* 65
6,200 Pegasus Communications Corp.* 254
5,700 Playboy Enterprises* 75
2,000 Pulitzer, Inc. 80
2,900 Radio One, Inc.* 207
2,175 Saga Communications, Inc.* 45
4,000 Scholastic Corp.* 213
6,900 Sinclair Broadcast Group, Inc.* 57
6,600 Sirius Satellite Radio, Inc.* 250
4,500 Source Media, Inc.* 24
1,100 United Television, Inc. 147
500 Value Line, Inc. 17
19,400 Westwood One, Inc. 644
7,400 Worldpages.com, Inc.* 52
2,600 Young Broadcasting, Inc.* 60
4,500 Youthstream Media Networks, Inc.* 25
7,400 Ziff-Davis, Inc.* 62
--------
4,169
--------
Metal Fabricate/Hardware--0.8%
1,900 Alltrista Corp.* 47
3,056 Castle (A.M.) & Co. 38
3,466 Commercial Metals Co. 91
6,300 Intermet Corp. 43
8,500 Kaydon Corp. 198
1,600 Lawson Products 38
5,000 Maverick Tube Corp.* 176
8,400 Metals USA, Inc. 44
9,600 Mueller Industries, Inc.* 282
6,800 Precision Castparts Corp. 332
4,000 Quanex Corp. 59
13,900 Timken Co. 262
4,800 Valmont Industries 95
3,500 Wolverine Tube, Inc.* 58
20,000 Worthington Industries 243
--------
2,006
--------
</TABLE>
See accompanying notes to financial statements.
53
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Metals-Diversified--0.3%
4,600 Brush Engineered Materials, Inc. $ 80
8,200 Kaiser Aluminum Corp. 36
1,300 Maxxam, Inc.* 33
4,200 RTI International Metals, Inc. 55
7,000 Southern Peru Copper Corp. 88
10,700 Stillwater Mining Co.* 300
4,900 Titanium Metals Corp. 21
25,300 USEC, Inc. 117
--------
730
--------
Mining--0.1%
7,500 AMCOL International Corp. 125
36,700 Battle Mountain Gold Co. 71
--------
196
--------
Miscellaneous Manufacturing--1.8%
5,300 ABC-NACO, Inc.* 33
8,700 AptarGroup, Inc. 231
4,700 Barnes Group, Inc. 78
8,623 Blount International, Inc.* 118
6,750 CLARCOR, Inc. 119
4,550 Cuno, Inc.* 127
6,400 Dexter Corp. 277
11,300 Donaldson Co., Inc. 258
12,700 Federal Signal Corp. 245
5,140 GenTek, Inc. 69
8,500 Griffon Corp.* 52
11,100 Harsco Corp. 298
4,100 Hexcel Corp. 32
4,600 Justin Industries 80
4,400 Lydall, Inc. 46
13,000 Mark IV Industries, Inc. 276
10,300 Mascotech, Inc. 133
4,100 Matthews International Corp. 103
4,113 Myers Industries, Inc. 56
800 NCH Corp. 32
13,530 Pittston Brink's Group 205
12,500 Polaroid Corp. 240
5,800 Polymer Group, Inc. 42
8,400 Roper Industries, Inc. 296
3,900 Scott Technologies, Inc. 71
5,900 Smith (A.O.) Corp. 124
3,528 SPS Technologies, Inc.* 124
3,200 Standex International Corp. 54
5,400 Sturm Ruger & Co., Inc. 54
5,700 Tredegar Corp.* 145
11,000 Trinity Industries, Inc. 243
11,794 WABTEC 133
--------
4,394
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------
<C> <S> <C>
Office Furnishings--0.0%
600 Compx International, Inc. $ 11
11,400 Interface, Inc. 49
1,586 Virco Manufacturing 17
--------
77
--------
Office/Business Equipment--0.0%
1,700 General Binding Corp. 13
1,800 Global Imaging Systems, Inc.* 16
--------
29
--------
Oil & Gas Producers--2.9%
3,000 Atwood Oceanics* 164
7,940 Barrett Resources Corp.* 314
4,000 Basin Exploration, Inc.* 66
2,600 Belco Oil & Gas Corp.* 20
5,100 Berry Petroleum 80
9,100 Brown (Tom), Inc.* 199
6,300 Cabot Oil & Gas Corp. 157
22,954 Chesapeake Energy Corp. 132
13,500 Cross Timbers Oil Co. 274
11,900 EEX Corp. 61
3,500 Evergreen Resources, Inc.* 96
9,100 Forest Oil Corp. 145
49,800 Grey Wolf, Inc.* 249
42,800 Harken Energy Corp.* 32
13,800 Helmerich & Payne, Inc. 514
2,300 Houston Exploration Co.* 58
4,700 HS Resources, Inc.* 158
23,600 Key Energy Group* 257
5,456 Louis Dreyfus Natural Gas* 175
16,300 Marine Drilling Co., Inc.* 469
4,400 McMoRan Exploration Co.* 68
7,376 Meridian Resource Corp.* 39
5,700 Mitchell Energy & Development Corp. 166
10,400 Newfield Exploration Co.* 436
4,400 Nuevo Energy Co.* 85
18,300 Parker Drilling Co. 111
9,100 Patterson Energy, Inc.* 220
26,900 Pioneer Natural Resources Co. 402
4,700 Plains Resources, Inc.* 72
11,300 Pogo Producing Co. 271
16,900 Pride International, Inc.* 430
3,800 St. Mary Land & Exploration 137
4,600 Stone Energy Corp.* 283
5,220 Swift Energy Co.* 134
8,900 Tesoro Petroleum Corp. 91
13,800 Valero Energy Corp. 404
12,400 Vintage Petroleum, Inc. 295
3,830 WD-40 Co. 74
--------
7,338
--------
</TABLE>
See accompanying notes to financial statements.
54
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
Oil & Gas Services--1.2%
1,700 CAL Dive International, Inc.* $ 78
1,400 Carbo Ceramics, Inc. 44
2,600 Dril-Quip* 112
328 Eagle Geophysical, Inc.* --
8,104 Friede Goldman Halter, Inc.* 68
17,100 Global Industries Ltd.* 301
8,000 Hanover Compressor Co.* 470
12,700 Input/Output, Inc.* 100
4,500 IRI International Corp.* 40
13,600 National-Oilwell, Inc.* 354
19,260 Newpark Resources* 161
5,800 Oceaneering International, Inc.* 113
3,700 RPC, Inc. 39
3,100 Seacor Smit, Inc.* 199
6,700 Seitel, Inc. 57
4,000 UTI Energy Corp.* 171
20,484 Varco International, Inc.* 446
7,200 Veritas DGC, Inc.* 199
--------
2,952
--------
Packaging & Containers--0.2%
900 AEP Industries, Inc. 15
7,400 Earthshell Corp.* 30
14,900 Gaylord Container Corp.* 60
3,900 Graphic Packaging International Corp.* 13
3,800 Greif Brothers Corp. 118
5,800 Ivex Packaging Corp.* 52
900 Liqui-Box Corp. 45
14,400 Longview Fibre Co. 173
3,000 Silgan Holdings, Inc.* 28
2,600 US Can Corp.* 43
--------
577
--------
Pharmaceuticals--4.3%
6,700 Abgenix, Inc.* 529
1,300 Accredo Health, Inc.* 31
5,300 Advance Paradigm, Inc.* 82
3,300 Algos Pharmaceuticals Corp.* 41
14,000 Alkermes, Inc.* 513
5,800 ALPHARMA, Inc. 287
13,500 Amerisource Health Corp.* 329
3,400 Anesta Corp.* 50
3,700 Barr Laboratories, Inc.* 200
7,610 Bindley Western Industries 145
4,100 Biomatrix, Inc.* 76
4,174 Block Drug Co. 116
6,000 Carter-Wallace, Inc. 120
17,900 Celgene Corp.* 658
5,900 Cell Pathways, Inc.* 118
8,800 Cephalon, Inc.* 455
3,900 ChiRrex, Inc.* 68
6,600 COR Therapeutics, Inc.* 418
5,800 Corixa Corp.* 185
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------
<C> <S> <C>
4,800 Coulter Pharmaceutical, Inc.* $ 89
6,400 Cygnus, Inc.* 52
12,400 Dura Pharmaceuticals, Inc.* 145
6,100 Duramed Pharmaceuticals, Inc.* 31
39 Elan Corp.* 2
4,400 Geltex Pharmaceuticals, Inc.* 86
12,374 Gilead Sciences, Inc.* 677
6,600 Guilford Pharmaceuticals, Inc.* 92
7,100 Hemispherx Biopharma, Inc.* 41
3,566 Herbalife International, Inc. 31
8,700 ImClone Systems* 614
9,900 Isis Pharmaceuticals, Inc.* 92
15,425 Jones Pharma, Inc. 562
8,324 King Pharmaceuticals, Inc.* 445
3,250 KV Pharmaceutical Co.* 65
14,558 Ligand Pharmaceuticals, Inc.* 156
5,900 Macrochem Corp.* 30
1,700 Mannatech, Inc.* 4
7,900 Medicis Pharmaceutical* 369
3,823 Natures Sunshine Products, Inc. 29
15,400 NBTY, Inc.* 245
4,000 NCS Healthcare, Inc.* 4
3,500 Neurogen Corp. 82
4,600 PathoGenesis Corp.* 69
6,750 Patterson Dental Co.* 344
17,200 Perrigo Co.* 103
4,800 Pharmaceutical Resources, Inc. 29
4,200 Pharmacyclics, Inc.* 177
1,200 Priority Healthcare Corp.* 61
9,400 Rexall Sundown, Inc.* 224
4,400 Sangstat Medical Corp.* 117
1,400 Schein Pharmaceutical, Inc.* 29
25,200 SICOR, Inc.* 216
6,000 SuperGen, Inc.* 142
2,700 Syncor International Corp.* 133
7,300 Theragenics Corp.* 65
9,100 Triangle Pharmaceuticals, Inc.* 57
5,900 Twinlab Corp.* 42
7,200 Vertex Pharmaceuticals, Inc.* 532
6,100 Veterinary Centers of America* 83
--------
10,787
--------
Pipelines--0.2%
9,200 Equitable Resources, Inc. 458
7,300 TransMontaigne, Inc.* 49
4,200 Western Gas Resources, Inc. 95
--------
602
--------
Real Estate--0.4%
3,700 Castle & Cooke, Inc.* 69
5,700 CB Richard Ellis, Inc.* 57
4,400 Forest City Enterprises, Inc. 130
2,162 Getty Realty Corp. 24
5,033 Insignia Financial Group, Inc.* 57
</TABLE>
See accompanying notes to financial statements.
55
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Real Estate--Continued
8,500 Jones Lang LaSalle, Inc.* $ 131
6,700 LNR Property Corp. 130
10,200 Security Capital Group, Inc.* 170
6,600 Trammell Crow Co.* 83
4,600 Wellsford Real Properties, Inc.* 37
--------
888
--------
Real Estate Investment Trusts--5.0%
970 Alexander's, Inc.* 65
3,400 Alexandria Real Estate Equities 115
5,000 American Indust Properties 63
4,100 Amli Residential Properties 94
4,300 Associated Estates Realty 28
5,600 Bedford Property Investors 100
4,800 Boykin Lodging Co. 67
6,303 Bradley Real Estate, Inc. 136
9,500 Brandywine Realty Trust 168
12,524 BRE Properties, Inc. 337
9,000 Burnham Pacific Property, Inc. 58
11,300 Cabot Industrial Trust 219
10,833 Camden Property Trust 304
5,800 Capital Automotive 83
6,486 Capstead Mortgage Corp. 51
6,300 CBL & Associates Properties 153
6,700 Center Trust, Inc. 42
5,800 Centerpoint Properties Corp. 213
6,000 Chateau Communities, Inc. 163
4,400 Chelsea GCA Realty, Inc. 149
6,100 Colonial Properties Trust 159
8,400 Commercial Net Lease Realty 90
10,900 Cornerstone Realty Income Trust 110
6,800 Cousins Properties, Inc. 261
6,400 Crown American Realty 34
16,500 Developers Diversified Realty 238
4,300 Eastgroup Properties 92
4,200 Entertainment Properties Trust 57
10,200 Equity Inns, Inc. 68
5,000 Essex Property Trust, Inc. 199
11,100 Federal Realty Investment Trust 244
10,600 First Industrial Realty Trust 308
2,500 First Washington Realty Trust 52
6,800 Gables Residential Trust 167
8,700 Glenborough Realty Trust, Inc. 135
6,600 Glimcher Realty Trust 89
2,300 Golf Trust of America 38
4,500 Great Lakes Reit, Inc. 76
13,922 Health Care Property Investors, Inc. 372
8,000 Health Care Reit, Inc. 130
11,199 Healthcare Realty Trust, Inc. 186
5,600 Home Properties of New York, Inc. 160
14,100 Hospitality Properties Trust 324
9,700 Innkeepers USA Trust 87
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------
<C> <S> <C>
9,200 IRT Property Co. $ 74
9,450 JDN Realty Corp. 101
3,300 JP Realty, Inc. 60
7,300 Kilroy Realty Corp. 167
7,500 Koger Equity, Inc. 134
8,700 Konover Property Trust 49
3,700 LaSalle Hotel Properties 52
4,800 Lexington Corporate Properties Trust 53
7,600 LTC Properties, Inc. 47
8,400 Macerich Co. (The) 183
5,300 Manufactured Home Communities, Inc. 128
13,242 Meristar Hospitality Corp. 252
3,800 MGI Properties, Inc. 9
4,900 Mid-America Apartment Communities, Inc. 115
4,200 Mills Corp. 74
3,400 National Golf Properties, Inc. 69
6,800 National Health Investors 70
12,900 Nationwide Health Properties, Inc. 177
5,518 Omega Healthcare Investors 27
5,000 Pacific Gulf Properties, Inc. 116
2,500 PAN Pacific Retail Properties, Inc. 50
2,800 Parkway Properties, Inc. 84
3,300 Pennsylvania Real Estate Invest Trust 58
9,100 Pinnacle Holdings, Inc. 446
10,500 Prentiss Properties Trust 252
2,500 Prime Group Realty Trust 38
12,097 Prime Retail, Inc. 19
6,500 PS Business Parks, Inc. 155
7,500 Realty Income Corp. 177
11,300 Reckson Associates Realty 248
2,100 Redwood Trust, Inc. 28
9,400 Regency Realty Corp. 198
6,900 RFS Hotel Investors, Inc. 83
3,000 Saul Centers, Inc. 47
8,200 Shurgard Storage Centers, Inc. 188
6,000 SL Green Realty Corp. 146
5,500 Smith (Charles E.) Residential Realty, Inc. 208
3,400 Sovran Self Storage, Inc. 71
7,800 Storage USA, Inc. 234
5,900 Summit Properties, Inc. 125
4,900 Sun Communities, Inc. 159
1,500 Tanger Factory Outlet Centers, Inc. 35
9,600 Taubman Centers, Inc. 104
6,000 Thornburg Mortgage, Inc. 48
4,400 Town & Country Trust 72
28,800 United Dominion Realty Trust 310
2,800 Urban Shopping Centers, Inc. 94
15,200 Ventas, Inc. 58
10,000 Washington Real Estate Investment Trust 169
7,500 Weingarten Realty Investors 305
4,800 Western Properties Trust 53
8,100 Westfield America, Inc. 120
--------
12,623
--------
</TABLE>
See accompanying notes to financial statements.
56
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
Retail--3.8%
8,000 7-Eleven, Inc.* $ 134
3,357 99 Cents Only Stores* 121
9,100 Advantica Restaurant Group, Inc.* 7
8,200 Ames Department Stores, Inc.* 97
5,500 AnnTaylor Stores Corp.* 143
6,600 Applebees International, Inc. 212
4,812 Avado Brands, Inc. 7
8,400 barnesandnoble.com, Inc.* 78
700 BEBE Stores, Inc.* 6
7,000 Beyond.com Corp.* 11
10,700 Bob Evans Farms 146
10,000 Bombay Co., Inc. (The) 32
21,800 Borders Group, Inc.* 307
5,100 Brown Shoe Co., Inc. 61
2,200 Buckle, Inc.* 30
11,640 Buffets, Inc.* 135
4,980 Burlington Coat Factory Warehouse 63
14,100 Casey's General Stores, Inc. 167
7,000 Cash America International, Inc. 72
4,300 Cato Corp. 53
16,400 CBRL Group, Inc. 238
4,707 CDnow, Inc.* 14
7,475 CEC Entertainment, Inc.* 172
27,500 Charming Shoppes, Inc. 162
1,200 Cheap Tickets, Inc.* 15
4,900 Cheesecake Factory (The)* 195
3,700 Chico's FAS, Inc.* 67
4,700 Childrens Place* 90
14,500 CKE Restaurant, Inc. 48
700 Coldwater Creek, Inc.* 16
6,686 Consolidated Products, Inc. 66
10,200 Copart, Inc.* 181
5,725 Cost Plus, Inc.* 167
1,400 Creative Computers, Inc.* 6
5,300 CSK Auto Corp.* 80
4,000 Cyberian Outpost, Inc.* 17
3,300 Dave & Buster's, Inc.* 23
2,300 David's Bridal, Inc.* 25
1,000 DEB Shops, Inc. 12
2,000 Delia*s, Inc.* 5
2,500 Discount Auto Parts* 25
4,200 Dress Barn, Inc.* 90
4,900 Duane Reade, Inc.* 147
6,733 Egghead.com, Inc.* 23
1,500 Electronics Boutique Holdings Corp.* 21
3,500 Factory 2-U Stores, Inc.* 123
1,000 Fatbrain.com, Inc.* 7
4,800 Finish Line* 34
5,200 Footstar, Inc.* 187
6,300 Genesco, Inc.* 97
1,400 Global Sports, Inc.* 8
5,200 Goody's Family Clothing, Inc.* 28
4,600 Group 1 Automotive, Inc.* 53
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
6,200 Guitar Center, Inc.* $ 80
5,900 Gymboree Corp.* 17
33,500 Hanover Direct, Inc.* 52
4,700 Haverty Furniture 53
16,900 Heilig-Meyers Co. 29
8,900 Hollywood Entertainment Corp.* 61
9,300 Homebase, Inc.* 17
5,600 IHOP Corp.* 99
5,975 Insight Enterprises, Inc.* 271
7,900 Intertan, Inc.* 83
11,500 Jack in the Box, Inc.* 285
4,500 Jo-Ann Stores, Inc. 43
400 Kenneth Cole Productions, Inc.* 13
7,200 Landry's Seafood Restaurant 56
3,800 Lands' End, Inc.* 117
2,100 Lithia Motors, Inc.* 25
7,500 Lone Star Steakhouse & Saloon 79
6,300 Luby's, Inc. 55
7,128 Men's Wearhouse, Inc.* 142
7,800 Michaels Stores, Inc.* 334
2,500 Movado Group, Inc. 24
7,500 MSC Industrial Direct Co. 173
7,900 Musicland Stores Corp.* 58
2,700 NPC International, Inc.* 25
3,900 O'Charley's, Inc.* 54
31,400 OfficeMax, Inc.* 171
9,500 O'Reilly Automotive, Inc.* 129
1,700 P.F. Chang's China Bistro, Inc.* 55
7,762 Pacific Sunwear of California* 125
5,350 Papa John's International, Inc.* 134
1,500 PC Connection, Inc.* 61
12,900 Pep Boys-Manny Moe & Jack 92
5,850 Petco Animal Supplies, Inc.* 111
31,200 PETsMart, Inc.* 94
27,000 Pier 1 Imports, Inc. 230
2,900 Rare Hospitality International, Inc.* 79
8,300 Regis Corp. 100
3,700 Restoration Hardware, Inc.* 23
17,200 Ruby Tuesday, Inc. 170
10,000 Ryan's Family Steak Houses, Inc.* 90
4,900 School Specialty, Inc.* 79
2,300 Shoe Carnival, Inc.* 17
7,400 Shop At Home, Inc.* 31
8,500 Shopko Stores, Inc. 156
2,100 Smart & Final, Inc. 17
5,050 Sonic Corp.* 140
4,500 Spiegel, Inc. 34
7,800 Stein Mart, Inc.* 61
10,800 Sunglass Hut International, Inc.* 65
9,900 Systemax, Inc.* 67
3,200 Talbots, Inc. 183
1,900 Tractor Supply Co.* 29
9,050 Trans World Entertainment* 91
3,900 Travelocity.com* 69
</TABLE>
See accompanying notes to financial statements.
57
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Retail--Continued
2,200 Tuesday Morning Corp.* $ 23
3,000 Tweeter Home Entertainment Group, Inc.* 87
5,800 United Auto Group, Inc.* 52
3,700 United Retail Group, Inc.* 30
2,800 Urban Outfitters, Inc.* 25
10,300 US Office Products Co.* 10
2,800 Value America, Inc.* 4
4,000 Value City Department Stores, Inc.* 40
2,200 West Marine, Inc.* 18
3,000 Wet Seal, Inc.* 34
4,400 Whitehall Jewellers, Inc.* 57
--------
9,652
--------
Savings & Loans--1.5%
2,700 Alliance Bancorp 48
7,100 Anchor Bancorp Wisconsin, Inc. 109
1,800 Andover Bancorp, Inc. 52
9,100 Bank United Corp. 326
11,800 BankAtlantic Bancorp, Inc. 67
3,600 Brookline Bancorp, Inc. 35
24,400 Capitol Federal Financial 267
5,400 CFS Bancorp, Inc. 43
3,054 Commonwealth Bancorp, Inc. 35
3,500 Dime Community Bancshares 57
5,706 Downey Financial Corp. 170
4,200 First Federal Capital Corp. 45
3,700 First Financial Holdings, Inc. 58
2,557 First Indiana Corp. 45
3,400 First Niagara Financial Group, Inc. 31
10,095 First Sentinel Bancorp, Inc. 79
3,120 First Washington Bancorp, Inc. 45
5,000 FirstFed Financial Corp. 67
2,000 Flagstar Bancorp, Inc. 19
3,506 Harbor Florida Bancshares, Inc. 37
2,400 Harris Financial, Inc. 15
4,600 Hudson River Bancorp 45
18,700 Independence Community Bank 250
19,100 IndyMac Mortgage Holdings, Inc. 249
6,588 MAF Bancorp, Inc. 130
6,700 Net.B@nk, Inc.* 71
4,100 Northwest Bancorp, Inc. 31
3,500 OceanFirst Financial Corp. 59
10,500 Ocwen Financial Corp.* 60
3,700 PFF Bancorp, Inc. 51
4,650 Queens County Bancorp, Inc. 92
8,600 Richmond County Financial Corp. 161
7,300 Seacoast Financial Services Corp. 64
2,400 St. Francis Capital Corp. 33
10,400 Staten Island Bancorp, Inc. 176
10,500 United Community Financial Corp. 62
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------
<C> <S> <C>
15,300 Washington Federal, Inc. $ 313
11,900 Webster Financial Corp. 274
--------
3,771
--------
Semiconductors--5.7%
6,000 Actel Corp.* 175
6,800 Alliance Semiconductor Corp.* 169
9,400 Alpha Industries 433
4,600 American Xtal Technology, Inc.* 159
26,500 Amkor Technology, Inc.* 1,186
6,100 ATMI, Inc.* 234
10,712 Burr-Brown Corp.* 610
11,300 C-Cube Microsystems, Inc.* 194
18,300 Cirrus Logic, Inc.* 318
7,900 Cree, Inc.* 960
31,600 Cypress Semiconductor Corp.* 1,329
16,700 Dallas Semiconductor Corp. 668
1,300 Dupont Photomasks, Inc.* 75
5,600 Electroglas, Inc.* 148
2,800 Emcore Corp.* 181
7,300 ESS Technology* 96
4,900 Exar Corp.* 337
8,700 General Semiconductor, Inc. 137
1,900 Hi/fn, Inc.* 55
14,000 International Rectifier Corp.* 578
8,800 Kopin Corp.* 624
33,900 Lam Research Corp.* 1,089
13,000 Lattice Semiconductor Corp.* 771
13,000 LTX Corp.* 340
9,300 MEMC Electronics Materials* 142
3,300 MIPS Technologies, Inc.* 83
1,900 MKS Instruments, Inc.* 75
6,000 Photronics, Inc.* 144
6,437 Pioneer Standard Electronics 77
3,600 PLX Technology, Inc.* 91
8,900 Semtech Corp.* 496
9,300 Silicon Valley Group, Inc.* 248
1,600 Siliconix, Inc.* 99
11,100 Transwitch Corp.* 695
8,300 Triquint Semiconductor, Inc.* 783
6,000 Ultratech Stepper, Inc.* 84
8,600 Varian Semiconductor Equipment* 410
--------
14,293
--------
Shipbuilding--0.1%
8,500 Newport News Shipbuilding 281
--------
Software--8.3%
4,800 24/7 Media, Inc.* 68
5,800 3Dfx Interactive, Inc.* 43
1,200 About.com, Inc.* 49
11,800 Acclaim Entertainment, Inc.* 28
7,100 Activision, Inc.* 44
7,000 Actuate Corp.* 162
2,400 Advantage Learning Systems, Inc.* 31
</TABLE>
See accompanying notes to financial statements.
58
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-
Shares Description Value
--------------------------------------------------
<C> <S> <C>
7,100 Advent Software, Inc.* $ 267
3,800 Allaire Corp.* 158
11,600 American Management Systems* 434
4,540 Applied Graphics Technologies* 16
1,400 Applied Theory Corp.* 24
6,900 Ashton Technology Group* 22
13,600 Aspect Development, Inc.* 796
7,300 Aspen Technology, Inc.* 151
2,600 Autobytel.com, Inc.* 19
2,000 Autoweb.com, Inc.* 6
6,400 Avid Technology, Inc.* 64
7,200 AVT Corp.* 65
3,100 Barra, Inc.* 137
10,400 BindView Development Corp.* 72
2,000 Bottomline Technologies, Inc.* 61
5,000 Brio Technology, Inc.* 71
49,700 BroadVision, Inc.* 1,780
2,000 CAIS Internet, Inc.* 28
6,200 CCC Information Services Group* 61
7,300 Cerner Corp.* 167
9,670 Choicepoint, Inc.* 391
14,400 Concentric Network Corp.* 644
4,500 Concord Communications, Inc.* 112
3,800 Concur Technologies, Inc.* 19
5,200 Cybercash, Inc.* 23
4,600 Datastream Systems, Inc.* 46
8,450 Dendrite International, Inc.* 213
4,400 Digital River, Inc.* 49
4,400 Documentum, Inc.* 242
1,800 EarthWeb, Inc.* 18
10,200 Eclipsys Corp.* 71
2,500 eFax.com* 3
17,800 eLOT, Inc.* 48
3,400 Engineering Animation, Inc.* 33
11,523 Epicor Software Corp.* 41
6,700 ePresence, Inc.* 55
1,600 eShare Technologies, Inc.* 10
3,200 Excalibur Technologies Corp.* 92
6,500 Exchange Applications, Inc.* 89
2,800 Fair, Isaac & Co., Inc. 118
1,800 Fidelity Holdings, Inc.* 5
9,500 Filenet Corp.* 200
2,700 Flashnet Communications, Inc.* 10
4,800 Globix Corp.* 109
6,400 Go2net, Inc.* 292
3,100 Great Plains Software, Inc.* 129
10,000 GT Interactive Software Corp.* 21
11,075 Harbinger Corp.* 165
3,100 HearMe* 19
7,000 HNC Software* 287
8,985 Hyperion Solutions Corp.* 282
4,000 IDX Systems Corp.* 59
5,500 IMRglobal Corp.* 91
9,100 Infocure Corp.* 40
</TABLE>
<TABLE>
<CAPTION>
-
Shares Description Value
-----------------------------------------------------
<C> <S> <C>
5,200 Informatica Corp.* $ 209
8,100 Information Resources, Inc.* 41
75,100 Informix Corp.* 544
6,500 InfoUSA, Inc.* 33
3,250 Inspire Insurance Solutions, Inc.* 11
1,000 Interact Commerce Corp.* 15
5,900 Inter-Tel, Inc. 84
4,000 Intraware, Inc.* 45
1,300 iTurf, Inc.* 4
4,600 iVillage, Inc.* 36
5,800 JDA Software Group, Inc.* 89
1,800 Juno Online Services, Inc.* 15
2,800 Launch Media, Inc.* 24
12,800 Learn2.com, Inc.* 24
5,700 Manugistics Group, Inc.* 166
4,900 Mapics, Inc.* 25
1,500 MapQuest.com, Inc.* 24
900 Marketwatch.com, Inc.* 19
1,000 Media Metrix* 28
6,000 Mediconsult.com, Inc.* 9
4,300 Mercator Software, Inc.* 128
22,100 Mercury Interactive Corp.* 1,873
9,000 MessageMedia, Inc.* 27
5,800 Micromuse, Inc.* 577
23,200 MicroStrategy, Inc.* 442
8,273 Midway Games, Inc.* 54
4,000 Multex.com, Inc. 55
6,725 National Instruments Corp.* 245
9,000 NBC Internet, Inc.* 179
7,100 Neomagic Corp.* 22
1,900 Neon Systems, Inc.* 40
3,500 Net Perceptions, Inc.* 52
1,700 Netobjects* 13
2,200 Netopia, Inc.* 74
4,800 NVIDIA Corp.* 548
1,200 Omega Research, Inc.* 4
5,700 OneMain.com, Inc.* 41
5,100 OnHealth Network Co.* 12
3,700 Onyx Software Corp.* 63
9,400 Open Market, Inc.* 100
700 PCOrder.com, Inc.* 5
8,100 Pegasystems, Inc.* 49
14,400 Peregrine Systems, Inc.* 299
7,766 Per-Se Technologies, Inc.* 50
4,400 Pervasive Software, Inc.* 22
6,600 Phoenix Technologies Ltd.* 119
10,900 Pinnacle Systems, Inc.* 262
9,900 Policy Management Systems Corp.* 101
1,300 Private Business, Inc.* 2
4,100 Probusiness Services, Inc.* 109
9,200 Progress Software Corp.* 139
3,700 Project Software & Development* 80
5,900 Proxicom, Inc.* 271
7,100 Quadramed Corp.* 16
</TABLE>
See accompanying notes to financial statements.
59
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
-
Shares Description Value
------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
Software--Continued
11,400 Rare Medium Group, Inc.* $ 155
4,474 Razorfish, Inc.* 70
7,000 Remedy Corp.* 291
14,223 S1 Corp.* 478
8,000 Saga Systems, Inc.* 118
4,300 Sagent Technology, Inc.* 34
3,600 Sanchez Computer Associates* 61
5,100 Santa Cruz Operation, Inc.* 21
2,500 Schawk, Inc. 20
3,750 Serena Software, Inc.* 107
136 Simione Central Hldgs, Inc.* --
526 Siti-Sites.com, Inc.* --
7,500 Softnet Systems* 80
5,000 SportsLine.com, Inc.* 57
2,400 SPSS, Inc.* 60
4,600 Spyglass, Inc.* 143
3,000 SS&C Technologies, Inc.* 15
10,200 Structural Dynamics Research* 116
1,000 Sunquest Information Systems* 7
6,800 SVI Holdings, Inc.* 52
25,000 Sybase, Inc.* 477
3,600 Telescan, Inc.* 26
1,300 Tenfold Corp* 23
3,600 Theglobe.com, Inc.* 6
1,600 TheStreet.com, Inc.* 10
4,950 THQ, Inc.* 48
9,100 Transaction Systems Architects, Inc.* 110
1,400 Unigraphics Solutions, Inc.* 33
6,475 USinternetworking, Inc.* 116
8,700 Verity, Inc.* 294
19,900 VerticalNet, Inc.* 638
6,000 WAVO Corp.* 7
3,800 WebTrends Corp.* 97
14,637 Wind River Systems* 531
3,100 Worldgate Communications* 45
3,800 Ziff-Davis, Inc.--ZDNet* 37
4,300 Zixit Corp.* 112
--------
20,863
--------
Telecommunication Equipment--3.9%
5,600 ADTRAN, Inc.* 345
20,400 Advanced Fibre Communication* 938
7,000 Advanced Radio Telecom Corp.* 72
7,800 Allen Telecom, Inc. 125
22,900 Andrew Corp.* 804
6,900 Antec Corp.* 347
4,600 Aware, Inc.* 204
6,900 C-COR.net Corp.* 152
2,700 Carrier Access Corp.* 100
4,800 Com21, Inc.* 95
13,500 Commscope, Inc.* 521
19,000 Digital Microwave Corp.* 531
</TABLE>
<TABLE>
<CAPTION>
-
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
17,800 Glenayre Technologies, Inc.* $ 146
14,678 Harmonic, Inc.* 656
14,900 Interdigital Communications Corp.* 239
7,400 International Fibercom, Inc.* 106
2,300 IPC Communications, Inc.* 311
13,800 MRV Communications, Inc.* 367
6,000 Network Equipment Technologies, Inc.* 64
4,200 North Pittsburgh Systems, Inc. 51
1,500 Northeast Optic Network, Inc.* 51
700 Optical Cable Corp.* 17
21,500 P-Com, Inc.* 158
26,100 Paging Network, Inc.* 17
19,300 Pairgain Technologies, Inc.* 554
11,400 Picturetel Corp.* 36
4,600 Plantronics, Inc.* 393
12,000 Powerwave Technologies, Inc.* 650
3,500 Proxim, Inc.* 305
2,839 Superior Telecom, Inc. 31
7,900 Tekelec* 261
11,300 Terayon Corp.* 627
3,300 Tut Systems, Inc.* 171
10,400 WebLink Wireless, Inc.* 66
4,900 Westell Technologies, Inc.* 80
16,900 World Access, Inc.* 177
--------
9,768
--------
Telecommunications--2.0%
9,000 Adaptive Broadband Corp.* 238
5,200 Adelphia Business Solutions, Inc.* 116
3,100 Arguss Communications, Inc.* 51
14,300 Aspect Communications Corp.* 574
9,300 Caprock Communications Corp.* 186
2,866 Commonwealth Telephone Enterprises, Inc. 132
5,200 CT Communications, Inc. 166
3,850 CTC Communications Group, Inc.* 95
14,500 e.spire Communications, Inc.* 55
2,400 Electric Lightwave, Inc.* 42
10,700 General Communication* 52
13,600 ICG Communications, Inc.* 256
5,600 IDT Corp.* 182
1,600 Inet Technologies, Inc.* 64
13,600 ITC Deltacom, Inc.* 247
900 Latitude Communications* 10
7,100 Leap Wireless International, Inc.* 312
5,700 Mastec, Inc.* 390
4,300 Metricom, Inc.* 96
6,300 MGC Communications, Inc.* 258
5,200 Motient Corp.* 47
4,100 Pacific Gateway Exchange, Inc.* 13
7,200 Powertel, Inc.* 603
12,725 Price Communications Corp.* 290
13,100 PTEK Holdings, Inc.* 45
10,100 Star Telecommunications, Inc.* 22
</TABLE>
See accompanying notes to financial statements.
60
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
11,500 Talk.com, Inc.* $ 79
2,900 US LEC Corp.* 55
2,048 VoiceStream Wireless Corp.* 234
2,600 West Teleservices Corp.* 68
--------
4,978
--------
Telephone--0.3%
3,600 CFW Communications Co. 138
13,700 Intermedia Communications* 342
8,100 Primus Telecommunications Group, Inc.* 212
4,212 Viatel, Inc.* 105
--------
797
--------
Textiles--0.1%
4,200 DAN River, Inc.* 21
5,350 G & K Services, Inc. 134
4,397 Guilford Mills, Inc. 29
2,500 Pillowtex Corp. 12
3,000 Springs Industries, Inc. 142
3,000 UniFirst Corp. 24
--------
362
--------
Tobacco--0.1%
12,400 DIMON, Inc. 28
8,600 Universal Corp. 199
3,435 Vector Group Ltd. 39
--------
266
--------
Toys, Games, & Hobbies--0.2%
4,100 Action Performance Cos., Inc.* 33
14,800 Boyds Collection Ltd.* 141
4,100 Department 56* 37
4,350 Jakks Pacific, Inc.* 63
2,300 Marvel Enterprises, Inc.* 10
3,000 Racing Champions Corp.* 5
12,200 Topps Co. (The) 127
--------
416
--------
Transportation--1.5%
13,600 Airborne Freight Corp. 274
11,800 Alexander & Baldwin, Inc. 273
6,100 American Freightways Corp.* 91
5,300 Arnold Industries, Inc. 61
3,950 Atlas Air, Inc.* 128
11,800 C.H. Robinson Worldwide, Inc. 530
3,500 Circle International Group 66
5,500 Consolidated Freightways Corp.* 25
2,100 Covenant Transport, Inc.* 22
4,250 EGL, Inc.* 102
8,700 Florida East Coast Industries 418
3,950 Forward Air Corp.* 126
5,500 Fritz Cos., Inc.* 58
4,039 Heartland Express, Inc.* 74
1,700 HUB Group, Inc.* 22
6,000 Hunt (JB) Transprt Services, Inc. 96
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------
<C> <S> <C>
6,800 Kirby Corp. $ 150
1,800 Knight Transportation, Inc.* 27
2,500 Landstar System, Inc.* 133
2,500 MS Carriers, Inc.* 48
5,900 Offshore Logistics, Inc. 83
7,000 Overseas Shipholding Group 162
3,500 Roadway Express, Inc. 75
10,075 Swift Transportation Co., Inc.* 142
7,350 USFreightways Corp.* 202
1,900 US Xpress Enterprises, Inc.* 13
8,512 Werner Enterprises, Inc. 103
14,300 Wisconsin Central Transport* 186
7,000 Yellow Corp.* 115
--------
3,805
--------
Trucking & Leasing--0.1%
2,400 Amerco, Inc.* 40
3,600 Interpool, Inc. 29
13,000 Rollins Truck Leasing Corp. 123
3,700 Xtra Corp. 167
--------
359
--------
Water--0.4%
2,500 American States Water Co. 75
3,326 California Water Service Group 78
2,400 E'town Corp. 159
9,933 Philadelphia Suburban Corp. 246
600 SJW Corp. 68
7,752 United Water Resources, Inc. 270
--------
896
--------------------------------------------------
TOTAL COMMON STOCKS (Cost $240,440) 245,195
--------------------------------------------------
PREFERRED STOCKS--0.0%
Health Care--0.0%
135 Mediq Co., Class A --
--------
Home Furnishing--0.0%
3,600 O'Sullivan Industries Holdings 2
--------
Real Estate Investment Trusts--0.0%
4,300 US Restaurants Properties, Inc. 43
--------------------------------------------------
TOTAL PREFERRED STOCKS (Cost $87) 45
--------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
61
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
-------------------------------------------------------------
Small Company Index Portfolio--Continued
<C> <S> <C>
RIGHTS--0.0%
76 Alpha 1 Biomedicals, Inc.* $ --
24 Score Board, Inc.* --
11,000 Elan Corp PLC* 6
-------------------------------------------------------------
TOTAL RIGHTS (Cost $0) 6
-------------------------------------------------------------
WARRANTS--0.0%
57 PE Corp., Exp. 9-11-03* 2
914 Sunbeam Corp, Exp. 8-24-03 1
-------------------------------------------------------------
TOTAL WARRANTS (Cost $0) 3
-------------------------------------------------------------
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) --
-------------------------------------------------------------
SHORT-TERM INVESTMENTS--2.5%
Sun Trust Bank, Atlanta, Grand Cayman,
Eurodollar Time Deposit
$ 5,387 6.813% Due 6/1/00 5,387
U.S. Treasury Bill #
1,040 4.68% Due 6/22/00 1,036
-------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (Cost $6,423) 6,423
-------------------------------------------------------------
TOTAL INVESTMENTS--100.0%
(Cost $246,950) $251,672
-------------------------------------------------------------
Liabilities, less other assets--0.0% (68)
-------------------------------------------------------------
NET ASSETS--100.0% $251,604
-------------------------------------------------------------
-------------------------------------------------------------
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Type of Number of Notional Contract Contract Unrealized
Contracts Contracts Amount Position Expiration Loss
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Russell 2000 27 $6,419 Long June, 2000 $(779)
---------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
#Security pledged to cover margin requirements for open futures contracts.
See accompanying notes to financial statements.
62
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
Small Company Growth Portfolio
<C> <S> <C>
COMMON STOCKS--95.9%
Advertising--1.8%
5,500 Lamar Advertising Co.* $ 221
-------
Banks--1.1%
4,000 Silicon Valley Bancshares* 131
-------
Beverages--1.2%
2,500 Coors (Adolph), Class B 141
-------
Biotechnology--1.1%
1,900 Inhale Therapeutic Systems, Inc.* 138
-------
Building Materials--1.4%
9,000 U.S. Aggregates, Inc. 169
-------
Chemicals--1.3%
5,400 Spartech Corp. 160
-------
Commercial Services--3.9%
6,400 ITT Educational Services, Inc. 106
4,300 Plexus Corp.* 359
-------
465
-------
Computers--1.7%
4,400 National Computer Systems, Inc. 200
-------
Diversified Financial Services--1.4%
4,600 Metris Cos., Inc. 170
-------
Electronics--7.8%
3,900 ACT Manufacturing, Inc.* 123
3,650 Anadigics, Inc.* 127
2,500 CTS Corp. 138
2,000 Kemet Corp.* 134
4,200 Mettler Toledo International, Inc.* 164
1,500 Newport Corp. 256
-------
942
-------
Entertainment--4.0%
6,500 MGM Grand, Inc. 211
9,800 Station Casinos, Inc.* 266
-------
477
-------
Food--3.8%
5,500 Hain Food Group, Inc.* 162
3,600 Suiza Foods Corp.* 162
4,000 Whole Foods Market, Inc.* 139
-------
463
-------
Health Care--9.4%
2,000 Arthrocare Corp.* 171
5,200 Inamed Corp.* 197
5,400 Novoste Corp.* 204
1,700 Techne Corp.* 136
2,900 Trigon Healthcare, Inc.* 145
5,200 Universal Health Services, Inc. 276
-------
1,129
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
<C> <S> <C>
Insurance--3.4%
4,500 Everest Reinsurance Holdings, Inc. $ 153
6,500 Gallagher, Arthur J. & Co. 251
-------
404
-------
Leisure Time--2.8%
6,900 American Classic Voyager* 131
8,300 Royal Caribbean Cruises Ltd. 204
-------
335
-------
Lodging--1.2%
2,400 Four Seasons Hotels, Inc. 143
-------
Machinery-Diversified--2.6%
3,300 Advanced Energy Industries, Inc.* 122
3,500 Cognex Corp.* 189
-------
311
-------
Media--1.6%
4,900 Citadel Communications Corp.* 196
-------
Miscellaneous Manufacturing--1.7%
5,254 Pentair, Inc. 206
-------
Oil & Gas Producers--4.1%
8,800 Marine Drilling Co., Inc.* 253
7,300 Triton Energy Ltd. 244
-------
497
-------
Pharmaceuticals--5.6%
2,800 ALPHARMA, Inc., Class A 139
1,800 King Pharmaceuticals, Inc.* 96
5,000 Medicis Pharmaceutical* 234
3,000 Sybron International Corp.* 95
4,500 Titan Pharmaceuticals, Inc.* 114
-------
678
-------
Retail--6.6%
7,600 Linens 'N Things, Inc.* 202
5,100 Men's Wearhouse, Inc.* 102
4,300 P.F. Chang's China Bistro, Inc.* 138
6,800 Too, Inc.* 174
6,200 Tweeter Home Entertainment Group, Inc. 181
-------
797
-------
Semiconductors--5.6%
4,800 Alpha Industries 221
4,000 Atmi, Inc.* 154
3,500 Elantec Semiconductor, Inc.* 133
2,650 Three-Five Systems, Inc.* 166
-------
674
-------
Shipbuilding--1.4%
5,100 Newport News Shipbuilding 169
-------
</TABLE>
See accompanying notes to financial statements.
63
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
---------------------------------------------------------------------------
Small Company Growth Portfolio--Continued
<C> <S> <C>
Software--2.5%
2,600 Mercury Interactive Corp.* $ 220
3,000 WebTrends Corp.* 77
-------
297
-------
Telecommunication Equipment--14.4%
2,900 Comverse Technology, Inc.* 265
1,600 Ditech Communications Corp.* 131
3,800 Harmonic, Inc.* 170
6,600 Powerwave Technologies, Inc.* 358
9,500 SBA Communications Corp.* 354
1,300 SDL, Inc.* 295
511 Sonus Networks, Inc.* 37
1,800 Tollgrade Communications, Inc.* 119
-------
1,729
-------
Telecommunications--2.5%
3,780 Caprock Communications Corp.* 76
4,500 Pinnacle Holdings, Inc.* 220
-------
296
---------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $11,709) 11,538
---------------------------------------------------------------------------
SHORT-TERM INVESTMENT--4.1%
(Cost $491)
Sun Trust Bank, Atlanta, Grand Cayman, Eurodollar Time
Deposit
$ 491 6.813%, Due 6/1/00 491
---------------------------------------------------------------------------
TOTAL INVESTMENTS--100.0%
(Cost $12,200) $12,029
---------------------------------------------------------------------------
Other assets, less liabilities--0.0% 4
---------------------------------------------------------------------------
NET ASSETS--100.0% $12,033
---------------------------------------------------------------------------
---------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
64
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
International Equity Index Portfolio
<C> <S> <C>
COMMON STOCKS--96.5%
Australia--2.0%
5,400 Amcor Ltd. $ 16
3,800 AMP Diversified Property Trust 5
9,820 AMP Ltd. 85
2,966 Australian Gas Light Co. Ltd. 15
7,850 Boral Ltd. 8
2,120 Brambles Industries Ltd. 58
1,300 British American Tobacco Australia* 8
16,040 Broken Hill Proprietary Co. Ltd.* 163
9,290 Coca-Cola Amatil Ltd. 18
10,526 Coles Myer Ltd. 38
8,597 Colonial Ltd. 46
1,150 CSL Ltd. 16
9,100 CSR Ltd. 21
3,100 David Jones Ltd. 2
1,300 Delta Gold Ltd. 1
2,661 Email Ltd. 4
1,331 Faulding (F.H.) & Co. Ltd. 6
15,670 Foster's Brewing Group Ltd. 38
4,970 Futuris Corp. Ltd. 5
13,376 General Property Trust 20
10,650 Goodman Fielder Ltd. 8
580 Hanson PLC* 4
1,817 Iluka Resources Ltd. 4
3,400 James Hardie Industries Ltd. 8
2,200 Leighton Holdings Ltd. 6
4,581 Lend Lease Corp. Ltd. 52
14,782 M.I.M. Holdings Ltd. 7
2,829 Mayne Nickless Ltd. 5
13,559 National Australia Bank Ltd. 202
2,000 Newcrest Mining Ltd.* 4
18,416 News Corp. Ltd. 208
15,059 Normandy Mining Ltd. 7
6,544 North Ltd. 10
2,314 Orica Ltd. 9
5,590 Origin Energy Ltd. 4
8,800 Pacific Dunlop Ltd.* 8
1,800 PaperlinX Ltd. 3
3,836 QBE Insurance Group Ltd. 15
1,414 Resolute Ltd. --
2,826 RIO Tinto Ltd. 40
5,300 Santos Ltd. 14
1,614 Smith (Howard) Ltd. 8
964 Sons of Gwalia Ltd. 3
5,672 Southcorp Ltd. 16
3,579 Stockland Trust Group 7
2,900 Suncorp-Metway Ltd. 14
3,262 TABCORP Holdings Ltd. 17
70,040 Telstra Corp. Ltd. 272
2,323 Wesfarmers Ltd. 15
14,892 Westfield Trust 27
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------------
<C> <S> <C>
16,502 Westpac Banking Corp. Ltd. $ 113
10,425 WMC Ltd. 43
10,162 Woolworths Ltd. 33
-------
1,759
-------
Austria--0.2%
19 Austria Mikro Systeme International A.G. 2
190 Austria Tabakwerke A.G. 6
292 Austrian Airlines Osterreichische A.G. 4
1,042 Bank Austria A.G. 49
53 BAU Holding A.G. 2
83 BBAG Oesterreichische Brau-Beteiligungs A.G. 3
116 Boehler-Uddeholm A. G. 5
16 BWT A.G. 5
189 Flughafen Wien A.G. 6
70 Generali Holding Vienna A.G. 11
26 Lenzing A.G. 1
96 Mayr-Melnhof Karton A.G. 5
72 Nevia Beteiligungs A.G. --
282 Oesterreichische Elektrizitaetswirtschafts A.G. 29
249 OMV A.G. 21
202 Radex-Heraklith Industriebeteiligungs A.G. 5
128 VA Technologies A.G. 7
656 Wienerberger Baustoffindustrie A.G. 15
-------
176
-------
Belgium--0.8%
100 Barco Industries 11
190 Bekaert N.V. 10
400 Colruyt N.V. 15
50 Compagnie Maritime Belge S.A. 3
40 D'ieteren Trading N.V. 10
447 Delhaize-Le Lion 27
510 Electrabel S.A. 117
6,690 Fortis A.G., Class B 172
50 Glaverbel S.A 4
230 Groupe Bruxelles Lambert S.A. 55
2,678 KBC Bancassurance Holding 114
765 Solvay S.A. 51
480 Suez Lyonnaise DES Eaux 79
480 Suez Lyonnaise DES Eaux VVPR --
1,340 UCB S.A. 50
200 Union Miniere Group 7
-------
725
-------
Denmark--0.9%
121 Bang & Olufsen Holdings A/S, Class B 4
308 Carlsberg A/S, Class A 10
252 Carlsberg A/S, Class B 8
10 Dampskibsselskabet af 1912 A/S, Class B 111
7 Dampskibsselskabet Svendborg A/S, Class B 110
531 Danisco A/S 19
460 Den Danske Bank 53
</TABLE>
See accompanying notes to financial statements.
65
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
Denmark--Continued
116 Falck A/S $ 17
390 FLS Industries A/S, Class B 6
349 International Service System A/S, Class B* 24
223 Navision Software A/S 8
67 NKT Holding A/S 10
7,889 Nordic Baltic Holding 52
682 Novo-Nordisk A/S, Class B 113
167 Ostasiatiske Kompagni 2
60 Radiometer A/S, Class B 2
412 SAS Danmark A/S 4
1,950 Tele Danmark A/S 139
332 Topdanmark A/S 6
0 Unidanmark A/S, Class A --
940 Vestas Wind Systems A/S 34
655 William Demant Holdings 18
-------
750
-------
Finland--3.2%
200 Amer Group Ltd., Class A 5
200 Finnlines OYJ 4
500 Hartwall OYJ AB, Class A 8
200 Instrumentarium Group OYJ, Class A 5
1,200 Kemira OYJ 6
900 Kesko OYJ* 9
200 Kone OYJ, Class B 12
400 Metra OYJ, Class A 7
100 Metra OYJ, Class B 2
44,020 Nokia OYJ 2,277
1,000 Outokumpu OYJ, Class A 11
100 Pohjola Group Insurance Corp., Class A 6
200 Pohjola Group Insurance Corp., Class B 12
1,600 Raisio Group PLC 3
1,200 Rautaruukki OYJ, Class K 6
600 Sampo Insurance Co. Ltd., Class A 25
101 Sanitec Ltd. OYJ 1
6,640 Sonera Group OYJ 334
200 Stockman AB, Class A 3
300 Stockman AB, Class B 4
800 Tieto Corp. OYJ 31
2,380 UPM-Kymmene OYJ 60
300 Uponor OYJ 6
1,600 Valmet Corp. 22
-------
2,859
-------
France--10.6%
1,650 Accor S.A. 66
760 Air Liquide 106
10,600 Alcatel S.A. 583
7,000 Aventis S.A.* 452
3,520 Axa 516
4,041 Banque Nationale de Paris 363
300 Bouygues 185
1,160 Canal Plus 219
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------------------
<C> <S> <C>
1,100 Cap Gemini S.A. $ 205
6,260 Carrefour Supermarche S.A. 440
50 Chargeurs S.A. 3
150 Club Mediterranee 19
150 Coflexip Stena Offshore 17
787 Compagnie de Saint Gobain 109
150 Compagnie Francaise d'Ettudes et de Construction Technip 16
100 Compagnie Parisienne de Reescompte 4
1,050 Dassault Systemes S.A. 79
215 Eridania Beghin-Say S.A. 20
110 Essilor International S.A. 32
750 Etablissements Economiques du Casino 66
9,275 France Telecom S.A. 1,345
166 Gecina 17
645 Groupe Danone 150
100 Groupe GTM 8
150 Imerys 19
1,000 Lafarage S.A. 77
1,100 Lagardere S.C.A. 77
600 L'OREAL 411
910 LVMH Moet Hennessy Louis Vuitton 369
1,218 Michelin, Class B 40
100 Nord-Est S.A. 3
700 Pechiney S.A. 29
550 Pernod-Ricard 29
1,085 Pinault Printemps-Redoute S.A. 232
400 PSA Peugeot Citroen 82
100 Publicis S.A. 41
95 Sagem S.A. 111
6,520 Sanofi-Synthelabo S.A.* 283
1,450 Schneider Electric S.A. 96
150 SEB S.A. 9
350 Sidel S.A. 24
150 Simco S.A. 11
550 Societe BIC S.A. 24
42 Societe Eurafrance S.A. 18
3,840 Societe Generale 220
310 Sodexho Alliance S.A. 50
1,297 Suez Lyonnaise des Eaux S.A. 217
1,500 Thomson CSF 58
6,749 Total Elf S.A. 1,057
630 Total Elf S.A. VVPR* --
150 Union du Credit-Bail Immobilier 19
2,200 Usinor S.A. 26
754 Valeo S.A. 38
5,405 Vivendi 575
20 Zodiac S.A. 4
-------
9,269
-------
Germany--8.4%
400 Adidas-Salomon A.G. 24
300 Agiv A.G. 5
2,220 Allianz A.G. 797
5,540 BASF A.G. 223
6,610 Bayer A.G. 253
</TABLE>
See accompanying notes to financial statements.
66
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------------
<C> <S> <C>
750 Beiersdorf A.G. $ 58
350 Bilfinger & Berger Bau A.G. 5
550 Buderus A.G. 9
1,150 Continental A.G. 21
9,057 DaimlerChrysler A.G. 488
5,550 Deutsche Bank A.G. 426
3,450 Deutsche Lufthansa A.G. (Registered) 84
27,500 Deutsche Telekom 1,708
400 Deutz A.G.* 2
300 Douglas Holding A.G. 9
4,680 Dresdner Bank A.G. 190
1,100 EM.TV & Merchandising A.G. 73
500 FAG Kugelfischer Georg Schaefer A.G. 4
800 Fresenius Medical Care A.G. 66
650 Gehe A.G. 22
570 Heidelberger Zement A.G. 33
80 Heidelberger Zement A.G. (Belgium Shares) 5
80 Heidelberger Zement A.G. VVPR* --
600 Hochtief A.G. 19
50 Holsten-Brauerei A.G. 1
3,747 Hypo Vereinsbank A.G. 242
100 IWKA A.G. 2
700 Kamps A.G. 19
1,100 Karstadt Quelle A.G. 37
1,000 Linde A.G. 41
1,000 MAN A.G. 35
1,550 Merck KGaA* 49
2,440 Metro A.G. 79
1,610 Muenchener Ruckversicherungs--Gesellschaft A.G. 470
1,513 Preussag A.G. 53
100 Rheinmetall A.G. 1
4,320 RWE A.G. 158
100 Salamander A.G. 1
550 SAP A.G. 227
600 Schering A.G. 90
200 SGL Carbon A.G. 14
5,410 Siemens A.G. 797
4,650 Thyssen Krupp A.G.* 79
4,590 Veba A.G. 234
6,280 Viag A.G. 128
2,800 Volkswagen A.G. 112
1,650 WCM Beteiligungs & Grundbesi A.G. 45
-------
7,438
-------
Hong Kong--1.9%
12,504 Bank of East Asia Ltd.* 22
110,000 Cable & Wireless Ltd. 251
31,000 Cathay Pacific Airways Co. 56
21,000 Cheung Kong Ltd. 192
12,000 Chinese Estates Holdings Ltd. 1
19,000 CLP Holdings Ltd. 88
5,000 Elec & Eltek International Holdings Ltd. 1
6,000 Giordano International Ltd. 9
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------
<C> <S> <C>
11,000 Hang Lung Development Co. $ 7
17,300 Hang Seng Bank Ltd. 147
46,521 Hong Kong & China Gas Co. Ltd. 50
10,500 Hong Kong & Shanghai Hotesl Ltd. 5
1,200 Hong Kong Aircraft Engineerging Co. Ltd. 2
4,000 Hong Kong Construction Holdings Ltd. 1
7,600 Hopewell Holdings Ltd. 3
38,500 Hutchison Whampoa Ltd. 445
9,222 Hysan Development Co. Ltd. 10
8,300 Johnson Electric Holdings Ltd. 62
5,000 Miramar Hotel & Investment Ltd. 2
18,974 New World Development Co. Ltd. 19
18,000 Oriental Press Group 3
26,400 Regal Hotels International* 1
21,000 Shangri-La Asia Ltd. 21
12,155 Shun Tak Holdings Ltd. 1
30,963 Sino Land Co. 10
16,000 South China Morning Post Holdings Ltd. 11
22,172 Sun Hung Kai Properties Ltd. 135
14,000 Swire Pacific Ltd. 81
5,000 Tai Cheung Holdings Ltd. 1
4,000 Television Broadcasts Ltd. 26
3,000 Varitronix International Ltd. 5
22,000 Wharf Holdings Ltd. 39
2,100 Wing Lung Bank Ltd. 6
-------
1,713
-------
Ireland--0.4%
7,832 Allied Irish Banks PLC 72
3,501 CRH PLC 60
766 DCC PLC 8
19,992 Eircom PLC 59
2,674 Fyffes PLC 4
1,756 Greencore Group PLC 5
2,396 Independent News & Media PLC 19
234 Irish Continental Group PLC 2
2,625 Irish Life & Permanent PLC 21
527 Jurys Hotel Group PLC* 3
1,556 Kerry Group PLC, Class A 19
3,152 Ryanair Holdings PLC* 25
9,800 Smurfit (Jefferson) Group PLC 19
2,160 Tullow Oil PLC* 2
6,891 Waterford Wedgwood PLC Units 7
-------
325
-------
Italy--4.2%
14,000 Alitalia S.p.A. 27
1,000 Arnoldo Mondadori Editore S.p.A. 23
11,823 Assicurazioni Generali 354
2,000 Autogrill S.p.A. 21
48,000 Banca di Roma 52
42,000 Banca Intesa S.p.A. 165
7,000 Banca Intesa-RNC S.p.A. 14
2,000 Banca Popolare di Milano 13
</TABLE>
See accompanying notes to financial statements.
67
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
Italy--Continued
17,000 Benetton Group S.p.A. $ 34
3,000 Bulgari S.p.A. 37
1,000 Cartiere Burgo S.p.A. 9
3,200 Cementir S.p.A. 4
66,000 Enel S.p.A. 293
72,640 ENI S.p.A. 389
3,440 Fiat S.p.A. 87
530 Fiat-RNC S.p.A. 7
1,000 IMMSI S.p.A.* 1
6,000 Impregilo S.p.A. 3
2,080 Italcementi S.p.A. 19
1,040 Italcementi-RNC S.p.A. 3
6,000 Italgas S.p.A. 24
3,100 Magneti Marelli 16
1,000 Marzotto S.p.A. 8
11,000 Mediaset S.p.A. 169
5,000 Mediobanca S.p.A. 42
44,240 Olivetti S.p.A. 149
14,000 Parmalat Finanziaria S.p.A. 17
17,000 Pirelli S.p.A. 43
1,000 Pirelli-RNC S.p.A. 2
1,000 Reno de Medici S.p.A. 2
2,000 Rinascente (la) S.p.A. 11
6,000 Riunione Adriatica di Sicurta S.p.A. 56
1,200 Riunione Adriatica di Sicurta-RNC S.p.A. 9
13,080 San Paolo-IMI S.p.A. 190
2,000 Sirti S.p.A. 4
6,000 Snia S.p.A. 6
1,000 Snia-RNC S.p.A. 1
500 Societa Assicuratrice Industriale S.p.A. 8
500 Societa Assicuratrice Industriale-RNC S.p.A. 4
8,488 Telecom Italia-RNC S.p.A. 52
33,101 Telecom Italia S.p.A. 454
59,720 TIM S.p.A. 619
14,000 TIM-RNC S.p.A. 60
45,040 Unicredito Italiano S.p.A. 199
-------
3,700
-------
Japan--25.5%
3,000 77 Bank Ltd. 27
1,300 Acom Co. Ltd. 96
900 Advantest Corp. 190
6,000 Ajinomoto Co. 73
2,000 Alps Electric Co. Ltd. 31
3,000 Amada Co., Ltd. 26
1,000 Amano Corp. 8
700 Aoyama Trading Co. Ltd. 8
500 Arabian Oil Co. 2
26,000 Asahi Bank Ltd. 116
5,000 Asahi Breweries Ltd. 62
13,000 Asahi Chemical Industry Co. Ltd. 81
11,000 Asahi Glass Co. Ltd. 102
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------
<C> <S> <C>
300 Asatsu-DK, Inc. $ 10
6,000 Ashikaga Bank Ltd. 12
400 Autobacs Seven Co. Ltd. 12
6,000 Bank of Fukuoka Ltd. 40
42,000 Bank of Tokyo-Mitsubishi Ltd. 527
10,000 Bank of Yokohama Ltd. 43
600 Benesse Corp. 40
8,000 Bridgestone Corp. 183
3,000 Brother Industries Ltd. 7
8,000 Canon, Inc. 369
2,000 Casio Computer Co. Ltd. 19
20 Central Japan Railway Co. 111
2,000 Chiyoda Corp.* 2
2,000 Chugai Pharmaceutical Co. Ltd. 34
3,000 Citizen Watch Co. Ltd. 26
6,000 Cosmo Oil Co. Ltd. 8
1,600 Credit Saison Co. Ltd. 32
700 CSK Corp. 22
7,000 Dai Nippon Printing Co. Ltd. 119
4,000 Daicel Chemical Industry Ltd. 12
6,000 Daiei, Inc. 18
1,000 Daifuku Co. Ltd. 9
2,000 Daiichi Pharmaceutical 37
2,000 Daikin Industries Ltd. 40
2,000 Daikyo, Inc.* 4
2,000 Daimaru, Inc. 6
7,000 Dainippon Ink & Chemicals Inc. 31
2,000 Dainippon Screen Manufacturing Co. Ltd. 16
1,300 Daito Trust Construction Co. 25
19,000 Daiwa Bank Ltd. 48
5,000 Daiwa House Industry Co. Ltd. 37
1,000 Daiwa Kosho Lease Co. Ltd. 3
12,000 Daiwa Securities Co. Ltd. 146
4,000 Denki Kagaku Kogyo Kabushiki Kaisha 13
8,000 Denso Corp. 182
36 East Japan Railway Co. 205
3,000 Ebara Corp. 31
3,000 Eisai Co. Ltd. 65
2,200 Fanuc Ltd. 192
31,000 Fuji Bank Ltd. 240
300 Fuji Machine Manufacturing Co. Ltd. 14
5,000 Fuji Photo Film Co. 175
200 Fuji Soft ABC, Inc. 10
4,000 Fujikura Ltd. 19
5,000 Fujita Corp. 2
18,000 Fujitsu Ltd. 510
6,000 Furukawa Electric Co. Ltd. 86
5,000 Gunma Bank 27
2,000 Gunze Ltd. 6
2,000 Hankyu Department Stores, Inc. 10
10,000 Haseko* 4
400 Hirose Electric 56
30,000 Hitachi Ltd. 372
9,000 Hitachi Zosen Corp. 8
</TABLE>
See accompanying notes to financial statements.
68
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
----------------------------------------------------------------
<C> <S> <C>
6,000 Hokuriku Bank $ 14
9,000 Honda Motor Co. Ltd. 297
1,000 House Foods Corp. 15
1,000 Hoya Corp. 93
2,000 Inax 11
24,000 Industrial Bank of Japan 187
2,000 Isetan 20
3,000 Ishihara Sangyo Kaisha* 4
12,000 Ishikawajima-Harima Heavy Industries Co. Ltd. 19
4,000 Ito-Yokado Co. 237
13,000 Itochu Corp. 53
2,000 Iwatani International Corp. 3
1,000 JACCS Co. Ltd. 3
16,000 Japan Airlines 48
10,000 Japan Energy Corp. 9
3,000 Japan Steel Works* 3
18 Japan Tobacco 138
2,000 JGC Corp. 6
8,000 Joyo Bank 31
3,000 JUSCO Co. 51
100 Kadokawa Shoten Publishing Co. Ltd. 10
9,000 Kajima Corp. 22
1,000 Kaken Pharmaceutical Co. 6
3,000 Kamigumi Co. Ltd. 14
5,000 Kanebo Ltd. 11
3,000 Kaneka Corp. 31
8,900 Kansai Electric Power Co., Inc. 153
6,000 Kao Corp. 182
1,000 Katokichi 25
13,000 Kawasaki Heavy Industries Ltd. 17
5,000 Kawasaki Kisen Kaisha Ltd. 8
29,000 Kawasaki Steel Corp. 44
5,000 Keihin Electric Express Railway Co. Ltd. 18
2,000 Kikkoman Corp. 14
2,000 Kinden Corp. 11
15,000 Kinki Nippon Railway 60
9,000 Kirin Brewery Co. Ltd. 109
1,000 Kokuyo Co. Ltd. 15
9,000 Komatsu Ltd. 55
1,000 Komori Corp. 16
1,100 Konami Co. Ltd. 58
3,000 Konica Corp. 18
2,000 Koyo Seiko Co. Ltd. 14
13,000 Kubota Corp. 46
7,000 Kumagai Gumi Co. 3
3,000 Kurary Co. Ltd. 31
2,000 Kureha Chemical Industry Ltd. 5
1,000 Kurita Water Industries Ltd. 21
1,700 Kyocera Corp. 282
1,000 Kyowa Exeo Corp. 10
4,000 Kyowa Hakko Kogyo 36
1,000 Maeda Road Construction Co. Ltd. 4
1,000 Makino Milling Machine Co. Ltd. 9
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
--------------------------------------------------------------
<C> <S> <C>
1,000 Makita Corp. $ 10
14,000 Marubeni Corp. 37
3,000 Marui Co. Ltd. 55
19,000 Matsushita Electric Industrial Co. Ltd. 449
3,000 Meiji Milk Products Co. Ltd. 15
4,000 Meiji Seika 26
300 Meitec 11
4,000 Minebea Co. Ltd. 47
19,000 Mitsubishi Chemical Corp. 74
14,000 Mitsubishi Corp. 116
19,000 Mitsubishi Electric Corp. 187
12,000 Mitsubishi Estate Co. Ltd. 141
5,000 Mitsubishi Gas Chemical Co. 13
31,000 Mitsubishi Heavy Industries Ltd. 108
2,000 Mitsubishi Logistics Corp. 16
10,000 Mitsubishi Materials Corp. 33
3,000 Mitsubishi Paper Mills 4
6,000 Mitsubishi Rayon Co. 16
12,000 Mitsubishi Trust & Banking Corp. 97
14,000 Mitsui & Co. 98
8,000 Mitsui Engineering & Shipbuilding Co. Ltd.* 6
7,000 Mitsui Fudosan Co. Ltd. 72
7,000 Mitsui Marine & Fire Insurance Co. Ltd. 37
5,000 Mitsui Mining & Smelting 33
7,000 Mitsubishi Trust & Banking Corp. 28
1,000 Mitsui Soko Co. Ltd. 2
4,000 Mitsukoshi Ltd. 15
1,000 Mori Seiki Co. Ltd. 15
2,000 Murata Manufacturing Co. Ltd. 345
3,000 Mycal Corp. 9
500 Namco Ltd. 13
15,000 NEC Corp. 380
3,000 NGK Insulators Ltd. 31
2,000 NGK Spark Plug Co. 23
400 Nichiei Co. Ltd. 7
3,000 Nichirei Corp. 9
400 Nidec Corp. 31
3,000 Nikon Corp. 83
900 Nintendo Co. Ltd. 134
1,000 Nippon Comsys Corp. 19
10,000 Nippon Express Co. Ltd. 56
6,000 Nippon Light Metal Co. Ltd. 4
2,000 Nippon Meat Packers, Inc. 27
13,000 Nippon Mitsubishi Oil Co. Ltd. 53
9,000 Nippon Paper Industries Co. 59
1,000 Nippon Sharyo Ltd. 2
4,000 Nippon Sheet Glass Co. Ltd. 36
3,000 Nippon Shinpan Co. 6
2,000 Nippon Shokubai K.K. Co. 9
62,000 Nippon Steel Corp. 136
3,000 Nippon Suisan Kaisha Ltd. 5
116 Nippon Telegraph & Telephone Corp. 1,378
11,000 Nippon Yusen Kabushiki Kaisha 47
</TABLE>
See accompanying notes to financial statements.
69
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
Japan--Continued
3,000 Nishimatsu Construction $ 11
36,000 Nissan Motor Co. Ltd. 189
2,000 Nisshin Flour Milling 18
2,000 Nisshinbo Industries, Inc. 9
1,000 Nissin Food Products 25
2,000 Nitto Boseki Co. 2
1,000 Nitto Denko Corp. 42
2,000 NOF Corp. 5
18,000 Nomura Securities Co. Ltd. 413
1,000 Noritake Co. Ltd. 5
5,000 NSK Ltd. 38
4,000 NTN Corp. 13
7,000 Obayashi Corp. 27
9,000 OJI Paper Co. Ltd. 58
1,000 Okuma Corp. 4
2,000 Okumura Corp. 6
2,000 Olympus Optical Co. Ltd. 34
2,000 Omron Corp. 52
2,000 Onward Kashiyama Co. Ltd. 27
3,000 Orient Corp. 14
600 Oriental Land Co. Ltd. 60
820 Orix Corp. 121
23,000 Osaka Gas Co. Ltd. 59
400 Oyo Corp. 5
3,000 Penta-Ocean Construction 3
2,000 Pioneer Corp. 61
700 Promise Co. Ltd. 59
3,000 Renown, Inc. 3
1,000 Rohm Co. Ltd. 312
37,000 Sakura Bank Ltd. 274
1,000 Sanden Corp. 6
4,000 Sankyo Co. Ltd. 92
1,000 Sanrio Co. Ltd. 27
2,000 Sanwa Shutter Corp. 6
17,000 Sanyo Electric Co. 126
3,000 Sapporo Breweries Ltd. 12
2,000 Secom Co. Ltd. 136
1,100 Sega Enterprises 16
1,000 Seino Transportation Co. Ltd. 5
2,000 Seiyu Ltd. 8
5,000 Sekisui Chemical Co. Ltd. 17
6,000 Sekisui House Ltd. 58
10,000 Sharp Corp. 180
500 Shimachu Co. Ltd. 8
200 Shimamura Co. 21
1,000 Shimano, Inc. 22
7,000 Shimizu Corp. 17
4,000 Shin-Etsu Chemical Co. Ltd. 196
3,000 Shionogi & Co. Ltd. 48
4,000 Shiseido Co. Ltd. 55
7,000 Shizuoka Bank 66
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------
<C> <S> <C>
200 Sho-Bond Corp. $ 2
10,000 Showa Denko K.K. 12
4,000 Showa Shell Sekiyu K.K. 16
1,000 Skylark Co. Ltd. 35
700 SMC Corp. 123
3,000 Snow Brand Milk Products 15
3,000 Softbank Corp. 453
8,800 Sony Corp. 797
28,000 Sumitomo Bank Ltd. 367
15,000 Sumitomo Chemical Co. 72
10,000 Sumitomo Corp. 93
7,000 Sumitomo Electric Industries Ltd. 102
2,000 Sumitomo Forestry Co. Ltd. 12
5,000 Sumitomo Heavy Industries Ltd. 13
6,000 Sumitomo Marine & Fire Insurance Ltd. 38
33,000 Sumitomo Metal Industries Ltd. 23
5,000 Sumitomo Metal Mining Co. 21
4,000 Sumitomo Osaka Cement Co. Ltd. 16
8,400 Taiheiyo Cement Corp. 13
9,000 Taisei Corp. 12
3,000 Taisho Pharmaceutical Co. 92
1,000 Taiyo Yuden Co. Ltd. 76
2,000 Takara Shuzo 45
1,000 Takara Standard Co. Ltd. 4
2,000 Takashimaya Co. Ltd. 18
8,000 Takeda Chemical Industries 546
900 Takefuji Corp. 95
1,000 Takuma Co. Ltd. 8
8,000 Teijin Ltd. 33
3,000 Teikoku Oil Co. Ltd. 9
2,000 Terumo Corp. 64
2,000 Toa Corp. 2
8,000 Tobu Railway Co. 21
3,000 Toda Corp. 12
1,000 Toei Co. Ltd. 7
200 Toho Co. Ltd. 34
4,600 Tohoku Electric Power 58
20,000 Tokai Bank 98
14,000 Tokio Marine & Fire Insurance Co. Ltd. 153
2,000 Tokyo Broadcasting System, Inc. 74
1,000 Tokyo Dome Corp. 4
12,300 Tokyo Electric Power Co. 307
2,000 Tokyo Electron Ltd. 273
25,000 Tokyo Gas Co. Ltd. 61
1,000 Tokyo Style Co. Ltd. 9
2,000 Tokyo Tatemono Co. Ltd. 4
3,000 Tokyotokeiba 4
10,000 Tokyu Corp. 44
6,000 Toppan Printing Co. Ltd. 64
13,000 Toray Industries, Inc. 50
29,000 Toshiba Corp. 280
5,000 Tosoh Corp. 25
2,000 Tostem Corp. 33
3,000 Toto Ltd. 20
</TABLE>
See accompanying notes to financial statements.
70
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
2,000 Toyo Seikan Kaisha $ 35
6,000 Toyobo Ltd. 10
34,000 Toyota Motor Corp. 1,543
200 Trans Cosmos, Inc. 29
2,000 Tsubakimoto Chain Ltd. 9
8,000 Ube Industries Ltd. 18
700 Uni-Charm Corp. 41
4,000 Unitika Ltd.* 3
2,000 Uny Co. Ltd. 25
1,000 Wacoal Corp. 8
300 World Co. Ltd. 12
2,000 Yakult Honsha Co. Ltd. 22
2,000 Yamaha Corp. 18
3,000 Yamanouchi Pharmaceutical Co. Ltd. 136
4,000 Yamato Transport Co. Ltd. 93
2,000 Yamazaki Baking Co. Ltd. 18
2,000 Yokogawa Electric Co. 17
-------
22,330
-------
Malaysia--0.0%
4,000 Promet Berhad* --
280 Silverstone Berhad* --
-------
--
-------
Netherlands--5.7%
13,299 ABN AMRO Holding N.V. 302
12,110 AEGON N.V. 452
2,585 Akzo Nobel N.V. 98
3,778 ASM Lighography Holding N.V. 138
2,143 Baan Company N.V. 6
873 Buhrmann N.V. 26
6,053 Elsevier N.V. 56
3,060 Getronics N.V. 51
955 Hagemeyer N.V. 23
2,840 Heineken N.V. 145
313 Hollandsche Beton Groep N.V. 4
251 IHC Caland N.V. 11
8,756 ING Groep N.V. 521
503 KLM N.V. 11
5,856 Koninklijke Ahold N.V. 165
12,285 Koninklijke Philips Electronics N.V. 545
210 Nedlloyd N.V. 5
765 OCE N.V. 11
19,423 Royal Dutch Petroleum Co. 1,188
4,316 Royal KPN N.V. 387
7,800 Stmicroelectronics N.V. 462
288 Stork N.V. 4
4,326 TNT Post Group N.V. 105
5,177 Unilever N.V. 261
872 Vedior N.V. 10
490 Vopax N.V. 11
2,516 Wolters Kluwer N.V. 62
-------
5,060
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------------------------------
<C> <S> <C>
New Zealand--0.1%
25,500 Brierley Investments Ltd. $ 4
15,600 Carter Holt Harvey Ltd. 13
5,400 Contact Energy Ltd. 7
800 Fisher & Paykel Industries Ltd. 2
3,279 Fletcher Challenge Building 3
3,147 Fletcher Challenge Energy 8
7,317 Fletcher Challenge Forests 3
5,700 Fletcher Challenge Paper 6
5,000 Lion Nathan Ltd. 10
15,980 Telecom Corp. of New Zealand Ltd. 56
-------
112
-------
Norway--0.3%
500 Bergesen d.y. ASA, Class A 10
200 Bergesen d.y. ASA, Class B 4
4,000 Christiania Bank Og Kreditkasse 21
7,000 DnB Holding ASA 25
100 Dyno ASA 2
400 Elkem ASA 7
500 Hafslund ASA, Class A 2
400 Hafslund ASA, Class B 1
400 Kvaerner ASA 5
100 Kvaerner ASA, Class B 1
200 Leif Hoegh & Co. ASA 2
1,200 Merkantildata ASA 8
2,610 Norsk Hydro ASA 99
300 Norske Skogindustrier ASA, Class A 9
100 Norske Skogindustrier ASA, Class B 2
2,000 Orkla ASA 32
1,000 Petroleum Geo-Services ASA* 18
300 SAS Norge ASA, Class B 2
600 Schibsted ASA 12
200 Smedvig, Class A 3
100 Smedvig, Class B 2
2,600 Storebrand ASA 17
800 Tomra Systems ASA 17
100 Unitor ASA 1
-------
302
-------
Portugal--0.4%
9,100 Banco Comercial Portugues S.A. (Registered) 44
1,100 Banco Espirito Santo e Comercial de Lisboa S.A. (Registered) 26
5,000 BPI-SGPS S.A. (Registered) 16
2,700 Brisa-Auto Estradas de Portugal S.A. 20
1,200 Cimpor Cimentos de Portugal SGPS S.A. 18
100 Cin-Corporacao Industrial do Norte S.A. 1
100 Companhia de Seguros Tranquilidade (Registered) 3
100 Corticeira Amorim S.A. 1
100 EFACEC Capital SGPS S.A. 1
5,400 Electricidade de Portugal S.A. 93
</TABLE>
See accompanying notes to financial statements.
71
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
Portugal--Continued
300 INAPA Investimentos Participacoes e Gestao S.A. $ 2
900 Jeronimo Martins SGPS S.A. 14
700 Portucel Industral-Empresa Produtora de Celulose S.A. 4
9,500 Portugal Telecom S.A. (Registered) 104
380 Soares da Costa (Sociedade de Construcoes) S.A. 1
700 Sonae Investmentos-SGPS S.A. 30
-------
378
-------
Singapore--0.7%
7,000 City Developments Ltd. 23
4,000 Comfort Group Ltd. 2
1,000 Creative Technology Ltd. 24
2,000 Cycle & Carriage Ltd. 4
12,198 DBS Group Holdings Ltd. 122
12,000 DBS Land Ltd. 14
3,000 First Capital Corp. Ltd. 2
3,000 Fraser & Neave Ltd. 9
2,000 Haw Par Brothers International Ltd. 2
4,000 Hotel Properties Ltd. 4
1,000 Inchcape Motors Ltd. 1
7,250 Keppel Corp. Ltd. 14
3,000 NatSteel Ltd. 3
10,370 Neptune Orient Lines Ltd. 8
11,980 Overseas Chinese Banking Corp. Ltd. (Foreign) 67
2,000 Overseas Union Enterprise Ltd. 5
3,000 Parkway Holdings Ltd. 7
1,000 Robinson & Co. Ltd. 2
14,494 Sembcorp Industries Ltd. 13
11,500 Singapore Airlines Ltd. 99
2,893 Singapore Press Holdings Ltd. 43
26,000 Singapore Technologies Engineering Ltd. 35
56,000 Singapore Telecommunications Ltd. 76
2,000 Straits Trading Co. Ltd. 2
11,000 United Industrial Corp. Ltd. 5
9,392 United Overseas Bank Ltd. (Foreign) 51
5,000 United Overseas Land Ltd. 3
2,000 Venture Manufacturing (Singapore) Ltd. 18
-------
658
-------
Spain--2.6%
575 Acerinox S.A. 19
600 ACS, Actividades de Construccion y Servicios S.A. 16
1,225 Aguas de Barcelona 17
200 Aguila (El) S.A. 1
3,175 Altadis S.A. 46
300 Asturiana del Zinc S.A. 3
2,350 Autopistas Concesionaria S.A. 22
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------------------------
<C> <S> <C>
600 Azucarera Ebro Agricolas $ 7
28,046 Banco Bilbao Vizcaya S.A. 390
37,136 Banco Central Hispanoamericano 362
750 Corporacion Financiera Alba 19
593 Corporacion Mapfre 8
400 Cortefiel S.A. 10
9,620 Endesa S.A. 199
1,600 Ercros S.A. 1
200 Fabrica Espanola de Productos Quimicos y Farmaceuticos S.A. 2
1,150 Fomento de Construcciones Y Contratas S.A. 26
4,075 Gas Natural SDG S.A., Class E 73
1,520 Grupo Dragados S.A. 11
150 Grupo Empresarial Ence S.A. 3
8,164 Iberdrola S.A. 105
800 Inmobiliaria Urbis S.A. 4
500 Metrovacesa S.A. 9
225 Portland Valderrivas S.A. 5
600 Prosegur CIA de Seguridad S.A. (Registered) 8
2,766 Puleva S.A. 5
10,785 Repsol S.A. 230
1,500 SOL Melia S.A. 19
29,589 Telefonica de Espana 605
1,800 Telepizza S.A.* 11
2,729 Union Electrica Fenosa S.A. 57
350 Uralita S.A. 2
1,025 Vallehermoso S.A. 7
300 Viscofan Industria Navarra de Envolturas Celulosicas S.A. 2
1,100 Zardoya Otis S.A. 10
-------
2,314
-------
Sweden--3.3%
4,500 ABB AB, Class A 56
1,800 ABB AB, Class B 23
1,000 Assidoman AB 17
1,300 Atlas Copco AB, Class A 29
600 Atlas Copco AB, Class B 13
400 Diligentia AB 4
1,000 Drott AB, Class B 10
3,340 Electrolux AB, Class B 56
100 Esselte AB, Class A 1
100 Esselte AB, Class B 1
4,850 ForeningsSparbanken AB 72
2,300 Gambro AB, Class A 17
700 Gambro AB, Class B 5
7,490 Hennes & Mauritz AB, Class B 189
900 Netcom AB, Class B* 63
19,600 Nordic Baltic Holding AB 129
800 OM Gruppen AB 32
2,300 Sandvik AB, Class B 50
292 Sapa AB 5
</TABLE>
See accompanying notes to financial statements.
72
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------------------------------
<C> <S> <C>
3,200 Securitas AB, Class B $ 74
9,410 Skandia Forsakrings AB 240
6,300 Skandinaviska Enskilda Banken, Class A 69
1,100 Skanska AB, Class B 41
500 SKF AB, Class A 9
611 SKF AB, Class B 11
700 Ssab Svenskt Stal AB, Class A 7
200 Ssab Svenskt Stal AB, Class B 2
2,100 Svenska Cellulosa AB, Class B 42
5,800 Svenska Handelsbanken, Class A 82
600 Svenska Handelsbanken, Class B 8
3,600 Swedish Match AB 11
70,640 Telefonaktiebolaget LM Ericsson, Class B 1,430
1,000 Trelleborg AB, Class B 7
1,200 Volvo AB, Class A 28
2,800 Volvo AB, Class B 66
3,500 Wm-Data AB, Class B 27
-------
2,926
-------
Switzerland--5.7%
2,723 ABB Ltd. 337
160 Adecco S.A. 126
60 Alusuisse-Lonza Holdings A.G. (Registered) 38
2,475 Credit Suisse Group (Registered) 460
10 Forbo Holding A.G. 4
25 Georg Fischer A.G. (Registered) 8
50 Holderbank Financiere Glarus A.G. (Bearer) 58
90 Holderbank Financiere Glarus A.G. (Registered) 30
10 Jelmoli S.A. 3
2 Kuoni Reisen A.G., Category B (Registered) 1
70 Lonza A.G. 35
10 Moevenpick Holding 5
355 Nestle S.A. (Registered) 674
655 Novartis A.G. (Registered) 962
14 Roche Holdings A.G. (Bearer) 163
64 Roche Holdings A.G. (Genusss) 672
100 SAirGroup (Registered) 18
10 Schindler Holding AG (Registered) 15
10 Schindler Holding AG 15
10 SGS Societe Generale de Surveillance Holdings S.A (Bearer) 18
20 SGS Societe Generale de Surveillance Holdings S.A
(Registered) 8
20 Sika Finanz A.G. 7
30 Sulzer A.G. (Registered) 20
30 Swatch Group A.G. (Bearer) 37
100 Swatch Group A.G. (Registered) 25
130 Swiss (Registered) 249
670 Swisscom A.G. 234
3,898 UBS (Registered) 525
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-----------------------------------------------------
<C> <S> <C>
35 Valora Holding A.G. $ 10
450 Zurich Allied A.G. 220
-------
4,977
-------
United Kingdom--19.6%
5,000 3I Group PLC 95
12,800 Abbey National PLC 170
5,000 Airtours PLC 27
13,985 Allied Zurich PLC 157
1,047 AMEC PLC 3
1,000 Amslit Litigation Letter --
6,000 Amvescap PLC 79
2,929 Anglian Water PLC 24
7,000 Arjo Wiggins Appleton PLC 26
9,000 ARM Holdings PLC 80
10,101 BAA PLC 74
3,158 Balfour Beatty PLC 4
13,363 Barclays PLC 347
2,000 Barratt Developments PLC 7
7,849 Bass PLC 86
4,101 BBA Group PLC 30
1,000 Berkeley Group PLC 8
31,563 BG Group PLC 189
7,316 Blue Circle Industries PLC 47
4,037 BOC Group PLC 57
8,115 Boots Co. PLC 68
205,262 BP Amoco PLC 1,866
26,040 British Aerospace PLC 163
10,120 British Airways PLC 55
19,385 British American Tobacco PLC 113
5,035 British Land Co. PLC 30
16,560 British Sky Broadcasting Group PLC 303
58,335 British Telecommunications PLC 845
4,045 Bunzl PLC 19
1,856 Burmah Castrol PLC 46
18,210 Cadbury Schweppes PLC 121
6,000 Canary Wharf Finance PLC 32
2,000 Capita Group PLC 45
4,900 Caradon PLC 12
10,148 Carlton Communications PLC 120
2,000 Celltech Group PLC 29
35,400 Centrica PLC 128
12,185 CGU PLC 185
7,000 Coats Viyella PLC 6
6,000 Compass Group PLC 67
27,170 Corus Group PLC 40
1,850 De La Rue PLC 10
30,410 Diageo PLC 260
15,342 Dixons Group PLC 73
1,000 Eidos PLC 4
4,000 Electrocomponents PLC 39
7,137 EMI Group PLC 61
5,000 FKI PLC 15
6,646 GKN PLC 92
</TABLE>
See accompanying notes to financial statements.
73
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
---------------------------------------------------------------
International Equity Index Portfolio--Continued
<C> <S> <C>
United Kingdom--Continued
6,646 GKN PLC, Class B $ 1
32,347 Glaxo Wellcome PLC 913
16,794 Granada Group PLC 149
4,000 Great Portland Estates PLC 13
9,000 Great Universal Stores PLC 56
20,397 Halifax PLC 200
2,040 Hammerson PLC 13
7,000 Hanson PLC 50
16,000 Hays PLC 90
2,000 Hepworth PLC 6
13,226 Hilton Group PLC 49
76,462 HSBC Holdings PLC 843
4,000 IMI PLC 16
7,000 Imperial Chemical Industries PLC 56
33,495 Invensys PLC 115
1,000 Jarvis PLC 2
2,000 Johnson Matthey PLC 23
12,154 Kingfisher PLC 112
4,873 Land Securities PLC 58
12,000 LASMO PLC 21
46,160 Legal & General Group PLC 116
1,000 LEX Service PLC 6
49,501 Lloyds TSB Group PLC 536
4,000 Logica PLC 107
1,000 London Bridge Software Holdings 9
23,747 Marconi PLC 286
25,749 Marks & Spencer PLC 96
3,251 MEPC PLC 21
5,008 Misys PLC 43
13,050 National Grid Group PLC 100
10,302 National Power PLC 57
6,000 Nycomed Amersham PLC 52
911 Ocean Group PLC 17
5,591 Pearson PLC 168
5,762 Peninsular & Orient Steam Navigation 60
9,718 Pilkington PLC 12
1,929 Provident Financial PLC 20
17,539 Prudential Corp. PLC 265
5,000 Psion PLC 41
2,020 Racal Electronics PLC 13
5,016 Railtrack Group PLC 63
7,215 Rank Group PLC 15
9,832 Reed International PLC 65
25,000 Rentokil Initial PLC 56
13,270 Reuters Holdings Group PLC 198
3,472 Rexam PLC 12
1,437 Rexam PLC, Class B 2
9,374 Rio Tinto PLC (Registered) 138
2,000 RMC Group PLC 25
23,477 Royal Bank of Scotland Group PLC 386
12,000 Sage Group PLC 116
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
<C> <S> <C>
17,210 Sainbury (J) PLC $ 78
2,500 Schroders PLC 40
16,000 Scottish Power PLC 127
4,000 Sema Group PLC 56
4,000 Slough Estates PLC 21
9,512 Smith & Nephew PLC 25
50,944 SmithKline Beecham PLC 650
3,053 Smiths Industries PLC 38
2,000 SSL International PLC 22
15,024 Stagecoach Holdings PLC 13
4,000 Tate & Lyle PLC 16
4,046 Taylor Woodrow PLC 9
1,000 TDG PLC 1
61,048 Tesco PLC 184
2,860 Thames Water PLC 34
5,000 TI Group PLC 28
2,009 Unigate PLC 9
26,466 Unilever PLC 175
5,000 United Utilities PLC 47
549,162 Vodafone AirTouch PLC 2,504
6,307 Williams PLC 36
3,000 Wimpey (George) PLC 5
5,093 Wolseley PLC 26
7,000 WPP Group PLC 85
16,400 Zeneca Group PLC 691
-------
17,164
-------------------------------------------------------
TOTAL COMMON STOCKS (Cost $78,677) 84,935
-------------------------------------------------------
PREFERRED STOCKS--0.6%
Australia--0.2%
19,426 News Corp. Ltd. 187
-------
Austria--0.0%
12 Bau Holdings A.G.--Vorzug --
-------
France--0.0%
100 Etablissements Economiques du Casino 6
-------
Germany--0.4%
300 Dyckerhoff AG 8
550 MAN A.G.--Vorzug 13
150 Metro A.G.--Vorzug 3
100 Rheinmetall A.G. 1
700 RWE A.G.-Non Voting 21
410 SAP A.G.--Vorzug 216
950 Volkswagen A.G.-Non Voting 24
-------
286
-------
Italy--0.0%
730 Fiat S.p.A. 12
-------------------------------------------------------
TOTAL PREFERRED STOCKS (Cost $513) 491
-------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
74
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount/
Shares Description Value
--------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS--0.0%
Australia--0.0%
$ 116 AMP Ltd. $ 6
4,234 AMP Reinsurance Note --
--------------------------------------------------------
TOTAL CORPORATE BONDS (Cost $10) 6
--------------------------------------------------------
WARRANTS/RIGHTS--0.0%
Belgium--0.0%
100 Gevaert N.V., Exp. 10/9/00* --
------
France--0.0%
50 Axa, Exp. 6/6/00* --
300 Vivendi, Exp. 5/2/01* 1
------
1
------
Sweden--0.0%
1,200 Volvo AB, Class A, Exp. 6/27/00 --
2,800 Volvo AB, Class B, Exp. 6/27/00 --
------
--
------
Switzerland--0.0%
18 Kuoni Reisen Holding, Exp. 6/5/00 7
------
United Kingdom--0.0%
246,912 Anglian Water PLC --
--------------------------------------------------------
TOTAL WARRANTS/RIGHTS (Cost $0) 8
--------------------------------------------------------
OTHER--1.4%
Australia--0.0%
3,200 World Equity Benchmark Shares (WEBS)
Index Series--Australia 30
Austria--0.0%
400 WEBS Index Series--Austria 3
Belgium--0.0%
800 WEBS Index Series--Belgium 11
France--0.2%
5,300 WEBS Index Series--France 149
Germany--0.2%
4,900 WEBS Index Series--Germany 121
Hong Kong--0.0%
2,300 WEBS Index Series--Hong Kong 27
Italy--0.1%
2,400 WEBS Index Series--Italy 59
Japan--0.4%
24,200 WEBS Index Series--Japan 348
Netherlands--0.1%
3,000 WEBS Index Series--Netherlands 72
Singapore--0.0%
1,700 WEBS Index Series--Singapore 11
Spain--0.0%
1,400 WEBS Index Series--Spain 37
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
-----------------------------------------------------------
<C> <S> <C>
Sweden--0.1%
1,400 WEBS Index Series--Sweden $ 45
Switzerland--0.1%
4,900 WEBS Index Series--Switzerland 77
United Kingdom--0.3%
14,000 WEBS Index Series--United Kingdom 265
-----------------------------------------------------------
TOTAL OTHER (Cost $1,255) 1,255
-----------------------------------------------------------
SHORT-TERM INVESTMENT--0.6%
(Cost $551)
Sun Trust Bank, Atlanta, Grand Cayman,
Eurodollar Time Deposit
$ 551 6.813% Due 6/1/00 551
-----------------------------------------------------------
TOTAL INVESTMENTS--99.1%
(Cost $81,006) $87,246
-----------------------------------------------------------
Other assets, less liabilities--0.9% 816
-----------------------------------------------------------
NET ASSETS--100.0% $88,062
</TABLE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*Non-income producing security.
At May 31, 2000 the Portfolio's investments, excluding the short-term
investment, were diversified as follows:
<TABLE>
<S> <C>
Industry/Sector
-----------------------------
Banks 11.9%
Business Services 17.1
Capital Goods 5.5
Consumer Durables 7.5
Consumer Non-durables 5.0
Consumer Services 4.6
Energy 6.0
Financial Services 8.7
Health Care 7.0
Multi-industry 2.4
Raw Materials 5.6
Retail 3.1
Technology 7.6
Transportation 2.0
Utilities 6.0
-----------------------------
Total 100.0%
-----------------------------
</TABLE>
See accompanying notes to financial statements.
75
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
-------------------------------------------------------
International Growth Portfolio
<C> <S> <C>
COMMON STOCKS--93.0%
Canada--1.3%
120,000 Barrick Gold Corp. $ 2,168
--------
Finland--1.8%
20,000 Nokia oyj ADR 1,040
38,000 Sonera Group oyj 1,914
--------
2,954
--------
France--13.1%
34,000 Alcatel S.A. 1,870
32,000 Aventis S.A.* 2,077
17,000 Axa 2,491
14,000 Axa--Rights* 25
26,000 Banque Nationale de Paris 2,333
11,000 Cap Gemini S.A. 2,049
60,000 Michelin, Class B 1,975
15,000 Suez Lyonnaise des Eaux S.A. 2,505
52,000 Thomson CSF 2,006
30,000 Total Fina S.A. ADR 2,368
16,000 Vivendi S.A. 1,706
--------
21,405
--------
Germany--8.2%
4,800 Allianz A.G. 1,723
63,000 Bayer A.G. 2,416
28,000 Bayerische Hypo--Vereinsbank A.G. 1,810
27,000 Deutsche Bank A.G. 2,073
12,000 Epcos A.G.* 1,463
19,000 SGL Carbon A.G. 1,300
50,000 Veba A.G. 2,551
--------
13,336
--------
Hong Kong--2.0%
1,070,000 Beijing Enterprises Holdings Ltd. 1,085
1,250,000 China Resources Enterprise Ltd. 1,203
50,000 Shanghai Industrial Holdings Ltd. 873
--------
3,161
--------
Italy--4.0%
80,000 Assicurazioni Generali 2,396
165,000 Telecom Italia Mobile S.p.A. 1,709
550,000 Unicredito Italiano S.p.A. 2,418
--------
6,523
--------
Japan--24.1%
190,000 Asahi Bank Ltd. 845
33,000 Circle K Japan Co. Ltd. 1,287
230 East Japan Railway Co. 1,312
215,000 Fuji Bank Ltd. 1,663
90,000 Hitachi Ltd. 1,115
750,000 Kawasaki Steel Corp. 1,135
115,000 Kirin Brewery Co. Ltd. 1,388
270,000 Komatsu Ltd. 1,663
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
------------------------------------------------------------------
<C> <S> <C> <C>
50,000 Matsushita Electric Industrial Co. Ltd. $ 1,182
140,000 Mitsubishi Estate Co. Ltd. 1,647
200,000 Mitsui & Co. Ltd. 1,406
250,000 Mitsui Marine & Fire Insurance Co. Ltd. 1,326
55,000 NEC Corp. 1,394
120,000 Nikko Securities Co. Ltd. 1,112
8,000 Nintendo Co. Ltd. 1,189
185 Nippon Telegraph & Telephone Corp. 2,200
310,000 Nissan Motor Co. Ltd. 1,627
53 NTT Docomo, Inc. 1,368
54,000 Omron Corp. 1,394
60,000 Ricoh Co. Ltd. 1,254
75,000 Sankyo Co. Ltd. 1,732
85,000 Sanwa Bank Ltd. 709
155,000 Sekisui House Ltd. 1,509
115,000 Shiseido Co. Ltd. 1,583
17,000 Sony Corp. 1,539
60,000 Sumitomo Bank Ltd. 787
95,000 Sumitomo Electric Industries Ltd. 1,385
130,000 Takashimaya Co. Ltd. 1,171
140,000 Toshiba Corp. 1,352
--------
39,274
--------
Netherlands--9.9%
56,000 AEGON N.V. 2,089
52,000 Buhrmann N.V. 1,575
38,000 ING Groep N.V. 2,259
42,000 Koninklijke Philips Electronics N.V. ADR 1,856
45,000 Royal Dutch Petroleum Co. 2,809
48,000 Unilever N.V. ADR 2,439
34,000 VNU N.V.* 1,725
55,000 Wolters Kluwer N.V. 1,337
--------
16,089
-------- ---
Portugal--1.0%
145,000 Portugal Telecom S.A. 1,573
--------
Singapore--0.6%
95,000 DBS Group Holdings Ltd. 948
--------
South Korea--1.5%
85,000 Korea Electric Power Corp. ADR 1,328
52,000 Pohang Iron & Steel Co. ADR 1,066
--------
2,394
--------
Spain--2.8%
120,000 Banco Bilbao Vizcaya Argentaria S.A. 1,669
55,000 Endesa S.A. 1,133
82,000 Telefonica de Espana S.A. 1,674
--------
4,476
--------
</TABLE>
See accompanying notes to financial statements.
76
<PAGE>
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
---------------------------------------------------------
<C> <S> <C>
Sweden--0.8%
64,000 Telefonaktiebolaget LM Ericsson ADR $ 1,312
--------
Switzerland--5.9%
1,200 Nestle S.A. (Registered) 2,280
12,500 New ABB Ltd. 1,545
2,400 Novartis A.G. (Registered) 3,525
215 Roche Holding A.G. 2,258
--------
9,608
--------
United Kingdom--14.9%
47,000 AstraZeneca PLC 1,977
70,000 Barclays PLC 1,819
38,000 BP Amoco PLC ADR 2,066
110,000 British Telecom PLC 1,593
250,000 Canary Wharf Finance PLC* 1,336
250,000 Diageo PLC 2,138
32,000 Glaxo Wellcome PLC ADR 1,802
115,000 Marconi PLC 1,384
500,000 Marks & Spencer PLC 1,861
225,000 Reed International PLC 1,486
115,000 Reuters Holdings Group PLC 1,712
80,000 Sema Group PLC 1,114
425,000 Tesco PLC 1,283
59,000 Vodafone AirTouch PLC ADR 2,704
--------
24,275
--------
United States--1.1%
25,000 Schlumberger Ltd. ADR 1,839
---------------------------------------------------------
TOTAL COMMON STOCKS (Cost $151,583) 151,335
---------------------------------------------------------
SHORT-TERM INVESTMENT--5.9%
(Cost $9,528)
Sun Trust, Atlanta, Grand Cayman,
Eurodollar Time Deposits,
$ 9,528 6.813%, Due 6/1/00 9,528
---------------------------------------------------------
TOTAL INVESTMENTS--98.9%
(Cost $161,111) $160,863
---------------------------------------------------------
Other assets, less liabilities--1.1% 1,859
---------------------------------------------------------
NET ASSETS--100.0% $162,722
---------------------------------------------------------
---------------------------------------------------------
</TABLE>
*Non-income producing security.
At May 31, 2000, the Portfolio's investments, excluding the short-term
investment, were diversified as follows:
<TABLE>
<CAPTION>
Industry/Sector
-------------------------------
<S> <C>
Auto 2.2%
Basic Industries/Energy 1.1
Basic Materials 5.9
Capital Goods 6.4
Communications 2.2
Consumer Goods 9.9
Financial Services 15.7
Food/Beverages 2.6
Insurance 3.9
Media 3.9
Oil 4.5
Pharmaceuticals 5.0
Real Estate 3.5
Retail 2.6
Technology 9.4
Telecommunications 6.9
Transportation 1.5
Utilities 4.4
Other 8.4
-------------------------------
Total 100.0%
-------------------------------
-------------------------------
</TABLE>
See accompanying notes to financial statements.
77
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Assets and Liabilities
May 31, 2000
(All amounts in thousands, except net asset value per share)
(Unaudited)
<TABLE>
<CAPTION>
Small Small
Equity Diversified Focused Mid Cap Company Company International International
Balanced Index Growth Growth Growth Index Growth Equity Index Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments in
securities, at
cost $59,885 $874,858 $89,931 $176,076 $14,311 $246,950 $12,200 $81,006 $161,111
-------------------------------------------------------------------------------------------------------------------------
Investments in
securities, at
value $68,877 $1,303,014 $125,288 $243,575 $15,237 $251,672 $12,029 $87,246 $160,863
Cash and foreign
currencies -- 134 1 1 1 -- -- 155 325
Receivables:
Dividends and
interest 457 1,651 132 93 3 185 1 102 230
Investment
securities sold 312 -- 1,013 1,210 -- -- 175 490 2,017
Administrator 8 45 7 -- 13 48 13 9 10
Foreign tax
reclaims -- -- -- -- -- -- -- 80 246
Deferred
organization
costs, net -- -- -- -- -- -- -- 6 --
Other assets 12 38 7 15 43 8 45 12 17
-------------------------------------------------------------------------------------------------------------------------
Total assets 69,666 1,304,882 126,448 244,894 15,297 251,913 12,263 88,100 163,708
-------------------------------------------------------------------------------------------------------------------------
Liabilities:
Payable for:
Investment
securities
purchased 182 91 606 5,237 747 64 214 -- 846
Accrued expenses:
Advisory fees 29 111 58 164 10 43 8 18 109
Administration
fees 6 111 11 20 1 22 1 11 20
Custodian fees 3 -- -- 1 1 172 -- 4 5
Transfer agent
fees 1 21 1 3 -- 2 -- 1 1
Shareholder
service fees 1 88 1 6 -- 1 -- -- 1
Other liabilities 3 46 10 4 6 5 7 4 4
-------------------------------------------------------------------------------------------------------------------------
Total liabilities 225 468 687 5,435 765 309 230 38 986
-------------------------------------------------------------------------------------------------------------------------
Net assets $69,441 $1,304,414 $125,761 $239,459 $14,532 $251,604 $12,033 $88,062 $162,722
-------------------------------------------------------------------------------------------------------------------------
Analysis of net
assets:
Paid-in capital $52,662 $730,133 $40,734 $157,830 $14,712 $250,876 $12,767 $81,865 $140,536
Undistributed
(distribution in
excess of)
net investment
income (loss) 546 3,007 39 (770) -- 1,453 (3) 271 1,525
Accumulated net
realized gains
(losses) on
investments,
futures and
foreign currency
transactions 7,241 143,222 49,631 14,900 (1,106) (4,668) (560) (305) 20,928
Net unrealized
appreciation
(depreciation) on
investments,
futures and
foreign currency
transactions 8,992 428,052 35,357 67,499 926 3,943 (171) 6,240 (233)
Net unrealized
losses on
translation of
other assets and
liabilities
denominated in
foreign
currencies -- -- -- -- -- -- -- (9) (34)
-------------------------------------------------------------------------------------------------------------------------
Net assets $69,441 $1,304,414 $125,761 $239,459 $14,532 $251,604 $12,033 $88,062 $162,722
-------------------------------------------------------------------------------------------------------------------------
Net assets
Class A $68,054 $1,177,372 $125,195 $226,182 $14,532 $251,494 $12,033 $88,047 $162,722
Class C 904 111,640 -- 12,618 -- -- -- -- --
Class D 483 15,402 566 659 -- 110 -- 15 --
-------------------------------------------------------------------------------------------------------------------------
Total shares
outstanding (no
par value),
unlimited shares
authorized
Class A 4,798 50,345 7,376 11,586 1,322 20,802 1,102 6,916 13,284
Class C 64 4,788 -- 651 -- -- -- -- --
Class D 34 662 34 35 -- 9 -- 1 --
-------------------------------------------------------------------------------------------------------------------------
Net asset value,
offering and
redemption price
per share
Class A $14.18 $23.39 $16.97 $19.52 $10.99 $12.09 $10.92 $12.73 $12.25
Class C $14.19 $23.32 -- $19.38 -- -- -- -- --
Class D $14.11 $23.27 $16.63 $19.03 -- $11.93 -- $12.61 --
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
78
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended May 31, 2000
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Small Small
Equity Diversified Focused Mid Cap Company Company International International
Balanced Index Growth Growth Growth Index Growth Equity Index Growth
Portfolio Portfolio Portfolio Portfolio Portfolio(a) Portfolio Portfolio(b) Portfolio Portfolio
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investment in-
come:
Dividend $218 $8,236 $598 $403 $7 $1,468 $4 $643 $1,329
Interest 988 1,267 31 65 30 249 30 36 322
----------------------------------------------------------------------------------------------------------------------------
Total income 1,206 9,503 629 468 37 1,717 34 679(c) 1,651(d)
----------------------------------------------------------------------------------------------------------------------------
Expenses:
Investment advi-
sory fees 285 2,121 641 1,332 45 507 45 182 825
Administration
fees 36 707 80 121 4 127 4 55 124
Custodian fees 17 90 15 20 9 277 11 43 89
Registration
fees 13 63 11 13 18 11 21 15 18
Transfer agent
fees 4 134 8 18 1 13 -- 4 8
Professional
fees 3 39 3 3 6 3 6 3 4
Trustee fees and
expenses 2 18 2 2 1 2 2 2 2
Shareholder ser-
vicing fees 1 106 1 11 -- -- -- -- --
Amortization of
deferred organ-
ization costs -- -- -- -- -- -- -- 2 --
Other 6 25 48 14 4 5 4 6 5
----------------------------------------------------------------------------------------------------------------------------
Total expenses 367 3,303 809 1,534 88 945 93 312 1,075
Less voluntary
waivers of in-
vestment advi-
sory fees (107) (1,414) (200) (363) (12) (253) (12) (91) (165)
Less expenses
reimbursed by
Administrator (40) (234) (37) (43) (39) (299) (44) (37) (35)
----------------------------------------------------------------------------------------------------------------------------
Net expenses 220 1,655 572 1,128 37 393 37 184 875
----------------------------------------------------------------------------------------------------------------------------
Net investment
income (loss) 986 7,848 57 (660) -- 1,324 (3) 495 776
Net realized
gains (losses)
on:
Investment
transactions 7,295 151,026 49,693 15,216 (1,106) 6,252 (560) 87 22,328
Futures trans-
actions -- (1,734) -- 42 -- 30 -- 49 --
Foreign cur-
rency transac-
tions -- -- -- -- -- -- -- (28) (144)
Net change in
unrealized
appreciation
(depreciation)
on investments,
futures, and
foreign
currency
transactions (3,963) (116,077) (31,075) 7,932 926 (939) (171) (2,117) (16,522)
Net change in
unrealized
losses on
translation of
other assets
and liabilities
denominated in
foreign
currencies -- -- -- -- -- -- -- (3) (19)
----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in
net assets
resulting from
operations $4,318 $41,063 $18,675 $22,530 $(180) $6,667 $(734) $(1,517) $6,419
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Fund commenced operations after the close of business on December 31, 1999.
(b) Fund commenced operations December 1, 1999.
(c) Net of $70 in non-reclaimable foreign withholding taxes.
(d) Net of $117 in non-reclaimable foreign withholding taxes.
See accompanying notes to financial statements.
79
<PAGE>
Northern Institutional Funds
Equity Portfolios
--------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended May 31, 2000 (Unaudited) and the Year Ended November
30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Balanced Equity
Portfolio Index Portfolio
---------------- ----------------------
2000 1999 2000 1999
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets
from operations:
Net investment income (loss) $986 $1,977 $7,848 $16,931
Net realized gains on investments,
options, futures and foreign cur-
rency transactions 7,295 8,632 149,292 150,075
Net change in unrealized
appreciation (depreciation) on
investments, options, futures and
foreign currency transactions (3,963) (1,145) (116,077) 95,640
Net change in unrealized losses on
translations of other assets and
liabilities denominated in for-
eign currencies -- -- -- --
------------------------------------------------------------------------------
Net increase (decrease) in net as-
sets resulting from operations 4,318 9,464 41,063 262,646
------------------------------------------------------------------------------
Distributions to Class A sharehold-
ers:
Net investment income (433) (2,270) (3,746) (17,433)
In excess of net investment income -- (44) -- (497)
Net realized gains (8,499) (5,340) (138,311) (75,449)
------------------------------------------------------------------------------
Total distributions to Class A
shareholders (8,932) (7,654) (142,057) (93,379)
------------------------------------------------------------------------------
Distributions to Class C sharehold-
ers:
Net investment income (5) (50) (255) (974)
In excess of net investment income -- -- -- (265)
Net realized gains (89) (473) (11,410) (6,898)
------------------------------------------------------------------------------
Total distributions to Class C
shareholders (94) (523) (11,665) (8,137)
------------------------------------------------------------------------------
Distributions to Class D sharehold-
ers:
Net investment income (3) (14) (32) (126)
In excess of net investment income -- (1) -- (46)
Net realized gains (45) (66) (1,662) (1,989)
------------------------------------------------------------------------------
Total distributions to Class D
shareholders (48) (81) (1,694) (2,161)
------------------------------------------------------------------------------
Class A share transactions:
Proceeds from the sale of shares 9,763 19,095 154,888 494,970
Reinvested distributions 7,476 7,632 117,671 78,835
Cost of shares redeemed (21,383) (13,176) (359,150) (525,214)
------------------------------------------------------------------------------
Net increase (decrease) in net as-
sets resulting from Class A share
transactions (4,144) 13,551 (86,591) 48,591
------------------------------------------------------------------------------
Class C share transactions:
Proceeds from the sale of shares 53 317 14,150 30,445
Reinvested distributions 94 524 11,666 8,137
Cost of shares redeemed (2) (5,339) (18,914) (49,510)
------------------------------------------------------------------------------
Net increase (decrease) in net as-
sets resulting from Class C share
transactions 145 (4,498) 6,902 (10,928)
------------------------------------------------------------------------------
Class D share transactions:
Proceeds from the sale of shares 78 169 2,310 6,301
Reinvested distributions 48 81 1,668 2,140
Cost of shares redeemed (24) (595) (3,664) (25,737)
------------------------------------------------------------------------------
Net increase (decrease) in net as-
sets resulting from Class D share
transactions 102 (345) 314 (17,296)
------------------------------------------------------------------------------
Net increase (decrease) in net as-
sets (8,653) 9,914 (193,728) 179,336
Net assets--beginning of year 78,094 68,180 1,498,142 1,318,806
------------------------------------------------------------------------------
Net assets--end of period $69,441 $78,094 $1,304,414 $1,498,142
------------------------------------------------------------------------------
Undistributed (distribution in ex-
cess of) net investment income
(loss) $546 $1 $3,007 $(808)
------------------------------------------------------------------------------
</TABLE>
(a) Fund commenced operations after the close of business on December 31, 1999.
(b) Fund commenced operations December 1, 1999.
See accompanying notes to financial statements.
80
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MidCap Small Company International
Diversified Focused Growth Growth Small Company Growth Equity Index International
Growth Portfolio Portfolio Portfolio Index Portfolio Portfolio Portfolio Growth Portfolio
------------------ ------------------ --------- ------------------- ------------- ----------------- ------------------
2000 1999 2000 1999 2000(a) 2000 1999 2000(b) 2000 1999 2000 1999
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$57 $633 $(660) $(463) $-- $1,324 $2,517 $(3) $495 $612 $776 $1,127
49,693 42,261 15,258 29,485 (1,106) 6,282 14,688 (560) 108 3,161 22,184 27,846
(31,075) (1,726) 7,932 17,632 926 (939) 7,692 (171) (2,117) 5,594 (16,522) 2,953
-- -- -- -- -- -- -- -- (3) (7) (19) (55)
---------------------------------------------------------------------------------------------------------------------------
18,675 41,168 22,530 46,654 (180) 6,667 24,897 (734) (1,517) 9,360 6,419 31,871
---------------------------------------------------------------------------------------------------------------------------
(624) (733) -- -- -- (2,171) (1,491) -- (469) (885) (520) (2,012)
-- -- -- -- -- -- -- -- -- -- -- --
(41,882) (18,908) (27,400) (9,490) -- (25,693) (23,084) -- (3,235) (2,016) (25,786) (6,897)
---------------------------------------------------------------------------------------------------------------------------
(42,506) (19,641) (27,400) (9,490) -- (27,864) (24,575) -- (3,704) (2,901) (26,306) (8,909)
---------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- --
-- -- (1,695) (673) -- -- (13) -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
-- -- (1,695) (673) -- -- (13) -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
(1) (1) -- -- -- (4) (3) -- -- -- -- --
-- -- -- -- -- -- -- -- -- -- -- (2)
(109) (123) (80) (136) -- (53) (96) -- (1) (1) -- (12)
---------------------------------------------------------------------------------------------------------------------------
(110) (124) (80) (136) -- (57) (99) -- (1) (1) -- (14)
---------------------------------------------------------------------------------------------------------------------------
8,620 16,523 47,710 38,630 15,231 82,988 192,147 13,004 43,689 16,794 29,004 19,602
40,160 18,539 25,822 9,041 -- 21,055 22,577 -- 3,562 2,858 23,534 7,690
(88,784) (45,318) (21,684) (24,453) (519) (31,661) (153,669) (237) (10,461) (14,570) (17,618) (14,145)
---------------------------------------------------------------------------------------------------------------------------
(40,004) (10,256) 51,848 23,218 14,712 72,382 61,055 12,767 36,790 5,082 34,920 13,147
---------------------------------------------------------------------------------------------------------------------------
-- -- 159 771 -- -- 942 -- -- -- -- --
-- -- 1,695 674 -- -- 13 -- -- -- -- --
-- -- (18) (1,160) -- -- (1,818) -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
-- -- 1,836 285 -- -- (863) -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------
77 199 116 170 -- 6 103 -- -- -- -- 7
110 124 80 80 -- 56 99 -- 1 1 -- 14
(34) (986) (30) (1,732) -- (436) (579) -- -- -- -- (224)
---------------------------------------------------------------------------------------------------------------------------
153 (663) 166 (1,482) -- (374) (377) -- 1 1 -- (203)
---------------------------------------------------------------------------------------------------------------------------
(63,792) 10,484 47,205 58,376 14,532 50,754 60,025 12,033 31,569 11,541 15,033 35,892
189,553 179,069 192,254 133,878 -- 200,850 140,825 -- 56,493 44,952 147,689 111,797
---------------------------------------------------------------------------------------------------------------------------
$125,761 $189,553 $239,459 $192,254 $14,532 $251,604 $200,850 $12,033 $88,062 $56,493 $162,722 $147,689
---------------------------------------------------------------------------------------------------------------------------
$39 $607 $(770) $(110) $-- $1,453 $2,304 $(3) $271 $245 $1,525 $1,269
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
81
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Balanced Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------
2000 1999 1998 1997 1996 1995
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $15.12 $14.95 $13.59 $12.24 $11.05 $9.50
Income (loss) from in-
vestment operations:
Net investment income 0.20 0.40 0.38 0.38 0.34 0.34
Net realized and
unrealized gain 0.62 1.55 1.81 1.66 1.19 1.55
--------------------------------------------------------------------------------
Total income from invest-
ment operations 0.82 1.95 2.19 2.04 1.53 1.89
--------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.09) (0.47) (0.32) (0.38) (0.34) (0.34)
In excess of net invest-
ment income -- (0.01) -- -- -- --
Net realized gain (1.67) (1.30) (0.51) (0.31) -- --
--------------------------------------------------------------------------------
Total distributions to
shareholders (1.76) (1.78) (0.83) (0.69) (0.34) (0.34)
--------------------------------------------------------------------------------
Net increase (decrease) (0.94) 0.17 1.36 1.35 1.19 1.55
--------------------------------------------------------------------------------
Net asset value, end of
period $14.18 $15.12 $14.95 $13.59 $12.24 $11.05
--------------------------------------------------------------------------------
Total return (a) 5.87% 14.11% 16.90% 17.29% 14.07% 20.22%
Ratio to average net as-
sets of (b):
Expenses, net of waivers
and reimbursements 0.61% 0.61% 0.61% 0.61% 0.61% 0.61%
Expenses, before waivers
and reimbursements 1.02% 0.99% 1.04% 1.11% 1.20% 1.28%
Net investment income,
net of waivers and re-
imbursements 2.77% 2.69% 2.83% 2.99% 3.03% 3.36%
Net investment income,
before waivers and re-
imbursements 2.36% 2.31% 2.40% 2.49% 2.44% 2.69%
Portfolio turnover rate 31.53% 77.19% 67.16% 59.06% 104.76% 93.39%
Net assets at end of pe-
riod (in thousands) $68,054 $76,884 $61,969 $51,475 $45,157 $38,897
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
----------------------------------------- ----------------------------------------
2000 1999 (c) 1998 1997 1996 (d) 2000 1999 1998 1997 1996 (e)
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period $15.13 $14.91 $13.56 $12.24 $11.12 $15.06 $14.88 $13.54 $12.23 $11.34
Income (loss) from in-
vestment operations:
Net investment income 0.17 0.34 0.37 0.36 0.29 0.16 0.36 0.40 0.34 0.22
Net realized and
unrealized gain 0.64 1.60 1.78 1.64 1.12 0.64 1.53 1.72 1.64 0.96
------------------------------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.81 1.94 2.15 2.00 1.41 0.80 1.89 2.12 1.98 1.18
------------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.08) (0.42) (0.29) (0.37) (0.29) (0.08) (0.41) (0.27) (0.36) (0.29)
Net realized gain (1.67) (1.30) (0.51) (0.31) -- (1.67) (1.30) (0.51) (0.31) --
------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.75) (1.72) (0.80) (0.68) (0.29) (1.75) (1.71) (0.78) (0.67) (0.29)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) (0.94) 0.22 1.35 1.32 1.12 (0.95) 0.18 1.34 1.31 0.89
------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $14.19 $15.13 $14.91 $13.56 $12.24 $14.11 $15.06 $14.88 $13.54 $12.23
------------------------------------------------------------------------------------------------------------
Total return (a) 5.81% 14.03% 16.61% 17.00% 12.72% 5.73% 13.73% 16.45% 16.82% 10.55%
Ratio to average net as-
sets of (b):
Expenses, net of
waivers and
reimbursements 0.85% 0.85% 0.85% 0.85% 0.85% 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before
waivers and
reimbursements 1.26% 1.23% 1.28% 1.35% 1.44% 1.41% 1.38% 1.43% 1.50% 1.59%
Net investment income,
net of waivers and re-
imbursements 2.53% 2.45% 2.58% 2.75% 2.80% 2.38% 2.30% 2.44% 2.60% 2.78%
Net investment income,
before waivers and re-
imbursements 2.12% 2.07% 2.15% 2.25% 2.21% 1.97% 1.92% 2.01% 2.10% 2.19%
Portfolio turnover rate 31.53% 77.19% 67.16% 59.06% 104.76% 31.53% 77.19% 67.16% 59.06% 104.76%
Net assets at end of pe-
riod (in thousands) $904 $805 $5,459 $4,587 $5,997 $483 $405 $752 $322 $232
------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. 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 year ended November 30, 1999 were calculated
using the average shares outstanding method.
(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.
82
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Equity Index Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------------------
2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $25.34 $22.69 $20.09 $16.79 $13.86 $10.60
Income (loss) from
investment operations:
Net investment income 0.14 0.28 0.28 0.30 0.31 0.30
Net realized and
unrealized gain 0.53 4.13 4.02 4.13 3.36 3.47
------------------------------------------------------------------------------------------
Total income from
investment operations 0.67 4.41 4.30 4.43 3.67 3.77
------------------------------------------------------------------------------------------
Distributions to
shareholders:
Net investment income (0.07) (0.32) (0.26) (0.30) (0.31) (0.30)
In excess of net
investment income -- (0.01) -- -- -- --
Net realized gain (2.55) (1.43) (1.44) (0.83) (0.43) (0.21)
------------------------------------------------------------------------------------------
Total distributions to
shareholders (2.62) (1.76) (1.70) (1.13) (0.74) (0.51)
------------------------------------------------------------------------------------------
Net increase (decrease) (1.95) 2.65 2.60 3.30 2.93 3.26
------------------------------------------------------------------------------------------
Net asset value, end of
period $23.39 $25.34 $22.69 $20.09 $16.79 $13.86
------------------------------------------------------------------------------------------
Total return (a) 2.71% 20.53% 23.39% 27.93% 27.53% 36.60%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.21% 0.21% 0.21% 0.22% 0.22% 0.22%
Expenses, before
waivers and
reimbursements 0.44% 0.44% 0.46% 0.46% 0.50% 0.54%
Net investment income,
net of waivers and
reimbursements 1.13% 1.19% 1.36% 1.66% 2.12% 2.54%
Net investment income,
before waivers and
reimbursements 0.90% 0.96% 1.11% 1.42% 1.84% 2.22%
Portfolio turnover rate 9.03% 12.81% 15.26% 18.96% 18.02% 15.27%
Net assets at end of
period (in thousands) $1,177,372 $1,368,157 $1,175,112 $844,065 $675,804 $479,763
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
-------------------------------------------------------- --------------------------------------------------
2000 1999 1998 1997 1996 1995 (c) 2000 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $25.28 $22.64 $20.05 $16.79 $13.86 $13.43 $25.25 $22.58 $20.00 $16.77 $13.83 $10.60
Income (loss) from
investment
operations:
Net investment
income 0.11 0.22 0.24 0.26 0.28 0.05 0.09 0.16 0.21 0.26 0.27 0.25
Net realized and
unrealized gain 0.53 4.12 4.01 4.11 3.35 0.45 0.53 4.15 4.00 4.07 3.36 3.47
----------------------------------------------------------------------------------------------------------------------------------
Total income from
investment
operations 0.64 4.34 4.25 4.37 3.63 0.50 0.62 4.31 4.21 4.33 3.63 3.72
----------------------------------------------------------------------------------------------------------------------------------
Distributions
to shareholders:
Net investment
income (0.05) (0.21) (0.22) (0.28) (0.27) (0.07) (0.05) (0.14) (0.19) (0.27) (0.26) (0.28)
In excess of net
investment income -- (0.06) -- -- -- -- -- (0.07) -- -- -- --
Net realized gain (2.55) (1.43) (1.44) (0.83) (0.43) -- (2.55) (1.43) (1.44) (0.83) (0.43) (0.21)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions
to shareholders (2.60) (1.70) (1.66) (1.11) (0.70) (0.07) (2.60) (1.64) (1.63) (1.10) (0.69) (0.49)
----------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) (1.96) 2.64 2.59 3.26 2.93 0.43 (1.98) 2.67 2.58 3.23 2.94 3.23
----------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $23.32 $25.28 $22.64 $20.05 $16.79 $13.86 $23.27 $25.25 $22.58 $20.00 $16.77 $13.83
----------------------------------------------------------------------------------------------------------------------------------
Total return (a) 2.60% 20.23% 23.09% 27.64% 27.24% 3.94% 2.49% 20.15% 22.90% 27.45% 27.20% 36.20%
Ratio to average
net assets of (b):
Expenses, net of
waivers and
reimbursements 0.45% 0.45% 0.45% 0.46% 0.46% 0.46% 0.60% 0.60% 0.60% 0.61% 0.61% 0.61%
Expenses, before
waivers
and
reimbursements 0.68% 0.68% 0.70% 0.70% 0.74% 0.78% 0.83% 0.83% 0.85% 0.85% 0.89% 0.93%
Net investment
income, net
of waivers and
reimbursements 0.89% 0.95% 1.12% 1.42% 1.89% 2.29% 0.74% 0.80% 0.97% 1.27% 1.78% 2.07%
Net investment
income,
before waivers
and
reimbursements 0.66% 0.72% 0.87% 1.18% 1.61% 1.97% 0.51% 0.57% 0.72% 1.03% 1.50% 1.75%
Portfolio turnover
rate 9.03% 12.81% 15.26% 18.96% 18.02% 15.27% 9.03% 12.81% 15.26% 18.96% 18.02% 15.27%
Net assets at end
of period (in
thousands) $111,640 $113,588 $111,991 $82,982 $53,929 $18,390 $15,402 $16,397 $31,703 $30,650 $8,005 $810
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
investment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. 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.
See accompanying notes to financial statements.
83
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Diversified Growth Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------------------
2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $19.79 $17.76 $16.20 $14.36 $12.20 $9.88
Income (loss) from
investment operations:
Net investment income 0.01 0.07 0.07 0.11 0.14 0.15
Net realized and
unrealized gain 1.69 3.95 3.46 3.33 2.33 2.26
------------------------------------------------------------------------------------------
Total income from
investment operations 1.70 4.02 3.53 3.44 2.47 2.41
------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.07) (0.07) (0.11) (0.14) (0.15) (0.09)
Net realized gain (4.45) (1.92) (1.86) (1.46) (0.16) --
------------------------------------------------------------------------------------------
Total distributions to
shareholders (4.52) (1.99) (1.97) (1.60) (0.31) (0.09)
------------------------------------------------------------------------------------------
Net increase (decrease) (2.82) 2.03 1.56 1.84 2.16 2.32
------------------------------------------------------------------------------------------
Net asset value, end of
period $16.97 $19.79 $17.76 $16.20 $14.36 $12.20
------------------------------------------------------------------------------------------
Total return (a) 9.96% 24.66% 25.22% 27.06% 20.83% 24.55%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.71%(c) 0.67%(c) 0.66% 0.67% 0.66% 0.69%
Expenses, before
waivers and
reimbursements 1.01% 0.96% 0.96% 1.03% 1.10% 1.12%
Net investment income,
net of waivers and
reimbursements 0.07% 0.33% 0.45% 0.76% 0.98% 1.16%
Net investment income,
before waivers and
reimbursements (0.23)% 0.04% 0.15% 0.40% 0.54% 0.73%
Portfolio turnover rate 38.51% 67.47% 37.74% 45.53% 59.99% 81.65%
Net assets at end of
period (in thousands) $125,195 $189,077 $177,947 $158,383 $142,055 $146,731
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
-------------------------------------------------------
2000 (d) 1999 (d) 1998 1997 1996 1995
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $19.49 $17.53 $16.03 $14.26 $12.16 $9.88
Income (loss) from
investment operations:
Net investment income
(loss) (0.02) -- 0.03 0.09 0.11 0.11
Net realized and
unrealized gain 1.65 3.89 3.40 3.27 2.29 2.25
----------------------------------------------------------------------------------
Total income from
investment operations 1.63 3.89 3.43 3.36 2.40 2.36
----------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.04) -- (0.07) (0.13) (0.14) (0.08)
In excess of net in-
vestment income -- (0.01) -- -- -- --
Net realized gain (4.45) (1.92) (1.86) (1.46) (0.16) --
----------------------------------------------------------------------------------
Total distributions to
shareholders (4.49) (1.93) (1.93) (1.59) (0.30) (0.08)
----------------------------------------------------------------------------------
Net increase (decrease) (2.86) 1.96 1.50 1.77 2.10 2.28
----------------------------------------------------------------------------------
Net asset value, end of
period $16.63 $19.49 $17.53 $16.03 $14.26 $12.16
----------------------------------------------------------------------------------
Total return (a) 9.75% 24.09% 24.73% 26.60% 20.39% 24.19%
Ratio to average net as-
sets of (b):
Expenses, net of
waivers and
reimbursements 1.10%(c) 1.06%(c) 1.05% 1.06% 1.05% 1.08%
Expenses, before
waivers and
reimbursements 1.40% 1.35% 1.35% 1.42% 1.49% 1.51%
Net investment income
(loss), net of waivers
and reimbursements (0.32)% (0.06)% 0.06% 0.37% 0.59% 0.73%
Net investment income
(loss), before waivers
and reimbursements (0.62)% (0.35)% (0.24)% 0.01% 0.15% 0.30%
Portfolio turnover rate 38.51% 67.47% 37.74% 45.53% 59.99% 81.65%
Net assets at end of pe-
riod (in thousands) $566 $476 $1,122 $696 $433 $221
----------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. 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 reimbursements, for the period ended May
31, 2000 and the year ended November 30, 1999 would have been 0.66% and
1.05% for Class A and D, respectively, absent the effect of interest
expense incurred by the fund's temporary borrowing against a line of
credit.
(d) Financial highlights for the period ended May 31, 2000 and the year ended
November 30, 1999 were calculated using the average shares outstanding
method.
See accompanying notes to financial statements.
84
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Focused Growth Portfolio
<TABLE>
<CAPTION>
Class A
--------------------------------------------------------------
2000 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $20.41 $16.39 $16.20 $14.48 $12.53 $9.79
Income (loss) from
investment operations:
Net investment income
(loss) (0.05) -- (0.01) 0.05 0.02 0.05
Net realized and
unrealized gain 2.24 5.28 3.10 3.37 2.17 2.71
------------------------------------------------------------------------------------------
Total income from in-
vestment operations 2.19 5.28 3.09 3.42 2.19 2.76
------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income -- -- (0.05) (0.02) (0.05) (0.02)
Net realized gain (3.08) (1.26) (2.85) (1.68) (0.19) --
------------------------------------------------------------------------------------------
Total distributions to
shareholders (3.08) (1.26) (2.90) (1.70) (0.24) (0.02)
------------------------------------------------------------------------------------------
Net increase (decrease) (0.89) 4.02 0.19 1.72 1.95 2.74
------------------------------------------------------------------------------------------
Net asset value, end of
period $19.52 $20.41 $16.39 $16.20 $14.48 $12.53
------------------------------------------------------------------------------------------
Total return (a) 11.70% 34.23% 24.03% 27.05% 17.82% 28.38%
Ratio to average net as-
sets of (b):
Expenses, net of
waivers and
reimbursements 0.92% 0.92% 0.92% 0.92% 0.91% 0.91%
Expenses, before
waivers and
reimbursements 1.25% 1.26% 1.29% 1.34% 1.43% 1.47%
Net investment income
(loss), net of waivers
and reimbursements (0.53)% (0.26)% (0.04)% 0.30% 0.12% 0.46%
Net investment loss,
before waivers and
reimbursements (0.86)% (0.60)% (0.41)% (0.12)% (0.40)% (0.10)%
Portfolio turnover rate 62.12% 110.80% 79.11% 108.29% 116.78% 85.93%
Net assets at end of
period (in thousands) $226,182 $180,557 $123,380 $115,802 $106,250 $86,099
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C
-----------------------------------------------
2000 (c) 1999 1998 1997 1996 (d)
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $20.30 $16.34 $16.16 $14.47 $13.46
Income (loss) from
investment operations:
Net investment income
(loss) (0.08) (0.03) (0.05) 0.01 (0.01)
Net realized and
unrealized gain 2.24 5.25 3.09 3.37 1.02
----------------------------------------------------------------------------------
Total income from in-
vestment operations 2.16 5.22 3.04 3.38 1.01
----------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income -- -- (0.01) (0.01) --
Net realized gain (3.08) (1.26) (2.85) (1.68) --
----------------------------------------------------------------------------------
Total distributions to
shareholders (3.08) (1.26) (2.86) (1.69) --
----------------------------------------------------------------------------------
Net increase (decrease) (0.92) 3.96 0.18 1.69 1.01
----------------------------------------------------------------------------------
Net asset value, end of
period $19.38 $20.30 $16.34 $16.16 $14.47
----------------------------------------------------------------------------------
Total return (a) 11.60% 33.95% 23.73% 26.75% 7.51%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 1.16% 1.16% 1.16% 1.16% 1.15%
Expenses, before
waivers and
reimbursements 1.49% 1.50% 1.53% 1.58% 1.67%
Net investment income
(loss), net of waiv-
ers and
reimbursements (0.77)% (0.50)% (0.29)% 0.06% (0.12)%
Net investment loss,
before waivers and
reimbursements (1.10)% (0.84)% (0.66)% (0.36)% (0.64)%
Portfolio turnover rate 62.12% 110.80% 79.11% 108.29% 116.78%
Net assets at end of
period
(in thousands) $12,618 $11,183 $8,719 $8,325 $6,993
----------------------------------------------------------------------------------
<CAPTION>
Class D
---------------------------------------------------------
2000 (c) 1999 1998 1997 1996 1995 (e)
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $20.00 $16.14 $16.01 $14.37 $12.48 $9.55
Income (loss) from
investment operations:
Net investment income
(loss) (0.09) (0.02) (0.05) 0.03 (0.03) 0.02
Net realized and
unrealized gain 2.20 5.14 3.04 3.30 2.15 2.93
----------------------------------------------------------------------------------
Total income from in-
vestment operations 2.11 5.12 2.99 3.33 2.12 2.95
----------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income -- -- (0.01) (0.01) (0.04) (0.02)
Net realized gain (3.08) (1.26) (2.85) (1.68) (0.19) --
----------------------------------------------------------------------------------
Total distributions to
shareholders (3.08) (1.26) (2.86) (1.69) (0.23) (0.02)
----------------------------------------------------------------------------------
Net increase (decrease) (0.97) 3.86 0.13 1.64 1.89 2.93
----------------------------------------------------------------------------------
Net asset value, end of
period $19.03 $20.00 $16.14 $16.01 $14.37 $12.48
----------------------------------------------------------------------------------
Total return (a) 11.50% 33.74% 23.60% 26.52% 17.42% 30.97%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 1.31% 1.31% 1.31% 1.31% 1.30% 1.30%
Expenses, before
waivers and
reimbursements 1.64% 1.65% 1.68% 1.73% 1.82% 1.86%
Net investment income
(loss), net of waiv-
ers and
reimbursements (0.92)% (0.65)% (0.44)% (0.09)% (0.28)% (0.11)%
Net investment loss,
before waivers and
reimbursements (1.25)% (0.99)% (0.81)% (0.51)% (0.80)% (0.67)%
Portfolio turnover rate 62.12% 110.80% 79.11% 108.29% 116.78% 85.93%
Net assets at end of
period
(in thousands) $659 $514 $1,779 $1,206 $656 $489
----------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. 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 period ended May 31, 2000, were calculated
using the average shares outstanding method.
(d) For the period June 14, 1996 (Class C shares issue date) through November
30, 1996.
(e) For the period December 8, 1994 (Class D shares issue date) through
November 30, 1995.
See accompanying notes to financial statements.
85
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited)
Mid Cap Growth Portfolio
<TABLE>
<CAPTION>
Class A
--------
2000 (c)
-------------------------------------------------------------------
<S> <C>
Net asset value, beginning of period $10.00
Income (loss) from investment operations:
Net investment income --
Net realized and unrealized gain 0.99
-------------------------------------------------------------------
Total income from investment operations 0.99
-------------------------------------------------------------------
Distributions to shareholders:
Net investment income --
Net realized gain --
-------------------------------------------------------------------
Total distributions to shareholders --
-------------------------------------------------------------------
Net increase 0.99
-------------------------------------------------------------------
Net asset value, end of period $10.99
-------------------------------------------------------------------
Total return (a) 9.90%
Ratio to average net assets of (b):
Expenses, net of waivers and reimbursements 0.91%
Expenses, before waivers and reimbursements 2.16%
Net investment income, net of waivers and reimbursements 0.00%
Net investment income, before waivers and reimbursements (1.25)%
Portfolio turnover rate 75.59%
Net assets at end of period (in thousands) $14,532
-------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) For the period commencing after the close of business December 31, 1999
through May 31, 2000.
See accompanying notes to financial statements.
86
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Small Company Index Portfolio
<TABLE>
<CAPTION>
Class A
-------------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $13.14 $13.02 $15.05 $13.97 $12.98 $10.86
Income (loss) from
investment operations:
Net investment income 0.05 0.12 0.13 0.15 0.19 0.16
Net realized and
unrealized gain (loss) 0.57 1.61 (1.13) 2.69 1.75 2.67
----------------------------------------------------------------------------------------
Total income (loss) from
investment operations 0.62 1.73 (1.00) 2.84 1.94 2.83
----------------------------------------------------------------------------------------
Distributions to
shareholders from:
Net investment income (0.13) (0.10) (0.14) (0.17) (0.14) (0.15)
Net realized gain (1.54) (1.51) (0.89) (1.59) (0.81) (0.56)
----------------------------------------------------------------------------------------
Total distributions to
shareholders (1.67) (1.61) (1.03) (1.76) (0.95) (0.71)
----------------------------------------------------------------------------------------
Net increase (decrease) (1.05) 0.12 (2.03) 1.08 0.99 2.12
----------------------------------------------------------------------------------------
Net asset value, end of
period $12.09 $13.14 $13.02 $15.05 $13.97 $12.98
----------------------------------------------------------------------------------------
Total return (a) 5.05% 14.97% (7.02)% 23.06% 15.96% 27.76%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.31% 0.34%(f) 0.31% 0.32% 0.32% 0.32%
Expenses, before
waivers and
reimbursements 0.75% 0.81% 0.74% 0.68% 0.79% 0.81%
Net investment income,
net of waivers and
reimbursements 1.05% 1.27% 1.19% 1.22% 1.36% 1.31%
Net investment income,
before waivers and
reimbursements 0.61% 0.80% 0.76% 0.86% 0.89% 0.82%
Portfolio turnover rate 10.13% 101.01% 59.21% 42.66% 46.26% 38.46%
Net assets at end of
period (in thousands) $251,494 $200,404 $139,100 $147,887 $112,856 $94,899
----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------ -----------------------------------------------------
1999 1998 (d) 2000 (e) 1999 1998 1997 1996 1995 (g)
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $12.98 $13.89 $13.01 $12.94 $15.01 $13.96 $12.95 $10.51
Income (loss) from
investment operations:
Net investment income 0.09 0.03 0.04 0.10 0.11 0.17 0.13 0.18
Net realized and
unrealized gain (loss) 1.61 (0.94) 0.53 1.52 (1.19) 2.62 1.83 2.96
--------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.70 (0.91) 0.57 1.62 (1.08) 2.79 1.96 3.14
--------------------------------------------------------------------------------------------------
Distributions to
shareholders from:
Net investment income (0.03) -- (0.11) (0.04) (0.10) (0.15) (0.14) (0.14)
Net realized gain (1.51) -- (1.54) (1.51) (0.89) (1.59) (0.81) (0.56)
--------------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.54) -- (1.65) (1.55) (0.99) (1.74) (0.95) (0.70)
--------------------------------------------------------------------------------------------------
Net increase (decrease) 0.16 (0.91) (1.08) 0.07 (2.07) 1.05 1.01 2.44
--------------------------------------------------------------------------------------------------
Net asset value, end of
period $13.14(c) $12.98 $11.93 $13.01 $12.94 $15.01 $13.96 $12.95
--------------------------------------------------------------------------------------------------
Total return (a) (6.54)% 4.65% 14.13% (7.58)% 22.68% 16.20% 31.62%
Ratio to average net
assets of (b):
Expenses, net of
waivers and
reimbursements 0.55% 0.70% 0.73%(f) 0.70% 0.71% 0.71% 0.71%
Expenses, before
waivers and
reimbursements 0.98% 1.14% 1.20% 1.13% 1.07% 1.18% 1.20%
Net investment income, net of
waivers and reimbursements 0.98% 0.66% 0.88% 0.80% 0.76% 1.02% 0.90%
Net investment income, before
waivers and reimbursements 0.55% 0.22% 0.41% 0.37% 0.40% 0.55% 0.41%
Portfolio turnover rate 59.21% 10.13% 101.01% 59.21% 42.66% 46.26% 38.46%
Net assets at end of
period (in thousands) $870 $110 $446 $855 $690 $269 $44
--------------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) Class C shares were fully redeemed as of June 30, 1999. Financial
highlights for the period then ended were calculated using the average
shares outstanding method. At May 31, 2000, there were no outstanding
shares.
(d) For the period January 8, 1998 (Class C shares issue date) through
November 30, 1998.
(e) Financial Highlights for the period ended May 31, 2000 were calculated
using the average shares outstanding method.
(f) Expense ratio, net of waivers and reimbursements, for the year ended
November 30, 1999 would have been 0.31% and 0.70% for Class A and D,
respectively, absent the effect of interest expense incurred by the fund's
temporary borrowing against a line of credit.
(g) For the period December 8, 1994 (Class D shares issue date) through
November 30, 1995.
See accompanying notes to financial statements.
87
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited)
Small Company Growth Portfolio
<TABLE>
<CAPTION>
Class A
-------
2000(c)
-------------------------------------------------------------------
<S> <C>
Net asset value, beginning of period $10.00
Income (loss) from investment operations:
Net investment income --
Net realized and unrealized gain 0.92
-------------------------------------------------------------------
Total income from investment operations 0.92
-------------------------------------------------------------------
Distributions to shareholders:
Net investment income --
Net realized gain --
-------------------------------------------------------------------
Total distributions to shareholders --
-------------------------------------------------------------------
Net increase 0.92
-------------------------------------------------------------------
Net asset value, end of period $10.92
-------------------------------------------------------------------
Total return (a) 9.20%
Ratio to average net assets of (b):
Expenses, net of waivers and reimbursements 0.91%
Expenses, before waivers and reimbursements 2.30%
Net investment income, net of waivers and reimbursements (0.07)%
Net investment income, before waivers and reimbursements (1.46)%
Portfolio turnover rate 114.97%
Net assets at end of period (in thousands) $12,033
-------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment of the net asset value at the end of the year. 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 1, 1999 (commencement of operations) through May
31, 2000.
See accompanying notes to financial statements.
88
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
International Equity Index Portfolio
<TABLE>
<CAPTION>
Class A
-----------------------------------
2000 1999 1998 1997 (c)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.50 $11.98 $10.55 $10.00
Income (loss) from investment operations:
Net investment income 0.09 0.23 0.14 0.10
Net realized and unrealized gain 0.02 2.07 1.46 0.45
-------------------------------------------------------------------------------
Total income from investment operations 0.11 2.30 1.60 0.55
-------------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.11) (0.23) (0.17) --
In excess of net investment income -- (0.01) -- --
Net realized gain (0.77) (0.54) -- --
-------------------------------------------------------------------------------
Total distributions to shareholders (0.88) (0.78) (0.17) --
-------------------------------------------------------------------------------
Net increase (decrease) (0.77) 1.52 1.43 0.55
-------------------------------------------------------------------------------
Net asset value, end of period $12.73 $13.50 $11.98 $10.55
-------------------------------------------------------------------------------
Total return (a) 0.64% 20.32% 15.50% 5.45%
Ratio to average net assets of (b):
Expenses, net of waivers and
reimbursements 0.51% 0.53% 0.55% 0.51%
Expenses, before waivers and
reimbursements 0.86% 0.91% 1.00% 1.08%
Net investment income, net of waivers and
reimbursements 1.36% 1.21% 1.36% 1.75%
Net investment income before waivers and
reimbursements 1.01% 0.83% 0.91% 1.18%
Portfolio turnover rate 17.25% 45.97% 41.53% 8.16%
Net assets at end of period (in thousands) $88,047 $56,479 $44,940 $34,244
-------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
------------------------
2000 1999 1998 (d)
---------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $13.40 $11.97 $9.88
Income (loss) from investment operations:
Net investment income 0.06 0.12 --
Net realized and unrealized gain (loss) (0.02) 2.08 2.09
---------------------------------------------------------------------------
Total income from investment operations 0.04 2.20 2.09
---------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.06) (0.11) --
In excess of net investment income -- (0.12) --
Net realized gain (0.77) (0.54) --
---------------------------------------------------------------------------
Total distributions to shareholders (0.83) (0.77) --
---------------------------------------------------------------------------
Net increase (decrease) (0.79) 1.43 2.09
---------------------------------------------------------------------------
Net asset value, end of period $12.61 $13.40 $11.97
---------------------------------------------------------------------------
Total return (a) 0.13% 19.48% 21.15 %
Ratio to average net assets of (b):
Expenses, net of waivers and reimbursements 0.90% 0.92% 0.94 %
Expenses, before waivers and reimbursements 1.25% 1.30% 1.39 %
Net investment income (loss), net of waivers and
reimbursements 0.97% 0.82% (0.11)%
Net investment income (loss) before waivers and
reimbursements 0.62% 0.44% (0.56)%
Portfolio turnover rate 17.25% 45.97% 41.53 %
Net assets at end of period (in thousands) $15 $14 $12
---------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) For the period April 1, 1997 (commencement of operations) through November
30, 1997.
(d) For the period October 5, 1998 (Class D shares issue date) through
November 30, 1998.
See accompanying notes to financial statements.
89
<PAGE>
Northern Institutional Funds
Equity Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
International Growth Portfolio
<TABLE>
<CAPTION>
Class A
---------------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $14.07 $11.78 $10.52 $10.63 $9.88 $10.21
Income (loss) from invest-
ment operations:
Net investment income 0.04 0.33 0.09 0.11 0.10 0.12
Net realized and
unrealized gain (loss) 0.59 2.94 1.90 0.31 0.87 (0.36)
----------------------------------------------------------------------------------------------
Total income (loss) from
investment operations 0.63 3.27 1.99 0.42 0.97 (0.24)
----------------------------------------------------------------------------------------------
Distributions to sharehold-
ers:
Net investment income (0.05) (0.22) (0.16) (0.08) (0.22) (0.05)
Net realized gain (2.40) (0.76) (0.57) (0.45) -- (0.04)
----------------------------------------------------------------------------------------------
Total distributions to
shareholders (2.45) (0.98) (0.73) (0.53) (0.22) (0.09)
----------------------------------------------------------------------------------------------
Net increase (decrease) (1.82) 2.29 1.26 (0.11) 0.75 (0.33)
----------------------------------------------------------------------------------------------
Net asset value, end of pe-
riod $12.25 $14.07 $11.78 $10.52 $10.63 $9.88
----------------------------------------------------------------------------------------------
Total return (a) 4.53% 30.07% 20.44% 4.21% 9.96% (2.32)%
Ratio to average net assets
of (b):
Expenses, net of waivers
and reimbursements 1.06% 1.06% 1.06% 1.06% 1.06% 1.06%
Expenses, before waivers
and reimbursements 1.30% 1.31% 1.31% 1.37% 1.43% 1.38%
Net investment income, net
of waivers and reimburse-
ments 0.94% 0.92% 0.89% 0.97% 0.73% 1.22%
Net investment income, be-
fore waivers and reim-
bursements 0.70% 0.67% 0.64% 0.66% 0.36% 0.90%
Portfolio turnover rate 85.07% 168.10% 160.13% 154.62% 202.47% 215.31%
Net assets at end of period
(in thousands) $162,722 $147,689 $111,594 $106,774 $138,182 $148,704
----------------------------------------------------------------------------------------------
<CAPTION>
Class D
--------------------------------------------------
1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.60 $10.39 $10.54 $9.83 $10.21
Income (loss) from investment
operations:
Net investment income (loss) (0.01) 0.09 0.09 0.01 0.19
Net realized and unrealized gain
(loss) 2.59 1.83 0.29 0.92 (0.48)
----------------------------------------------------------------------------------------------
Total income (loss) from investment
operations 2.58 1.92 0.38 0.93 (0.29)
----------------------------------------------------------------------------------------------
Distributions to shareholders:
Net investment income -- (0.14) (0.08) (0.22) (0.05)
In excess of net investment income (0.14) -- -- -- --
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) 1.68 1.21 (0.15) 0.71 (0.38)
----------------------------------------------------------------------------------------------
Net asset value, end of period $13.28(c) $11.60 $10.39 $10.54 $9.83
----------------------------------------------------------------------------------------------
Total return (a) 19.91% 3.79% 9.59% (2.78)%
Ratio to average net assets of (b):
Expenses, net of waivers and
reimbursements 1.45% 1.45% 1.45% 1.45%
Expenses, before waivers and
reimbursements 1.70% 1.76% 1.82% 1.77%
Net investment income, net of waivers
and reimbursements 0.59% 0.58% 0.44% 2.01%
Net investment income, before waivers
and reimbursements 0.34% 0.27% 0.07% 1.69%
Portfolio turnover rate 160.13% 154.62% 202.47% 215.31%
Net assets at end of period (in thou-
sands) $203 $234 $94 $20
----------------------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than a full year.
(c) Class D shares were fully redeemed as of August 22, 1999. Financial
highlights for the period then ended were calculated using the average
shares outstanding method. At May 31, 2000, there were no outstanding
shares.
See accompanying notes to financial statements.
90
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
-------------------------------------------------------------------------------
Notes to Financial Statements
May 31, 2000
(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
currently includes twenty 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 Investments, Inc.
("NTI"), formerly known as Northern Trust Quantitative Advisors, Inc. ("NTQA")
is the investment adviser for the U.S. Treasury Index, Equity Index,
International Equity Index and Small Company Index Portfolios. Northern and
PFPC Inc. ("PFPC") are the Trust's co-administrators and Northern Funds
Distributors, LLC is the Trust's distributor. Presented herein are the
financial statements of 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, liaison and transfer
agent services provided. As of May 31, 2000, 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") in the United States. 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. Securities traded
on a foreign security exchange which are not traded on valuation date will be
valued at the most recent quoted sales price. Securities which are traded in
the over-the-counter markets, absent a last quoted sales price, 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 on a trade date basis. Realized gains and
losses on investment transactions are calculated on the identified-cost basis.
Interest income is recorded on the accrual basis and includes amortization of
discounts and premiums. The interest rates reflected in the 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-dividend date or as
soon as the information is available.
(c) Deferred Organization Costs
Organization-related costs for funds incepted prior to June 30, 1998, 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 charged to that
Portfolio. Certain expenses arising in connection with a class of shares are
charged to that class of shares. Expenses incurred which do not specifically
relate to an individual Portfolio are allocated among the Portfolios based on
each Portfolio's relative net assets.
(e) 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.
91
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
-------------------------------------------------------------------------------
Notes to Financial Statements--Continued
May 31, 2000
(Unaudited)
(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 Portfolio bears the market risk arising from changes
in the value of these financial instruments. At the time a Portfolio enters
into a futures contract it is required to make a margin deposit with the
custodian of a specified amount of liquid assets. Subsequently, as the market
price of the futures contract fluctuates, gains or losses are recorded and
payments are made, on a daily basis, between the Portfolio and the broker. The
Statements of Operations reflect gains and losses as realized for closed
futures contracts and as unrealized for open futures contracts.
At May 31, 2000, 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,
2000, was approximately $4,485,000 and $1,036,000 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 purpose of earning additional income.
The risks associated with purchasing an option include risk of loss of
premium, change in market value and counterparty non-performance 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 for the six months ended May
31, 2000.
(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 or sale of a specific foreign currency at
a fixed price on a future date as a hedge or cross-hedge against either
specific transactions or portfolio positions. 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, 2000 International Bond Portfolio had outstanding contracts as
follows:
<TABLE>
<CAPTION>
Contract Contract
Amount Amount
(Local (U.S. Unrealized
Contract Delivery Currency) Dollars) Gain/(Loss)
Type Currency Date (000s) (000s) (000s)
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Buy Euro 6/16/00 1,020 $927 $ 20
Sell British Pounds 6/16/00 612 927 12
Buy British Pounds 6/16/00 608 922 (13)
Sell Euro 6/16/00 1,020 922 (25)
Buy Euro 6/23/00 968 950 (52)
Sell Euro 6/23/00 971 950 48
Buy Japanese Yen 6/26/00 90,000 846 (6)
Sell Euro 6/26/00 904 846 6
Buy British Pounds 6/26/00 623 930 1
Sell Euro 6/26/00 1,020 930 (17)
----
Net Unrealized
Loss: $(26)
====
</TABLE>
92
<PAGE>
-------------------------------------------------------------------------------
At May 31, 2000 International Growth Portfolio had outstanding contracts as
follows:
<TABLE>
<CAPTION>
Contract Contract
Amount Amount
(Local (U.S. Unrealized
Contract Delivery Currency) Dollars) Gain/(Loss)
Type Currency Date (000s) (000s) (000s)
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Buy British Pounds 6/1/00 123 $181 $ 2
Sell Japanese Yen 6/1/00 96,309 904 10
Buy Euro 6/2/00 449 418 (1)
Sell Japanese Yen 6/2/00 37,734 354 4
---
Net Unrealized Gain: $15
===
</TABLE>
(j) Foreign Currency Translations
Values of investments denominated in foreign currencies are converted into
U.S. dollars using the spot market rate of exchange at the time of valuation.
Cost of purchases and proceeds from sales of investments, interest and
dividend income are translated into U.S. dollars using the spot market rate of
exchange prevailing on the respective dates of such transactions.
The gains or losses on investments resulting from changes in foreign exchange
rates are included with net realized and unrealized gain (loss) on
investments.
(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, 1999, the Trust's most recent tax year end, the Portfolios
had 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. Government Securities $ 60 2007
Short-Intermediate Bond 265 2007
Intermediate Bond 1,831 2007
U.S. Treasury Index 15 2005
Bond 759 2007
International Bond 50 2007
----------------------------------------------------------------
</TABLE>
These amounts are 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>
U.S. Government Securities Monthly
Short-Intermediate Bond Monthly
Intermediate Bond Monthly
U.S. Treasury Index Monthly
Bond Monthly
International Bond Quarterly
Balanced Quarterly
Equity Index Quarterly
Diversified Growth Annually
Focused Growth Annually
Mid Cap Growth Annually
Small Company Index Annually
Small Company Growth Annually
International Equity Index Annually
International Growth 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 NTI, 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 NTI 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, 2000,
are as follows:
<TABLE>
<CAPTION>
Net
Advisory Less Advisory
Fee Waiver Fee
----------------------------------------------------
<S> <C> <C> <C>
U.S. Government Securities .60% .35% .25%
Short-Intermediate Bond .60 .35 .25
Intermediate Bond .60 .35 .25
U.S. Treasury Index .40 .25 .15
Bond .60 .35 .25
International Bond .90 .20 .70
Balanced .80 .30 .50
Equity Index .30 .20 .10
Diversified Growth .80 .25 .55
Focused Growth 1.10 .30 .80
Mid Cap Growth 1.10 .30 .80
Small Company Index .40 .20 .20
Small Company Growth 1.10 .30 .80
International Equity Index .50 .25 .25
International Growth 1.00 .20 .80
----------------------------------------------------
</TABLE>
93
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
-------------------------------------------------------------------------------
Notes to Financial Statements--Continued
May 31, 2000
(Unaudited)
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. For compensation as custodian,
Northern receives an amount based on a pre-determined schedule of charges
approved by the Board.
4. Administration and Distribution Agreements
Northern and PFPC, the co-administrators of the Portfolios, are entitled to a
monthly co-administrative fee at an annual rate of .10% (.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.
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 co-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, 2000, under
such arrangements, are shown on the accompanying Statements of Operations.
Northern Funds Distributors, LLC, the distributor for the Portfolios,
received no compensation under its distribution agreement.
5. Shareholder Servicing Plan
The Trust has adopted a Shareholder Servicing Plan pursuant to which the Trust
may enter into agreements with institutions or other financial intermediaries
under which they will render certain shareholder administrative support
services for their customers or other investors who beneficially own Class C
and D shares. As compensation under the Shareholder Servicing Plan, the
institution or other financial intermediary receives a fee at an annual rate
of up to .15% and .25% of the average daily net asset value of the outstanding
Class C and D shares, respectively.
6. Investment Transactions
Investment transactions for the six months ended May 31, 2000 (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>
U.S. Government Securities $54,635 $ -- $42,642 $ --
Short-Intermediate Bond 55,800 24,577 17,705 28,111
Intermediate Bond 3,188 1,683 1,225 3,041
U.S. Treasury Index 11,923 -- 5,801 --
Bond 706,412 92,665 505,722 209,354
International Bond -- 21,144 1,623 16,173
Balanced 4,199 16,549 3,087 25,213
Equity Index -- 123,498 -- 347,671
Diversified Growth -- 59,659 -- 137,809
Focused Growth -- 174,245 -- 148,508
Mid Cap Growth -- 21,057 -- 7,618
Small Company Index -- 68,848 -- 24,416
Small Company Growth -- 22,063 -- 9,794
International Equity Index -- 46,292 -- 12,289
International Growth -- 132,823 -- 129,347
-------------------------------------------------------------------------
</TABLE>
As of May 31, 2000, 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>
U.S. Government Securities 16 1,807 (1,791) 92,547
Short-Intermediate Bond 135 20,736 (20,601) 240,302
Intermediate Bond 16 3,252 (3,236) 51,173
U.S. Treasury Index 204 633 (429) 28,834
Bond 1,305 59,843 (58,538) 1,080,002
International Bond 338 1,399 (1,061) 29,860
Balanced 12,082 3,090 8,992 59,885
Equity Index 491,071 62,915 428,156 874,858
Diversified Growth 39,921 4,564 35,357 89,931
Focused Growth 73,197 5,698 67,499 176,076
Mid Cap Growth 1,503 577 926 14,311
Small Company Index 47,748 43,026 4,722 246,950
Small Company Growth 1,003 1,174 (171) 12,200
International Equity Index 11,786 5,546 6,240 81,006
International Growth 10,653 10,901 (248) 161,111
------------------------------------------------------------------------------
</TABLE>
94
<PAGE>
-------------------------------------------------------------------------------
7. Bank Loans
The Trust maintains a $100,000,000 revolving bank credit line for liquidity
and other purposes. Borrowings under this arrangement bear interest at .45%
above the federal funds rate.
Interest expense for the six months ended May 31, 2000 was approximately
$1,000, $42,000, $9,000 and $1,000 for the Balanced Portfolio, Diversified
Growth, Focused Growth and International Equity Index Portfolios,
respectively. These amounts are included in "Other Expenses" on the Statements
of Operations.
As of May 31, 2000, there were no outstanding borrowings.
8. Share Transactions
Transactions in Class A Shares for the six months ended May 31, 2000 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested Increase
Sales distributions Redemptions (Decrease)
-----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
U.S. Government Securities 1,164 130 1,092 202
Short-Intermediate Bond 7,154 409 5,159 2,404
Intermediate Bond 353 73 409 17
U.S. Treasury Index 422 23 138 307
Bond 11,845 1,572 6,439 6,978
International Bond 166 -- 32 134
Balanced 693 543 1,524 (288)
Equity Index 6,472 5,049 15,163 (3,642)
Diversified Growth 509 2,513 5,198 (2,176)
Focused Growth 2,389 1,410 1,061 2,738
Mid Cap Growth 1,365 -- 43 1,322
Small Company
Index 6,214 1,787 2,453 5,548
Small Company Growth 1,120 -- 18 1,102
International Equity Index 3,248 273 788 2,733
International Growth 2,280 1,926 1,418 2,788
-----------------------------------------------------------------------
</TABLE>
Transactions in Class A shares for the year ended November 30, 1999 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested Increase
Sales distributions Redemptions (Decrease)
-----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
U.S. Government Securities 2,576 225 683 2,118
Short-Intermediate Bond 9,325 820 9,315 830
Intermediate Bond 5,326 138 4,371 1,093
U.S. Treasury Index 513 28 467 74
Bond 22,095 3,026 7,604 17,517
International Bond 112 78 22 168
Balanced 1,307 536 903 940
Equity Index 20,577 3,524 21,896 2,205
Diversified Growth 912 1,105 2,486 (469)
Focused Growth 2,118 558 1,357 1,319
Small Company
Index 15,298 1,961 12,685 4,574
International Equity Index 1,368 251 1,188 431
International Growth 1,516 695 1,185 1,026
-----------------------------------------------------------------------
</TABLE>
Transactions in Class C shares for the six months ended May 31, 2000 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested Increase
Sales distributions Redemptions (Decrease)
----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
U.S. Government Securities -- -- -- --
U.S. Treasury Index 33 -- 23 10
Bond 305 96 1,384 (983)
Balanced 4 7 -- 11
Equity Index 599 502 806 295
Focused Growth 8 93 1 100
Small Company
Index -- -- -- --
----------------------------------------------------------------------
</TABLE>
95
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
-------------------------------------------------------------------------------
Notes to Financial Statements--Continued
May 31, 2000
(Unaudited)
Transactions in Class C shares for the year ended November 30, 1999 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
U.S. Government Securities 4 3 202 (195)
U.S. Treasury Index 18 -- 9 9
Bond 1,163 288 1,054 397
Balanced 22 37 372 (313)
Equity Index 1,287 366 2,107 (454)
Focused Growth 43 42 67 18
Small Company
Index 78 1 146 (67)
----------------------------------------------------------------------
</TABLE>
Transactions in Class D shares for the six months ended May 31, 2000 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
U.S. Government Securities 17 1 1 17
Short-Intermediate Bond -- -- 5 (5)
Intermediate Bond -- -- -- --
U.S. Treasury Index 3 -- 7 (4)
Bond 4 1 77 (72)
International Bond -- -- -- --
Balanced 6 3 2 7
Equity Index 100 72 159 13
Diversified Growth 5 7 2 10
Focused Growth 6 4 1 9
Mid Cap Growth -- -- -- --
Small Company Index 1 5 31 (25)
Small Company Growth -- -- -- --
International Equity Index -- -- -- --
International Growth -- -- -- --
----------------------------------------------------------------------
</TABLE>
Transactions in Class D shares for the year ended November 30, 1999 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
U.S. Government Securities 14 3 35 (18)
Short-Intermediate Bond 4 1 40 (35)
Intermediate Bond -- -- 1 (1)
U.S. Treasury Index 8 1 79 (70)
Bond 8 8 32 (16)
International Bond -- -- 6 (6)
Balanced 12 5 41 (24)
Equity Index 270 97 1,122 (755)
Diversified Growth 11 7 58 (40)
Focused Growth 9 5 98 (84)
Small Company Index 8 8 48 (32)
International Equity Index -- -- -- --
International Growth 1 1 19 (17)
----------------------------------------------------------------------
</TABLE>
96
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
-------------------------------------------------------------------------------
Voting Results of Special Meeting of Shareholders
At a Special Meeting of Shareholders of the Trust (the "Meeting") held on
March 21, 2000, the following actions were taken:
(1) The following individuals were elected to serve on the Board of Trustees
by the shareholders of all Portfolios of the Trust voting together in the
aggregate:
<TABLE>
<CAPTION>
Number of
Number of Votes
Name of Trustee Votes For Withheld
------------------------------------------------
<S> <C> <C>
Richard G. Cline 6,637,761,713 38,398,295
Edward J. Condon, Jr. 6,637,761,713 38,398,295
Wesley M. Dixon, Jr. 6,587,683,995 88,476,012
Willaim J. Dolan, Jr. 6,637,761,713 38,398,295
John W. English 6,637,761,713 38,398,295
Raymond E. George, Jr. 6,637,761,713 38,398,295
Sandra Polk Guthman 6,637,761,713 38,398,295
Michael E. Murphy 6,637,761,713 38,398,295
Mary Jacobs Skinner 6,636,834,594 39,325,414
William H. Springer 6,587,685,010 88,474,997
Richard P. Strubel 6,637,761,713 38,398,295
Stephen B. Timbers 6,637,761,713 38,398,295
------------------------------------------------
</TABLE>
(2) The approval of the selection of Ernst & Young LLP as the Trust's
independent auditors for the fiscal year ending November 30, 2000 was ratified
by all the shareholders of all Portfolios of the Trust voting together in the
aggregate as follows:
<TABLE>
<CAPTION>
Votes
Votes For Against Abstained
---------------------------------------------------------------------------------------------------
<S> <C> <C>
6,630,851,779 11,428,600 33,879,628
---------------------------------------------------------------------------------------------------
</TABLE>
(3)(a) The proposed amendments to the fundamental investment policy on
commodities were approved by each of the Portfolios listed below (voting
separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
--------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Securities 2,450,071 628,079 --
Short-Intermediate Bond 7,031,029 37,171 106,191
Intermediate Bond 1,492,716 -- --
U.S. Treasury Index 772,380 74,371 476
Bond 30,851,467 123,751 442
International Bond 1,378,076 -- --
Balanced 3,027,462 2,941 --
Equity Index 30,959,495 901,759 4,845,479
Diversified Growth 9,949,425 165,317 --
Focused Growth 9,719,535 96,212 --
Small Company Index 11,010,989 39,170 9,721
International Equity Index 3,656,815 -- --
International Growth 10,868,820 458 4,778
--------------------------------------------------------
</TABLE>
(3)(b) The proposed amendments to the fundamental investment policies on
borrowing and lending were approved by each of the Portfolios listed below
(voting separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
----------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Securities 2,433,528 644,622 --
Short-Intermediate Bond 6,854,006 214,194 106,191
Intermediate Bond 1,492,716 -- --
U.S. Treasury Index 846,751 -- 476
Bond 29,677,823 1,297,395 442
International Bond 1,378,076 -- --
Balanced 3,030,403 -- --
Equity Index 30,118,696 1,742,558 4,845,479
Diversified Growth 10,113,914 828 --
Focused Growth 9,738,542 77,206 --
Mid Cap Growth 559,986 -- --
Small Company Index 11,028,987 21,172 9,721
Small Company Growth 569,776 -- --
International Equity Index 3,656,815 -- --
International Growth 10,869,278 -- 4,778
----------------------------------------------------------
</TABLE>
(3)(c) The proposed elimination of the fundamental investment policy on
mortgaging was approved by each of the Portfolios listed below (voting
separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
----------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Securities 2,465,330 612,820 --
Short-Intermediate Bond 6,918,799 149,401 106,191
Intermediate Bond 1,492,716 -- --
U.S. Treasury Index 846,751 -- 476
Bond 29,919,784 1,055,434 442
International Bond 1,378,076 -- --
Balanced 3,030,403 -- --
Equity Index 30,119,895 1,741,359 4,845,479
Diversified Growth 10,113,914 828 --
Focused Growth 9,815,748 -- --
Small Company Index 11,046,997 3,162 9,721
Small Company Growth 569,776 -- --
International Equity Index 3,656,815 -- --
International Growth 10,869,278 -- 4,778
----------------------------------------------------------
</TABLE>
(3)(d) The proposed elimination of the fundamental investment policy on puts
and calls was approved by each of the Portfolios listed below (voting
separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
----------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Securities 2,465,330 612,820 --
Short-Intermediate Bond 7,066,160 2,040 106,191
Intermediate Bond 1,492,716 -- --
U.S. Treasury Index 846,751 -- 476
Bond 29,926,932 1,048,286 442
International Bond 1,378,076 -- --
Balanced 3,030,403 -- --
Equity Index 30,377,361 1,483,893 4,845,479
Diversified Growth 10,113,914 828 --
Focused Growth 9,815,748 -- --
Small Company Index 11,050,159 -- 9,721
International Equity Index 3,656,815 -- --
International Growth 10,869,278 -- 4,778
----------------------------------------------------------
</TABLE>
97
<PAGE>
[LOGO OF NORTHERN INSTITUTIONAL FUNDS]
[LOGO] Managed by
Northern Trust
Investment Advisers
The Northern Trust Company
Northern Trust Investments, Inc.
P.O. Box 75943
Chicago, IL 60675-5943
(800) 637-1380
Transfer Agent and Custodian
The Northern Trust Company
Distributor
Northern Funds Distributors, LLC,
an independent third party
Co-Administrators
The Northern Trust Company
PFPC Inc.
Trustees
Richard G. Cline
Edward J. Condon, Jr.
Wesley M. Dixon, Jr.
William J. Dolan, Jr.
John W. English
Raymond E. George, Jr.
Sandra Polk Guthman
Michael L. Murphy
Mary Jacobs Skinner
William H. Springer, Chairman
Richard P. Strubel
Stephen B. Timbers
Officers
Jylanne M. Dunne, President
Brian R. Curran, Vice President and Treasurer
Arch King, Vice President
Lloyd Wennlund, Vice President
Suzanne Anderson, Assistant Treasurer
Jeffrey Dalke, Secretary
Linda J. Hoard, Assistant Secretary
Therese Hogan, Assistant Secretary
Independent Auditors
Ernst & Young LLP
Legal Counsel
Drinker Biddle & Reath LLP
<PAGE>
[LOGO OF NORTHERN INSTITUTIONAL FUNDS]
Money Market
Portfolios
MAY 31, 2000
Semiannual Report
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Table of Contents
<TABLE>
<CAPTION>
Page
----
<S> <C>
Letter to Shareholders..................................................... 2
Statements of Investments
Investment Abbreviations and Notes....................................... 4
Government Select Portfolio.............................................. 5
Government Portfolio..................................................... 6
Diversified Assets Portfolio............................................. 7
Tax Exempt Portfolio..................................................... 11
Municipal Portfolio...................................................... 16
Statements of Assets and Liabilities....................................... 19
Statements of Operations................................................... 20
Statements of Changes in Net Assets........................................ 21
Financial Highlights....................................................... 22
Notes to the Financial Statements.......................................... 27
Voting Results of Special Meeting of Shareholders.......................... 29
</TABLE>
--------------------------------------------------------------------------------
This Semiannual Report is authorized for distribution to prospective investors
only when preceded or accompanied by a prospectus, which contains investment
information on policies, risk considerations, charges, and expenses.
1
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Letter to Shareholders
Economic Review
In the first half of the calendar year, the economy experienced impressive
economic growth, a declining unemployment rate, rising inflation, and volatile
stock and bond markets. This volatile combination kept the Federal Reserve at
full alert and in a pre-emptive tightening mode. In less than a year's time,
the Fed has raised its federal funds target rate by 175 basis points to 6.5
percent and it appears that the economy is finally starting to show signs of
moderation. In the weeks following the Federal Open Market Committee (FOMC)
meeting on May 16, there has been a steady flow of softer economic data. The
employment report released on June 2 provided further evidence that the economy
may be slowing. In addition, forward-looking monetary and financial-market
leading indicators of economic activity lead us to believe the Fed's interest-
rate increases are starting to moderate economic growth.
Economic Outlook
Monetary and financial-market leading indicators of economic activity lead us
to believe the Central Bank's interest-rate increases will soon start to
moderate economic growth. One indicator, real M2 money supply, peaked at the
end of 1998, slowed significantly since then, and is expected to remain on a
downward trend. Although the predictive properties of real M2 deteriorated in
the first half of the 1990s, they have been "rehabilitated" in recent years.
The yield spread between top-rated corporate bonds and the federal funds rate
has progressively narrowed since the Fed started raising interest rates last
year. Such behavior historically has signaled a moderation in economic growth
in that it suggests the Fed is shifting back the supply of credit relative to
the economy's demand for it. Credit quality yield spreads in the corporate bond
market have widened to margins not seen since late 1998, when the capital
markets had "seized up." This increased cost of bond market credit has induced
some corporate borrowers to seek funding from their banks. But the cost of bank
credit, too, is rising as the Fed raises banks' funding costs and the banks are
tightening their lending terms. Start-up corporations also are having a more
difficult time raising funds, as the suppliers of venture capital are becoming
more discriminating.
Tentative signs of a moderation in domestic aggregate demand already are
beginning to appear. Consumer spending slowed in March and April, especially
spending on discretionary durable goods items. Both the production of houses
and their demand appear to be plateauing. Growth is slowing in the
manufacturing sector as evidenced by three consecutive monthly declines in the
Purchasing Managers' Index and a weakening in new orders for durable goods
during the first four months of this year.
The lagged effect of several years of above-potential U.S. economic growth in
combination with economic recovery overseas is exerting upward pressure on U.S.
prices. Producers have been faced with pronounced increases in the prices of
materials and services they buy. We foresee that the slowdown in economic
growth should moderate the price increases for these intermediate goods and
services. In terms of consumer prices, the area in which there is the clearest
sign of higher inflation is that of services, including those pertaining to
shelter and medical care. Price increases of consumer services are likely to be
somewhat less resistant to a moderation in the pace of economic activity than
those of consumer goods.
Clearer evidence of a slowdown in economic growth is expected in the coming
months as the lagged effects of the more recent Fed tightening begin to take
hold. Thus, we believe the Central Bank will be able to move to a neutral
policy stance with only a modest amount of further tightening--perhaps 25 to 50
basis points--during the remainder of this year. More Fed tightening than that
is the most likely risk to our base-case forecast. In this event, because of
relatively high consumer debt-servicing burdens and because of the highly
leveraged corporate sector, a more severe slowing in economic growth than we
envision could occur.
Fixed Income Review
For the six-month period ended May 31, 2000, long-term treasuries returned
almost 7 percent, intermediate treasuries around 2 percent, and T-bills 2.5
percent. The Fed's decision to raise the fed funds rate by 50 basis points on
May 16 suggested that they had adopted a more aggressive stance toward monetary
tightening.
Consequently, global equities tumbled, led by technology stocks. Treasury
obligations benefited from some flight-to-quality buying, ending the month of
May more or less
2
<PAGE>
--------------------------------------------------------------------------------
unchanged across the yield curve. Credit markets remained under pressure, as
swap spreads--one component of the overall cost of borrowing--continued to
widen, and quality spreads suffered, with riskier asset categories, such as
high-yield and emerging market debt, underperforming significantly.
Fixed Income Outlook
Because we believe that the Fed will tighten a little more, which is in line
with consensus, we reiterate our recommendation to maintain a neutral stance
toward overall portfolio duration. However, with market expectations regarding
the extent of future monetary tightening proving to be so volatile, we believe
opportunities may arise to adjust portfolio durations on a tactical basis to
take advantage of misplaced market sentiment. For example, such an opportunity
could present itself if investors were to extrapolate recent signs of economic
slowing into a belief that the Fed's work is finished.
From a strategic standpoint, we continue to believe the current environment
offers greater opportunities to outperform by adopting significantly different-
from-benchmark sector, quality, and yield-curve weightings. Our portfolios
reflect our base-case outlook for fairly stable Treasury rates, tightening swap
spreads, and continued credit spread widening and tiering. We would continue to
overweight mortgage spread product while concentrating our credit exposure in a
well-diversified collection of short- and intermediate-maturity, high-quality
holdings. Although this portfolio would not perform as well if our risk case of
a harder economic landing prevails, the emphasis on higher-quality spread
product is intended to limit the damage from such an outcome. Meanwhile, we
believe our continued overweight of long Treasury bonds will outperform shorter
Treasury obligations in either scenario, but would likely do even better if the
risk case prevails. Long Treasury bonds could get a boost when the
Congressional Budget Office increases its estimate of the budget surplus for
fiscal 2000 from $176 billion to more than $200 billion.
As always, thank you for your continued support of Northern Institutional
Funds.
Sincerely,
James Snyder
Executive Vice President,
Chief Investment Officer
3
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(Unaudited)
Investment Abbreviations:
AMBAC--American Municipal Bond Assurance Corp.
BAN --Bond Anticipation Note
BTP --Bankers Trust Partnership
Colld.
--Collateralized
COP --Certificate of Participation
CP --Commercial Paper
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corp.
FHA --Federal Housing Authority
FHLB --Federal Home Loan Bank
FHLMC--Freddie Mac
FNMA --Fannie Mae
FRN --Floating Rate Note
FSA --Financial Security Assurance Corp.
G.O. --General Obligation
GNMA --Government National Mortgage Association
Gtd. --Guaranteed
HDA --Housing Development Authority
HFA --Housing Finance Authority
IDA --Industrial Development Authority
LOC --Letter of Credit
MBIA --Municipal Bond Insurance Association
ML SG--Merrill Lynch/Societe Generale
MS --Morgan Stanley
MTN --Medium Term Note
P-Floats
--Puttable Floating Rate Security
PCR --Pollution Control Revenue
PSF --Permanent School Fund
SFM --Single Family Mortgage
SLMA --SLM Holding Corp.
Soc Gen
--Societe Generale
TAN --Tax Anticipation Notes
TOB --Tender Option Bond
TRAN --Tax and Revenue Anticipation Note
VRDB --Variable Rate Demand Bond
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
puttable date for floating and variable rate securities per Securities and
Exchange Commission ("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.
4
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
-------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-------------------------------------------------------------------------------------------------
Government Select Portfolio
U.S. GOVERNMENT AGENCIES--102.3%
FFCB Discount Note--0.7%
<S> <C> <C> <C>
$ 15,000 6.36% 7/19/00 $ 14,873
----------
FHLB-FRN--11.2%
100,000 6.81 9/27/00 99,956
125,000 6.80 10/6/00 124,974
----------
224,930
----------
FHLB Discount Notes--78.6%
476,434 6.30 6/1/00 476,434
25,000 5.84 6/7/00 24,976
50,000 5.85 6/7/00 49,951
75,000 6.00 6/21/00 74,750
200,000 5.98 6/23/00 199,269
73,000 6.34 7/10/00 72,499
25,000 6.37 7/14/00 24,810
35,000 6.38 7/14/00 34,733
15,445 6.37 7/17/00 15,319
96,100 6.39 7/24/00 95,197
40,000 6.39 7/26/00 39,610
200,000 6.43 8/11/00 197,465
30,000 6.44 8/11/00 29,619
25,847 5.94 8/16/00 25,523
95,000 6.47 8/16/00 93,702
25,000 5.92 8/18/00 24,679
75,000 5.93 8/23/00 73,974
25,000 5.94 8/23/00 24,658
----------
1,577,168
----------
FHLB Medium Term Notes--9.8%
12,200 6.50 3/6/01 12,197
30,000 6.75 3/15/01 30,000
70,000 6.48 3/20/01 69,956
45,000 7.21 5/25/01 45,000
40,000 7.20 6/7/01 40,000
----------
197,153
----------
SLMA-FRN--2.0%
40,000 6.52 6/30/00 40,000
-------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
TOTAL INVESTMENTS--102.3% $2,054,124
--------------------------------------------------------------------------------
Liabilities, less other assets--(2.3)% (46,768)
--------------------------------------------------------------------------------
NET ASSETS--100.0 $2,007,356%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statement of Investments
May 31, 2000
(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--65.6%
Fannie Mae Discount Notes--23.6%
$ 25,234 5.89% 6/1/00 $ 25,234
103,650 5.90 6/1/00 103,650
115,000 6.48 8/10/00 113,551
30,000 5.61 9/1/00 29,570
100,569 6.57 9/1/00 98,880
54,000 6.59 9/1/00 53,091
63,650 6.60 9/1/00 62,577
54,000 6.68 10/2/00 52,768
----------
539,321
----------
Fannie Mae FRN--5.5%
126,045 6.83 9/29/00 126,033
----------
Fannie Mae Notes--6.0%
22,000 5.50 7/26/00 21,960
60,000 6.63 3/1/01 59,997
40,000 7.26 5/24/01 40,000
15,000 7.25 5/25/01 15,000
----------
136,957
----------
FHLB FRN--2.2%
50,000 6.35 9/12/00 49,989
----------
FHLMC Note--1.5%
35,000 6.75 3/30/01 35,000
----------
Freddie Mac Discount Notes--26.8%
175,000 5.89 6/8/00 174,800
171,000 6.37 7/5/00 169,971
125,000 6.38 7/5/00 124,247
85,000 6.48 8/10/00 83,930
60,000 6.50 8/10/00 59,242
----------
612,190
--------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES 1,499,490
--------------------------------------------------
REPURCHASE AGREEMENTS--46.4%
Repurchase Agreements--42.0%
Bear Stearns Security Corp.,
Dated 5/31/00, Repurchase
Price $350,066 (U.S.
Government Securities
Colld.)
350,000 6.75 6/1/00 350,000
</TABLE>
<TABLE>
<CAPTION>
Description
------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
------------------------------------------------------------
<C> <S> <C> <C>
Bear Stearns Security Corp.,
Dated 5/9/00, Repurchase
Price $125,685
(U.S. Government Securities
Colld.)
$125,000 6.36% 6/9/00 $ 125,000
Bear Stearns Security Corp.,
Dated 4/20/00, Repurchase
Price $75,690
(U.S. Government Securities
Colld.)
75,000 6.13 6/13/00 75,000
Merrill Lynch, Inc., Dated
5/31/00, Repurchase Price
$49,514 (U.S. Government
Securities Colld.)
49,505 6.55 6/1/00 49,505
Soc Gen, Dated 5/31/00,
Repurchase Price $160,030
(U.S. Government Securities
Colld.)
160,000 6.65 6/1/00 160,000
Warburg Dillon Read LLC,
Dated 5/31/00, Repurchase
Price $200,038 (U.S.
Government Securities
Colld.)
200,000 6.75 6/1/00 200,000
----------
959,505
----------
Floating Rate Open Repurchase Agreement--2.2%
Lehman Brothers Holding,
Inc., Dated 3/13/2000, (U.S.
Government Securities
Colld.) Accrued Interest
$144
50,000 6.81 6/1/00 50,000
----------
Joint Repurchase Agreement--2.2%
Warburg Dillon Reed LLC, Dated
11/30/99, (U.S. Government
Securities Colld.) Accrued
Interest $159
50,000 6.38 6/7/00 50,000
------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 1,059,505
------------------------------------------------------------
TOTAL INVESTMENTS--112.0% $2,558,995
------------------------------------------------------------
Liabilities, less other assets--(12.0)% (274,160)
------------------------------------------------------------
NET ASSETS--100.0% $2,284,835
------------------------------------------------------------
------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
------------------------------------------------------
Diversified Assets Portfolio
<C> <C> <S> <C>
CERTIFICATES OF DEPOSITS--11.0%
Domestic Depository Institutions--0.8%
Regions Bank
$ 50,000 6.23% 11/6/00 $ 49,984
----------
Foreign Depository Institutions--10.2%
Canadian Imperial
Bank of Commerce,
New York Branch
100,000 7.42 5/22/01 100,000
Deutsche Bank,
London Branch
100,000 6.09 6/13/00 100,000
National Bank of
Canada,
New York Branch
15,000 5.77 7/31/00 14,999
National
Westminster Bank,
New York Branch
50,000 5.67 7/3/00 49,998
50,000 6.10 11/24/00 49,983
95,000 7.42 5/21/01 95,000
Royal Bank of
Canada,
New York Branch
100,000 7.42 5/22/01 100,000
Societe Generale,
New York Branch
145,000 6.89 3/29/01 144,966
20,000 7.42 5/21/01 20,000
----------
674,946
------------------------------------------------------
TOTAL CERTIFICATES OF DEPOS-
ITS 724,930
------------------------------------------------------
COMMERCIAL PAPER--36.9%
Administration of Environment & Housing
Programs--1.0%
Alaska Housing
Finance Corp.
20,000 6.15 6/7/00 19,979
45,000 6.09 6/14/00 44,901
----------
64,880
----------
Collateralized Loan Obligations--2.7%
Moat Funding LLC
42,500 6.49 8/8/00 41,979
R.O.S.E., Inc.
123,344 6.27 7/28/00 122,119
Stellar Funding,
Inc.
12,500 6.17 7/13/00 12,410
----------
176,508
----------
Communications--2.2%
GTE Corp.
13,000 6.375 6/6/00 12,988
8,500 6.42 6/8/00 8,489
23,000 6.50 6/13/00 22,950
25,000 6.51 6/21/00 24,910
30,000 6.55 6/29/00 29,847
16,000 6.63 7/5/00 15,900
14,000 6.63 7/10/00 13,899
20,000 6.63 7/11/00 19,853
----------
148,836
----------
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------
<C> <C> <S> <C>
Electric--0.3%
Municipal Electric
Authority of
Georgia
$ 9,431 6.15% 6/7/00 $ 9,431
Texas Municipal
Power Agency,
Series 1977
8,000 6.55 7/6/00 8,000
----------
17,431
----------
Environmental Equipment--0.3%
Apreco
20,000 6.62 7/20/00 19,820
----------
General Merchandising--1.1%
Sears Roebuck
Acceptance Corp.
30,000 6.72 7/17/00 29,742
30,000 6.75 7/24/00 29,702
Wal-Mart Stores,
Inc.
13,000 6.03 6/13/00 12,974
----------
72,418
----------
Insurance--2.7%
Aetna Service Co.
17,500 6.10 6/21/00 17,441
42,000 6.76 8/28/00 41,306
Aon Corp.
20,000 6.00 6/7/00 19,980
27,500 6.10 6/12/00 27,449
SAFECO Credit
Corp.
9,000 6.45 6/1/00 9,000
22,500 6.88 7/27/00 22,259
Torchmark, Inc.
15,500 6.53 6/23/00 15,438
10,000 6.26 7/17/00 9,920
Transamerica
Financial Corp.
15,000 6.54 7/7/00 14,902
----------
177,695
----------
Machines & Computer Equipment--0.4%
Xerox Credit Corp.
28,500 6.33 6/6/00 28,475
----------
Multi-Seller Conduits--6.2%
Compass
Securitization
18,000 6.15 7/10/00 17,880
Concord Minutemen
Capital Co.
47,633 6.70 8/23/00 46,897
Corporate
Receivables Corp.
15,000 6.56 7/21/00 14,863
15,000 6.55 7/24/00 14,855
18,500 6.55 8/8/00 18,271
International
Securitization
Corp.
21,566 6.60 8/2/00 21,321
KBC Commercial
Paper Trust
35,000 6.20 7/6/00 34,788
20,000 6.63 7/20/00 19,820
30,000 6.75 8/24/00 29,527
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
-----------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------------------------
Diversified Assets Portfolio--Continued
<C> <C> <S> <C>
Lexington Parker
Capital
$ 50,000 5.95% 6/5/00 $ 49,967
60,000 6.19 7/20/00 59,494
Ness LLC
55,000 6.55 7/27/00 54,439
Thames Asset
Global
Securitization
12,000 6.16 7/6/00 11,928
Variable Funding
Capital Corp.
15,100 6.55 8/7/00 14,916
Windmill Funding
2,000 6.07 6/21/00 1,993
----------
410,959
----------
Non-Depository Business Credit
Institutions--2.8%
Heller Financial
Corp.
20,000 6.05 6/7/00 19,980
25,000 6.20 6/26/00 24,892
4,000 6.60 7/31/00 3,956
13,000 6.75 8/24/00 12,795
Household Finance
Corp., Canada
12,500 6.30 7/24/00 12,384
10,000 6.32 7/25/00 9,905
10,000 6.50 8/1/00 9,890
Marshall and
Ilsley Corp.
90,000 6.80 8/29/00 88,487
----------
182,289
----------
Other Asset Backed Securities--0.4%
Dakota
Certificates
Program
25,000 6.55 8/10/00 24,682
Newcourt Equipment
Trust
968 5.97 6/14/00 968
----------
25,650
----------
Securities Arbitrage--9.2%
Conduit Asset
Backed Security
LLC
12,500 6.52 6/15/00 12,468
34,000 6.55 6/20/00 33,882
19,000 6.25 7/24/00 18,825
15,500 6.09 8/18/00 15,295
21,000 6.73 8/22/00 20,678
15,000 6.21 9/1/00 14,762
Crown Point
Capital Co.
45,000 6.13 6/15/00 44,893
14,000 6.55 6/20/00 13,952
25,000 6.70 8/17/00 24,642
Giro Multi Funding
Corp.
15,000 6.41 6/14/00 14,965
Grand Funding
Corp.
12,500 6.00 6/8/00 12,485
18,000 6.60 7/24/00 17,825
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------
<C> <C> <S> <C>
Grayhawk Funding
LLC
$ 16,000 6.00% 6/6/00 $ 15,987
K2 (USA) LLC
7,000 6.06 9/5/00 6,887
31,500 6.33 10/25/00 30,691
22,500 6.70 11/15/00 21,801
8,500 6.82 11/24/00 8,217
32,000 6.82 11/28/00 30,909
Links Finance LLC
20,000 6.70 8/24/00 19,687
15,000 6.70 8/30/00 14,749
MPF Ltd.
10,065 6.17 6/7/00 10,055
12,500 6.00 6/8/00 12,485
12,500 6.65 7/11/00 12,408
18,719 6.70 8/17/00 18,451
50,000 6.70 8/21/00 49,246
Sigma Finance,
Inc.
24,700 5.84 6/2/00 24,696
25,000 5.84 6/5/00 24,984
30,000 6.14 7/6/00 29,821
20,000 6.64 8/3/00 19,768
14,000 6.64 8/7/00 13,827
----------
609,341
----------
Single-Seller Conduits--5.7%
Atlantis One
Funding Corp.
182,000 6.47 8/15/00 179,547
Emerald
Certificates
7,233 6.30 6/1/00 7,233
15,000 6.15 6/5/00 14,990
19,000 6.15 6/22/00 18,932
2,000 6.57 6/29/00 1,990
18,000 6.64 7/6/00 17,884
25,000 6.67 7/27/00 24,741
Kitty Hawk Funding
Corp.
8,291 6.27 6/5/00 8,285
50,000 6.60 7/26/00 49,496
Sheffield
Receivables Corp.
37,500 6.62 7/17/00 37,183
Three Rivers
Funding
20,000 6.30 6/2/00 19,996
----------
380,277
----------
Transportation Equipment--1.5%
Daimler-Chrysler
Canada
24,000 5.98 6/1/00 24,000
Ford Credit Canada
Ltd.
40,000 6.54 7/17/00 39,666
Textron Financial
Corp.
12,500 6.15 6/27/00 12,444
25,000 6.20 7/25/00 24,768
----------
100,878
----------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
-----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------
<C> <C> <S> <C>
Transportation Services--0.4%
PHH Corp.
$ 27,500 6.63% 6/22/00 $ 27,394
-----------------------------------------
TOTAL COMMERCIAL PAPER 2,442,851
-----------------------------------------
CORPORATE NOTES--11.2%
Collateralized Loan Obligations--1.9%
Syndicated Loan
Funding Trust
Senior Secured
Notes,
Series 1999-5 FRN
40,000 6.77 10/16/00 40,000
Series 2000-1 FRN
35,000 6.67 2/15/01 34,988
Series 2000-8 FRN
50,000 6.67 3/15/01 50,000
----------
124,988
----------
Domestic Depository Institutions--1.4%
Marshall & Ilsley
Bank
20,000 6.07 9/28/00 19,994
Strategic Money
Market Trust FRN
70,000 6.28 3/29/01 70,000
----------
89,994
----------
Electronics & Other Electrical
Components--0.2%
GE Engine
Receivables 1996-1
Trust FRN
14,989 6.60 6/7/00 14,989
----------
Insurance--1.1%
United Healthcare
Corp. FRN
75,000 6.95 11/10/00 75,000
----------
Securities Arbitrage--4.8%
Centauri Corp. MTN
25,000 6.06 9/7/00 25,000
25,000 6.10 9/7/00 25,000
Dorada Finance
Corp.
40,000 7.20 5/8/01 40,000
Liberty
Lighthouse, US
Capital, Series A
(National City
Bank LOC)
25,000 5.71 7/7/00 25,000
35,000 5.75 7/17/00 35,000
50,000 6.15 10/13/00 50,000
K2 (USA) LLC MTN
5,000 5.59 6/5/00 5,000
10,000 5.60 6/15/00 10,000
10,000 5.70 6/30/00 10,000
35,000 6.90 3/30/01 35,000
29,000 7.44 4/30/01 29,000
Links Finance LLC
25,000 7.46 5/22/01 25,000
----------
314,000
----------
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------
<C> <C> <S> <C>
Security & Commodity Broker/Dealers--
1.8%
Morgan Stanley
Dean Witter & Co.
FRN
$100,000 6.88% 8/28/00 $ 100,000
Morgan Stanley
Trust Certificates
1996-2 FRN
20,224 6.71 6/23/00 20,224
----------
120,224
-----------------------------------------
TOTAL CORPORATE NOTES 739,195
-----------------------------------------
MUNICIPAL INVESTMENTS--5.0%
Administration of Environmental &
Housing Programs--1.9%
Virginia State HDA
Mortgage Revenue
Bonds
126,225 6.60 6/7/00 126,225
----------
Amusement & Recreation Services--0.7%
Maryland Stadium
Authority Sports
Facilities Lease
Revenue, Series A
16,300 6.10 6/7/00 16,300
Oakland-Alameda
County Coliseum
Authority Oakland
Coliseum Arena,
1996 Series
32,700 6.72 8/1/00 32,700
----------
49,000
----------
Communications--0.4%
New Jersey State
Economic
Development
Authority Revenue
Refunding Bonds,
Series 1997-B,
MSNBC/CNBC (Chase
Manhattan Bank
LOC)
24,199 6.11 6/1/00 24,199
----------
Construction--0.2%
Duncan Oil Co.
Project VRDN,
Series 2
4,535 6.61 6/1/00 4,535
Metal Forming &
Coining Corp.
Project (National
City Bank LOC)
9,065 6.62 6/1/00 9,065
----------
13,600
----------
Electrical Services--0.1%
Transmission
Agency of Northern
California
5,600 6.15 6/6/00 5,600
----------
Executive, Legislative, & General
Government--1.4%
Denver City &
County (Colorado),
Series 1996
1,700 6.34 6/1/00 1,700
Kern County
(California)
Pension Obligation
35,000 6.39 6/1/00 35,000
Seattle
(Washington)
Limited, Tax G.O.
Bond FRN, Series
1996-C
32,825 6.45 6/7/00 32,825
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
-----------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------------------------
Diversified Assets Portfolio--Continued
<C> <C> <S> <C>
Sonoma County
(California)
Pension Obligation
Bond, Series 1T
$ 22,800 6.39% 6/1/00 $ 22,800
---------
92,325
---------
Health Services--0.3%
Crozer Keystone
Health System VRDN
7,350 6.70 6/7/00 7,350
Health Insurance
Plan of Greater
New York VRDN,
Series 1990 B-1
15,500 6.60 6/7/00 15,500
---------
22,850
-----------------------------------------------------------
TOTAL MUNICIPAL INVESTMENTS 333,799
-----------------------------------------------------------
EURODOLLAR TIME DEPOSITS--26.2%
Banca Intesa,
London
145,000 6.84 6/1/00 145,000
Banco Popular,
Puerto Rico
100,000 6.84 6/1/00 100,000
Barclays Bank,
Global Treasury
100,000 6.84 6/1/00 100,000
Credit Suisse
First Boston,
Grand Cayman
Islands
122,500 6.84 6/1/00 122,500
Deutsche Bank,
Grand Cayman
Islands
200,000 6.84 6/1/00 200,000
First Security
Bank, N.A., Grand
Cayman Islands
100,000 6.81 6/1/00 100,000
FIRSTAR, Grand
Cayman Islands
125,000 6.81 6/1/00 125,000
ING Bank,
Amsterdam
167,000 6.83 6/1/00 167,000
Key Bank, N.A.,
Grand Cayman
Islands
100,000 6.81 6/1/00 100,000
National City Bank
of Kentucky, Grand
Cayman Islands
100,000 6.81 6/1/00 100,000
Regions Bank,
Grand Cayman
Islands
137,854 6.81 6/1/00 137,853
South Trust Bank,
N.A., Grand Cayman
Islands
75,000 6.81 6/1/00 75,000
Sun Trust Bank,
Atlanta, Grand
Cayman Islands
85,000 6.81 6/1/00 85,000
UBS AG, Grand
Cayman Islands
175,000 6.81 6/1/00 175,000
-----------------------------------------------------------
TOTAL EURODOLLAR TIME
DEPOSITS 1,732,353
-----------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
------------------------------------------
<C> <C> <S> <C>
REPURCHASE AGREEMENTS--9.8%
Repurchase Agreements--7.6%
Bear Stearns, Inc.
Dated 5/31/00
Repurchase Price
$500,094
(U.S. Government
Securities Colld.)
$500,000 6.75% 6/1/00 $ 500,000
----------
Floating Rate Open Repurchase
Agreement--1.5%
Lehman Brothers,
Inc., Dated
5/31/00, Daily
Reset
(U.S. Government
Securities Colld.)
Repurchase
Price $100,288
100,000 6.813 6/1/00 100,000
----------
Joint Repurchase Agreement--0.7%
Warburg Dillon
Read LLC, Dated
5/31/00 (U.S.
Government
Securities Colld.)
Accrued Interest
$158
50,000 6.38 6/7/00 50,000
------------------------------------------
TOTAL REPURCHASE AGREEMENTS 650,000
------------------------------------------
TOTAL INVESTMENTS--100.1% $6,623,128
------------------------------------------
Liabilities, less other
assets--(0.1)% (8,528)
------------------------------------------
NET ASSETS--100.0% $6,614,600
------------------------------------------
------------------------------------------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
---------------------------------------------------------------------------------------------------------
Tax-Exempt Portfolio
MUNICIPAL INVESTMENTS--98.7%
Alabama--2.2%
Alabama Special Care Facilities
Financing Authority Revenue
Bonds, Series 1999B (Ascension
Health Gtd.)
<S> <C> <C> <C>
$ 7,000 4.55% 6/7/00 $ 7,000
Eutaw Industrial Development
Board PCR VRDB, Mississippi
Power Co., Greene County
Project (Mississippi Power Co.
Gtd.)
2,200 4.45 6/1/00 2,200
Greenville City IDR VRDN,
Series 1992, Allied-Signal,
Inc. Project (Allied-Signal,
Inc. Gtd.)
1,350 4.40 6/7/00 1,350
Oxford G.O. VRDB Trust
Receipts, SGB 34
(AMBAC Insured)
4,000 4.40 6/7/00 4,000
--------
14,550
--------
Alaska--0.7%
Alaska Housing Finance Corp.
VRDN, Merrill P-Floats
PT-37 (Colld. by Alaska
Housing Finance Corp.)
4,680 4.55 6/1/00 4,680
--------
Arizona--1.1%
Maricopa County Community
College District G.O.
Unlimited, Series 1994-C
3,000 5.25 7/1/00 3,003
Maricopa County IDA Hospital
Revenue VRDN, MS Floater
Series 1998-103, Mayo
Foundation
3,885 4.40 6/7/00 3,885
Maricopa County Political
Control VRDN, Series D,
Arizona Public Service Co.
(Bank of America LOC)
300 4.45 6/1/00 300
--------
7,188
--------
Colorado--3.8%
Centennial Downs Metropolitan
District G.O. Bonds, Series
1999 (U.S. Bank LOC)
4,000 4.25 6/7/00 4,000
Colorado HFA Multifamily
Mortgage Revenue VRDN,
Series A
12,120 4.40 6/7/00 12,120
Colorado HFA Multifamily VRDN,
Series A-1 (MBIA Insured)
8,500 4.25 6/1/00 8,500
--------
24,620
--------
Connecticut--0.9%
Connecticut State G.O. Bonds,
Series 1999A, JPM Putter (FGIC
Insured)
6,000 4.26 6/1/00 6,000
--------
</TABLE>
<TABLE>
<CAPTION>
Description
---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
---------------------------------------------------------------------------------------------------------
District of Columbia--1.7%
District of Columbia Water &
Sewer VRDN, Series 1998,
Citibank Eagle Trust 985201
(FSA Insured)
<S> <C> <C> <C>
$ 4,200 4.40% 6/7/00 $ 4,200
District of Columbia Water &
Sewer VRDN, Citibank
Eagle Trust 8121A (FSA
Insured)
7,000 4.40 6/7/00 7,000
--------
11,200
--------
Florida--1.7%
Florida Board of Education
G.O., Series 1989A, Eagle
Trust 96C0915 (Colld. by U.S.
Government Securities)
3,000 4.00 6/1/00 3,000
Florida State Board of
Education, Series 1993E, Eagle
Trust 940901
4,000 4.40 6/1/00 4,000
Indian River County Hospital
District VRDN, Series 1989
(KBC Bank LOC)
2,800 4.05 8/11/00 2,800
Jacksonville Electric Authority
Subordinated Revenue
VRDN, Series C
1,000 4.35 6/1/00 1,000
Putnam County PCR VRDN, Series
S, Seminole Electric (National
Rural Utility Cooperation
Finance Co. Gtd.)
250 4.35 6/7/00 250
--------
11,050
--------
Georgia--6.9%
Burke County Development
Authority PCR VRDN, 5th
Series, Georgia Power Co.
Plant Vogtle Project (Georgia
Power Co. Gtd.)
3,600 4.40 6/1/00 3,600
Burke County Development
Authority PCR VRDN, Georgia
Power Co. Plant Vogtle Project
(Georgia Power Co. Gtd.)
1,600 4.35 6/1/00 1,600
Fulton County School District
Bonds, Citicorp Eagle
Trust 981001
11,000 4.05 8/1/00 11,000
Fulton County Development
Authority, Series 1997,
Woodward Academy Inc. Project
(Sun Trust Bank LOC)
6,000 4.40 6/7/00 6,000
Georgia Municipal Gas Authority
VRDN, Series C, Gas Portfolio
II Project (Bank of America
LOC)
9,900 5.60 6/7/00 9,900
Georgia State G.O. Bonds, Eagle
Trust, Series 97C1001
3,840 4.40 6/7/00 3,840
Georgia State G.O. Bonds, Eagle
Trust, Series 97C1002 1999D
7,000 4.35 6/7/00 7,000
Georgia State G.O. Unlimited
VRDN, Series B
100 4.38 6/7/00 100
Monroe County Development
Authority PCR VRDN,
Series 1997, Georgia Power Co.
Scherer Project
1,200 4.35 6/1/00 1,200
--------
44,240
--------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Tax-Exempt Portfolio--Continued
Hawaii--0.3%
City and Council of Honolulu
VRDN, Series A
(Landesbank Hessen Thuringen
Girozentral LOC)
$ 2,145 4.00% 6/7/00 $ 2,145
--------
Illinois--12.5%
Chicago City G.O Equipment
Notes (Harris Trust and
Savings Bank LOC)
2,000 3.90 10/5/00 2,000
Chicago Board of Eduation G.O.
Unlimited VRDN, Series A,
School Reform Board (FGIC
Insured)
4,995 4.55 6/7/00 4,995
Chicago Board of Education
VRDN, Series 2000A School
Reform Board (FGIC Insured)
4,000 4.40 6/7/00 4,000
Chicago G.O. Project and
Refunding Board VRDN, Series
1998M (FGIC Insured)
5,000 3.62 7/13/00 5,000
Chicago G.O. Refunding VRDN,
Series 1998, Citicorp
Eagle Trust 981302 (FSA
Insured)
7,000 4.40 6/7/00 7,000
Chicago Park District Tax
Anticipation Warrants
3,000 4.375 9/15/00 3,002
Chicago School Reform Board
G.O. VRDN, Series 1996B, Bank
of America Securities Variable
Rate Certificates (MBIA
Insured)
12,700 4.45 6/7/00 12,700
Chicago Revenue VRDB, Series
2000, Boys and Girls Club of
Chicago (American National
Bank and Trust LOC)
6,400 4.35 6/7/00 6,400
DuPage Water Commission Water
Revenue VRDN
6,200 4.48 6/7/00 6,200
Illinois Educational Facilities
Authority VRDN, Cultural
Pooled Financing Project
(American National Bank and
Trust LOC)
1,100 4.30 6/7/00 1,100
Illinois HDA Revenue Bonds
VRDN, Series B-1, Homeowner
Mortgage
2,860 4.15 1/24/01 2,860
Illinois HFA VRDN, Series 166,
FHA Insured Mortgage, Sinai
Health Systems (AMBAC Insured)
6,420 4.42 6/7/00 6,420
Illinois HFA Revenue Bonds
VRDN, Series 1985B, Evanston
Hospital Corp.
5,000 3.65 8/15/00 5,000
Illinois HFA Revenue VRDN,
Evanston Hospital Corp.
3,000 4.75 5/15/01 3,000
Illinois HFA Revenue VRDN,
Series 1990, Glenoaks
Medical (Colld. by U.S.
Government Securities)
1,825 9.50 11/15/00 1,905
Illinois State Sales, Series U,
ML SG Trust SG9 (FSA Insured)
4,500 4.38 6/7/00 4,500
Metropolitan Pier and
Exposition Authority MS Trust
Certificate 2000 VRDN, Series
296 (AMBAC Insured)
2,500 4.45 6/7/00 2,500
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------------------------------------------------------------------
Regional Transportation
Authority Revenue Bonds VRDN,
Series 1990A (Colld. by U.S.
Government Securities)
<S> <C> <C> <C>
$ 2,840 7.30% 11/1/00 $ 2,935
--------
81,517
--------
Indiana--5.7%
Indiana Bond Bank Advanced
Funding Program Notes,
Series A-2
3,000 4.75 1/18/01 3,011
Indiana Health Facility Finance
Authority VRDN, Merrill Lynch
PT-291, Sisters of St. Francis
17,500 4.50 6/1/00 17,500
Indiana State Development
Finance Authority VRDN,
Indiana Historical Society,
Inc. Project (Bank One LOC)
1,500 4.30 6/7/00 1,500
Indiana Transportation
Authority Highway Revenue
VRDN, Citicorp Eagle Trust
981402
7,750 4.05 8/1/00 7,750
Jasper County PCR Bonds, Series
1988A, Northern Indiana Public
Service Project (Northern
Indiana Public Service Gtd.)
5,000 4.50 6/14/00 5,000
Marshall County Economic
Development Revenue VRDN,
Series 2000, Culver
Educational Foundation Project
(Bank One LOC)
2,100 4.30 6/7/00 2,100
--------
36,861
--------
Iowa--1.0%
Iowa Finance Authority SFM
Revenue VRDN,
Series 1997 A
3,665 4.40 6/1/00 3,665
Iowa Finance Authority Revenue
VRDN, Series 2000,
YMCA and Rehab Center Project
(Bank of America LOC)
3,000 4.45 6/7/00 3,000
--------
6,665
--------
Kansas--1.6%
Lawrence Temporary Notes,
Series I
2,415 4.75 6/1/01 2,421
Olathe Temporary Notes,
Series 2000 A
1,500 5.00 10/1/00 1,503
Series 2000 B
3,500 5.00 6/1/00 3,518
Topeka Temporary Notes, Series
1999-A
3,000 3.50 6/1/00 3,000
--------
10,442
--------
Kentucky--2.6%
Clark County PCR Bonds, Series
J-2, East Kentucky Power
(National Rural Utilities
Cooperative Finance Corp.
Gtd.)
7,000 4.15 10/15/00 7,000
Danville City Lease Revenue CP,
Municipal Pooled Lease Program
(PNC Bank LOC)
3,045 4.05 6/9/00 3,045
Kentucky Asset/Liability
General Fund Revenue TRAN
VRDN, Series B
3,000 4.50 6/28/00 3,001
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Kentucky--Continued
Kentucky Interlocal School
Transportation Association
TRAN
$ 4,000 4.00% 6/30/00 $ 4,002
--------
17,048
--------
Louisiana--3.4%
Greater Baton Rouge Port
Commission PCR (Dow Chemical
Co. Gtd.)
4,700 4.20 12/15/00 4,700
City of Huntington IDR VRDN,
Allied Signal, Inc. Project
(Honeywell International, Inc.
Gtd.)
1,100 4.40 6/7/00 1,100
Lafayette Public Power
Authority MS Floating Rate
Trust Certificate 2000 VRDN,
Series 294 (AMBAC Insured)
3,995 4.45 6/7/00 3,995
Louisiana Public Facilities
Authority Hospital Revenue
VRDN, Series 1997, Willis-
Knighton Medical Center (AMBAC
Insured)
8,000 4.10 6/7/00 8,000
Parrish of Caddo Industrial
Revenue VRDB, General
Motors Corp. Project (General
Motors Corp. Gtd.)
4,300 4.35 6/7/00 4,300
--------
22,095
--------
Maryland--2.6%
Howard County Multi-Family
Housing Revenue VRDB, Series
PT-313, P-Floats (Colld. by
FNMA)
3,200 4.38 6/7/00 3,200
Maryland State Community
Development Administration SFM
Revenue, Series 1993, Merrill
P-Floats PT-12
12,317 4.55 6/1/00 12,317
Montgomery County SFM Revenue
VRDB, Series PA-40, Merril P-
Floats
1,620 4.38 6/7/00 1,620
--------
17,137
--------
Michigan--2.5%
Detroit School District, State
School Aid Notes
3,000 4.00 6/1/00 3,000
Michigan State COP, New Center
Development, Inc. (Canadian
Imperial Bank of Commerce LOC)
8,000 4.75 3/1/01 8,018
Michigan Strategic Fund PCR
VRDN, Series 1995,
Detroit Edison Project
(Barclays Bank LOC)
2,000 4.35 6/1/00 2,000
Michigan Strategic Fund PCR
VRDN, Series 1995CC,
Detroit Edison Project
(Barclays Bank LOC)
3,100 4.45 6/1/00 3,100
--------
16,118
--------
Minnesota--1.3%
Minneapolis G.O. Bonds
1,155 4.50 12/1/00 1,158
Minnesota State HFA SFM Bonds,
Series D
3,435 4.30 5/1/01 3,435
</TABLE>
<TABLE>
<CAPTION>
Description
---------------------------------------------------------------------------------------------------
Principal
Amount Rate Maturity Date Amortized Cost
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Rochester Health Care Facility
Revenue Bonds, Series B, Mayo
Foundation
$ 4,000 4.75% 8/23/00 $ 4,000
--------
8,593
--------
Missouri--0.8%
Kansas City IDA Multifamily
Housing VRDN, Series 1996,
Sleepy Hollow Apartments
(Banco Santander Central
Hispano LOC)
2,000 4.15 6/7/00 2,000
St. Louis General Fund TRAN
VRDN,
3,000 4.00 6/30/00 3,002
--------
5,002
--------
Nevada--1.5%
Nevada State Municipal Bond
Bank VRDB, Series 1997 SGB31
(FGIC Insured)
9,665 4.40 6/7/00 9,665
--------
New Mexico--1.1%
Albuquerque City G.O. Bond
3,235 4.70 7/1/00 3,237
New Mexico State TRAN
4,000 4.50 6/30/00 4,002
--------
7,239
--------
New York--2.5%
New York City G.O. Unlimited,
Series 1993 E-6 (FGIC Insured)
2,600 4.30 6/1/00 2,600
New York State Environmental
Facility Corp., Eagle Trust
(FSA Insured)
10,000 4.15 8/25/00 10,000
Suffolk County TAN, Series I
(Dexia Credit Local de France
LOC)
3,500 4.50 8/10/00 3,504
--------
16,104
--------
North Carolina--0.4%
Durham City Water and Sewer
Utility Revenue Bonds,
Series 1994
1,000 4.35 6/7/00 1,000
Persons County Industrial
Facility and Pollution Control
VRDN, Series 1992A (Carolina
Power and Light Gtd.)
1,300 4.40 6/7/00 1,300
--------
2,300
--------
Ohio--0.9%
Jackson Local School District
BAN, Starck and Summit
Counties
2,500 4.75 11/1/00 2,504
Ohio State Public Facilities
Commission Revenue VRDB,
Series II-A, Higher Education
Capital Facilities
3,325 4.50 11/1/00 3,331
--------
5,835
--------
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
-----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------------------------------------------------------------------
Tax-Exempt Portfolio--Continued
Oklahoma--0.2%
Tulsa County G.O. Combined
Purpose Bonds, Independent
School District No. 001
<S> <C> <C> <C>
$ 1,000 5.00% 2/1/01 $ 1,004
--------
Oregon--3.4%
Oregon Housing & Community
Services Department SFM Bonds,
Series G
4,200 3.45 6/29/00 4,200
Port of Portland Public Grain
Elevator Revenue Bonds,
Columbia Grain, Inc. Project
(Chase Manhattan Bank LOC)
18,095 4.70 6/7/00 18,095
--------
22,295
--------
Pennsylvania--7.2%
Allegheny County Higher
Education Building Authority
VRDN, Series 1998, Carnegie
Mellon University
1,600 4.35 6/1/00 1,600
Allegheny County Hospital
Development Authority Revenue
VRDN, Series B, Presbyterian
Health Center (MBIA Insured)
3,080 4.40 6/1/00 3,080
Allegheny County Hospital
Development Authority Revenue
VRDN, Series D, Presbyterian
Health Center (MBIA Insured)
9,100 4.40 6/1/00 9,100
Allegheny County Hospital
Development Authority Revenue
VRDN, Series B-1, Presbyterian
University Hospital (Bank One
LOC)
1,800 4.40 6/1/00 1,800
Allegheny County Hospital
Development Authority Revenue
VRDN, Series B-2, Presbyterian
University Hospital (Bank One
LOC)
7,040 4.40 6/1/00 7,040
Allegheny County IDA VRDN,
Series A, Sewickley Academy
(PNC Bank LOC)
3,000 4.40 6/7/00 3,000
Bucks County, IDA Environmental
Improvement, USX Corp. Project
(Wachovia Bank LOC)
1,740 4.25 10/5/00 1,740
Geisinger Authority Health
System Revenue VRDB, Series
1998B, Geisinger System
Services
3,400 4.35 6/1/00 3,400
Harbor Creek School District
G.O. Notes
2,500 3.75 6/15/00 2,500
Northampton Higher Education
Authority VRDN, Series A,
Lafayette College
2,000 4.40 6/1/00 2,000
Pennsylvania Higher Education
Facilities Authority Revenue
Bonds, Association of
Independent Colleges and
Universities D3 (Allied Irish
Bank LOC)
1,300 4.35 5/1/01 1,300
Pennsylvania Higher Education
Facilities Authority VRDN,
Association of Independent
Colleges and Universities--
Dickinson College (Allied
Irish Bank LOC)
2,000 4.35 5/1/01 2,000
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------------------------------------------------------------------
Philadelphia Hospitals and
Higher Education Facilities
VRDN, Series B, Jefferson
Health System,
<S> <C> <C> <C>
$ 2,000 4.375% 3/27/01 $ 2,000
Philadelphia Hospitals and
Higher Education Facilities
Authority VRDN, Series A,
Children's Hospital Project
1,800 4.35 6/1/00 1,800
Pittsburgh Urban Redevelopment
Authority Mortgage Revenue
Notes, Series D
3,490 4.65 5/22/01 3,490
Warren County Hospital
Authority VRDN, Series 1994 B,
Warren General Hospital
Project (PNC Bank LOC)
750 4.40 6/7/00 750
--------
46,600
--------
South Carolina--0.9%
York County PCR Notes, Electric
Membership Project 84N4
(National Rural Utility
Cooperation Finance Co. Gtd.)
6,000 4.05 9/15/00 6,000
--------
Tennessee--1.3%
Knoxville Utilities Board
Electric System Subordinate
Revenue VRDN, Series 2000 (FSA
Insured)
1,200 4.40 6/1/00 1,200
Knoxville Utilities Board Water
System Subordinate Revenue
VRDN, Series 2000 (FSA
Insured)
1,100 4.40 6/1/00 1,100
Memphis G.O. General
Improvement VRDB, Series 1996,
Soc Gen Trust SGB-23 (Memphis
City Insured)
3,100 4.40 6/7/00 3,100
Sevier County Public Building
Authority Local Government
Public Improvement VRDB,
Series IV-B-1 (FSA Insured)
3,300 4.45 6/1/00 3,300
--------
8,700
--------
Texas--12.3%
Bastrop Independent School
District VRDN, Series 1997,
Soc Gen Municipal Security
Trust Receipts SGB 37 (PSF of
Texas Gtd.)
4,170 4.40 6/7/00 4,170
Board of Regents of the
University of Texas System
Permanent Fund VRDN, Series A
8,000 4.40 8/3/00 8,000
Dallas-Fort Worth Regional
Airport Revenue Refunding
Bonds, Citibank TOB, Series A
(FGIC Insured)
1,960 4.35 11/1/00 1,960
Denton Independent School
District Unlimited G.O. Notes,
Series B (PSF of Texas Gtd.)
2,900 3.65 8/15/00 2,900
Granbury Independent School
District VRDN, Series 1999 SG-
129 (PSF of Texas Gtd.)
4,815 4.38 6/7/00 4,815
Harris County G.O. Subordinate
Lien Toll Road VRDB
5,000 4.10 6/7/00 5,000
Harris County Health Facility
Development Corp. VRDN, Series
1999, YMCA of Greater Houston
(Bank One LOC)
1,600 4.35 6/1/00 1,600
Harris County Toll Road
Unlimited Tax VRDN, Series
1994A, Citicorp Eagle Trust
9,000 4.40 6/7/00 9,000
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Description
-----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-----------------------------------------------------------------------------------------------------
Lower Colorado River Authority
Revenue Refunding
Bonds, Citicorp Eagle Trust
(AMBAC Insured)
<S> <C> <C> <C>
$ 12,000 4.40% 6/7/00 $ 12,000
Nueces River Authority Water
Supply VRDN, Series
974306, Corpus Christi Lake
Project (FSA Insured)
6,600 4.40 6/7/00 6,600
Tarrant County Water Control
District Refunding and
Improvement Bonds, Series 1992
(Colld. by U.S. Government
Securities)
5,000 5.75 3/1/01 5,050
Texas State TRAN, Series 1999A
10,000 4.50 8/31/00 10,019
Trinity River IDA VRDN,
Automatic Data Processing,
Inc. Project
6,400 4.60 6/1/00 6,400
Yoakum County Industrial
Development Corp. PCR VRDN, BP
Amoco Project
2,265 4.30 11/1/00 2,265
---------
79,779
---------
Virginia--2.7%
Chesapeake IDA Notes, Virginia
Electric Power Co. Project
(Virginia Electric Power Co.
Gtd.)
1,000 4.05 8/11/00 1,000
Norfolk G.O. VRDN, Eagle Trust
Series No. 944601
10,100 4.40 6/7/00 10,100
Norfolk IDA Revenue Bonds VRDN,
Children's Hospital of the
King's Daughters (Wachovia
Corp. LOC)
2,000 4.40 6/7/00 2,000
Roanoke IDA Hospital Revenue
VRDB, Series 1997A, Carilion
Health System Obligated Group
4,700 4.35 6/1/00 4,700
---------
17,800
---------
Washington--4.6%
Washington G.O. Refunding
Bonds, Eagle Trust Series
1993C
14,395 5.00 6/7/00 14,395
Washington Public Power Supply
System VRDN, Citicorp Eagle
Trust
10,000 4.50 6/7/00 10,000
Washington State Housing
Finance Community Single
Family Program Revenue Notes
(Colld. by GNMA Securities)
2,230 3.80 10/10/00 2,230
Washington State Public Power
Supply System Revenue Bonds,
Series A, Project 2 (Colld. by
U.S. Government Securities)
3,030 7.375 7/1/00 3,099
---------
29,724
---------
Wisconsin--4.2%
Fond Du Lac BAN
1,525 4.40 5/1/01 1,525
</TABLE>
<TABLE>
<CAPTION>
Description
-----------------------------------------------------------------------------------------------------
Principal
Amount/ Maturity Amortized
Shares Rate Date Cost
-----------------------------------------------------------------------------------------------------
Iola-Scandinavia School
District BAN
<S> <C> <C> <C>
$ 2,500 4.40% 11/1/00 $ 2,502
Milwaukee Area Technical
College District G.O.
Promissory Notes, Series A
1,000 4.75 6/1/00 1,000
Milwaukee Short Term School
VRDN, Series 99B, Trust
Receipts Certificates
6,000 4.40 6/7/00 6,000
Monroe School District BAN
2,000 4.40 6/12/00 2,000
Racine G.O. Promissory Notes,
Series 1999 A
2,460 4.25 12/1/00 2,464
Sheyboygan PCR Bonds, Series
1995, Wisconsin Electric Power
Co. Project
3,000 4.30 6/7/00 3,000
Sun Prairie Area School
District BAN
3,200 4.40 10/1/00 3,203
Wisconsin G.O. CP Notes,
Series 1997A
3,423 4.00 6/15/00 3,423
Series 1997B
2,045 4.00 6/15/00 2,045
--------
27,162
--------
Multiple States Pooled Securities--2.2%
Greystone Revenue Bond
Certificate Trust VRDN, Series
1998-1 (Credit Suisse First
Boston LOC)
13,350 4.38 6/7/00 13,350
Pooled P-Floats VRDN, Series
PPT2
915 4.60 6/1/00 915
--------
14,265
-----------------------------------------------------------------------------------------------------
TOTAL MUNICIPAL INVESTMENTS 641,623
-----------------------------------------------------------------------------------------------------
OTHER INVESTMENTS--0.6%
AIM Tax Free Money Market Fund
463 463
Dreyfus Tax Exempt Cash
Management Fund
400 400
Federated Tax-Free Trust Money
Market Fund #15
1,777 1,777
Federated Tax-Free Trust Money
Market Fund #73
319 319
Provident Municipal Fund
597 597
</TABLE>
<TABLE>
-----------------------------------------------------------------------------------------------------
<S> <C>
TOTAL OTHER
INVESTMENTS 3,556
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS--
99.3% $ 645,179
-----------------------------------------------------------------------------------------------------
Other assets, less
liabilities--0.7% 4,804
-----------------------------------------------------------------------------------------------------
NET ASSETS--100.0% $ 649,983
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
Northern Institutional Funds
Municipal Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
-------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-------------------------------------------------
Municipal Portfolio
<C> <C> <S> <C>
MUNICIPAL INVESTMENTS--96.6%
Alabama--0.2%
Town of Mobile PCR
Revenue Refunding
Bond, Series
1994A, Alabama
Power Co. Project
(Alabama Power Co.
Gtd.)
$ 200 4.35% 6/1/00 $ 200
-------
Alaska--1.2%
Alaska Housing
Finance Corp.
VRDB, Merrill P-
Floats PT-37
(Colld. by Alaska
HFC)
1,050 4.55 6/1/00 1,050
-------
Arizona--0.6%
Maricopa County
IDA Hospital
Revenue VRDB Mayo
Foundation, MS
Floater
Certificates,
Series 1998-103
570 4.40 6/7/00 570
-------
Colorado--2.8%
Colorado HFA
Multi-Family
Insured Mortgage
Revenue VRDB,
Series A
1,600 4.40 6/7/00 1,600
Colorado Springs
Utility Revenue
VRDB, Series A
SGA-88
900 4.40 6/7/00 900
-------
2,500
-------
District of Columbia--0.6%
District of
Columbia G.O.
Bonds, Series 1991
B-1 (Soc Gen LOC)
500 4.50 6/1/00 500
-------
Florida--5.5%
Dade County
Special Obligation
Capital Asset
Acquisition,
Series 1990 (Bank
of America LOC)
1,335 4.35 6/7/00 1,335
Florida Board of
Education Capital
Outlay Series A,
Citicorp Eagle
Trust 96C0914
3,700 4.40 6/7/00 3,700
-------
5,035
-------
Georgia--8.1%
Atlanta Munitops
Certificates Trust
Revenue Bonds,
Series 2000-4
(FGIC Insured)
1,000 4.25 6/7/00 1,000
Georgia State G.O.
Unlimited VRDB,
Series B
500 4.38 6/7/00 500
Monroe County
Development
Authority Bonds,
Series 1997,
Georgia Power Co.
Scherer Project
4,600 4.40 6/1/00 4,600
</TABLE>
<TABLE>
<CAPTION>
Description
----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
----------------------------------------
<C> <C> <S> <C>
Georgia Municipal
Electric
Authority, Project
One, Series 1985-A
(Morgan Guaranty
Trust Co. Gtd.)
$1,200 4.00% 8/11/00 $1,200
------
7,300
------
Hawaii--1.1%
City and County of
Honolulu, Series A
(Landesbank LOC)
1,000 4.00 6/7/00 1,000
------
Idaho--1.7%
Idaho Health
Facilities
Authority SFM VRDB
Series 1995, St.
Lukes Medical
Center Project
(Credit Suisse
First Boston LOC)
1,500 4.40 6/1/00 1,500
------
Illinois--12.0%
Chicago Board of
Education School
Reform Board G.O.
Unlimited VRDB,
Series A (PA 616)
(FGIC Insured)
500 4.55 6/7/00 500
Chicago Board of
Education VRDB,
Series 2000 A
(FGIC Insured)
1,405 4.40 6/7/00 1,405
Chicago G.O.
Refunding VRDB,
Series 1998,
Citicorp Eagle
Trust 981302 (FSA
Insured)
1,600 4.40 6/7/00 1,600
Chicago O'Hare
Airport Revenue
VRDB, Series 1983-
C, AMR Inc.
Project (Royal
Bank of Canada
LOC)
1,400 4.35 6/1/00 1,400
DuPage Water
Commission Revenue
VRDB
300 4.48 6/7/00 300
Illinois
Development
Finance Authority
Jewish Charities,
Series 1999-2000 A
(Harris Trust and
Savings Bank LOC)
2,000 4.40 6/7/00 2,000
Illinois
Educational
Facilities
Authority Art
Institute of
Chicago, Series
2000 A
900 4.30 6/7/00 900
Illinois Health
Facilities
Authority
Franciscan
Eldercare, Series
E (LaSalle
National Bank LOC)
500 4.25 6/7/00 500
Illinois Health
Facilities
Authority,
Gottlieb Health
Resources, Inc.,
Series 1990
(Harris Trust and
Savings Bank LOC)
900 4.25 6/7/00 900
Illinois Health
Facilities
Authority Sinai
Health System,
Series 166 (AMBAC
Insured)
800 4.42 6/7/00 800
Illinois Regional
Transportation
Authority Revenue
Bonds, Series 1990
A
500 7.30 11/1/00 517
------
10,822
------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
----------------------------------------
<C> <C> <S> <C>
Indiana--1.8%
Indianapolis City
Citizens Gas and
Coke Utility CP
(Indianapolis Gas
Utility LOC)
$ 1,600 4.65% 8/11/00 $ 1,600
-------
Iowa--0.6%
Iowa Finance
Authority SFM
Revenue Bonds,
Series 1997 A
600 4.40 6/1/00 600
-------
Kansas--3.8%
Lawrence Temporary
Notes, Series I
1,000 4.75 6/1/01 1,003
Olathe Temporary
Notes,
Series 2000 A
800 5.00 10/1/00 802
Series 2000 B
1,625 5.00 6/1/01 1,633
-------
3,438
-------
Kentucky--1.1%
Clark County PCR
Bonds, East
Kentucky Power,
Series J-2
(National Rural
Utility Gtd.)
1,000 4.15 10/15/00 1,000
-------
Louisiana--0.6%
Greater Baton
Rouge Port
Commission, Dow
Chemical Co.
Project (Dow
Chemical Gtd.)
500 4.20 12/15/00 500
-------
Maryland--0.6%
Maryland State
Community
Development
Administration
VRDB, Series PT-
12, Merrill P-
Floats
500 4.55 6/1/00 500
-------
Massachusetts--
1.3%
Massachusetts
State G.O. Bonds
(Colld. By U.S.
Government
Securities)
1,150 7.50 12/1/00 1,192
-------
Michigan--5.6%
Grand Rapids
Economic
Development Corp.
Revenue Bonds,
Amway Hotel,
Series
1991-A (Michigan
National Bank LOC)
2,000 4.25 6/7/00 2,000
Michigan State
COP, New Center
Development, Inc.
(Canadian Imperial
Bank of Commerce
LOC)
2,000 4.75 3/1/01 2,007
Michigan State
Strategic Fund
Limited G.O.
Revenue Bonds,
Series 1993 A,
Consumers Power
Co. Project (AMBAC
Insured)
1,100 4.35 6/1/00 1,100
-------
5,107
-------
</TABLE>
<TABLE>
<CAPTION>
Description
----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
----------------------------------------
<C> <C> <S> <C>
Missouri--1.1%
Kansas City IDA
VRDN, Sleepy
Hollow Apartments,
Series 1996,
Multi-Family
Housing (Banco
Santandor Central
Hispano LOC)
$ 1,000 4.15% 6/15/00 $ 1,000
-------
New Hampshire--
2.5%
New Hampshire
State G.O. BAN,
Series 1999A
2,300 4.00 6/8/00 2,300
-------
New Mexico--2.5%
Farmington PCR
Bonds, Series 1994
A, Four Corners
Project, Arizona
Public Service Co.
(Bank of America
LOC)
600 4.35 6/1/00 600
Farmington PCR
Bonds, Four
Corners Project,
Series 1994 B,
Arizona Public
Service Co.
(Barclays Bank
LOC)
700 4.35 6/1/00 700
New Mexico State
TRAN
1,000 4.50 6/30/00 1,000
-------
2,300
-------
New York--2.8%
Long Island Power
Authority Electric
System Revenue
Bonds, Subseries 5
(Morgan Trust
Guaranty LOC)
1,000 4.30 6/1/00 1,000
Suffolk County
TAN, Series I
(Dexia Credit
Local de France
LOC)
1,500 4.50 8/10/00 1,502
-------
2,502
-------
North Carolina--
1.7%
Durham City Water
& Sewer Utility
Revenue Bonds,
Series 1994
500 4.35 6/7/00 500
Person County
Industrial
Facilities & PCR
VRDN, Series 1992
A (Carolina Power
& Light Gtd.)
1,000 4.40 6/7/00 1,000
-------
1,500
-------
Oklahoma--3.3%
Tulsa Community
College Area
District G.O.
Bonds
2,000 4.00 4/1/01 1,991
Tulsa County
Independent School
District No. 001
G.O. Combined
Purpose Bonds
1,000 5.00 2/1/01 1,004
-------
2,995
-------
Oregon--5.2%
Oregon Housing and
Community Services
Dept., MS Floating
Rate Trust
Certificates 2000,
Series 298
1,745 4.45 6/7/00 1,745
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Investments
May 31, 2000
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Description
-------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
-------------------------------------------------------
Municipal Portfolio--Continued
<C> <C> <S> <C>
Portland Port
Public Grain
Elevation Revenue
Bonds, Columbia
Grain, Inc.
Project (Chase
Manhattan Bank
LOC)
$ 3,000 4.70% 6/7/00 $ 3,000
-------
4,745
-------
Pennsylvania--5.2%
Allegheny County
VRDN, Presbyterian
Health Center,
Series D (MBIA
Insured)
300 4.40 6/1/00 300
Northampton County
Higher Education
Authority,
Lafayette College,
Series A
(Lafayette College
Gtd.)
300 4.40 6/1/00 300
Pennsylvania
Higher Education
Facility Authority
Revenue Bonds,
Association of
Independent
Colleges and
Universities--D4
(Allied Irish Bank
LOC)
500 4.35 5/1/01 500
Pennsylvania
Turnpike
Commission Revenue
Bonds, Series
1998Q
2,600 4.35 6/1/00 2,600
Philadelphia
Hospital & Higher
Education
Facility,
Jefferson Health
System, Series B
1,000 4.375 3/27/01 1,000
-------
4,700
-------
South Carolina--
1.0%
York County PCR,
Electric
Membership Project
84N4 (National
Rural Utility
Gtd.)
880 4.05 9/15/00 880
-------
Tennessee--3.0%
Clarksville Public
Building Authority
Municipal Revenue
Bond, Series 1995
(Bank of America
LOC)
800 4.40 6/7/00 800
Memphis G.O.
Improvement Bond,
Series 1996, Soc
Gen Trust SGB-23
1,900 4.40 6/7/00 1,900
-------
2,700
-------
Texas--9.4%
Bastrop
Independent School
District Bonds,
Series 1997, Soc
Gen Trust SGB-37
(PSF Gtd.)
1,000 4.40 6/7/00 1,000
Board of Regents
of the University
of Texas System
Permanent
University Fund
Flex Rate Notes,
Series A
2,000 4.40 8/3/00 2,000
Dallas Area Rapid
Transit Sales Tax
CP Notes, Series C
(West LB LOC)
1,000 4.00 7/13/00 1,000
Dallas Waterworks
& Sewer System
Revenue Refunding
and Improvement
Bonds
1,105 7.50 4/1/01 1,134
</TABLE>
<TABLE>
<CAPTION>
Description
----------------------------------------
Principal
Amount/ Maturity Amortized
Shares Rate Date Cost
----------------------------------------
<C> <C> <S> <C>
Harris County
Health Facility
Development Corp.
Revenue Bonds,
Series 1994,
Methodist Hospital
$ 2,100 4.60% 6/1/00 $ 2,100
Trinity River IDA
Revenue Bonds,
Automatic Data
Processing Inc.
(ADP, Inc. Gtd.)
1,300 4.35 6/1/00 1,300
-------
8,534
-------
Utah--2.4%
Intermountain
Power Agency
Revenue VRDB,
Series F (AMBAC
Insured)
2,200 4.00 7/28/00 2,200
-------
Virginia--3.5%
County of Prince
William IDA
Virginia Electric
& Power Co.
Project (Virginia
Electric & Power
Co. Gtd.)
1,700 4.05 8/11/00 1,700
Roanoke IDA VRDB,
Carilion Health
System Obligated
Group, Series 97A
1,500 4.35 6/1/00 1,500
-------
3,200
-------
Washington--2.1%
Washington Health
Care Facilities
VRDN, Sisters of
Providence, Series
1985 B (Rabobank
Group LOC)
500 4.35 6/1/00 500
Washington Health
Care Facilities
VRDN, Sisters of
Providence, Series
1985 E (Rabobank
Group LOC)
1,400 4.35 6/1/00 1,400
-------
1,900
-------
Wisconsin--1.7%
Iola--Scandinavia
School District
BAN
1,000 4.40 11/1/00 1,001
Monroe School
District BAN
500 4.40 6/12/00 500
-------
1,501
----------------------------------------
TOTAL MUNICIPAL INVESTMENTS 87,371
----------------------------------------
Other--0.6%
Federated Tax Free
Trust Money Market
576 Fund No. 15 576
----------------------------------------
TOTAL INVESTMENTS--97.2% $87,947
----------------------------------------
Other assets, less liabili-
ties--2.8% 2,518
----------------------------------------
NET ASSETS--100.0% $90,465
----------------------------------------
----------------------------------------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Assets and Liabilities
May 31, 2000
(All amounts in thousands, except net asset value per share)
(Unaudited)
<TABLE>
<CAPTION>
Government Diversified Tax-
Select Government Assets Exempt Municipal
Portfolio Portfolio Portfolio Portfolio Portfolio
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments in
securities, at
amortized cost $2,054,124 $1,499,490 $5,973,128 $645,179 $87,947
Repurchase agreements,
at cost which
approximates
market value -- 1,059,505 650,000 -- --
Cash 1 1 57 56 44
Receivables:
Interest 4,379 4,975 26,549 7,186 783
Investment securities
sold -- -- -- 50 2,020
Administrator 62 55 184 24 10
Other assets 35 35 79 21 43
---------------------------------------------------------------------------------
Total assets 2,058,601 2,564,061 6,649,997 652,516 90,847
---------------------------------------------------------------------------------
Liabilities:
Payable for:
Distributions to
shareholders 10,777 11,166 33,204 2,306 338
Investment securities
purchased 40,000 267,317 -- -- --
Accrued expenses:
Advisory fees 179 467 1,373 131 8
Administration fees 179 187 549 52 8
Shareholder servicing
fees 35 19 25 5 10
Custodian fees 14 8 43 12 9
Transfer agent fees 10 9 46 7 --
Other liabilities 51 53 157 20 9
---------------------------------------------------------------------------------
Total liabilities 51,245 279,226 35,397 2,533 382
---------------------------------------------------------------------------------
Net assets $2,007,356 $2,284,835 $6,614,600 $649,983 $90,465
---------------------------------------------------------------------------------
Analysis of net assets:
Paid-in capital $2,007,336 $2,284,920 $6,615,435 $649,972 $90,465
Accumulated net realized
gains (losses) on
investment transactions 20 (85) (835) 11 --
---------------------------------------------------------------------------------
Net assets $2,007,356 $2,284,835 $6,614,600 $649,983 $90,465
---------------------------------------------------------------------------------
Net Assets
Shares $1,878,866 $2,218,529 $6,512,184 $644,205 $38,395
Service Shares 116,846 15,813 60,561 5,778 52,070
Premier Shares 11,644 50,493 41,855 -- --
---------------------------------------------------------------------------------
Total shares outstanding
(no par value),
unlimited shares
authorized
Shares 1,878,848 2,218,609 6,513,021 644,189 38,395
Service Shares 116,846 15,815 60,561 5,783 52,070
Premier Shares 11,643 50,496 41,854 -- --
---------------------------------------------------------------------------------
Net asset value,
offering and redemption
price per share
Shares $1.00 $1.00 $1.00 $1.00 $1.00
Service Shares $1.00 $1.00 $1.00 $1.00 $1.00
Premier Shares $1.00 $1.00 $1.00 -- --
---------------------------------------------------------------------------------
</TABLE>
19
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended May 31, 2000
(All amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Government Diversified
Select Government Assets Tax-Exempt Municipal
Portfolio Portfolio Portfolio Portfolio Portfolio(a)
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Interest income $62,082 $58,821 $197,864 $11,401 $1,293
-----------------------------------------------------------------------------------
Expenses:
Investment advisory fees 2,646 2,480 8,202 713 80
Administration fees 1,059 992 3,281 285 36
Shareholder servicing
fees 137 151 148 38 28
Custodian fees 112 106 374 44 18
Registration fees 81 75 200 39 21
Professional fees 46 42 134 14 6
Transfer agent fees 29 36 125 18 2
Trustee fees and ex-
penses 22 20 62 7 2
Other 36 33 83 18 5
-----------------------------------------------------------------------------------
Total expenses 4,168 3,935 12,609 1,176 198
Less voluntary waivers
of investment advisory
fees (1,587) -- -- -- (48)
Less expenses reimbursed
by Administrator (303) (277) (882) (125) (52)
-----------------------------------------------------------------------------------
Net expenses 2,278 3,658 11,727 1,051 98
-----------------------------------------------------------------------------------
Net investment income 59,804 55,163 186,137 10,350 1,195
Net realized gains
(losses) on investment
transactions 14 (9) 24 (1) --
-----------------------------------------------------------------------------------
Net increase in net as-
sets resulting from op-
erations $59,818 $55,154 $186,161 $10,349 $1,195
-----------------------------------------------------------------------------------
</TABLE>
(a)Fund commenced operations December 1, 1999
20
<PAGE>
Northern Institutional Funds
Money Market Portfolios
--------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended May 31, 2000 (Unaudited) and the Year Ended November
30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Government Select Government Diversified Assets Tax-Exempt
Portfolio Portfolio Portfolio Portfolio
------------------------ -------------------------- -------------------------- ------------------------
2000 1999 2000 1999 2000 1999 2000 1999
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Increase
(decrease) in net
assets from
operations:
Net investment
income $59,804 $90,124 $55,163 $73,133 $186,137 $271,976 $10,350 $19,197
Net realized
gains (losses)
on investment
transactions 14 2 (9) (91) 24 78 (1) (43)
------------------------------------------------------------------------------------------------------------------------------
Net increase in
net assets
resulting from
operations 59,818 90,126 55,154 73,042 186,161 272,054 10,349 19,154
------------------------------------------------------------------------------------------------------------------------------
Distributions to
Shares
shareholders:
Net investment
income (57,693) (89,895) (53,646) (71,508) (184,157) (268,766) (9,991) (18,885)
------------------------------------------------------------------------------------------------------------------------------
Distributions to
Service Shares
shareholders:
Net investment
income (1,917) (169) (489) (819) (1,436) (3,154) (359) (312)
------------------------------------------------------------------------------------------------------------------------------
Distributions to
Premier Shares
shareholders:
Net investment
income (194) (60) (1,028) (806) (544) (56) -- --
------------------------------------------------------------------------------------------------------------------------------
Shares
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares 7,035,508 9,621,872 11,808,869 19,974,106 40,388,792 61,533,000 2,736,209 4,681,724
Reinvested
distributions 4,116 4,850 678 2,371 9,151 10,108 340 335
Cost of shares
redeemed (7,311,034) (9,171,330) (11,156,753) (20,063,517) (41,361,058) (58,862,739) (2,648,035) (4,874,480)
------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets resulting
from Shares
transactions (271,410) 455,392 652,794 (87,040) (963,115) 2,680,369 88,514 (192,421)
------------------------------------------------------------------------------------------------------------------------------
Service Shares
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares 519,421 174,304 209,977 150,768 705,095 809,863 31,996 55,845
Reinvested
distributions -- -- -- -- -- -- -- --
Cost of shares
redeemed (414,421) (162,458) (226,719) (118,211) (704,349) (757,109) (61,754) (20,304)
------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets resulting
from Service
Shares
transactions 105,000 11,846 (16,742) 32,557 746 52,754 (29,758) 35,541
------------------------------------------------------------------------------------------------------------------------------
Premier Shares
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares 30,312 11,539 44,369 105,227 51,010 42,701 -- --
Reinvested
distributions -- -- -- -- -- -- -- --
Cost of shares
redeemed (26,086) (4,230) (38,450) (60,650) (13,707) (38,150) -- --
------------------------------------------------------------------------------------------------------------------------------
Net increase in
net assets
resulting from
Premier Shares
transactions 4,226 7,309 5,919 44,577 37,303 4,551 -- --
------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets (162,170) 474,549 641,962 (9,997) (925,042) 2,737,752 58,755 (156,923)
Net assets--
beginning of year 2,169,526 1,694,977 1,642,873 1,652,870 7,539,642 4,801,890 591,228 748,151
------------------------------------------------------------------------------------------------------------------------------
Net assets--end
of period $2,007,356 $2,169,526 $2,284,835 $1,642,873 $6,614,600 $7,539,642 $649,983 $591,228
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Municipal
Portfolio
--------------
2000 (a)
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Increase
(decrease) in net
assets from
operations:
Net investment
income $1,195
Net realized
gains (losses)
on investment
transactions --
------------------------------------------------------------------------------------------------------------------------------
Net increase in
net assets
resulting from
operations 1,195
------------------------------------------------------------------------------------------------------------------------------
Distributions to
Shares
shareholders:
Net investment
income (819)
------------------------------------------------------------------------------------------------------------------------------
Distributions to
Service Shares
shareholders:
Net investment
income (376)
------------------------------------------------------------------------------------------------------------------------------
Distributions to
Premier Shares
shareholders:
Net investment
income --
------------------------------------------------------------------------------------------------------------------------------
Shares
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares 148,849
Reinvested
distributions --
Cost of shares
redeemed (110,454)
------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets resulting
from Shares
transactions 38,395
------------------------------------------------------------------------------------------------------------------------------
Service Shares
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares 82,764
Reinvested
distributions --
Cost of shares
redeemed (30,694)
------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets resulting
from Service
Shares
transactions 52,070
------------------------------------------------------------------------------------------------------------------------------
Premier Shares
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares --
Reinvested
distributions --
Cost of shares
redeemed --
------------------------------------------------------------------------------------------------------------------------------
Net increase in
net assets
resulting from
Premier Shares
transactions --
------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets 90,465
Net assets--
beginning of year --
------------------------------------------------------------------------------------------------------------------------------
Net assets--end
of period $90,465
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a)Fund commenced operations December 1, 1999
See accompanying notes to financial statements.
21
<PAGE>
Northern Institutional Funds
Money Market Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Government Select Portfolio
<TABLE>
<CAPTION>
Shares
--------------------------------------------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995 1994 1993 1992 1991
---------------------------------------------------------------------------------------------------------------------------------
<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 0.03 0.05 0.05 0.05 0.05 0.06 0.04 0.03 0.04 0.06
---------------------------------------------------------------------------------------------------------------------------------
Total income from
investment
operations 0.03 0.05 0.05 0.05 0.05 0.06 0.04 0.03 0.04 0.06
---------------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.03) (0.05) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
---------------------------------------------------------------------------------------------------------------------------------
Total
distributions to
shareholders (0.03) (0.05) (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 $1.00
---------------------------------------------------------------------------------------------------------------------------------
Total return (a) 2.86% 4.94% 5.38% 5.41% 5.31% 5.82%(c) 3.84% 3.00% 3.71% 5.82%
Ratio to average
net assets of
(b):
Expenses, net of
waivers and
reimbursements 0.20% 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% 0.38% 0.39% 0.39% 0.40% 0.41% 0.43% 0.49% 0.52% 0.60%
Net investment
income, net of
waivers and
reimbursements 5.66% 4.85% 5.31% 5.30% 5.19% 5.67% 3.83% 2.99% 3.70% 5.78%
Net investment
income, before
waivers and
reimbursements 5.48% 4.67% 5.12% 5.11% 4.99% 5.46% 3.60% 2.70% 3.38% 5.38%
Net assets at end
of period (in
thousands) $1,878,866 $2,150,263 $1,694,869 $1,239,393 $836,349 $685,142 $493,718 $386,507 $264,756 $160,750
---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1990(d)
---------------------------------------------------------------------------------------------------------------------------------
<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 (a) 0.50%
Ratio to average
net assets of
(b):
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
------------------ -------------------------
2000 1999 (e) 2000 1999 1998 (f)
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment
operations:
Net investment income 0.03 0.03 0.03 0.03 --
-----------------------------------------------------------------------
Total income from investment
operations 0.03 0.03 0.03 0.03 --
-----------------------------------------------------------------------
Distributions to shareholders
from:
Net investment income (0.03) (0.03) (0.03) (0.03) --
-----------------------------------------------------------------------
Total distributions to
shareholders (0.03) (0.03) (0.03) (0.03) --
-----------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
-----------------------------------------------------------------------
Total return (a) 2.69% 2.72% 2.56% 3.30% 0.10%
Ratio to average net assets of
(b):
Expenses, net of waivers and
reimbursements 0.54% 0.54% 0.80% 0.80% 0.80%
Expenses, before waivers and
reimbursements 0.72% 0.72% 0.98% 0.98% 0.99%
Net investment income, net of
waivers and reimbursements 5.32% 4.51% 5.06% 4.25% 4.71%
Net investment income, before
waivers and reimbursements 5.14% 4.33% 4.88% 4.07% 4.52%
Net assets at end of period (in
thousands) $116,846 $11,846 $11,644 $7,417 $108
-----------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(b) 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) For the period November 7, 1990 (commencement of operations) through
November 30, 1990.
(e) For the period May 28, 1999 (Service Shares issue date) through November
30, 1999.
(f) For the period November 23, 1998 (Premier Shares issue date) through
November 30, 1998. Per share amounts from net investment income and
distributions from net investment income were less than $0.01 per share.
See accompanying notes to financial statements.
22
<PAGE>
Northern Institutional Funds
Money Market Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Government Portfolio
<TABLE>
<CAPTION>
Shares
----------------------------------------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995 1994 1993 1992
-----------------------------------------------------------------------------------------------------------------------------
<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 0.05 0.04 0.05 0.05 0.06 0.04 0.03 0.04
-----------------------------------------------------------------------------------------------------------------------------
Total income from
investment
operations 0.03 0.05 0.04 0.05 0.05 0.06 0.04 0.03 0.04
-----------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.03) (0.05) (0.04) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04)
-----------------------------------------------------------------------------------------------------------------------------
Total
distributions to
shareholders (0.03) (0.05) (0.04) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04)
-----------------------------------------------------------------------------------------------------------------------------
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) 2.82% 5.08% 5.28% 5.31% 5.20% 5.64%(c) 3.78% 2.91% 3.91%
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% 0.34%
Expenses, before
waivers and
reimbursements 0.38% 0.38% 0.40% 0.37% 0.38% 0.40% 0.41% 0.38% 0.40%
Net investment
income, net of
waivers and
reimbursements 5.57% 4.75% 5.22% 5.18% 5.08% 5.49% 3.60% 2.92% 3.71%
Net investment
income, before
waivers and
reimbursements 5.54% 4.72% 5.17% 5.16% 5.05% 5.44% 3.53% 2.88% 3.65%
Net assets at end
of period (in
thousands) $2,218,529 $1,565,743 $1,652,870 $1,051,401 $1,268,515 $850,664 $787,816 $1,065,705 $1,163,905
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1991 1990
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value,
beginning of
period $1.00 $1.00
Income from
investment
operations:
Net investment
income 0.06 0.08
-----------------------------------------------------------------------------------------------------------------------------
Total income from
investment
operations 0.06 0.08
-----------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.06) (0.08)
-----------------------------------------------------------------------------------------------------------------------------
Total
distributions to
shareholders (0.06) (0.08)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $1.00 $1.00
-----------------------------------------------------------------------------------------------------------------------------
Total return (a) 6.18% 7.89%
Ratio to average
net assets of
(b):
Expenses, net of
waivers and
reimbursements 0.35% 0.37%
Expenses, before
waivers and
reimbursements 0.40% 0.46%
Net investment
income, net of
waivers and
reimbursements 6.03% 7.88%
Net investment
income, before
waivers and
reimbursements 5.98% 7.79%
Net assets at end
of period (in
thousands) $895,405 $971,720
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service Premier
----------------- -----------------
2000 1999 (d) 2000 1999 (e)
------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00
Income from investment operations:
Net investment income 0.03 0.03 0.02 0.04
------------------------------------------------------------
Total income from investment operations 0.03 0.03 0.02 0.04
------------------------------------------------------------
Distributions to shareholders from:
Net investment income (0.03) (0.03) (0.02) (0.04)
------------------------------------------------------------
Total distributions to shareholders (0.03) (0.03) (0.02) (0.04)
------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00
------------------------------------------------------------
Total return (a) 2.64% 3.03% 2.51% 4.56%
Ratio to average net assets of (b):
Expenses, net of waivers and
reimbursements 0.69% 0.69% 0.95% 0.95%
Expenses, before waivers and
reimbursements 0.72% 0.72% 0.98% 0.98%
Net investment income, net of waivers and
reimbursements 5.23% 4.41% 4.97% 4.15%
Net investment income, before waivers and
reimbursements 5.20% 4.38% 4.94% 4.12%
Net assets at end of period (in thousands) $15,813 $32,555 $50,493 $44,575
------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete
redemption of the investment at the net asset value at the end of the
year. Total return is not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) 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.
(d) For the period April 1, 1999 (Service Shares issue date) through November
30, 1999.
(e) For the period December 15, 1998 (Premier Shares issue date) through
November 30, 1999.
See accompanying notes to financial statements.
23
<PAGE>
Northern Institutional Funds
Money Market Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended November
30,
Diversified Assets Portfolio
<TABLE>
<CAPTION>
Shares
--------------------------------------------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995 1994 1993 1992
---------------------------------------------------------------------------------------------------------------------------------
<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 0.03 0.05 0.05 0.05 0.05 0.06 0.04 0.03 0.04
---------------------------------------------------------------------------------------------------------------------------------
Total income from
investment opera-
tions 0.03 0.05 0.05 0.05 0.05 0.06 0.04 0.03 0.04
---------------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.03) (0.05) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04)
---------------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to share-
holders (0.03) (0.05) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04)
---------------------------------------------------------------------------------------------------------------------------------
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) 2.88% 4.99% 5.36% 5.42% 5.30% 5.78%(c) 3.92% 3.00% 3.80%
Ratio to average
net assets of
(b):
Expenses, net of
waivers and
reimbursements 0.35% 0.35% 0.35% 0.35% 0.34% 0.34% 0.35% 0.34% 0.34%
Expenses, before
waivers and
reimbursements 0.38% 0.38% 0.38% 0.36% 0.34% 0.34% 0.35% 0.36% 0.35%
Net investment
income, net of
waivers and
reimbursements 5.68% 4.89% 5.31% 5.30% 5.18% 5.63% 3.74% 3.00% 3.79%
Net investment
income, before
waivers and
reimbursements 5.65% 4.86% 5.28% 5.29% 5.18% 5.63% 3.74% 2.98% 3.78%
Net assets at end
of period (in
thousands) $6,512,184 $7,475,275 $4,794,830 $3,941,586 $3,179,529 $2,610,347 $2,891,880 $3,200,288 $2,801,744
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service Premier
---------------------------------- -------------------------
2000 1999 1998 (d) 2000 1999 (e)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period $1.00 $1.00 $1.00 $1.00 $1.00
Income from
investment
operations:
Net investment
income 0.03 0.05 0.02 0.03 0.03
-------------------------------------------------------------------------------
Total income from
investment
operations 0.03 0.05 0.02 0.03 0.03
-------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.03) (0.05) (0.02) (0.03) (0.03)
-------------------------------------------------------------------------------
Total
distributions to
shareholders (0.03) (0.05) (0.02) (0.03) (0.03)
-------------------------------------------------------------------------------
Net asset value,
end of period $1.00 $1.00 $1.00 $1.00 $1.00
-------------------------------------------------------------------------------
Total return (a) 2.71% 4.68% 1.76% 2.57% 2.57%
Ratio to average
net assets of
(b):
Expenses, net of
waivers and
reimbursements 0.69% 0.69% 0.69% 0.95% 0.95%
Expenses, before
waivers and
reimbursements 0.72% 0.72% 0.72% 0.98% 0.98%
Net investment
income, net of
waivers and
reimbursements 5.34% 4.55% 4.94% 5.08% 4.29%
Net investment
income, before
waivers and
reimbursements 5.31% 4.52% 4.91% 5.05% 4.26%
Net assets at end
of period (in
thousands) $60,561 $59,815 $7,060 $41,855 $4,552
-------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
1991 1990
------------------------------------------
<S> <C> <C>
Net asset value,
beginning of pe-
riod $1.00 $1.00
Income from in-
vestment opera-
tions:
Net investment
income 0.06 0.08
---------------------------------------------------------------------------------------------------------------------------------
Total income from
investment opera-
tions 0.06 0.08
---------------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.06) (0.08)
---------------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to share-
holders (0.06) (0.08)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $1.00 $1.00
---------------------------------------------------------------------------------------------------------------------------------
Total return (a) 6.19% 8.01%
Ratio to average
net assets of
(b):
Expenses, net of
waivers and
reimbursements 0.35% 0.35%
Expenses, before
waivers and
reimbursements 0.36% 0.36%
Net investment
income, net of
waivers and
reimbursements 6.18% 8.01%
Net investment
income, before
waivers and
reimbursements 6.17% 8.00%
Net assets at end
of period (in
thousands) $2,784,485 $2,192,756
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net asset value,
beginning of
period
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
-------------------------------------------------------------------------------
Total return (a)
Ratio to average
net assets of
(b):
Expenses, net of
waivers and
reimbursements
Expenses, before
waivers and
reimbursements
Net investment
income, net of
waivers and
reimbursements
Net investment
income, before
waivers and
reimbursements
Net assets at end
of period (in
thousands)
-------------------------------------------------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at the net asset value at the end of the year. Total
return is not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) 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
See accompanyinge notes to financial statements.
24
<PAGE>
Northern Institutional Funds
Money Market Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited) and the Years Ended
November 30,
Tax-Exempt Portfolio
<TABLE>
<CAPTION>
Shares
-------------------------------------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995 1994 1993 1992 1991
-------------------------------------------------------------------------------------------------------------------------
<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 0.02 0.03 0.03 0.03 0.03 0.04 0.02 0.02 0.03 0.05
-------------------------------------------------------------------------------------------------------------------------
Total income
from investment
operations 0.02 0.03 0.03 0.03 0.03 0.04 0.02 0.02 0.03 0.05
-------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.02) (0.03) (0.03) (0.03) (0.03) (0.04) (0.02) (0.02) (0.03) (0.05)
-------------------------------------------------------------------------------------------------------------------------
Total
distributions to
shareholders (0.02) (0.03) (0.03) (0.03) (0.03) (0.04) (0.02) (0.02) (0.03) (0.05)
-------------------------------------------------------------------------------------------------------------------------
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) 1.83% 3.03% 3.31% 3.44% 3.37% 3.71% 2.62% 2.27% 2.97% 4.57%
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% 0.35% 0.34% 0.34% 0.35%
Expenses,
before waivers
and
reimbursements 0.40% 0.39% 0.39% 0.39% 0.40% 0.41% 0.36% 0.38% 0.39% 0.40%
Net investment
income, net of
waivers and
reimbursements 3.65% 2.89% 3.27% 3.38% 3.32% 3.63% 2.40% 2.27% 2.95% 4.57%
Net investment
income, before
waivers and
reimbursements 3.60% 2.85% 3.23% 3.34% 3.27% 3.57% 2.39% 2.23% 2.90% 4.52%
Net assets at
end of period
(in thousands) $644,205 $555,692 $748,151 $585,159 $638,507 $803,730 $853,103 $1,191,932 $1,226,480 $872,405
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service
------------------
2000 1999 (c)
---------------------------------------------------
<S> <C> <C>
Net asset value,
beginning of
period $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
---------------------------------------------------
Total return (a) 1.66% 1.58%
Ratio to average
net assets of
(b):
Expenses, net
of waivers and
reimbursements 0.69% 0.69%
Expenses,
before waivers
and
reimbursements 0.74% 0.73%
Net investment
income, net of
waivers and
reimbursements 3.31% 2.71%
Net investment
income, before
waivers and
reimbursements 3.26% 2.67%
Net assets at
end of period
(in thousands) $5,778 $35,536
---------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
1990
---------------------------------------------------
<S> <C>
Net asset value,
beginning of
period $1.00
Income from
investment
operations:
Net investment
income 0.06
---------------------------------------------------
Total income
from investment
operations 0.06
---------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.06)
---------------------------------------------------
Total
distributions to
shareholders (0.06)
---------------------------------------------------
Net asset value,
end of period $1.00
---------------------------------------------------
Total return (a) 5.71%
Ratio to average
net assets of
(b):
Expenses, net
of waivers and
reimbursements 0.36%
Expenses,
before waivers
and
reimbursements 0.43%
Net investment
income, net of
waivers and
reimbursements 5.71%
Net investment
income, before
waivers and
reimbursements 5.64%
Net assets at
end of period
(in thousands) $752,257
---------------------------------------------------
---------------------------------------------------
Net asset value,
beginning of
period
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
---------------------------------------------------
Total return (a)
Ratio to average
net assets of
(b):
Expenses, net
of waivers and
reimbursements
Expenses,
before waivers
and
reimbursements
Net investment
income, net of
waivers and
reimbursements
Net investment
income, before
waivers and
reimbursements
Net assets at
end of period
(in thousands)
---------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
Northern Institutional Funds
Money Market Portfolios
-------------------------------------------------------------------------------
Financial Highlights
For the Six Months Ended May 31, 2000 (Unaudited)
Municipal Portfolio
<TABLE>
<CAPTION>
Shares
--------
2000 (c)
---------------------------------------
<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 (a) 1.88%
Ratio to average net assets
of (b):
Expenses, net of waivers and
reimbursements 0.20%
Expenses, before waivers and
reimbursements 0.53%
Net investment income, net
of waivers and
reimbursements 3.72%
Net investment income,
before waivers and
reimbursements 3.39%
Net assets at end of period
(in thousands) $38,395
---------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service
--------
2000 (d)
---------------------------------------
<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 (a) 1.10%
Ratio to average net assets
of (b):
Expenses, net of waivers and
reimbursements 0.54%
Expenses, before waivers and
reimbursements 0.87%
Net investment income, net
of waivers and
reimbursements 3.38%
Net investment income,
before waivers and
reimbursements 3.05%
Net assets at end of period
(in thousands) $52,070
---------------------------------------
</TABLE>
(a) Assumes investment at net asset value at the beginning of
the year, reinvestment of all dividends and distributions,
and a complete redemption of the investment at the net asset
value at the end of the year. Total return is not annualized
for periods less than one year.
(b) Annualized for periods less than one year.
(c) For the period December 1, 1999 (Shares issue date) through
May 31, 2000.
(d) For the period February 11, 2000 (Service Shares issue date)
through May 31, 2000.
See accompanying notes to financial statements.
26
<PAGE>
Northern Institutional Funds
Money Market Portfolios
-------------------------------------------------------------------------------
Notes to Financial Statements
May 31, 2000
(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
currently includes twenty portfolios, each with its own investment objective.
Presented herein are the financial statements of the money market portfolios.
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. Northern and PFPC Inc. ("PFPC") are the Trust's co-
administrators and Northern Funds Distributors, LLC is the Trust's
distributor.
The Trust includes five diversified money market portfolios: Government
Select Portfolio, Government Portfolio, Diversified Assets Portfolio, Tax-
Exempt Portfolio and Municipal 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, 2000, Shares, Service
Shares and Premier Shares were outstanding for Government Select, Government
and Diversified Assets Portfolios; and Shares and Service shares were
outstanding for Tax-Exempt and Municipal Portfolios.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Portfolios in the preparation of their financial statements.
These policies are in conformity with generally accepted accounting principles
("GAAP") in the United States. The presentation of financial statements in
conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results may differ from those estimates.
(a) 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 Portfolio had entered into such joint repurchase agreements
as of May 31, 2000, as reflected in its 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, 1999, 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
(in thousands) Year of Expiration
-----------------------------------------------------
<S> <C> <C>
Government $ 91 2007
Diversified Assets 861 2002
Tax-Exempt 43 2007
-----------------------------------------------------
</TABLE>
These amounts are 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 charged to that
Portfolio. Certain expenses arising in connection with a class of shares are
charged to that class of shares.
Expenses incurred which do not specifically relate to an individual Portfolio
are allocated among the Portfolios based on each Portfolio's relative average
net assets for the year.
27
<PAGE>
-------------------------------------------------------------------------------
Notes to Financial Statements--Continued
May 31, 2000
(Unaudited)
(f) Distributions
Each Portfolio's net investment income is declared daily as a dividend to
shareholders of record on that day. Net realized short-term capital gains, if
any, in excess of net capital loss carryforwards, are declared and distributed
at least annually.
Distributions of net investment income with respect to a calendar month
(including with respect to shares redeemed at any time during the month) are
made as soon as practicable following the end of the month. Distributions are
made by each Portfolio to 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 and Municipal Portfolios, reducing such
fee to .10% per annum. The effect of this waiver by Northern for the six
months ended May 31, 2000 reduced 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 PFPC, the co-administrators of the Portfolios, 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.
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' Service Shares and Premier 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, 2000 are shown on the
accompanying Statements of Operations.
Northern Funds Distributors, LLC, the distributor for the Portfolio, receives
no compensation under its distribution agreement.
5. Service Plan
The Trust has adopted a Service Plan pursuant to which the Trust may enter
into agreements with Northern, 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 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 for liquidity
and other purposes. Borrowings under this arrangement bear interest at .45%
above the federal funds rate.
None of the Portfolios had any borrowings under this agreement during the six
months ended May 31, 2000.
28
<PAGE>
Northern Institutional Funds
Money Market Portfolios
-------------------------------------------------------------------------------
Voting Results of Special Meeting of Shareholders
At a Special Meeting of Shareholders of the Trust (the "Meeting") held on
March 21, 2000, the following actions were taken:
(1) The following individuals were elected to serve on the Board of Trustees
by the shareholders of all Portfolios of the Trust voting together in the
aggregate:
<TABLE>
<CAPTION>
Number of
Number of Votes
Name of Trustee Votes For Withheld
------------------------------------------------
<S> <C> <C>
Richard G. Cline 6,637,761,713 38,398,295
Edward J. Condon, Jr. 6,637,761,713 38,398,295
Wesley M. Dixon, Jr. 6,587,683,995 88,476,012
Willaim J. Dolan, Jr. 6,637,761,713 38,398,295
John W. English 6,637,761,713 38,398,295
Raymond E. George, Jr. 6,637,761,713 38,398,295
Sandra Polk Guthman 6,637,761,713 38,398,295
Michael E. Murphy 6,637,761,713 38,398,295
Mary Jacobs Skinner 6,636,834,594 39,325,414
William H. Springer 6,587,685,010 88,474,997
Richard P. Strubel 6,637,761,713 38,398,295
Stephen B. Timbers 6,637,761,713 38,398,295
------------------------------------------------
</TABLE>
(2) The approval of the selection of Ernst & Young LLP as the Trust's
independent auditors for the fiscal year ending November 30, 2000 was ratified
by all the shareholders of all Portfolios of the Trust voting together in the
aggregate as follows:
<TABLE>
<S> <C> <C>
Votes For Votes Against Abstained
------------------------------------------------------------------------------------------------
<CAPTION>
6,630,851,779 11,428,600 33,879,628
------------------------------------------------------------------------------------------------
</TABLE>
(3)(a) The proposed amendments to the fundamental investment policy on
commodities were approved by each of the Portfolios listed below (voting
separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
--------------------------------------------------------
<S> <C> <C> <C>
Government Select 1,099,594,160 13,070,633 482,354
Government 1,084,049,579 6,431,852 37,331,891
Diversified Assets 3,763,612,304 105,443,036 75,186,472
Tax-Exempt 298,552,144 14,049,008 5,453,609
Municipal 41,568,606 -- --
--------------------------------------------------------
</TABLE>
(3)(b) The proposed amendments to the fundamental investment policies on
borrowing and lending were approved by each of the Portfolios listed below
(voting separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
--------------------------------------------------------
<S> <C> <C> <C>
Government Select 1,045,203,687 67,461,106 482,354
Government 1,041,687,959 48,793,471 37,331,891
Diversified Assets 3,751,245,239 116,119,497 76,877,077
Tax-Exempt 295,203,419 17,397,734 5,453,609
Municipal 41,568,606 -- --
--------------------------------------------------------
</TABLE>
(3)(c) The proposed elimination of the fundamental investment policy on
mortgaging was approved by each of the Portfolios listed below (voting
separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
--------------------------------------------------------
<S> <C> <C> <C>
Government Select 1,068,767,322 43,803,900 575,925
Government 1,085,025,444 5,455,987 37,331,891
Diversified Assets 3,757,284,491 106,242,352 80,714,969
Tax-Exempt 305,190,541 7,313,991 5,550,229
Municipal 41,568,606 -- --
--------------------------------------------------------
</TABLE>
(3)(d) The proposed elimination of the fundamental investment policy on puts
and calls was approved by each of the Portfolios listed below (voting
separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
--------------------------------------------------------
<S> <C> <C> <C>
Government Select 1,068,786,941 43,803,900 556,306
Government 1,047,022,839 5,455,987 75,334,496
Diversified Assets 3,754,379,362 109,147,482 80,714,969
Tax-Exempt 295,080,083 7,124,259 15,850,419
--------------------------------------------------------
</TABLE>
(3)(e) The proposed amendments to the fundamental investment policy on
municipal investments were approved by the Portfolio listed below (voting
separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
--------------------------------------------
<S> <C> <C> <C>
Tax-Exempt 301,620,736 10,465,334 5,968,691
--------------------------------------------
</TABLE>
(3)(f) The proposed elimination of the fundamental investment policy on
issuers with less than three years of operations was approved by the Portfolio
listed below (voting separately on a Portfolio-by-Portfolio basis) as follows:
<TABLE>
<CAPTION>
Votes
Fund Votes For Against Abstained
-------------------------------------------
<S> <C> <C> <C>
Tax-Exempt 305,215,687 6,870,383 5,968,691
-------------------------------------------
</TABLE>
29
<PAGE>
[LOGO OF NORTHERN INSTITUTIONAL FUNDS]
[LOGO] Managed by
Northern Trust
Investment Advisers
The Northern Trust Company
Northern Trust Investments, Inc.
P.O. Box 75943
Chicago, IL 60675-5943
(800) 637-1380
Transfer Agent and Custodian
The Northern Trust Company
Distributor
Northern Funds Distributors, LLC,
an independent third party
Co-Administrators
The Northern Trust Company
PFPC Inc.
Trustees
Richard G. Cline
Edward J. Condon, Jr.
Wesley M. Dixon, Jr.
William J. Dolan, Jr.
John W. English
Raymond E. George, Jr.
Sandra Polk Guthman
Michael L. Murphy
Mary Jacobs Skinner
William H. Springer, Chairman
Richard P. Strubel
Stephen B. Timbers
Officers
Jylanne M. Dunne, President
Brian R. Curran, Vice President and Treasurer
Arch King, Vice President
Lloyd Wennlund, Vice President
Suzanne Anderson, Assistant Treasurer
Jeffrey Dalke, Secretary
Linda J. Hoard, Assistant Secretary
Therese Hogan, Assistant Secretary
Independent Auditors
Ernst & Young LLP
Legal Counsel
Drinker Biddle & Reath LLP
