<PAGE>
[NORTHERN INSTITUTIONAL FUNDS LOGO GOES HERE]
MONEY MARKET
PORTFOLIOS
NOVEMBER 30, 1999
Annual Report
<PAGE>
Northern Institutional Funds
Money Market Portfolios
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Table of Contents
<TABLE>
<CAPTION>
Page
----
<S> <C>
Management's Discussion of Portfolio Performance........................... 2
Statements of Investments
Investment Abbreviations and Notes....................................... 4
Diversified Assets Portfolio............................................. 5
Government Portfolio..................................................... 10
Government Select Portfolio.............................................. 11
Tax-Exempt Portfolio..................................................... 12
Statements of Assets and Liabilities....................................... 17
Statements of Operations................................................... 18
Statements of Changes in Net Assets........................................ 19
Financial Highlights....................................................... 20
Notes to the Financial Statements.......................................... 24
Report of Independent Auditors............................................. 26
</TABLE>
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1
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Diversified Assets Portfolio
In anticipation of the Federal Reserve's rate tightenings, we used a defensive
strategy throughout the year. We continued to employ a barbell maturity
structure, investing in shorter-term securities to maintain liquidity and
longer-term securities to enhance yield. After the last Fed rate hike in
November, we extended the Portfolio's maturity, purchasing securities into the
first quarter of 2000. We made few purchases further than that, given the
uncertainty of the next Fed action. However, we do expect additional
tightenings in the near future, so we expect to maintain liquidity.
There were no significant changes in the composition of the Portfolio. The
highest percentage of the Portfolio continued to be invested in tier one
commercial paper, where yields were the most attractive. Given our credit
guidelines, we will not make any variations in the structure going into the
new year. We do plan, however, to emphasize shorter maturities to protect
against rising interest rates.
There remains some uncertainty as to what this year end will bring,
regarding the Y2K situation. Nevertheless, there does not seem to be any
upward rate pressure as we near the end of the year.
Mary Ann Flynn
Portfolio Manager
An investment in the Portfolio is not insured or guaranteed by the FDIC or any
other governmental agency. Although the Portfolio seeks to maintain a value of
$1.00 per share, it is possible to lose money.
Northern Institutional Government Portfolio
The Federal Reserve reversed course in 1999, retracting its three easing moves
of 1998 with three quarter-point rate hikes. A strong domestic economy and the
re-emergence of global growth prompted the action.
For the first several months of 1999, interest rates remained fairly stable,
as investors tried to get a handle on the Fed's next moves. By late June,
though, the lack of any significant slowdown in demand and tighter labor
markets caused the Fed to make the first of three pre-emptive moves. The next
two came in August and November.
The other significant event of the year was Y2K. Concerns about the calendar
change created some liquidity challenges for portfolio managers late in the
year.
The Government Portfolio performed in line with its peer group for the
fiscal year ended November 30, 1999. Because we anticipated the Fed's rate
hikes, we avoided longer-term securities, beginning in May. Instead, we began
focusing on floating-rate securities, a strategy that allowed us to take
advantage of the eventual rate increases. As it became apparent that rates
would continue to rise, we maintained our focus on floating-rate securities
throughout the remainder of the year.
Looking ahead, we expect the Fed to remain on a tightening course, perhaps
until the federal funds rate reaches 6.0 percent. Nonetheless, we will
continue to look for opportunities to extend into longer-dated maturities that
offer attractive yields.
Brian Andersen
Portfolio Manager
An investment in the Portfolio is not insured or guaranteed by the FDIC or any
other governmental agency. Although the Portfolio seeks to maintain a value of
$1.00 per share, it is possible to lose money.
2
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Government Select Portfolio
1999's strong domestic economy along with the rebound in global growth prompted
the Federal Reserve to retract all of the easing moves it made in the fall of
1998. In the first half of the year, interest rate expectations oscillated
between the "new paradigm" and traditional supply/ demand camps. However, in
the second half of the year, the lack of any significant slowing in demand and
further tightening of labor markets elicited pre-emptive action by the Fed. In
addition to changes in monetary policy, Y2K was the other major market event
facing portfolio managers as they sought to manage year-end liquidity.
The Portfolio performed in line with their peer group for the 12-month period
ended November 30, 1999. Given the rising interest rate environment, the
portfolios avoided longer-term investments, particularly one-year securities.
Starting in May (prior to the first Fed rate hike), we purchased floating-rate
securities to benefit from the expected Fed tightening. The floating-rate
securities reached approximately 25 percent of total holdings.
In the second half of the year, the Portfolio benefited from defensive
positioning. As interest rates continued to rise, the floating-rate securities
and the lack of longer-dated securities enabled the Portfolio to capture the
rising interest rates.
Going into 2000, we expect further Fed action, with a target federal funds
rate of 6.0 percent. We will look for opportunities to extend maturities.
Brian Andersen
Portfolio Manager
An investment in the Portfolio is not insured or guaranteed by the FDIC or any
other governmental agency. Although the Portfolio seeks to maintain a value of
$1.00 per share, it is possible to lose money.
Northern Institutional Tax-Exempt Portfolio
This has been an interesting year for the short-term, tax-exempt market,
particularly due to Y2K concerns and the activity of the Federal Reserve. The
Federal Reserve's three interest rate hikes caused rates in the short-term
municipal market to rise to remain competitive against their taxable
counterparts. We have seen greater attention focused on the Y2K issue as we get
closer to calendar year-end. As such, we have been closely monitoring the
market and our shareholders in order to gauge the effect of Y2K and to see if
this year-end will be different from others, in terms of market and Portfolio
activity.
Short-term municipal bond yields were fairly attractive during the final few
months of the fiscal year, especially among floating-rate securities.
Nevertheless, we expect that yields on floating-rate securities will fall in
the first part of December, as cash inflows overwhelm the available supply of
product. We will continue to watch the Federal Reserve to see if any further
rate hikes are in the picture. Our most likely scenario is that the Fed will
raise rates sometime late in the first quarter of 2000. As of fiscal year-end,
the Portfolio's average maturity is about the same as that of its peers. If the
opportunity presents itself, we may try to extend the Portfolio's average
maturity in the latter part of December to shield it from the impact of falling
yields in the short-term municipal market. We anticipate that yields will fall
due to technical factors that typically occur immediately after the first of
the year.
Brad C. Snyder
Portfolio Manager
Income from the Portfolio may be subject to federal alternative minimum tax
(AMT), state and local taxes. In addition, an investment in the Portfolio is
not insured or guaranteed by the FDIC or any other governmental agency.
Although the Portfolio seeks to maintain a value of 1.00 per share, it is
possible to lose money.
3
<PAGE>
Northern Institutional Funds
Money Market Portfolios
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Statements of Investments
November 30, 1999
Investment Abbreviations and Notes:
AMBAC --American Municipal Bond Assurance Corp.
BAN --Bond Anticipation Note
BTP --Bankers Trust Partnership
Colld. --Collateralized
CP --Commercial Paper
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corp.
FHLB --Federal Home Loan Bank
FRN --Floating Rate Note
FSA --Financial Security Assurance Corp.
GNMA --Government National Mortgage Association
GO --General Obligation
Gtd. --Guaranteed
HDA --Housing Development Authority
HFA --Housing Finance Authority
IDA --Industrial Development Authority
IDB --Industrial Development Board
IDR --Industrial Development Revenue
LOC --Letter of Credit
MBIA --Municipal Bond Insurance Association
ML SG --Merrill Lynch/Societe Generale
MS --Morgan Stanley
PCR --Pollution Control Revenue
P-Floats--Puttable Floating Rate Security
PSF --Permanent School Fund
RAN --Revenue Anticipation Notes
REMIC --Real Estate Mortgage Investment Conduit
ROC --Reset Option Certificates
SD --School District
SFM --Single Family Mortgage
SLMA --SLM Holding Corp.
Soc Gen --Societe Generale
STN --Short Term Note
TOB --Tender Option Bond
TRAN --Tax and Revenue Anticipation Note
TRB --Tax Revenue 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
interest reset/puttable date for floating and variable rate securities per
SEC rules.
. Amortized cost also represents cost for federal income tax purposes.
. Interest rates are reset daily and interest is payable monthly with respect
to all joint repurchase agreements.
See accompanying notes to financial statements.
4
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------
Diversified Assets Portfolio
<C> <C> <S> <C>
CERTIFICATES OF DEPOSITS--9.7%
Domestic Depository Institutions-2.1%
Huntington
National Bank,
Columbus
$20,000 5.00% 2/8/00 $ 20,000
58,000 5.35 5/31/00 57,986
Marshall & Ilsley
Bank
20,000 6.07 9/28/00 19,987
Michigan National
Bank
12,500 5.13 4/25/00 12,498
Regions Bank
50,000 6.23 11/6/00 49,965
----------
160,436
----------
Foreign Depository Institutions--7.6%
Bank of Nova
Scotia, New York
50,000 5.16 2/25/00 49,995
Banque Nationale
de Paris, Chicago
25,000 5.20 2/25/00 24,998
92,000 5.07 4/17/00 91,983
Banque Nationale
de Paris, San
Francisco
12,500 4.94 12/14/99 12,500
Commerzbank, New
York
50,000 5.06 2/8/00 49,998
Deutsche Bank, New
York
37,500 5.20 5/10/00 37,492
National Bank of
Canada, New York
15,000 5.77 7/31/00 14,996
National
Westminster Bank,
New York
50,000 5.67 7/3/00 49,989
50,000 6.10 11/24/00 49,967
Royal Bank of
Canada, New York
47,000 5.21 2/28/00 46,996
Societe Generale,
New York
100,000 5.22 2/28/00 99,991
40,000 5.20 5/8/00 39,993
----------
568,898
- -----------------------------------------
TOTAL CERTIFICATES OF DE-
POSIT 729,334
- -----------------------------------------
COMMERCIAL PAPER--52.5%
Auto Receivables--1.6%
AESOP Funding
Corp.
29,700 5.41 12/10/99 29,660
50,000 5.57 12/14/99 49,899
16,900 5.40 12/17/99 16,859
Republic
Industries Funding
Corp.
22,000 5.40 12/15/99 21,954
----------
118,372
----------
Auto Repair Services--0.3%
Wheels, Inc.
25,000 6.35 1/14/00 24,806
----------
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------
<C> <C> <S> <C>
Collateralized Loan Obligations--2.6%
Centric Capital
Corp.
$12,200 5.35% 12/8/99 $ 12,187
Lyon Short Term
Funding
4,139 5.35 12/10/99 4,133
11,449 5.42 12/10/99 11,433
8,792 5.42 12/13/99 8,776
Stellar Funding,
Inc.
9,887 5.45 12/8/99 9,877
17,129 5.10 12/29/99 17,056
5,143 5.37 12/30/99 5,121
Syndicated Loan
Funding Trust
Series 1999-1
35,000 5.68 2/15/00 35,000
Series 1999-2
50,000 5.58 3/15/00 50,000
Series 1999-5
40,000 5.68 10/16/00 40,000
----------
193,583
----------
Communications--0.0%
GTE Corp.
2,400 5.98 3/6/00 2,362
----------
Computer & Industrial Machines & Equip-
ment--0.1%
Invensys PLC
10,000 5.05 12/7/99 9,992
----------
Domestic Depository Institutions--0.7%
Marshall & Ilsley
Bank
25,000 6.00 1/28/00 24,758
25,000 6.05 2/4/00 24,727
----------
49,485
----------
Electronics & Other Electric Compo-
nents--0.9%
Cooper Industries,
Inc.
70,500 5.75 12/1/99 70,500
----------
General Merchandise Stores--0.8%
Sears Roebuck
Acceptance Corp.
12,650 6.12 1/24/00 12,534
20,000 6.15 2/10/00 19,757
25,000 6.15 2/11/00 24,693
----------
56,984
----------
Insurance--2.5%
Aetna Service Co.
50,000 6.15 1/19/00 49,581
12,000 6.15 1/20/00 11,898
SAFECO Credit
Corp.
7,389 5.42 12/1/99 7,389
19,850 5.42 12/3/99 19,844
18,500 5.41 12/10/99 18,475
13,000 5.38 12/14/99 12,975
15,500 6.00 1/26/00 15,355
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
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<TABLE>
<CAPTION>
Description
- ----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ----------------------------------------
Diversified Assets Portfolio--Continued
Insurance--Continued
<C> <C> <S> <C>
Torchmark, Inc.
$ 7,500 5.62% 12/3/99 $ 7,498
16,000 6.20 1/24/00 15,851
12,500 6.03 1/28/00 12,379
20,000 5.95 2/14/00 19,752
--------
190,997
--------
Multi-Sellers Conduits--20.2%
Amsterdam Funding
22,000 5.57 12/20/99 21,935
20,000 6.18 1/13/00 19,852
25,000 6.20 1/13/00 24,815
Apreco
30,000 5.45 12/2/99 29,996
Atlantic Asset
Securitization
Corp.
24,000 5.53 12/14/99 23,952
26,000 5.53 12/15/99 25,944
Barton Capital
Corp.
55,998 5.40 12/2/99 55,990
Clipper
Receivables Corp.
25,000 5.65 12/7/99 24,977
75,000 5.37 12/17/99 74,821
Compass
Securitization
51,500 6.02 1/25/00 51,026
16,000 6.00 2/2/00 15,832
Concord Minutemen
Capital Co.
40,000 6.20 1/20/00 39,656
15,000 6.03 2/11/00 14,819
42,816 5.95 2/14/00 42,285
Eiffel Funding LLC
118,500 5.80 12/1/99 118,500
25,000 5.57 12/3/99 24,992
Grand Funding
Corp.
25,000 5.90 1/5/00 24,857
25,000 6.15 1/13/00 24,816
International
Securitization
19,903 5.43 12/1/99 19,903
12,159 5.45 12/22/99 12,120
50,000 6.05 1/18/00 49,595
36,500 6.15 1/19/00 36,194
13,664 6.18 1/25/00 13,535
50,000 6.10 1/31/00 49,483
17,000 6.05 2/2/00 16,820
Lexington Parker
Capital
10,000 5.90 1/25/00 9,910
20,000 5.796 2/14/00 20,000
75,000 5.85 2/18/00 74,037
80,000 5.86 2/24/00 78,893
Mont Blanc Capital
11,400 5.40 12/20/99 11,368
</TABLE>
<TABLE>
<CAPTION>
Description
- --------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- --------------------------------------
<S> <C> <C> <C>
Monte Rosa Capi-
tal Corp.
$ 8,400 6.15% 1/19/00 $ 8,330
Old Line Funding
10,000 5.38 12/8/99 9,990
Park Avenue Re-
ceivables
50,000 5.45 12/15/99 49,894
Pooled Account
Receivables
Corp.
31,000 5.65 12/7/99 30,971
50,000 5.39 12/16/99 49,888
Quincy Capital
Corp.
39,812 5.36 12/8/99 39,771
23,195 5.48 12/15/99 23,145
Receivables Capi-
tal Corp.
18,018 5.36 12/8/99 17,999
Sheffield
Receivables Corp.
20,000 5.48 12/15/99 19,957
Silver Tower U.S.
Funding
23,500 5.43 12/2/99 23,496
9,150 5.95 2/3/00 9,053
Thames Asset
Global
Securitization
50,000 5.96 4/6/00 48,949
Variable Funding
Capital
136,500 5.45 12/15/99 136,211
---------
1,518,577
---------
Non-Depository Business Credit Insti-
tutions--1.7%
Finova Capital
Corp.
25,000 5.41 12/10/99 24,966
35,000 5.41 12/13/99 34,937
Heller Financial
Corp.
25,000 5.45 12/10/99 24,966
12,000 5.45 12/16/99 11,973
23,000 6.20 1/25/00 22,782
Transamerica
Financial Corp.
10,000 5.90 3/24/00 9,812
---------
129,436
---------
Non-Depository Personal Credit Insti-
tutions--0.2%
Morgan Stanley
Dean Witter & Co.
15,000 6.06 1/26/00 14,859
---------
Other Asset Backed Securities--6.3%
Altair Funding
Corp.
12,000 5.33 12/1/99 12,000
20,050 5.36 12/3/99 20,044
14,500 5.33 12/6/99 14,489
10,677 5.38 12/10/99 10,663
25,000 5.40 12/13/99 24,955
Cooperative Association of
Tractor Dealers
Series A
1,300 5.45 12/29/99 1,294
Series B
10,200 5.94 1/20/00 10,116
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- ----------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ----------------------------------------
<C> <C> <S> <C>
Dakota
Certificates
Program
$12,500 5.39% 12/3/99 $ 12,496
15,000 5.39 12/14/99 14,971
30,000 5.93 1/14/00 29,783
Moriarty Ltd.
50,000 5.43 12/2/99 49,992
71,000 5.45 12/8/99 70,925
14,700 5.40 12/14/99 14,671
33,500 5.40 12/29/99 33,359
23,000 6.15 1/18/00 22,811
15,000 6.15 1/26/00 14,857
Newcourt Equipment
Trust
34,825 5.97 3/14/00 34,817
Riverwoods Funding
Corp.
21,308 6.15 1/14/00 21,148
Victory
Receivables Corp.
5,000 5.34 12/7/99 4,996
20,000 5.35 12/7/99 19,982
12,000 5.40 12/13/99 11,978
25,000 6.15 1/24/00 24,769
--------
475,116
--------
Securities Arbitrage--10.3%
ABC Funding
25,000 5.85 2/15/00 24,691
Certain Funding
Corp.
9,710 6.15 1/25/00 9,619
Conduit Asset
Backed Security
10,277 5.48 1/24/00 10,193
10,000 5.80 3/1/00 9,853
Crown Point
Capital Co.
50,000 6.20 1/20/00 49,569
50,000 6.00 3/22/00 49,067
Giro Funding Corp.
25,000 5.35 12/3/99 24,993
Giro Multi Funding
Corp.
26,000 5.36 12/2/99 25,996
18,000 5.92 12/16/00 17,772
Grayhawk Funding
22,500 5.43 12/17/99 22,446
23,260 6.40 12/17/99 23,204
K2 USA LLC
9,000 5.43 1/18/00 8,935
13,350 6.15 1/18/00 13,241
10,000 5.39 1/28/00 9,913
18,000 5.78 3/29/00 17,656
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
Links Finance
Corp. LLC
10,565 5.40 12/13/99 10,546
MPF Ltd.
15,500 5.53 12/21/99 15,452
47,000 6.25 1/10/00 46,674
</TABLE>
<TABLE>
<CAPTION>
Description
- ---------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------
<S> <C> <C> <C>
$ 34,500 6.20% 1/25/00 $ 34,173
25,500 6.25 1/26/00 25,252
12,500 6.00 2/4/00 12,365
Sigma Finance,
Inc.
50,000 5.43 12/7/99 49,955
23,000 5.09 12/13/99 22,961
45,000 5.54 5/8/00 45,018
Trident Capital
Finance, Inc.
100,000 5.55 12/17/99 99,753
76,000 6.17 1/20/00 75,349
---------
779,646
---------
Single-Seller Conduits--2.3%
Atlantis One
Funding Corp.
35,000 5.50 2/1/00 34,669
25,000 5.80 3/23/00 24,545
EFG Funding LLC
40,000 5.45 12/14/99 39,921
Emerald
Certificates
25,000 5.43 12/23/99 24,917
Perry IV Fundings
50,000 5.83 3/13/00 49,166
---------
173,218
---------
Transportation Equipment--2.0%
Daimler-Chrysler
A.G.
29,000 5.92 3/3/00 28,556
Harley Davidson
Funding
10,000 5.42 12/10/99 9,986
Textron Financial
Corp.
46,850 5.58 12/7/99 46,806
22,500 5.36 12/17/99 22,446
40,000 5.93 2/14/00 39,506
---------
147,300
- --------------------------------------
TOTAL COMMERCIAL PAPER 3,955,233
- --------------------------------------
CORPORATE NOTES--4.5%
Centauri Corp.
25,000 6.06 9/7/00 25,000
25,000 6.10 9/7/00 25,000
GE Engine
Receivables Trust
FRN,
Series 1995-1
8,423 5.591 12/7/99 8,423
Series 1996-1
26,650 5.591 12/7/99 26,650
Liberty
Lighthouse U.S.
Capital
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
Morgan Stanley
Trust
Certificates FRN,
Series 1996-2
21,760 5.689 12/23/99 21,760
United Health
Care Corp.
75,000 6.66 11/10/00 75,000
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ---------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------
Diversified Assets Portfolio--Continued
<S> <C> <C> <C>
United Health Care
Corp. FRN
$ 50,000 5.65% 12/1/99 $ 50,000
- --------------------------------------------
TOTAL CORPORATE NOTES 341,833
- --------------------------------------------
EURODOLLAR TIME DEPOSITS--10.2%
Artesia Bank,
Brussels
55,000 5.75 12/1/99 55,000
Branch Bank and
Trust Co.,
Grand Cayman Islands
100,000 5.63 12/1/99 100,000
Fifth Third Bank of
Western Ohio,
Grand Cayman Islands
80,000 5.69 12/1/99 80,000
Marshall & Ilsley
Bank, Milwaukee,
Grand Cayman Islands
98,000 5.63 12/1/99 98,000
Mercantile Bank of
St. Louis, N.A.,
Grand Cayman Islands
77,826 5.63 12/1/99 77,826
National City Bank,
Grand Cayman Islands
180,000 5.56 12/1/99 180,000
Norddeutsche
Landesbank
Girozentrale,
Grand Cayman Islands
180,000 5.56 12/1/99 180,000
- --------------------------------------------
TOTAL EURODOLLAR TIME DEPOSITS 770,826
- --------------------------------------------
MUNICIPAL INVESTMENTS--5.0%
Administration of Environment & Housing Pro-
grams--2.2%
Alaska Housing
Finance Corp.
42,500 5.40 12/3/99 42,487
Virginia State HDA
Mortgage Revenue
Bonds
90,500 5.58 12/7/99 90,500
Virginia State HDA
Mortgage Revenue
Bonds
Series B
24,315 5.58 12/7/99 24,315
Series C
11,410 5.58 12/7/99 11,410
--------
168,712
--------
Amusement & Recreation Services--0.2%
Maryland Stadium
Authority Sports
Facilities Lease
Revenue, Series A
16,300 5.60 12/7/99 16,300
--------
Communications--0.3%
New Jersey State
Economic Development
Authority Revenue
Refunding Bonds,
Series B,
MSNBC/CNBC (Chase
Manhattan Bank LOC)
24,434 5.636 12/1/99 24,434
--------
Construction--0.1%
Metal Forming &
Coining Corp
Project
(National City
Bank LOC)
$ 9,335 5.63% 12/7/99 $ 9,335
--------
Electrical Services--0.2%
Texas Municipal
Power Agency,
Series 1997
10,000 5.50 2/9/00 10,000
Transmission
Agency of
Northern
California
5,600 6.20 2/9/00 5,600
--------
15,600
--------
Executive, Legislative & General Gov-
ernment--1.6%
Kern County
(California)
Pension
Obligation
35,000 5.509 12/1/00 35,000
Minneapolis City
- St. Paul
(Minnesota)
Metro Airport GO
Bond
28,930 5.509 12/1/99 28,930
Seattle City
(Washington) GO
VRDN,
Series C (Credit
Communal de
Belgique LOC)
32,825 5.35 12/7/99 32,825
Sonoma County
(California)
Pension
Obligation
22,800 5.509 12/7/99 22,800
--------
119,555
--------
Health Services--0.4%
Crozer Keystone
Health System
VRDN
7,350 5.69 12/7/99 7,350
Health Insurance
Plan of Greater
New York VRDN,
Series 1990 B-1
17,500 5.65 12/7/99 17,500
--------
24,850
- --------------------------------------------
TOTAL MUNICIPAL INVESTMENTS 378,786
- --------------------------------------------
REPURCHASE AGREEMENTS--6.6%
Repurchase Agreements--5.9%
ABN AMRO, Inc.,
Dated 11/30/99,
Repurchase Price
$360,058
(U.S. Government
Securities Colld.)
360,000 5.75 12/1/99 360,000
Donaldson Lufkin,
& Jenrette Co.,
Dated 11/30/99,
Repurchase Price $53,005
(U.S. Government
Securities Colld.)
52,997 5.60 12/1/99 52,997
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ----------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ----------------------------------------------
<S> <C> <C> <C>
Goldman, Sachs &
Co.,
Dated 11/30/99
Repurchase Price
$32,741
(U.S. Government
Securities
Colld.)
$ 32,736 5.50% 12/1/99 $ 32,736
---------
445,733
---------
Joint Repurchase Agreement--0.7%
Warburg Dillon
Read LLC,
Dated 11/30/99
(U.S. Government
Securities
Colld.)
Accrued Interest
$162
50,000 5.62 12/1/99 50,000
- ----------------------------------------------
TOTAL REPURCHASE AGREEMENTS 495,733
- ----------------------------------------------
TOTAL INVESTMENTS--88.5% $ 6,671,745
- ----------------------------------------------
Other assets, less liabili-
ties--11.5% 867,897
- ----------------------------------------------
NET ASSETS--100.0% $ 7,539,642
- ----------------------------------------------
- ----------------------------------------------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- -------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------
Government Portfolio
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCIES--71.7%
Fannie Mae Discount Notes--28.4%
$ 30,000 5.24% 12/2/99 $ 29,996
25,000 5.245 12/6/99 24,982
15,000 5.05 12/13/99 14,975
45,000 5.48 1/21/00 44,651
60,000 5.56 1/24/00 59,499
30,000 5.34 1/26/00 29,751
75,000 5.55 2/3/00 74,260
50,000 5.54 2/4/00 49,500
10,000 5.395 2/7/00 9,898
23,406 5.41 2/7/00 23,167
7,400 5.45 2/11/00 7,319
50,000 5.515 2/14/00 49,425
50,000 5.57 2/24/00 49,342
--------
466,765
--------
Fannie Mae Medium Term FRN--9.8%
126,045 5.73 12/1/99 126,014
35,000 5.94 5/5/00 34,984
--------
160,998
--------
Fannie Mae Medium Term Notes--8.3%
25,000 5.06 3/15/00 24,994
13,600 5.10 3/16/00 13,602
22,000 5.04 4/6/00 21,995
15,000 4.97 4/12/00 14,995
25,000 5.11 5/22/00 24,996
36,060 5.67 5/26/00 36,152
--------
136,734
--------
FFCB Medium Term FRN--1.8%
30,000 5.20 5/11/00 29,991
--------
FHLB Medium Term FRN--14.6%
50,000 5.951 2/3/00 49,994
50,000 5.839 2/14/00 49,981
24,000 5.746 4/4/00 23,995
50,000 5.25 5/12/00 49,988
65,000 5.88 10/19/00 65,000
--------
238,958
--------
FHLB Medium Term Note--1.2%
20,000 5.16 3/22/00 20,000
--------
</TABLE>
<TABLE>
<CAPTION>
Description
- ----------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ----------------------------------------------------------------------
<C> <S> <C> <C>
Freddie Mac Discount Notes--7.6%
$40,000 5.48% 1/14/00 $ 39,732
10,000 5.305 1/27/00 9,916
35,000 5.53 2/1/00 34,667
5,150 5.465 2/3/00 5,100
18,000 5.53 2/9/00 17,806
14,000 5.45 2/25/00 13,818
3,000 5.59 3/16/00 2,951
--------------
123,990
- ----------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES 1,177,436
- ----------------------------------------------------------------------
MORTGAGE BACKED SECURITIES--14.7%
Fannie Mae
16,640 4.75 12/1/99 16,640
128,450 5.36 12/1/99 128,450
58,600 5.56 2/1/00 58,039
10,000 5.61 5/1/00 9,763
30,000 5.61 9/1/00 28,714
- ----------------------------------------------------------------------
TOTAL MORTGAGE BACKED SECURITIES
241,606
- ----------------------------------------------------------------------
REPURCHASE AGREEMENTS--15.9%
Repurchase Agreements--12.9%
Bear Stearns Security Corp.,
Dated 11/30/99, Repurchase Price $145,023
(U.S. Government Securities Colld.)
145,000 5.77 12/1/99 145,000
Goldman, Sachs & Co.,
Dated 11/30/99, Repurchase Price $67,274
(U.S. Government Securities Colld.)
67,264 5.50 12/1/99 67,264
--------------
212,264
--------------
Joint Repurchase Agreement--3.0%
Warburg Dillon Reed LLC,
Dated 11/30/99,
(U.S. Government Securities Colld.)
Accrued Interest $140
50,000 5.62 12/1/99 50,000
- ----------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 262,264
- ----------------------------------------------------------------------
TOTAL INVESTMENTS--102.3% $ 1,681,306
- ----------------------------------------------------------------------
Liabilities, less other assets--(2.3%) (38,433)
- ----------------------------------------------------------------------
NET ASSETS--100.0% $ 1,642,873
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- --------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- --------------------------------------------
Government Select Portfolio
<C> <S> <C> <C>
U.S. GOVERNMENT AGENCIES--99.0%
FFCB Discount Note--5.3%
$100,500 5.581% 12/1/99 $ 100,500
5,924 5.45 2/11/00 5,859
3,275 5.57 3/22/00 3,218
6,425 5.57 3/27/00 6,309
----------
115,886
----------
FFCB Medium Term FRN--1.4%
30,000 5.20 5/11/00 29,991
----------
FHLB FRN--18.8%
80,000 5.839 2/14/00 79,970
13,000 5.706 3/24/00 13,002
30,000 5.655 4/14/00 29,994
60,000 5.746 4/14/00 59,995
100,000 5.705 9/27/00 99,964
125,000 5.70 10/6/00 124,936
----------
407,861
----------
FHLB Discount Notes--65.9%
449,985 5.57 12/1/99 449,985
40,000 4.70 1/19/00 39,744
6,000 5.55 1/19/00 5,955
6,943 5.28 1/21/00 6,891
44,879 5.525 1/21/00 44,528
30,000 5.545 1/21/00 29,764
20,000 5.59 1/26/00 19,826
25,000 5.305 1/28/00 24,786
15,000 5.315 1/28/00 14,871
46,106 5.46 1/28/00 45,700
20,000 5.53 1/28/00 19,822
20,000 5.539 1/28/00 19,821
20,000 5.574 1/28/00 19,820
15,000 5.579 1/28/00 14,865
50,000 5.485 1/31/00 49,535
20,000 4.80 2/1/00 19,834
25,000 5.375 2/2/00 24,765
25,000 5.38 2/2/00 24,764
40,787 5.39 2/2/00 40,402
56,172 5.515 2/2/00 55,630
15,000 5.546 2/2/00 14,854
20,000 5.48 2/9/00 19,787
15,000 5.49 2/9/00 14,840
25,000 5.50 2/9/00 24,733
36,590 5.53 2/11/00 36,185
14,000 5.528 2/18/00 13,830
40,000 5.559 2/23/00 39,481
40,000 5.564 2/23/00 39,481
11,000 5.57 2/23/00 10,857
30,000 4.82 2/24/00 29,658
45,000 5.45 2/25/00 44,414
</TABLE>
<TABLE>
<CAPTION>
Description
- --------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- --------------------------------------------
<C> <S> <C> <C>
$ 47,095 5.54% 2/25/00 $ 46,472
20,000 4.80 2/28/00 19,762
15,969 5.58 2/29/00 15,746
25,000 5.16 3/8/00 24,997
15,000 5.525 3/8/00 14,774
25,000 5.535 3/8/00 24,623
25,000 5.543 3/15/00 24,596
----------
1,430,398
----------
FHLB Discount Notes--4.1%
40,405 5.125 3/16/00 40,374
12,000 5.05 4/26/00 11,998
37,000 5.01 4/28/00 36,993
----------
89,365
----------
SLMA FRN--3.5%
35,000 5.785 1/20/00 34,985
40,000 5.486 6/30/00 40,000
----------
74,985
- --------------------------------------------
TOTAL INVESTMENTS $2,148,486
- --------------------------------------------
Other assets, less
liabilities--1.0% 21,040
- --------------------------------------------
NET ASSETS--100.0% $2,169,526
- --------------------------------------------
- --------------------------------------------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------------
Tax-Exempt Portfolio
<S> <C> <C> <C>
MUNICIPAL INVESTMENTS--97.7%
Alabama--1.2%
Greenville City IDR VRDN,
Series 1992, Allied-Signal,
Inc. Project (Honeywell
International, Inc. Gtd.)
$ 1,350 4.05% 12/7/99 $ 1,350
McIntosh IDB Environmental
Improvement Revenue VRDN,
Series 1998 D, CIBA Specialty
Chemical Corp. Project
2,600 3.85 12/1/99 2,600
Town of Columbia PCR Refunding
Bond VRDN,
Series 1995 D, Alabama Power
Co. Project
2,950 4.00 12/1/99 2,950
--------
6,900
--------
Alaska--0.3%
Alaska Housing Finance Corp.
VRDN, Merrill P-Floats PT-37
1,730 4.00 12/1/99 1,730
--------
Arizona--1.6%
Maricopa County IDA Hospital
Revenue VRDN, MS Floater
Certificates, Series 1998-103,
Mayo Foundation
6,200 3.97 12/7/99 6,200
Salt River Agricultural
Project, Improvement & Power
District Bond
3,000 3.60 3/7/00 3,000
--------
9,200
--------
Colorado--5.0%
Colorado Health Facilities
Authority Revenue Bonds VRDN,
Series B
2,000 3.80 12/2/99 2,000
Colorado Housing and Finance
Authority Multifamily VRDN,
Series A
14,920 3.97 12/7/99 14,920
Colorado Springs Utility
Revenue VRDN, Series A, SGA-88
4,500 3.85 12/1/99 4,500
Intermountain Power Agency
Goldman Sachs CP, Series B,
Senior Lien
8,000 3.85 2/11/00 8,000
--------
29,420
--------
District of Columbia--0.7%
District of Columbia Water &
Sewer VRDN, Series 1998,
Citibank Eagle Trust 985201
(FSA Insured)
4,200 3.97 12/7/99 4,200
--------
Florida--4.2%
Escambia County PCR Revenue
Refunding Bonds VRDN, Series
1997, Gulf Power Co. Project
6,500 3.75 3/22/00 6,500
Florida Board of Education GO,
Series 1989A, Eagle Trust
96C0915 (U.S. Government
Securities Colld.)
3,000 3.25 12/1/99 3,000
Florida State Board of
Education, Series 1993E,
Eagle Trust 940901
11,900 3.97 12/7/99 11,900
</TABLE>
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Orange County Education
Facilities Authority VRDN,
Rollins College Project (Bank
of America LOC)
$ 2,880 3.95% 12/7/99 $ 2,900
Putnam County PCR VRDN, Series
S, Seminole Electric (National
Rural Utility Cooperation
Finance Co. Gtd.)
250 3.90 12/7/99 250
--------
24,550
--------
Georgia--5.9%
DeKalb County Development
Authority, Marist School, Inc.
Project (SunTrust Bank LOC)
3,500 3.95 12/7/99 3,500
Fulton County School District
Bonds,
Citicorp Eagle Trust 981001
11,000 3.50 1/27/00 11,000
Georgia State GO Bonds, Eagle
Trust, Series 97C1001
5,440 3.97 12/7/99 5,440
Monroe County Development
Authority PCR VRDN, Series
1997, Georgia Power Co.
Scherer Project
2,400 3.85 12/1/99 2,400
Municipal Electric Authority
Revenue VRDN, Series 1985B
Subordinated Series
(Landesbank Hessen Thuringen
Girozentral LOC)
2,300 3.90 12/7/99 2,300
Municipal Gas Authority of
Georgia VRDN, Series C, Gas
Portfolio II Project (Bank of
America LOC)
10,200 5.00 12/7/99 10,200
--------
34,840
--------
Illinois--11.4%
City of Chicago & GO Equipment Notes,
(Harris Trust & Savings Bank LOC)
2,000 3.90 10/5/00 2,000
Chicago GO Project & Refunding
Bonds, Series 1998 M, Bank of
America Partnership (FGIC
Insured)
5,000 3.62 7/13/00 5,000
Chicago GO Refunding VRDN,
Series 1998, Citicorp Eagle
Trust 981302 (FSA Insured)
8,600 3.97 12/7/99 8,600
Chicago School Reform Board GO
VRDN, Series 1996B, Bank of
America Securities Variable
Rate Certificates (MBIA
Insured)
8,000 4.02 12/7/99 8,000
DuPage Water Commission Water
Revenue VRDN
6,700 3.97 12/7/99 6,700
Illinois Development Finance
Authority VRDN, Series A, AMR
Pooled Financing Project (Bank
of America LOC)
10,000 3.95 12/7/99 10,000
Illinois Development Finance
Authority VRDN, Chicago
Shakespeare Project (LaSalle
National Bank LOC)
4,100 4.05 12/7/99 4,100
Illinois Health Facilities
Authority VRDN, Series 166,
Insured Mortgage Revenue Bonds
Sinai Health Systems
(AMBAC Insured)
7,220 3.97 12/7/99 7,220
</TABLE>
See accompanying notes to financial statements.
12
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Illinois Health Facilities
Authority Revenue Bonds VRDN,
Series 1985B, Evanston
Hospital Corp.
$ 5,000 3.65% 8/15/00 $ 5,000
Illinois Health Facilities
Authority VRDN, Series 1990D,
Glenoaks Medical Center
Project (U.S. Government
Securities Colld.)
1,825 9.50 11/15/00 1,952
Illinois Housing Development
Authority Revenue Bonds VRDN,
Series B-1, Homeowner Mortgage
Program
2,155 3.20 4/27/00 2,155
Illinois State Sales TRB,
Series U, Merrill Soc Gen Muni
Trust SG9 (FSA Insured)
4,500 3.98 12/7/99 4,500
Illinois State Toll Highway
Authority Refunding Revenue
VRDN, Series 1998B (FSA
Insured)
2,500 3.90 12/7/99 2,500
--------
67,727
--------
Indiana--5.2%
Indiana Bond Bank Advanced Funding Program Notes,
Series A-2
5,000 3.50 1/19/00 5,004
Indiana Health Facilities
Finance Authority VRDN,
Merrill Lynch PT-291, Sisters
of St. Francis Health System
10,000 4.07 12/1/99 10,000
Indiana Transportation
Authority Highway Revenue
VRDN, Citicorp Eagle Trust
981402
7,750 3.50 1/27/00 7,750
Jasper County PCR Revenue
Bonds, Series 1988A, Northern
Indiana Public Service Project
5,000 3.65 3/10/00 5,000
Madison Economic Development
Authority Revenue Bonds, Arvin
Sango, Inc. Project (Bank One,
Indiana LOC)
3,000 4.00 12/7/99 3,000
--------
30,754
--------
Iowa--1.5%
Iowa Finance Authority SFM Revenue VRDN,
Series 1997 A
5,395 3.84 12/1/99 5,395
Iowa Student Loan Liquidity
Corp. Student Loan Revenue,
Series 1998 I (AMBAC Insured)
3,500 3.10 12/1/99 3,500
--------
8,895
--------
Kansas--0.5%
Topeka Temporary Notes, Series 1999-
A
3,000 3.50 6/1/00 3,003
--------
Kentucky--3.4%
Clark County PCR Bonds, Series
J-2, East Kentucky Power
(National Rural Utilities
Cooperative Finance Corp.
Gtd.)
6,500 3.70 4/15/00 6,500
City of Danville Municipal
Pooled Lease Program Bonds
Revenue CP (PNC Bank LOC)
3,045 3.80 3/13/00 3,045
</TABLE>
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Kentucky Asset/Liability
General Fund Revenue TRAN
VRDN, Series B
$ 3,000 4.50% 6/28/00 $ 3,011
Kentucky Development Finance
Authority VRDN, Series 1985 A,
Pooled Loan Program (FGIC
Insured)
2,800 3.85 12/7/99 2,800
Kentucky Interlocal School
Transportation Association
TRAN
4,000 4.00 6/30/00 4,011
Kentucky State Turnpike
Authority Economic Development
Revenue Bonds, Revitalization
Projects (U.S. Government
Securities Colld.)
1,000 7.50 5/15/00 1,025
--------
20,392
--------
Louisiana--1.5%
Greater Baton Rouge Port Commission PCR
Bonds,
Dow Chemical Co. Project
5,120 3.20 12/15/99 5,120
City of Huntington IDR VRDN,
Allied Signal, Inc. Project
(Honeywell International, Inc.
Gtd.)
2,000 4.05 12/7/99 2,000
Louisiana Public Facilities
Authority Hospital Revenue
VRDN, Series 1993, Willis-
Knighton Medical Center (AMBAC
Insured)
1,500 4.00 12/7/99 1,500
--------
8,620
--------
Maryland--3.6%
Maryland Health & Higher Education Facilities Authority
VRDN, Catholic Health Initiatives
Project
6,600 4.00 12/7/99 6,600
Maryland State Community
Development Administration SFM
Revenue, Series 1993, Merrill
P-Floats PT-12
12,977 3.87 12/1/99 12,977
Maryland State Economic
Development Authority Pooled
Revenue Bond VRDN (Bank of
America LOC)
100 3.90 12/7/99 100
Montgomery County SFM Revenue
VRDN, Series PA-40, Merrill P-
Floats
1,860 3.98 12/7/99 1,860
--------
21,537
--------
Michigan--1.9%
Detroit School District, State School Aid Notes
3,000 4.00 6/1/00 3,012
Michigan Hospital Finance
Authority Ascension Health
Saloman Smith Barney ROC II-R,
Series 1999-6 B
(MBIA Insured)
5,000 4.00 5/1/00 5,000
Midland County Economic
Development Corp. VRDN, The
Dow Chemical Co. Project
3,000 3.85 12/1/99 3,000
--------
11,012
--------
Missouri--0.7%
New Madrid Power Revenue VRDN
(AMBAC Insured)
1,250 5.20 12/1/99 1,250
</TABLE>
See accompanying notes to financial statements.
13
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------------
Tax-Exempt Portfolio--Continued
<S> <C> <C> <C>
St. Louis General Fund TRAN
$ 3,000 4.00% 6/30/00 $ 3,013
--------
4,263
--------
Mississippi--2.0%
Mississippi Gulf Coast Revenue Refunding VRDN,
Series 99C698, Waste Water Treatment, Merlot (MBIA Insured)
10,000 4.05 12/7/99 10,000
Perry County PCR VRDN, Series
92, Leaf River Forest Products
(Credit Suisse First Boston
LOC)
1,700 3.60 12/1/99 1,700
--------
11,700
--------
Nevada--0.2%
Nevada Municipal Bond Bank GO VRDN, Series 1997
SGB31 (FGIC Insured)
1,000 3.94 12/7/99 1,000
--------
New Jersey--1.6%
Jersey City Tax Appeal Renewal
GO BAN
3,380 3.625 1/14/00 3,382
New Jersey State GO VRDN,
Series 1998
6,200 3.95 12/7/99 6,200
--------
9,582
--------
New Mexico--0.5%
Albuquerque GO Bond
3,235 4.70 7/1/00 3,251
--------
New York--7.2%
Nassau County RAN (Bank of New York LOC)
2,000 4.25 3/15/00 2,004
New York City VRDN, Sub Series
1993 E-4 (State Street Bank &
Trust LOC)
2,000 3.70 12/1/99 2,000
New York City VRDN, Sub Series
1993 E-5 (Morgan Guaranty
Trust Co. LOC)
3,500 3.70 12/1/99 3,500
New York City Municipal Water
Finance Authority Water &
Sewer Systems Revenue VRDN,
Series 1995-A, (FGIC Insured)
4,100 4.00 12/1/99 4,100
New York City RAN, Series A
9,950 3.95 12/7/99 9,950
New York City Transitional
Finance Authority BAN VRDN,
Series I
6,000 4.00 12/7/99 6,000
New York State Environmental
Facility Corp. Energy Bond,
Eagle Trust (FSA Insured)
10,000 3.65 12/9/99 10,000
New York State Medical Care
Facilities Revenue Bonds,
Series B, St. Lukes (U.S.
Government Securities Colld.)
5,000 7.45 2/15/00 5,065
--------
42,619
--------
</TABLE>
<TABLE>
<CAPTION>
Description
- ---------------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
North Carolina--1.6%
North Carolina Educational Facilities Finance Agency
VRDN, Cardinal Gibbons Project (Bank of America LOC)
$ 2,400 3.90% 12/7/99 $ 2,400
North Carolina GO Bonds Salomon
Smith Barney ROC, Series 1999-
4 A
4,125 3.97 12/7/99 4,125
North Carolina Medical Care
Commission, Series A, Pooled
Financing Project (Bank of
America LOC)
250 3.60 12/1/99 250
Wake County Industrial Facility
& Pollution Control Authority
VRDN, Series 1990B, Carolina
Power & Light Co. (Bank of New
York LOC)
2,500 4.00 12/1/99 2,500
--------
9,275
--------
Ohio--0.7%
Ohio Air Quality Facilities Revenue Refunding Bonds,
Series 1988A, Ohio Edison Co. Project
(Toronto Dominion Bank LOC)
4,000 2.95 2/1/00 4,000
--------
Oklahoma--0.2%
Tulsa County GO Combined Purpose Bonds,
Independent School District No. 001
1,000 4.50 2/1/00 1,002
--------
Oregon--0.7%
Oregon Housing & Community Services Department
SFM Bonds, Series G
4,200 3.45 6/29/00 4,200
--------
Pennsylvania--2.9%
Allegheny County Hospital Development Authority
Revenue VRDN, Series D, Presbyterian Health Center
(MBIA Insured)
2,900 4.00 12/1/99 2,900
Geisinger Authority Health
System Revenue VRDN,
Series 1998, Geisinger System
Services
3,700 3.80 12/1/99 3,700
Harbor Creek School District GO
Notes
2,500 3.75 6/15/00 2,505
Pennsylvania Higher Education
Facilities Authority Revenue
VRDN, Series 1995-A, Carnegie
Mellon University
1,700 3.70 12/1/99 1,700
Pennsylvania Higher Education
Facilities Authority Revenue
Bonds, Various Associations
Independent Colleges and
Universities District 5 (PNC
Bank LOC)
2,000 3.75 5/1/00 2,004
Schuylkill County IDA Revenue
Recovery VRDN, Gilberton Power
Project (Mellon Bank LOC)
2,400 3.85 12/7/99 2,400
Warren County Hospital
Authority VRDN, Series 1994 B,
Warren General Hospital
Project (PNC Bank LOC)
750 4.00 12/7/99 750
Washington County Authority
Lease Revenue Bonds, Higher
Education Pooled Equipment
Lease (First Union National
Bank LOC)
1,080 3.90 12/7/99 1,080
</TABLE>
See accompanying notes to financial statements.
14
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------------
York City General Authority
Pooled Financing Revenue VRDN,
Series 1996 (First Union
National Bank LOC)
<S> <C> <C> <C>
$ 50 3.95% 12/7/99 $ 50
--------
17,089
--------
South Carolina--1.6%
Beaufort County School District GO, Series C
4,655 3.625 2/1/00 4,660
Lexington County Pollution
Control Finance Authority
Revenue Refunding VRDN, Series
1992A,
Honeywell International, Inc.
Project
1,880 4.05 12/7/99 1,880
Lexington County Revenue IDR
VRDN, Series 1992, Honeywell
International, Inc. Project
800 4.05 12/7/99 800
Piedmont Municipal Power Agency
Electric Revenue VRDN, Series
1996C (MBIA Insured)
2,300 3.90 12/7/99 2,300
--------
9,640
--------
Tennessee--3.1%
Clarksville Public Building Authority VRDN, Municipal
Bond Fund Pooled Finance Program (Bank of America LOC)
5,700 3.90 12/7/99 5,700
Memphis GO General Improvement
VRDN, Series 1996,
Soc Gen Trust SGB-23
5,000 3.97 12/7/99 5,000
Montgomery County Public
Building Authority VRDN, Loan
Pool Finance Program (Bank of
America LOC)
7,705 3.90 12/7/99 7,705
--------
18,405
--------
Texas--12.2%
Angelina & Neches River Authority Solid Waste
Disposal Facility Revenue VRDN, Series 1984,
TEEC, Inc. Project (Wells
Fargo Bank N.A. LOC)
3,600 3.80 12/1/99 3,600
Bastrop Independent School
District VRDN, Series 1997,
Soc Gen Municipal Security
Trust SGB 37 (PSF of Texas
Gtd.)
8,770 3.94 12/7/99 8,770
Dallas-Fort Worth Regional
Airport Refunding Revenue
Bonds VRDN, Series A (FGIC
Insured)
1,960 4.05 5/1/00 1,960
Denton Independent School
District GO Bond, Series B
(PSF of Texas Gtd.)
3,100 3.65 8/15/00 3,100
Granbury Independent School
District VRDN P-Floats, Series
1999 SG-129 (PSF of Texas
Gtd.)
4,815 3.98 12/7/99 4,815
Harris County GO Sub Lien Toll
Road Bonds VRDN
6,210 4.00 12/7/99 6,210
Harris County Health Facility
Development Corp., Series
1999, YMCA of Greater Houston
(Bank One LOC)
3,300 3.80 12/1/99 3,300
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------------
Harris County Health Facility
Development Corp. School
Healthcare, Series 1997 B,
Sisters of Charity of the
Incarnation
<S> <C> <C> <C>
$ 5,000 4.00% 12/7/99 $ 5,000
Nueces River Authority Water
Supply VRDN, Series 97430,
Corpus Christi Lake Project
(FSA Insured)
6,600 3.97 12/7/99 6,600
Port Arthur Navigational
District VRDN, American
Petrofina Corp. Project
(Credit Commercial de France
LOC)
2,200 3.85 12/1/99 2,200
San Antonio Independent School
District Salomon Smith Barney
ROC VRDN, Series 30 (PSF of
Texas Gtd.)
3,000 3.97 12/7/99 3,000
Texas State TRAN
10,000 4.50 8/31/00 10,057
Trinity River IDA VRDN,
Automatic Data Processing,
Inc. Project
6,500 4.10 12/1/99 6,500
University of Texas Financing
System VRDN, Series B
7,000 4.00 12/7/99 7,000
--------
72,112
--------
Utah--1.5%
Intermountain Power Agency Revenue VRDN, Series E
(AMBAC Insured)
9,000 3.625 3/15/00 9,000
--------
Virginia--3.3%
Norfolk GO VRDN, Eagle Trust No. 944601
10,100 4.02 12/7/99 10,100
Roanoke IDA Hospital Revenue VRDN, Series 1997A,
Carilion Health System
Obligated Group
5,900 3.80 12/1/99 5,900
Town of Louisa IDA PCR Bonds,
Virginia Electric Power Co.
Project
3,400 3.80 3/13/00 3,400
--------
19,400
--------
Vermont--0.3%
Vermont HFA SFM Note, Series 10-
D
2,000 3.10 4/28/00 2,000
--------
Washington--3.5%
Washington Health Care Facilities Authority,
Fred Hutchinson Cancer Research Center
(Morgan Guaranty Trust Co. LOC)
1,000 4.00 12/1/99 1,000
Washington Public Power Supply
System VRDN, Citicorp Eagle
Trust, Series 944701
10,000 4.07 12/7/99 10,000
Washington State Housing
Finance Commission Single
Family Program Notes
4,340 2.95 2/1/00 4,340
2,230 3.80 10/10/00 2,230
</TABLE>
See accompanying notes to financial statements.
15
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------------------------------------------
Principal Maturity Amortized
Amount/Shares Rate Date Cost
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Tax-Exempt Portfolio--Continued
Washington State Public Power
Supply System Revenue Bond,
Series A, Project 2 (Colld. by
U.S. Government Securities)
$ 3,030 7.375% 7/1/00 $ 3,132
--------
20,702
--------
Wisconsin--3.6%
Milwaukee Area Technical College District GO
Promissory Notes, Series A
1,000 4.75 6/1/00 1,005
Pleasant Prairie PCR Revenue
VRDN, Wisconsin Electric Power
Co. Project
2,900 3.90 12/7/99 2,900
Racine GO Promissory Notes,
Series 1999 A
2,460 4.25 12/1/00 2,466
Sun Prairie Area School
District BAN
3,200 4.40 10/1/00 3,207
Wisconsin GO CP Notes
3,045 3.55 1/21/00 3,045
Wisconsin Health & Education
Facilities Authority, Series
1999C, Aurora Health Care,
Inc. (Bank One, Chicago LOC)
8,500 3.95 12/7/99 8,500
--------
21,123
--------
Multiple States Pooled
Securities--2.4%
Pooled P-
Floats VRDN, Series PPT2
(Backed by Alaska Housing
Finance Corp. and South Dakota
HDA)
1,100 3.84 12/1/99 1,100
Greystone Revenue Bond
Certificate Trust VRDN, Series
1998-1 (Credit Suisse First
Boston LOC)
13,360 4.06 12/2/99 13,360
--------
14,460
- ------------------------------------------------------------------------------------------
TOTAL MUNICIPAL INVESTMENTS 577,603
- ------------------------------------------------------------------------------------------
OTHER INVESTMENTS--3.2%
AIM Tax Free Money Market Fund
3,382 3,382
Dreyfus Tax Exempt Cash Management Fund
400 400
Federated Tax-Free Trust Money
Market Fund #15
14,502 14,502
Federated Tax-Free Trust Money
Market Fund #73
320 320
Provident Municipal Fund
597 597
- ------------------------------------------------------------------------------------------
TOTAL OTHER INVESTMENTS 19,201
- ------------------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.9% $596,804
- ------------------------------------------------------------------------------------------
Liabilities, less other assets--(0.9)% (5,576)
- ------------------------------------------------------------------------------------------
NET ASSETS--100.0% $591,228
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
November 30, 1999
(All amounts in thousands, except net asset value per share)
<TABLE>
<CAPTION>
Diversified Government Tax-
Assets Government Select Exempt
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets:
Investments in securities, at
amortized cost $6,176,012 $1,419,042 $2,148,486 $596,804
Repurchase agreements, at cost 495,733 262,264 -- --
Cash 6 -- -- 8
Receivables:
Fund shares sold 1,154,532 14,663 33,315 22,719
Interest 31,152 3,421 5,187 5,325
Investment securities sold 130 -- -- 5,720
Administrator 124 41 49 22
Other assets 84 30 34 13
- -------------------------------------------------------------------------------
Total assets 7,857,773 1,699,461 2,187,071 630,611
- -------------------------------------------------------------------------------
Liabilities:
Payable for:
Fund shares redeemed 286,970 20,081 8,343 37,584
Distributions to shareholders 28,890 7,163 8,714 1,546
Investment securities purchased -- 28,714 -- --
Accrued expenses:
Advisory fees 1,358 341 164 120
Administration fees 543 137 164 48
Custodian fees 27 11 16 9
Service agent fees 18 22 8 12
Transfer agent fees 5 1 1 1
Other liabilities 320 118 135 63
- -------------------------------------------------------------------------------
Total liabilities 318,131 56,588 17,545 39,383
- -------------------------------------------------------------------------------
Net assets $7,539,642 $1,642,873 $2,169,526 $591,228
- -------------------------------------------------------------------------------
Analysis of net assets:
Paid-in capital $7,540,501 $1,642,949 $2,169,520 $591,216
Accumulated net realized gains
(losses) on investment
transactions (859) (76) 6 12
- -------------------------------------------------------------------------------
Net assets $7,539,642 $1,642,873 $2,169,526 $591,228
- -------------------------------------------------------------------------------
Net Assets
Shares $7,475,275 $1,565,743 $2,150,263 $555,692
Service Shares 59,815 32,555 11,846 35,536
Premier Shares 4,552 44,575 7,417 --
- -------------------------------------------------------------------------------
Total shares outstanding (no par
value), unlimited shares
authorized
Shares 7,476,136 1,565,815 2,150,258 555,675
Service Shares 59,815 32,557 11,846 35,541
Premier Shares 4,551 44,577 7,417 --
- -------------------------------------------------------------------------------
Net asset value, offering and
redemption price per share
Shares $ 1.00 $ 1.00 $ 1.00 $ 1.00
Service Shares $ 1.00 $ 1.00 $ 1.00 $ 1.00
Premier Shares $ 1.00 $ 1.00 $ 1.00 --
- -------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Operations
For the Year Ended November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Diversified Government
Assets Government Select Tax-Exempt
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest income $291,862 $78,737 $93,895 $21,587
- -------------------------------------------------------------------------------
Expenses:
Investment advisory fees 13,909 3,855 4,647 1,666
Administration fees 5,564 1,542 1,857 666
Custodian fees 578 177 205 91
Professional fees 231 80 92 37
Transfer agent fees 153 36 35 22
Registration fees 445 122 132 85
Shareholders servicing fees 236 167 19 37
Trustee fees and expenses 118 41 48 19
Other 150 63 72 44
- -------------------------------------------------------------------------------
Total expenses 21,384 6,083 7,107 2,667
Less voluntary waivers of invest-
ment advisory fees -- -- (2,790) --
Less expenses reimbursable by Ad-
ministrator (1,498) (479) (546) (277)
- -------------------------------------------------------------------------------
Net expenses 19,886 5,604 3,771 2,390
- -------------------------------------------------------------------------------
Net investment income 271,976 73,133 90,124 19,197
Net realized gains (losses) on
investment transactions 78 (91) 2 (43)
- -------------------------------------------------------------------------------
Net increase in net assets re-
sulting from operations $272,054 $73,042 $90,126 $19,154
- -------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the year ended November 30,
(All amounts in thousands)
<TABLE>
<CAPTION>
Diversified Assets Government Government Select Tax-Exempt
Portfolio Portfolio Portfolio Portfolio
-------------------------- -------------------------- ----------------------- ------------------------
1999 1998 1999 1998 1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Increase
(decrease) in net
assets from
operations:
Net investment
income $ 271,976 $ 218,012 $ 73,133 $ 69,654 $ 90,124 $ 77,613 $ 19,197 $ 22,415
Net realized
gains (losses)
on investment
transactions 78 430 (91) 108 2 2 (43) 61
- -----------------------------------------------------------------------------------------------------------------------------
Net increase in
net assets
resulting from
operations 272,054 218,442 73,042 69,762 90,126 77,615 19,154 22,476
- -----------------------------------------------------------------------------------------------------------------------------
Distributions to
Shares
shareholders:
Net investment
income (268,766) (217,888) (71,508) (69,654) (89,895) (77,613) (18,885) (22,415)
Realized gains -- -- -- -- -- -- -- (174)
- -----------------------------------------------------------------------------------------------------------------------------
Total
distributions to
Shares
shareholders (268,766) (217,888) (71,508) (69,654) (89,895) (77,613) (18,885) (22,589)
- -----------------------------------------------------------------------------------------------------------------------------
Distributions to
Service
shareholders:
Net investment
income (3,154) (124) (819) -- (169) -- (312) --
- -----------------------------------------------------------------------------------------------------------------------------
Total
distributions to
Service
shareholders (3,154) (124) (819) -- (169) -- (312) --
- -----------------------------------------------------------------------------------------------------------------------------
Distributions to
Premier
shareholders:
Net investment
income (56) -- (806) -- (60) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Total
distributions to
Premier
shareholders (56) -- (806) -- (60) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Share
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares 61,533,000 53,687,791 19,974,106 16,723,046 9,621,872 8,794,437 4,681,724 5,796,229
Reinvested
distributions 10,108 9,197 2,371 748 4,850 5,934 335 210
Cost of shares
redeemed (58,862,739) (52,844,174) (20,063,517) (16,122,433) (9,171,330) (8,344,898) (4,874,480) (5,633,334)
- -----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets resulting
from Share
transactions 2,680,369 852,814 (87,040) 601,361 455,392 455,473 (192,421) 163,105
- -----------------------------------------------------------------------------------------------------------------------------
Service share
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares 809,863 21,636 150,768 -- 174,304 -- 55,845 --
Reinvested
distributions -- -- -- -- -- -- -- --
Cost of shares
redeemed (757,109) (14,576) (118,211) -- (162,458) -- (20,304) --
- -----------------------------------------------------------------------------------------------------------------------------
Net increase in
net assets
resulting from
Service share
transactions 52,754 7,060 32,557 -- 11,846 -- 35,541 --
- -----------------------------------------------------------------------------------------------------------------------------
Premier share
transactions (at
$1.00 per share):
Proceeds from
the sale of
shares 42,701 -- 105,227 -- 11,539 110 -- --
Reinvested
distributions -- -- -- -- -- -- -- --
Cost of shares
redeemed (38,150) -- (60,650) -- (4,230) (1) -- --
- -----------------------------------------------------------------------------------------------------------------------------
Net increase in
net assets
resulting from
Premier share
transactions 4,551 -- 44,577 -- 7,309 109 -- --
- -----------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in net
assets 2,737,752 860,304 (9,997) 601,469 474,549 455,584 (156,923) 162,992
Net assets--
beginning of year 4,801,890 3,941,586 1,652,870 1,051,401 1,694,977 1,239,393 748,151 585,159
- -----------------------------------------------------------------------------------------------------------------------------
Net assets--end
of year $ 7,539,642 $ 4,801,890 $ 1,642,873 $ 1,652,870 $2,169,526 $ 1,694,977 $ 591,228 $ 748,151
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
19
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Diversified Assets Portfolio
<TABLE>
<CAPTION>
Shares
--------------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $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 0.05 0.05 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from
investment opera-
tions 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 (0.05) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to share-
holders (0.05) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of year $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total return (a) 4.99% 5.36% 5.42% 5.30% 5.78%(b) 3.92% 3.00% 3.80% 6.19%
Ratio to average
net assets of:
Expenses, net of
waivers and
reimbursements 0.35% 0.35% 0.35% 0.34% 0.34% 0.35% 0.34% 0.34% 0.35%
Expenses, before
waivers and
reimbursements 0.38% 0.38% 0.36% 0.34% 0.34% 0.35% 0.36% 0.35% 0.36%
Net investment
income, net of
waivers and
reimbursements 4.89% 5.31% 5.30% 5.18% 5.63% 3.74% 3.00% 3.79% 6.18%
Net investment
income, before
waivers and
reimbursements 4.86% 5.28% 5.29% 5.18% 5.63% 3.74% 2.98% 3.78% 6.17%
Net assets at end
of year (in thou-
sands) $7,475,275 $4,794,830 $3,941,586 $3,179,529 $2,610,347 $2,891,880 $3,200,288 $2,801,744 $2,784,485
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1990
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value,
beginning of year $1.00
Income from in-
vestment opera-
tions:
Net investment
income 0.08
- ---------------------------------------------------------------------------------------------------------------------------------
Total income from
investment opera-
tions 0.08
- ---------------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.08)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distribu-
tions to share-
holders (0.08)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of year $1.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total return (a) 8.01%
Ratio to average
net assets of:
Expenses, net of
waivers and
reimbursements 0.35%
Expenses, before
waivers and
reimbursements 0.36%
Net investment
income, net of
waivers and
reimbursements 8.01%
Net investment
income, before
waivers and
reimbursements 8.00%
Net assets at end
of year (in thou-
sands) $2,192,756
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service Premier
----------------- --------
1999 1998 (d) 1999 (e)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of year $1.00 $1.00 $1.00
Income from investment operations:
Net investment income 0.05 0.02 0.03
- -----------------------------------------------------------------------
Total income from investment operations 0.05 0.02 0.03
- -----------------------------------------------------------------------
Distributions to shareholders from:
Net investment income (0.05) (0.02) (0.03)
- -----------------------------------------------------------------------
Total distributions to shareholders (0.05) (0.02) (0.03)
- -----------------------------------------------------------------------
Net asset value, end of year $1.00 $1.00 $1.00
- -----------------------------------------------------------------------
Total return (a) 4.68% 1.76% 2.57%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.69% 0.69% 0.95%
Expenses, before waivers and reimbursements 0.72% 0.72% 0.98%
Net investment income, net of waivers and
reimbursements 4.55% 4.94% 4.29%
Net investment income, before waivers and
reimbursements 4.52% 4.91% 4.26%
Net assets at end of year (in thousands) $59,815 $7,060 $4,552
- -----------------------------------------------------------------------
</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) Total return for the year ended November 30, 1995 would have been 5.73%
absent the effect of a capital contribution equivalent to $.0005 per share
received from Northern Trust Corporation.
(c) Annualized for periods less than one year.
(d) For the period July 1, 1998 (Service Shares issue date) through November
30, 1998.
(e) For the period April 1, 1999 (Premier Shares issue date) through November
30, 1999.
See accompanying notes to financial statements.
20
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Government Portfolio
<TABLE>
<CAPTION>
Shares
--------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 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 0.05 0.04 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------
Total income from
investment
operations 0.05 0.04 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.05) (0.04) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------
Total
distributions to
shareholders (0.05) (0.04) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------
Total return (a) 5.08% 5.28% 5.31% 5.20% 5.64%(b) 3.78% 2.91% 3.91% 6.18%
Ratio to average
net assets of:
Expenses, net of
waivers and
reimbursements 0.35% 0.35% 0.35% 0.35% 0.35% 0.34% 0.34% 0.34% 0.35%
Expenses, before
waivers and
reimbursements 0.38% 0.40% 0.37% 0.38% 0.40% 0.41% 0.38% 0.40% 0.40%
Net investment
income, net of
waivers and
reimbursements 4.75% 5.22% 5.18% 5.08% 5.49% 3.60% 2.92% 3.71% 6.03%
Net investment
income, before
waivers and
reimbursements 4.72% 5.17% 5.16% 5.05% 5.44% 3.53% 2.88% 3.65% 5.98%
Net assets at end
of year (in
thousands) $1,565,743 $1,652,870 $1,051,401 $1,268,515 $850,664 $787,816 $1,065,705 $1,163,905 $895,405
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1990
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value,
beginning of year $ 1.00
Income from
investment
operations:
Net investment
income 0.08
- ---------------------------------------------------------------------------------------------------------------------------
Total income from
investment
operations 0.08
- ---------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders
from:
Net investment
income (0.08)
- ---------------------------------------------------------------------------------------------------------------------------
Total
distributions to
shareholders (0.08)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of year $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------
Total return (a) 7.89%
Ratio to average
net assets of:
Expenses, net of
waivers and
reimbursements 0.37%
Expenses, before
waivers and
reimbursements 0.46%
Net investment
income, net of
waivers and
reimbursements 7.88%
Net investment
income, before
waivers and
reimbursements 7.79%
Net assets at end
of year (in
thousands) $971,720
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service Premier
---------- ----------
1999 (d) 1999 (e)
- -------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of year $ 1.00 $ 1.00
Income from investment operations:
Net investment income 0.03 0.04
- -------------------------------------------------------------------
Total income from investment operations 0.03 0.04
- -------------------------------------------------------------------
Distributions to shareholders from:
Net investment income (0.03) (0.04)
- -------------------------------------------------------------------
Total distributions to shareholders (0.03) (0.04)
- -------------------------------------------------------------------
Net asset value, end of year $ 1.00 $ 1.00
- -------------------------------------------------------------------
Total return (a) 3.03% 4.56%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.69% 0.95%
Expenses, before waivers and reimbursements 0.72% 0.98%
Net investment income, net of waivers and
reimbursements 4.41% 4.15%
Net investment income, before waivers and
reimbursements 4.38% 4.12%
Net assets at end of year (in thousands) $ 32,555 $ 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) Total return for the year ended November 30, 1995 would have been 5.53%
absent the effect of a capital contribution equivalent to $.0011 per
share received from Northern Trust Corporation.
(c) Annualized for periods less than one year.
(d) For the period April 1, 1999 (Service Shares issue date) through November
30, 1999.
(e) For the period December 15, 1998 (Premier Shares issue date) through
November 30, 1999.
See accompanying notes to financial statements.
21
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Government Select Portfolio
<TABLE>
<CAPTION>
Shares
--------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 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 0.05 0.05 0.05 0.05 0.06 0.04 0.03 0.04 0.06
- ---------------------------------------------------------------------------------------------------------------------------
Total income from
investment operations 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 (0.05) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.05) (0.05) (0.05) (0.05) (0.06) (0.04) (0.03) (0.04) (0.06)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------
Total return (b) 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:
Expenses, net of
waivers and
reimbursements 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Expenses, before
waivers and
reimbursements 0.38% 0.39% 0.39% 0.40% 0.41% 0.43% 0.49% 0.52% 0.60%
Net investment income,
net of waivers and
reimbursements 4.85% 5.31% 5.30% 5.19% 5.67% 3.83% 2.99% 3.70% 5.78%
Net investment income,
before waivers and
reimbursements 4.67% 5.12% 5.11% 4.99% 5.46% 3.60% 2.70% 3.38% 5.38%
Net assets at end of
year (in thousands) $2,150,263 $1,694,869 $1,239,393 $836,349 $685,142 $493,718 $386,507 $264,756 $160,750
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1990(a)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
Net asset value,
beginning of year $ 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
year $ 1.00
- ---------------------------------------------------------------------------------------------------------------------------
Total return (b) 0.50%
Ratio to average net
assets of:
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
year (in thousands) $44,215
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service Premier
-------- ----------------
1999 (e) 1999 1998 (f)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00
Income from investment operations:
Net investment income 0.03 0.03 --
- -----------------------------------------------------------------------
Total income from investment operations 0.03 0.03 --
- -----------------------------------------------------------------------
Distributions to shareholders from:
Net investment income (0.03) (0.03) --
- -----------------------------------------------------------------------
Total distributions to shareholders (0.03) (0.03) --
- -----------------------------------------------------------------------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00
- -----------------------------------------------------------------------
Total return (b) 2.72% 3.30% 0.10%
Ratio to average net assets of (d):
Expenses, net of waivers and reimbursements 0.54% 0.80% 0.80%
Expenses, before waivers and reimbursements 0.72% 0.98% 0.99%
Net investment income, net of waivers and
reimbursements 4.51% 4.25% 4.71%
Net investment income, before waivers and
reimbursements 4.33% 4.07% 4.52%
Net assets at end of year (in thousands) $11,846 $7,417 $ 108
- -----------------------------------------------------------------------
</TABLE>
(a) For the period November 7, 1990 (commencement of operations) through
November 30, 1990.
(b) Assumes investment at net asset value at the beginning of the 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) Total return for the year ended November 30, 1995 would have been 5.80%
absent the effect of a capital contribution equivalent to $.0002 per share
received from Northern Trust Corporation.
(d) Annualized for periods less than one year.
(e) For the period May 28, 1999 (Service Shares issue date) through 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 Years Ended November 30,
Tax-Exempt Portfolio
<TABLE>
<CAPTION>
Shares
------------------------------------------------------------------------------------------------------
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $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 0.03 0.03 0.03 0.04 0.02 0.02 0.03 0.05 0.06
- --------------------------------------------------------------------------------------------------------------------------------
Total income from
investment operations 0.03 0.03 0.03 0.03 0.04 0.02 0.02 0.03 0.05 0.06
- --------------------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders from:
Net investment income (0.03) (0.03) (0.03) (0.03) (0.04) (0.02) (0.02) (0.03) (0.05) (0.06)
- --------------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (0.03) (0.03) (0.03) (0.03) (0.04) (0.02) (0.02) (0.03) (0.05) (0.06)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
year $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------------------------
Total return (a) 3.03% 3.31% 3.44% 3.37% 3.71% 2.62% 2.27% 2.97% 4.57% 5.71%
Ratio to average net
assets of:
Expenses, net of
waivers and
reimbursements 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.34% 0.34% 0.35% 0.36%
Expenses, before
waivers and
reimbursements 0.39% 0.39% 0.39% 0.40% 0.41% 0.36% 0.38% 0.39% 0.40% 0.43%
Net investment income,
net of waivers and
reimbursements 2.89% 3.27% 3.38% 3.32% 3.63% 2.40% 2.27% 2.95% 4.57% 5.71%
Net investment income,
before waivers and
reimbursements 2.85% 3.23% 3.34% 3.27% 3.57% 2.39% 2.23% 2.90% 4.52% 5.64%
Net assets at end of
year (in thousands) $555,692 $748,151 $585,159 $638,507 $803,730 $853,103 $1,191,932 $1,226,480 $872,405 $752,257
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Service
--------
1999 (c)
- --------------------------------------------------
<S> <C>
Net asset value, beginning of year $1.00
Income from investment operations:
Net investment income 0.02
- --------------------------------------------------
Total income from investment operations 0.02
- --------------------------------------------------
Distributions to shareholders from:
Net investment income (0.02)
- --------------------------------------------------
Total distributions to shareholders (0.02)
- --------------------------------------------------
Net asset value, end of year $1.00
- --------------------------------------------------
Total return (a) 1.58%
Ratio to average net assets of (b):
Expenses, net of waivers and
reimbursements 0.69%
Expenses, before waivers and
reimbursements 0.73%
Net investment income, net of waivers
and reimbursements 2.71%
Net investment income, before waivers
and reimbursements 2.67%
Net assets at end of year (in thousands) $35,536
- --------------------------------------------------
</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 May 13, 1999 (Service Shares issue date) through November
30, 1999.
See accompanying notes to financial statements.
23
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements
November 30, 1999
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
includes seventeen portfolios, each with its own investment objective. The
Northern Trust Company ("Northern") is the investment adviser for all of the
Trust's money market portfolios and is the custodian and transfer agent for
the Trust. Effective May 1, 1999, Northern and First Data Investor Services
Group, Inc. ("Investor Services Group") became the Trust's co-administrators,
and First Data Distributors, Inc. ("FDDI"), an affiliate of Investor Services
Group, became the Trust's distributor. Prior to May 1, 1999, Goldman, Sachs &
Co. ("Goldman Sachs") acted as the Trusts' administrator and distributor.
Presented herein are the financial statements of the money market portfolios.
The Trust includes four diversified money market portfolios: Diversified
Assets Portfolio, Government Portfolio, Government Select Portfolio and Tax-
Exempt Portfolio (the "Portfolios"). Each of these Portfolios has three
classes of shares: Shares, Service Shares and Premier Shares. Each class is
distinguished by the level of administrative, liaison and transfer agent
service provided. As of November 30, 1999, all three classes of shares were
outstanding for each Portfolio with the exception of Tax-Exempt Portfolio
Premier Shares.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Portfolios in the preparation of their financial statements.
These policies are in conformity with generally accepted accounting principles
("GAAP"). The presentation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results 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 and Government Portfolios had entered into such joint
repurchase agreements as of November 30, 1999, as reflected in the
accompanying Statements of Investments.
(c) Interest Income
Interest income is recorded on the accrual basis and includes amortization of
discounts and premiums.
(d) Federal Taxes
It is each Portfolio's policy to continue to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute each year substantially all of its taxable income and tax-exempt
income to its shareholders. Therefore, no provision is made for federal taxes.
At November 30, 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 Year of Expiration
(in thousands)
- -----------------------------------------------------
<S> <C> <C>
Diversified Assets $861 2002
Government 91 2007
Tax Exempt 43 2007
- -----------------------------------------------------
</TABLE>
This amount is available to be carried forward to offset future capital gains
to the extent permitted by applicable laws or regulations.
(e) Expenses
Expenses arising in connection with a specific Portfolio are allocated to that
Portfolio. Certain expenses arising in connection with a class of shares are
allocated to that class of shares.
Expenses incurred which do not specifically relate to an individual Portfolio
are allocated among the Portfolios based on each Portfolio's relative average
net assets for the year.
24
<PAGE>
- -------------------------------------------------------------------------------
(f) Distributions
Each Portfolio's net investment income is declared daily as a dividend to
shareholders of record as of 3:00 p.m., Chicago time. Net realized short-term
capital gains, if any,
in excess of net capital loss carryforwards, are declared and distributed at
least annually.
Distributions of net investment income with respect to a calendar month
(including with respect to shares redeemed at any time during the month) are
made as soon as practicable following the end of the month. Distributions are
made by each Portfolio to Northern in cash or automatically reinvested in
additional shares of the Portfolio. Northern has undertaken to credit or
arrange for the crediting of such distributions to each shareholder's account
with Northern, its affiliates or its correspondents.
3. Advisory, Transfer Agency, Custodian and Other Agreements
As compensation for the services rendered as investment adviser, including the
assumption by Northern of the expenses related thereto, Northern is entitled
to a fee, computed daily and payable monthly, at an annual rate of .25% of
each Portfolio's average daily net assets.
Until further notice, Northern has voluntarily agreed to waive .15% of its
advisory fee for the Government Select Portfolio, reducing such fee to .10%
per annum. The effect of this waiver by Northern for the year ended November
30, 1999 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 Investor Services Group, the co-administrators of the Portfolios
as of May 1, 1999, are entitled to a monthly co-administration fee at the
annual rate of 0.10% of each Portfolio's average daily net assets. The co-
administrators are also entitled to additional fees for special legal
services.
During the five months ended April 30, 1999, the Trust had an administration
agreement with Goldman Sachs, the Trust's prior Administrator, whereby each
Portfolio paid the administrator a fee at an annual rate of .10% of each
Portfolio's average daily net assets.
In addition, if in any fiscal year the sum of a Portfolio's expenses,
including administration fees, but excluding the fees payable to Northern for
its duties as adviser and transfer agent for all shares, payments under the
service plan for the Portfolios' Premier Shares and Service Shares and certain
extraordinary expenses, exceeded on an annualized basis .10% of the
Portfolio's average daily net assets, the administrators reimbursed each
Portfolio for the amount of the excess pursuant to the terms of the
administration agreements.
Expenses reimbursed during the year ended November 30, 1999 are shown on the
accompanying Statements of Operations. No administration fees were waived
under these agreements during the year ended November 30, 1999.
Goldman Sachs, the Trust's prior distributor, received no compensation under
its distribution agreement.
FDDI, the distributor for the Portfolio as of May 1, 1999, received 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 1%
above the federal funds rate and are secured by pledged securities equal to or
exceeding 120% of the outstanding balance.
The Trust had no borrowings under this agreement during the year ended
November 30, 1999.
7. Subsequent Events (Unaudited)
On December 1, 1999, PFPC Trust Company, a wholly-owned subsidiary of PFPC
Worldwide, Inc. and an indirect wholly-owned subsidiary of PNC Bank Corp.,
acquired all of the outstanding shares of First Data Investor Services Group,
Inc., the Portfolios' co-administrator. As a result, First Data Investor
Services Group, Inc. changed its name to PFPC, Inc.
On December 1, 1999, Northern Funds Distributors LLC became the Distributor
of the shares of the Portfolios.
The Municipal Money Market Portfolio, a separate and diversified portfolio of
the Trust, commenced investment operations on December 1, 1999.
25
<PAGE>
Northern Institutional Funds
Money Market Portfolios
- -------------------------------------------------------------------------------
Report of Independent Auditors
To the Shareholders and Trustees of
Northern Institutional Funds
Money Market Portfolios
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, of the Diversified Assets,
Government, Government Select and Tax-Exempt Portfolios, comprising the Money
Market Portfolios of the Northern Institutional Funds, as of November 30,
1999, and the related statements of operations for the year then ended and
changes in net assets for each of the two years in the period then ended and
financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Portfolios'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included verification
of the investments owned at November 30, 1999 by physical examination of the
securities held by the custodian and by correspondence with central
depositories and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Diversified Assets, Government, Government Select and Tax-Exempt Portfolios at
November 30, 1999, the results of their operations for the year then ended and
the changes in their net assets for each of the two years in the period then
ended and financial highlights for the periods indicated therein, in
conformity with accounting principles generally accepted in the United States.
[SIGNATURE OF ERNST & YOUNG APPEARS HERE]
Chicago, Illinois
January 17, 2000
26
<PAGE>
[NORTHERN INSTITUTIONAL FUNDS LOGO APPEARS HERE]
[NORTHERN TRUST LOGO APPEARS HERE]
Managed by
Northern Trust
Investment Advisers
The Northern Trust Company
Northern Trust Quantitative Advisors, Inc.
P.O. Box 75943
Chicago, IL 60675-5943
(800) 637-1380
Transfer Agent and Custodian
The Northern Trust Company
Distributor
Northern Funds Distributor, LLC,
an independent third party
Co-Administrators
The Northern Trust Company
PFPC Inc.
Trustees
William H. Springer, Chairman
Richard G. Cline
Edward J. Condon, Jr.
John W. English
Sandra Polk Guthman
Frederick T. Kelsey
Richard P. Strubel
Officers
Jylanne M. Dunne, President
Richard H. Rose, Vice President
Brian R. Curran, Treasurer
Judith E. Clear, Assistant Treasurer
Linda J. Hoard, Secretary
Teresa M.R. Hamlin, Assistant Secretary
Therese Hogan, Assistant Secretary
Independent Auditors
Ernst & Young LLP
Legal Counsel
Drinker Biddle & Reath LLP
<PAGE>
[LOGO APPEARS HERE]
=============
NORTHERN
-------------
INSTITUTIONAL
FUNDS
=============
Fixed Income and
Equity Portfolios
November 30, 1999
Annual Report
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Table of Contents
<TABLE>
<CAPTION>
Page
----
<S> <C>
Management's Discussion of Portfolio Performance........................... 2
Fixed Income Portfolios
Statements of Investments
Bond Portfolio......................................................... 20
Intermediate Bond Portfolio............................................ 23
International Bond Portfolio........................................... 25
Short-Intermediate Bond Portfolio...................................... 26
U.S. Government Securities Portfolio................................... 28
U.S. Treasury Index Portfolio.......................................... 29
Statements of Assets and Liabilities..................................... 30
Statements of Operations................................................. 31
Statements of Changes in Net Assets...................................... 32
Financial Highlights..................................................... 34
Equity Portfolios
Statements of Investments
Balanced Portfolio..................................................... 40
Diversified Growth Portfolio........................................... 43
Equity Index Portfolio................................................. 45
Focused Growth Portfolio............................................... 52
International Equity Index Portfolio................................... 54
International Growth Portfolio......................................... 65
Small Company Index Portfolio.......................................... 67
Statements of Assets and Liabilities..................................... 87
Statements of Operations................................................. 88
Statements of Changes in Net Assets...................................... 90
Financial Highlights..................................................... 92
Notes to the Financial Statements.......................................... 99
Report of Independent Auditors............................................. 105
</TABLE>
- -------------------------------------------------------------------------------
An investment in Northern Institutional Funds is not insured by the FDIC, and
is not a deposit or obligation of, or guaranteed by the Northern Trust
Company, or any affiliate. An investment in Northern Institutional Funds
involves risks, including the possible loss of principal.
This report should be preceded or accompanied by a prospectus.
1
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Bond Portfolio
Rates on Treasury securities maturing in two to thirty years rose approximately
1.5 percentage points during the fiscal year. Volatility was high as investors'
perception of economic growth and Federal Reserve behavior changed markedly
from the beginning of the year to the end. Entering 1999, most projections were
for a marked slowdown in economic growth domestically and abroad. While
overseas growth did slow, recoveries were faster than anticipated.
Domestically, the economy didn't skip a beat and actually accelerated as the
year progressed. This faster-than-expected growth served to push real interest
rates higher, increase inflation expectations and shift the Fed into a
tightening mode. While actual inflation remained subdued, interest rates moved
higher and were volatile.
In sharp contrast, investors' risk tolerance has shown marked improvement
with respect to non-Treasury sectors. Non-Treasury performance also experienced
sharp movements during the year, with outperformance at the beginning and end
and a difficult environment from April through August. A heavy new-issuance
calendar and Y2K fears were among the sources of discomfort. As investors
realized their fears were overblown, the liquidity premium attached to these
sectors slowly unwound, and relative performance ended the year on a strong
note.
For the year, higher interest rates led to negative absolute returns. The
Portfolio outperformed its index due to good sector decisions. While spreads
are tighter, we continue to view non-Treasury sectors as attractive, and are
maintaining overweighted positions. We remain neutrally positioned with respect
to interest rates.
Mark J. Wirth
Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
BOND PORTFOLIO VS. THE LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND INDEX
<TABLE>
<CAPTION>
Bond Portfolio - Class A Lehman Brother's Government/Corporate Bond Index
<S> <C> <C>
1/11/93 $10,000 $10,000
$11,199 $11,055
$10,747 $10,643
$13,064 $12,590
$13,790 $13,294
$14,921 $14,279
$16,456 $15,757
11/30/99 $16,031 $15,546
</TABLE>
<TABLE>
<CAPTION>
Lehman Brothers
Average Annual Total Returns Government/
For Periods Ended Class A Corporate
November 30, 1999: Shares Bond Index
<S> <C> <C>
- ----------------------------------------------------------------------------------------
One Year: -1.35% -1.31%
- ----------------------------------------------------------------------------------------
Five Year: 8.60% 7.88%
- ----------------------------------------------------------------------------------------
Since Commencement on 1/11/93: 7.09% 6.59%
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Bond Portfolio - Class C Lehman Brother's Government/Corporate Bond Index
<S> <C> <C>
7/3/95 $10,000 $10,000
$10,606 $10,511
$11,174 $11,100
$12,053 $11,922
$13,265 $13,139
11/30/99 $13,054 $12,967
</TABLE>
<TABLE>
<CAPTION>
Lehman Brothers
Average Annual Total Returns Government/
For Periods Ended Class C Corporate
November 30, 1999: Shares Bond Index
<S> <C> <C>
- ----------------------------------------------------------------------------------------
One Year: -1.59% -1.31%
- ----------------------------------------------------------------------------------------
Since Commencement on 7/3/95: 6.22% 7.29%
- ----------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional Bond Portfolio--Continued
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
BOND PORTFOLIO VS. THE LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND INDEX
[PERFORMANCE CHART LEGEND APPEARS HERE]
<TABLE>
<CAPTION>
Bond Portfolio - Class D Lehman Brother's Government/Corporate Bond Index
<S> <C> <C>
9/14/94 $10,000 $10,000
$ 9,909 $ 9,820
$11,991 $11,616
$12,616 $12,266
$13,591 $13,174
$14,935 $14,538
11/30/99 $14,672 $14,449
</TABLE>
<TABLE>
<CAPTION>
Lehman Brothers
Average Annual Total Returns Government/
For Periods Ended Class D Corporate
November 30, 1999: Shares Bond Index
<S> <C> <C>
- ----------------------------------------------------------------------------------------
One Year: -1.74% -1.31%
- ----------------------------------------------------------------------------------------
Five Year: 8.17% 7.88%
- ----------------------------------------------------------------------------------------
Since Commencement on 9/14/94: 7.64% 7.12%
- ----------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Intermediate Bond Portfolio
As the Federal Reserve reversed all of its monetary easing from the fall of
1998, yields on U.S. government bonds maturing in two to ten years increased
approximately 1.5 percentage points during the fiscal year. Despite continued
moderate inflation readings, the strong economy and tight labor markets
continued to weigh heavily on the bond market and contributed to the backup in
government bond yields.
In sharp contrast, the non-Treasury bond sectors have experienced strong
relative returns, particularly in the last few months of the year. The
liquidity premium, which had been attached to these sectors, slowly has unwound
with investors' general willingness to take on additional risk.
For the Portfolio, the added coupon income from such non-Treasury sectors has
not been significant enough to offset the price losses emanating from the
increase in yields.
Steven M. Schafer
Mark J. Wirth
Portfolio Managers
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
INTERMEDIATE BOND PORTFOLIO VS. THE LEHMAN BROTHERS INTERM. GOV'T/CORP INDEX
<TABLE>
<CAPTION>
Intermediate Bond Portfolio - Class A Lehman Brother's Interm. Gov't/Corp. Bond Index
<S> <C> <C>
8/1/97 $10,000 $10,000
$10,118 $10,199
$10,880 $11,104
11/30/99 $10,907 $11,228
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Returns Lehm. Int.
For Periods Ended Class A Gov't/Corp
November 30, 1999: Shares Index
- --------------------------------------------------------------------------------------------
<S> <C> <C>
One Year 0.25% 1.12%
- --------------------------------------------------------------------------------------------
Since Commencement on 8/1/97: 3.79% 5.10%
- --------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Intermediate Bond Portfolio - Class D Lehman Brothers Interim. Gov't/Corp. Bond Index
<S> <C> <C>
10/5/98 $10,000 $10,000
$ 9,928 $ 9,989
11/30/99 $ 9,907 $10,101
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Return Lehm. Int.
For Period Ended Class D Gov't/Corp
November 30, 1999: Shares Index
- --------------------------------------------------------------------------------------------
<S> <C> <C>
One Year: -0.21% 1.12%
- --------------------------------------------------------------------------------------------
Since Commencement on 10/5/98: -0.80% -0.86%
- --------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional International Bond Portfolio
After a nearly two-year hiatus, signs of a re-emergence in global growth placed
pressure on bond yields throughout the G-7 countries. Monetary authorities in
Europe and the United States responded by raising short-term interest rates.
These moves may be the start of a broader policy prescription, as the emergence
of global growth may not require the low levels of yields that currently
prevail.
Despite this meaningful fluctuation in interest rates, the currency markets
experienced even more volatility. The introduction of the euro at the onset of
the calendar year proved to be a major disappointment. Since its introduction,
the euro has weakened approximately 13 percent versus the dollar and
approximately 21 percent versus the yen.
While the Portfolio has been underweighted in the euro, absolute dollar
returns have been negatively affected by being invested--even in a reduced
fashion--in this market.
Steven M. Schafer
Mark J. Wirth
Portfolio Managers
Foreign securities may involve additional risks, social and political
instability, reduced market liquidity, and currency volatility.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
INTERNATIONAL BOND PORTFOLIO VS. THE J.P. MORGAN NON-U.S. GOVERNMENT BOND INDEX
[PERFORMANCE GRAPH LEGEND]
International Bond Portfolio - Class A EAFE Index
3/28/94 $10,000 $10,000
$10,405 $10,349
$12,299 $11,132
$13,463 $12,441
$13,051 $12,391
$14,488 $14,430
$13,761 $14,339
11/30/99
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class A J.P.
November 30, 1999: Shares Morgan
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
One Year: -5.76% -3.44%
- ----------------------------------------------------------------------------------------------
Five Year: 5.75% 6.38%
- ----------------------------------------------------------------------------------------------
Since Commencement on 3/28/94: 5.78% 6.30%
- ----------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Short-Intermediate Bond Portfolio
Rates on Treasury securities maturing in two to thirty years rose approximately
1.5 percentage points during the fiscal year. Volatility was high as investors'
perception of economic growth and Federal Reserve behavior changed markedly
from the beginning of the year to the end. Entering 1999, most projections were
for a marked slowdown in economic growth domestically and abroad. While
overseas growth did slow, recoveries were faster than anticipated.
Domestically, the economy didn't skip a beat and actually accelerated as the
year progressed. This faster-than-expected growth served to push real interest
rates higher, increase inflation expectations and shift the Fed into a
tightening mode. While actual inflation remained subdued, interest rates moved
higher and were volatile.
In sharp contrast, investors' risk tolerance has shown marked improvement
with respect to non-Treasury sectors. Non-Treasury performance also experienced
sharp movements during the year, with outperformance at the beginning and end
of the year and a difficult environment from April through August. A heavy new-
issuance calendar and Y2K fears were among the sources of discomfort. As
investors realized their fears were overblown, the liquidity premium attached
to these sectors slowly unwound, and relative performance ended the year on a
strong note.
Because the Portfolio has less sensitivity to interest rate movements, income
was able to offset the price decline of higher interest rates. As such, the
Portfolio posted low but positive absolute returns and performed in line with
its benchmark index. While non-Treasury spreads are tighter, we continue to
view these sectors as attractive and are maintaining overweighted positions. We
remain neutrally positioned with respect to interest rates.
Mark J. Wirth
Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
SHORT-INTERMEDIATE BOND PORTFOLIO VS. THE MERRILL LYNCH
1-5 CORPORATE/GOVERNMENT INDEX
[PERFORMANCE GRAPH LEGEND]
<TABLE>
<CAPTION>
Short-Intermediate Bond Portfolio - Class A Merrill Lynch 1-5 Corporate/Government Bond
<S> <C> <C>
1/11/93 $10,000 $10,000
$10,590 $10,641
$10,679 $10,596
$11,916 $11,893
$12,592 $12,582
$13,342 $13,348
$14,342 $14,423
11/30/99 $14,665 $14,791
</TABLE>
<TABLE>
<CAPTION>
Merrill Lynch
Average Annual Total 1-5 Corporate/
Returns For Periods Ended Class A Government
November 30, 1999: Shares Bond Index
<S> <C> <C>
- ------------------------------------------------------------------------------------------
One Year: 2.25% 2.55%
- ------------------------------------------------------------------------------------------
Five Year: 6.55% 6.91%
- ------------------------------------------------------------------------------------------
Since Commencement on 1/11/93: 5.72% 5.87%
- ------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Short-Intermediate Bond Portfolio - Class D Merrill Lynch 1-5 Corporate/Government Bond
<S> <C> <C>
9/14/94 $10,000 $10,000
$ 9,969 $ 9,910
$11,076 $11,123
$11,655 $11,771
$12,299 $12,489
$13,170 $13,499
11/30/99 $13,412 $13,859
</TABLE>
<TABLE>
<CAPTION>
Merrill Lynch
Average Annual Total 1-5 Corporate/
Returns For Periods Ended Class D Government
November 30, 1999: Shares Bond Index
<S> <C> <C>
- ------------------------------------------------------------------------------------------
One Year: 1.84% 2.55%
- ------------------------------------------------------------------------------------------
Five Year: 6.11% 6.91%
- ------------------------------------------------------------------------------------------
Since Commencement on 9/14/94: 5.80% 6.39%
- ------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional U.S. Government Securities Portfolio
Yields on U.S. government bonds with maturities from two to thirty years rose
approximately 1.5 percentage points during the fiscal year, as the Federal
Reserve raised interest rates three times. This action reversed all of the
monetary easings of the fall of 1998. The strong economy and tight labor
markets continued to weigh heavily on the bond markets, despite persistent
reports of moderate inflation.
The government agency sector was extremely volatile during the past year,
with outperformance at the beginning and end of the year. In between, however,
the market experienced difficulties that lasted from April to August. Heavy
new-issuance and Y2K fears were among the factors that caused spreads to widen
to levels comparable to those seen in the fall of 1998. As investors realized
their fears were overblown, and the high absolute yields started to attract
buyers from Europe and Asia, agency spreads retracted much of their widening
late in the fiscal year.
Despite rising rates, the Portfolio earned a positive return for the year and
slightly outperformed its benchmark. This was due to a neutral level of
interest rate risk in the Portfolio versus the benchmark and to the Portfolio's
overweighted position in agency securities.
Steven M. Schafer
Mark J. Wirth
Portfolio Managers
COMPARISON OF CHANGE IN VALUE OF
$10,000 INVESTMENT IN NORTHERN INSTITUTIONAL U.S. GOVERNMENT SECURITIES
PORTFOLIO VS. THE MERRILL LYNCH 1-5 GOVERNMENT INDEX
[PERFORMANCE CHART]
<TABLE>
<CAPTION>
U.S. Government Securities Portfolio - Class A Merril Lynch 1-5 Corporate/Government Bond
<S> <C> <C>
4/5/93 $10,000 $10,000
11/30/93 $10,302 $10,026
$10,243 $11,254
$11,386 $11,910
$11,976 $12,636
$12,683 $13,658
$13,618 $14,005
11/30/99 $13,946 $14,323
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Returns Merrill Lynch
For Periods Ended Class A 1-5 Gov't
November 30, 1999: Shares Index
<S> <C> <C>
- -----------------------------------------------------------------------------------------
One Year: 2.43% 2.48%
- -----------------------------------------------------------------------------------------
Five Year: 6.38% 6.83%
- -----------------------------------------------------------------------------------------
Since Commencement on 4/5/93: 5.13% 5.54%
- -----------------------------------------------------------------------------------------
</TABLE>
[PERFORMANCE CHART LEGEND]
<TABLE>
<CAPTION>
U.S. Government Securities Portfolio - Class D Merrill Lynch 1-5 Corporate/Goverment Bond
<S> <C> <C>
9/15/94 $10,000 $10,000
$ 9,913 $ 9,910
$10,965 $11,123
$11,491 $11,771
$12,121 $12,489
$12,968 $13,499
11/30/00 $13,220 $13,792
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Returns Merrill Lynch
For Periods Ended Class D 1-5 Gov't
November 30, 1999: Shares Index
<S> <C> <C>
- -----------------------------------------------------------------------------------------
One Year: 1.95% 2.48%
- -----------------------------------------------------------------------------------------
Five Year: 5.95% 6.83%
- -----------------------------------------------------------------------------------------
Since Commencement on 9/15/94: 5.53% 6.37%
- -----------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional U.S. Treasury Index Portfolio
The most significant factors influencing the U.S. Treasury market during the
fiscal year were the continued above-trend growth in the U.S. economy;
continued low inflation; and expectations for increasing inflation due to a
shortage in the pool of available workers and excessive U.S. economic growth.
U.S. Treasury market yields rose throughout the year as investors failed to see
signs of slowing economic growth. While inflation remained remarkably mild,
future inflation expectations pushed the 30-year bond yield more than 120 basis
points higher during the 12-month period.
In order to stem the rise in long-term interest rates due to an actual
inflationary environment, the Federal Reserve took an offensive position by
raising interest rates three times during the fiscal year. The U.S. Treasury
market underperformed domestic spread sector markets during this period as
quality and liquidity concerns, stemming from 1998's international market
meltdowns, subsided early in 1999. The U.S. Treasury market produced a total
return for the fiscal year of -2 percent.
As it is designed to do, the Portfolio performed in line with the Lehman
Brothers U.S. Treasury Bond Index during the year. We will continue to invest
in securities represented by the Index in our effort to provide returns that
closely approximate those of the Index.
Justin Hoogendoorn
Portfolio Manager
Unlike Treasury bonds and bills, the principal value and investment return of
the Portfolio are not guaranteed or insured by the U.S. Government.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
U.S. TREASURY INDEX PORTFOLIO VS. THE LEHMAN BROTHERS U.S. TREASURY BOND INDEX
<TABLE>
<CAPTION>
U.S. Treasury Index Portfolio - Class A Lehman Brother's Government/Corporate Bond
<S> <C> <C>
1/11/93 $10,000 $10,000
$10,995 $11,055
$10,573 $10,643
$12,368 $12,590
$13,001 $13,294
$13,966 $14,279
$15,488 $15,757
11/30/99 $15,167 $15,429
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Lehman Brothers
Returns For Periods Ended Class A U.S. Treasury
November 30, 1999: Shares Bond Index
<S> <C> <C>
- ----------------------------------------------------------------------------------------
One Year: -2.10% -1.31%
- ----------------------------------------------------------------------------------------
Five Year: 7.48% 7.88%
- ----------------------------------------------------------------------------------------
Since Commencement on 1/11/93: 6.23% 6.17%
- ----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
U.S. Treasury Index Portfolio - Class C Lehman Brother's Government/Corporate Bond
<S> <C> <C>
10/7/98 $10,000 $10,000
$ 9,966 $ 9,861
11/30/99 $ 9,835 $ 9,615
</TABLE>
<TABLE>
<CAPTION>
Average Annual Total Lehman Brothers
Returns For Period Ended Class C U.S. Treasury
November 30, 1999: Shares Bond Index
<S> <C> <C>
- ----------------------------------------------------------------------------------------
One Year: -2.49% -1.31%
- ----------------------------------------------------------------------------------------
Since Commencement on 10/7/98: -3.37% -1.74%
- ----------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional U.S. Treasury Index Portfolio--Continued
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
U.S. TREASURY INDEX PORTFOLIO VS. THE LEHMAN BROTHERS U.S. TREASURY BOND INDEX
<TABLE>
<CAPTION>
U.S. Treasury Index Portfolio - Class D Lehman Brother's Government/Corporate Bond Index
<S> <C> <C>
11/16/94 $10,000 $10,000
$10,039 $ 9,820
$11,604 $11,616
$12,175 $12,266
$13,058 $13,174
$14,354 $14,538
11/30/99 $14,112 $14,623
</TABLE>
<TABLE>
<CAPTION>
Average Annual
Total Returns Lehman Brothers
For Periods Ended Class D U.S. Treasury
November 30, 1999: Shares Bond Index
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
One Year: -2.50% -1.31%
- ----------------------------------------------------------------------------------------------
Five Year: 7.01% 7.88%
- ----------------------------------------------------------------------------------------------
Since Commencement
on 11/16/94: 7.04% 7.48%
- ----------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Balanced Portfolio
The Portfolio outperformed its benchmark during the fiscal year, due in part to
an underweighted position in fixed income securities and strong relative
performance within the Portfolio's equity component.
In the equity portfolio, we remain focused on those companies that exhibit
better-than-average growth in earnings per share, high returns on equity and
low debt. In the prior fiscal year, we found these characteristics among a
select group of the largest-cap companies. But, as investors' confidence grew
and the visibility of earnings growth increased across the capitalization
spectrum, other areas of the market began to participate. We therefore have
reduced the Portfolio's exposure to large-cap stocks and have included other
growth issues in the Portfolio. In doing this, we have broadened the
Portfolio's diversification and are holding more issues to diffuse risk. We
feel this tactic should better insulate the Portfolio from specific security
shocks--those that the market continues to show little tolerance for--should
they occur.
We also increased exposure to technology and related areas, including
telecommunications, internet infrastructure and electronic commerce. Given the
higher-than-average volatility in these areas, we again used diversification as
a means to dampen volatility and reduce risk.
Within the bond component of the Portfolio, overweighted positions in
corporate and mortgage-backed securities held back performance slightly. Our
duration is approximately equivalent to that of the bond portfolio's respective
benchmark. As the new year unfolds, we would expect to move to a more fully
invested posture in bonds by taking some profits from stocks.
Jon D. Brorson Monty M. Memler
Portfolio Managers
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
BALANCED PORTFOLIO VS. THE S&P(R) 500 COMPOSITE STOCK PRICE INDEX, THE LEHMAN
BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX AND THE COMPOSITE INDEX
<TABLE>
<CAPTION>
Balanced Portfolio - Class A S&P 500 Index Lehman Br Composite Index*
<S> <C> <C> <C> <C>
7/1/93 $10,000 $10,000 $10,000 $10,000
$10,309 $10,372 $10,195 $10,290
$ 9,816 $10,485 $10,009 $10,304
$11,804 $14,365 $11,462 $12,981
$13,468 $18,369 $12,130 $15,261
$15,796 $23,607 $12,897 $18,052
$18,472 $29,178 $14,038 $21,166
11/30/99 $21,078 $35,279 $14,195 $24,210
</TABLE>
<TABLE>
<CAPTION>
Average Annual
Total Returns
For Periods Ended Class A S&P(R) 500 Lehman Composite
November 30, 1999: Shares Index Brothers Index
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------
One Year: 14.11% 20.89% 1.12% 14.38%
- --------------------------------------------------------------------------------------------
Five Year: 16.51% 27.46% 7.25% 17.34%
- --------------------------------------------------------------------------------------------
Since Commencement
on 7/1/93: 12.32% 21.68% 5.61% 13.12%
- --------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Balanced Portfolio - Class C S&P 500 Index Lehman Br Composite Index*
<S> <C> <C> <C> <C>
12/29/95 $10,000 $10,000 $10,000 $10,000
$11,277 $12,546 $11,582 $10,473
$13,187 $16,124 $13,701 $11,135
$15,386 $19,929 $16,064 $12,120
11/30/99 $17,466 $24,139 $18,399 $12,256
</TABLE>
<TABLE>
<CAPTION>
Average Annual
Total Returns
For Periods Ended Class C S&P(R) 500 Lehman Composite
November 30, 1999: Shares Index Brothers Index
<S> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------
One Year: 14.03% 20.89% 1.12% 14.38%
- --------------------------------------------------------------------------------------------
Since Commencement
on 12/29/95: 15.41% 25.16% 5.33% 15.81%
- --------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional Balanced Portfolio--Continued
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
BALANCED PORTFOLIO VS. THE S&P(R) 500 COMPOSITE STOCK PRICE INDEX, THE LEHMAN
BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX AND THE COMPOSITE INDEX
[LEHMAN LEGEND]
<TABLE>
<CAPTION>
Balanced Portfolio - Class D S&P 500 Index Lehman Br Composite Index*
<S> <C> <C> <C> <C>
2/20/96 $10,000 $10,000 $10,000 $10,000
$11,052 $12,026 $10,455 $11,227
$12,909 $15,456 $11,116 $13,281
$15,035 $19,103 $12,100 $15,572
11/30/99 $17,103 $23,097 $12,235 $17,811
</TABLE>
<TABLE>
<CAPTION>
Average Annual
Total Returns S&P(R)
For Periods Ended Class D 500 Lehman Composite
November 30, 1999: Shares Index Brothers Index
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------
One Year: 13.73% 20.89% 1.12% 14.38%
- -----------------------------------------------------------------------------------------------
Since Commencement
on 2/20/96: 15.26% 25.01% 5.67% 14.91%
- -----------------------------------------------------------------------------------------------
</TABLE>
*The Composite Index consists of 55%, 40% and 5% of the S&P(R) 500, The Lehman
Brothers Intermediate Government/Corporate Bond Index and 91-Day Treasury
Bills, respectively.
11
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Diversified Growth Portfolio
We remain focused on those companies that exhibit better-than-average growth in
earnings per share, high returns on equity and low debt. In the prior fiscal
year, these characteristics were found in a select group of companies at the
top of the capitalization strata--the so-called "nifty 50." As investors'
confidence grew and the visibility of earnings growth increased across the
capitalization spectrum, other areas of the market began to participate. We
therefore have reduced the Portfolio's exposure to the "nifty 50" and have
included other growth issues in the Portfolio.
In doing this, we have broadened the Portfolio's diversification and are
holding more issues to diffuse specific security risk. We feel this tactic
should better insulate the Portfolio from specific security shocks--those that
the market continues to show little tolerance for--should they occur.
While the Portfolio tends toward sector neutrality, we increased exposure to
technology and related areas, including telecommunications, internet
infrastructure and electronic commerce. Again, given the higher-than-average
volatility in these areas, we used diversification as a means to dampen the
volatility and reduce risk.
These strategies helped the Portfolio outperform its benchmark for the fiscal
year. At this juncture, there are no major changes anticipated, and we continue
to assess and reassess our positions and look for additional opportunities.
Jon D. Brorson
Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
DIVERSIFIED GROWTH PORTFOLIO VS. THE S&P(R) 500 COMPOSITE STOCK PRICE INDEX
Diversified Growth Portfolio - Class A S&P 500 Index
1/11/93 $10,000 $10,000
$10,743 $10,874
$ 9,990 $10,988
$12,444 $15,046
$15,033 $19,235
$19,096 $24,718
$23,924 $30,572
11/30/99 $29,816 $37,548
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class A S&P(R) 500
November 30, 1999: Shares Index
<S> <C> <C>
- --------------------------------------------------------------------------------------------
One Year: 24.66% 20.89%
- --------------------------------------------------------------------------------------------
Five Year: 24.45% 27.46%
- --------------------------------------------------------------------------------------------
Since Commencement on 1/11/93: 17.20% 20.79%
- --------------------------------------------------------------------------------------------
</TABLE>
Diversified Growth Portfolio - Class D S&P 500 Index
9/14/94 $10,000 $10,000
$ 9,481 $ 9,612
$11,780 $13,162
$14,174 $16,826
$17,944 $21,623
$22,391 $26,744
11/30/99 $27,791 $32,760
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class D S&P(R) 500
November 30, 1999: Shares Index
<S> <C> <C>
- --------------------------------------------------------------------------------------------
One Year: 24.09% 20.89%
- --------------------------------------------------------------------------------------------
Five Year: 23.99% 27.46%
- --------------------------------------------------------------------------------------------
Since Commencement on 9/14/94: 21.67% 25.05%
- --------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional Equity Index Portfolio
For the 12-month period ending November 30, 1999, large-capitalization stocks,
as represented by the S&P(R) 500-Stock Index, returned 20.89 percent. Large-cap
stocks outperformed small-cap stocks, as measured by the Russell 2000 Index,
which returned 15.67 percent.
As designed, the Portfolio's fiscal-year return closely tracked that of the
S&P(R) 500-Stock Index. The slight difference was due primarily to expenses
charged to the Portfolio and the inability to invest each day's net admissions
until the following morning.
There were 43 additions and deletions to the index during the quarter, all of
which, with the exception of the addition of Northern Trust, were incorporated
into the Portfolio.
Going forward, we will continue to follow a passive strategy designed to
provide returns that closely track those of the S&P(R) 500-Stock Index.
Susan French
Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
EQUITY INDEX PORTFOLIO VS. THE S&P(R) 500 COMPOSITE STOCK PRICE INDEX
Equity Index Portfolio - Class A S & P 500 Index
1/11/93 $10,000 $10,000
$11,007 $10,874
$11,102 $10,988
$15,170 $15,046
$19,345 $19,235
$24,750 $24,718
$30,530 $30,572
11/30/99 $36,805 $37,548
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class A S&P(R) 500
November 30, 1999: Shares Index
<S> <C> <C>
- --------------------------------------------------------------------------------------------
One Year: 20.53% 20.89%
- --------------------------------------------------------------------------------------------
Five Year: 27.08% 27.46%
- --------------------------------------------------------------------------------------------
Since Commencement on 1/11/93: 20.83% 20.79%
- --------------------------------------------------------------------------------------------
</TABLE>
Equity Index Portfolio - Class C S & P 500 Index
9/28/95 $10,000 $10,000
$10,373 $10,401
$13,199 $13,297
$16,841 $17,088
$20,732 $21,135
11/30/99 $24,983 $25,543
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class C S&P(R) 500
November 30, 1999: Shares Index
<S> <C> <C>
- --------------------------------------------------------------------------------------------
One Year: 20.23% 20.89%
- --------------------------------------------------------------------------------------------
Since Commencement on 9/28/95: 24.47% 25.23%
- --------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Equity Index Portfolio--Continued
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
FUND EQUITY INDEX PORTFOLIO VS. THE S&P(R) 500 COMPOSITE STOCK PRICE INDEX
[LEGEND]
Equity Index Portfolio-Class D S & P 500 Index
9/14/94 $ 10,000 $ 10,000
$ 9,736 $ 9,612
$ 13,257 $ 13,162
$ 16,870 $ 16,826
$ 21,491 $ 21,623
$ 26,421 $ 26,744
11/30/99 $ 31,729 $ 32,760
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class D S&P(R) 500
November 30, 1999: Shares Index
<S> <C> <C>
- --------------------------------------------------------------------------------------------
One Year: 20.15% 20.89%
- --------------------------------------------------------------------------------------------
Five Year: 26.66% 27.46%
- --------------------------------------------------------------------------------------------
Since Commencement on 9/14/94: 24.82% 25.05%
- --------------------------------------------------------------------------------------------
</TABLE>
14
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional Focused Growth Portfolio
The Portfolio significantly outperformed its benchmark during the fiscal year
due to several factors. Strategic sector shifts over the past year, namely an
early 1999 overweight in the retail sector as well as a concurrent and existing
underweight in large-cap pharmaceuticals, aided performance. In the second half
of the year, an overweight in the technology sector, especially in
semiconductors and networking stocks, boosted performance. Stock selection also
added significant value throughout the year in many different sectors. We also
invested a larger amount of assets in mid-cap companies, many of which have
superior growth rates in niche emerging sectors and sell at P/E ratios well
below their larger counterparts.
Nevertheless, Portfolio performance was somewhat hindered--especially in the
second half of the fiscal year--by rising interest rates, which hurt the
Portfolio's retail and financial stock holdings. While we have reduced our
exposure to both groups and see many excellent opportunities, our holdings in
these sectors may struggle until the Federal Reserve is through raising rates.
Looking forward, we think our technology positions and media/cable stock
holdings will continue to add value. We will continue to own companies that
have superior top-line growth prospects. Such companies have sold at a premium,
and we expect that to continue in 2000. We also favor continuing to own more
mid-cap stocks.
Jon D. Brorson
Portfolio Manager
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
FOCUSED GROWTH PORTFOLIO VS. THE S&P(R) 500 COMPOSITE STOCK PRICE INDEX
Focused Growth Portfolio - Class A S&P 500 Index
7/1/93 $10,000 $10,000
$10,436 $10,370
$ 9,796 $10,478
$12,570 $14,348
$14,811 $18,434
$18,817 $23,571
$23,346 $29,154
11/30/99 $31,327 $35,275
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class A S&P(R) 500
November 30, 1999: Shares Index
<S> <C> <C>
- -------------------------------------------------------------------------------------------
One Year: 34.23% 20.89%
- -------------------------------------------------------------------------------------------
Five Year: 26.18% 27.46%
- -------------------------------------------------------------------------------------------
Since Commencement on 7/1/93: 19.48% 21.68%
- -------------------------------------------------------------------------------------------
</TABLE>
Focused Growth Portfolio - Class C S&P 500 Index
6/14/96 $10,000 $10,000
$10,750 $11,437
$13,623 $14,697
$16,858 $18,178
11/30/99 $22,584 $22,047
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class C S&P(R) 500
November 30, 1999: Shares Index
<S> <C> <C>
- -------------------------------------------------------------------------------------------
One Year: 33.95% 20.89%
- --------------------------------------------------------------------------------------------
Since Commencement on 6/14/96: 26.52% 25.23%
- -------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional Focused Growth Portfolio--Continued
COMPARISON OF CHANGE IN VALUE OF $10,000
INVESTMENT IN NORTHERN INSTITUTIONAL
FOCUSED GROWTH PORTFOLIO VS. THE S&P(R) 500 COMPOSITE STOCK PRICE INDEX
Focused Growth Portfolio - Class D S&P 500 Index
12/8/94 $10,000 $10,000
$13,099 $13,693
$15,378 $17,506
$19,460 $22,496
$24,056 $27,824
11/30/99 $32,164 $33,808
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class D S&P(R) 500
November 30, 1999: Shares Index
<S> <C> <C>
- --------------------------------------------------------------------------------------------
One Year: 33.74% 20.89%
- --------------------------------------------------------------------------------------------
Since Commencement on 12/8/94: 26.46% 27.46%
- --------------------------------------------------------------------------------------------
</TABLE>
16
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional International Equity Index Portfolio
For the 12-month period ended November 30, 1999, international stocks, as
represented by the MSCI's Europe, Australia and Far East Index (EAFE), returned
21.1 percent in U.S. dollars assuming the reinvestment of net dividends.
Compared to U.S. stocks, EAFE outperformed the S&P(R) 500-Stock Index by 0.21
of a percentage point.
There are two types of changes to the Index: Market-driven changes occur
because of mergers, tenders, bankruptcies, new issues and other corporate
actions, and are implemented at the time of the change. Structural changes
occur based on changes in country compositions and/or regulations. MSCI reviews
each constituent country every 18 to 24 months and implements necessary changes
at the next quarterly rebalance, at the close of February, May, August, and
November. The November, 1999 EAFE rebalance was marked by significant
constituent restructuring.
As designed, the Portfolio's performance closely tracked that of the EAFE
Index. We will continue to practice a passive investment strategy, as we seek
returns that approximate those of the EAFE Index.
Jonathan Cohen
Portfolio Manager
Foreign securities may involve additional risks, social, and political
instability, reduced market liquidity, and currency volatility.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
INTERNATIONAL EQUITY INDEX PORTFOLIO VS. THE MORGAN STANLEY CAPITAL
INTERNATIONAL EUROPE, AUSTRALIA, AND FAR EAST (EAFE) INDEX
[NORTHERN INTERNATIONAL LEGEND]
International Equity Index Portfolio - Class A EAFE Index
4/1/97 $ 10,000 $ 10,000
$ 10,550 $ 10,250
$ 12,182 $ 11,936
11/30/99 $ 14,655 $ 14,722
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class A EAFE
November 30, 1999: Shares Index
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
One Year: 20.32% 21.10%
- ---------------------------------------------------------------------------------------------
Since Commencement on 4/1/97: 15.42% 14.80%
- ---------------------------------------------------------------------------------------------
</TABLE>
International Equity Index Portfolio - Class D EAFE Index
10/5/98 $ 10,000 $ 10,000
$ 12,115 $ 11,614
11/30/99 $ 14,475 $ 14,065
<TABLE>
<CAPTION>
Average Annual Total
Returns For Period Ended Class D EAFE
November 30, 1999: Shares Index
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
One Year: 19.48% 21.10%
- ----------------------------------------------------------------------------------------------
Since Commencement on 10/5/98: 37.80% 33.79%
- ---------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Management's Discussion of Portfolio Performance
Northern Institutional International Growth Portfolio
Our overweighted position in the Japanese market had the biggest impact on the
Portfolio's outperformance relative to the benchmark during the fiscal year. We
felt the Japanese government's industrial competitiveness package and the
series of proposed legislative changes would allow Japanese corporations the
ability to restructure more aggressively than in the past. This, in turn,
should enable the Japanese economy to return to a sustained economic growth
environment.
As it turned out, the government's generous fiscal stimulus package allowed
the Japanese economy to emerge from its recessionary conditions of 1998. As
companies announced restructuring measures throughout the Portfolio's fiscal
year, the stock market reacted positively, rising 44 percent. Moreover, the
Portfolio's overweighted position in Japan was boosted by the yen's increase of
nearly 21 percent during the same period.
In addition, the Portfolio benefited from its modestly underweighted position
in the European markets and the euro. After an initial burst of outperformance,
European markets consolidated during much of the calendar year, while the euro
fell nearly 10 percent.
Over the next six months we expect favorable economic conditions around the
world. However, due to stretched valuations and lingering worries over interest
rates, we have neutralized our country positions relative to the Portfolio's
benchmark. This is due in part to our belief that the international markets
could become volatile and that currency movement likely will prove less
important going forward.
Robert A. LaFleur
Portfolio Manager
Foreign securities may involve additional risks, social, and political
instability, reduced market liquidity, and currency volatility.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
INTERNATIONAL GROWTH PORTFOLIO VS. THE MORGAN STANLEY CAPITAL INTERNATIONAL
EUROPE, AUSTRALIA, AND FAR EAST (EAFE) INDEX
International Growth Portfolio - Class A EAFE Index
3/28/94 $10,000 $10,000
$10,210 $10,349
$ 9,972 $11,132
$10,966 $12,441
$11,431 $12,391
$13,768 $14,430
11/30/99 $17,916 $17,230
<TABLE>
<CAPTION>
Average Annual Total
Returns For Periods Ended Class A EAFE
November 30, 1999: Shares Index
<S> <C> <C>
- ----------------------------------------------------------------------------------------------
One Year: 30.07% 21.10%
- ----------------------------------------------------------------------------------------------
Five Year: 11.90% 11.05%
- ----------------------------------------------------------------------------------------------
Since Commencement on 3/28/94: 10.81% 10.35%
- ----------------------------------------------------------------------------------------------
</TABLE>
18
<PAGE>
- --------------------------------------------------------------------------------
Northern Institutional Small Company Index Portfolio
Small-capitalization stocks, as represented by the Russell 2000 Index, returned
15.67 percent for the 12-month period ended November 30, 1999. Compared to
large-capitalization stocks, as measured by the S&P(R) 500-Stock Index, small-
capitalization stocks underperformed by 5.22 percentage points.
The Portfolio's return for the 12-month period closely tracked that of the
Russell 2000 Index.
As of November 30, 1999, the market capitalization of companies in the
Russell 2000 Index ranged from $2.7 million to $6.0 billion. The median company
size was $428.0 million, while the average company size was $526.4 million. At
fiscal year-end, there were 2,038 companies in the Russell 2000 Index.
Looking ahead, we will continue our efforts to efficiently manage the
Portfolio to provide small-stock returns that closely track those of the
Russell 2000 Index.
Robert Bergson
Portfolio Manager
Small-company stocks are generally riskier than large-company stocks due to
greater volatility and less liquidity.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN NORTHERN INSTITUTIONAL
SMALL COMPANY PORTFOLIO VS. THE RUSSELL 2000 INDEX
Small Company Index Portfolio - Class A Russell 2000 Index
1/11/93 $10,000 $10,000
$11,409 $11,495
$11,233 $11,366
$14,352 $14,606
$16,642 $17,019
$21,452 $21,003
$19,946 $19,612
11/30/99 $21,893 $22,612
<TABLE>
<CAPTION>
Average Annual
Total Returns
For Periods Ended Class A Russell 2000
November 30, 1999: Shares Index
<S> <C> <C>
- -------------------------------------------------------------------------------------------
One Year: 14.97% 15.67%
- -------------------------------------------------------------------------------------------
Five Year: 14.28% 14.33%
- -------------------------------------------------------------------------------------------
Since Commencement on 1/11/93: 12.05% 12.57%
- -------------------------------------------------------------------------------------------
</TABLE>
Small Company Index Portfolio-Class D Russell 2000 Index
12/8/94 $10,000 $10,000
$13,164 $12,851
$15,293 $14,974
$18,756 $18,479
$17,337 $17,256
11/30/99 $19,792 $20,574
<TABLE>
<CAPTION>
Average Annual
Total Returns
For Periods Ended Class D Russell 2000
November 30, 1999: Shares Index
<S> <C> <C>
- -------------------------------------------------------------------------------------------
One Year: 14.13% 15.67%
- -------------------------------------------------------------------------------------------
Since Commencement on 12/8/94: 14.69% 14.82%
- -------------------------------------------------------------------------------------------
</TABLE>
19
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------------
Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--10.5%
Auto--0.6%
Bank One Auto
Grantor Trust,
Series 1997-B, Class
A
$ 5,801 6.29% 7/20/04 $ 5,783
-------
Diversified Financial Servic-
es--3.0%
Bunge Trade
Ltd.(/1/)
8,370 9.25 5/1/02 8,103
Green Tree Financial
Corp.,
Series 1994-B, Class
A
6,226 7.85 7/15/04 6,218
Series 1996-9, Class
A6
6,990 7.69 1/15/28 6,951
Series 1997-6, Class
B1
7,300 7.17 1/15/29 6,766
-------
28,038
-------
Home Equity Loans--3.5%
Contimortgage Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1998-1, Class
A10I
-- 6.50 9/15/00 4,585
Contimortgage Net
Interest Margin
Notes, Series 1998-
A, Class A(/1/)
5,565 7.92 3/16/28 5,469
Green Tree Home
Equity Loan Trust,
Series 1999-C, Class
A2
7,660 6.67 7/15/30 7,636
IMC Excess Cashflow
Securities Trust,
Series 1997-A, Class
A(/1/)
9,653 7.41 11/26/28 3,861
Lehman Brothers
Commercial Conduit
Mortgage Trust,
Series 1999-C1,
Class A-2
11,685 6.78 4/15/09 11,316
-------
32,867
-------
Utilities--3.4%
California
Infrastructure &
Economic
Development, Series
1997-1, Class A4
15,105 6.22 3/25/04 14,982
PP&L Transition Bond
Co. LLC,
Series 1999-1, Class
A5
16,800 6.83 3/25/07 16,837
-------
31,819
- -----------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $115,320) 98,507
- -----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------
<C> <S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS--
11.6%
Commercial Mortgage
Asset Trust,
Series 1999-C1,
Class A-3
$ 9,395 6.64% 9/17/10 $ 8,931
Credit Suisse First
Boston Mortgage
Securities Corp.,
Series 1998-C2,
Class A-1
8,758 5.96 12/15/07 8,383
Delta Funding Corp.,
Interest Only
Stripped Security,
Series 1991-1, Class
A-4(/1/)
-- 7.50 1/1/06 6
Donaldson, Lufkin &
Jenrette
Commercial Mortgage
Corp.,
Adjustable Rate,
Interest Only
Stripped Security,
Series 1998-CF1,
Class CP
-- 0.91 4/15/05 2,691
Donaldson, Lufkin &
Jenrette
Mortgage Acceptance
Corp.,
Series 1994-Q8,
Class 2-A1
2,233 7.25 5/25/24 2,304
Donaldson, Lufkin &
Jenrette
Mortgage Acceptance
Corp.,
Adjustable Rate,
Interest Only
Stripped Securities,
Series 1995-QE9,
Class S
-- 6.56 11/25/25 236
Series 1996--CF2,
Class S(/1/)
-- 2.18 11/12/21 4,942
Series 1997--CF2,
Class CP
-- 1.36 11/15/04 2,931
First Union-Lehman
Brothers-Bank of
America Commercial
Mortgage Trust,
Series 1998-C2,
Class A-2
12,855 6.56 11/18/08 12,324
Lehman FHA Title
Loan Trust,
Interest Only
Stripped Security,
Series 1996-2, Class
S
-- 0.586 5/25/17 1,277
Morgan Stanley
Capital I,
Series 1998-WF1,
Class A2
19,140 6.55 12/15/07 18,479
Series 1999-LIFE,
Class A2
14,745 7.11 7/15/09 14,581
Nationslink Funding
Corp.,
Series 1999-1, Class
A-2
28,140 6.316 11/20/08 26,608
PNC Mortgage
Securities Corp.,
Series 1996-PR1,
Class A(/1/)
5,629 7.11 4/28/27 5,302
Residential Asset
Securitization
Trust,
Series 1997-A8,
Class A-3
702 7.00 10/25/27 699
- -----------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $115,821) 109,694
- -----------------------------------------
</TABLE>
See accompanying notes to financial statements.
20
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ----------------------------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ----------------------------------------------------------------------------
<C> <S> <C> <C>
CORPORATE/FOREIGN GOVERNMENT
BONDS/NOTES--27.4%
Airlines--1.9%
U.S. Airways Pass-Thru
$ 18,000 8.36% 1/20/19 $ 17,849
--------
Beverages--1.5%
Coca-Cola (The) Co.
14,295 6.70 10/15/36 14,212
--------
Diversified Financial Services--13.5%
Bank One Corp.
23,920 6.40 8/1/02 23,629
Caterpillar Financial Service Corp.
18,100 6.875 8/1/04 18,002
CIT Group, Inc.
14,780 6.50 6/14/02 14,656
Diageo Capital PLC,
23,480 6.625 6/24/04 23,152
Ford Motor Credit Co.
15,200 5.75 2/23/04 14,518
General Motors Acceptance Corp.
7,660 5.85 1/14/09 6,920
Household Finance Corp.
7,660 5.875 2/1/09 6,879
Petrozuata Finance, Inc.
4,950 8.22 4/1/17 3,713
Yosemite Security Trust I(/1/)
16,000 8.25 11/15/04 15,981
--------
127,450
--------
Environmental Control--1.4%
Waste Management, Inc.
14,640 7.10 8/1/26 13,397
--------
Insurance--2.0%
Anthem Insurance, Inc.
5,740 9.00 4/1/27(/1/) 5,379
Lumberman's Mutual Casualty Co.
8,820 9.15 7/1/26(/1/) 8,600
3,070 8.30 12/1/37 2,678
1,880 8.45 12/1/97(/1/) 1,604
--------
18,261
--------
Sovereign--2.0%
Asian Development Bank
19,480 6.375 10/1/28 19,145
--------
Special Purpose--1.6%
Air 2 U.S. Enhanced Equipment
15,000 8.03 10/1/19 15,159
--------
Telephone--3.0%
AT&T Corp.
16,720 6.00 3/15/09 15,400
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------------------------
<C> <S> <C> <C>
MCI WorldCom, Inc.,
$ 12,855 6.125% 8/15/01 $ 12,749
--------
28,149
--------
Transportation Services--0.5%
Burlington Northern Santa Fe Corp.
4,780 6.53 7/15/37 4,684
- ------------------------------------------------------------
TOTAL CORPORATE/FOREIGN
GOVERNMENT BONDS/NOTES--
(Cost $267,920) 258,306
- ------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--20.2%
Fannie Mae REMIC Trust--7.6%
Series 1992-73, Class G
14 7.50 4/25/21 14
Interest Only Stripped Securities,
Series 278, Class 2
-- 1.25 8/1/25 999
Series 1997-20, Class IO
-- 20.1 3/25/27 2,049
Pool #452421
29,606 6.00 12/1/28 27,450
Pool #452480
29,901 6.00 11/1/28 27,723
Pool #499505
4,735 6.50 7/1/29 4,516
Pool #495404
9,460 6.00 4/1/29 8,771
Principal Only Stripped Security,
Series 1994-9, Class G
58 5.15 11/25/23 56
--------
71,578
--------
Fannie Mae--10.2%
37,985 5.625 5/14/04 36,602
37,465 5.25 1/15/09 33,578
27,120 6.375 6/15/09 26,332
--------
96,512
--------
Freddie Mac REMIC Trusts--2.4%
Pool #C18118
14,421 6.00 11/1/28 13,384
Pool #C00835
9,962 6.50 7/1/29 9,507
--------
22,891
- ------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $198,139) 190,981
- ------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--24.8%
U.S. Treasury Bonds--12.9%
64,880 7.50 11/15/16 70,670
47,955 7.125 2/15/23 51,132
--------
121,802
--------
</TABLE>
See accompanying notes to financial statements.
21
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------
Principal
Amount/ Maturity
Shares Rate Date Value
- -----------------------------------------------------
Bond Portfolio--(Continued)
<C> <S> <C> <C>
U.S. Treasury Inflation Index
Notes--3.4%
$32,115 3.625% 1/15/08 $ 32,161
--------
U.S. Treasury Notes--8.5%
30,000 5.75 10/31/02 29,761
50,940 6.125 8/15/07 50,407
--------
80,168
- -----------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $243,044) 234,131
- -----------------------------------------------------
PREFERRED STOCKS--1.3%
(Cost $15,000)
Agency--1.3%
15,000 Home Ownership
Funding Corp. (/1/) 12,453
- -----------------------------------------------------
FLOATING RATE BANK NOTES--2.0%
Lloyds Bank PLC,
Series 1
11,800 5.563 6/15/00 10,293
National Westminster
Bank, Series C
9,790 5.625 2/29/00 8,272
- -----------------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $18,712) 18,565
- -----------------------------------------------------
SHORT-TERM INVESTMENT--0.9%
(Cost $8,276)
Chase Manhattan
Bank, London,
Eurodollar Time
Deposit,
8,276 5.688 12/1/99 8,276
- -----------------------------------------------------
TOTAL INVESTMENTS--98.7%
(Cost $982,232) $930,913
- -----------------------------------------------------
Other assets, less liabili-
ties--1.3% 12,302
- -----------------------------------------------------
NET ASSETS--100.0% $943,215
- -----------------------------------------------------
- -----------------------------------------------------
</TABLE>
(/1/)At November 30, 1999, the Portfolio owned restricted securities valued at
approximately $71,700 (7.6% of net assets), with an aggregate cost basis of
$76,653. 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 Trustees.
See accompanying notes to financial statements.
22
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------------------
Intermediate Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--8.0%
Auto--1.9%
Chevy Chase
Automobile
Receivables Trust,
Series 1997-4, Class
A
$ 212 6.25% 6/15/04 $ 211
Western Financial
Owner Trust,
Series 1998-B, Class
A-3
712 5.95 7/20/02 710
-----
921
-----
Home Equity Loans--2.0%
Advanta Mortgage
Loan Trust, Interest
Only Stripped
Security, Series
1998-1, Class AIO
-- 5.00 10/25/00 198
Contimortgage Net
Interest Margin
Notes, Series 1998-
A, Class A(/1/)
177 7.92 3/16/28 174
Green Tree Financial
Corp.,
Series 1999-C, Class
A-2
390 6.67 7/15/30 389
IMC Excess Cashflow
Securities Trust,
Series 1997-A, Class
A(/1/)
631 7.41 11/26/28 252
-----
1,013
-----
Other--2.7%
IKON Receivables
LLC, Series 1999-2,
Class A-3A
1,320 6.59 8/15/03 1,314
-----
Utilities--1.4%
California
Infrastructure &
Economic
Development, Series
1997-1, Class A-4
690 6.22 3/25/04 684
- -----------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $4,656) 3,932
- -----------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--
12.1%
Commercial Mortgage
Asset Trust,
Series 1999-C1,
Class A-3
880 6.64 9/17/10 836
Credit Suisse First
Boston Mortgage
Securities Corp.,
Series 1998-C2,
Class A-1
1,118 5.96 12/15/07 1,070
Donaldson, Lufkin, &
Jenrette
Commercial Mortgage
Corp.,
Series 1998-CF1,
Class A-1B
1,000 6.41 2/15/08 952
Donaldson, Lufkin, &
Jenrette
Mortgage Acceptance
Corp.,
Adjustable Rate,
Interest Only
Stripped Security,
Series 1996-CF2,
Class S(/1/)
-- 2.18 11/12/21 612
</TABLE>
<TABLE>
<CAPTION>
Description
- ----------------------------------------
Principal Maturity
Amount Rate Date Value
- ----------------------------------------
<C> <S> <C> <C>
GMAC Commercial
Mortgage
Securitization
Series 1999-C3,
Class A-1B
$ 305 7.27% 8/15/09 $ 305
Morgan Stanley
Capital I,
Series 1998-WF1,
Class A-2
355 6.55 12/15/07 343
Mortgage Capital
Funding,
Series 1998-MC1,
Class A-2
235 6.66 1/18/08 227
Nationslink Funding
Corp.,
Series 1999-1, Class
A-2
1,700 6.32 11/20/08 1,607
Residential Asset
Securitization
Trust,
Series 1997-A8,
Class A3
29 7.00 10/25/27 28
- ----------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $6,361) 5,980
- ----------------------------------------
CORPORATE BONDS--22.1%
Banks--2.6%
Bank One Corp.
1,300 6.40 8/1/02 1,284
------
Computers--2.1%
Electronic Data
Systems Corp.
1,050 6.85 10/15/04 1,044
------
Diversified Financial Servic-
es--11.20%
Bunge Trade
Ltd.(/1/)
1,000 9.25 5/1/02 968
CIT Group Holdings,
Inc.
690 6.38 11/15/02 679
Diageo Capital PLC
1,500 6.625 6/24/04 1,479
Ford Motor Credit
Co.
1,800 5.80 1/12/09 1,619
Transamerican
Finance
820 7.25 8/15/02 821
------
5,566
------
Environmental Control--.8%
Waste Management,
Inc.
440 7.10 8/1/26 403
------
Insurance--1.3%
Lumbermans' Mutual
Casualty Co.(/1/)
545 9.15 7/1/26 531
105 8.45 12/1/37 90
------
621
------
Telephone--2.6%
MCI WorldCom, Inc.
1,225 7.75 4/1/07 1,261
------
</TABLE>
See accompanying notes to financial statements.
23
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------------------------
Intermediate Bond Portfolio--(Continued)
<C> <S> <C> <C>
Transportation--1.5%
Burlington Northern
Santa Fe Corp.
$ 750 6.53% 7/15/37 $ 735
- ------------------------------------------------------------
TOTAL CORPORATE BONDS (Cost
$11,511) 10,914
- ------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--18.7%
Fannie Mae REMIC Trust--9.5%
Pool #440700
1,281 6.00 11/1/28 1,188
Pool #456078
3,816 6.00 12/1/28 3,538
-------
4,726
-------
Fannie Mae--8.1%
2,150 5.625 5/14/04 2,072
2,150 5.25 1/15/09 1,927
-------
3,999
-------
Freddie Mac--1.1%
Pool #C18079
586 6.00 11/1/28 544
- ------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $9,647) 9,269
- ------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--28.3%
U.S. Treasury Inflation Indexed Notes--
2.1%
1,050 3.625 1/15/08 1,051
-------
U.S. Treasury Notes--26.2%
7,900 6.625 7/31/01 7,980
4,990 5.75 10/31/02 4,950
-------
12,930
- ------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $14,175) 13,981
- ------------------------------------------------------------
FLOATING RATE BANK NOTES--2.9%
Lloyds Bank PLC,
Series I
560 5.90 08/17/00 488
National Westminster
Bank
1,130 6.25 2/29/00 955
- ------------------------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $1,445) 1,443
- ------------------------------------------------------------
SHORT-TERM INVESTMENT--7.0%
(Cost $3,477)
Chase Manhattan
Bank, London,
Eurodollar Time
Deposit,
3,477 5.688 12/1/99 3,477
- ------------------------------------------------------------
TOTAL INVESTMENTS--99.1%
(Cost $51,272) $48,996
- ------------------------------------------------------------
Other assets, less liabili-
ties--0.9% 444
- ------------------------------------------------------------
NET ASSETS--100.0% $49,440
- ------------------------------------------------------------
- ------------------------------------------------------------
</TABLE>
(1) At November 30, 1999, the Portfolio owned restricted securities valued at
approximately $2,627 (5.3% of net assets), with an aggregate cost basis of
$3,253. 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 Trustees.
See accompanying notes to financial statements.
24
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------
Local
Currency
Principal Maturity
Amount Rate Date Value
- ------------------------------------------------------
International Bond Portfolio
<C> <S> <C> <C>
DEBT OBLIGATIONS--92.4%
Australian Dollar--2.4%
Commonwealth of
Australia
980 10.00% 10/15/02 $ 685
-------
British Pound Sterling--11.0%
BAA PLC
525 7.875 2/10/07 882
Lloyds Bank PLC
800 7.375 3/11/04 1,283
Treasury of Great
Britain
400 8.00 6/7/21 942
-------
3,107
-------
Canadian Dollar--2.6%
Province of Ontario
1,050 7.25 9/27/05 744
-------
Danish Krone--5.5%
Kingdom of Denmark
10,100 8.00 3/15/06 1,554
-------
Euro--42.4%
Electricite de
France
1,214 3.75 10/28/03 1,188
Federal Republic of
Germany
750 6.00 2/16/06 795
1,650 4.00 7/4/09 1,518
918 6.25 1/4/24 967
Kingdom of Belgium
453 7.50 7/29/08 520
Kingdom of France
1,400 4.00 10/25/09 1,277
Kingdom of the
Netherlands
318 5.75 2/15/07 332
Kingdom of Spain
940 0.00 1/31/03 901
210 10.00 2/28/05 261
Republic of Austria
1,670 8.00 1/30/02 920
Republic of Finland
1,920 5.30 2/9/01 1,003
Republic of Italy
2,066 8.50 4/1/04 2,367
-------
12,049
-------
Japanese Yen--21.1%
Asian Development
Bank
90,000 5.00 2/5/03 1,001
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------
Local
Currency
Principal Maturity
Amount Rate Date Value
- -----------------------------------------
<C> <S> <C> <C>
International Bank
for Reconstruction
and Development
100,000 4.50% 3/20/03 $ 1,106
Japan Development
Bank
160,000 6.50 9/20/01 1,739
KFW International
Finance
220,000 1.00 12/20/04 2,144
-------
5,990
-------
Swedish Krona--1.8%
Kingdom of Sweden
3,700 10.25 5/5/03 503
-------
United States Dollar--5.6%
U.S. Treasury Bond
1,500 7.125 2/15/23 1,599
- ---------------------------------------------
TOTAL DEBT OBLIGATIONS (Cost
$27,843) 26,231
- ---------------------------------------------
SHORT-TERM INVESTMENT--0.8%
(Cost $224)
Chase Manhattan
Bank, London,
Eurodollar Time
Deposit,
224 5.688% 12/1/99 224
- ---------------------------------------------
TOTAL INVESTMENTS--93.2%
(Cost $28,067) $26,455
- ---------------------------------------------
Other assets, less liabili-
ties--6.8% 1,942
- ---------------------------------------------
NET ASSETS--100.0% $28,397
- ---------------------------------------------
- ---------------------------------------------
</TABLE>
See accompanying notes to financial statements.
25
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- --------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- --------------------------------------------------------
Short-Intermediate Bond Portfolio
<C> <S> <C> <C>
ASSET-BACKED SECURITIES--23.5%
Airplane Leases--1.4%
Pegasus Aviation
Lease
Securitization,
Series 1999-1A,
Class A1
$ 2,734 6.30% 3/25/29 $ 2,644
--------
Auto--1.2%
Chevy Chase
Automobile
Receivables Trust,
Series 1997-4, Class
A
1,806 6.25 6/15/04 1,793
Olympic Automobile
Receivables Trust,
Series 1995-A, Class
A
373 7.875 7/15/01 373
--------
2,166
--------
Credit Card--3.0%
MBNA Master Credit
Card Trust,
Series 1998-J, Class
A
5,800 5.25 2/15/06 5,519
--------
Equipment--2.0%
American Airlines
Pass Through Trust,
Series 1991-1, Class
C
3,650 7.155 4/15/06 3,622
--------
Home Equity Loans--11.8%
Contimortgage Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1998-1, Class
A10I
-- 7.70 9/15/00 1,612
Contimortgage Net
Interest Margin
Notes, Series 1998-
A, Class A(/1/)
2,193 7.92 3/16/28 2,156
Delta Funding Home
Equity Loan Trust,
Interest Only
Stripped Security,
Series 1997-2, Class
AIO
-- 8.29 6/25/27 645
Distribution
Financial Services
Trust,
Series 1999-3, Class
A3
5,440 6.43 11/15/07 5,407
Green Tree Home
Equity Loan Trust,
Series 1998-C, Class
A6
5,800 6.29 7/15/29 5,662
IMC Excess Cashflow
Securities
Trust,(/1/)
Series 1997-A, Class
A
2,603 7.41 11/27/28 1,041
Lehman FHA Title I
Loan Trust,
Series 1995-3, Class
A
4,591 8.00 5/25/16 4,639
Interest Only
Stripped Security,
Series 1995-6, Class
S
-- 10.24 11/25/16 680
--------
21,842
--------
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------------------------------
<C> <S> <C> <C> <C>
Utilities--4.1%
California Infrastructure Pacific Gas
& Electric, Series 1997-1, Class A3
$ 4,222 6.15% 6/25/02 $ 4,219
ComEd Transitional Funding Trust,
Series 1998-1, Class A2
3,000 5.29 6/25/03 2,964
Southern Pacific Secured Asset Corp.,
Interest Only Stripped Security,
Series 1997-2, Class AIO
-- 1.78 6/25/00 419
-------- ---
7,602
- -----------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES
(Cost $56,184) 43,395
- -----------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--17.9%
AAMES Mortgage Trust,
Interest Only Stripped Security,
Series 1997-B, Class AIO
-- 8.40 7/15/00 494
BA Mortgage Securities, Inc.,
Series 1998-4, Class 1A5
7,834 6.50 8/25/28 7,656
Donaldson, Lufkin & Jenrette
Commercial Mortgage Corp.,
Interest Only Stripped Securities,
Series 1998-CF1, Class CP
-- 0.91 4/15/05 3,851
Series 1997-CF2, Class CP(/1/)
-- 7.08 11/15/04 4,707
Series 1994-Q8, Class 2A1
-- 7.25 5/25/24 991
GE Capital Mortgage Series, Inc.,
Series 1994-15, Class A-6
3,106 6.00 4/25/09 3,052
Nationslink Funding Corp.
Series 1999-SL, Class A-3
5,000 6.297 12/10/02 4,942
PNC Mortgage Securities Corp.,
Series 1996-PRI, Class A(/1/)
1,618 7.11 4/28/27 1,524
Principal Only Stripped Security
Series 1998-A1, Class A-6
1,194 14.24 3/25/28 1,111
Prudential Home Mortgage Securities
Co.,
Series 1994-1, Class A-3
4,507 6.00 2/25/09 4,461
Residential Asset Securitization
Trust,
Series 1997-A8, Class A-3
285 7.00 10/25/27 283
- -----------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $37,661) 33,072
- -----------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
26
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------
<C> <S> <C> <C>
CORPORATE BONDS--20.5%
Auto--2.1%
Ford Motor Credit
Co.
$ 4,000 5.75% 2/23/04 $ 3,821
--------
Computer Services--1.5%
Electronic Data
Systems
2,705 6.85 10/15/04 2,690
--------
Diversified Financial Servic-
es--14.8%
Associates Corp., NA
5,000 5.85 1/15/01 4,961
Bank One Corp.
4,640 6.40 8/01/02 4,583
Donaldson, Lufkin & Jenrette,
Inc.,
Medium Term Note
6,500 5.625 2/15/16 6,361
Bunge Trade Ltd.(/1/)
1,935 9.25 5/01/02 1,873
Diageo Capital Placement
5,545 6.625 6/24/04 5,467
Yosemite Security
Trust I(/1/)
4,000 8.25 11/15/04 3,995
--------
27,240
--------
Telephone--2.1%
MCI WorldCom, Inc.
4,000 6.125 8/15/01 3,967
- ------------------------------------------
TOTAL CORPORATE BONDS
(Cost $38,242) 37,718
- ------------------------------------------
U.S. GOVERNMENT AGENCY--0.0% (Cost $48)
Fannie Mae REMIC
Trust,
Principal Only
Stripped Security,
Series 1994-9, Class
G
58 5.63 11/25/23 56
- ------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--35.5%
U.S. Treasury Inflation Indexed
Notes--4.8%
8,805 3.625 1/15/08 8,818
--------
U.S. Treasury Notes--30.7%
26,310 5.75 10/31/02 26,100
30,900 5.75 8/15/03 30,523
--------
56,623
- ------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $66,165) 65,441
- ------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Description
- ------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------
<C> <S> <C> <C>
SHORT-TERM INVESTMENT--1.3%
(Cost $2,410)
Chase Manhattan
Bank, London,
Eurodollar Time
Deposit,
$ 2,410 5.688% 12/1/99 $ 2,410
- ------------------------------------------
TOTAL INVESTMENTS--98.7%
(Cost $200,710) $182,092
- ------------------------------------------
Other assets, less liabili-
ties--1.3% 2,411
- ------------------------------------------
NET ASSETS--100.0% $184,503
- ------------------------------------------
- ------------------------------------------
</TABLE>
(/1/)At November 30, 1999, the Portfolio owned restricted securities valued at
approximately $15,296 (8.3% of net assets), with an aggregate cost basis of
$18,866. 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 Trustees.
See accompanying notes to financial statements.
27
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Description
- ----------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ----------------------------------------------------------
U.S. Government Securities Portfolio
<C> <S> <C> <C>
CORPORATE BONDS--2.3%
(Cost $2,000)
Banks--2.3%
Asian Development Bank
$ 2,000 6.50% 9/21/02 $ 1,992
- ----------------------------------------------------------
U.S. GOVERNMENT AGENCIES--44.2%
COLLATERALIZED MORTGAGE OBLIGATIONS--7.1%
Fannie Mae REMIC Trust--4.6%
Series 1998-M2, Class
CPI,
Interest Only Stripped
Security
-- 9.64 2/17/02 372
Series 1997-M1, Class A
2,026 6.78 1/17/03 2,030
Series 1993-133, Class
EZ
1,354 5.85 2/25/17 1,346
Series 1992-2000, Class
E
4 6.25 6/25/17 4
Series 1997-20, Class
IO,
Interest Only Stripped
Security
-- 20.10 3/25/27 333
-------
4,085
-------
Freddie Mac--2.5%
Series 2080, Class PE
2,250 6.00 11/15/21 2,184
-------
6,269
-------
MORTGAGE-BACKED SECURITIES--11.0%
Fannie Mae--7.1%
Pool #124945
1,439 6.801 1/1/31 1,478
Pool #452480
2,612 6.00 11/1/28 2,421
Pool #452421
2,586 6.00 12/1/28 2,398
-------
6,297
-------
Freddie Mac--3.9%
Pool #410092
161 6.825 12/1/98 165
Pool #G00767
1,486 7.50 8/1/27 1,484
Pool #C18079
1,991 6.00 11/1/28 1,848
-------
3,497
-------
9,794
-------
</TABLE>
<TABLE>
<CAPTION>
Description
- -----------------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- -----------------------------------------------------------------
<C> <S> <C> <C>
AGENCY OBLIGATIONS--26.1%
Fannie Mae--9.8%
$ 4,000 6.40% 5/2/01 $ 4,004
2,000 5.80 7/23/01 1,983
2,750 5.25 1/15/03 2,659
-------
8,646
-------
Federal Farm Credit Bank--4.4%
4,000 5.125 4/2/01 3,939
-------
Freddie Mac--10.2%
4,670 5.50 5/15/02 4,577
2,250 6.25 10/15/02 2,241
2,250 5.75 7/15/03 2,195
-------
9,013
-------
Tennessee Valley Authority--1.7%
1,500 6.235 7/15/45 1,495
-------
23,093
- -----------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $40,181) 39,156
- -----------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--43.2%
U.S. Treasury Notes--40.2%
19,500 6.625 7/31/01 19,698
2,250 6.25 1/31/02 2,260
3,500 6.625 4/30/02 3,546
8,000 5.75 10/31/02 7,936
2,000 7.50 2/15/05 2,112
-------
35,552
-------
U.S. Treasury Inflationary Index--3.0%
2,700 3.625 1/15/08 2,704
- -----------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $38,992) 38,256
- -----------------------------------------------------------------
SHORT-TERM INVESTMENT--7.8%
(Cost $6,902)
Federal Home Loan Bank Discount Note
6,902 5.569 12/1/99 6,902
- -----------------------------------------------------------------
TOTAL INVESTMENTS--97.5%
(Cost $88,075) $86,306
- -----------------------------------------------------------------
Other assets, less liabilities--2.5% 2,203
- -----------------------------------------------------------------
NET ASSETS--100.0% $88,509
- -----------------------------------------------------------------
- -----------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
28
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Description
- ------------------------------------------------------
Principal Maturity
Amount Rate Date Value
- ------------------------------------------------------
U.S. Treasury Index Portfolio
<C> <S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS--
98.6%
U.S. Treasury Notes--66.1%
$ 2,000 5.50% 12/31/00 $ 1,991
650 4.875 3/31/01 641
1,000 6.50 5/31/01 1,007
1,100 6.375 9/30/01 1,106
800 7.50 11/15/01 821
1,000 6.625 3/31/02 1,012
840 6.00 7/31/02 839
630 6.25 2/15/03 633
2,350 5.75 8/15/03 2,321
850 6.00 8/15/04 845
1,850 6.50 8/15/05 1,874
960 6.25 2/15/07 958
840 4.75 11/15/08 755
--------
14,803
--------
U.S. Treasury Bonds--32.5%
660 14.00 11/15/11 935
1,550 7.25 5/15/16 1,649
350 9.00 11/15/18 439
1,025 8.125 5/15/21 1,203
740 8.00 11/15/21 860
500 6.25 8/15/23 483
1,530 6.50 11/15/26 1,527
230 5.25 2/15/29 195
--------
7,291
- ------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGA-
TIONS
(Cost $22,704) 22,094
- ------------------------------------------------------
SHORT-TERM INVESTMENT--1.5%
(Cost $325)
Federal Home Loan
Bank Discount Note
325 5.569 12/1/99 325
- ------------------------------------------------------
TOTAL INVESTMENTS--100.1%
(Cost $23,029) $ 22,419
- ------------------------------------------------------
Liabilities, less other as-
sets--(0.1)% (15)
- ------------------------------------------------------
NET ASSETS--100.0% $ 22,404
- ------------------------------------------------------
- ------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
29
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
November 30, 1999
(All amounts in thousands, except net asset value per share)
<TABLE>
<CAPTION>
Short- U.S. U.S.
Intermediate International Intermediate Government Treasury
Bond Bond Bond Bond Securities Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments in securi-
ties, at cost $982,232 $51,272 $28,067 $200,710 $88,075 $23,029
- ------------------------------------------------------------------------------------------------
Investments in securi-
ties, at value $930,913 $48,996 $26,455 $182,092 $86,306 $22,419
Cash and foreign cur-
rencies 1 6 1,291 1 1 1
Receivables:
Interest 12,578 611 680 2,482 1,017 248
Fund shares sold 1,544 7 2 103 1,221 5
Administrator 23 7 7 6 5 6
Deferred organization
cost, net -- 10 -- -- -- --
Other assets 21 5 2 11 2 3
- ------------------------------------------------------------------------------------------------
Total assets 945,080 49,642 28,437 184,695 88,552 22,682
- ------------------------------------------------------------------------------------------------
Liabilities:
Payable for:
Fund shares redeemed 1,323 171 -- 98 -- 6
Investment securities
purchased -- -- -- -- -- 251
Accrued expenses:
Advisory fees 194 10 17 39 18 3
Shareholder service
fees 169 -- -- 2 1 1
Administration fees 78 4 4 15 7 2
Transfer agent fees 13 1 -- 2 1 --
Custodian fees 5 2 4 2 3 1
Other liabilities 83 14 15 34 13 14
- ------------------------------------------------------------------------------------------------
Total liabilities 1,865 202 40 192 43 278
- ------------------------------------------------------------------------------------------------
Net assets $943,215 $49,440 $28,397 $184,503 $88,509 $22,404
- ------------------------------------------------------------------------------------------------
Analysis of net assets:
Paid-in capital $997,658 $53,555 $30,252 $202,063 $90,464 $23,026
Undistributed (distri-
bution in excess of)
net investment income 2,635 74 (26) 1,755 89 51
Accumulated net
realized losses on
investments, forward
foreign currency
contracts and foreign
currency transactions (5,759) (1,913) (185) (697) (275) (63)
Net unrealized
depreciation on
investments, forward
foreign currency
contracts and foreign
currency transactions (51,319) (2,276) (1,612) (18,618) (1,769) (610)
Net unrealized loss on
translation of other
assets and liabilities
denominated in foreign
currencies -- -- (32) -- -- --
- ------------------------------------------------------------------------------------------------
Net assets $943,215 $49,440 $28,397 $184,503 $88,509 $22,404
- ------------------------------------------------------------------------------------------------
Net assets
Class A $879,161 $49,414 $28,397 $184,382 $87,699 $22,033
Class C 62,557 -- -- -- -- 194
Class D 1,497 26 -- 121 810 177
- ------------------------------------------------------------------------------------------------
Total shares outstand-
ing (no par value), un-
limited shares autho-
rized
Class A 45,538 2,604 1,506 9,967 4,502 1,088
Class C 3,242 -- -- -- -- 10
Class D 78 1 -- 6 42 9
- ------------------------------------------------------------------------------------------------
Net asset value, offer-
ing and redemption
price per share
Class A $ 19.31 $ 18.98 $ 18.86 $ 18.50 $ 19.48 $ 20.25
Class C $ 19.30 -- -- -- -- $ 20.25
Class D $ 19.28 $ 18.95 -- $ 18.45 $ 19.43 $ 20.22
- ------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
30
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Operations
For the Year Ended November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Short- U.S. U.S.
Intermediate International Intermediate Government Treasury
Bond Bond Bond Bond Securities Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Interest income $ 59,938 $ 4,283 $ 1,656(a) $ 18,168 $ 4,449 $ 1,273
- -------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fees 4,923 428 255 1,123 480 93
Administration fees 820 71 43 187 80 23
Transfer agent fees 139 7 3 19 10 3
Registration fees 91 18 20 38 21 19
Shareholder servicing
fees 95 -- -- 1 3 2
Custodian fees 86 23 59 26 19 22
Professional fees 43 6 6 13 6 6
Trustee fees and ex-
penses 20 4 3 6 3 3
Amortization of deferred
organization costs -- 3 5 -- -- --
Other 41 10 13 16 10 10
- -------------------------------------------------------------------------------------------------
Total expenses 6,258 570 407 1,429 632 181
Less voluntary waivers
of investment advisory
fees (2,872) (250) (57) (655) (280) (58)
Less expenses reimburs-
able by Administrator (281) (64) (78) (99) (60) (61)
- -------------------------------------------------------------------------------------------------
Net expenses 3,105 256 272 675 292 62
- -------------------------------------------------------------------------------------------------
Net investment income 56,833 4,027 1,384 17,493 4,157 1,211
Net realized losses on:
Investment transactions (6,632) (1,913) (62) (731) (340) 260
Foreign currency trans-
actions -- -- (136) -- -- --
Net change in unrealized
depreciation on invest-
ments, forward
foreign currency con-
tracts and foreign cur-
rency transactions (60,156) (2,130) (2,758) (12,597) (1,844) (1,994)
Net change in unrealized
losses on translation
of other assets and li-
abilities denominated
in foreign currencies -- -- (47) -- -- --
- -------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets resulting
from operations $ (9,955) $ (16) $(1,619) $ 4,165 $ 1,973 $ (523)
- -------------------------------------------------------------------------------------------------
</TABLE>
(a) Net of $6 in non-reclaimable foreign withholding taxes.
See accompanying notes to financial statements.
31
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Years Ended November 30,
(All amounts in thousands)
<TABLE>
<CAPTION>
Intermediate
Bond Bond
Portfolio Portfolio
-------------------- ------------------
1999 1998 1999 1998
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets
from operations:
Net investment income $ 56,833 $ 41,026 $ 4,027 $ 1,373
Net realized gains (losses) on
investments, forward foreign
currency contracts and foreign
currency transactions (6,632) 21,659 (1,913) 324
Net change in unrealized
appreciation (depreciation) on
investments, forward foreign
currency contracts and foreign
currency transactions (60,156) (6,108) (2,130) (85)
Net change in unrealized gains
(losses) on translations of other
assets and liabilities
denominated in foreign currencies -- -- -- --
- ------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations (9,955) 56,577 (16) 1,612
- ------------------------------------------------------------------------------
Distributions to Class A
shareholders:
Net investment income (50,728) (35,543) (3,986) (1,358)
Net realized gain (19,315) (2,645) (303) --
- ------------------------------------------------------------------------------
Total distributions to Class A
shareholders (70,043) (38,188) (4,289) (1,358)
- ------------------------------------------------------------------------------
Distributions to Class C
shareholders:
Net investment income (3,873) (3,794) -- --
Net realized gain (1,966) (295) -- --
- ------------------------------------------------------------------------------
Total distributions to Class C
shareholders (5,839) (4,089) -- --
- ------------------------------------------------------------------------------
Distributions to Class D
shareholders:
Net investment income (104) (107) (2) (1)
Net realized gain (62) (6) -- --
- ------------------------------------------------------------------------------
Total distributions to Class D
shareholders (166) (113) (2) (1)
- ------------------------------------------------------------------------------
Class A share transactions:
Proceeds from the sale of shares 442,399 217,204 105,418 27,967
Reinvested distributions 60,934 32,297 2,687 1,346
Cost of shares redeemed (150,698) (117,228) (84,825) (11,125)
- ------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Class A share
transactions 352,635 132,273 23,280 18,188
- ------------------------------------------------------------------------------
Class C share transactions:
Proceeds from the sale of shares 23,198 30,139 -- --
Reinvested distributions 5,838 4,089 -- --
Cost of shares redeemed (21,113) (24,755) -- --
- ------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Class C share
transactions 7,923 9,473 -- --
- ------------------------------------------------------------------------------
Class D share transactions:
Proceeds from the sale of shares 163 2,529 -- 41
Reinvested distributions 166 113 2 1
Cost of shares redeemed (675) (1,238) (15) --
- ------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from Class D share
transactions (346) 1,404 (13) 42
- ------------------------------------------------------------------------------
Net increase (decrease) in net
assets 274,209 157,337 18,960 18,483
Net assets--beginning of year 669,006 511,669 30,480 11,997
- ------------------------------------------------------------------------------
Net assets--end of year $ 943,215 $ 669,006 $ 49,440 $ 30,480
- ------------------------------------------------------------------------------
Undistributed net investment income
(loss) $ 2,635 $ 1,259 $ 74 $ 33
- ------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
32
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government
International Short-Intermediate Securities U.S. Treasury
Bond Portfolio Bond Portfolio Portfolio Index Portfolio
- ----------------- -------------------- ----------------- -----------------
1999 1998 1999 1998 1999 1998 1999 1998
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1,384 $ 1,396 $ 17,493 $ 19,141 $ 4,157 $ 2,954 $ 1,211 $ 1,443
(198) 220 (731) 1,538 (340) 786 260 732
(2,758) 1,365 (12,597) (6,078) (1,844) (228) (1,994) 445
(47) 17 -- -- -- -- -- --
- ------------------------------------------------------------------------------
(1,619) 2,998 4,165 14,601 1,973 3,512 (523) 2,620
- ------------------------------------------------------------------------------
(1,730) (1,024) (16,445) (17,379) (3,949) (2,583) (1,149) (1,370)
(183) (385) (2,451) (267) (683) -- -- --
- ------------------------------------------------------------------------------
(1,913) (1,409) (18,896) (17,646) (4,632) (2,583) (1,149) (1,370)
- ------------------------------------------------------------------------------
-- -- -- -- (15) (188) (8) (1)
-- -- -- -- (56) -- -- --
- ------------------------------------------------------------------------------
-- -- -- -- (71) (188) (8) (1)
- ------------------------------------------------------------------------------
(2) (5) (26) (87) (39) (42) (27) (105)
(1) (2) (10) (1) (17) -- -- --
- ------------------------------------------------------------------------------
(3) (7) (36) (88) (56) (42) (27) (105)
- ------------------------------------------------------------------------------
2,237 2,261 177,463 125,815 51,108 12,721 10,912 15,301
1,576 1,217 15,754 14,872 4,440 2,336 594 458
(451) (2,867) (177,094) (156,030) (13,432) (10,457) (9,904) (28,575)
- ------------------------------------------------------------------------------
3,362 611 16,123 (15,343) 42,116 4,600 1,602 (12,816)
- ------------------------------------------------------------------------------
-- -- -- -- 24 1,687 385 184
-- -- -- -- 71 188 8 1
-- -- -- -- (4,023) (1,094) (205) (164)
- ------------------------------------------------------------------------------
-- -- -- -- (3,928) 781 188 21
- ------------------------------------------------------------------------------
5 65 74 454 273 1,026 165 445
3 6 36 75 56 29 23 53
(138) (38) (786) (578) (705) (155) (1,690) (570)
- ------------------------------------------------------------------------------
(130) 33 (676) (49) (376) 900 (1,502) (72)
- ------------------------------------------------------------------------------
(303) 2,226 680 (18,525) 35,026 6,980 (1,419) (11,723)
28,700 26,474 183,823 202,348 53,483 46,503 23,823 35,546
- ------------------------------------------------------------------------------
$28,397 $28,700 $ 184,503 $ 183,823 $ 88,509 $53,483 $22,404 $ 23,823
- ------------------------------------------------------------------------------
$ (26) $ 354 $ 1,755 $ 702 $ 89 $ 37 $ 51 $ 23
- ------------------------------------------------------------------------------
</TABLE>
33
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Bond Portfolio
<TABLE>
<CAPTION>
Class A
-------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year $ 21.61 $ 21.08 $ 20.77 $ 20.96 $ 18.29
Income from investment oper-
ations:
Net investment income 1.35 1.47 1.34 1.29 1.17
Net realized and unrealized
gain (loss) (1.63) 0.62 0.29 (0.19) 2.66
- --------------------------------------------------------------------------------
Total income (loss) from in-
vestment operations (0.28) 2.09 1.63 1.10 3.83
- --------------------------------------------------------------------------------
Distributions to sharehold-
ers:
Net investment income (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 (2.02) (1.56) (1.32) (1.29) (1.16)
- --------------------------------------------------------------------------------
Net increase (decrease) (2.30) 0.53 0.31 (0.19) 2.67
- --------------------------------------------------------------------------------
Net asset value, end of year $ 19.31 $ 21.61 $ 21.08 $ 20.77 $ 20.96
- --------------------------------------------------------------------------------
Total return (a) (1.35)% 10.31% 8.17% 5.57% 21.55%
Ratio to average net assets
of:
Expenses, net of waivers
and reimbursements 0.36% 0.36% 0.36% 0.36% 0.36%
Expenses, before waivers
and reimbursements 0.74% 0.75% 0.77% 0.84% 0.84%
Net investment income, net
of waivers and reimburse-
ments 6.95% 7.07% 6.66% 6.39% 5.94%
Net investment income, be-
fore waivers and reim-
bursements 6.57% 6.68% 6.25% 5.91% 5.46%
Portfolio turnover rate 72.61% 84.80% 76.30% 101.38% 74.19%
Net assets at end of year
(in thousands) $879,161 $605,517 $460,514 $366,850 $286,301
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------------------------------- ----------------------------------------
1999 1998 1997 1996 1995(c) 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of year $ 21.60 $ 21.07 $ 20.78 $ 20.96 $20.21 $21.58 $21.05 $20.76 $ 20.94 $18.29
Income from investment
operations:
Net investment income 1.32 1.42 1.29 1.25 0.47 1.31 1.38 1.24 1.22 1.08
Net realized and
unrealized gain (loss) (1.65) 0.62 0.28 (0.18) 0.74 (1.67) 0.63 0.30 (0.18) 2.66
- ----------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations (0.33) 2.04 1.57 1.07 1.21 (0.36) 2.01 1.54 1.04 3.74
- ----------------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (1.29) (1.39) (1.28) (1.22) (0.45) (1.26) (1.36) (1.25) (1.19) (1.09)
Net realized gain (0.68) (0.12) -- -- -- (0.68) (0.12) -- -- --
Return of capital -- -- -- (0.03) (0.01) -- -- -- (0.03) --
- ----------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.97) (1.51) (1.28) (1.25) (0.46) (1.94) (1.48) (1.25) (1.22) (1.09)
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) (2.30) 0.53 0.29 (0.18) 0.75 (2.30) 0.53 0.29 (0.18) 2.65
- ----------------------------------------------------------------------------------------------------------------
Net asset value, end of
year $ 19.30 $ 21.60 $ 21.07 $ 20.78 $20.96 $19.28 $21.58 $21.05 $ 20.76 $20.94
- ----------------------------------------------------------------------------------------------------------------
Total return (a) (1.59)% 10.04% 7.88% 5.33% 6.08% (1.74)% 9.89% 7.74% 5.17% 21.06%
Ratio to average net as-
sets of (b):
Expenses, net of
waivers and
reimbursements 0.60% 0.60% 0.60% 0.60% 0.60% 0.75% 0.75% 0.75% 0.75% 0.75%
Expenses, before
waivers and
reimbursements 0.98% 0.99% 1.01% 1.08% 1.08% 1.13% 1.14% 1.16% 1.23% 1.23%
Net investment income,
net of waivers and
reimbursements 6.71% 6.83% 6.39% 6.09% 5.59% 6.56% 6.70% 6.27% 5.99% 5.48%
Net investment income,
before waivers and
reimbursements 6.33% 6.44% 5.98% 5.61% 5.11% 6.18% 6.31% 5.86% 5.51% 5.00%
Portfolio turnover rate 72.61% 84.80% 76.30% 101.38% 74.19% 72.61% 84.80% 76.30% 101.38% 74.19%
Net assets at end of
year (in thousands) $62,557 $61,450 $50,554 $ 7,342 $3,704 $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) For the period July 3, 1995 (Class C shares issue date) through November
30, 1995.
See accompanying notes to financial statements.
34
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Intermediate Bond Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------
1999 1998 1997 (a)
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of year $ 20.15 $ 19.89 $ 20.00
Income (loss) from investment operations:
Net investment income 1.10 1.19 0.38
Net realized and unrealized gain (loss) (1.05) 0.27 (0.15)
- -----------------------------------------------------------------------------
Total income from investment operations 0.05 1.46 0.23
- -----------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (1.10) (1.20) (0.34)
Net realized gain (0.12) -- --
- -----------------------------------------------------------------------------
Total distributions to shareholders (1.22) (1.20) (0.34)
- -----------------------------------------------------------------------------
Net increase (decrease) (1.17) 0.26 (0.11)
- -----------------------------------------------------------------------------
Net asset value, end of year $ 18.98 $ 20.15 $ 19.89
- -----------------------------------------------------------------------------
Total return (b) 0.25% 7.55% 1.17%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.36% 0.36% 0.36%
Expenses, before waivers and reimbursements 0.80% 1.09% 2.28%
Net investment income, net of waivers and reim-
bursements 5.65% 6.19% 5.87%
Net investment income, before waivers and reim-
bursements 5.21% 5.46% 3.95%
Portfolio turnover rate 193.44% 93.40% 56.99%
Net assets at end of year (in thousands) $49,414 $30,439 $11,997
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
-----------------
1999 1998 (d)
- ----------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of year $20.13 $20.46
Income (loss) from investment operations:
Net investment income 1.06 0.18
Net realized and unrealized loss (1.10) (0.32)
- ----------------------------------------------------------------------------
Total loss from investment operations (0.04) (0.14)
- ----------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (1.02) (0.19)
Net realized gain (0.12) --
- ----------------------------------------------------------------------------
Total distributions to shareholders (1.14) (0.19)
- ----------------------------------------------------------------------------
Net decrease (1.18) (0.33)
- ----------------------------------------------------------------------------
Net asset value, end of year $18.95 $20.13
- ----------------------------------------------------------------------------
Total return (b) (0.21)% (0.70)%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.75% 0.75%
Expenses, before waivers and reimbursements 1.19% 1.48%
Net investment income, net of waivers and reimbursements 5.26% 5.69%
Net investment income, before waivers and reimbursements 4.82% 4.96%
Portfolio turnover rate 193.44% 93.40%
Net assets at end of year (in thousands) $ 26 $ 41
- ----------------------------------------------------------------------------
</TABLE>
(a) For the period August 1, 1997 (commencement of operations) through
November 30, 1997.
(b) Assumes investment at net asset value at the beginning of the 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 October 5, 1998 (Class D shares issue date) through
November 30, 1998.
See accompanying notes to financial statements.
35
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
International Bond Portfolio
<TABLE>
<CAPTION>
Class A
---------------------------------------------
1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year $ 21.35 $ 20.13 $ 22.16 $ 21.74 $ 19.93
Income (loss) from investment
operations:
Net investment income 0.96 0.98 1.02 1.54 1.26
Net realized and unrealized
gain (loss) (2.07) 1.33 (1.70) 0.43 2.28
- -------------------------------------------------------------------------------
Total income (loss) from in-
vestment operations (1.11) 2.31 (0.68) 1.97 3.54
- -------------------------------------------------------------------------------
Distributions to shareholders:
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 share-
holders (1.38) (1.09) (1.35) (1.55) (1.73)
- -------------------------------------------------------------------------------
Net increase (decrease) (2.49) 1.22 (2.03) 0.42 1.81
- -------------------------------------------------------------------------------
Net asset value, end of year $ 18.86 $ 21.35 $ 20.13 $ 22.16 $ 21.74
- -------------------------------------------------------------------------------
Total return (b) (5.76)% 11.85% (3.02)% 9.47% 18.20%
Ratio to average net assets of:
Expenses, net of waivers and
reimbursements 0.96% 0.96% 0.96% 0.96% 0.96%
Expenses, before waivers and
reimbursements 1.44% 1.52% 1.52% 1.58% 1.47%
Net investment income, net of
waivers and reimbursements 4.89% 5.27% 5.61% 5.91% 5.92%
Net investment income, before
waivers and reimbursements 4.41% 4.71% 5.05% 5.29% 5.41%
Portfolio turnover rate 17.85% 23.76% 29.29% 33.89% 54.46%
Net assets at end of year (in
thousands) $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>
Net asset value, beginning of
year $ 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 year $ 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 year (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.
See accompanying notes to financial statements.
36
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Short-Intermediate Bond Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------
1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of year $ 20.03 $ 20.36 $ 20.70 $ 20.73 $ 19.53
Income (loss) from in-
vestment operations:
Net investment income 1.79 1.84 1.46 1.14 1.02
Net realized and
unrealized gain (loss) (1.36) (0.36) (0.29) (0.01) 1.19
- -------------------------------------------------------------------------------
Total income from invest-
ment operations 0.43 1.48 1.17 1.13 2.21
- -------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (1.69) (1.78) (1.46) (1.16) (1.01)
Net realized gain (0.27) (0.03) (0.05) -- --
- -------------------------------------------------------------------------------
Total distributions to
shareholders (1.96) (1.81) (1.51) (1.16) (1.01)
- -------------------------------------------------------------------------------
Net increase (decrease) (1.53) (0.33) (0.34) (0.03) 1.20
- -------------------------------------------------------------------------------
Net asset value, end of
year $ 18.50 $ 20.03 $ 20.36 $ 20.70 $ 20.73
- -------------------------------------------------------------------------------
Total return (a) 2.25% 7.50% 5.95% 5.68% 11.58%
Ratio to average net as-
sets of:
Expenses, net of waivers
and reimbursements 0.36% 0.36% 0.36% 0.36% 0.36%
Expenses, before waivers
and reimbursements 0.76% 0.76% 0.81% 0.88% 0.91%
Net investment income,
net of waivers and re-
imbursements 9.35% 9.61% 7.68% 5.83% 5.14%
Net investment income,
before waivers and re-
imbursements 8.95% 9.21% 7.23% 5.31% 4.59%
Portfolio turnover rate 88.29% 89.97% 48.49% 47.68% 54.68%
Net assets at end of year
(in thousands) $184,382 $182,999 $201,457 $153,675 $158,678
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
--------------------------------------------
1999 (b) 1998 1997 1996 1995
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year $19.97 $20.31 $20.66 $20.71 $19.53
Income (loss) from investment op-
erations:
Net investment income 1.79 1.78 1.43 1.07 0.94
Net realized and unrealized gain
(loss) (1.43) (0.40) (0.34) (0.02) 1.18
- -------------------------------------------------------------------------------
Total income from investment op-
erations 0.36 1.38 1.09 1.05 2.12
- -------------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (1.61) (1.69) (1.39) (1.10) (0.94)
Net realized gain (0.27) (0.03) (0.05) -- --
- -------------------------------------------------------------------------------
Total distributions to sharehold-
ers (1.88) (1.72) (1.44) (1.10) (0.94)
- -------------------------------------------------------------------------------
Net increase (decrease) (1.52) (0.34) (0.35) (0.05) 1.18
- -------------------------------------------------------------------------------
Net asset value, end of year $18.45 $19.97 $20.31 $20.66 $20.71
- -------------------------------------------------------------------------------
Total return (a) 1.84% 7.08% 5.54% 5.22% 11.09%
Ratio to average net assets of:
Expenses, net of waivers and re-
imbursements 0.75% 0.75% 0.75% 0.75% 0.75%
Expenses, before waivers and re-
imbursements 1.15% 1.15% 1.20% 1.27% 1.30%
Net investment income, net of
waivers and reimbursements 8.96% 9.31% 7.48% 4.96% 4.85%
Net investment income, before
waivers and reimbursements 8.56% 8.91% 7.03% 4.44% 4.30%
Portfolio turnover rate 88.29% 89.97% 48.49% 47.68% 54.68%
Net assets at end of year (in
thousands) $ 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) Financial highlights for the year ended November 30, 1999 were calculated
using average shares outstanding method.
See accompanying notes to financial statements.
37
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
U.S. Government Securities Portfolio
<TABLE>
<CAPTION>
Class A
--------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year $ 20.27 $ 19.99 $ 20.07 $ 20.08 $ 19.05
Income from investment op-
erations:
Net investment income 0.99 1.17 1.21 1.02 1.05
Net realized and
unrealized gain (loss) (0.51) 0.26 (0.07) (0.01) 1.02
- --------------------------------------------------------------------------------
Total income from invest-
ment operations 0.48 1.43 1.14 1.01 2.07
- --------------------------------------------------------------------------------
Distributions to sharehold-
ers:
Net investment income (0.98) (1.15) (1.22) (1.02) (1.04)
Net realized gains (0.29) -- -- -- --
- --------------------------------------------------------------------------------
Total distributions to
shareholders (1.27) (1.15) (1.22) (1.02) (1.04)
- --------------------------------------------------------------------------------
Net increase (decrease) (0.79) 0.28 (0.08) (0.01) 1.03
- --------------------------------------------------------------------------------
Net asset value, end of
year $ 19.48 $ 20.27 $ 19.99 $ 20.07 $ 20.08
- --------------------------------------------------------------------------------
Total return (a) 2.43% 7.36% 5.93% 5.15% 11.18%
Ratio to average net assets
of:
Expenses, net of waivers
and reimbursements 0.36% 0.36% 0.36% 0.36% 0.36%
Expenses, before waivers
and reimbursements 0.77% 0.86% 0.85% 0.94% 1.09%
Net investment income, net
of waivers and reimburse-
ments 5.14% 6.01% 5.86% 5.22% 5.43%
Net investment income, be-
fore waivers and reim-
bursements 4.73% 5.51% 5.37% 4.64% 4.70%
Portfolio turnover rate 50.70% 115.55% 95.73% 119.75% 141.14%
Net assets at end of year
(in thousands) $87,699 $48,317 $43,073 $92,351 $56,329
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
-------------------------------------- ---------------------------------------
1999 1998 1997 1996 (c) 1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of year $ 20.26 $19.98 $ 20.06 $20.13 $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 0.93 1.08 1.16 0.96 0.96
Net realized and
unrealized gain (loss) 0.01 0.26 (0.04) (0.12) (0.53) 0.28 (0.10) (0.03) 1.00
- ---------------------------------------------------------------------------------------------------------
Total income from in-
vestment operations 0.04 1.38 1.10 0.79 0.40 1.36 1.06 0.93 1.96
- ---------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.08) (1.10) (1.18) (0.86) (0.90) (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) (1.19) (1.08) (1.15) (0.94) (0.97)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) (0.33) 0.28 (0.08) (0.07) (0.79) 0.28 (0.09) (0.01) 0.99
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of
year $ 19.93(d) $20.26 $ 19.98 $20.06 $19.43 $20.22 $19.94 $20.03 $ 20.04
- ---------------------------------------------------------------------------------------------------------
Total return (a) 7.10% 5.67% 4.05% 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%
Expenses, before waiv-
ers and reimbursements 1.10% 1.09% 1.18% 1.16% 1.25% 1.24% 1.33% 1.48%
Net investment income,
net of waivers and
reimbursements 5.77% 5.63% 4.97% 4.75% 5.55% 5.50% 4.83% 5.08%
Net investment income,
before waivers and
reimbursements 5.27% 5.14% 4.39% 4.34% 5.05% 5.01% 4.25% 4.35%
Portfolio turnover rate 115.55% 95.73% 119.75% 50.70% 115.55% 95.73% 119.75% 141.14%
Net assets at end of
year (in thousands) $3,942 $ 3,118 $3,535 $ 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) For the period December 29, 1995 (Class C shares issue date) through
November 30, 1996.
(d) Class C shares were fully redeemed as of February 10, 1999.
See accompanying notes to financial statements.
38
<PAGE>
Northern Institutional Funds
Fixed Income Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
U.S. Treasury Index Portfolio
<TABLE>
<CAPTION>
Class A
-------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year $ 21.77 $ 20.81 $ 20.60 $ 20.78 $ 18.77
Income (loss) from investment
operations:
Net investment income 1.09 1.23 1.26 1.19 1.11
Net realized and unrealized
gain (loss) (1.54) 0.97 0.20 (0.18) 2.01
- --------------------------------------------------------------------------------
Total income (loss) from in-
vestment operations (0.45) 2.20 1.46 1.01 3.12
- --------------------------------------------------------------------------------
Distributions to sharehold-
ers:
Net investment income (1.07) (1.24) (1.25) (1.19) (1.11)
- --------------------------------------------------------------------------------
Total distributions to share-
holders (1.07) (1.24) (1.25) (1.19) (1.11)
- --------------------------------------------------------------------------------
Net increase (decrease) (1.52) 0.96 0.21 (0.18) 2.01
- --------------------------------------------------------------------------------
Net asset value, end of year $ 20.25 $ 21.77 $ 20.81 $ 20.60 $ 20.78
- --------------------------------------------------------------------------------
Total return (a) (2.10)% 10.92% 7.44% 5.10% 16.95%
Ratio to average net assets
of:
Expenses, net of waivers and
reimbursements 0.26% 0.26% 0.26% 0.26% 0.26%
Expenses, before waivers and
reimbursements 0.77% 0.77% 0.82% 1.04% 0.89%
Net investment income, net
of waivers and
reimbursements 5.24% 5.73% 6.36% 5.93% 5.09%
Net investment income, be-
fore waivers and
reimbursements 4.73% 5.22% 5.80% 5.15% 4.46%
Portfolio turnover rate 84.77% 69.84% 72.61% 42.49% 80.36%
Net assets at end of year (in
thousands) $22,033 $22,085 $33,839 $26,273 $17,674
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
----------------- ---------------------------------------------
1999 1998 (c) 1999(d) 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of year $21.81 $22.28 $21.74 $20.77 $20.57 $20.75 $18.77
Income (loss) from in-
vestment operations:
Net investment income 0.96 0.21 1.05 1.13 1.20 1.17 1.00
Net realized and
unrealized gain (loss) (1.50) (0.52) (1.59) 1.00 0.18 (0.24) 2.03
- ------------------------------------------------------------------------------------------
Total income (loss) from
investment operations (0.54) (0.31) (0.54) 2.13 1.38 0.93 3.03
- ------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (1.02) (0.16) (0.98) (1.16) (1.18) (1.11) (1.05)
- ------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.02) (0.16) (0.98) (1.16) (1.18) (1.11) (1.05)
- ------------------------------------------------------------------------------------------
Net increase (decrease) (1.56) (0.47) (1.52) 0.97 0.20 (0.18) 1.98
- ------------------------------------------------------------------------------------------
Net asset value, end of
year $20.25 $21.81 $20.22 $21.74 $20.77 $20.57 $20.75
- ------------------------------------------------------------------------------------------
Total return (a) (2.49)% (1.39)% (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% 0.65% 0.65% 0.65% 0.65% 0.65%
Expenses, before waiv-
ers and reimbursements 1.01% 1.01% 1.16% 1.16% 1.21% 1.43% 1.28%
Net investment income,
net of waivers and
reimbursements 5.00% 5.22% 4.85% 5.35% 6.07% 5.57% 5.41%
Net investment income,
before waivers and
reimbursements 4.49% 4.71% 4.34% 4.84% 5.51% 4.79% 4.78%
Portfolio turnover rate 84.77% 69.84% 84.77% 69.84% 72.61% 42.49% 80.36%
Net assets at end of
year (in thousands) $ 194 $ 17 $ 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 year ended November 30, 1999 were calculated
using average shares outstanding method.
See accompanying notes to financial statements.
39
<PAGE>
The Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- --------------------------------------------------------
Balanced Portfolio
<C> <S> <C>
COMMON STOCKS--53.5%
Advertising--1.2%
10,400 Interpublic Group of Cos., Inc. $ 489
8,000 Lamar Advertising Co. 459
-------
948
-------
Aerospace/Defense--0.5%
9,500 Boeing Co. 388
-------
Banks--2.7%
6,400 Bank of America Corp. 374
1,500 Fuji Bank Ltd. 179
8,000 SouthTrust Corp. 310
4,900 State Street Corp. 360
10,700 Wells Fargo Co. 498
5,500 Zions Bancorp 355
-------
2,076
-------
Beverages--0.4%
5,000 Coca-Cola (The) Co. 337
-------
Biotechnology--1.1%
4,600 Genentech, Inc. 395
11,000 Monsanto Co. 464
-------
859
-------
Chemicals--0.6%
7,700 du Pont (E.I.) de Nemours & Co. 458
-------
Commercial Services--0.7%
13,500 Paychex, Inc. 539
-------
Computers--4.8%
10,650 Cisco Systems, Inc.* 950
9,600 Computer Sciences Corp. 626
8,300 EMC Corp. 694
4,400 International Business Machines Corp. 453
7,800 Sun Microsystems, Inc.* 1,032
-------
3,755
-------
Cosmetics/Personal Care--0.6%
4,500 Procter & Gamble Co. 486
-------
Diversified Financial Services--3.5%
8,300 Capital One Financial Corp. 386
11,500 Citigroup, Inc. 619
6,500 Freddie Mac 433
819 Goldman Sachs Group, Inc. 62
15,500 MBNA Corp. 391
4,500 Merrill Lynch & Co. 363
3,800 Morgan Stanley Dean Witter & Co. 458
-------
2,712
-------
Electrical Component & Equipment--0.6%
3,000 Hitachi Ltd. 414
500 SDL, Inc. 86
-------
500
-------
Electronics--1.9%
2,263 Agilent Technologies, Inc. 95
7,800 Linear Technology Corp. 554
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
6,000 Solectron Corp.* $ 494
8,000 Vitesse Semiconductor Corp. 361
-------
1,504
-------
Health Care--2.1%
8,000 Guidant Corp. 400
8,000 Johnson & Johnson Co. 830
10,800 Medtronic, Inc. 420
-------
1,650
-------
Insurance--0.8%
6,187 American International Group, Inc. 639
-------
Leisure Time--0.4%
6,000 Royal Caribbean Cruises Ltd. 296
-------
Media--3.4%
4,000 Adelphia Communications, Inc. 225
6,500 CBS Corp. 338
14,200 Charter Communications, Inc. 329
3,500 Clear Channel Communications 281
6,000 Comcast Corp., Class A 271
16,000 Disney (The Walt) Co. 446
4,500 Hispanic Broadcasting Corp. 371
6,400 Time Warner, Inc. 395
-------
2,656
-------
Miscellaneous Manufacturing--3.8%
6,000 Corning, Inc. 562
14,000 General Electric Co. 1,820
13,600 Tyco International Ltd. 545
-------
2,927
-------
Oil & Gas Producers--3.4%
4,500 Chevron Corp. 399
6,600 Ensco International, Inc. 132
16,800 EOG Resources, Inc. 311
15,800 Exxon Mobil Corp. 1,253
10,100 Royal Dutch Petroleum Co. ADR 586
-------
2,681
-------
Oil & Gas Services--0.7%
3,800 BJ Services Co. 131
7,100 Schlumberger Ltd. ADR 426
-------
557
-------
Pharmaceuticals--3.0%
12,100 Bristol-Myers Squibb Co. 884
4,200 Lilly (Eli) & Co. 301
6,800 Merck & Co., Inc. 534
8,100 Pfizer, Inc. 293
6,900 Schering-Plough Corp. 353
-------
2,365
-------
Pipelines--0.4%
7,400 Enron Corp. 282
-------
Retail--4.3%
21,600 Blockbuster, Inc.* 342
10,300 Home Depot, Inc. 814
4,100 Kohl's Corp.* 296
</TABLE>
See accompanying notes to financial statements.
40
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ----------------------------------------------------
<C> <S> <C>
3,000 Tandy Corp. $ 230
28,000 Walgreen Co. 815
15,300 Wal-Mart Stores, Inc. 882
-------
3,379
-------
Semiconductors--4.2%
4,500 Altera Corp. 242
7,200 Applied Materials, Inc. 701
11,800 Intel Corp. 905
13,000 National Semiconductor Corp. 552
5,600 Texas Instruments, Inc. 538
3,500 Xilinx, Inc. 313
-------
3,251
-------
Software--2.8%
4,200 America Online, Inc. 305
500 Ariba, Inc. 94
1,500 Aspect Development, Inc. 76
3,000 Electronic Arts, Inc. 315
9,000 Fiserv, Inc. 320
8,900 Microsoft Corp.* 810
3,000 Open Market, Inc. 112
1,200 Siebel Systems, Inc. 86
600 Veritas Software Corp. 58
-------
2,176
-------
Telecommunication Equipment--3.2%
4,000 E-Tek Dynamics, Inc. 300
10,000 Lucent Technologies, Inc. 731
3,000 Motorola, Inc. 343
6,000 Nortel Networks Corp. 444
255 Sycamore Networks, Inc. 57
6,800 Tellabs, Inc.* 441
6,400 Williams Communications Group 191
-------
2,507
-------
Telecommunications--0.6%
810 KPNQwest NV 31
12,000 Qwest Communications International 410
-------
441
-------
Telephone--1.5%
4,000 BellSouth Corp. 185
6,800 MCI WorldCom, Inc.* 562
5,000 Nippon Telegraph & Telephone Corp. 446
-------
1,193
-------
Textiles--0.3%
5,400 Cintas Corp. 248
- ----------------------------------------------------
TOTAL COMMON STOCKS (Cost $27,570) 41,810
- ----------------------------------------------------
PREFERRED STOCK--1.1%
Agency--1.1%
1,000 Home Ownership Funding Corp.(/1/) 830
- ----------------------------------------------------
TOTAL PREFERRED STOCK (Cost $1,000) 830
- ----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
- -----------------------------------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES--2.9%
Automotive--1.9%
Carmax Auto Owner Trust,
Series 1999-1, Class A3
$1,000 6.76% Due 8/15/03 $1,002
Chevy Chase Auto Receivables Trust,
Series 1997-4, Class A
386 6.25 Due 6/15/04 383
Western Financial Grantor Trust,
Series 1995-5, Class A-1
75 5.875 Due 3/1/02 76
------
1,461
------
Equipment Leasing--0.8%
IKON Receivables LLC,
Series 1999-2, Class A3A
610 6.59 Due 8/15/03 607
------
Home Equity Loans--0.2%
IMC Excess Cashflow Securities Trust,
Series 1997-A, Class A(/1/)
306 7.41 Due 11/26/28 122
- -----------------------------------------------------------------------------
TOTAL ASSET-BACKED SECURITIES (Cost $2,361) 2,190
- -----------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS--4.4%
Commercial Mortgage Asset Trust,
Series 1999-CI, Class A3
300 6.64 Due 9/17/10 285
Credit Suisse First Boston Mortgage Securities Corp.,
Series 1998-C2, Class A1
368 5.96 Due 12/15/07 352
Donaldson, Lufkin & Jenrette
Mortgage Acceptance Corp.,
Series 1994-QS, Class 2-A1
127 7.25 Due 5/25/24 131
First Union-Lehman Brothers-Bank of America Commercial
Mortgage Trust, Series 1998-C2, Class A2
510 6.56 Due 11/18/08 489
General Motors Acceptance Corp. Commercial Mortgage
Securities, Inc.,
Series 1999-C3, Class A1B
345 7.273 Due 8/15/09 345
Lehman Brothers Commercial Conduit Mortgage Trust, Series
1999-C1, Class A2
680 6.78 Due 4/15/09 659
Mortgage Capital Funding, Inc. Commercial Mortgage Backed
Security, Series 1998-MC1, Class A2
260 6.663 Due 1/18/08 251
Nationslink Funding Corp.,
Series 1999-1, Class A2
1,000 6.316 Due 11/20/08 946
- -----------------------------------------------------------------------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,613) 3,458
- -----------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
41
<PAGE>
The Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Principal
Amount Description Value
- ----------------------------------------------------------
Balanced Portfolio--(Continued)
<C> <S> <C>
CORPORATE AND FOREIGN GOVERNMENT
BONDS--9.4%
Auto Manufacturers--0.5%
Daimler Chrysler NA Holding
$ 415 6.90% Due 9/1/04 $ 413
-------
Computer--0.6%
Electronic Data Systems Corp.
460 6.85 Due 10/15/04 457
-------
Environmental Services--0.9%
Waste Management, Inc.
800 7.10 Due 8/1/26, puttable 8/1/03 732
-------
Financial--6.6%
Bank One Corp.
795 6.40 Due 8/1/02 785
Bunge Trade Ltd. (/1/)
330 9.25 Due 5/1/02 319
CIT Group, Inc.
620 6.50 Due 6/14/02 615
Diageo Capital PLC
935 6.625 Due 6/24/04 922
Ford Motor Credit Co.
800 6.00 Due 1/14/03 781
Lumbermen's Mutual Casualty Co. (/1/)
460 9.15 Due 7/1/26 448
90 8.45 Due 12/1/97 77
Salomon, Inc. Medium Term Note
650 6.65 Due 7/15/01 648
Transamerica Finance
550 7.25 Due 8/15/02 551
-------
5,146
-------
Telecommunications--0.8%
MCI WorldCom, Inc.
615 6.125 Due 8/15/01 610
- ----------------------------------------------------------
TOTAL CORPORATE AND FOREIGN GOVERNMENT BONDS
(Cost $7,621) 7,358
- ----------------------------------------------------------
U.S. GOVERNMENT AGENCIES--6.9%
Fannie Mae--3.2%
1,355 5.625 Due 5/14/04 1,306
1,355 5.25 Due 1/15/09 1,214
-------
2,520
-------
Fannie Mae REMIC Trust--3.1%
Series 92-200, Class E
2 6.25 Due 6/25/17 2
Pool #440700
1,234 6.00 Due 11/1/28 1,144
Pool #452421
1,341 6.00 Due 12/1/28 1,243
-------
2,389
-------
Freddie Mac REMIC Trust--0.6%
Pool #C18079
541 6.00 Due 11/1/28 502
- ----------------------------------------------------------
Principal
Amount Description Value
- ----------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCIES
(Cost $5,697) $ 5,411
- ----------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--11.4%
U.S. Treasury Notes--9.7%
$ 775 7.75% Due 2/15/01 791
4,220 6.625 Due 7/31/01 4,263
2,415 7.50 Due 2/15/05 2,550
--------
7,604
--------
U.S. Treasury Inflationary Index--1.7%
1,300 3.625 Due 1/15/08 1,302
- ----------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $9,119) 8,906
- ----------------------------------------------------------
FLOATING RATE BANK NOTES--0.8%
Lloyds Bank PLC
520 5.5625 Due 12/15/99 454
National Westminster Bank
225 6.25 Due 2/29/00 190
- ----------------------------------------------------------
TOTAL FLOATING RATE BANK NOTES
(Cost $671) 644
- ----------------------------------------------------------
SHORT-TERM INVESTMENT--9.8%
(Cost $7,675)
Chase Manhattan Bank, London,
Eurodollar Time Deposit,
$7,675 5.688 Due 12/1/99 7,675
- ----------------------------------------------------------
TOTAL INVESTMENTS--100.2%
(Cost $65,327) $ 78,282
- ----------------------------------------------------------
Liabilities, less other assets--(0.2%) (188)
- ----------------------------------------------------------
NET ASSETS--100.0% $ 78,094
==========================================================
</TABLE>
*Non-income producing security.
(/1/) At November 30, 1999, the Portfolio owned restricted securities valued
at approximately $1,796 (2.3% of net assets), with an aggregate cost basis of
$2,268. 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 Trustees.
See accompanying notes to financial statements.
42
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ---------------------------------------------------------
Diversified Growth Portfolio
<C> <S> <C>
COMMON STOCKS--98.4%
Advertising--2.1%
45,700 Interpublic Group of Cos., Inc. $ 2,148
30,400 Lamar Advertising Co. 1,744
--------
3,892
--------
Aerospace & Defense--0.8%
38,900 Boeing (The) Co. 1,588
--------
Banks--5.3%
30,800 Bank of America Corp. 1,802
11,900 Fuji Bank Ltd. 1,423
35,300 Southtrust Corp. 1,370
22,700 State Street Corp. 1,667
51,400 Wells Fargo & Co. 2,390
23,000 Zions Bancorp 1,485
--------
10,137
--------
Beverages--1.0%
27,000 Coca-Cola (The) Co. 1,817
--------
Biotechnology--2.0%
20,100 Genentech, Inc. 1,726
48,500 Monsanto Co. 2,046
--------
3,772
--------
Chemicals--1.0%
32,000 du Pont (E.I.) de Nemours & Co. 1,902
--------
Commercial Services--1.1%
51,400 Paychex, Inc. 2,053
--------
Computers--8.3%
44,250 Cisco Systems, Inc.* 3,947
42,800 Computer Sciences Corp.* 2,793
34,700 EMC Corp.* 2,900
17,800 International Business Machines Corp. 1,834
32,900 Sun Microsystems, Inc.* 4,350
--------
15,824
--------
Cosmetics & Personal Care--1.3%
22,000 Procter & Gamble Co. 2,376
--------
Diversified Financial Services--6.4%
40,800 Capital One Financial Corp. 1,900
55,400 Citigroup, Inc. 2,985
23,800 Fannie Mae 1,586
3,822 Goldman Sachs Group, Inc.* 287
66,800 MBNA Corp. 1,687
17,500 Merrill Lynch & Co., Inc. 1,411
18,700 Morgan Stanley Dean Witter & Co. 2,256
--------
12,112
--------
Shares Description Value
- ---------------------------------------------------------
Electrical Components & Equipment--1.2%
13,000 Hitachi Ltd. $ 1,794
2,500 SDL, Inc. 428
--------
2,222
--------
Electronics--2.7%
10,629 Agilent Technologies, Inc. 448
28,800 Linear Technology Corp. 2,047
16,700 Solectron Corp.* 1,376
29,400 Vitesse Semiconductor Corp. 1,325
--------
5,196
--------
Food--0.7%
47,222 Keebler Foods Co.* 1,301
--------
Health Care--3.9%
35,000 Guidant Corp. 1,750
34,200 Johnson & Johnson 3,548
51,500 Medtronic, Inc. 2,002
--------
7,300
--------
Insurance--1.4%
25,718 American International Group, Inc. 2,655
--------
Leisure Time--0.7%
28,000 Royal Caribbean Cruises Ltd. 1,382
--------
Media--5.8%
16,000 Adelphia Communications, Inc. 900
28,000 CBS Corp. 1,456
63,600 Charter Communications, Inc. 1,475
13,000 Clear Channel Communications, Inc. 1,045
24,500 Comcast Corp., Class A 1,107
70,000 Disney (The Walt) Co. 1,951
18,700 Hispanic Broadcasting Corp. 1,540
25,700 Time Warner, Inc. 1,585
--------
11,059
--------
Miscellaneous Manufacturing--6.6%
25,000 Corning, Inc. 2,342
59,800 General Electric Co. 7,774
61,400 Tyco International Ltd. 2,460
--------
12,576
--------
Oil & Gas Producers--7.1%
18,800 Chevron Corp. 1,665
28,700 ENSCO International, Inc. 574
72,800 EOG Resources, Inc. 1,347
71,000 Exxon Mobil Corp. 5,631
38,800 Royal Dutch Petroleum Co. ADR 2,250
32,800 Schlumberger Ltd. ADR 1,970
--------
13,437
--------
Oil & Gas Services--0.3%
16,500 BJ Services Co. 567
--------
</TABLE>
See accompanying notes to financial statements.
43
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
- ------------------------------------------------------------
Diversified Growth Portfolio--(Continued)
<C> <S> <C>
Pharmaceuticals--5.6%
53,900 Bristol-Myers Squibb Co. $ 3,938
19,900 Lilly (Eli) & Co. 1,428
27,500 Merck & Co., Inc. 2,159
39,400 Pfizer, Inc. 1,426
33,600 Schering-Plough Corp. 1,718
--------
10,669
--------
Pipelines--0.7%
34,900 Enron Corp. 1,328
--------
Retail--9.1%
95,200 Blockbuster, Inc.* 1,505
60,900 Home Depot (The), Inc. 4,815
32,300 Kohl's Corp.* 2,332
16,700 Tandy Corp. 1,280
93,500 Walgreen Co. 2,723
80,200 Wal-Mart Stores, Inc. 4,621
--------
17,276
--------
Semiconductors--7.5%
20,000 Altera Corp. 1,077
23,500 Applied Materials, Inc. 2,290
57,900 Intel Corp. 4,440
60,800 National Semiconductor Corp. 2,584
25,200 Texas Instruments, Inc. 2,421
16,700 Xilinx, Inc. 1,495
--------
14,307
--------
Software--5.2%
17,800 America Online, Inc. 1,294
2,000 Ariba, Inc. 374
7,000 Aspect Development, Inc. 353
11,000 Electronic Arts, Inc. 1,154
59,800 Fiserv, Inc. 2,123
37,900 Microsoft Corp.* 3,451
12,000 Open Market, Inc. 448
5,300 Siebel Systems, Inc. 382
2,400 VERITAS Software Corp. 231
--------
9,810
--------
Telecommunications--1.0%
3,684 KPNQwest NV 141
50,000 Qwest Communications International 1,709
--------
1,850
--------
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
- ------------------------------------------------------------------
<C> <S> <C>
Telecommunication Equipment--5.7%
16,000 E-Tek Dynamics, Inc. $ 1,200
43,000 Lucent Technologies, Inc. 3,142
15,000 Motorola, Inc. 1,714
23,500 Nortel Networks Corp. 1,739
1,119 Sycamore networks, Inc. 248
31,800 Tellabs, Inc.* 2,063
24,600 Williams Communication Group 733
--------
10,839
--------
Telephone--3.3%
44,100 BellSouth Corp. 2,037
28,400 MCI WorldCom, Inc.* 2,348
21,000 Nippon Telegraph & Telephone Corp. 1,874
--------
6,259
--------
Textiles--0.6%
24,900 Cintas Corp. 1,144
- ------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $120,218) $186,650
- ------------------------------------------------------------------
SHORT-TERM INVESTMENT--3.0%
(Cost $5,627)
$ 5,627 Chase Manhattan Bank, London,
Eurodollar Time Deposit, 5.688% Due 12/1/99 $ 5,627
- ------------------------------------------------------------------
TOTAL INVESTMENTS--101.4%
(Cost $125,845) $192,277
- ------------------------------------------------------------------
Liabilities, less other assets--(1.4)% (2,724)
- ------------------------------------------------------------------
NET ASSETS--100.0% $189,553
- ------------------------------------------------------------------
- ------------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
44
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ----------------------------------------------------
Equity Index Portfolio
COMMON STOCKS--98.1%
Advertising--0.2%
35,900 Interpublic Group of Cos., Inc. $ 1,687
22,800 Omnicom Group, Inc. 2,009
--------
3,696
--------
Aerospace/Defense--1.1%
122,600 Boeing (The) Co. 5,004
25,400 General Dynamics Corp. 1,310
14,000 Goodrich (B.F.) Co. 316
70,600 Honeywell International, Inc. 4,223
50,408 Lockheed Martin Corp. 1,002
8,800 Northrop Grumman Corp. 494
42,900 Raytheon Co., Class B 1,316
3,518 Teledyne Technologies 31
61,600 United Technologies Corp. 3,480
--------
17,176
--------
Airlines--0.2%
19,600 AMR Corp. 1,193
17,900 Delta Air Lines, Inc. 882
64,312 Southwest Airlines Co. 1,049
9,400 U.S. Airways Group, Inc.* 263
--------
3,387
--------
Apparel--0.2%
8,100 Liz Claiborne, Inc. 303
35,900 NIKE, Inc., Class B 1,651
7,100 Reebok International Ltd.* 64
4,400 Russell Corp. 57
15,300 VF Corp. 457
--------
2,532
--------
Auto Manufacturers--1.0%
154,600 Ford Motor Co. 7,807
82,800 General Motors Corp. 5,962
8,420 Navistar International Corp.* 313
10,020 PACCAR, Inc. 412
--------
14,494
--------
Auto Parts/Equipment--0.2%
9,700 Cooper Tire & Rubber Co. 146
21,184 Dana Corp. 588
72,198 Delphi Automotive Systems 1,137
19,900 Goodyear Tire & Rubber (The) Co. 672
15,400 TRW, Inc. 804
--------
3,347
--------
Banks--5.7%
50,200 AmSouth Bancorp 1,133
220,386 Bank of America Corp. 12,893
93,800 Bank of New York Co., Inc. 3,740
149,742 Bank One Corp. 5,278
40,200 BB&T Corp. 1,291
106,192 Chase Manhattan Corp. 8,203
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ----------------------------------------------------
20,000 Comerica, Inc. $ 1,060
38,475 Fifth Third Bancorp 2,693
122,156 First Union Corp. 4,726
126,738 Firstar Corp. 3,295
117,690 Fleet Boston Financial Corp. 4,450
29,525 Huntington Bancshares, Inc. 817
57,200 KeyCorp 1,544
66,500 Mellon Financial Corp. 2,423
22,700 Morgan (J.P.) & Co., Inc. 2,985
78,900 National City Corp. 1,968
38,800 PNC Bank Corp. 2,163
28,600 Regions Financial Corp. 785
13,400 Republic New York Corp. 947
21,400 SouthTrust Corp. 831
20,600 State Street Corp. 1,513
21,900 Summit Bancorp 714
41,100 SunTrust Bank, Inc. 2,872
34,600 Synovus Financial Corp. 692
92,817 U.S. Bancorp 3,173
18,200 Union Planters Corp. 776
25,900 Wachovia Corp. 2,006
211,060 Wells Fargo & Co. 9,814
--------
84,785
--------
Beverages--2.3%
59,600 Anheuser-Busch Cos., Inc. 4,459
8,700 Brown-Forman Corp., Class B 545
54,200 Coca-Cola Enterprises 1,148
315,100 Coca-Cola (The) Co. 21,210
4,700 Coors (Adolph) Co., Class B 234
186,700 PepsiCo, Inc. 6,453
--------
34,049
--------
Biotechnology--0.6%
130,800 Amgen, Inc. 5,960
80,600 Monsanto Co. 3,400
--------
9,360
--------
Building Materials--0.2%
5,100 Armstrong World Industries, Inc. 171
56,500 Masco Corp. 1,427
7,000 Owens Corning Corp. 110
12,900 Vulcan Materials Co. 519
--------
2,227
--------
Chemicals--1.2%
29,300 Air Products & Chemicals, Inc. 949
9,300 Ashland, Inc. 314
28,100 Dow Chemical Co. 3,291
133,859 du Pont (E.I.) de Nemours & Co. 7,956
9,975 Eastman Chemical Co. 388
15,987 Engelhard Corp. 269
7,500 Great Lakes Chemical Corp. 249
13,500 Hercules, Inc. 321
20,100 Praxair, Inc. 897
27,126 Rohm & Haas Co. 993
</TABLE>
See accompanying notes to financial statements.
45
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ---------------------------------------------------------------
Equity Index Portfolio--Continued
Chemicals--Continued
21,700 Sherwin-Williams Co. $ 465
12,900 Sigma-Aldrich Corp. 369
17,000 Union Carbide Corp. 995
8,800 W.R. Grace & Co.* 120
--------
17,576
--------
Commercial Services--0.5%
91,711 Cendant Corp.* 1,519
10,000 Deluxe Corp. 262
16,700 Donnelley (R.R.) & Sons Co. 401
21,000 Dun & Bradstreet (The) Corp. 567
16,600 Ecolab, Inc. 575
18,400 Equifax, Inc. 455
12,400 H&R Block, Inc. 533
35,410 McKesson HBOC, Inc. 828
31,400 Paychex, Inc. 1,254
14,700 Quintiles Transnational Corp.* 324
34,700 Service Corp. International 262
--------
6,980
--------
Computers--9.0%
46,200 3Com Corp.* 1,839
13,200 Adaptec, Inc.* 711
20,300 Apple Computer, Inc.* 1,987
22,000 Cabletron Systems, Inc.* 505
18,400 Ceridian Corp.* 398
414,750 Cisco Systems, Inc.* 36,991
217,157 Compaq Computer Corp. 5,307
20,300 Computer Sciences Corp.* 1,325
323,900 Dell Computer Corp.* 13,928
62,900 Electronic Data Systems Corp. 4,045
131,331 EMC Corp.* 10,974
40,000 Gateway, Inc.* 3,055
129,600 Hewlett-Packard Co. 12,296
230,800 International Business Machines Corp. 23,787
16,400 Lexmark International Group, Inc., Class A* 1,361
9,200 Network Appliance, Inc.* 1,083
26,600 Seagate Technology, Inc.* 984
24,100 Silicon Graphics, Inc.* 227
98,800 Sun Microsystems, Inc.* 13,066
39,000 Unisys Corp.* 1,121
--------
134,990
--------
Cosmetics/Personal Care--2.3%
7,200 Alberto-Culver Co., Class B 189
33,400 Avon Products, Inc. 1,217
74,600 Colgate-Palmolive Co. 4,094
138,400 Gillette Co. 5,562
13,500 International Flavors & Fragrances, Inc. 497
67,984 Kimberly-Clark Corp. 4,342
169,700 Procter & Gamble Co. 18,328
--------
34,229
--------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------
Distributions/Wholesale--0.2%
28,003 Costco Wholesale Corp.* $ 2,568
22,875 Genuine Parts Co. 589
--------
3,157
--------
Diversified Financial Services--5.2%
57,500 American Express Co. 8,700
93,014 Associates First Capital Corp., Class A 3,093
15,603 Bear Stearns Cos., Inc. 637
25,200 Capital One Financial Corp. 1,173
431,580 Citigroup, Inc. 23,251
14,400 Countrywide Credit Industries, Inc. 405
130,900 Fannie Mae 8,721
32,200 Franklin Resources, Inc. 1,012
88,800 Freddie Mac 4,385
61,199 Household International, Inc. 2,421
15,200 Lehman Brothers Holdings, Inc. 1,161
102,430 MBNA Corp. 2,586
47,000 Merrill Lynch & Co., Inc. 3,789
72,849 Morgan Stanley, Dean Witter & Co. 8,787
18,700 Paine Webber Group, Inc. 733
15,400 Price (T. Rowe) Associates 554
18,200 Providian Financial Corp. 1,440
104,250 Schwab (Charles) Corp. 3,955
20,800 SLM Holding Corp. 1,031
--------
77,834
--------
Electric--1.8%
26,300 AES Corp. 1,524
17,500 Ameren Corp. 606
24,600 American Electric Power Co. 772
20,400 Carolina Power & Light Co. 615
27,200 Central & South West Corp. 544
20,310 Cinergy Corp. 514
15,000 CMS Energy Corp. 499
29,000 Consolidated Edison, Inc. 1,001
19,100 Constellation Energy Group, Inc. 562
24,500 Dominion Resources, Inc. 1,112
18,500 DTE Energy Co. 612
46,543 Duke Energy Corp. 2,359
44,300 Edison International 1,174
31,500 Entergy Corp. 868
30,000 FirstEnergy Corp. 699
12,500 Florida Progress Corp. 534
23,000 FPL Group, Inc. 1,006
16,100 GPU, Inc. 515
19,800 Molex, Inc. 1,000
14,700 New Century Energies, Inc. 462
23,900 Niagara Mohawk Power Corp.* 359
19,600 Northern States Power Co. 401
24,500 PECO Energy Co. 807
49,000 PG&E Corp. 1,096
20,100 PP&L Resources, Inc. 464
10,800 Pinnacle West Capital Corp. 358
28,000 Public Service Enterprise Group, Inc. 980
37,818 Reliant Energy, Inc. 938
</TABLE>
See accompanying notes to financial statements.
46
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ----------------------------------------------------------
87,200 Southern Co. $ 2,038
35,812 Texas Utilities Co. 1,283
27,700 Unicom Corp. 885
--------
26,587
--------
Electrical Components/Equipment--0.2%
55,600 Emerson Electric Co. 3,169
--------
Electronics--0.7%
22,000 Analog Devices 1,264
16,100 Honeywell, Inc. 1,802
10,900 Johnson Controls, Inc. 594
5,600 Millipore Corp. 184
13,825 Parker Hannifin Corp. 651
13,000 PE Corp.-PE Biosystems Group 1,061
5,800 Perkin-Elmer Corp. 239
34,300 Solectron Corp.* 2,825
6,000 Tektronix, Inc. 204
21,800 Teradyne, Inc.* 950
20,200 Thermo Electron Corp.* 303
7,300 Thomas & Betts Corp. 299
--------
10,376
--------
Engineering/Construction--0.0%
9,700 Fluor Corp. 408
5,200 Foster Wheeler Corp. 53
--------
461
--------
Entertainment--0.1%
16,300 Harrah's Entertainment, Inc.* 450
25,400 Mirage Resorts, Inc.* 325
--------
775
--------
Environmental Control--0.1%
24,000 Allied Waste Industries, Inc. 195
77,785 Waste Management, Inc. 1,264
--------
1,459
--------
Food--2.2%
53,680 Albertson's, Inc. 1,714
78,878 Archer-Daniels-Midland Co. 981
35,700 Bestfoods 1,957
55,700 Campbell Soup Co. 2,486
62,400 ConAgra, Inc. 1,505
39,000 General Mills, Inc. 1,470
4,900 Great Atlantic & Pacific Tea Co., Inc. 125
45,900 Heinz (H.J.) Co. 1,922
17,800 Hershey Foods Corp. 874
51,700 Kellogg Co. 1,751
105,500 Kroger Co.* 2,248
41,500 Nabisco Group Holdings Corp. 480
17,200 Quaker Oats Co. 1,122
41,600 Ralston-Ralston Purina Group 1,235
65,100 Safeway, Inc.* 2,401
115,400 Sara Lee Corp. 2,798
17,700 SUPERVALU, Inc. 344
42,300 Sysco Corp. 1,610
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -------------------------------------------------
73,025 Unilever N.V. $ 3,975
19,000 Winn-Dixie Stores, Inc. 498
14,800 Wrigley (W.M.) Jr. Co. 1,231
--------
32,727
--------
Forest Products/Paper--0.6%
7,200 Boise Cascade Corp. 249
12,200 Champion International Corp. 676
28,200 Fort James Corp. 811
21,900 Georgia-Pacific Corp. 872
52,444 International Paper Co. 2,737
13,700 Louisiana-Pacific Corp. 168
13,000 Mead Corp. 464
3,700 Potlatch Corp. 150
7,100 Temple-Inland, Inc. 406
12,750 Westvaco Corp. 385
30,100 Weyerhaeuser Co. 1,844
14,200 Willamette Industries, Inc. 588
--------
9,350
--------
Gas--0.1%
3,400 Eastern Enterprises 193
6,100 NICOR, Inc. 212
4,000 ONEOK, Inc. 108
4,500 Peoples Energy Corp. 165
30,693 Sempra Energy* 568
--------
1,246
--------
Hand/Machine Tools--0.1%
11,100 Black & Decker Corp. 498
11,900 Grainger (W.W.), Inc. 561
4,700 Milacron, Inc. 68
8,400 Snap-On, Inc. 254
11,300 Stanley Works (The) 352
--------
1,733
--------
Health Care--2.5%
8,500 Allergan, Inc.* 836
6,600 Bard (C.R.), Inc. 358
7,300 Bausch & Lomb, Inc. 400
37,200 Baxter International, Inc. 2,513
31,900 Becton, Dickinson & Co. 869
14,400 Biomet, Inc. 456
52,800 Boston Scientific Corp.* 1,115
72,595 Columbia/HCA Healthcare Corp. 1,978
38,600 Guidant Corp. 1,930
53,000 HEALTHSOUTH Corp.* 301
21,400 Humana, Inc.* 150
171,800 Johnson & Johnson 17,824
9,100 Mallinckrodt, Inc. 303
14,150 Manor Care, Inc.* 284
149,200 Medtronic, Inc. 5,800
10,800 St. Jude Medical, Inc.* 287
39,700 Tenet Healthcare Corp.* 886
</TABLE>
See accompanying notes to financial statements.
47
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------
Equity Index Portfolio--Continued
Health Care--Continued
22,100 United Healthcare Corp. $ 1,148
8,600 Wellpoint Health Networks, Class A* 495
--------
37,933
--------
Holding Companies--Diversified--0.2%
54,700 Seagram (The) Co. Ltd. 2,383
--------
Home Builders--0.0%
7,600 Centex Corp. 181
4,500 Fleetwood Enterprises, Inc. 95
6,100 Kaufman & Broad Home Corp. 135
5,500 Pulte Corp. 110
--------
521
--------
Home Furnishings--0.1%
25,000 Leggett & Platt, Inc. 536
11,300 Maytag Corp. 539
9,600 Whirlpool Corp. 586
--------
1,661
--------
Household Products/Wares--0.2%
8,600 American Greetings Corp., Class A 203
14,500 Avery-Dennison Corp. 861
30,100 Clorox Co. 1,341
21,300 Fortune Brands, Inc. 728
4,400 Jostens, Inc. 81
7,400 Tupperware Corp. 132
1,231 Water Pik Technologies, Inc. 9
--------
3,355
--------
Housewares--0.1%
36,002 Newell Rubbermaid, Inc. 1,181
--------
Insurance--3.1%
19,157 Aetna, Inc. 1,046
34,100 AFLAC, Inc. 1,633
101,930 Allstate Corp. 2,669
32,070 American General Corp. 2,351
197,731 American International Group, Inc. 20,416
32,700 Aon Corp. 1,167
22,500 Chubb (The) Corp. 1,205
23,700 CIGNA Corp. 1,949
21,100 Cincinnati Financial Corp. 707
41,363 Conseco, Inc. 838
29,000 Hartford Financial Services Group, Inc. 1,354
13,537 Jefferson-Pilot Corp. 919
25,600 Lincoln National Corp. 1,067
14,000 Loews Corp. 896
33,650 Marsh & McLennan Cos., Inc. 2,646
12,700 MBIA, Inc. 635
13,900 MGIC Investment Corp. 785
9,300 Progressive Corp. 749
17,400 SAFECO Corp. 412
28,944 St. Paul Cos., Inc. 874
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -------------------------------------------------------
17,000 Torchmark Corp. $ 540
30,421 UnumProvident Corp. 991
--------
45,849
--------
Iron/Steel--0.1%
12,313 Allegheny Technologies, Inc. 310
16,700 Bethlehem Steel Corp.* 104
11,100 Nucor Corp. 560
11,300 USX-U.S. Steel Group, Inc. 286
--------
1,260
--------
Leisure Time--0.2%
11,700 Brunswick Corp. 255
78,329 Carnival Corp., Class A 3,456
--------
3,711
--------
Lodging--0.1%
33,000 Hilton Hotels Corp. 332
31,900 Marriott International, Inc. 1,039
--------
1,371
--------
Machinery--Construction/Mining--0.1%
45,400 Caterpillar, Inc. 2,105
--------
Machinery--Diversified--0.3%
3,000 Briggs & Stratton Corp. 160
5,400 Cummins Engine Co., Inc. 219
29,600 Deere & Co. 1,271
27,300 Dover Corp. 1,184
21,150 Ingersoll-Rand Co. 1,024
7,500 McDermott International, Inc. 64
1,000 NACCO Industries, Inc., Class A 48
24,300 Rockwell International Corp. 1,206
--------
5,176
--------
Media--3.3%
97,290 CBS Corp.* 5,059
43,100 Clear Channel Communications, Inc.* 3,464
95,700 Comcast Corp., Class A 4,324
263,000 Disney (The Walt) Co.* 7,331
11,600 Dow Jones & Co., Inc. 703
35,700 Gannett Co., Inc. 2,555
10,100 Knight-Ridder, Inc. 551
25,300 McGraw-Hill Cos., Inc. 1,434
77,300 MediaOne Group, Inc.* 6,126
6,600 Meredith Corp. 250
22,500 New York Times Co., Class A 865
165,000 Time Warner, Inc. 10,178
7,600 Times Mirror Co., Class A 491
30,200 Tribune Co. 1,451
88,200 Viacom, Inc., Class B* 4,388
--------
49,170
--------
Metal Fabricate/Hardware--0.0%
7,900 Timken (The) Co. 151
11,775 Worthington Industries, Inc. 188
--------
339
--------
</TABLE>
See accompanying notes to financial statements.
48
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------------
Metals--Diversified--0.4%
28,900 Alcan Aluminium Ltd. $ 983
47,200 Alcoa, Inc. 3,092
20,900 Freeport-McMoRan Copper & Gold Inc., Class B* 330
24,500 Inco Ltd.* 450
7,400 Phelps Dodge Corp. 385
41,600 Placer Dome, Inc. 473
8,200 Reynolds Metals Co. 513
--------
6,226
--------
Mining--0.1%
49,800 Barrick Gold Corp. 896
11,550 Cyprus Amax Minerals Co. 209
33,200 Homestake Mining Co. 274
21,397 Newmont Mining Corp. 507
--------
1,886
--------
Miscellaneous Manufacturing--5.5%
12,100 Cooper Industries, Inc. 520
31,200 Corning, Inc. 2,923
8,700 Crane Co. 160
18,200 Danaher Corp. 894
40,400 Eastman Kodak Co. 2,500
9,200 Eaton Corp. 712
4,100 FMC Corp.* 199
418,900 General Electric Co. 54,457
38,300 Illinois Tool Works, Inc. 2,480
11,200 ITT Industries, Inc. 391
51,400 Minnesota Mining & Manufacturing Co. 4,912
5,200 National Service Industries, Inc. 154
15,966 Pall Corp. 374
5,600 Polaroid Corp. 108
22,200 PPG Industries, Inc. 1,300
19,300 Textron, Inc. 1,372
213,436 Tyco International Ltd. 8,551
--------
82,007
--------
Office/Business Equipment--0.3%
34,300 Pitney Bowes, Inc. 1,644
84,500 Xerox Corp. 2,287
--------
3,931
--------
Oil/Gas Producers--5.3%
11,500 Amerada Hess Corp. 666
15,500 Anadarko Petroleum Corp. 467
14,300 Apache Corp. 512
41,100 Atlantic Richfield Co. 3,961
27,752 Burlington Resources, Inc. 933
83,700 Chevron Corp. 7,413
27,200 Coastal Corp. 959
80,131 Conoco, Inc., Class B 2,098
410,000 Exxon Mobil Corp. 35,016
6,300 Helmerich & Payne, Inc. 143
11,013 Kerr-McGee Corp. 630
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -------------------------------------------------------
44,400 Occidental Petroleum Corp. $ 974
32,200 Phillips Petroleum Co. 1,540
10,600 Rowan Cos., Inc.* 182
273,900 Royal Dutch Petroleum Co. 15,886
11,600 Sunoco, Inc. 297
70,500 Texaco, Inc. 4,296
19,400 Tosco Corp. 525
32,176 Union Pacific Resources Group, Inc. 420
30,900 Unocal Corp. 1,025
39,400 USX-Marathon Group, Inc. 1,042
--------
78,985
--------
Oil/Gas Services--0.5%
41,840 Baker Hughes, Inc. 1,056
56,300 Halliburton Co. 2,178
69,900 Schlumberger Ltd. 4,198
--------
7,432
--------
Packing/Containers--0.1%
3,900 Ball Corp. 145
6,700 Bemis Co. 211
15,600 Crown Cork & Seal Co., Inc. 318
19,900 Owens-Illinois, Inc.* 476
21,700 Pactiv Corp.* 222
10,706 Sealed Air Corp.* 503
--------
1,875
--------
Pharmaceuticals--7.5%
194,200 Abbott Laboratories 7,380
12,900 ALZA Corp. 557
167,300 American Home Products Corp. 8,700
253,600 Bristol-Myers Squibb Co. 18,529
34,750 Cardinal Health, Inc. 1,818
139,496 Lilly (Eli) & Co. 10,009
299,200 Merck & Co., Inc. 23,487
494,800 Pfizer, Inc. 17,906
64,720 Pharmacia & Upjohn, Inc. 3,539
188,000 Schering-Plough Corp. 9,612
108,600 Warner-Lambert Co. 9,740
12,200 Watson Pharmaceutical, Inc.* 454
--------
111,731
--------
Pipelines--0.5%
10,600 Columbia Energy Group 665
12,200 Consolidated Natural Gas Co. 782
29,100 El Paso Energy Corp. 1,120
90,300 Enron Corp. 3,437
55,200 Williams (The) Cos., Inc. 1,863
--------
7,867
--------
Retail--6.3%
19,100 Autozone, Inc.* 526
17,800 Bed Bath & Beyond, Inc.* 556
26,100 Best Buy Co., Inc.* 1,631
25,700 Circuit City Stores, Inc. 1,246
14,000 Consolidated Stores Corp. 221
</TABLE>
See accompanying notes to financial statements.
49
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
Equity Index Portfolio--Continued
Retail--Continued
49,900 CVS Corp. $ 1,980
17,100 Darden Restaurants, Inc. 305
56,500 Dayton-Hudson Corp. 3,987
13,700 Dillards, Inc., Class A 259
28,250 Dollar General 692
26,600 Federated Department Stores, Inc.* 1,252
109,775 Gap (The), Inc. 4,446
9,100 Harcourt General, Inc. 301
189,200 Home Depot (The), Inc. 14,959
19,000 IKON Office Solutions, Inc. 127
63,200 Kmart Corp.* 628
20,800 Kohl's Corp.* 1,502
27,200 Limited (The), Inc. 1,154
5,000 Longs Drug Stores, Inc. 126
48,700 Lowe's Cos., Inc. 2,426
42,700 MAY Department Stores Co. 1,436
173,400 McDonald's Corp. 7,803
18,100 Nordstrom, Inc. 503
47,800 Office Depot, Inc.* 532
33,700 Penney (J.C.) Co., Inc. 752
6,700 Pep Boys-Manny, Moe & Jack 65
33,100 Rite Aid Corp. 250
48,700 Sears, Roebuck & Co. 1,665
59,400 Staples, Inc.* 1,396
24,700 Tandy Corp. 1,893
41,100 TJX Cos., Inc. 1,076
31,700 Toys "R" Us, Inc.* 555
19,630 Tricon Global Restaurants* 815
127,900 Walgreen Co. 3,725
568,400 Wal-Mart Stores, Inc. 32,754
15,800 Wendy's International, Inc. 349
--------
93,893
--------
Savings/Loans--0.2%
7,200 Golden West Financial Corp.* 727
73,961 Washington Mutual, Inc. 2,145
--------
2,872
--------
Semiconductors--3.6%
18,700 Advanced Micro Devices, Inc. 528
47,600 Applied Materials, Inc.* 4,638
422,000 Intel Corp. 32,362
11,300 KLA-Tencor Corp.* 956
18,300 LSI Logic Corp.* 1,106
32,000 Micron Technology, Inc.* 2,148
21,500 National Semiconductor Corp.* 914
100,100 Texas Instruments, Inc. 9,616
20,100 Xilinx, Inc. 1,799
--------
54,067
--------
Software--7.5%
15,600 Adobe Systems, Inc. 1,072
282,800 America Online, Inc. 20,556
7,500 Autodesk, Inc. 220
79,000 Automatic Data Processing, Inc. 3,901
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------
30,100 BMC Software, Inc.* $ 2,192
11,700 Citrix Systems, Inc.* 1,110
68,525 Computer Associates International, Inc. 4,454
45,600 Compuware Corp.* 1,542
55,200 First Data Corp. 2,387
40,500 IMS Health, Inc. 954
651,800 Microsoft Corp.* 59,344
43,000 Novell, Inc.* 841
183,800 Oracle Corp.* 12,464
34,600 Parametric Technology Corp.* 785
30,700 Peoplesoft, Inc.* 578
3,400 Shared Medical Systems Corp. 149
--------
112,549
--------
Telecommunication Equipment--4.3%
19,100 ADC Telecommunications, Inc.* 1,018
10,530 Andrew Corp. 147
8,900 Comverse Technology, Inc.* 1,076
22,000 General Instrument Corp. 1,441
390,876 Lucent Technologies, Inc. 28,558
77,500 Motorola, Inc. 8,854
169,520 Nortel Networks Corp. 12,544
20,500 QUALCOMM, Inc.* 7,427
9,500 Scientific-Atlanta, Inc. 554
50,000 Tellabs, Inc.* 3,244
--------
64,863
--------
Telecommunications--0.9%
96,305 Global Crossing Ltd.* 4,201
46,100 Nextel Communications, Inc., Class A* 4,570
56,150 Sprint Corp. (PCS Group)* 5,152
--------
13,923
--------
Telephone--7.6%
39,000 ALLTEL Corp. 3,374
408,055 AT&T Corp. 22,800
198,260 Bell Atlantic Corp. 12,552
240,700 BellSouth Corp. 11,117
17,800 CenturyTel, Inc. 819
125,300 GTE Corp. 9,147
238,970 MCI WorldCom, Inc.* 19,760
435,578 SBC Communications, Inc. 22,623
110,500 Sprint Corp. (FON Group)* 7,666
64,332 U.S. West, Inc. 3,993
--------
113,851
--------
Textiles--0.0%
2,300 Springs Industries, Inc. 92
--------
Tobacco--0.6%
304,900 Philip Morris Cos., Inc. 8,023
22,500 UST, Inc. 599
--------
8,622
--------
Toys/Games/Hobbies--0.1%
24,912 Hasbro, Inc. 537
53,245 Mattel, Inc. 762
--------
1,299
--------
</TABLE>
See accompanying notes to financial statements.
50
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
<C> <S> <C>
- ------------------------------------------------------------------------------
Transportation--0.5%
59,995 Burlington Northern Santa Fe
Corp. $ 1,740
27,800 CSX Corp. 989
38,020 FDX Corp.* 1,604
14,100 Kansas City Southern Industries 840
42,200 Laidlaw, Inc. 258
48,500 Norfolk Southern Corp. 1,037
31,600 Union Pacific Corp. 1,487
----------
7,955
----------
Trucking/Leasing--0.0%
9,000 Ryder System, Inc. 203
- ------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $925,869) 1,469,846
- ------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATION--0.3%
(Cost $4,957) U.S. Treasury Bill, #
$ 4,980 4.68%, 1/6/00 4,957
- ------------------------------------------------------------------------------
SHORT-TERM INVESTMENT--2.5%
(Cost $37,807) Chase Manhattan Bank, London,
Eurodollar Time Deposit,
37,807 5.688%, 12/1/99 37,807
- ------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.9%
(Cost $968,633) $1,512,610
- ------------------------------------------------------------------------------
Liabilities, less other assets--(0.9)% (14,468)
- ------------------------------------------------------------------------------
NET ASSETS--100.0% $1,498,142
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Number of Notional Contract Contract Unrealized
Type Contracts Amount Position Expiration Gain
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
S&P(R) 500 83 $28,874 Long December, 1999 $152
- -----------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
#Security pledged to cover initial margin requirements for open futures
contracts.
See accompanying notes to financial statements.
51
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
Focused Growth Portfolio
COMMON STOCKS--99.1%
Advertising--1.2%
20,000 Interpublic Group of Cos., Inc. $ 940
25,000 Lamar Advertising Co., Class A* 1,434
--------
2,374
--------
Banks--2.0%
50,000 Bank of Tokyo-Mitsubishi Ltd. 737
10,000 Fuji Bank Ltd. 1,196
40,000 Wells Fargo Co. 1,860
--------
3,793
--------
Biotechnology--1.8%
20,426 Genetech, Inc.* 1,754
41,200 Monsanto Co. 1,738
--------
3,492
--------
Commercial Services--0.4%
20,000 Paychex, Inc. 799
--------
Computers--6.5%
56,000 Cisco Systems, Inc.* 4,994
30,000 EMC Corp. 2,507
22,000 International Business Machines Corp. 2,267
20,000 Sun Microsystems, Inc.* 2,645
--------
12,413
--------
Cosmetics/Personal Care--0.8%
15,000 Procter & Gamble Co. 1,620
--------
Diversified Financial Services--5.6%
11,300 American Express Company 1,710
42,000 Capital One Financial Corp. 1,956
30,000 Fannie Mae 1,999
30,000 Freddie Mac 1,481
95,350 MBNA Corp. 2,408
10,000 Morgan Stanley, Dean Witter & Co. 1,206
--------
10,760
--------
Electronics--7.7%
24,180 Agilent Technologies, Inc.* 1,020
20,000 Analog Devices* 1,149
20,000 DII Group, Inc.* 1,262
25,300 Linear Technology Corp. 1,798
22,000 Sanmina Corp.* 2,115
29,200 Solectron Corp.* 2,405
22,439 Symbol Technologies, Inc. 1,070
40,000 Teradyne, Inc.* 1,743
48,000 Vitesse Semiconductor Corp.* 2,163
--------
14,725
--------
Food--0.5%
34,000 Keebler Foods Co.* 937
--------
Health Care--3.9%
10,000 Allergan, Inc. 984
30,000 Guidant Corp. 1,500
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -------------------------------------------------------
25,000 Johnson & Johnson $ 2,594
60,000 Medtronic, Inc. 2,332
--------
7,410
--------
Insurance--2.8%
36,500 American International Group, Inc. 3,769
27,500 MGIC Investment Corp. 1,554
--------
5,323
--------
Leisure Time--0.6%
25,000 Royal Caribbean Cruises Ltd. 1,234
--------
Media--9.1%
22,500 Adelphia Communications * 1,265
30,000 AT&T--Liberty Media Group* 1,254
12,500 Cablevision Systems Corp., Class A* 857
169,967 Charter Communications * 3,941
20,000 Clear Channel Communications 1,607
50,000 Comcast Corp., Class A 2,259
18,000 Hispanic Broadcasting Corp.* 1,483
30,000 Infinity Broadcasting Corp.* 1,093
44,737 Insight Communications* 1,107
60,000 Sinclair Broadcast Group, Inc.* 690
32,626 Spanish Broadcasting System* 1,036
20,000 Viacom Inc.* 996
--------
17,588
--------
Miscellaneous Manufacturing--4.5%
17,500 Corning Inc. 1,640
40,000 General Electric Co. 5,200
47,000 Tyco International Ltd. 1,883
--------
8,723
--------
Oil & Gas Producers--4.3%
30,000 Apache Corp. 1,074
27,500 Burlington Resources Inc. 925
10,000 Chevron Corp. 886
43,850 Conoco Inc. 1,154
67,000 EOG Resources Inc. 1,240
36,550 Exxon Mobil Corp.* 2,899
--------
8,178
--------
Oil & Gas Services--1.6%
30,000 Schlumberger Ltd. 1,802
30,000 Smith International Inc. 1,196
--------
2,998
--------
Pharmaceuticals--2.5%
30,000 Bristol-Myers Squibb Co. 2,192
15,000 Lilly (Eli) & Co. 1,076
30,000 Schering-Plough Corp. 1,534
--------
4,802
--------
Pipelines--1.2%
60,000 Enron Corp. 2,284
--------
</TABLE>
See accompanying notes to financial statements.
52
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ---------------------------------------------------
Retail--9.6%
50,000 Blockbuster, Inc.* $ 791
35,000 Circuit City Stores 1,697
24,350 Dayton-Hudson Corp. 1,718
42,000 Home Depot Inc. 3,321
35,000 Kohl's Corp.* 2,527
20,000 Tandy Corp. 1,532
58,400 Walgreen Co. 1,701
90,000 Wal-Mart Stores, Inc. 5,186
--------
18,473
--------
Semiconductors--7.1%
35,000 Altera Corp.* 1,885
13,000 Applied Materials, Inc.* 1,267
36,700 Intel Corp. 2,814
20,000 LSI Logic Corp.* 1,209
50,000 National Semiconductor Corp.* 2,125
25,000 Texas Instruments, Inc. 2,402
22,500 Xilinx, Inc.* 2,014
--------
13,716
--------
Software--9.6%
25,000 America Online, Inc. 1,817
20,000 Backweb Technologies* 650
25,000 Electronic Arts, Inc.* 2,622
15,000 Inktomi Corp.* 1,936
25,000 Intuit, Inc.* 1,250
30,000 Lycos, Inc.* 1,680
45,000 Microsoft Corp.* 4,097
30,000 NDS Group, PLC* 911
30,000 Open Market, Inc.* 1,104
10,000 Razorfish, Inc.* 732
12,500 RealNetworks, Inc.* 1,744
--------
18,543
--------
Telecommunication Equipment--7.3%
15,000 Comverse Technology, Inc.* 1,813
17,500 E-Tek Dynamics, Inc.* 1,313
15,000 Harmonic, Inc.* 902
20,000 Lucent Technologies, Inc. 1,461
20,000 Motorola, Inc. 2,285
14,358 Next Level Communications, Inc.* 927
20,000 Nortel Networks Corp. 1,480
4,536 TeleCorp PCS, Inc.* 164
33,000 Tellabs, Inc.* 2,141
54,000 Williams Communications Group* 1,610
--------
14,096
--------
Telecommunications--6.7%
35,000 Amdocs Ltd.* 1,231
10,000 General Motors Corp., Class H 856
13,684 KPNQwest NV* 523
25,000 McLeodUSA, Inc.* 1,075
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
<C> <S> <C>
- ---------------------------------------------------------------
30,000 Nextel Communications, Inc.* $ 2,974
10,000 Orange PLC ADR* 1,485
35,000 Qwest Communications International * 1,197
22,000 United Pan-Europe Communications NV ADR* 2,128
30,000 Vodafone AirTouch PLC ADR 1,416
---------
12,885
---------
Telephone--1.8%
27,500 MCI WorldCom, Inc.* 2,274
12,500 Nippon Telegraph & Telephone Corp. ADR 1,116
---------
3,390
- ---------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $130,989) 190,556
- ---------------------------------------------------------------
SHORT-TERM INVESTMENT--0.7% (Cost $1,300)
Chase Manahattan Bank, London,
Eurodollar Time Deposit,
$1,300 5.688% Due 12/1/99 1,300
- ---------------------------------------------------------------
TOTAL INVESTMENTS--99.8%
(Cost $132,289) $ 191,856
- ---------------------------------------------------------------
Other assets, less liabilities--0.2% 398
- ---------------------------------------------------------------
NET ASSETS--100.0% $ 192,254
- ---------------------------------------------------------------
- ---------------------------------------------------------------
</TABLE>
*Non-income producing security.
See accompanying notes to financial statements.
53
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ----------------------------------------------------------
International Equity Index Portfolio
COMMON STOCKS--93.9%
Australia--2.2%
3,800 Amcor Ltd. $ 16
3,100 AMP Diversified Property Trust 4
6,470 AMP Ltd. 61
1,800 Ashton Mining Ltd. 1
2,166 Australian Gas Light Co. Ltd. 12
7,699 Boral Ltd. 11
1,320 Brambles Industries Ltd. 36
850 British American Tobacco Australia 8
9,840 Broken Hill Proprietary Co. Ltd. 108
3,500 Burns, Philp & Co. Ltd.* 1
6,090 Coca-Cola Amatil Ltd. 19
7,026 Coles Myer Ltd. 36
6,297 Colonial Ltd. 25
900 CSL Ltd. 12
6,200 CSR Ltd. 15
2,700 David Jones Ltd. 3
1,300 Delta Gold NL 2
2,261 Email Ltd. 3
1,275 Evans Deakin Industries Ltd. 2
1,131 Faulding (F.H.) & Co. Ltd. 7
10,470 Foster's Brewing Group Ltd. 28
3,970 Futuris Corp. Ltd. 5
9,776 General Property Trust 16
4,234 GIO Australia Holdings Ltd. 7
578 Gold Fields Ltd. --
8,350 Goodman Fielder Ltd. 8
408 Homestake Mining Co. 3
1,517 Iluka Resources Ltd. 4
2,800 James Hardie Industries Ltd. 7
1,800 Leighton Holdings Ltd. 7
3,081 Lend Lease Corp. Ltd. 39
11,532 M.I.M. Holdings Ltd. 10
2,329 Mayne Nickless Ltd. 6
1,200 Metal Manufactures Ltd. 2
8,352 National Australia Bank Ltd. 121
1,600 Newcrest Mining Ltd.* 5
11,416 News Corp. Ltd. 99
12,059 Normandy Mining Ltd. 9
5,144 North Ltd. 10
1,814 Orica Ltd. 10
7,000 Pacific Dunlop Ltd.* 9
5,500 Pioneer International Ltd. 16
672 Publishing & Broadcasting Ltd. 4
2,636 QBE Insurance Group Ltd. 10
4,315 QCT Resources Ltd. 3
1,414 Resolute Ltd. --
1,726 RIO Tinto Ltd. 30
4,100 Santos Ltd. 11
1,314 Smith (Howard) Ltd. 9
764 Sons of Gwalia Ltd. 2
4,172 Southcorp Ltd. 15
4,100 Star City Holdings Ltd. 4
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------------
2,359 Stockland Trust Group $ 5
1,200 Suncorp-Metway Ltd. 6
2,050 TABCORP Holdings Ltd. 14
29,040 Telstra Corp. Ltd. 169
1,773 Wesfarmers Ltd. 13
9,192 Westfield Trust 18
10,502 Westpac Banking Corp. Ltd. 71
6,825 WMC Ltd. 31
6,862 Woolworths Ltd. 23
260 Zimbabwe Platinum Mines Ltd* --
-------
1,241
-------
Austria--0.2%
19 Austria Mikro Systeme International A.G. 1
122 Austria Tabakwerke A.G. 6
168 Austrian Airlines Osterreichische A.G. 3
654 Bank Austria A.G. 35
30 BAU Holdings A.G. 1
58 BBAG Oesterreichische Brau-Beteiligungs A.G. 2
70 Boehler-Uddeholm A.G. 3
12 BWT A.G. 2
135 Flughafen Wien A.G. 5
44 Generali Holding Vienna A.G. 6
26 Lenzing A.G. 1
78 Mayr-Melnhof Karton A.G. 3
72 Nevia Beteiligungs A.G.* 1
181 Oesterreichische Elektrizitaetswirtschafts A.G. 23
189 OMV A.G. 17
90 Radex-Heraklith Industriebeteiligungs A.G. 2
33 Universale-Bau A.G. 1
94 VA Technologies A.G. 6
400 Wienerberger Baustoffindustrie A.G. 8
-------
126
-------
Belgium--1.0%
50 Barco Industries 6
140 Bekaert N.V. 7
120 Cimenteries CBR Cementbedrisven 12
350 Colruyt N.V. 18
50 Compagnie Maritime Belge S.A. 2
40 D'ieteren Trading N.V. 16
287 Delhaize-Le Lion 22
35 Dolmen Computer Applications N.V. 1
310 Electrabel S.A. 99
4,140 Fortis A.G., Class B 142
50 Glaverbel S.A. 4
180 Groupe Bruxelles Lambert S.A. 31
1,642 KBC Bancassurance Holding 77
465 Solvay S.A. 35
480 Tractebel 78
840 UCB S.A. 34
150 Union Miniere Group 6
-------
590
-------
</TABLE>
See accompanying notes to financial statements.
54
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------------
Denmark--0.8%
12 Aarhus Oliefabrik A/S, Class A $ --
12 Aarhus Oliefabrik A/S, Class B, Limited Voting --
91 Bang & Olufsen Holdings A/S, Class B 3
257 Carlsberg A/S, Class A 10
204 Carlsberg A/S, Class B 8
7 Dampskibsselskabet af 1912 A/S, Class B 74
5 Dampskibsselskabet Svendborg A/S, Class B 76
391 Danisco A/S 16
260 Den Danske Bank 30
85 Det Ostasiatiske Kompagni A/S* 1
328 FLS Industries A/S, Class B 9
242 GN Store Nord A/S 9
198 International Service System A/S, Class B* 12
82 Korn-OG Foderstofkomp 2
6 Lauritzen (J.) Holding A/S* 1
45 NKT Holdings A/S 3
447 Novo-Nordisk A/S, Class B 58
45 Radiometer A/S, Class B 2
308 SAS Danmark A/S 3
164 Superfos A/S 4
1,210 Tele Danmark A/S 78
360 Unidanmark A/S, Class A 27
-------
426
-------
Finland--2.3%
100 Amer Group Ltd., Class A 2
200 Asko OYJ 3
400 Hartwall OYJ AB, Class A 5
100 Instrumentarium Group OYJ, Class A 3
1,000 Kemira OYJ 6
700 Kesko OYJ* 7
300 Kone OYJ, Class B 12
4,930 Merita Ltd. 30
100 Metra OYJ, Class A 2
200 Metra OYJ, Class B 3
500 Metso OYJ* 5
7,130 Nokia OYJ 1,009
800 Outokumpu OYJ, Class A 9
100 Pohjola Group Insurance Corp., Class A 6
100 Pohjola Group Insurance Corp., Class B 6
1,100 Raisio Group PLC 7
800 Rautaruukki OYJ, Class K 5
500 Sampo Insurance Co. Ltd., Class A 16
2,640 Sonera Group OYJ 109
100 Stockman AB, Class A 2
200 Stockman AB, Class B 3
400 Tieto Corp. OYJ 18
1,580 UPM-Kymmene OYJ 53
-------
1,321
-------
France--9.1%
250 Accor S.A. 57
1,060 Air Liquide 156
1,160 Alcatel S.A. 225
2,070 Axa 279
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ---------------------------------------------------------------------------
1,341 Banque Nationale de Paris $ 123
10 Bongrain S.A. 3
175 Bouygues 81
760 Canal Plus 63
450 Cap Gemini S.A. 80
2,080 Carrefour Supermarche S.A. 362
50 Chargeurs S.A. 3
100 Club Mediterranee 10
50 Coflexip Stena Offshore 4
537 Compagnie de Saint Gobain 91
100 Compagnie Francaise d'Ettudes et de Construction Technip 10
50 Compagnie Generale de Geophysique S.A. 3
75 Compagnie Parisienne de Reescompte 3
600 Dassault Systemes S.A. 28
7 Elf Aquitaine S.A. 1
215 Eridania Beghin-Say S.A. 24
60 Essilor International S.A. 17
500 Etablissements Economiques du Casino 62
5,825 France Telecom S.A. 675
66 Gecina 8
445 Groupe Danone 103
100 Groupe GTM 9
100 Imerys 13
400 L'OREAL 263
1,400 Lafarage S.A. 132
850 Lagardere S.C.A. 40
220 Legrand S.A. 46
560 LVMH Moet Hennessy Louis Vuitton 182
918 Michelin, Class B 37
100 Natexis 7
100 Nord-Est S.A. 3
970 Paribas 108
400 Pechiney S.A. 23
350 Pernod-Ricard 20
685 Pinault Printemps-Redoute S.A. 143
150 Primagaz Cie 13
350 PSA Peugeot Citroen 69
2,200 Rhone-Poulenc, Class A 136
75 Sagem S.A. 29
2,820 Sanofi-Synthelabo S.A.* 116
950 Schneider Electric S.A. 64
50 SEB S.A. 3
300 SEITA 15
250 Sidel S.A. 23
100 Simco S.A. 8
100 Skis Rossignol S.A. 1
350 Societe BIC S.A. 14
21 Societe Eurafrance S.A. 12
610 Societe Generale, Class A 131
260 Sodexho Alliance S.A. 47
150 Sommer-Allibert 4
872 Suez Lyonnaise des Eaux 128
1,000 Thomson CSF 29
3,749 Total Fina S.A. 498
</TABLE>
See accompanying notes to financial statements.
55
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ----------------------------------------------------------------------
International Equity Index Portfolio--Continued
France--Continued
630 Total Fina S.A. VVPR $ --
50 Union du Credit-Bail Immobilier 6
1,600 Usinor S.A. 24
554 Valeo S.A. 37
3,005 Vivendi 241
20 Zodiac S.A. 4
-------
5,149
-------
Germany--8.6%
300 Adidas-Salomon A.G. 22
250 Agiv A.G. 5
1,370 Allianz A.G. 401
350 AMB Aachener & Muenchener Beteilgungs-A.G. (Bearer) 23
200 Axa Colonia Konzern A.G. 19
3,740 BASF A.G. 173
4,360 Bayer A.G. 184
550 Beiersdorf A.G. 37
200 Bilfinger & Berger Bau A.G. 4
450 Buderus A.G. 7
800 Continental A.G. 16
5,607 DaimlerChrysler A.G. 382
3,650 Deutsche Bank A.G. 241
2,600 Deutsche Lufthansa A.G. (Registered) 57
16,850 Deutsche Telekom A.G. 965
400 Deutz A.G.* 2
200 Douglas Holdings A.G. 9
3,080 Dresdner Bank A.G. 145
450 FAG Kugelfischer Georg Schaefer A.G. 3
320 Heidelberger Zement A.G. 23
500 Hochtief A.G. 19
2,497 HypoVereinsbank A.G. 155
100 IWKA A.G. 2
500 Karstadt A.G. 17
550 Linde A.G. 27
750 MAN A.G.* 23
2,200 Mannesmann A.G. 457
1,150 Merck KGaA 34
1,590 Metro A.G. 85
1,060 Muenchener Ruckversicherungs-Gesellschaft A.G. 221
963 Preussag A.G. 48
100 Rheinmetall A.G. 2
2,820 RWE A.G. 107
350 SAP A.G. 115
450 Schering A.G. 53
150 SGL Carbon A.G. 8
3,560 Siemens A.G. 359
3,500 Thyssen Krupp A.G.* 92
2,990 Veba A.G. 146
4,080 Viag A.G. 67
1,850 Volkswagen A.G. 87
-------
4,842
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------
Hong Kong--2.4%
10,000 Applied International Holdings Ltd. $ --
9,304 Bank of East Asia Ltd.* 22
21,000 Cathay Pacific Airways Co. 40
15,000 Cheung Kong Ltd. 169
12,000 Chinese Estates Holdings Ltd. 2
15,000 CLP Holdings Ltd. 70
2,000 Dickson Concepts International Ltd 2
5,000 Elec & Eltek International Holdings Ltd. 1
6,000 Giordano International Ltd. 6
9,000 Hang Lung Development Co. 9
11,300 Hang Seng Bank Ltd. 125
29,292 Hong Kong & China Gas Co. Ltd. 38
8,500 Hong Kong & Shanghai Hotels Ltd. 5
1,200 Hong Kong Aircraft Engineering Co. Ltd. 2
3,000 Hong Kong Construction Holdings Ltd. 1
67,200 Hong Kong Telecommunications Ltd. 183
5,600 Hopewell Holdings Ltd. 3
22,000 Hutchinson Whampoa Ltd. 270
7,222 Hysan Development Co. Ltd. 9
6,300 Johnson Electric Holdings Ltd. 45
3,000 Miramar Hotel & Investment Ltd. 3
69 New World China Land Ltd.* --
12,974 New World Development Co. Ltd. 26
12,000 Oriental Press Group 1
2,000 Playmates Toys Holdings Ltd. --
26,400 Regal Hotels International* 2
13,000 Shangri-La Asia Ltd. 15
12,155 Shun Tak Holdings Ltd. 3
22,963 Sino Land Co. 11
14,000 South China Morning Post Holdings Ltd. 12
2,000 Stelux Holdings* --
15,172 Sun Hung Kai Properties Ltd. 139
9,000 Swire Pacific Ltd. 52
5,000 Tai Cheung Holdings Ltd. 1
2,000 Television Broadcasts Ltd. 13
2,000 Varitronix International Ltd. 38
15,000 Wharf Holdings Ltd. 4
1,700 Wing Lung Bank Ltd. 7
-------
1,329
-------
Ireland--0.4%
5,210 Allied Irish Banks PLC 67
308 Clondalkin Group PLC Units 3
329 Crean (James) PLC --
2,300 CRH PLC 47
609 DCC PLC 4
9,240 Eircom PLC 37
2,146 Fyffes PLC 4
1,415 Greencore Group PLC 4
1,937 Independent Newspapers PLC 10
189 Irish Continental Group PLC 2
1,746 Irish Life & Permanent PLC 17
298 Jurys Hotel Group PLC 2
1,107 Kerry Group PLC, Class A 13
329 Oakhill Group PLC* --
</TABLE>
See accompanying notes to financial statements.
56
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------------
1,102 Ryanair Holdings PLC* $ 11
7,413 Smurfit (Jefferson) Group PLC 20
1,671 Tullow Oil PLC* 2
5,578 Waterford Wedgewood PLC Units 5
-------
248
-------
Italy--3.6%
10,000 Alitalia S.p.A. 24
1,000 Arnoldo Mondadori Editore S.p.A. 20
6,160 Assicurazioni Generali 177
11,000 Banca Commerciale Italiana 56
15,000 Banca Intesa S.p.A. 64
5,000 Banca Intesa-RNC S.p.A. 9
2,000 Banco Popolare di Milano 11
12,000 Benetton Group S.p.A. 24
8,080 Beni Stabili S.p.A. 3
2,000 Bulgari S.p.A. 15
1,000 Cartiere Burgo S.p.A. 7
2,200 Cementir S.p.A. 3
4,000 Edison S.p.A. 30
46,640 ENI S.p.A. 256
1,000 Falck S.p.A. 7
2,440 Fiat S.p.A. 67
530 Fiat-RNC S.p.A. 7
5,000 Impregilo S.p.A. 3
23,760 Instituto Nationale delle Assicurazioni S.p.A. 66
1,000 Italcementi S.p.A. 12
1,000 Italcementi-RNC S.p.A. 4
5,000 Italgas S.p.A. 20
2,100 Magneti Marelli 7
7,000 Mediaset S.p.A. 80
3,000 Mediobanca S.p.A. 28
17,160 Montedison S.p.A. 26
2,600 Montedison-RNC S.p.A. 2
19,240 Olivetti S.p.A.* 41
10,000 Parmalat Finanziaria S.p.A. 12
13,000 Pirelli S.p.A. 30
1,000 Pirelli-RNC S.p.A. 2
1,000 Reno de Medici S.p.A. 2
1,000 Rinascente (la) S.p.A. 6
3,000 Riunione Adriatic di Sicurta S.p.A. 25
1,000 Riunione Adriatic di Sicurta-RNC S.p.A. 7
8,080 San Paolo-IMI S.p.A. 101
1,000 Sirti S.p.A. 6
5,000 Snia BPD S.p.A. 5
1,000 Snia BPD-RNC S.p.A. 1
1,000 Societa Assicuratrice Industriale S.p.A. 9
38,720 Telecom Italia Mobile S.p.A. 305
10,000 Telecom Italia Mobile-RNC S.p.A. 39
22,101 Telecom Italia S.p.A. 244
6,488 Telecom Italia-RNC S.p.A. 35
32,000 Unicredito Italiano S.p.A. 135
29,040 Unione Immobiliare S.p.A. 16
-------
2,049
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ----------------------------------------------------------
Japan--26.7%
2,000 77 Bank $ 23
900 Acom Co. Ltd. 110
600 Advantest Corp. 100
4,000 Ajinomoto Co. 42
1,000 Alps Electric Co. Ltd. 18
2,000 Amada Co. Ltd. 11
1,000 Amano Corp. 7
500 Aoyama Trading Co. Ltd. 12
400 Arabian Oil Co. 7
15,000 Asahi Bank Ltd. 105
3,000 Asahi Breweries Ltd. 35
9,000 Asahi Chemical Industry Co. Ltd. 49
7,000 Asahi Glass Co. Ltd. 56
300 Asatsu-DK, Inc. 14
5,000 Ashikaga Bank Ltd. 11
300 Autobacs Seven Co. Ltd. 11
7,000 Bank of Fukuoka, Ltd. 53
26,000 Bank of Tokyo-Mitsubishi Ltd. 376
8,000 Bank of Yokohama Ltd. 36
300 Benesse Corp. 72
5,000 Bridgestone Corp. 123
2,000 Brother Industries Ltd. 5
5,000 Canon, Inc. 147
2,000 Casio Computer Co. Ltd. 14
14 Central Japan Railway Co. 88
1,000 Chiyoda Corp.* 2
1,000 Chugai Pharmaceutical Co. Ltd. 11
2,000 Citizen Watch Co. Ltd. 12
5,000 Cosmo Oil Co. Ltd. 8
1,200 Credit Saison Co. Ltd. 24
500 CSK Corp. 69
4,000 Dai Nippon Printing Co. Ltd. 69
2,000 Daicel Chemical Industry Ltd. 6
5,000 Daiei, Inc. 19
1,000 Daifuku Co. Ltd. 5
2,000 Daiichi Pharmaceutical 28
2,000 Daikin Industries Ltd. 26
1,000 Daikyo, Inc.* 3
2,000 Daimaru, Inc. 7
6,000 Dainippon Ink & Chemicals, Inc. 23
1,000 Dainippon Screen Manufacturing Co. Ltd. 6
900 Daito Trust Construction Co. 11
9,000 Daiwa Bank Ltd. 30
3,000 Daiwa House Industry Co. Ltd. 27
1,000 Daiwa Kosho Lease Co. Ltd. 4
8,000 Daiwa Securities Co. Ltd. 114
3,000 Denki Kagaku Kogyo Kabushiki Kaisha 10
5,000 Denso Corp. 108
22 East Japan Railway Co. 129
2,000 Ebara Corp. 23
2,000 Eisai Co. Ltd. 44
1,400 Fanuc Ltd. 116
19,000 Fuji Bank Ltd. 227
300 Fuji Machine Manufacturing Co. Ltd. 17
</TABLE>
See accompanying notes to financial statements.
57
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ----------------------------------------------------------------
International Equity Index Portfolio--Continued
Japan--Continued
3,000 Fuji Photo Film Co. $ 122
200 Fuji Soft ABC, Inc. 17
2,000 Fujikura Ltd. 10
3,000 Fujita Corp. 2
10,000 Fujitsu Ltd. 354
5,000 Furukawa Electric Co. Ltd. 53
3,000 Gunma Bank 21
1,000 Gunze Ltd. 3
1,000 Hankyu Department Stores, Inc. 5
3,000 Haseko* 2
200 Hirose Electric 33
19,000 Hitachi Ltd. 262
7,000 Hitachi Zosen Corp. 5
5,000 Hokuriku Bank 12
5,000 Honda Motor Co. Ltd. 206
1,000 House Foods Corp. 14
1,000 Hoya Corp. 72
1,000 Inax 6
15,000 Industrial Bank of Japan 177
1,000 Isetan 8
2,000 Ishihara Sangyo Kaisha* 3
7,000 Ishikawajima-Harima Heavy Industries Co. Ltd. 9
2,000 Ito-Yokado Co. 215
9,000 Itochu Corp. 54
1,000 Iwataini International Corp. 2
1,000 JACCS Co. Ltd. 4
10,000 Japan Airlines 32
7,000 Japan Energy Corp. 7
2,000 Japan Steel Works* 3
12 Japan Tobacco 108
1,000 JGC Corp. 3
6,000 Joyo Bank 28
2,000 JUSCO Co. 38
100 Kadokawa Shoten Publishing Co. Ltd. 37
7,000 Kajima Corp. 24
1,000 Kaken Pharmaceutical Co. 7
2,000 Kamigumi Co. Ltd. 9
4,000 Kanebo Ltd.* 7
2,000 Kaneka Corp. 25
5,400 Kansai Electric Power Co., Inc. 103
3,000 Kao Corp. 89
9,000 Kawasaki Heavy Industries Ltd. 12
3,000 Kawasaki Kisen Kaisha Ltd. 5
19,000 Kawasaki Steel Corp. 39
3,000 Keihin Electric Expesss Railway Co. Ltd. 11
1,000 Kikkoman Corp. 8
2,000 Kinden Corp. 16
9,000 Kinki Nippon Railway 37
6,000 Kirin Brewery Co. Ltd. 69
1,000 Kokuyo Co. Ltd. 15
6,000 Komatsu Ltd. 34
300 Konami Co. Ltd. 40
2,000 Konica Corp. 8
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------------
1,000 Koyo Seiko Co. $ 10
9,000 Kubota Corp. 35
6,000 Kumagai Gumi Co. Ltd. 5
2,000 Kurary Co. Ltd. 23
1,000 Kureha Chemical Industry Ltd. 3
1,000 Kurita Water Industries Ltd. 19
1,100 Kyocera Corp. 133
2,000 Kyowa Hakko Kogyo 14
1,000 Maeda Road Construction Co. Ltd. 5
1,000 Makino Milling Machine Co. Ltd. 6
1,000 Makita Corp. 9
10,000 Marubeni Corp. 39
2,000 Marui Co. Ltd. 34
11,000 Matsushita Electric Industrial Co. Ltd. 278
2,000 Meiji Milk Products Co. Ltd. 7
2,000 Meiji Seika 13
300 Meitec 11
2,000 Minebea Co. Ltd. 31
12,000 Mitsubishi Chemical Corp. 50
9,000 Mitsuibishi Corp. 78
12,000 Mitsubishi Electric Corp. 71
8,000 Mitsubishi Estate Co. Ltd. 86
3,000 Mitsubishi Gas Chemical Co. 7
21,000 Mitsubishi Heavy Industries Ltd. 68
1,000 Mitsubishi Logistics Corp. 8
8,000 Mitsubishi Materials Corp. 17
2,000 Mitsubishi Paper Mills 3
5,000 Mitsubishi Rayon Co. 12
8,000 Mitsubishi Trust & Banking Corp. 92
9,000 Mitsui & Co. 68
7,000 Mitsui Engineering & Shipbuilding Co. Ltd.* 5
5,000 Mitsui Fudosan Co. Ltd. 40
6,000 Mitsui Marine & Fire Insurance Co. Ltd. 34
3,000 Mitsui Mining & Smelting 16
1,000 Mitsui Soko Co. Ltd. 2
8,000 Mitsui Trust & Banking Co. Ltd. 25
3,000 Mitsukoshi Ltd. 14
1,000 Mori Seiki Co. Ltd. 14
1,000 Murata Manufacturing Co. Ltd. 166
2,000 Mycal Corp. 10
400 Namco Ltd. 23
9,000 NEC Corp. 210
2,000 NGK Insulators Ltd. 16
1,000 NGK Spark Plug Co. 7
400 Nichiei Co. Ltd. 10
2,000 Nichirei Corp. 6
200 Nidec Corp. 46
2,000 Nikon Corp. 51
900 Nintendo Co. Ltd. 150
1,000 Nippon Comsys Corp. 22
7,000 Nippon Express Co. Ltd. 40
3,000 Nippon Light Metal Co. Ltd. 4
1,000 Nippon Meat Packers, Inc. 13
9,000 Nippon Mitsubishi Oil Co. Ltd. 40
6,000 Nippon Paper Industries Co. 44
</TABLE>
See accompanying notes to financial statements.
58
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ---------------------------------------------------------
1,000 Nippon Sharyo Ltd. $ 2
3,000 Nippon Sheet Glass Co. Ltd. 17
2,000 Nippon Shinpan Co. 6
1,000 Nippon Shokubai K.K. Co. 5
38,000 Nippon Steel Corp. 86
2,000 Nippon Suisan Kaisha Ltd. 4
70 Nippon Telegraph & Telephone Corp. 1,254
8,000 Nippon Yusen Kabushiki Kaisha 32
2,000 Nishimatsu Construction 9
16,000 Nissan Motor Co. Ltd. 74
1,000 Nisshin Food Products Co. Ltd. 7
1,000 Nisshinbo Industries, Inc. 5
1,000 Nissin Food Products 25
1,000 Nitto Denko Corp. 40
1,000 NOF Corp. 3
11,000 Nomura Securities Co. Ltd. 196
1,000 Noritake Co. Ltd. 4
3,000 NSK Ltd. 26
3,000 NTN Corp. 10
5,000 Obayashi Corp. 26
6,000 OJI Paper Co. Ltd. 38
1,000 Okuma Corp. 3
1,000 Okumura Corp. 3
2,000 Olympus Optical Co. Ltd. 22
1,000 Omron Corp. 24
1,000 Onward Kasiyama Co. Ltd. 13
2,000 Orient Corp. 6
600 Oriental Land Co. Ltd. 57
400 Orix Corp. 65
17,000 Osaka Gas Co. Ltd. 46
300 Oyo Corp. 5
2,000 Penta-Ocean Construction 3
1,000 Pioneer Corp. 22
700 Promise Co. Ltd. 46
2,000 Renown, Inc. 5
1,000 Rohm Co. Ltd. 271
24,000 Sakura Bank Ltd. 177
1,000 Sanden Corp. 6
3,000 Sankyo Co. Ltd. 74
1,000 Sanwa Shutter Corp. 3
11,000 Sanyo Electric Co. 44
2,000 Sapporo Breweries Ltd. 7
2,000 Secom Co. Ltd. 225
700 Sega Enterprises 25
1,000 Seino Transportation Co. Ltd. 6
1,000 Seiyu Ltd. 4
3,000 Sekisui Chemical Co. Ltd. 14
4,000 Sekisui House Ltd. 39
6,000 Sharp Corp. 122
400 Shimachu Co., Ltd. 6
200 Shimamura Co. 38
1,000 Shimano, Inc. 20
6,000 Shimizu Corp. 20
2,000 Shin-Etsu Chemical Co. Ltd. 79
2,000 Shionogi & Co. 24
Shares Description Value
- ---------------------------------------------------------
2,000 Shiseido Co. Ltd. $ 32
5,000 Shizuoka Bank 53
200 Sho-Bond Corp. 4
8,000 Showa Denko K.K. 12
2,000 Showa Shell Sekiyu K.K. 11
1,000 Skylark Co. Ltd. 22
400 SMC Corp. 71
2,000 Snow Brand Milk Products 8
600 Softbank Corp. 433
2,300 SONY Corp. 425
17,000 Sumitomo Bank Ltd. 260
9,000 Sumitomo Chemicals Co. 50
6,000 Sumitomo Corp. 58
4,000 Sumitomo Electric Industries Ltd. 45
1,000 Sumitomo Forestry Co. Ltd. 7
3,000 Sumitomo Heavy Industries Ltd. 9
4,000 Sumitomo Marine & Fire Insurance Ltd. 28
24,000 Sumitomo Metal Industries Ltd. 23
3,000 Sumitomo Metal Mining Co. 7
3,000 Sumitomo Osaka Cement Co. Ltd. 4
6,400 Taiheiyo Cement Corp. 13
7,000 Taisei Corp. 15
2,000 Taisho Pharmaceutical Co. 66
1,000 Taiyo Yuden Co. Ltd. 44
1,000 Takara Shuzo 14
1,000 Takara Standard Co. Ltd. 5
2,000 Takashimaya Co. Ltd. 17
5,000 Takeda Chemical Industries 295
900 Takefuji Corp. 129
6,000 Teijin Ltd. 27
2,000 Teikoku Oil Co. Ltd. 7
1,000 Terumo Corp. 30
1,000 Toa Corp. 2
6,000 Tobu Railway Co. 18
2,000 Toda Corp. 8
1,000 Toei Co. Ltd. 6
100 Toho Co. 15
2,900 Tohoku Electric Power 42
13,000 Tokai Bank 90
9,000 Tokio Marine & Fire Insurance Co. Ltd. 114
1,000 Tokyo Broadcasting System Inc. 28
1,000 Tokyo Dome Corp. 5
7,500 Tokyo Electric Power Co. 211
1,000 Tokyo Electron Ltd. 104
16,000 Tokyo Gas Co. Ltd. 35
1,000 Tokyo Style Co. Ltd. 9
1,000 Tokyo Tatemono Co. Ltd. 2
2,000 Tokyotokeiba 3
8,000 Tokyu Corp. 21
4,000 Toppan Printing Co. Ltd. 48
9,000 Toray Industries, Inc. 44
19,000 Toshiba Corp. 140
3,000 Tosoh Corp. 11
1,000 Tostem Corp. 18
2,000 Toto Ltd. 12
</TABLE>
See accompanying notes to financial statements.
59
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ---------------------------------------------------------------------------
International Equity Index Portfolio--Continued
Japan--Continued
1,000 Toyo Seikan Kaisha $ 18
5,000 Toyobo Ltd. 7
21,000 Toyota Motor Corp. 711
100 Trans Cosmos, Inc. 23
1,000 Tsubakimoto Chain Ltd. 5
6,000 Ube Industries Ltd. 15
500 Uni-Charm Corp. 30
3,000 Unitika Ltd.* 2
1,000 Uny Co. Ltd. 10
1,000 Wacoal Corp. 9
200 World Co. Ltd. 26
1,000 Yakult Honsha Co. Ltd. 11
1,000 Yamaha Corp. 9
2,000 Yamanouchi Pharmaceutical Co. Ltd. 87
2,000 Yamato Transport Co. Ltd. 67
1,000 Yamazaki Baking Co. Ltd. 11
1,000 Yokogawa Electric Co. 7
-------
15,082
-------
Malaysia--0.0%
66 Aokam Perdana Berhad* --
4,000 Promet Berhad* --
280 Silverstone Berhad* --
-------
--
-------
Netherlands--4.8%
8,581 ABN AMRO Holdings N.V. 209
3,450 AEGON N.V. 313
1,676 Akzo Nobel N.V. 72
236 ASR Verzekeringsgroep N.V. 14
511 Buhrmann N.V. 8
3,928 Elsevier N.V. 39
532 Getronics N.V. 33
705 Hagemeyer N.V 16
1,846 Heineken N.V. 89
248 Hollandsche Beton Groep N.V. 2
181 IHC Caland N.V. 7
5,641 ING Groep N.V. 317
371 KLM N.V. 9
3,802 Koninklijke Ahold N.V. 121
1,995 Koninklijke Philips Electronics N.V.* 243
169 Koninklijke Nedlloyd N.V. 4
566 OCE N.V. 10
12,129 Royal Dutch Petroleum Co. 714
2,828 Royal KPN N.V. 157
235 Stork N.V. 3
2,819 TNT Post Group N.V. 72
3,359 Unilever N.V. 185
639 Vedior N.V. 7
245 Vopax N.V. 6
1,639 Wolters Kluwer N.V. 49
-------
2,699
-------
Shares Description Value
- ------------------------------------------------- -------
New Zealand--0.2%
19,500 Brierley Investments Ltd. $ 5
12,600 Carter Holt Harvey Ltd. 15
600 Contact Energy Ltd. 1
800 Fisher & Paykel Industries Ltd. 3
2,479 Fletcher Challenge Building 3
2,547 Fletcher Challenge Energy 6
6,317 Fletcher Challenge Forests 2
4,700 Fletcher Challenge Paper 3
4,000 Lion Nathan Ltd. 9
10,380 Telecom Corp. of New Zealand Ltd. 44
-------
91
-------
Norway--0.4%
140 Aker RGI ASA 2
400 Aker RGI ASA, Class B 5
300 ASK Proxima ASA* 2
300 Bergesen d.y. ASA, Class A 4
100 Bergesen d.y. ASA, Class B 1
3,800 Christiania Bank Og Kreditkasse 18
4,300 Den Norske Bank ASA 17
100 Dyno ASA 2
300 Elkem ASA 5
500 Hafslund ASA, Class A 3
300 Hafslund ASA, Class B 1
100 Kvaerner ASA 1
300 Kvaerner ASA, Class B 6
200 Leif Hoegh & Co. ASA 2
700 Merkantildata ASA 7
1,800 NCL Holdings ASA* 5
1,410 Norsk Hydro ASA 56
200 Norske Skogindustrier ASA, Class A 9
1,100 Orkla ASA, Class A 17
200 Orkla ASA, Class B 3
600 Petroleum Geo-Services ASA* 9
300 SAS Norge ASA, Class B 3
400 Schibsted ASA 6
200 Smedvig, Class A 2
100 Smedvig, Class B 1
1,800 Storebrand ASA* 13
300 Tomra System ASA 11
100 Unitor ASA 1
-------
212
-------
Portugal--0.5%
6,500 Banco Comercial Portugues S.A. (Registered) 37
800 Banco Espirito Santo e Comercial de Lisboa S.A. (Registered) 20
400 Banco Totta & Acores S.A. (Registered) 10
2,500 BPI-SGPS S.A. (Registered) 10
1,500 Brisa-Auto Estradas de Portugal S.A. 11
800 Cimpor-Cimentos de Portugal SGPS S.A. 13
100 Colep-Companhia Portuguesa de Embalagens* 1
100 Companhia de Seguros Tranquilidade (Registered) 3
100 Corticeira Amorim S.A. 1
100 EFACEC Capital SGPS S.A. 1
</TABLE>
See accompanying notes to financial statements.
60
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------------------------
4,000 Electricidade de Portugal S.A. $ 62
100 Engil-SGPS 1
100 INAPA Investimentos Participacoes e Gestao S.A. 1
700 Jeronimo Martins SGPS S.A. 16
600 Portucel Industral-Empresa Produtora
de Celulose S.A. 4
6,500 Portugal Telecom S.A. (Registered) 62
180 Soares da Costa (Sociedade de Construcoes) S.A. 1
100 Somague-SGPS S.A. --
200 Sonae Investmentos-SGPS S.A. 7
100 UNICER-Uniao Cervejeira S.A. 2
-------
263
-------
Singapore--1.0%
1,000 Chuan Hup Holdings Ltd. 1
6,000 City Developments Ltd. 34
2,000 Comfort Group Ltd. 1
1,000 Cycle & Carriage Ltd. 4
5,698 DBS Group Holding Ltd.* 74
9,000 DBS Land Ltd. 18
1,000 First Capital Corp. Ltd. 1
1,000 Fraser & Neave Ltd. 4
2,000 Goldtron Ltd. --
2,000 Hai Sun Hup Group Ltd. 1
1,000 Haw Par Brothers International Ltd. 2
1,000 Hotel Properties Ltd. 1
1,000 Inchcape Motors Ltd. 1
6,000 IPC Corp. 1
3,250 Keppel Corp. Ltd. 9
2,400 Lum Chang Holdings Ltd. 1
1,000 NatSteel Ltd. 2
3,370 Neptune Orient Lines Ltd. 5
6,980 Overseas Chinese Banking Corp. Ltd. (Foreign) 52
1,000 Overseas Union Enterprise Ltd. 3
1,000 Parkways Holdings Ltd. 2
6,494 Sembcorp Industries Ltd.* 9
1,000 Sembcorp Logistics Ltd. 4
8,000 Singapore Airlines Ltd. 81
2,893 Singapore Press Holdings Ltd. 54
20,000 Singapore Technologies Engineering Ltd. 30
39,000 Singapore Telecommunications Ltd. 73
1,000 Straits Trading Co. Ltd. 1
5,000 United Industrial Corp. Ltd. 3
7,392 United Overseas Bank Ltd. (Foreign) 66
2,000 United Overseas Land Ltd. 2
2,000 Venture Manufacturing (Singapore) Ltd. 20
-------
560
-------
Spain--2.7%
475 Acerinox S.A. 15
300 ACS, Actividades de Construccion y Servicios S.A. 7
200 Aguila (El) S.A.* 2
Shares Description Value
- ------------------------------------------------------------------------------
2,850 Argentaria, Caja Postal y Banco Hipotecario de Espana S.A. $ 65
1,650 Autopistas Concesionaria S.A. 17
400 Azucarera Ebro Agricolas 6
12,196 Banco Bilbao Vizcaya S.A. 170
21,836 Banco Central Hispanoamericano 240
450 Corporacion Financiera Alba 13
493 Corporacion Mapfre 8
200 Cortefiel S.A. 5
150 Empresa Nacional de Celulosas S.A. 3
5,720 Endesa S.A. 113
900 Ercros S.A.* 1
200 Fabrica Espanola de Productos Quimicos y Farmaceuticos S.A. 2
950 Fomenta de Construcciones y Contratas S.A. 20
2,675 Gas Natural SDG S.A., Class E 67
1,120 Grupo Dragados S.A. 10
5,329 Iberdrola S.A. 74
500 Inmobiliaria Urbis S.A.* 3
400 Metrovacesa S.A. 7
125 Portland Valderrivas S.A. 3
500 Prosegur CIA de Seguridad S.A. (Registered) 4
1,768 Puleva S.A. 3
630 Reno de Medici S.p.A.* 1
6,885 Repsol S.A. 151
825 Sociedade General de Aguas de Barcelona S.A. 13
1,100 SOL Melia S.A. 13
1,275 Tabacalera S.A., Class A 21
18,589 Telefonica de Espana 388
1,500 Telepizza S.A.* 7
2,047 Union Electrica Fenosa S.A. 35
350 Uralita S.A. 2
825 Vallehermoso S.A. 6
300 Viscofan Industria Navarra de Envolturas
Celulosicas S.A. 2
900 Zardoya Otis S.A. 10
-------
1,507
-------
Sweden--2.4%
4,500 ABB AB, Class A 60
1,800 ABB AB, Class B 24
800 Atlas Copco AB, Class A 21
400 Atlas Copco AB, Class B 10
312 Boliden Ltd. SDR* 1
400 Diligentia AB 3
700 Drott AB, Class B 8
2,240 Electrolux AB, Class B 44
100 Esselte AB, Class A 1
100 Esselte AB, Class B 1
3,250 ForeningsSparbanken AB 50
192 Granges AB 3
4,490 Hennes & Mauritz AB, Class B 142
200 Meto AG* 2
600 Netcom AB, Class B* 31
500 Om Gruppen AB 8
1,300 Sandvik AB, Class A 37
</TABLE>
See accompanying notes to financial statements.
61
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------------------------
International Equity Index Portfolio--Continued
Sweden--Continued
400 Sandvik AB, Class B $ 11
2,200 Securitas AB, Class B 37
3,105 Skandia Forsakrings AB 74
3,600 Skandinaviska Enskilda Banken, Class A 34
700 Skanska AB, Class B 24
300 SKF AB, Class A 6
411 SKF AB, Class B 9
1,200 Svenska Cellulosa AB, Class B 33
4,000 Svenska Handelsbanken, Class A 55
300 Svenska Handelsbanken, Class B 3
500 Svenskt Stal AB, Class A 6
200 Svenskt Stal AB, Class B 3
2,800 Swedish Match AB 10
10,560 Telefonaktiebolaget LM Ericsson, Class B 512
800 Trelleborg AB, Class B 7
900 Volvo AB, Class A 22
1,900 Volvo AB, Class B 46
500 Wm-Data AB, Class B 28
-------
1,366
-------
Switzerland--5.6%
1,023 ABB Ltd. 101
110 Adecco S.A. 70
40 Alusuisse-Lonza Holdings A.G. (Registered) 24
1,585 Credit Suisse Group (Registered) 296
10 Forbo Holding A.G. 5
15 Georg Fischer A.G. (Registered) 5
30 Holderbank Financiere Glarus A.G., (Bearer) 38
50 Holderbank Financiere Glarus A.G. (Registered) 16
10 Jelmoli S.A. 2
2 Kuoni Reisen A.G., Category B (Registered) 8
10 Moevenpick Holding 4
235 Nestle S.A. (Registered) 423
405 Novartis A.G. (Registered) 632
11 Roche Holdings A.G. (Bearer) 184
37 Roche Holdings A.G. (Genusss) 447
75 SAirGroup (Registered) 15
10 Schindler Holding AG 14
90 Schweizerische Reuckversicherungs-Gesellschaft (Registered) 184
5 SGS Societe Generale de Surveillance Holdings S.A (Bearer) 5
20 SGS Societe Generale de Surveillance Holdings S.A
(Registered) 4
10 Sika Finanz A.G. 4
20 Sulzer A.G. (Registered) 12
20 Swatch Group A.G. (Bearer) 17
100 Swatch Group A.G. (Registered) 17
430 Swisscom A.G. 146
1,224 UBS A.G. (Registered) 335
25 Valora Holding A.G. 6
280 Zurich Allied A.G. 160
-------
3,174
-------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------
United Kingdom--19.0%
8,800 Abbey National PLC $ 149
8,985 Allied Zurich PLC* 109
1,047 AMEC PLC 4
439 Amstrad PLC 2
1,929 Anglian Water PLC 20
2,067 Anglian Water PLC, Class B 2
6,000 Arjo Wiggins Appleton PLC 18
5,400 Associated British Foods PLC 27
10,400 AstraZeneca Group PLC 463
7,101 BAA PLC 50
8,846 Barclays PLC 255
1,000 Barratt Developments PLC 5
5,235 Bass PLC 59
2,101 BBA Group PLC 17
1,000 Berkeley Group PLC 11
23,134 BG PLC 121
2,158 BICC PLC 4
5,316 Blue Circle Industries PLC 30
3,037 BOC Group PLC 63
6,004 Boots Co. PLC 60
1,039 Bowthorpe PLC 13
111,730 BP Amoco PLC 1,135
3,000 BPB PLC 16
18,040 British Aerospace PLC 103
7,120 British Airways PLC 43
13,385 British American Tobacco PLC 84
3,035 British Land Co. PLC 22
10,560 British Sky Broadcasting Group PLC 139
37,223 British Telecommunications PLC 746
3,045 Bunzl PLC 16
856 Burmah Castrol PLC 16
14,136 Cable & Wireless PLC 181
12,210 Cadbury Schweppes PLC 77
2,900 Caradon PLC 7
1,271 Carillion Plc 2
4,148 Carlton Communications PLC 36
26,400 Centrica PLC* 78
8,185 CGU PLC 124
6,000 Coats Viyella PLC 5
1,000 Cobham PLC 12
5,000 Compass Group PLC 61
21,170 Corus Group Plc 43
1,000 Courtaulds Textiles PLC 1
1,000 De La Rue PLC 6
1,000 Delta PLC 2
20,410 Diageo PLC 185
3,000 Electrocomponents PLC 30
2,146 Elementis PLC 3
5,137 EMI Group PLC 42
3,000 FKI PLC 9
4,646 GKN PLC 73
21,347 Glaxo Wellcome PLC 639
10,794 Granada Group PLC 89
2,000 Great Portland Estates PLC 6
</TABLE>
See accompanying notes to financial statements.
62
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------
7,000 Great Universal Stores PLC $ 47
13,397 Halifax PLC 153
2,040 Hammerson PLC 15
4,000 Hanson PLC 33
1,000 Hepworth PLC 3
8,226 Hilton Group PLC 26
47,462 HSBC Holdings PLC 612
1,020 Hyder PLC 7
2,000 IMI PLC 8
5,000 Imperial Chemical Industries PLC 51
22,495 Invensys PLC 105
1,000 Jarvis PLC 5
2,000 Johnson Matthey PLC 21
8,154 Kingfisher PLC 75
1,000 Laird Group PLC 4
3,650 Land Securities Group PLC 42
7,000 LASMO PLC 14
28,160 Legal & General Group PLC 77
1,000 Lex Service PLC 8
30,464 Lloyds TSB Group PLC 389
1,313 Lonmin PLC 12
15,747 Hilton Group Plc 201
16,565 Marks & Spencer PLC 66
2,251 MEPC PLC 17
1,000 Meyer International PLC 6
4,008 Misys PLC 43
9,050 National Grid Group PLC 69
8,302 National Power PLC 53
3,000 Next PLC 24
911 Ocean Group PLC 16
3,545 Pearson PLC 85
4,245 Peninsular & Orient Steam Navigation 62
7,763 Pilkington PLC 11
1,929 Provident Financial PLC 21
11,539 Prudential Corp. PLC 189
2,020 Racal Electronics PLC 17
3,016 Railtrack Group PLC 46
5,215 Rank Group PLC 16
7,832 Reed International PLC 49
19,000 Rentokil Initial PLC 73
8,270 Reuters Holdings PLC 92
2,472 Rexam PLC 10
1,437 Rexam PLC, Class B* 2
6,278 Rio Tinto PLC (Registered) 123
2,000 RMC Group PLC 24
9,133 Rolls-Royce PLC 28
9,410 Royal & Sun Alliance Insurance Group PLC 58
5,177 Royal Bank Scotland Group PLC 100
5,000 Rugby Group PLC 10
7,354 Safeway PLC 22
12,545 Sainsbury (J) PLC 62
1,500 Schroders PLC 28
4,000 Scottish & Newcastle PLC 31
8,000 ScottishPower PLC 70
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
6,000 Scottish & Southern Energy PLC $ 44
993 Selfridges PLC 4
2,000 Slough Estates PLC 11
32,944 SmithKline Beecham PLC 440
2,053 Smiths Industries PLC 27
2,000 St. James Place Capital PLC 7
9,024 Stagecoach Holdings PLC 23
1,271 Tarmac PLC 11
3,000 Tate & Lyle PLC 20
2,046 Taylor Woodrow PLC 5
38,274 Tesco PLC 103
1,860 Thames Water PLC 26
2,000 Thames Water PLC, Class B* 2
3,000 TI Group PLC 20
565 Transport Development Group PLC 2
1,000 Transport Development Group PLC, Class B* 1
1,580 Unigate PLC 8
17,466 Unilever PLC 127
3,642 United Biscuits Holdings PLC 13
3,000 United Utilities Plc 28
1,333 Vickers PLC 5
1,000 Viglen Technology PLC --
172,735 Vodafone Group PLC 812
5,307 Williams PLC 27
1,000 Wilson (Connolly) Holdings PLC 2
2,000 Wimpey (George) PLC 4
3,093 Wolseley PLC 23
-------
10,739
- ------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $44,687) 53,014
- ------------------------------------------------------------
PREFERRED STOCKS--0.5%
Australia--0.1%
10,476 News Corp. Ltd. 81
-------
Austria--0.0%
12 Bau Holdings A.G.--Vorzug --
-------
France--0.0%
100 Etablissements Economiques du Casino 8
-------
Germany--0.4%
50 Axa Colonia Konzern A.G.--Non Voting 4
500 MAN A.G.--Vorzug 10
150 Metro A.G.--Vorzug 5
100 Rheinmetall A.G. 1
550 RWE A.G.--Non Voting 17
260 SAP A.G.--Vorzug 105
700 Volkswagen A.G.--Non Voting 19
-------
161
-------
Italy--0.0%
730 Fiat S.p.A. 9
-------
Netherlands--0.0%
2,270 Unilever N.V. 11
-------
United Kingdom--0.0%
2,726 MEPC PLC, Class B 4
- ------------------------------------------------------------
TOTAL PREFERRED STOCKS (Cost $273) 274
- ------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
63
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Principal
Amount/
Shares Description Value
<C> <S> <C>
- ----------------------------------------------------------------------
International Equity Index Portfolio--Continued
CORPORATE BONDS--0.0% (Cost $0)
United Kingdom--0.0%
British Aerospace
$2 7.45% Due 11/30/03 $ 3
- ----------------------------------------------------------------------
WARRANTS/RIGHTS--0.0%
Belgium--0.0%
100 Gevaert N.V., Exp 10/9/00* --
-------
France--0.0%
27 Assurances Generales de France S.A., Exp 6/15/00* --
300 Vivendi, Exp 5/2/01* 1
-------
1
-------
Hong Kong--0.0%
1,200 Chinese Estates Holdings, Exp 11/24/00* --
600 Hong Kong Construction, Exp 12/31/99* --
750 Wharf Holdings Ltd., Exp 12/31/99* --
-------
--
-------
Sweden--0.0%
3,600 Skandinaviska Enskilda Banken, Exp 6/15/01 4
- ----------------------------------------------------------------------
TOTAL WARRANTS/RIGHTS (Cost $0) 5
- ----------------------------------------------------------------------
OTHER--2.5%
Australia--0.1%
3,000 World Equity Benchmark Shares (WEBS)
Index Series--Australia 31
Belgium--0.1%
1,700 WEBS Index Series--Belgium 25
France--0.3%
6,100 WEBS Index Series--France 152
Germany--0.5%
12,900 WEBS Index Series--Germany 288
Italy--0.1%
1,600 WEBS Index Series--Italy 35
Japan--0.1%
5,300 WEBS Index Series--Japan 81
Netherlands--0.3%
7,300 WEBS Index Series--Netherlands 167
Spain--0.1%
3,000 WEBS Index Series--Spain 81
Switzerland--0.4%
15,600 WEBS Index Series--Switzerland 240
United Kingdom--0.5%
14,500 WEBS Index Series--United Kingdom 303
- ----------------------------------------------------------------------
TOTAL OTHER (Cost $1,406) 1,403
- ----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Description Value
<C> <S> <C>
- --------------------------------------------------
SHORT-TERM INVESTMENTS--1.8%
Chase Manhattan Bank, London,
Eurodollar Time Deposit,
$977 5.688% Due 12/1/99 $ 977
U.S. Treasury Bill, #
55 4.68 Due 1/6/00 55
- --------------------------------------------------
TOTAL SHORT-TERM INVESTMENT
(cost $1,032) 1,032
- --------------------------------------------------
TOTAL INVESTMENTS--98.7%
(Cost $47,398) $55,731
- --------------------------------------------------
Other assets, less liabilities--1.3% 762
- --------------------------------------------------
NET ASSETS--100.0% $56,493
==================================================
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Number of Notional Contract Contract
Type Contracts Amount Position Expiration Unrealized Gain
- ------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Nikkei
225 9 $831 Long December, 1999 $24
- ------------------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
#Security pledged to cover margin requirements for open futures contracts.
At November 30, 1999 the Portfolio's investments, excluding short-term
investments, were diversified as follows:
<TABLE>
<S> <C>
Industry/Sector
- -----------------------------
Banks 12.8%
Business Services 11.2
Capital Goods 6.4
Consumer Durables 7.0
Consumer Non-durables 5.4
Consumer Services 4.7
Energy 5.7
Financial Services 9.9
Health Care 7.2
Multi-Industry 1.6
Raw Materials 6.0
Retail 3.9
Technology 7.2
Transportation 2.3
Utilities 8.7
- -----------------------------
Total 100.0%
- -----------------------------
</TABLE>
See accompanying notes to financial statements.
64
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------------------
International Growth Portfolio
<CAPTION>
<C> <S> <C>
COMMON STOCKS--95.7%
Finland--0.9%
10,000 Nokia Oyj $ 1,382
--------
France--9.1%
11,000 Alcatel S.A. 2,132
14,000 Axa 1,888
23,000 Banque Nationale de Paris 2,107
5,600 LVMH Moet Hennessy Louis Vuitton 1,817
10,000 Suez Lyonnaise des Eaux 1,473
37,000 Total Fina S.A. 2,447
19,000 Vivendi 1,521
--------
13,385
--------
Germany--9.2%
33,000 BASF A.G. 1,527
28,000 Bayerische HypoVereinsbank A.G. 1,737
55,000 Bayerische Motoren Werke A.G. 1,467
2,139 Celanese A.G.* 33
41,000 Deutsche Telekom A.G. 2,347
42,000 Hoechst A.G. 2,076
7,000 Mannesmann A.G. 1,455
28,000 SGL Carbon A.G. 1,474
15,000 Siemens A.G. 1,512
--------
13,628
--------
Greece--0.8%
55,000 Hellenic Telecommunications Organization S.A. 1,178
--------
Hong Kong--1.7%
670,000 Beijing Enterprises 1,040
1,100,000 China Resources Enterprises 1,388
--------
2,428
--------
India--0.4%
70,000 Mahanagar Telephone Nigam Ltd. GDR 621
--------
Ireland--1.0%
115,000 Allied Irish Banks PLC 1,484
--------
Italy--4.2%
52,000 Assicurazioni Generali 1,498
165,000 Bulgari S.p.A 1,271
350,000 ENI S.p.A 1,917
140,000 Telecom Italia S.p.A 1,542
--------
6,228
--------
Japan--28.9%
180,000 Asahi Bank Ltd. 1,259
335,000 Asahi Chemical Industry Co. Ltd. 1,823
150,000 Fuji Bank Ltd. 1,794
40,000 Fujitsu Ltd. 1,417
170,000 Hitachi Ltd. 2,346
50,000 Jusco Co. Ltd. 954
5,500 Keyence Corp. 1,561
50,000 Kissei Pharmaceutical Co. Ltd. 838
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ---------------------------------------------------------------
320,000 Komatsu Ltd. $ 1,801
505,000 Marubeni Corp. 1,962
130,000 Mitsubishi Estate Co. Ltd. 1,399
225,000 Mitsui & Co. 1,711
290,000 Mitsui Marine & Fire Insurance Co. Ltd. 1,623
70,000 NEC Corp. 1,634
190,000 Nikko Securities Co. Ltd. 2,362
80,000 Nikon Corp. 2,028
175 Nippon Telegraph & Telephone Corp. 3,134
40 NTT Mobile Communications Network, Inc. 1,401
70,000 Omron Corp. 1,709
95,000 Onward Kasiyama Co. Ltd. 1,263
85,000 Ricoh Corp. Ltd. 1,572
100,000 Sanwa Bank 1,213
195,000 Sekisui House Ltd. 1,889
90,000 Sumitomo Bank Ltd. 1,378
150,000 Sumitomo Electric Industries 1,697
105,000 Takashimaya Co. Ltd. 885
--------
42,653
--------
Netherlands--9.8%
14,000 ASM Lithography Holding N.V. ADR* 1,311
90,000 Buhrmann N.V. 1,414
4,000 Equant N.V. ADR* 377
23,000 Getronics N.V. 1,407
20,000 Gucci Group N.V. 1,665
34,000 ING Groep N.V. 1,912
10,000 KPNQwest N.V* 374
30,000 Royal Dutch Petroleum Co. ADR 1,740
9,500 STMicroelectronics N.V. 1,187
23,000 Unilever N.V. ADR 1,252
44,000 VNU N.V.* 1,743
--------
14,382
--------
Norway--1.2%
44,000 Norsk Hydro ASA 1,719
--------
Philippines--0.8%
60,000 Philippine Long Distance Telephone Co. 1,229
--------
Portugal--1.2%
190,000 Portugal Telecom S.A. 1,827
--------
Singapore--1.2%
140,000 DBS Group Holdings Ltd. 1,817
--------
South Korea--1.1%
39,000 Korea Electric Power Corp. ADR 780
16,000 Korea Telecom Corp. ADR 848
--------
1,628
--------
Sweden--2.2%
70,000 SKF AB, Class B 1,560
35,000 Telefonaktiebolaget LM Ericsson ADR 1,687
--------
3,247
--------
</TABLE>
See accompanying notes to financial statements.
65
<PAGE>
Northern Institutional Funds
Equity Portfolios
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
<C> <S> <C>
- -------------------------------------------------------------
International Growth Portfolio--(Continued)
Switzerland--5.7%
20,000 New ABB Ltd.* $ 1,977
4,000 Clariant A.G. 1,717
2,000 Novartis A.G. 3,117
6,000 UBS A.G. 1,641
--------
8,452
--------
United Kingdom--16.3%
140,000 Allied Zurich PLC 1,692
33,000 AstraZeneca PLC 1,469
55,000 Barclays PLC 1,586
30,000 BP Amoco PLC ADR 1,828
60,000 British Sky Broadcasting Group PLC 787
105,000 British Telecom PLC 2,105
140,000 Canary Wharf Finance PLC* 864
30,000 Glaxo Wellcome PLC ADR 1,783
140,000 HSBC Holdings PLC 1,805
145,000 Imperial Chemical Industries PLC 1,478
70,000 Logica PLC 1,689
65,000 Pearson PLC 1,551
75,000 Rio Tinto PLC 1,469
255,000 TI Group PLC 1,742
48,000 Vodafone AirTouch PLC ADR 2,265
--------
24,113
- -------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $125,112) $141,401
- -------------------------------------------------------------
SHORT-TERM INVESTMENT--4.0%
(Cost $5,848)
Chase Manahattan Bank, London,
$ 5,848 Eurodollar Time Deposit,
5.688% Due 12/1/99 $ 5,848
- -------------------------------------------------------------
TOTAL INVESTMENTS--99.7%
(Cost $130,960) $147,249
- -------------------------------------------------------------
Other assets, less liabilities--0.3% 440
- -------------------------------------------------------------
NET ASSETS--100.0% $147,689
- -------------------------------------------------------------
- -------------------------------------------------------------
</TABLE>
*Non-income producing security.
At November 30, 1999, the Portfolio's investments, excluding the short-term
investment, were diversified as follows:
<TABLE>
<CAPTION>
Industry/Sector
- --------------------------
<S> <C>
Auto 1.0%
Basic Materials 6.2
Capital Goods 8.0
Chemicals 2.5
Communication 3.0
Conglomerates 1.3
Consumer Goods 7.1
Engineering 2.3
Financial Services 17.3
Food/Beverages 1.2
Insurance 2.3
Media 1.2
Oil 6.6
Pharmaceuticals 1.6
Real Estate 3.7
Retail 4.1
Technology 12.3
Telecommunications 9.7
Transportation 0.7
Utilities 1.5
Other 6.4
- --------------------------
Total 100.0%
- --------------------------
</TABLE>
See accompanying notes to financial statements.
66
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
Small Company Index Portfolio
COMMON STOCK--96.9%
Advertising--0.8%
1,100 AdForce* $ 40
4,025 Advo, Inc.* 83
3,300 E4L, Inc.* 10
5,600 Getty Images, Inc.* 221
100 Grey Advertising, Inc. 35
9,050 Ha-Lo Industries, Inc.* 57
3,200 Marketing Services Group, Inc.* 58
700 Modem Media Poppe Tyson, Inc.* 37
4,800 Penton Media, Inc. 92
7,600 R.H. Donnelley Corp.* 142
10,100 Sitel Corp.* 60
9,600 True North Communications, Inc. 382
5,900 Valuevision International, Inc.* 265
--------
1,482
--------
Aerospace & Defense--0.6%
6,100 AAR Corp. 101
4,000 Aeroflex, Inc.* 33
2,300 Alliant Techsystems, Inc.* 126
5,200 BE Aerospace, Inc. 36
1,100 Curtiss-Wright Corp. 42
5,540 Fairchild Corp. (The)* 40
7,300 Gencorp, Inc. 80
1,200 Heico Corp. 21
5,100 Kaman Corp. 61
2,800 Kellstrom Industries, Inc.* 24
8,400 Orbital Sciences Corp.* 117
1,900 Primex Technologies, Inc. 39
4,800 Remec, Inc.* 62
2,300 Sequa Corp.* 128
8,400 Titan Corp.* 227
2,600 Triumph Group, Inc.* 63
--------
1,200
--------
Agriculture--0.3%
8,900 Agribiotech, Inc.* 28
2,300 Agribrands International, Inc.* 108
7,700 Cadiz, Inc.* 66
8,700 Delta & Pineland Co. 222
4,900 Hines Horticulture, Inc.* 44
1,500 Tejon Ranch Co. 36
--------
504
--------
Airlines--0.4%
12,600 Airtran Holdings, Inc.* 58
5,300 Alaska Airgroup, Inc.* 201
7,330 America West Holdings Corp., Class B* 148
700 Amtran, Inc.* 14
2,800 Atlantic Coast Airlines Holdings* 58
4,100 Frontier Airlines, Inc.* 43
6,800 Mesa Air Group, Inc.* 35
2,850 Mesaba Holdings, Inc.* 35
3,125 Midwest Express Holdings* 90
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------------
4,700 Skywest, Inc. $ 115
13,100 Trans World Airlines* 43
--------
840
--------
Apparel--0.7%
5,200 Authentic Fitness Corp. 108
11,700 Burlington Industries, Inc. 43
2,100 Columbia Sportswear Co.* 43
3,200 Donna Karan International, Inc.* 25
1,100 Global Sports, Inc.* 24
1,800 Guess ?, Inc.* 32
1,500 K-Swiss, Inc. 21
6,250 Kellwood Co. 130
7,000 Nautica Enterprises, Inc.* 92
2,800 Oshkosh B'gosh, Inc. 57
1,500 Oxford Industries, Inc. 32
5,100 Phillips-Van Heusen Corp. 43
4,750 Quiksilver, Inc.* 72
10,300 Reebok International Ltd.* 93
6,300 Russell Corp. 82
10,400 Stride Rite Corp. 66
1,400 Tarrant Apparel Group* 16
2,200 Timberland Co.* 106
1,100 Tropical Sportswear International Corp.* 20
13,400 Unifi, Inc.* 178
9,300 Wolverine World Wide, Inc. 102
--------
1,385
--------
Auto Manufacturers--0.1%
2,300 ASV, Inc.* 34
2,450 Oshkosh Truck Corp. 68
4,800 Wabash National Corp. 70
--------
172
--------
Auto Parts & Equipment--0.5%
4,500 Aftermarket Technology Corp.* 39
1,900 American Axle and Manufacturing Holdings, Inc.* 24
5,800 Arvin Industries, Inc. 154
2,800 Bandag, Inc. 68
13,900 Collins & Aikman Corp. 71
4,800 Delco Remy International, Inc.* 45
3,500 Dura Automotive Systems, Inc.* 73
4,500 Exide Corp. 46
4,000 Hayes Lemmerz International, Inc.* 65
9,500 Miller Industries, Inc.* 23
4,900 OEA, Inc. 27
4,200 Simpson Industries 44
1,900 Standard Motor Products, Inc. 35
4,500 Superior Industries International, Inc. 121
3,525 Titan International, Inc.* 23
9,000 Tower Automotive, Inc.* 135
3,243 Wynn's International, Inc. 49
--------
1,042
--------
</TABLE>
See accompanying notes to financial statements.
67
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -------------------------------------------------------------
Small Company Index Portfolio--(Continued)
Banks--5.8%
2,100 Alabama National Bancorp $ 48
6,350 Amcore Financial, Inc. 160
1,800 Anchor Financial Corp. 53
2,700 Area Bancshares Corp. 68
900 BancFirst Corp. 32
1,600 BancFirst Ohio Corp. 39
1,800 Banco Santander Puerto Rico 31
12,900 BancorpSouth, Inc. 222
5,700 BancWest Corp. 251
2,627 Bank of Granite Corp. 60
9,100 BankAtlantic Bancorp, Class B 51
5,280 Banknorth Group, Inc. 161
5,232 Bay View Capital Corp. 88
2,349 BB&T Corp. (BBK) 75
2,589 BOK Financial Corp.* 55
3,669 Brenton Banks, Inc. 41
1,800 BSB Bancorp, Inc. 37
3,560 BT Financial Corp. 78
1,200 Capital City Bank Group, Inc. 28
5,800 Carolina First Corp. 119
2,000 Cathay Bancorp, Inc. 81
3,956 Centennial Bancorp* 42
2,000 Century South Banks, Inc. 47
3,028 Chemical Financial Corp. 97
6,297 Chittenden Corp. 203
9,175 Citizens Banking Corp. 233
3,722 City Holding Co. 63
6,256 Commerce BanCorp, Inc. 269
10,600 Community First Bankshares, Inc. 193
2,483 Community Trust Bancorp 53
2,100 Corus Bankshares, Inc. 59
2,000 CPB, Inc. 51
2,495 CVB Financial Corp. 62
5,000 East-West Bancorp, Inc. 62
2,042 F & M Bancorp 50
5,206 F & M National Corp. 148
4,434 F.N.B. Corp. 114
1,400 Farmers Capital Bank Corp. 48
2,100 FCNB Corp. 37
5,350 First Bancorp of Puerto Rico 108
2,500 First Busey Corp., Class A 56
3,600 First Charter Corp. 58
1,200 First Citizens Bancshares, Inc. 87
1,400 First Commerce Bancshares, Inc. 27
14,000 First Commonwealth Financial Corp. 163
7,267 First Financial Bancorp 163
2,189 First Financial Bankshares, Inc. 71
1,352 First Financial Corp. 51
2,600 First Merchants Corp. 70
5,513 First Midwest Bancorp, Inc. 232
2,100 First Republic Bank* 49
2,441 First Source Corp. 65
5,700 First United Bancshares 86
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
3,300 Frontier Financial Corp. $ 75
2,700 GBC Bancorp 57
2,000 Glacier Bancorp, Inc. 34
3,470 Grand Premier Financial, Inc. 59
2,500 Greater Bay Bancorp 105
1,900 Hamilton Bancorp, Inc.* 37
2,010 Hancock Holding Co. 81
1,751 Harleysville National Corp. 57
8,973 Hudson United Bancorp 277
7,727 Imperial Bancorp* 185
2,800 Independent Bank Corp. 38
2,825 International Bancshares Corp. 132
3,450 Interwest Bancorp, Inc. 72
3,300 Investors Financial Services Corp. 151
2,500 Irwin Financial Corp. 51
1,933 Jeffbanks, Inc. 58
4,600 Local Financial Corp. 47
4,200 Merchants New York Bancorp 73
630 Michigan Financial Corp. 19
1,870 Mid-America Bancorp 54
2,500 Mid-State Bancshares 80
2,000 Midwest Banc Holdings, Inc. 32
1,400 Mississippi Valley Bancshares, Inc. 44
3,026 NBT Bancorp, Inc. 52
3,300 National Bancorp of Alaska 85
3,769 National City Bancshares 109
3,785 National Penn Bancshares, Inc. 102
2,000 Omega Financial Corp. 61
7,531 One Valley Bancorp, Inc. 256
2,400 Oriental Financial Group 54
5,500 Pacific Capital Bancorp 177
1,800 Park National Corp. 193
1,400 Peoples Holding Co. (The) 42
5,900 Premier Bancshares, Inc. 98
3,500 Premier National Bancorp, Inc. 62
5,709 Provident Bankshares Corp. 113
2,400 R & G Financial Corp. 26
9,270 Republic Bancorp 130
1,400 Republic Bancorp, Inc. 12
1,400 Republic Bancshares, Inc.* 20
11,416 Republic Security Financial Corp. 92
4,300 Riggs National Corp. of Washington D.C. 61
6,100 S & T Bancorp, Inc. 141
2,200 Sandy Spring Bancorp, Inc. 59
2,400 Second Bancorp, Inc. 57
2,150 Shoreline Financial Corp. 43
4,100 Silicon Valley Bancshares* 151
1,500 Simmons First National Corp. 41
17,368 Sky Financial Group, Inc. 403
6,200 Southwest Bancorp of Texas* 117
5,350 Sterling Bancshares, Inc. 69
1,625 Sterling Financial Corp. 45
8,293 Susquehanna Bancshares, Inc. 144
3,250 Texas Regional Bancshares 90
5,600 Triangle Bancorp, Inc. 114
3,600 Trust Co. of New Jersey 79
</TABLE>
See accompanying notes to financial statements.
68
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
12,108 Trustco Bank Corp. $ 176
5,940 U.S. Bancorp 203
3,663 UMB Financial Corp. 150
9,700 United Bankshares, Inc. 240
3,602 United National Bancorp 79
3,000 US Bancorp, Inc. 37
2,010 USB Holding Co., Inc. 32
9,628 UST Corp. 304
9,500 W Holding Co., Inc. 107
4,650 Wesbanco, Inc. 108
3,465 West Coast Bancorp 51
5,275 Whitney Holding Corp. 200
--------
11,698
--------
Beverages--0.3%
4,100 Beringer Wine Estates Holdings, Inc.* 171
359 Buenos Aires Embotelladora SA --
3,600 Canandaigua Brands, Inc.* 192
300 Coca-Cola Bottling Co. Consolidated 15
198 Farmer Bros Co. 33
1,900 Robert Mondavi Corp.* 73
--------
484
--------
Biotechnology--2.2%
3,600 Affymetrix, Inc.* 353
2,900 Aviron* 47
1,900 Bio-Rad Laboratories, Inc.* 47
11,700 Bio-Technology General Corp.* 140
3,100 Entremed, Inc.* 70
4,894 Enzo Biochem, Inc.* 128
8,100 ENZON, Inc.* 273
5,200 Human Genome Sciences, Inc.* 582
4,700 IDEC Pharmaceuticals Corp.* 596
5,400 INCYTE Pharmaceuticals, Inc.* 157
3,000 Inhale Therapeutic Systems, Inc.* 92
1,100 Invitrogen Corp.* 33
8,700 Liposome Co., Inc.* 108
8,100 Millennium Pharmaceuticals, Inc.* 788
6,856 Organogenesis, Inc.* 64
5,700 PE Corp.-Celera Genomics Group* 349
4,200 Protein Design Labs, Inc.* 168
3,800 Regeneron Pharmaceutical* 29
1,800 SafeScience, Inc.* 32
4,800 Serologicals Corp.* 34
3,800 Transkaryotic Therapies, Inc.* 175
3,600 Vical, Inc.* 78
--------
4,343
--------
Building Materials--1.0%
6,200 Apogee Enterprises, Inc. 38
1,250 Butler MFG Co. 27
1,900 Centex Construction Products, Inc. 66
6,500 Comfort Systems USA, Inc.* 54
12,100 Dal-Tile International, Inc.* 124
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
4,375 Elcor Corp. $ 142
4,200 Florida Rock Industries, Inc. 131
2,800 Genlyte Group, Inc.* 68
1,900 Giant Cement Holding Inc.* 59
11,400 Hussmann International, Inc. 195
234 Juno Lighting, Inc. 3
2,300 LSI Industries, Inc. 55
700 Mestek, Inc.* 13
5,000 Modine Manufacturing Co. 141
4,100 NCI Building Systems, Inc.* 68
2,200 Nortek, Inc.* 57
6,200 Rayonier, Inc. 276
2,300 Republic Group, Inc. 37
1,800 Simpson Manufacturing Co., Inc.* 75
4,700 Texas Industries, Inc. 170
2,800 TJ International, Inc. 117
1,000 Trex Co., Inc.* 26
3,400 Universal Forest Products, Inc.* 52
-------
1,994
--------
Chemicals--1.8%
14,000 Airgas, Inc.* 136
5,500 Albemarle Corp. 107
4,800 Arch Chemicals, Inc. 75
1,400 Bush Boake Allen, Inc.* 35
5,192 Cambrex Corp. 164
4,100 Chemfirst, Inc. 96
25,982 CK Witco Corp. 278
9,600 Cytec Industries, Inc.* 225
14,000 Ethyl Corp. 59
7,900 Ferro Corp. 166
3,000 Fuller (H. B.) Co. 163
4,700 Geon Co. 142
7,000 Georgia Gulf Corp. 178
11,000 Hanna (M.A.) Co. 115
3,600 International Specialty Products, Inc. 30
5,075 Lilly Industries, Inc. 71
3,400 MacDermid, Inc. 129
4,300 Minerals Technologies, Inc. 170
5,868 Mississippi Chemical Corp. 31
4,900 NL Industries Co. 67
2,900 Octel Corp.* 28
9,100 Olin Corp. 163
5,400 OM Group, Inc. 182
7,300 Omnova Solutions, Inc.* 46
7,000 Schulman (A.), Inc. 111
3,400 Spartech Corp. 107
1,300 Stepan Co. 31
7,900 Terra Industries, Inc.* 16
5,100 U.S. Plastic Lumber Co.* 56
14,800 W.R. Grace & Co.* 202
7,100 Wellman, Inc. 113
-------
3,492
-------
</TABLE>
See accompanying notes to financial statements.
69
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
Coal--0.0%
3,900 Arch Coal, Inc. $ 38
5,100 Consolidated Energy, Inc.* 51
---------
89
---------
Commercial Services--4.2%
4,000 Aaron Rents, Inc. 72
3,620 ABM Industries, Inc. 78
2,100 Administaff, Inc.* 35
1,800 AHL Services, Inc.* 33
1,400 Albany Molecular Research, Inc.* 40
4,800 AmeriPath, Inc.* 39
2,300 Applied Analytical Industries* 20
4,900 Avis Rent A Car, Inc.* 94
1,200 Bacou USA, Inc.* 19
6,100 Banta Corp. 134
547 Berlitz International, Inc.* 11
8,300 Billing Concepts Corp.* 46
8,300 Bowne & Co., Inc. 98
2,800 Bright Horizons Family Solutions, Inc. 43
5,900 Budget Group, Inc.* 46
4,942 Building One Services Corp.* 51
2,500 Burns International Services Corp.* 22
1,700 Career Education Corp.* 56
1,100 Careerbuilder, Inc.* 8
44,900 Caremark Rx, Inc.* 205
2,200 Carey International, Inc.* 47
2,700 Carriage Services, Inc.* 14
2,500 CDI Corp.* 61
2,700 Central Parking Corp. 70
14,900 Century Business Services, Inc.* 138
1,600 Charles River Associates, Inc.* 48
2,000 Chemed Corp. 52
4,400 Coinstar, Inc.* 46
3,100 Consolidated Graphics, Inc.* 70
1,100 Corinthian Colleges, Inc.* 22
2,100 Cornell Corrections, Inc.* 24
1,800 Corporate Executive Board Co.* 84
2,700 Cort Business Services Corp.* 53
1,600 CoStar Group, Inc.* 37
1,800 CPI Corp. 45
8,150 Crawford & Co. 106
6,800 Data Broadcasting Corp.* 77
2,300 Data Transmission Network Corp.* 47
2,200 DBT Online, Inc.* 42
2,650 Diamond Technology Partners, Inc.* 139
5,400 Dollar Thrifty Automotive Group, Inc.* 107
1,000 Duff & Phelps Credit Rating Co. 80
4,300 Education Management, Inc.* 40
3,268 Electro Rent Corp.* 39
2,600 F.Y.I., Inc.* 83
3,500 First Consulting Group, Inc.* 33
11,200 First Health Group Corp.* 282
600 Forrester Research, Inc.* 29
4,800 Franklin Covey Co.* 35
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------
7,100 Group Maintenance America Corp.* 65
3,000 Heidrick & Struggles, Inc.* $ 79
6,500 Hooper Holmes, Inc. 154
6,700 Integrated Electrical Services, Inc.* 71
12,660 Interim Services, Inc.* 233
3,900 International Telcomm Data Systems, Inc. 51
5,550 Iron Mountain, Inc.* 163
3,250 ITT Educational Services, Inc. 57
4,000 Kelly Services, Inc. 105
5,000 Korn/Ferry International 113
2,500 Kroll-O'Gara Co. 41
8,000 Labor Ready, Inc.* 101
1,800 Landauer, Inc. 45
4,200 Lason, Inc.* 102
2,400 Learning Tree International, Inc.* 60
8,600 Mail-Well, Inc.* 103
2,500 Maximus, Inc.* 70
2,200 McGrath RentCorp. 40
8,100 MedQuist Inc.* 231
2,800 Memberworks, Inc.* 70
3,700 Midas, Inc. 80
5,400 National Equipment Services* 53
1,800 National Processing, Inc.* 16
9,000 NationsRent, Inc.* 58
8,500 Navigant Consulting Co.* 90
2,250 NCO Group, Inc.* 104
2,700 Neff Corp.* 23
2,400 Nextera Enterprises* 18
4,150 NFO Worldwide, Inc.* 54
11,100 Ogden Corp.* 144
15,700 Olsten Corp. 159
2,500 On Assignment, Inc.* 70
9,100 Orthodontic Centers of America* 111
5,600 Parexel International Corp.* 67
3,500 Pediatrix Medical Group, Inc.* 27
6,100 Personnel Group of America, Inc.* 48
4,145 Pharmaceutical Product Development* 51
17,100 Phycor, Inc.* 26
1,800 Pierce Leahy Corp.* 58
8,700 Pittston Brink's Group 165
3,900 Plexus Corp.* 154
4,400 Prepaid Legal Services, Inc.* 105
4,600 Primark Corp.* 122
800 Professional Detailing, Inc.* 21
6,800 Profit Recovery Group International* 252
4,700 Protection One, Inc.* 8
1,800 Provant, Inc.* 39
4,000 Proxymed, Inc.* 44
6,400 Quanta Services, Inc.* 179
8,760 Renaissance Worldwide, Inc.* 42
3,800 Rent-A-Center, Inc.* 70
3,770 Rent-Way, Inc.* 57
3,800 Rollins, Inc. 61
9,113 Romac International, Inc.* 102
3,800 Service Experts, Inc.* 24
1,900 Source Information Management Co.* 29
</TABLE>
See accompanying notes to financial statements.
70
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
3,800 Staff Leasing, Inc.* $ 32
6,500 StaffMark, Inc.* 52
1,600 Startek, Inc.* 37
1,750 Strayer Education, Inc. 36
1,700 Superior Consultant Holdings Corp.* 25
4,900 Teletech Holdings, Inc.* 103
3,200 Towne Services, Inc.* 7
1,400 Track Data Corp.* 9
3,100 United Payors & United Providors* 50
13,922 US Oncology, Inc.* 66
1,900 Volt Information Sciences, Inc.* 42
2,400 Wackenhut Corrections Corp.* 29
2,997 Wackenut Corp.* 43
2,500 Xceed, Inc.* 66
--------
8,382
--------
Computers--4.7%
2,300 ACT Networks, Inc. 19
4,400 Advanced Digital Information* 198
2,500 Anacomp, Inc. 45
4,811 Analysts International Corp. 57
6,200 Ancor Communications, Inc.* 376
4,700 Anixter International, Inc.* 96
6,100 AnswerThink Consulting Group, Inc.* 158
5,800 Auspex Systems, Inc.* 71
7,475 Avant! Corp.* 117
6,200 Axent Technologies, Inc.* 137
3,300 Bell & Howell Co.* 102
4,200 Black Box Corp. 250
2,600 Brooktrout, Inc.* 42
2,000 Caci International, Inc.* 44
1,200 Catapult Communications Corp.* 23
417 Centennial Technologies, Inc. 2
10,200 Ciber, Inc.* 217
700 Cognizant Technology Solutions Corp.* 42
5,300 Complete Business Solutions* 100
10,700 Compucom Systems, Inc.* 33
6,800 Computer Horizons Corp.* 96
5,100 Computer Network Technology Corp.* 103
1,332 Computer Sciences Corp. 87
3,600 Computer Task Group, Inc. 53
10,800 Concurrent Computer Corp.* 140
3,100 Cotelligent, Inc.* 13
2,300 Cybex Computer Products Corp.* 99
3,300 Digital River, Inc.* 101
4,400 Echelon Corp.* 61
2,000 eFax.com, Inc.* 16
3,700 Emulex Corp.* 601
3,500 Entrust Technologies, Inc.* 126
2,150 Factset Research Systems, Inc. 133
3,050 Henry (Jack) & Associates 121
5,600 Hutchinson Technology* 104
2,900 Hypercom Corp.* 27
9,604 InaCom Corp.* 57
5,000 InFocus Systems, Inc. 104
Shares Description Value
- --------------------------------------------------------
9,500 Intergraph Corp.* $ 43
6,500 InterVoice-Brite, Inc.* 98
3,200 Intraware, Inc.* 98
60,600 Iomega Corp.* 235
5,400 ISS Group, Inc.* 261
14,700 Komag, Inc.* 35
2,800 Kronos, Inc.* 145
1,100 Manhattan Associates, Inc.* 6
7,900 Mastech Corp.* 149
13,900 Maxtor Corp.* 84
2,200 Maxwell Technologies, Inc.* 24
15,100 Mentor Graphics Corp.* 136
2,300 Mercury Computer Systems, Inc.* 131
7,700 Metamor Worldwide, Inc.* 203
7,800 Micron Electronics, Inc.* 86
3,600 Micros Systems, Inc.* 182
7,000 MMC Networks, Inc.* 138
6,500 MTI Technology Corp.* 182
4,400 MTS Systems Corp. 43
7,200 National Computer Systems, Inc. 276
2,900 Network Peripherals, Inc.* 100
4,400 PubliCARD, Inc.* 26
2,400 QRS Corp.* 139
2,300 Radiant Systems, Inc.* 57
2,250 Radisys Corp.* 101
10,200 Read-Rite Corp.* 56
8,100 RSA Security, Inc.* 302
1,200 RWD Technologies, Inc.* 10
12,100 S3, Inc.* 101
4,700 Sandisk Corp.* 310
6,400 Smart Modular Technologies 269
5,000 Sykes Enterprises, Inc.* 200
1,300 Syntel, Inc.* 16
7,400 Systems & Computer Technology Corp.* 106
9,325 Technology Solutions Co.* 255
8,800 Tyler Technologies, Inc. 36
4,600 Visual Networks, Inc.* 271
8,100 Wave Systems Corp.* 109
20,300 Western Digital Corp.* 80
4,800 Xircom, Inc.* 252
---------
9,522
---------
Cosmetics/Personal Care--0.0%
2,200 Chattem, Inc.* 42
---------
Distribution/Wholesale--0.6%
6,000 Anicom, Inc.* 28
4,300 Aviall, Inc.* 33
2,600 Aviation Sales Co.* 37
11,924 Brightpoint, Inc.* 132
7,600 Cellstar Corp.* 73
11,500 CHS Electronics, Inc.* 8
3,800 Daisytek International Corp.* 76
6,300 Handleman Co.* 97
5,200 Hughes Supply, Inc. 123
1,100 JLK Direct Distribution, Inc.* 11
</TABLE>
See accompanying notes to financial statements.
71
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
Distribution Wholesale--Continued
3,800 Keystone Automotive Industries, Inc.* $ 22
19,400 Merisel, Inc.* 32
2,300 Miami Computer Supply Corp.* 64
2,800 Navarre Corp.* 21
7,300 Owens & Minor Inc., Holding Co. 68
2,300 SCP Pool Corp.* 54
7,300 United Stationers, Inc.* 170
800 Valley Media, Inc.* 7
4,000 Watsco, Inc. 43
6,500 Wesco International, Inc.* 41
--------
1,140
--------
Diversified Financial Services--1.6%
4,200 Advanta Corp. 73
1,700 Advest Group, Inc. 30
5,200 Affiliated Managers Group* 155
14,200 AmeriCredit Corp.* 241
10,900 AMRESCO, Inc.* 22
4,500 Charter Municipal Mortgage Acceptance Co. 54
2,500 Cityscape Financial Corp. --
1,800 CompuCredit Corp.* 51
3,000 Conning Corp. 25
2,500 Contifinancial Corp.* 1
5,400 Credit Acceptance Corp.* 22
1,100 Creditrust Corp.* 19
2,800 Dain Rauscher Corp. 136
7,100 Doral Financial Corp. 85
2,200 DVI, Inc.* 31
6,800 Eaton Vance Corp. 244
1,700 Federal Agricultural Mortgage Corp.* 33
2,350 Financial Federal Corp.* 49
10,900 Finet.com, Inc.* 23
3,700 First Sierra Financial, Inc.* 79
3,000 Freedom Securities Corp. 39
5,200 Friedman, Billings, Ramsey Group, Inc.* 31
4,700 Hambrecht & Quist, Inc.* 234
6,064 Imperial Credit Industries* 34
4,800 Jefferies Group, Inc.* 95
1,600 John Nuveen Co. 60
8,692 Metris Cos., Inc. 275
6,437 Morgan Keegan, Inc. 107
2,400 National Discount Brokers Group, Inc.* 77
2,300 New Century Financial Corp.* 36
1,200 NextCard, Inc.* 40
9,850 Phoenix Investment Partners Ltd. 77
5,900 Pioneer Group, Inc.* 88
600 Prism Financial Corp.* 6
9,100 Raymond James Financial Corp. 171
4,900 Resource America, Inc. 42
5,396 Resource Bancshares Mortgage Group 27
1,600 Rock Financial Corp.* 46
91 Search Financial Services --
200 Siebert Financial Corp. 3
2,606 Southwest Securities Group 74
Shares Description Value
- ------------------------------------------------------------
900 Student Loan Corp. $ 44
11,800 UniCapital Corp.* 27
11,900 United Asset Management Corp. 230
900 WFS Financial, Inc. 20
--------
3,256
--------
Electric--1.8%
7,596 Artrsyn Technology, Inc.* 166
8,350 Avista Corp. 136
4,850 Black Hills Corp. 106
3,800 Central Hudson Gas & Electric 127
5,100 Cleco Corp. 166
7,300 CMP Group, Inc. 198
4,500 Eastern Utilities Associates 137
13,400 EL Paso Electric Co.* 121
3,800 Empire District Electric Co. 91
7,250 Hawaiian Electric Industries 222
8,500 IDACORP, Inc. 238
3,650 Madison Gas & Electric Co. 71
12,175 MDU Resources Group, Inc. 266
5,178 Northwestern Corp. 109
2,700 Otter Tail Power Co. 107
8,100 Public Service Co. of New Mexico 135
8,300 RGS Energy Group, Inc. 185
17,668 Sierra Pacific Resources 317
5,350 SIGCORP, Inc. 131
2,800 TNP Enterprises, Inc. 114
1,400 Trigen Energy Corp. 23
7,280 Unisource Energy Corp. Holding Co.* 82
3,200 United Illuminating Co. 166
6,000 WPS Resources Corp. 158
--------
3,572
--------
Electrical Components & Equipment--0.9%
3,100 Alpine Group, Inc. 39
3,500 American Superconductor Corp.* 66
7,300 Ametek, Inc. 146
9,800 Ampex Corp., Class A* 45
5,500 Belden, Inc. 110
2,800 C&D Technologies, Inc. 110
9,000 C-Cube Microsystems, Inc.* 403
6,375 Cable Design Technologies Corp.* 153
7,200 General Cable Corp. 56
4,400 Littelfuse, Inc.* 92
2,600 Power-One, Inc.* 62
6,200 Rayovac Corp.* 150
3,275 SLI, Inc.* 42
10,100 UCAR International, Inc.* 226
4,800 Valence Technology, Inc.* 44
4,200 Vicor Corp.* 136
--------
1,880
--------
Electronics--4.3%
2,200 Aavid Thermal Technologies* 51
3,600 Amphenol Corp.* 246
4,000 Anadigics, Inc.* 180
</TABLE>
See accompanying notes to financial statements.
72
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -------------------------------------------------------
1,400 Analogic Corp.* $ 42
2,400 Arguss Holdings, Inc.* 33
1,184 Avnet, Inc. 65
3,400 Benchmark Electronics, Inc.* 76
6,100 BMC Industries, Inc. 33
4,680 Brady Corp. 144
2,300 Britesmile, Inc.* 22
6,400 Checkpoint Systems, Inc.* 51
5,400 Coherent, Inc. 143
4,400 Cohu, Inc. 101
4,800 Credence Systems Corp.* 278
6,218 CTS Corp. 499
1,276 Cubic Corp. 25
6,300 Cymer, Inc.* 252
6,700 DII Group, Inc.* 423
5,000 Dionex Corp.* 194
2,700 DSP Group, Inc.* 188
3,000 Electro Scientific Industries, Inc.* 175
9,000 Fisher Scientific International* 240
6,000 GenRad, Inc.* 106
3,100 Hadco Corp.* 146
2,100 Harmon Industries, Inc. 26
5,000 Identix, Inc.* 44
3,500 Innovex, Inc. 31
18,600 Integrated Device Technology, Inc.* 438
1,900 ITI Technologies, Inc.* 57
8,600 Kemet Corp.* 312
6,300 Kent Electronics Corp.* 144
8,000 LTX Corp.* 144
1,600 Mechanical Technology, Inc.* 24
7,950 Methode Electronics 215
8,600 Mettler Toledo International, Inc.* 306
6,400 Micrel, Inc.* 315
2,200 Molecular Devices Corp.* 67
900 Moog, Inc.* 24
3,840 OAK Industries, Inc.* 289
2,098 Park Electrochemical Corp. 69
9,332 Paxar Corp.* 79
10,300 Perkin-Elmer, Inc. 424
6,900 Pittway Corp. 214
5,000 Power Integrations, Inc.* 199
10,500 Procurenet, Inc.* --
1,700 Rogers Corp.* 69
5,400 Sawtek, Inc.* 246
15,300 Sensormatic Electronics Corp.* 244
4,000 Sipex Corp.* 55
2,800 Stoneridge, Inc.* 38
2,600 Technitrol, Inc. 111
9,900 Tektronix, Inc. 337
3,800 Thermedics, Inc.* 22
900 Thermo Optek Corp.* 9
1,500 Thermoquest Corp.* 15
600 Thermospectra Corp.* 10
4,700 Trimble Navigation Ltd.* 79
Shares Description Value
- -------------------------------------------------------
6,700 Varian, Inc.* $ 140
2,000 Veeco Instruments, Inc.* 83
3,600 Watts Industries 50
1,900 Woodward Governor Co. 51
--------
8,693
--------
Engineering & Construction--0.4%
5,700 Dycom Industries, Inc.* 229
2,000 EMCOR Group, Inc.* 35
9,200 Foster Wheeler Corp. 94
4,275 Granite Construction, Inc. 81
4,500 Insituform Technologies, Inc.* 113
4,900 Jacobs Engineering Group, Inc.* 154
7,191 Morrison Knudsen Corp.* 62
1,000 Pitt-Des Moines, Inc. 24
2,000 Stone & Webster, Inc.* 33
2,700 URS Corp.* 53
--------
878
--------
Entertainment--0.9%
4,100 AMC Entertainment, Inc.* 42
1,600 Anchor Gaming* 88
4,300 Argosy Gaming Co.* 61
6,700 Ascent Entertainment Group* 81
9,100 Aztar Corp.* 97
8,100 Boyd Gaming Corp.* 50
2,200 Carmike Cinemas, Inc.* 28
2,200 Championship Auto Racing Teams, Inc.* 53
1,900 Churchill Downs, Inc. 43
3,000 Dover Downs Entertainment 54
10,000 Fairfield Communities, Inc.* 119
4,000 Gaylord Entertainment Co. 121
1,300 GC Cos., Inc.* 37
8,500 Gtech Holdings Corp.* 178
5,200 Hollywood Park, Inc.* 105
3,300 Loews Cineplex Entertainment Corp.* 21
2,900 Macrovision Corp.* 185
6,500 Players International, Inc.* 51
2,300 Scientific Games Holdings, Inc.* 41
5,400 Station Casinos, Inc.* 130
2,000 Steinway Musical Instruments* 40
8,000 Sunterra Corp.* 86
800 Trendwest Resorts, Inc.* 16
5,000 Vail Resorts, Inc.* 86
2,300 Zomax, Inc.* 85
--------
1,898
--------
Environmental Control--0.4%
7,500 Calgon Carbon Corp. 46
2,100 Casella Waste Systems, Inc.* 35
12,100 Catalytica, Inc.* 128
3,300 Imco Recycling, Inc. 42
3,600 Ionics, Inc.* 96
5,100 IT Group, Inc.* 53
700 Mine Safety Appliances Co. 44
3,000 Stericycle, Inc.* 52
</TABLE>
See accompanying notes to financial statements.
73
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
Environmental--Continued
6,300 Superior Services, Inc. $ 170
6,300 Syntroleum Corp.* 62
7,546 Tetra Tech, Inc.* 86
550 Thermo Ecotek Corp.* 4
3,200 U.S. Liquids, Inc.* 25
2,900 Waste Connections, Inc.* 38
700 Waste Industries, Inc.* 9
--------
890
--------
Food--1.7%
4,000 American Italian Pasta Co.* 120
3,900 Aurora Foods, Inc.* 35
9,300 Chiquita Brands International 41
8,400 Corn Products International, Inc. 264
11,700 Del Monte Foods Co.* 157
3,100 Dreyer's Grand Ice Cream, Inc. 52
9,600 Earthgrains Co. 174
8,600 Fleming Cos., Inc. 104
6,700 Grand Union Co.* 71
3,900 Great Atlantic & Pacific Tea Co. 99
3,100 Hain Food Group, Inc. 71
7,300 Imperial Sugar Co. 29
2,300 Ingles Markets, Inc. 27
5,400 International Home Foods, Inc.* 95
3,800 International Multifoods Corp. 53
1,400 J & J Snack Foods Corp.* 26
5,400 Lance, Inc. 56
3,200 Michael Foods, Inc. 80
2,750 Performance Food Group Co.* 69
3,599 Pilgrims Pride Corp. 28
6,500 Ralcorp Holdings, Inc.* 127
1,600 Riviana Foods, Inc. 31
6,800 Ruddick Corp. 120
1,500 Sanderson Farms, Inc. 14
100 Seaboard Corp. 23
10,400 Smithfield Foods, Inc.* 266
5,800 Smucker (J.M.) Co. 117
7,600 Suiza Foods Corp.* 273
100 Supervalu, Inc. 2
2,100 United Natural Foods, Inc.* 18
10,600 Universal Foods Corp. 225
6,400 Vlasic Foods International* 50
5,900 Whole Foods Market, Inc.* 232
2,400 Wild Oats Markets, Inc.* 85
2,900 Worthington Foods, Inc. 70
3,300 Zapata Corp.* 18
--------
3,322
--------
Food Service--0.0%
2,700 Morrison Management Specialist, Inc. 57
--------
Forest Products & Paper--0.5%
5,700 Buckeye Technologies, Inc.* 90
5,600 Caraustar Industries, Inc. 137
4,700 Chesapeake Corp. 150
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ---------------------------------------------------------
2,800 Deltic Timber Corp. $ 72
5,700 Glatfelter (P.H.) Co. 73
5,800 Potlatch Corp. 234
2,870 Rock-Tenn Co. 44
3,300 Schweitzer-Mauduit International, Inc. 44
11,791 Wausau-Mosinee Paper Corp. 156
--------
1,000
--------
Gas--1.7%
12,800 AGL Resources, Inc. 237
6,950 Atmos Energy Corp. 155
2,600 Cascade Natural Gas Corp. 46
2,300 Connecticut Energy Corp. 91
1,900 CTG Resources, Inc. 68
6,000 Eastern Enterprises 340
6,000 Energen Corp. 115
6,733 Indiana Energy, Inc. 133
4,200 Laclede Gas Co. 92
4,000 New Jersey Resources 161
5,600 Northwest Natural Gas Co. 141
2,900 NUI Corp. 73
7,100 Oneok, Inc. 191
6,976 Piedmont Natural Gas Co. 221
4,550 Public Service Co. of North Carolina 146
3,987 SEMCO Energy, Inc. 56
1,820 South Jersey Industries 53
8,039 Southern Union Co.* 155
6,900 Southwest Gas Corp. 162
5,600 Southwestern Energy Co. 42
7,100 UGI Corp. 139
10,500 Washington Gas Light Co. 294
8,400 WICOR, Inc. 252
2,350 Yankee Energy Systems, Inc. 100
--------
3,463
--------
Hand/Machine Tools--0.6%
8,775 Applied Power, Inc. 280
7,793 Baldor Electric Co. 152
1,068 Franklin Electric Co., Inc. 76
6,300 Kennametal, Inc. 209
8,500 Lincoln Electric Holdings, Inc. 173
8,300 Milacron, Inc. 121
4,700 Regal-Beloit Corp. 103
1,600 Starrett (L.S.) Co. 38
--------
1,152
--------
Health Care--2.8%
4,600 Acuson Corp.* 53
3,000 Alaris Medical, Inc.* 6
4,900 Alterra Healthcare Corp. 37
3,800 American Retirement Corp.* 33
11,700 Apria Healthcare Group, Inc. 163
2,600 Arrow International, Inc. 78
21,000 Beverly Enterprises, Inc.* 84
2,600 Capital Senior Living Corp.* 13
2,400 Carematrix Corp.* 5
</TABLE>
See accompanying notes to financial statements.
74
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
1,500 Closure Medical Corp.* $ 21
5,100 Columbia Laboratories, Inc.* 40
3,450 Conmed Corp.* 87
3,100 Cooper Companies, Inc. 78
13,250 Covance, Inc.* 144
13,300 Coventry Health Care, Inc.* 76
3,900 Cyberonics* 68
4,000 Cytyc Corp.* 174
2,700 Datascope Corp.* 100
2,500 Diagnostic Products Corp. 63
4,100 Eclipse Surgical Technologies, Inc.* 41
2,200 Gliatech, Inc.* 29
1,047 Guidant Corp. 52
5,900 Haemonetics Corp.* 133
4,200 Hanger Orthopedic Group, Inc.* 43
5,400 Henry Schein, Inc. 69
8,900 IDEXX Laboratories, Inc.* 165
2,200 IGEN International, Inc.* 57
2,000 Impath, Inc.* 45
12,700 Integrated Health Services* 5
5,300 Invacare Corp. 112
15,000 Laboratory Corp. of America Holdings* 56
5,500 Laser Vision Centers, Inc.* 80
3,900 Lasersight, Inc.* 50
6,400 LCA-Vision, Inc.* 27
6,700 LifePoint Hospitals, Inc.* 79
330 LTC Healthcare, Inc. -
7,100 Magellan Health Services* 44
8,200 Matria Healthcare, Inc.* 32
4,664 Mentor Corp. 109
10,200 MID Atlantic Medical Services* 82
3,200 Novoste Corp.* 48
6,500 Oakley, Inc.* 39
3,500 Ocular Sciences, Inc.* 65
3,100 Osteotech, Inc.* 43
2,800 Province Healthcare Co.* 58
15,925 PSS World Medical, Inc.* 160
6,400 Quest Diagnostics, Inc.* 195
16,300 Quorum Health Group, Inc.* 146
10,050 Renal Care Group, Inc.* 206
4,350 Res-Care, Inc.* 51
3,300 ResMed, Inc.* 132
7,055 Respironics, Inc.* 56
2,400 Sabratek Corp. 2
10,400 Safeskin Corp.* 126
6,000 Sierra Health Services* 56
5,600 Sola International, Inc.* 80
15,100 Steris Corp.* 196
10,400 Summit Technology, Inc.* 200
4,100 Sunrise Assisted Living, Inc.* 54
5,000 Sunrise Medical, Inc.* 30
10,300 Sunrise Technologies International* 108
4,500 Techne Corp.* 219
400 Thermo Bioanalysis Corp.* 7
3,800 Thermo Cardiosystems, Inc.* 26
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
16,900 Total Renal Care Holdings* $ 120
2,100 Trex Medical Corp.* 6
7,400 Triad Hospitals, Inc.* 92
9,200 Unilab Corp. 54
6,900 Varian Medical Systems, Inc.* 180
3,000 Ventana Medical Systems* 65
1,400 Vital Signs, Inc. 33
3,800 Wesley Jessen Visioncare* 109
2,823 West Pharmaceutical Services, Inc. 99
--------
5,694
--------
Holding Companies--Diversified--0.1%
3,932 Triarc Cos., Inc.* 76
9,600 Walter Industries, Inc.* 102
--------
178
--------
Home Builders--1.0%
9,204 Champion Enterprises, Inc.* 79
3,700 Coachmen Industries, Inc. 53
1,700 Crossmann Communities, Inc.* 27
11,358 D.R. Horton, Inc. 156
7,500 Fleetwood Enterprises 158
10,800 Kaufman & Broad Home Corp. 239
10,500 Lennar Corp. 171
5,000 MDC Holdings, Inc. 75
3,900 Monaco Coach Corp.* 84
2,000 National RV Holdings, Inc.* 37
2,300 NVR, Inc.* 112
10,550 Oakwood Homes 32
4,220 Palm Harbor Homes, Inc.* 76
7,200 Pulte Corp. 144
3,300 Ryland Group, Inc. 75
2,000 Skyline Corp. 50
5,700 Standard-Pacific Corp. 63
1,583 Thor Industries, Inc. 44
4,600 Toll Brothers, Inc.* 82
2,779 U S Home Corp.* 72
3,400 Webb (Del E.) Corp.* 78
3,200 Winnebago Industries 60
--------
1,967
--------
Home Furnishings--0.9%
1,100 American Woodmark Corp. 22
2,900 Bassett Furniture Industries 46
2,200 Bush Industries 35
9,200 Ethan Allen Interiors, Inc. 306
7,100 Fedders Corp. 38
11,000 Furniture Brands International, Inc.* 214
3,710 Harman International 191
7,100 Kimball International 118
11,800 La-Z-Boy, Inc. 212
3,600 O'Sullivan Industries Holdings 62
1,600 Parkervision, Inc.* 37
4,800 Polycom, Inc.* 307
1,950 Salton, Inc.* 48
4,400 Select Comfort Corp.* 24
</TABLE>
See accompanying notes to financial statements.
75
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
Home Furnishings--Continued
19,500 Sunbeam Corp.* $ 96
4,900 Windmere-Durable Holdings* 70
--------
1,826
--------
Household Products/Wares--0.9%
3,350 American Business Products, Inc. 36
4,500 Central Garden and Pet Co.* 36
8,700 Church & Dwight, Inc. 244
1,500 CSS Industries, Inc.* 32
3,100 Fossil, Inc.* 65
7,000 Harland (John H.) Co. 130
7,600 Jostens, Inc. 140
2,900 New England Business Services, Inc. 66
17,500 Pennzoil-Quaker State Co. 182
6,400 Playtex Products, Inc.* 89
2,300 Russ Berrie & Co,. Inc. 59
4,100 Scotts Co. (The)* 165
2,800 Standard Register Co. 59
13,000 Tupperware Corp. 232
8,800 Wallace Computer Services, Inc. 177
--------
1,712
--------
Housewares--0.2%
3,100 Enesco Group, Inc. 38
3,600 Libbey, Inc. 95
11,557 Metromedia International Group, Inc.* 52
1,690 Mikasa, Inc. 18
1,600 National Presto Industries, Inc. 56
3,150 Oneida Ltd. 70
2,600 Toro Co. 84
--------
413
--------
Insurance--3.3%
2,700 Acceptance Insurance Cos., Inc.* 17
8,900 Alfa Corp. 155
1,100 Alleghany Corp.* 211
1,824 American Annuity Group, Inc. 29
3,349 Amerus Life Holdings, Inc. 79
3,900 Argonaut Group, Inc. 90
5,400 ARM Financial Group, Inc. --
3,000 Baldwin & Lyons, Inc. 62
2,900 Blanch (EW) Holdings, Inc. 168
2,425 Brown & Brown, Inc. 95
5,700 Capital Re Corp. 78
3,200 Chicago Title Corp. 145
3,600 CNA Surety Corp. 40
5,700 Commerce Group, Inc. 159
3,400 Delphi Financial Group* 105
6,100 Enhance Financial Services Group 104
1,100 Farm Family Holdings, Inc.* 45
3,000 FBL Financial Group, Inc. 52
5,681 Fidelity National Financial, Inc. 86
12,450 First American Financial Corp. 160
4,200 Foremost Corp. of America 119
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------
2,300 FPIC Insurance Group, Inc.* $ 44
6,734 Frontier Insurance Group, Inc. 20
4,100 Gallagher, Arthur J. & Co. 223
2,100 Guarantee Life Cos., Inc. 66
3,000 Harleysville Group, Inc. 45
9,000 HCC Insurance Holdings, Inc. 96
2,900 Hilb, Rogal & Hamilton Co. 79
9,200 Horace Mann Educators 202
6,450 HSB Group, Inc. 227
1,600 Kansas City Life Insurance Co. 56
3,200 Landamerica Financial Group, Inc. 62
9,400 Leucadia National Corp.* 205
3,600 Liberty Corp. 165
3,000 Liberty Financial Cos. 70
1,000 Markel Corp.* 157
5,212 Medical Assurance, Inc.* 114
1,100 Midland Co. 26
4,100 MMI Cos., Inc. 17
10,600 MONY Group, Inc. 313
500 National Western Life Insurance* 40
14,000 Ohio Casualty Corp. 216
6,200 Orion Capital Corp. 310
1,400 Penn Treaty American Corp.* 22
2,000 Philadelphia Consolidated Holding Co. 29
2,300 Pico Holdings, Inc.* 35
3,900 PMA Capital Corp. 77
5,300 Presidential Life Corp. 93
2,090 Professionals Group, Inc.* 54
2,100 Provident American Corp.* 63
8,073 Radian Group, Inc. 395
14,300 Reliance Group Holdings 57
2,100 Risk Capital Holdings, Inc.* 27
1,781 RLI Corp. 61
2,700 SCPIE Holdings, Inc. 94
6,300 Selective Insurance Group 110
3,200 StanCorp Financial Group 88
3,500 State Auto Financial Corp. 33
2,600 Stewart Information Services 35
3,800 Superior National Insurance Group, Inc.* 12
2,450 Trenwick Group, Inc. 50
3,000 Triad Guaranty, Inc.* 68
8,500 UICI* 208
3,900 Unistar Financial Services Corp. 108
1,650 United Fire & Casualty Co. 36
3,800 W.R. Berkley Corp. 81
2,200 Zenith National Insurance Corp. 46
--------
6,634
--------
Investment Companies--0.2%
14,000 Allied Capital Corp. Funds 284
2,600 Medallion Financial Corp. 51
--------
335
--------
Iron/Steel--0.5%
29,406 Bethlehem Steel Corp.* 184
4,100 Carpenter Technology 108
</TABLE>
See accompanying notes to financial statements.
76
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------
2,500 Citation Corp. $ 42
2,500 Cleveland-Cliffs, Inc. 73
1,700 Gibraltar Steel Corp. 40
5,100 Lone Star Technologies* 129
22,500 LTV Corp. 79
4,900 National Steel Corp. 28
5,800 Oregon Steel Mills, Inc. 47
4,275 Reliance Steel & Aluminum 104
2,100 Rouge Industries, Inc. 16
3,093 Ryerson Tull, Inc. 63
9,600 Steel Dynamics, Inc.* 132
--------
1,045
--------
Leisure Time--0.5%
1,900 American Classic Voyager* 55
18,789 AMF Bowling, Inc.* 60
5,200 Bally Total Fitness Holding* 118
17,100 Callaway Golf Co. 249
2,400 Coleman Co., Inc. 23
2,000 Direct Focus, Inc.* 54
5,050 Family Golf Centers, Inc.* 8
2,800 Pegasus Systems, Inc.* 143
5,600 Polaris Industries, Inc. 216
5,000 WMS Industries, Inc.* 57
--------
983
--------
Lodging--0.4%
7,100 Boca Resorts, Inc.* 62
12,300 Choice Hotels International, Inc.* 193
4,100 Crestline Capital Corp.* 91
16,100 Extended Stay America, Inc.* 124
5,400 Lodgian, Inc.* 31
5,059 Marcus Corp. 64
11,600 Prime Hospitality Corp.* 101
3,000 U.S. Franchise Systems, Inc.* 15
30,300 Wyndham International, Inc.* 85
--------
766
--------
Machinery--Construction & Mining--0.4%
3,300 Astec Industries, Inc.* 82
4,400 CMI Corp. 36
3,150 Commercial Intertech Corp. 40
5,000 Global Industries Technologies, Inc.* 63
9,900 Harnischfeger Industries, Inc.* 11
9,900 JLG Industries, Inc. 135
5,887 Manitowoc Co. 180
5,600 Terex Corp.* 157
--------
704
--------
Machinery--Diversified--1.8%
2,200 Advanced Energy Industries* 74
13,400 AGCO Corp. 170
4,081 Albany International Corp.* 69
4,800 Applied Industrial Technology, Inc. 82
2,900 Asyst Technologies, Inc.* 116
2,400 Brooks Automation, Inc.* 65
Shares Description Value
- --------------------------------------------------------
3,850 Chart Industries, Inc.* $ 14
7,700 Cognex Corp. 250
2,800 Columbus McKinnon Corp. 29
2,000 Detroit Diesel Corp. 37
3,900 Esterline Technologies Corp.* 49
8,478 Flowserve Corp. 147
5,200 FSI International, Inc.* 49
2,850 Gardner Denver, Inc.* 47
4,400 Gerber Scientific, Inc. 85
3,245 Graco, Inc. 107
5,000 Helix Technology Corp. 202
6,625 IDEX Corp. 183
8,200 Imation Corp.* 264
5,300 Kulicke & Soffa Industries* 189
2,750 Lindsay Manufacturing Co. 46
5,900 Magnetek, Inc.* 39
1,400 NACCO Industries 68
3,200 Nordson Corp. 157
6,000 Presstek, Inc.* 66
4,300 PRI Automation, Inc.* 204
1,848 Robbins & Myers, Inc. 37
2,800 Sauer, Inc. 36
2,700 Specialty Equipment Cos., Inc.* 60
5,514 SpeedFam International, Inc.* 65
6,300 Stewart & Stevenson Services 75
2,000 Tennant Co. 71
1,500 Thermo Fibertek, Inc.* 11
3,550 Thomas Industries, Inc. 57
9,500 UNOVA, Inc.* 125
5,500 Zebra Technologies Corp.* 332
--------
3,677
--------
Media--1.7%
2,500 Ackerley Group, Inc. 41
6,500 ACTV, Inc.* 142
3,900 Big Flowers Holdings, Inc.* 122
4,300 Citadel Communications Corp.* 215
3,700 Cumulus Media, Inc.* 148
3,600 Emmis Communications Corp.* 292
4,500 Entercom Communications Corp.* 257
2,300 Gray Communication System 40
700 IDG Books Worldwide, Inc.* 10
1,100 Information Holdings, Inc.* 23
10,500 Journal Register Co.* 125
10,000 Lee Enterprises 283
2,400 Network Event Theater, Inc.* 57
2,300 On Command Corp.* 35
6,700 Paxson Communications Corp.* 77
2,500 Pegasus Communications Corp.* 164
4,500 Playboy Enterprises* 94
1,600 Pulitzer, Inc. 61
1,500 Radio One, Inc.* 95
1,500 Saga Communications, Inc.* 37
3,100 Scholastic Corp.* 170
5,600 Sinclair Broadcast Group, Inc.* 64
3,200 Sirius Satellite Radio, Inc.* 86
</TABLE>
See accompanying notes to financial statements.
77
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
Media--Continued
3,100 Source Media, Inc.* $ 53
900 United Television, Inc. 120
400 Value Line, Inc. 14
7,450 Westwood One, Inc.* 427
2,100 Young Broadcasting, Inc.* 84
6,000 Ziff-Davis, Inc.* 111
--------
3,447
--------
Metal Fabricate/Hardware--0.8%
1,600 Alltrista Corp.* 34
2,556 Castle (A.M.) & Co. 30
1,800 Circor International, Inc. 20
2,766 Commercial Metals Co. 89
5,100 Intermet Corp. 52
7,200 Kaydon Corp. 197
1,400 Lawson Products 32
3,500 Maverick Tube Corp.* 75
6,800 Metals USA, Inc.* 57
8,100 Mueller Industries, Inc.* 292
5,500 Precision Castparts Corp. 150
3,200 Quanex Corp. 68
11,400 Timken Co. 218
4,000 Valmont Industries 71
3,000 Wolverine Tube, Inc.* 46
16,800 Worthington Industries 269
--------
1,700
--------
Metals--Diversified--0.3%
3,700 Brush Wellman, Inc. 60
6,200 Kaiser Aluminum Corp.* 41
1,000 Maxxam, Inc.* 45
2 Phelps Dodge Corp. --
3,400 RTI International Metals, Inc.* 23
5,500 Southern Peru Copper Corp. 82
8,500 Stillwater Mining Co.* 206
4,200 Titanium Metals Corp. 23
22,500 USEC, Inc. 186
--------
666
--------
Mining--0.1%
5,500 AMCOL International Corp. 98
28,600 Battle Mountain Gold Co.* 71
--------
169
--------
Miscellaneous Manufacturing--2.1%
4,000 ABC-NACO, Inc.* 45
3,100 ACX Technologies, Inc.* 29
7,100 AptarGroup, Inc. 193
4,350 Arctic Cat, Inc. 45
3,900 Barnes Group, Inc. 63
6,923 Blount International, Inc.* 112
5,350 CLARCOR, Inc. 93
3,650 Cuno, Inc.* 74
5,200 Dexter Corp. 188
Shares Description Value
- --------------------------------------------------
9,100 Donaldson Co., Inc. $ 205
10,200 Federal Signal Corp. 173
734 General Electric Co. 95
3,400 GenTek, Inc.* 40
6,800 Griffon Corp.* 52
9,200 Harsco Corp. 274
3,600 Hexcel Corp.* 21
3,700 Justin Industries 58
3,500 Lydall, Inc.* 31
11,000 Mark IV Industries, Inc. 206
8,300 Mascotech, Inc. 100
3,300 Matthews International Corp. 77
3,413 Myers Industries, Inc. 51
600 NCH Corp. 28
2,700 Optical Coating Laboratory 531
10,000 Polaroid Corp. 192
4,600 Polymer Group, Inc.* 87
6,800 Roper Industries, Inc. 253
3,400 Scott Technologies, Inc.* 70
4,700 Smith (A.O.) Corp. 103
2,828 SPS Technologies, Inc.* 93
2,600 Standex International Corp. 55
4,600 Sturm Ruger & Co., Inc. 41
4,400 Tredegar Corp. 85
9,000 Trinity Industries 263
1,675 Tyco International Ltd. 67
9,394 Westinghouse Air Brake Co. 170
--------
4,263
--------
Office Furnishings--0.0%
500 Compx International, Inc.* 9
9,300 Interface, Inc. 42
1,386 Virco Manufacturing 19
--------
70
--------
Office/Business Equipment--0.0%
1,300 General Binding Corp. 11
1,500 Global Imaging Systems, Inc.* 24
--------
35
--------
Oil & Gas Producers--1.9%
2,400 Atwood Oceanics* 81
6,440 Barrett Resources Corp.* 171
3,100 Basin Exploration, Inc.* 55
2,200 Belco Oil & Gas Corp.* 14
4,100 Berry Petroleum 57
6,000 Brown (Tom), Inc.* 70
5,100 Cabot Oil & Gas Corp. 78
17,154 Chesapeake Energy Corp.* 51
11,000 Cross Timbers Oil Co. 112
9,500 EEX Corp.* 25
2,700 Evergreen Resources, Inc.* 57
6,100 Forest Oil Corp.* 70
37,100 Grey Wolf, Inc.* 102
30,000 Harken Energy Corp.* 30
11,100 Helmerich & Payne 251
</TABLE>
See accompanying notes to financial statements.
78
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ---------------------------------------------------
1,900 Houston Exploration Co.* $ 38
3,700 HS Resources, Inc.* 48
18,600 Key Energy Group* 93
4,356 Louis Dreyfus Natural Gas* 78
12,900 Marine Drilling Co., Inc.* 218
3,000 McMoRan Exploration Co.* 65
6,276 Meridian Resource Corp.* 23
4,600 Mitchell Energy & Development 108
4,408 Nabors Industries, Inc. 117
8,300 Newfield Exploration Co.* 214
4,000 Nuevo Energy Co.* 62
14,600 Parker Drilling Co.* 57
7,300 Patterson Energy, Inc.* 93
22,600 Pioneer Natural Resources Co.* 188
3,600 Plains Resources, Inc.* 40
9,000 Pogo Producing Co. 162
12,600 Pride International, Inc.* 181
2,500 St. Mary Land & Exploration 52
3,700 Stone Energy Corp.* 144
4,020 Swift Energy Co.* 45
7,300 Tesoro Petroleum Corp.* 88
11,200 Valero Energy Corp. 232
10,000 Vintage Petroleum, Inc. 107
3,130 WD-40 Co. 73
--------
3,750
--------
Oil & Gas Services--0.7%
1,300 CAL Dive International, Inc.* 47
1,100 Carbo Ceramics, Inc. 29
2,100 Dril-Quip* 52
328 Eagle Geophysical, Inc. --
6,905 Friede Goldman Halter, Inc.* 58
13,700 Global Industries Ltd.* 107
6,400 Hanover Compressor Co.* 219
10,100 Input/Output, Inc.* 54
3,900 IRI International Corp.* 17
11,000 National-Oilwell, Inc.* 157
15,560 Newpark Resources* 93
4,500 Oceaneering International, Inc.* 58
3,300 RPC, Inc. 23
2,700 Seacor Smit, Inc.* 140
5,400 Seitel, Inc.* 36
6,500 Tuboscope, Inc.* 93
3,100 UTI Energy Corp.* 63
13,700 Varco International, Inc.* 146
5,100 Veritas DGC, Inc.* 74
--------
1,466
--------
Packaging & Containers--0.3%
700 AEP Industries, Inc.* 21
6,400 Earthshell Corp.* 19
12,000 Gaylord Container Corp.* 75
3,000 Greif Brothers Corp. 88
4,600 Ivex Packaging Corp.* 49
700 Liqui-Box Corp. 38
11,600 Longview Fibre Co. 148
Shares Description Value
- ---------------------------------------------------
4,750 Shorewood Packaging Corp.* $ 78
2,500 Silgan Holdings, Inc.* 38
2,100 U.S. Can Corp.* 38
--------
592
--------
Pharmaceuticals--3.1%
2,160 Abbott Laboratories 82
2,000 Abgenix, Inc.* 103
700 Accredo Health, Inc.* 19
2,100 Advance Paradigm, Inc.* 83
2,800 Algos Pharmaceuticals Corp.* 34
5,200 Alkermes, Inc.* 221
4,300 ALPHARMA, Inc., Class A 138
10,900 AmeriSource Health Corp.* 135
2,800 Anesta Corp.* 41
3,000 Barr Laboratories, Inc.* 94
5,510 Bindley Western Industries 73
3,300 Biomatrix, Inc.* 78
3,274 Block Drug Co. 96
4,800 Carter-Wallace, Inc. 87
3,800 Celgene Corp.* 227
4,200 Cell Pathways, Inc.* 40
6,400 Cephalon, Inc.* 142
3,100 ChiRex, Inc.* 108
5,000 COR Therapeutics, Inc.* 99
3,300 Corixa Corp.* 56
3,700 Coulter Pharmaceutical, Inc.* 63
4,400 Cygnus, Inc.* 44
9,900 Dura Pharmaceuticals, Inc.* 129
4,700 Duramed Pharmaceuticals, Inc.* 37
3,000 Geltex Pharmaceuticals, Inc.* 32
9,874 Gilead Sciences, Inc.* 474
4,300 Guilford Pharmaceuticals, Inc.* 63
5,400 Hemispherx Biopharma, Inc.* 50
2,866 Herbalife International, Inc. 42
5,700 ImClone Systems* 207
6,200 Isis Pharmaceuticals, Inc.* 97
8,150 Jones Pharma, Inc. 282
4,600 King Pharmaceuticals, Inc.* 212
2,650 KV Pharmaceutical Co.* 51
9,858 Ligand Pharmaceuticals, Inc.* 113
5,000 Macrochem Corp.* 24
1,500 Mannatech, Inc.* 9
2,300 Medco Research, Inc.* 61
6,300 Medicis Pharmaceutical* 221
915 MedImmune, Inc. 110
3,423 Natures Sunshine Products, Inc. 29
12,300 NBTY, Inc.* 120
3,300 NCS Healthcare, Inc.* 9
2,600 Neurogen Corp.* 38
3,700 PathoGenesis Corp.* 72
5,450 Patterson Dental Co.* 250
13,900 Perrigo Co.* 117
4,100 Pharmaceutical Resources, Inc.* 25
2,800 Pharmacyclics, Inc.* 96
800 Priority Healthcare Corp.* 20
</TABLE>
See accompanying notes to financial statements.
79
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -----------------------------------------------------------------------
Small Company Index Portfolio--Continued
Pharmaceuticals--Continued
7,600 Rexall Sundown, Inc.* $ 78
7,200 Roberts Pharmaceutical Corp.* 233
3,300 Sangstat Medical Corp.* 78
1,300 Schein Pharmaceutical, Inc.* 12
17,900 SICOR, Inc.* 86
3,500 SuperGen, Inc.* 117
2,100 Syncor International Corp.* 59
5,800 Theragenics Corp.* 55
5,600 Triangle Pharmaceuticals, Inc.* 110
5,400 Twinlab Corp.* 53
5,600 Vertex Pharmaceuticals, Inc.* 149
4,700 Veterinary Centers of America* 52
--------
6,135
--------
Pipelines--0.2%
7,600 Equitable Resources, Inc. 265
5,800 TransMontaigne, Inc.* 39
3,400 Western Gas Resources, Inc. 38
--------
342
--------
Real Estate--0.3%
3,000 Castle & Cooke, Inc.* 38
4,600 CB Richard Ellis Services, Inc.* 60
3,500 Forest City Enterprises, Class A 87
1,862 Getty Realty Corp. 24
4,133 Insignia Financial Group, Inc.* 34
6,900 Jones Lang LaSalle, Inc.* 84
5,600 LNR Property Corp. 99
9,100 Security Capital Group, Inc.* 110
5,300 Trammell Crow Co.* 65
4,800 Wellsford Real Properties, Inc.* 38
--------
639
--------
Real Estate Investment Trusts--4.9%
770 Alexander's, Inc.* 57
2,600 Alexandria Real Estate Equities 76
3,700 American Industrial Properties 46
3,200 Amli Residential Properties 68
3,700 Associated Estates Realty 28
4,900 Bedford Property Investors 84
3,800 Boykin Lodging Co. 47
5,403 Bradley Real Estate, Inc. 97
8,000 Brandywine Realty Trust 134
10,024 BRE Properties, Inc. 231
7,200 Burnham Pacific Property, Inc. 71
9,100 Cabot Industrial Trust 167
9,333 Camden Property Trust 250
4,800 Capital Automotive 65
13,775 Capstead Mortgage Corp. 54
5,000 CBL & Associates Properties 109
5,000 Center Trust, Inc. 51
4,500 Centerpoint Properties Corp. 156
4,800 Chateau Communities, Inc. 125
Shares Description Value
- -----------------------------------------------------------------------
3,500 Chelsea GCA Realty, Inc. $ 108
5,900 Colonial Properties Trust 145
6,800 Commercial Net Lease Realty 73
8,800 Cornerstone Realty Income Trust 89
5,500 Cousins Properties, Inc. 190
5,400 Crown American Realty 34
13,800 Developers Diversified Realty 192
3,600 Eastgroup Properties 63
3,100 Entertainment Properties Trust 41
8,300 Equity Inns, Inc. 59
3,700 Essex Property Trust, Inc. 120
9,100 Federal Realty Investment Trust 164
8,600 First Industrial Realty Trust 219
1,800 First Washington Realty Trust 32
5,900 Gables Residential Trust 140
7,000 Glenborough Realty Trust, Inc. 92
5,300 Glimcher Realty Trust 76
1,800 Golf Trust of America, Inc. 31
3,700 Great Lakes REIT, Inc. 54
11,222 Health Care Property Investors, Inc. 291
6,400 Health Care REIT, Inc. 104
8,999 Healthcare Realty Trust, Inc. 149
4,200 Home Properties of New York, Inc. 108
11,200 Hospitality Properties Trust 207
5,800 Imperial Credit Commercial Mortgage Investment Corp. 65
16,800 IndyMac Mortgage Holdings, Inc. 186
7,800 Innkeepers USA Trust 61
7,400 IRT Property Co. 58
7,450 JDN Realty Corp. 122
2,400 JP Realty, Inc. 41
6,200 Kilroy Realty Corp. 118
6,000 Koger Equity, Inc. 94
6,800 Konover Property Trust 40
2,800 LaSalle Hotel Properties 33
3,800 Lexington Corporate Properties Trust 40
6,100 LTC Properties, Inc. 59
6,800 Macerich Co. (The) 135
4,900 Manufactured Home Communities, Inc. 116
10,742 Meristar Hospitality Corp. 166
3,100 MGI Properties, Inc. 19
4,300 Mid-America Apartment Communities 95
3,400 Mills Corp. 57
2,800 National Golf Properties, Inc. 59
5,500 National Health Investors 87
10,400 Nationwide Health Properties, Inc. 155
4,418 Omega Healthcare Investors 74
3,900 Pacific Gulf Properties, Inc. 78
2,100 PAN Pacific Retail Properties, Inc. 36
2,200 Parkway Properties, Inc. 66
2,600 Pennsylvania Real Estate Investment Trust 44
8,500 Prentiss Properties Trust 172
2,100 Prime Group Realty Trust 30
9,697 Prime Retail, Inc. 62
5,300 PS Business Parks, Inc. 115
</TABLE>
See accompanying notes to financial statements.
80
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- --------------------------------------------------------------
6,000 Realty Income, Corp. $ 131
9,100 Reckson Associates Realty 184
2,300 Redwood Trust, Inc. 27
8,000 Regency Realty Corp. 162
5,600 RFS Hotel Investors, Inc. 62
2,400 Saul Centers, Inc. 36
6,500 Shurgard Storage Centers, Inc. 145
4,800 SL Green Realty Corp. 97
4,400 Smith (Charles E.) Residential Realty, Inc. 143
2,800 Sovran Self Storage, Inc. 56
6,300 Storage USA, Inc. 170
5,000 Summit Properties, Inc. 91
3,900 Sun Communities, Inc. 118
1,200 Tanger Factory Outlet Centers, Inc. 26
7,700 Taubman Centers, Inc. 84
4,800 Thornburg Mortgage Asset Corp. 41
3,500 Town & Country Trust 61
23,300 United Dominion Realty Trust 252
2,300 Urban Shopping Centers, Inc. 59
12,000 Ventas, Inc.* 59
5,700 Walden Residential Properties, Inc. 117
8,000 Washington Real Estate Investment Trust 123
6,000 Weingarten Realty Investments 225
3,900 Western Properties Trust 39
6,500 Westfield America, Inc. 88
--------
9,776
--------
Retail--4.6%
32,000 7-Eleven, Inc.* 61
1,968 99 Cents Only Stores* 56
7,900 Advantica Restaurant Group, Inc.* 14
6,400 Ames Department Stores, Inc.* 170
4,900 AnnTaylor Stores Corp.* 212
5,900 Applebees International, Inc. 178
4,712 Avado Brands, Inc. 23
6,500 barnesandnoble.com, Inc.* 123
600 BEBE Stores, Inc.* 19
5,200 Beyond.com Corp.* 53
8,900 Bob Evans Farms 133
3,000 Boise Cascade Office Products Corp.* 35
8,600 Bombay Co., Inc. (The)* 43
17,400 Borders Group, Inc.* 270
4,100 Brown Shoe Co., Inc. 65
2,000 Buckle, Inc.* 31
9,640 Buffets, Inc.* 104
4,080 Burlington Coat Factory Warehouse Corp. 52
11,900 Casey's General Stores, Inc. 152
5,700 Cash America International, Inc. 50
3,400 Cato Corp. 45
13,200 CBRL Group, Inc. 147
3,507 CDnow, Inc.* 53
6,075 CEC Entertainment, Inc.* 182
22,100 Charming Shoppes, Inc.* 144
900 Cheap Tickets, Inc.* 15
3,900 Cheesecake Factory (The)* 121
Shares Description Value
- --------------------------------------------------------------
1,500 Chico's FAS, Inc.* $ 58
3,700 Childrens Place* 91
11,600 CKE Restaurant, Inc. 75
600 Coldwater Creek, Inc.* 17
20,600 CompUSA, Inc.* 121
4,860 Consolidated Products, Inc.* 51
4,100 Copart, Inc.* 107
4,625 Cost Plus, Inc.* 171
1,200 Creative Computers, Inc.* 12
4,200 CSK Auto Corp.* 75
3,400 Cyberian Outpost, Inc.* 41
2,800 Dave & Buster's, Inc.* 29
1,900 David's Bridal, Inc.* 18
800 DEB Shops, Inc. 16
1,700 Delia*s, Inc.* 19
2,100 Discount Auto Parts* 29
3,600 Dress Barn, Inc.* 61
3,800 Duane Reade, Inc.* 84
5,234 Egghead.com, Inc.* 95
1,200 Electronics Boutique Holdings Corp.* 26
2,700 Factory 2-U Stores, Inc.* 64
700 Fatbrain.com, Inc.* 23
4,100 Finish Line* 27
4,500 Footstar, Inc.* 149
5,100 Genesco, Inc.* 71
4,500 Goody's Family Clothing, Inc.* 30
3,400 Group 1 Automotive, Inc.* 49
5,000 Guitar Center, Inc.* 54
5,100 Gymboree Corp.* 31
26,600 Hanover Direct, Inc.* 103
4,100 Haverty Furniture 56
13,200 Heilig-Meyers Co. 48
7,100 Hollywood Entertainment Corp.* 100
8,100 Homebase, Inc.* 28
4,400 IHOP Corp.* 68
4,575 Insight Enterprises, Inc.* 154
3,600 Intertan, Inc.* 86
9,200 Jack in the Box, Inc. 194
3,600 Jo-Ann Stores, Inc.* 47
5,950 Just For Feet, Inc.* 7
200 Kenneth Cole Productions, Inc. 9
6,000 Landry's Seafood Restaurant* 53
3,000 Lands' End, Inc.* 181
1,400 Lithia Motors, Inc.* 26
8,000 Lone Star Steakhouse & Saloon* 60
4,900 Luby's, Inc. 57
10 May Department Stores Co. --
5,528 Men's Wearhouse, Inc.* 142
5,900 Michaels Stores, Inc.* 185
8,000 Micro Warehouse, Inc.* 94
2,100 Movado Group, Inc. 50
5,800 MSC Industrial Direct Co.* 53
6,800 Musicland Stores Corp.* 54
2,300 NPC International, Inc.* 29
3,100 O'Charley's, Inc.* 41
</TABLE>
See accompanying notes to financial statements.
81
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
Retail--Continued
25,500 OfficeMax, Inc.* $ 156
3,800 O'Reilly Automotive, Inc. 175
1,400 P.F. Chang's China Bistro, Inc.* 36
6,162 Pacific Sunwear of California* 190
5,050 Papa John's International, Inc.* 181
800 PC Connection, Inc. 22
10,400 Pep Boys-Manny, Moe & Jack 101
4,750 Petco Animal Supplies, Inc.* 67
26,300 PETsMART, Inc.* 113
21,700 Pier 1 Imports, Inc. 151
2,400 Rare Hospitality International, Inc.* 51
6,300 Regis Corp.* 130
3,200 Restoration Hardware, Inc.* 26
7,200 Ruby Tuesday, Inc. 145
8,800 Ryan's Family Steak Houses, Inc.* 87
3,900 School Specialty, Inc.* 63
2,000 Shoe Carnival, Inc.* 20
5,500 Shop At Home, Inc.* 70
6,700 Shopko Stores, Inc.* 152
1,800 Smart & Final, Inc. 12
4,250 Sonic Corp.* 115
3,600 Spiegel, Inc.* 29
6,700 Stein Mart, Inc.* 41
9,500 Sunglass Hut International, Inc.* 116
8,000 Systemax, Inc.* 77
2,600 Talbots, Inc. 126
1,600 Tractor Supply Co.* 27
7,150 Trans World Entertainment* 79
1,700 Tuesday Morning Corp.* 42
1,200 Tweeter Home Entertainment Group, Inc.* 60
400 uBid, Inc.* 16
4,800 United Auto Group, Inc.* 43
2,900 United Retail Group, Inc.* 27
2,300 Urban Outfitters, Inc.* 45
8,800 US Office Products Co. 32
2,300 Value America, Inc.* 29
3,200 Value City Department Stores, Inc.* 53
1,900 West Marine, Inc.* 16
2,500 Wet Seal, Inc.* 34
2,000 Whitehall Jewellers, Inc.* 63
--------
9,188
--------
Savings & Loans--1.8%
2,500 Alliance Bancorp 50
5,600 Anchor Bancorp Wisconsin, Inc. 90
1,500 Andover Bancorp, Inc. 45
8,800 Arcadia Financial Ltd.* 40
7,100 Bank United Corp. 253
3,000 Brookline Bancorp, Inc. 30
20,600 Capitol Federal Financial 212
4,900 CFS Bancorp, Inc 49
2,954 Commonwealth Bancorp, Inc. 49
2,900 Dime Community Bancshares 57
Shares Description Value
- ----------------------------------------------------------
4,606 Downey Financial Corp. $ 93
3,400 First Federal Capital Corp. 51
3,000 First Financial Holdings, Inc. 54
2,157 First Indiana Corp. 50
9,695 First Sentinel Bancorp, Inc. 81
2,620 First Washington Bancorp, Inc. 43
4,700 FirstFed Financial Corp.* 73
1,800 Flagstar Bancorp, Inc. 29
1,600 Great Southern Bancorp, Inc. 34
3,006 Harbor Florida Bancshares, Inc. 38
2,000 Harris Financial, Inc. 17
4,000 Hudson River Bancorp 44
16,900 Independence Community Bank 189
1,900 JSB Financial, Inc. 112
5,388 MAF Bancorp, Inc. 119
5,300 Net.B@nk, Inc.* 126
3,200 Niagara Bancorp, Inc. 33
3,500 Northwest Bancorp, Inc. 29
3,100 OceanFirst Financial Corp. 58
7,200 Ocwen Financial Corp.* 47
2,900 PFF Bancorp, Inc. 64
3,850 Queens County Bancorp, Inc. 112
1,900 Reliance Bancorp, Inc. 75
7,200 Richmond County Financial Corp. 123
6,000 Seacoast Financial Services Corp.* 63
2,000 St. Francis Capital Corp. 40
9,200 Staten Island Bancorp, Inc. 180
7,200 Telebanc Financial Corp.* 186
7,500 United Community Financial Corp. 80
12,300 Washington Federal, Inc. 257
951 Washington Mutual, Inc. 28
8,100 Webster Financial Corp. 216
2,118 WestCorp. 31
--------
3,650
--------
Semiconductors--3.5%
4,500 Actel Corp.* 106
5,400 Alliance Semiconductor Corp.* 78
3,700 Alpha Industries* 224
3,700 American Xtal Technology, Inc.* 57
19,300 Amkor Technology, Inc.* 521
4,600 ATMI, Inc.* 140
5,775 Burr-Brown Corp.* 256
13,500 Cirrus Logic, Inc.* 187
5,600 Cree Research, Inc.* 320
23,600 Cypress Semiconductor Corp.* 643
6,500 Dallas Semiconductor Corp. 375
1,100 Dupont Photomasks, Inc.* 68
4,400 Electroglas, Inc.* 125
2,100 Emcore Corp.* 48
5,800 ESS Technology* 125
4,800 Etec Systems, Inc.* 206
2,100 Exar Corp.* 102
6,800 General Semiconductor, Inc.* 93
1,500 hi/fn, Inc.* 66
11,600 International Rectifier Corp.* 235
</TABLE>
See accompanying notes to financial statements.
82
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- -------------------------------------------------------
2,800 Kopin Corp.* $ 182
8,700 Lam Research Corp.* 675
10,100 Lattice Semiconductor Corp.* 452
900 Maker Communications, Inc.* 21
7,500 MEMC Electronics Materials* 90
2,600 MIPS Technologies, Inc.* 115
1,600 MKS Instruments, Inc.* 40
4,800 Photronics, Inc.* 116
5,937 Pioneer Standard Electronics 80
2,900 PLX Technology, Inc.* 58
6,800 Semtech Corp.* 332
7,300 Silicon Valley Group, Inc.* 104
400 Siliconix, Inc.* 31
5,700 Transwitch Corp.* 268
3,300 Triquint Semiconductor, Inc.* 281
4,800 Ultratech Stepper, Inc.* 91
6,800 Varian Semiconductor Equipment* 160
1,200 Watkins-Johnson Co. 47
--------
7,118
--------
Shipbuilding--0.1%
7,300 Newport News Shipbuilding 241
--------
Software--10.2%
3,000 24/7 Media, Inc.* 152
4,800 3Dfx Interactive, Inc.* 43
700 About.com* 30
9,000 Acclaim Entertainment, Inc.* 58
5,300 Activision, Inc.* 80
2,800 Actuate Corp.* 171
2,000 Advantage Learning Systems, Inc.* 50
2,750 Advent Software* 154
1,400 Allaire Corp.* 213
6,200 Allen Telecom, Inc.* 58
9,500 American Management Systems* 279
4,100 Apex, Inc.* 96
3,640 Applied Graphics Technologies* 34
1,100 Applied Theory Corp.* 20
3,200 Ardent Software* 84
5,600 Ashton Technology Group* 36
5,100 Aspect Development, Inc.* 244
5,600 Aspen Technology, Inc.* 106
1,058 At Home Corp. 51
2,000 Autobytel.com, Inc.* 29
1,500 Autoweb.com, Inc.* 16
5,000 Avid Technology, Inc.* 55
2,600 AVT Corp.* 104
5,300 Banyan Systems, Inc.* 76
2,600 Barra, Inc.* 76
1,500 Best Software, Inc.* 39
3,700 BindView Development Corp.* 111
1,600 Bottomline Technologies, Inc.* 35
2,300 Brio Technology, Inc.* 87
12,400 BroadVision, Inc.* 1,154
1,500 CAIS Internet, Inc.* 20
11,500 Cambridge Technology Partners, Inc.* 165
Shares Description Value
- -------------------------------------------------------
5,300 CCC Information Services Group* $ 58
5,900 Cerner Corp.* 112
6,600 Choicepoint, Inc.* 220
4,800 Clarify, Inc.* 447
9,000 Concentric Network Corp.* 256
3,000 Concord Communications, Inc.* 160
3,000 Concur Technologies, Inc.* 70
3,600 Cybercash, Inc.* 39
3,500 Datastream Systems, Inc.* 49
6,750 Dendrite International, Inc.* 186
3,400 Documentum, Inc.* 114
2,310 Doubleclick, Inc. 370
1,400 EarthWeb, Inc.* 53
7,900 Eclipsys Corp.* 193
2,600 Engineering Animation, Inc.* 22
9,023 Epicor Software Corp.* 53
2,600 Excalibur Technologies Corp.* 35
2,500 Exchange Applications, Inc.* 152
2,300 Fair, Isaac & Co., Inc. 98
1,000 Fidelity Holdings, Inc.* 16
7,200 Filenet Corp.* 144
2,100 Flashnet Communications, Inc.* 19
700 Flycast Communications* 47
2,100 Genesys Telecomm Labs, Inc.* 108
900 Globix Corp.* 36
4,700 Go2net, Inc.* 343
2,200 Great Plains Software, Inc.* 118
8,400 GT Interactive Software Corp.* 17
8,675 Harbinger Corp.* 152
2,173 Healtheon/WebMD Corp. 99
5,400 HNC Software* 383
6,885 Hyperion Solutions Corp.* 188
3,100 IDX Systems Corp.* 66
4,400 IMRglobal Corp.* 50
6,100 Infocure Corp.* 98
1,900 Informatica Corp.* 138
6,200 Information Resources, Inc.* 62
43,000 Informix Corp.* 473
5,400 infoUSA, Inc. 34
2,750 Inspire Insurance Solutions, Inc.* 17
4,000 Integrated Systems, Inc.* 115
4,700 Inter-Tel, Inc. 94
1,900 InterVU, Inc.* 118
1,100 iTurf, Inc.* 21
3,100 iVillage, Inc.* 88
4,500 JDA Software Group, Inc.* 63
1,500 Juno Online Services, Inc.* 26
2,200 Launch Media, Inc.* 41
7,000 Learn2.com, Inc.* 21
4,500 Manugistics Group, Inc.* 75
4,400 Mapics, Inc.* 42
1,200 MapQuest.com, Inc.* 30
700 Marketwatch.com, Inc.* 33
700 Media Metrix* 26
2,800 Mediconsult.com, Inc.* 24
</TABLE>
See accompanying notes to financial statements.
83
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
Software--Continued
8,500 Mercury Interactive Corp.* $ 707
5,600 MessageMedia, Inc.* 92
1,600 Metro Information Services, Inc.* 24
2,300 Micromuse, Inc.* 263
8,600 MicroStrategy, Inc.* 1,053
6,573 Midway Games, Inc.* 142
2,400 Mpath Interactive* 41
2,600 Multex.com, Inc.* 74
5,425 National Instruments Corp.* 163
5,600 Neomagic Corp.* 51
1,500 Neon Systems, Inc* 38
2,500 Net Perceptions, Inc.* 94
1,500 Netobjects* 20
1,600 Netopia, Inc.* 89
3,600 NVIDIA Corp.* 125
900 Omega Research, Inc.* 5
4,100 OneMain.com, Inc.* 76
2,900 OnHealth Network Co.* 25
1,500 Onyx Software Corp.* 48
6,200 Open Market, Inc.* 228
500 PCOrder.com, Inc.* 26
6,400 Pegasystems, Inc.* 49
6,267 Per-Se Technologies, Inc.* 47
5,700 Peregrine Systems, Inc.* 399
3,500 Pervasive Software, Inc.* 48
5,700 Phoenix Technologies Ltd.* 82
4,100 Pinnacle Systems, Inc.* 135
8,000 Policy Management Systems Corp.* 161
2,900 Preview Travel, Inc.* 135
1,100 Private Business, Inc.* 3
2,900 Probusiness Services, Inc.* 84
3,500 Progress Software Corp.* 140
1,400 Project Software & Development* 125
2,200 Proxicom, Inc.* 152
5,400 QuadraMed Corp.* 37
7,300 Rare Medium Group, Inc.* 203
1,587 Razorfish, Inc.* 116
5,300 Remedy Corp.* 185
7,523 S1 Corp.* 363
6,900 Saga Systems, Inc.* 147
3,100 Sagent Technology, Inc.* 62
800 Saleslogix Corp.* 23
2,700 Sanchez Computer Associates* 106
4,100 Santa Cruz Operation, Inc.* 61
2,200 Schawk, Inc. 19
2,800 SCM Microsystems, Inc.* 176
2,000 Serena Software, Inc.* 48
700 Silknet Software, Inc.* 62
3,600 Softnet Systems* 111
526 Spectrum Information Technologies --
3,500 SportsLine.com, Inc.* 167
1,800 SPSS, Inc.* 41
3,400 Spyglass, Inc.* 96
Shares Description Value
- --------------------------------------------------------
2,500 SS&C Technologies, Inc.* $ 13
8,000 Structural Dynamics Research* 85
800 Sunquest Information Systems* 11
5,500 SVI Holdings, Inc.* 76
18,600 Sybase, Inc.* 300
2,800 Telescan, Inc.* 75
1,100 Tenfold Corp.* 33
2,600 theglobe.com, Inc.* 29
1,400 TheStreet.com, Inc.* 22
2,500 THQ, Inc.* 134
7,000 Transaction Systems Architects, Inc.* 245
3,100 TSI International Software Ltd.* 135
1,200 Unigraphics Solutions, Inc.* 26
2,100 USinternetworking, Inc.* 115
6,000 Vantive Corp.* 93
3,300 Verity, Inc.* 341
7,600 VerticalNet, Inc.* 666
5,900 Visio Corp.* 212
5,100 WAVO Corp.* 20
1,300 WebTrends Corp.* 75
7,537 Wind River Systems* 260
2,400 Worldgate Communications* 78
1,800 XOOM.com, Inc. 137
66 Zap.com Corp. --
3,100 Ziff-Davis, Inc.--ZDNet* 71
3,400 Zixit Corp.* 147
--------
20,404
--------
Telecommunication Equipment--3.0%
4,500 ADTRAN, Inc.* 175
16,100 Advanced Fibre Communication* 448
5,400 Advanced Radio Telecom Corp.* 74
18,500 Andrew Corp.* 258
5,400 Antec Corp.* 302
10,700 Aspect Communications* 353
3,600 Aware, Inc.* 136
2,000 C-COR.net Corp.* 102
2,100 Carrier Access Corp.* 123
9,600 Cellnet Data Systems, Inc.* 14
3,800 Com21, Inc.* 84
10,800 Commscope, Inc.* 455
14,100 Digital Microwave Corp.* 222
9,200 DSP Communications, Inc.* 331
900 eShare Technologies, Inc.* 8
13,800 Executone Information Systems* 37
13,900 Glenayre Technologies, Inc.* 65
5,900 Harmonic, Inc.* 355
10,900 Interdigital Communications Corp.* 110
5,700 International Fibercom, Inc.* 41
1,900 IPC Communications, Inc.* 113
725 Lucent Technologies, Inc. 53
4,800 Network Equipment Technologies, Inc.* 59
3,400 North Pittsburgh Systems, Inc. 55
1,200 Northeast Optic Network, Inc.* 78
600 Optical Cable Corp.* 11
14,500 P-Com, Inc.* 82
</TABLE>
See accompanying notes to financial statements.
84
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
22,100 Paging Network, Inc.* $ 16
15,200 Pairgain Technologies, Inc.* 232
9,000 Picturetel Corp.* 44
6,200 Pinnacle Holdings, Inc.* 177
3,800 Plantronics, Inc.* 239
3,200 Powerwave Technologies, Inc.* 191
5,400 Premisys Communications, Inc.* 54
2,600 Proxim, Inc.* 146
2,400 Stanford Telecommunications* 82
2,168 Superior Telecom, Inc. 35
6,100 Tekelec* 108
3,200 Terayon Corp.* 199
2,600 Tut Systems, Inc.* 103
7,800 WebLink Wireless, Inc. 67
3,800 Westell Technologies, Inc.* 35
10,100 World Access, Inc.* 153
--------
6,025
--------
Telecommunications--2.5%
3,300 Adaptive Broadband Corp.* 131
3,300 Adelphia Business Solutions* 103
2,800 Advanced Communications Group, Inc.* 22
2,700 Aerial Communications, Inc.* 112
3,300 American Mobile Satellite Corp.* 52
13,214 Broadwing, Inc. 385
7,400 Caprock Communications Corp.* 180
5,100 Commnet Cellular, Inc.* 162
2,266 Commonwealth Telephone Enterprises, Inc.* 134
2,100 CT Communications, Inc. 99
1,800 CTC Communications Group, Inc.* 44
1,600 Destia Communications, Inc.* 29
11,100 e.spire Communications, Inc.* 82
2,100 Electric Lightwave, Inc.* 32
8,300 General Communication* 34
10,700 ICG Communications, Inc.* 203
4,500 IDT Corp.* 102
1,300 Inet Technologies, Inc.* 79
10,800 ITC Deltacom, Inc.* 296
700 Latitude Communications* 17
4,100 Leap Wireless International, Inc.* 210
4,600 Mastec, Inc.* 189
2,400 Metricom, Inc.* 142
3,800 MGC Communications, Inc.* 149
5,200 MRV Communications, Inc.* 166
7,000 Omnipoint Corp.* 567
3,200 Pacific Gateway Exchange, Inc.* 58
5,200 Powertel, Inc.* 446
10,300 Premiere Technologies, Inc.* 78
9,725 Price Communications Corp.* 244
8,000 Star Telecommunications, Inc.* 63
8,500 Talk.com, Inc.* 143
2,350 Transaction Network Services, Inc. 108
2,300 US LEC Corp.* 61
Shares Description Value
- ------------------------------------------------------------
2,200 West Teleservices Corp.* $ 38
1,600 Worldport Communications, Inc. 3
--------
4,963
--------
Telephone--0.3%
2,900 CFW Communications Co. 71
10,400 Intermedia Communications* 290
5,000 Primus Telecommunications Group, Inc.* 149
2,500 Viatel, Inc.* 105
--------
615
--------
Textiles--0.2%
3,700 DAN River, Inc.* 20
4,250 G & K Services, Inc. 144
3,797 Guilford Mills, Inc. 28
2,100 Pillowtex Corp. 8
2,400 Springs Industries, Inc. 96
2,000 Synthetic Industries, Inc.* 65
2,600 UniFirst Corp. 39
--------
400
--------
Tobacco--0.1%
2,835 Brooke Group Ltd. 49
10,000 DIMON, Inc. 34
1,800 General Cigar Holdings, Inc.* 14
7,400 Universal Corp. 190
--------
287
--------
Toys, Games & Hobbies--0.2%
3,300 Action Performance Cos., Inc.* 56
12,000 Boyds Collection Ltd.* 105
4,000 Department 56* 75
2,850 Jakks Pacific, Inc.* 69
1,900 Marvel Enterprises, Inc.* 12
2,700 Racing Champions Corp.* 13
9,800 Topps Co. (The)* 111
--------
441
--------
Transportation--1.6%
7,550 Air Express International Corp. 243
10,900 Airborne Freight Corp. 253
9,700 Alexander & Baldwin, Inc. 221
4,800 American Freightways Corp.* 83
4,300 Arnold Industries, Inc. 55
3,150 Atlas Air, Inc.* 79
9,300 C.H. Robinson Worldwide, Inc. 324
2,800 Circle International Group 68
4,700 Consolidated Freightways Corp.* 43
1,800 Covenant Transport, Inc.* 26
3,450 Eagle USA Airfreight, Inc.* 116
7,000 Florida East Coast Industries 285
2,200 Forward Air Corp.* 68
4,400 Fritz Cos., Inc.* 43
3,839 Heartland Express, Inc.* 57
1,500 HUB Group, Inc.* 26
4,800 Hunt (JB) Transportation Services, Inc. 64
</TABLE>
See accompanying notes to financial statements.
85
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Investments
November 30, 1999
(All amounts in thousands, except shares)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
- ------------------------------------------------------------
Small Company Index Portfolio--Continued
Transportation--Continued
4,500 Kirby Corp.* $ 83
1,600 Knight Transportation, Inc.* 22
2,200 Landstar System, Inc.* 88
2,100 MS Carriers, Inc.* 55
4,700 Offshore Logistics, Inc.* 46
6,100 Overseas Shipholding Group 89
4,200 Pittston Bax Group 40
2,800 Roadway Express, Inc. 56
8,275 Swift Transportation Co., Inc.* 131
5,950 USFreightways Corp. 248
1,600 US Xpress Enterprises, Inc.* 12
6,912 Werner Enterprises, Inc. 104
11,500 Wisconsin Central Transport* 161
5,600 Yellow Corp.* 94
--------
3,283
--------
Trucking & Leasing--0.2%
1,900 Amerco, Inc.* 50
2,900 Interpool, Inc. 26
10,500 Rollins Truck Leasing Corp. 123
2,900 Xtra Corp.* 116
--------
315
--------
Water--0.4%
2,000 American States Water Co. 76
2,550 Aquarion Co. 94
2,626 California Water Service Group 83
1,900 E'Town Corp. 119
8,033 Philadelphia Suburban Corp. 186
500 SJW Corp. 60
6,252 United Water Resources, Inc. 209
--------
827
- ------------------------------------------------------------
TOTAL COMMON STOCKS (Cost $189,770) 194,613
- ------------------------------------------------------------
PREFERRED STOCKS--0.0%
Health Care--0.0%
135 Mediq Co., Class A --
Real Estate Investment Trusts--0.0%
3,400 US Restaurants Properties, Inc. 51
- ------------------------------------------------------------
TOTAL PREFERRED STOCKS (Cost $75) 51
- ------------------------------------------------------------
RIGHTS--0.0%
76 Alpha 1 Biomedicals, Inc.* --
4,800 Franklin Covey Co.* --
24 Score Board, Inc.* --
425 Talk.com, Inc.* --
30,300 Wyndham International, Inc.* --
- ------------------------------------------------------------
TOTAL RIGHTS (Cost $0) --
- ------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
<C> <S> <C>
- ------------------------------------------------------------
WARRANTS--0.0% (Cost $0)
57 PE Corp., Exp. 9/11/03* $ 1
- ------------------------------------------------------------
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--3.0%
$5,556 Chase Manhattan Bank, London,
Eurodollar Time Deposit,
5.688% Due 12/1/99 5,556
520 U.S. Treasury Bill, #
4.77 Due 1/6/00 514
- -----------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,070) 6,070
- -----------------------------------------------------
TOTAL INVESTMENTS--99.9%
(Cost $195,915) $200,735
- -----------------------------------------------------
Other assets, less liablilites--0.1% 115
- -----------------------------------------------------
NET ASSETS--100.0% $200,850
=====================================================
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Number of Notional Contract Contract Unrealized
Contracts Contracts Amount Position Expiration Gain
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Russell 2000 26 $5,881 Long December, 1999 $62
- ----------------------------------------------------------------------------
</TABLE>
*Non-income producing security.
#Security pledged to cover margin requirements for open futures contracts.
See accompanying notes to financial statements.
86
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
November 30, 1999
(All amounts in thousands, except net asset value per share)
<TABLE>
<CAPTION>
Small
Diversified Equity Focused International International Company
Balanced Growth Index Growth Equity Index Growth Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments in
securities, at cost $65,327 $125,845 $ 968,633 $132,289 $47,398 $130,960 $195,915
- -----------------------------------------------------------------------------------------------------------
Investments in
securities, at value $78,282 $192,277 $1,512,610 $191,856 $55,731 $147,249 $200,735
Cash and foreign
currencies -- 1 -- 261 121 15 1
Receivables:
Investment securities
sold 143 613 905 903 720 2,792 --
Dividends and interest 482 146 1,887 86 66 122 167
Foreign tax reclaims -- -- -- -- 59 167 --
Fund shares sold 63 9 428 139 2 9 111
Administrator 6 7 48 -- 6 -- 70
Deferred organization
costs, net -- -- -- -- 8 -- --
Other assets 2 2 21 9 3 6 2
- -----------------------------------------------------------------------------------------------------------
Total assets 78,978 193,055 1,515,899 193,254 56,716 150,360 201,086
- -----------------------------------------------------------------------------------------------------------
Liabilities:
Overdraft -- -- 4 -- -- -- --
Payable for:
Investment securities
purchased 774 3,357 2,905 833 13 2,527 62
Fund shares redeemed 55 17 14,388 1 173 -- 48
Accrued expenses:
Advisory fees 32 86 125 126 11 95 32
Administration fees 6 15 125 16 6 18 16
Custodian fees 1 3 20 2 5 5 59
Transfer agent fees 1 2 23 3 1 1 2
Shareholder service
fees 1 1 74 5 -- 1 1
Other liabilities 14 21 93 14 14 24 16
- -----------------------------------------------------------------------------------------------------------
Total liabilities 884 3,502 17,757 1,000 223 2,671 236
- -----------------------------------------------------------------------------------------------------------
Net assets $78,094 $189,553 $1,498,142 $192,254 $56,493 $147,689 $200,850
- -----------------------------------------------------------------------------------------------------------
Analysis of net assets:
Paid-in capital $56,559 $ 80,585 $809,508 $103,980 $45,074 $105,616 $178,868
Undistributed
(distribution in
excess of)
net investment income 1 607 (808) (110) 245 1,269 2,304
Accumulated net
realized gains on
investments, futures
and foreign currency
transactions 8,579 41,929 145,313 28,817 2,823 24,530 14,796
Net unrealized
appreciation on
investments, futures
and foreign currency
transactions 12,955 66,432 544,129 59,567 8,357 16,289 4,882
Net unrealized losses
on translation of
other assets and
liabilities
denominated in foreign
currencies -- -- -- -- (6) (15) --
- -----------------------------------------------------------------------------------------------------------
Net assets $78,094 $189,553 $1,498,142 $192,254 $56,493 $147,689 $200,850
- -----------------------------------------------------------------------------------------------------------
Net Assets
Class A $76,884 $189,077 $1,368,157 $180,557 $56,479 $147,689 $200,404
Class C 805 -- 113,588 11,183 -- -- --
Class D 405 476 16,397 514 14 -- 446
- -----------------------------------------------------------------------------------------------------------
Total shares
outstanding (no par
value), unlimited
shares authorized
Class A 5,086 9,552 53,987 8,848 4,183 10,496 15,254
Class C 53 -- 4,493 551 -- -- --
Class D 27 24 649 26 1 -- 34
- -----------------------------------------------------------------------------------------------------------
Net asset value,
offering and
redemption price per
share
Class A $ 15.12 $ 19.79 $ 25.34 $ 20.41 $ 13.50 $ 14.07 $ 13.14
Class C $ 15.13 -- $ 25.28 $ 20.30 -- -- --
Class D $ 15.06 $ 19.49 $ 25.25 $ 20.00 $ 13.40 -- $ 13.01
- -----------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
87
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Operations
For the Year Ended November 30, 1999
(All amounts in thousands)
<TABLE>
<CAPTION>
Small
Diversified Equity Focused International International Company
Balanced Growth Index Growth Equity Index Growth Index
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividend $ 362 $ 1,715 $ 18,621 $ 1,014 $ 856 $ 2,139 $ 2,789
Interest 2,070 196 1,694 56 23 294 399
- ------------------------------------------------------------------------------------------------------------
Total income 2,432 1,911 20,315 1,070 879 (a) 2,433 (b) 3,188
- ------------------------------------------------------------------------------------------------------------
Expenses:
Investment advisory fees 589 1,528 4,361 1,809 252 1,232 794
Administration fees 74 191 1,453 165 76 185 199
Custodian fees 23 32 201 31 77 136 491
Registration fees 18 26 71 22 19 20 31
Amortization of deferred
organization costs -- -- -- -- 4 5 --
Transfer agent fees 9 20 275 27 5 12 21
Shareholder servicing
fees 3 1 219 17 -- -- 2
Professional fees 6 7 62 6 6 6 7
Trustee fees and ex-
penses 3 3 32 3 3 3 3
Other 11 29 66 19 19 11 64
- ------------------------------------------------------------------------------------------------------------
Total expenses 736 1,837 6,740 2,099 461 1,610 1,612
Less voluntary waivers
of investment advisory
fees (221) (477) (2,907) (493) (126) (247) (397)
Less expenses reimburs-
able by Administrator (60) (82) (449) (73) (68) (57) (544)
- ------------------------------------------------------------------------------------------------------------
Net expenses 455 1,278 3,384 1,533 267 1,306 671
- ------------------------------------------------------------------------------------------------------------
Net investment income
(loss) 1,977 633 16,931 (463) 612 1,127 2,517
Net realized gains
(losses) on:
Investment transactions 8,669 41,712 147,863 29,485 3,041 27,999 14,159
Futures transactions (37) 549 2,212 -- 10 -- 529
Foreign currency trans-
actions -- -- -- -- 110 (153) --
Net change in unrealized
appreciation
(depreciation) on
investments, futures,
and foreign currency
transactions (1,145) (1,726) 95,640 17,632 5,594 2,953 7,692
Net change in unrealized
losses on translation
of other assets and
liabilities denominated
in foreign currencies -- -- -- -- (7) (55) --
- ------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations $ 9,464 $41,168 $262,646 $46,654 $9,360 $31,871 $24,897
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Net of $81 in non-reclaimable foreign withholding taxes.
(b) Net of $223 in non-reclaimable foreign withholding taxes.
See accompanying notes to financial statements.
88
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
89
<PAGE>
Northern Institutional Funds
Equity Portfolios
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Years Ended November 30,
(All amounts in thousands)
<TABLE>
<CAPTION>
Balanced Diversified
Portfolio Growth Portfolio
---------------- -------------------
1999 1998 1999 1998
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from
operations:
Net investment income (loss) $ 1,977 $ 1,670 $ 633 $ 734
Net realized gains on investments, op-
tions, futures and foreign currency
transactions 8,632 5,868 42,261 18,782
Net change in unrealized appreciation
(depreciation) on investments, options,
futures and foreign currency
transactions (1,145) 2,033 (1,726) 17,053
Net change in unrealized gains (losses)
on translations of other assets and li-
abilities denominated in foreign cur-
rencies -- -- -- --
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from operations 9,464 9,571 41,168 36,569
- --------------------------------------------------------------------------------
Distributions to Class A shareholders:
Net investment income (2,270) (1,247) (733) (1,086)
In excess of net investment income (44) -- -- --
Net realized gains (5,340) (1,990) (18,908) (18,075)
- --------------------------------------------------------------------------------
Total distributions to Class A sharehold-
ers (7,654) (3,237) (19,641) (19,161)
- --------------------------------------------------------------------------------
Distributions to Class C shareholders:
Net investment income (50) (107) -- --
In excess of net investment income -- -- -- --
Net realized gains (473) (174) -- --
- --------------------------------------------------------------------------------
Total distributions to Class C sharehold-
ers (523) (281) -- --
- --------------------------------------------------------------------------------
Distributions to Class D shareholders:
Net investment income (14) (14) (1) (4)
In excess of net investment income (1) -- -- --
Net realized gains (66) (29) (123) (104)
- --------------------------------------------------------------------------------
Total distributions to Class D sharehold-
ers (81) (43) (124) (108)
- --------------------------------------------------------------------------------
Class A share transactions:
Proceeds from the sale of shares 19,095 19,629 16,523 13,164
Reinvested distributions 7,632 3,204 18,539 18,263
Cost of shares redeemed (13,176) (17,773) (45,318) (29,056)
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from Class A share transactions 13,551 5,060 (10,256) 2,371
- --------------------------------------------------------------------------------
Class C share transactions:
Proceeds from the sale of shares 317 1,465 -- --
Reinvested distributions 524 281 -- --
Cost of shares redeemed (5,339) (1,386) -- --
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from Class C share transactions (4,498) 360 -- --
- --------------------------------------------------------------------------------
Class D share transactions:
Proceeds from the sale of shares 169 618 199 511
Reinvested distributions 81 43 124 108
Cost of shares redeemed (595) (295) (986) (300)
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets re-
sulting from Class D share transactions (345) 366 (663) 319
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets 9,914 11,796 10,484 19,990
Net assets--beginning of year 68,180 56,384 179,069 159,079
- --------------------------------------------------------------------------------
Net assets--end of year $78,094 $68,180 $189,553 $179,069
- --------------------------------------------------------------------------------
Undistributed (distribution in excess of)
net investment income $ 1 $ 366 $ 607 $ 716
- --------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
90
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International
Equity Index Focused Growth Equity Index International Small Company
Portfolio Portfolio Portfolio Growth Portfolio Index Portfolio
- ----------------------- ------------------ ----------------- ------------------ ------------------
1999 1998 1999 1998 1999 1998 1999 1998 1999 1998
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 16,931 $ 15,089 $ (463) $ (87) $ 612 $ 638 $ 1,127 $ 959 $ 2,517 $ 1,470
150,075 83,021 29,485 10,166 3,161 1,818 27,846 9,825 14,688 22,845
95,640 132,779 17,632 17,953 5,594 4,011 2,953 8,909 7,692 (28,927)
-- -- -- -- (7) 4 (55) 46 -- --
- -------------------------------------------------------------------------------------------------------
262,646 230,889 46,654 28,032 9,360 6,471 31,871 19,739 24,897 (4,612)
- -------------------------------------------------------------------------------------------------------
(17,433) (12,617) -- (321) (885) (678) (2,012) (1,630) (1,491) (1,365)
(497) -- -- -- -- -- -- -- -- --
(75,449) (64,765) (9,490) (20,346) (2,016) -- (6,897) (5,679) (23,084) (8,892)
- -------------------------------------------------------------------------------------------------------
(93,379) (77,382) (9,490) (20,667) (2,901) (678) (8,909) (7,309) (24,575) (10,257)
- -------------------------------------------------------------------------------------------------------
(974) (1,037) -- (5) -- -- -- -- -- --
(265) -- -- -- -- -- -- -- -- --
(6,898) (5,908) (673) (1,471) -- -- -- -- (13) --
- -------------------------------------------------------------------------------------------------------
(8,137) (6,945) (673) (1,476) -- -- -- -- (13) --
- -------------------------------------------------------------------------------------------------------
(126) (298) -- (1) -- -- -- (3) (3) (5)
(46) -- -- -- -- -- (2) -- -- --
(1,989) (2,272) (136) (270) (1) -- (12) (15) (96) (43)
- -------------------------------------------------------------------------------------------------------
(2,161) (2,570) (136) (271) (1) -- (14) (18) (99) (48)
- -------------------------------------------------------------------------------------------------------
494,970 512,427 38,630 20,270 16,794 22,035 19,602 9,817 192,147 99,274
78,835 68,757 9,041 19,625 2,858 649 7,690 6,291 22,577 9,261
(525,214) (376,883) (24,453) (37,427) (14,570) (17,779) (14,145) (23,669) (153,669) (102,546)
- -------------------------------------------------------------------------------------------------------
48,591 204,301 23,218 2,468 5,082 4,905 13,147 (7,561) 61,055 5,989
- -------------------------------------------------------------------------------------------------------
30,445 44,422 771 178 -- -- -- -- 942 2,017
8,137 6,945 674 1,476 -- -- -- -- 13 --
(49,510) (35,066) (1,160) (1,678) -- -- -- -- (1,818) (1,148)
- -------------------------------------------------------------------------------------------------------
(10,928) 16,301 285 (24) -- -- -- -- (863) 869
- -------------------------------------------------------------------------------------------------------
6,301 10,633 170 770 -- 10 7 162 103 544
2,140 2,526 80 271 1 -- 14 17 99 48
(25,737) (16,644) (1,732) (558) -- -- (224) (241) (579) (285)
- -------------------------------------------------------------------------------------------------------
(17,296) (3,485) (1,482) 483 1 10 (203) (62) (377) 307
- -------------------------------------------------------------------------------------------------------
179,336 361,109 58,376 8,545 11,541 10,708 35,892 4,789 60,025 (7,752)
1,318,806 957,697 133,878 125,333 44,952 34,244 111,797 107,008 140,825 148,577
- -------------------------------------------------------------------------------------------------------
1,498,142 $1,318,806 $192,254 $133,878 $56,493 $44,952 $147,689 $111,797 $200,850 $140,825
- -------------------------------------------------------------------------------------------------------
$ (808) $ 1,602 $ (110) $ (110) $ 245 $ 242 $ 1,269 $ 117 $ 2,304 $ 1,349
- -------------------------------------------------------------------------------------------------------
</TABLE>
91
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Balanced Portfolio
<TABLE>
<CAPTION>
Class A
------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year $ 14.95 $ 13.59 $ 12.24 $ 11.05 $ 9.50
Income (loss) from investment
operations:
Net investment income 0.40 0.38 0.38 0.34 0.34
Net realized and unrealized
gain 1.55 1.81 1.66 1.19 1.55
- --------------------------------------------------------------------------------
Total income from investment
operations 1.95 2.19 2.04 1.53 1.89
- --------------------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.47) (0.32) (0.38) (0.34) (0.34)
In excess of net investment
income (0.01) -- -- -- --
Net realized gain (1.30) (0.51) (0.31) -- --
- --------------------------------------------------------------------------------
Total distributions to share-
holders (1.78) (0.83) (0.69) (0.34) (0.34)
- --------------------------------------------------------------------------------
Net increase 0.17 1.36 1.35 1.19 1.55
- --------------------------------------------------------------------------------
Net asset value, end of year $ 15.12 $ 14.95 $ 13.59 $ 12.24 $ 11.05
- --------------------------------------------------------------------------------
Total return (a) 14.11% 16.90% 17.29% 14.07% 20.22%
Ratio to average net assets
of:
Expenses, net of waivers and
reimbursements 0.61% 0.61% 0.61% 0.61% 0.61%
Expenses, before waivers and
reimbursements 0.99% 1.04% 1.11% 1.20% 1.28%
Net investment income, net of
waivers and reimbursements 2.69% 2.83% 2.99% 3.03% 3.36%
Net investment income, before
waivers and reimbursements 2.31% 2.40% 2.49% 2.44% 2.69%
Portfolio turnover rate 77.19% 67.16% 59.06% 104.76% 93.39%
Net assets at end of year (in
thousands) $76,884 $61,969 $51,475 $45,157 $38,897
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
--------------------------------- --------------------------------
1999 (c) 1998 1997 1996 (d) 1999 1998 1997 1996 (e)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of year $14.91 $13.56 $12.24 $11.12 $14.88 $13.54 $12.23 $11.34
Income (loss) from in-
vestment operations:
Net investment income 0.34 0.37 0.36 0.29 0.36 0.40 0.34 0.22
Net realized and
unrealized gain 1.60 1.78 1.64 1.12 1.53 1.72 1.64 0.96
- --------------------------------------------------------------------------------------------
Total income from in-
vestment operations 1.94 2.15 2.00 1.41 1.89 2.12 1.98 1.18
- --------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.42) (0.29) (0.37) (0.29) (0.41) (0.27) (0.36) (0.29)
Net realized gain (1.30) (0.51) (0.31) -- (1.30) (0.51) (0.31) --
- --------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.72) (0.80) (0.68) (0.29) (1.71) (0.78) (0.67) (0.29)
- --------------------------------------------------------------------------------------------
Net increase 0.22 1.35 1.32 1.12 0.18 1.34 1.31 0.89
- --------------------------------------------------------------------------------------------
Net asset value, end of
year $15.13 $14.91 $13.56 $12.24 $15.06 $14.88 $13.54 $12.23
- --------------------------------------------------------------------------------------------
Total return (a) 14.03% 16.61% 17.00% 12.72% 13.73% 16.45% 16.82% 10.55%
Ratio to average net as-
sets of (b):
Expenses, net of waiv-
ers and reimbursements 0.85% 0.85% 0.85% 0.85% 1.00% 1.00% 1.00% 1.00%
Expenses, before waiv-
ers and reimbursements 1.23% 1.28% 1.35% 1.44% 1.38% 1.43% 1.50% 1.59%
Net investment income,
net of waivers and re-
imbursements 2.45% 2.58% 2.75% 2.80% 2.30% 2.44% 2.60% 2.78%
Net investment income,
before waivers and re-
imbursements 2.07% 2.15% 2.25% 2.21% 1.92% 2.01% 2.10% 2.19%
Portfolio turnover rate 77.19% 67.16% 59.06% 104.76% 77.19% 67.16% 59.06% 104.76%
Net assets at end of
year (in thousands) $ 805 $5,459 $4,587 $5,997 $ 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.
92
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Diversified Growth Portfolio
<TABLE>
<CAPTION>
Class A
--------------------------------------------------------
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 17.76 $ 16.20 $ 14.36 $ 12.20 $ 9.88
Income (loss) from
investment operations:
Net investment income 0.07 0.07 0.11 0.14 0.15
Net realized and
unrealized gain 3.95 3.46 3.33 2.33 2.26
- ---------------------------------------------------------------------------------
Total income from
investment operations 4.02 3.53 3.44 2.47 2.41
- ---------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.07) (0.11) (0.14) (0.15) (0.09)
Net realized gain (1.92) (1.86) (1.46) (0.16) --
- ---------------------------------------------------------------------------------
Total distributions to
shareholders (1.99) (1.97) (1.60) (0.31) (0.09)
- ---------------------------------------------------------------------------------
Net increase 2.03 1.56 1.84 2.16 2.32
- ---------------------------------------------------------------------------------
Net asset value, end of
year $ 19.79 $ 17.76 $ 16.20 $ 14.36 $ 12.20
- ---------------------------------------------------------------------------------
Total return (a) 24.66% 25.22% 27.06% 20.83% 24.55%
Ratio to average net
assets of:
Expenses, net of
waivers and
reimbursements 0.67%(b) 0.66% 0.67% 0.66% 0.69%
Expenses, before
waivers and
reimbursements 0.96% 0.96% 1.03% 1.10% 1.12%
Net investment income,
net of waivers and
reimbursements 0.33% 0.45% 0.76% 0.98% 1.16%
Net investment income,
before waivers and
reimbursements 0.04% 0.15% 0.40% 0.54% 0.73%
Portfolio turnover rate 67.47% 37.74% 45.53% 59.99% 81.65%
Net assets at end of
year (in thousands) $189,077 $177,947 $158,383 $142,055 $146,731
- ---------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
------------------------------------------------
1999 (c) 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
year $17.53 $16.03 $14.26 $12.16 $ 9.88
Income (loss) from investment
operations:
Net investment income -- 0.03 0.09 0.11 0.11
Net realized and unrealized
gain 3.89 3.40 3.27 2.29 2.25
- --------------------------------------------------------------------------------
Total income from investment
operations 3.89 3.43 3.36 2.40 2.36
- --------------------------------------------------------------------------------
Distributions to shareholders:
Net investment income -- (0.07) (0.13) (0.14) (0.08)
In excess of net investment
income (0.01) -- -- -- --
Net realized gain (1.92) (1.86) (1.46) (0.16) --
- --------------------------------------------------------------------------------
Total distributions to share-
holders (1.93) (1.93) (1.59) (0.30) (0.08)
- --------------------------------------------------------------------------------
Net increase 1.96 1.50 1.77 2.10 2.28
- --------------------------------------------------------------------------------
Net asset value, end of year $19.49 $17.53 $16.03 $14.26 $12.16
- --------------------------------------------------------------------------------
Total return (a) 24.09% 24.73% 26.60% 20.39% 24.19%
Ratio to average net assets
of:
Expenses, net of waivers and
reimbursements 1.06%(b) 1.05% 1.06% 1.05% 1.08%
Expenses, before waivers and
reimbursements 1.35% 1.35% 1.42% 1.49% 1.51%
Net investment income (loss),
net of waivers and
reimbursements (0.06)% 0.06% 0.37% 0.59% 0.73%
Net investment income (loss),
before waivers and
reimbursements (0.35)% (0.24)% 0.01% 0.15% 0.30%
Portfolio turnover rate 67.47% 37.74% 45.53% 59.99% 81.65%
Net assets at end of year (in
thousands) $ 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) Expense ratio, net of waivers and reimbursements, for 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.
(c) Financial highlights for the period ended November 30, 1999 were
calculated using average shares outstanding method.
See accompanying notes to financial statements.
93
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Equity Index Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 22.69 $ 20.09 $ 16.79 $ 13.86 $ 10.60
Income (loss) from
investment operations:
Net investment income 0.28 0.28 0.30 0.31 0.30
Net realized and
unrealized gain 4.13 4.02 4.13 3.36 3.47
- --------------------------------------------------------------------------------
Total income from
investment operations 4.41 4.30 4.43 3.67 3.77
- --------------------------------------------------------------------------------
Distributions to
shareholders:
Net investment income (0.32) (0.26) (0.30) (0.31) (0.30)
In excess of net
investment income (0.01) -- -- -- --
Net realized gain (1.43) (1.44) (0.83) (0.43) (0.21)
- --------------------------------------------------------------------------------
Total distributions to
shareholders (1.76) (1.70) (1.13) (0.74) (0.51)
- --------------------------------------------------------------------------------
Net increase 2.65 2.60 3.30 2.93 3.26
- --------------------------------------------------------------------------------
Net asset value, end of
year $ 25.34 $ 22.69 $ 20.09 $ 16.79 $ 13.86
- --------------------------------------------------------------------------------
Total return (a) 20.53% 23.39% 27.93% 27.53% 36.60%
Ratio to average net
assets of:
Expenses, net of waivers
and reimbursements 0.21% 0.21% 0.22% 0.22% 0.22%
Expenses, before waivers
and reimbursements 0.44% 0.46% 0.46% 0.50% 0.54%
Net investment income,
net of waivers and
reimbursements 1.19% 1.36% 1.66% 2.12% 2.54%
Net investment income,
before waivers and
reimbursements 0.96% 1.11% 1.42% 1.84% 2.22%
Portfolio turnover rate 12.81% 15.26% 18.96% 18.02% 15.27%
Net assets at end of year
(in thousands) $1,368,157 $1,175,112 $844,065 $675,804 $479,763
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
---------------------------------------------- -----------------------------------------
1999 1998 1997 1996 1995 (c) 1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 22.64 $ 20.05 $ 16.79 $ 13.86 $ 13.43 $ 22.58 $ 20.00 $ 16.77 $13.83 $10.60
Income (loss) from
investment operations:
Net investment income 0.22 0.24 0.26 0.28 0.05 0.16 0.21 0.26 0.27 0.25
Net realized and
unrealized gain 4.12 4.01 4.11 3.35 0.45 4.15 4.00 4.07 3.36 3.47
- -------------------------------------------------------------------------------------------------------------------
Total income from
investment operations 4.34 4.25 4.37 3.63 0.50 4.31 4.21 4.33 3.63 3.72
- -------------------------------------------------------------------------------------------------------------------
Distributions to
shareholders:
Net investment income (0.21) (0.22) (0.28) (0.27) (0.07) (0.14) (0.19) (0.27) (0.26) (0.28)
In excess of net
investment income (0.06) -- -- -- -- (0.07) -- -- -- --
Net realized gain (1.43) (1.44) (0.83) (0.43) -- (1.43) (1.44) (0.83) (0.43) (0.21)
- -------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.70) (1.66) (1.11) (0.70) (0.07) (1.64) (1.63) (1.10) (0.69) (0.49)
- -------------------------------------------------------------------------------------------------------------------
Net increase 2.64 2.59 3.26 2.93 0.43 2.67 2.58 3.23 2.94 3.23
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of
year $ 25.28 $ 22.64 $ 20.05 $ 16.79 $ 13.86 $ 25.25 $ 22.58 $ 20.00 $16.77 $13.83
- -------------------------------------------------------------------------------------------------------------------
Total return (a) 20.23% 23.09% 27.64% 27.24% 3.94% 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% 0.46% 0.46% 0.46% 0.60% 0.60% 0.61% 0.61% 0.61%
Expenses, before
waivers and
reimbursements 0.68% 0.70% 0.70% 0.74% 0.78% 0.83% 0.85% 0.85% 0.89% 0.93%
Net investment income,
net of waivers and
reimbursements 0.95% 1.12% 1.42% 1.89% 2.29% 0.80% 0.97% 1.27% 1.78% 2.07%
Net investment income,
before waivers and
reimbursements 0.72% 0.87% 1.18% 1.61% 1.97% 0.57% 0.72% 1.03% 1.50% 1.75%
Portfolio turnover rate 12.81% 15.26% 18.96% 18.02% 15.27% 12.81% 15.26% 18.96% 18.02% 15.27%
Net assets at end of
period (in thousands) $113,588 $111,991 $82,982 $53,929 $18,390 $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.
94
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Focused Growth Portfolio
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 16.39 $ 16.20 $ 14.48 $ 12.53 $ 9.79
Income (loss) from
investment operations:
Net investment income
(loss) -- (0.01) 0.05 0.02 0.05
Net realized and
unrealized gain 5.28 3.10 3.37 2.17 2.71
- --------------------------------------------------------------------------------
Total income from invest-
ment operations 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 (1.26) (2.85) (1.68) (0.19) --
- --------------------------------------------------------------------------------
Total distributions to
shareholders (1.26) (2.90) (1.70) (0.24) (0.02)
- --------------------------------------------------------------------------------
Net increase 4.02 0.19 1.72 1.95 2.74
- --------------------------------------------------------------------------------
Net asset value, end of
year $ 20.41 $ 16.39 $ 16.20 $ 14.48 $ 12.53
- --------------------------------------------------------------------------------
Total return (a) 34.23% 24.03% 27.05% 17.82% 28.38%
Ratio to average net as-
sets of:
Expenses, net of waivers
and reimbursements 0.92% 0.92% 0.92% 0.91% 0.91%
Expenses, before waivers
and reimbursements 1.26% 1.29% 1.34% 1.43% 1.47%
Net investment income
(loss), net of waivers
and reimbursements (0.26)% (0.04)% 0.30% 0.12% 0.46%
Net investment loss, be-
fore waivers and
reimbursements (0.60)% (0.41)% (0.12)% (0.40)% (0.10)%
Portfolio turnover rate 110.80% 79.11% 108.29% 116.78% 85.93%
Net assets at end of year
(in thousands) $180,557 $123,380 $115,802 $106,250 $86,099
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
-------------------------------------- -----------------------------------------------
1999 1998 1997 1996 (c) 1999 1998 1997 1996 1995 (d)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 16.34 $ 16.16 $ 14.47 $ 13.46 $16.14 $ 16.01 $ 14.37 $ 12.48 $ 9.55
Income (loss) from
investment operations:
Net investment income
(loss) (0.03) (0.05) 0.01 (0.01) (0.02) (0.05) 0.03 (0.03) 0.02
Net realized and
unrealized gain 5.25 3.09 3.37 1.02 5.14 3.04 3.30 2.15 2.93
- --------------------------------------------------------------------------------------------------------------------
Total income from invest-
ment operations 5.22 3.04 3.38 1.01 5.12 2.99 3.33 2.12 2.95
- --------------------------------------------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income -- (0.01) (0.01) -- -- (0.01) (0.01) (0.04) (0.02)
Net realized gain (1.26) (2.85) (1.68) -- (1.26) (2.85) (1.68) (0.19) --
- --------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (1.26) (2.86) (1.69) -- (1.26) (2.86) (1.69) (0.23) (0.02)
- --------------------------------------------------------------------------------------------------------------------
Net increase 3.96 0.18 1.69 1.01 3.86 0.13 1.64 1.89 2.93
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of
year $ 20.30 $ 16.34 $ 16.16 $ 14.47 $20.00 $ 16.14 $ 16.01 $ 14.37 $12.48
- --------------------------------------------------------------------------------------------------------------------
Total return (a) 33.95% 23.73% 26.75% 7.51% 33.74% 23.60% 26.52% 17.42% 30.97%
Ratio to average net as-
sets of (b):
Expenses, net of waivers
and reimbursements 1.16% 1.16% 1.16% 1.15% 1.31% 1.31% 1.31% 1.30% 1.30%
Expenses, before waivers
and reimbursements 1.50% 1.53% 1.58% 1.67% 1.65% 1.68% 1.73% 1.82% 1.86%
Net investment income
(loss), net of waivers
and reimbursements (0.50)% (0.29)% 0.06% (0.12)% (0.65)% (0.44)% (0.09)% (0.28)% (0.11)%
Net investment loss, be-
fore waivers and
reimbursements (0.84)% (0.66)% (0.36)% (0.64)% (0.99)% (0.81)% (0.51)% (0.80)% (0.67)%
Portfolio turnover rate 110.80% 79.11% 108.29% 116.78% 110.80% 79.11% 108.29% 116.78% 85.93%
Net assets at end of year
(in
thousands) $11,183 $ 8,719 $ 8,325 $ 6,993 $ 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) For the period June 14, 1996 (Class C shares issue date) through November
30, 1996.
(d) For the period December 8, 1994 (Class D shares issue date) through
November 30, 1995.
See accompanying notes to financial statements.
95
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
International Equity Index Portfolio
<TABLE>
<CAPTION>
Class A
--------------------------
1999 1998 1997 (a)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of year $ 11.98 $ 10.55 $ 10.00
Income from investment operations:
Net investment income 0.23 0.14 0.10
Net realized and unrealized gain 2.07 1.46 0.45
- -----------------------------------------------------------------------
Total income from investment operations 2.30 1.60 0.55
- -----------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.23) (0.17) --
In excess of net investment income (0.01) -- --
Net realized gain (0.54) -- --
- -----------------------------------------------------------------------
Total distributions to shareholders (0.78) (0.17) --
- -----------------------------------------------------------------------
Net increase 1.52 1.43 0.55
- -----------------------------------------------------------------------
Net asset value, end of year $ 13.50 $ 11.98 $ 10.55
- -----------------------------------------------------------------------
Total return (b) 20.32% 15.50% 5.45%
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.53% 0.55% 0.51%
Expenses, before waivers and reimbursements 0.91% 1.00% 1.08%
Net investment income, net of waivers and
reimbursements 1.21% 1.36% 1.75%
Net investment income before waivers and
reimbursements 0.83% 0.91% 1.18%
Portfolio turnover rate 45.97% 41.53% 8.16%
Net assets at end of year (in thousands) $56,479 $44,940 $34,244
- -----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class D
-----------------
1999 1998 (d)
- --------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of year $ 11.97 $ 9.88
Income from investment operations:
Net investment income 0.12 --
Net realized and unrealized gain 2.08 2.09
- --------------------------------------------------------------------
Total income from investment operations 2.20 2.09
- --------------------------------------------------------------------
Distributions to shareholders:
Net investment income (0.11) --
In excess of net investment income (0.12)
Net realized gain (0.54) --
- --------------------------------------------------------------------
Total distributions to shareholders (0.77) --
- --------------------------------------------------------------------
Net increase 1.43 2.09
- --------------------------------------------------------------------
Net asset value, end of year $ 13.40 $ 11.97
- --------------------------------------------------------------------
Total return (b) 19.48% 21.15 %
Ratio to average net assets of (c):
Expenses, net of waivers and reimbursements 0.92% 0.94 %
Expenses, before waivers and reimbursements 1.30% 1.39 %
Net investment income (loss), net of waivers and
reimbursements 0.82% (0.11)%
Net investment income (loss) before waivers and
reimbursements 0.44% (0.56)%
Portfolio turnover rate 45.97% 41.53 %
Net assets at end of year (in thousands) $ 14 $ 12
- --------------------------------------------------------------------
</TABLE>
(a) For the period April 1, 1997 (commencement of operations) through November
30, 1997.
(b) Assumes investment at net asset value at the beginning of the 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 October 5, 1998 (Class D shares issue date) through
November 30, 1998.
See accompanying notes to financial statements.
96
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
International Growth Portfolio
<TABLE>
<CAPTION>
Class A
--------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year $ 11.78 $ 10.52 $ 10.63 $ 9.88 $ 10.21
Income (loss) from invest-
ment operations:
Net investment income 0.33 0.09 0.11 0.10 0.12
Net realized and
unrealized gain (loss) 2.94 1.90 0.31 0.87 (0.36)
- --------------------------------------------------------------------------------
Total income (loss) from
investment operations 3.27 1.99 0.42 0.97 (0.24)
- --------------------------------------------------------------------------------
Distributions to share-
holders:
Net investment income (0.22) (0.16) (0.08) (0.22) (0.05)
Net realized gain (0.76) (0.57) (0.45) -- (0.04)
- --------------------------------------------------------------------------------
Total distributions to
shareholders (0.98) (0.73) (0.53) (0.22) (0.09)
- --------------------------------------------------------------------------------
Net increase (decrease) 2.29 1.26 (0.11) 0.75 (0.33)
- --------------------------------------------------------------------------------
Net asset value, end of
year $ 14.07 $ 11.78 $ 10.52 $ 10.63 $ 9.88
- --------------------------------------------------------------------------------
Total return (a) 30.07% 20.44% 4.21% 9.96% (2.32)%
Ratio to average net as-
sets of:
Expenses, net of waivers
and reimbursements 1.06% 1.06% 1.06% 1.06% 1.06%
Expenses, before waivers
and reimbursements 1.31% 1.31% 1.37% 1.43% 1.38%
Net investment income,
net of waivers and reim-
bursements 0.92% 0.89% 0.97% 0.73% 1.22%
Net investment income, be-
fore waivers and reim-
bursements 0.67% 0.64% 0.66% 0.36% 0.90%
Portfolio turnover rate 168.10% 160.13% 154.62% 202.47% 215.31%
Net assets at end of year
(in thousands) $147,689 $111,594 $106,774 $138,182 $148,704
- --------------------------------------------------------------------------------
<CAPTION>
Class D
--------------------------------------------------
1999 1998 1997 1996 1995
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of year $ 11.60 $ 10.39 $ 10.54 $ 9.83 $ 10.21
Income (loss) from invest-
ment 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 share-
holders:
Net investment income -- (0.14) (0.08) (0.22) (0.05)
In excess of net invest-
ment 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
year $ 13.28(b) $ 11.60 $ 10.39 $ 10.54 $ 9.83
- --------------------------------------------------------------------------------
Total return (a) 19.91% 3.79% 9.59% (2.78)%
Ratio to average net as-
sets of:
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 reim-
bursements 0.59% 0.58% 0.44% 2.01%
Net investment income, be-
fore waivers and reim-
bursements 0.34% 0.27% 0.07% 1.69%
Portfolio turnover rate 160.13% 154.62% 202.47% 215.31%
Net assets at end of year
(in thousands) $ 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) 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.
See accompanying notes to financial statements.
97
<PAGE>
Northern Institutional Funds
Equity Portfolios
- -------------------------------------------------------------------------------
Financial Highlights
For the Years Ended November 30,
Small Company Index Portfolio
<TABLE>
<CAPTION>
Class A
----------------------------------------------------
1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $ 13.02 $ 15.05 $ 13.97 $ 12.98 $ 10.86
Income (loss) from
investment operations:
Net investment income 0.12 0.13 0.15 0.19 0.16
Net realized and
unrealized gain (loss) 1.61 (1.13) 2.69 1.75 2.67
- -------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.73 (1.00) 2.84 1.94 2.83
- -------------------------------------------------------------------------------
Distributions to
shareholders from:
Net investment income (0.10) (0.14) (0.17) (0.14) (0.15)
Net realized gain (1.51) (0.89) (1.59) (0.81) (0.56)
- -------------------------------------------------------------------------------
Total distributions to
shareholders (1.61) (1.03) (1.76) (0.95) (0.71)
- -------------------------------------------------------------------------------
Net increase (decrease) 0.12 (2.03) 1.08 0.99 2.12
- -------------------------------------------------------------------------------
Net asset value, end of
year $ 13.14 $ 13.02 $ 15.05 $ 13.97 $ 12.98
- -------------------------------------------------------------------------------
Total return (a) 14.97% (7.02)% 23.06% 15.96% 27.76%
Ratio to average net
assets of:
Expenses, net of waivers
and reimbursements 0.34%(c) 0.31% 0.32% 0.32% 0.32%
Expenses, before waivers
and reimbursements 0.81% 0.74% 0.68% 0.79% 0.81%
Net investment income,
net of waivers and
reimbursements 1.27% 1.19% 1.22% 1.36% 1.31%
Net investment income,
before waivers and
reimbursements 0.80% 0.76% 0.86% 0.89% 0.82%
Portfolio turnover rate 101.01% 59.21% 42.66% 46.26% 38.46%
Net assets at end of year
(in thousands) $200,404 $139,100 $147,887 $112,856 $94,899
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class C Class D
------------------ --------------------------------------------
1999 1998 (d) 1999 1998 1997 1996 1995 (f)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year $12.98 $13.89 $ 12.94 $15.01 $13.96 $12.95 $10.51
Income (loss) from
investment operations:
Net investment income 0.09 0.03 0.10 0.11 0.17 0.13 0.18
Net realized and
unrealized gain (loss) 1.61 (0.94) 1.52 (1.19) 2.62 1.83 2.96
- -----------------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.70 (0.91) 1.62 (1.08) 2.79 1.96 3.14
- -----------------------------------------------------------------------------------------
Distributions to
shareholders from:
Net investment income (0.03) -- (0.04) (0.10) (0.15) (0.14) (0.14)
Net realized gain (1.51) -- (1.51) (0.89) (1.59) (0.81) (0.56)
- -----------------------------------------------------------------------------------------
Total distributions to
shareholders (1.54) -- (1.55) (0.99) (1.74) (0.95) (0.70)
- -----------------------------------------------------------------------------------------
Net increase (decrease) 0.16 (0.91) 0.07 (2.07) 1.05 1.01 2.44
- -----------------------------------------------------------------------------------------
Net asset value, end of
year $13.14(e) $12.98 $13.01 $12.94 $15.01 $13.96 $12.95
- -----------------------------------------------------------------------------------------
Total return (a) (6.54)% 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% 0.73%(c) 0.70% 0.71% 0.71% 0.71%
Expenses, before
waivers and
reimbursements 0.98% 1.20% 1.13% 1.07% 1.18% 1.20%
Net investment income,
net of waivers and
reimbursements 0.98% 0.88% 0.80% 0.76% 1.02% 0.90%
Net investment income,
before waivers and
reimbursements 0.55% 0.41% 0.37% 0.40% 0.55% 0.41%
Portfolio turnover rate 59.21% 101.01% 59.21% 42.66% 46.26% 38.46%
Net assets at end of
year (in thousands) $ 870 $ 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) 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.
(d) For the period January 8, 1998 (Class C shares issue date) through
November 30, 1998.
(e) 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.
(f) For the period December 8, 1994 (Class D shares issue date) through
November 30, 1995.
See accompanying notes to financial statements.
98
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements
November 30, 1999
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
includes seventeen portfolios, each with its own investment objective. Each
Portfolio, other than the International Bond Portfolio, is classified as
diversified. Except as noted below, the Northern Trust Company ("Northern") is
the investment adviser for all actively managed Portfolios and is the
custodian and transfer agent for the Trust. Northern Trust Quantitative
Advisors, Inc. ("NTQA"), a wholly-owned subsidiary of Northern Trust
Corporation, is the investment adviser for the U.S. Treasury Index, Equity
Index, International Equity Index and Small Company Index Portfolios.
Effective May 1, 1999, Northern and First Data Investor Services Group, Inc.
("Investor Services Group") became the Trust's co-administrators, and First
Data Distributors, Inc. ("FDDI"), an affiliate of Investor Services Group,
became the Trust's distributor. Prior to May 1, 1999, Goldman, Sachs & Co.
("Goldman Sachs") acted as the Trust's administrator and distributor.
Presented herein are the financial statements of the fixed income and equity
portfolios (the "Portfolios").
Each of the Portfolios has three separate classes: Class A, C and D. Each
class is distinguished by the level of administrative support and transfer
agent service provided. As of November 30, 1999, Class A, Class C and Class D
shares are outstanding for certain Portfolios.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Portfolios in the preparation of their financial statements.
These policies are in conformity with generally accepted accounting principles
("GAAP"). The presentation of financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
(a) Investment Valuation
Investments held by a Portfolio are valued at the last quoted sale price on
the exchange on which such securities are primarily traded. 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 as of the trade date. Realized gains and
losses on investment transactions are calculated on the identified-cost basis.
Interest income is recorded on the accrual basis and includes amortization of
discounts and premiums. The interest rates reflected in the Statements of
Investments represent either the stated coupon rate, annualized yield on date
of purchase for discount notes, the current reset rate for floating rate
securities or, for interest only or principal only securities, the current
effective yield. Dividend income is recorded on the ex-dividend date.
Dividends from foreign securities are recorded on the ex-date, or as soon as
the information is available.
(c) Deferred Organization Costs
Organization-related costs 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 allocated to that
Portfolio. Certain expenses arising in connection with a class of shares are
allocated to that class of shares. Expenses incurred which do not specifically
relate to an individual Portfolio are allocated among the Portfolios based on
each Portfolio's relative net assets.
(e) Repurchase Agreements
During the term of a repurchase agreement, the market value of the underlying
collateral, including accrued interest, is required to exceed the market value
of the repurchase agreement. The underlying collateral for all
99
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements--Continued
November 30, 1999
repurchase agreements is held in a customer-only account of Northern, as
custodian for the Trust, at the Federal Reserve Bank of Chicago.
(f) Futures Contracts
Each Portfolio may invest in long or short futures contracts for hedging
purposes, to increase total return (i.e., for speculative purposes) or to
maintain liquidity. The Portfolio bears the market risk arising from changes
in the value of these financial instruments. At the time a Portfolio enters
into a futures contract it is required to make a margin deposit with the
custodian of a specified amount of liquid assets. Subsequently, as the market
price of the futures contract fluctuates, gains or losses are recorded and
payments are made, on a daily basis, between the Portfolio and the broker. The
Statements of Operations reflect gains and losses as realized for closed
futures contracts and as unrealized for open futures contracts.
At November 30, 1999, Equity Index, International Equity Index and Small
Company Index Portfolios had entered into long exchange traded futures
contracts. The aggregate market value of assets pledged to cover margin
requirements for open positions at November 30, 1999 was approximately
$4,957,000, $55,000 and $514,000, 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 year ended November
30, 1999.
(h) Stripped Securities
Stripped securities represent the right to receive future interest payments
(interest only stripped securities) or principal payments (principal only
stripped securities). The value of variable rate interest only stripped
securities varies directly with changes in interest rates, while the value of
fixed rate interest only securities and the value of principal only stripped
securities vary inversely with changes in interest rates.
(i) Forward Foreign Currency Exchange Contracts
Certain Portfolios are authorized to enter into forward foreign currency
exchange contracts for the purchase of a specific foreign currency at a fixed
price on a future date as a hedge or cross-hedge against either specific
transactions or portfolio positions. In addition, the International Bond and
International Growth Portfolios may enter into foreign currency exchange
contracts for speculative purposes. The objective of a Portfolio's foreign
currency hedging transactions is to reduce the risk that the U.S. dollar value
of the Portfolio's foreign currency denominated securities will decline in
value due to changes in foreign currency exchange rates. All forward foreign
currency contracts are "marked-to-market" daily at the applicable exchange
rates and any resulting unrealized gains or losses are recorded in the
financial statements. The Portfolio records realized gains or losses when the
forward contract is offset by entry into a closing transaction or extinguished
by delivery of the currency. Risks may arise upon entering into these
contracts from the potential inability of counterparties to meet the terms of
their contracts and from unanticipated movements in the value of a foreign
currency relative to the U.S. dollar.
The contractual amounts of forward foreign currency exchange contracts do not
necessarily represent the amounts potentially subject to risk. The measurement
of the risks associated with these instruments is meaningful only when all
related and offsetting transactions are considered.
At November 30, 1999, there were no outstanding forward foreign currency
exchange contracts.
(j) Foreign Currency Translations
Values of investments denominated in foreign currencies are converted into
U.S. dollars using the spot market rate 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.
100
<PAGE>
- -------------------------------------------------------------------------------
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 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>
Bond $ 759 2007
Intermediate Bond 1,831 2007
International Bond 50 2007
Short-Intermediate Bond 265 2007
U.S. Government Securities 60 2007
U.S. Treasury Index 15 2005
- ----------------------------------------------------------------
</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>
Bond Monthly
Intermediate Bond Monthly
International Bond Quarterly
Short-Intermediate Bond Monthly
U.S. Government Securities Monthly
U.S. Treasury Index Monthly
Balanced Quarterly
Diversified Growth Annually
Equity Index Quarterly
Focused Growth Annually
International Equity Index Annually
International Growth Annually
Small Company Index Annually
- -------------------------------------
</TABLE>
Each Portfolio's net realized capital gains are distributed at least
annually. Income dividends and capital gain distributions are determined in
accordance with income tax regulations. Such amounts may differ from income
and capital gains recorded in accordance with generally accepted accounting
principles.
3. Advisory, Transfer Agency and Custodian Agreements
The Trust has an investment advisory agreement whereby each Portfolio pays
Northern or NTQA, as the case may be, a fee, computed daily and payable
monthly, based on a specified percentage of its average daily net assets. For
the current period, Northern and NTQA each voluntarily agreed to waive a
portion of the advisory fees as shown on the accompanying Statements of
Operations. The annual advisory fees and waiver rates expressed as a
percentage of average daily net assets for the year ended November 30, 1999,
are as follows:
<TABLE>
<CAPTION>
Net
Advisory Less Advisory
Fee Waiver Fee
- ----------------------------------------------------
<S> <C> <C> <C>
Bond .60% .35% .25%
Intermediate Bond .60 .35 .25
International Bond .90 .20 .70
Short-Intermediate Bond .60 .35 .25
U.S. Government Securities .60 .35 .25
U.S. Treasury Index .40 .25 .15
Balanced .80 .30 .50
Diversified Growth .80 .25 .55
Equity Index .30 .20 .10
Focused Growth 1.10 .30 .80
International Equity Index .50 .25 .25
International Growth 1.00 .20 .80
Small Company Index .40 .20 .20
- ----------------------------------------------------
</TABLE>
As compensation for the services rendered as transfer agent, including the
assumption by Northern of the expenses related thereto, Northern receives a
fee, computed daily and payable monthly, at an annual rate of .01%, .10% and
.15% of the average daily net asset value of the outstanding Class A, C and D
shares, respectively, for the Portfolios. 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 Investors Services Group, the co-administrators of the Portfolios
as of May 1, 1999, are entitled to a monthly co-administrative fee at an
annual rate of .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.
The Trust had an administration agreement with Goldman Sachs during the five
months ended April 30, 1999, whereby each Portfolio paid the administrator a
fee
101
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements--Continued
November 30, 1999
at an annual rate of .10% of the Portfolio's average daily net assets (.15%
for the International Bond, International Equity Index and International
Growth Portfolios).
In addition, if in any fiscal year the sum of a Portfolio's expenses,
including the administration fee, but excluding the fees payable to Northern
for its duties as investment adviser and transfer agent, shareholder servicing
fees and extraordinary expenses (such as taxes, interest and indemnification
expenses), exceeded on an annualized basis .10% of a Portfolio's average daily
net assets (0.25% for the International Bond, International Growth and
International Equity Index Portfolios), the administrators reimbursed each
Portfolio for the amount of the excess pursuant to the terms of the
administration agreements.
The expenses reimbursable during the year ended November 30, 1999, under such
arrangements, are shown on the accompanying Statements of Operations. No
administration fees were waived under this agreement during the year ended
November 30, 1999.
Goldman Sachs, the Trust's prior distributor, received no compensation under
its distribution agreement.
FDDI, the distributor for the Portfolios as of May 1, 1999, 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 year ended November 30, 1999 (excluding short-
term investments) were as follows:
<TABLE>
<CAPTION>
Proceeds
from sales Proceeds
and from sales
Purchases maturities and
of U.S. Purchases of U.S. maturities
Government of other Government of other
Obligations securities Obligations securities
- -------------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond $596,452 $326,026 $479,515 $ 88,481
Intermediate Bond 110,828 32,936 100,821 20,657
International Bond -- 6,154 1,699 3,090
Short-Intermediate Bond 106,434 65,532 104,253 53,341
U.S. Government Securities 65,661 2,000 35,583 --
U.S. Treasury Index 19,765 -- 19,268 --
Balanced 16,227 37,213 12,943 39,844
Diversified Growth -- 125,160 -- 152,988
Equity Index -- 180,273 -- 260,614
Focused Growth -- 189,926 -- 180,988
International Equity Index -- 24,384 -- 22,743
International Growth -- 199,499 -- 194,346
Small Company Index -- 247,103 -- 192,195
- -------------------------------------------------------------------------
</TABLE>
As of November 30, 1999, the composition of unrealized appreciation
(depreciation) of investment securities (including the effects of foreign
currency translation and excluding futures transactions) based on the
aggregate cost of investments for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Cost for
Federal
Net Income
Appreciation Tax
Appreciation Depreciation (Depreciation) Purposes
- -----------------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond $ -- $52,618 $(52,618) $983,531
Intermediate Bond -- 2,328 (2,328) 51,324
International Bond 460 2,072 (1,612) 28,067
Short-Intermediate Bond -- 18,873 (18,873) 200,965
U.S. Government Securities -- 1,879 (1,879) 88,185
U.S. Treasury Index 41 688 (647) 23,066
Balanced 14,560 1,660 12,900 65,382
Diversified Growth 68,005 1,644 66,361 125,916
Equity Index 590,669 48,037 542,632 970,130
Focused Growth 61,533 2,251 59,282 132,574
International Equity Index 11,011 2,987 8,000 47,731
International Growth 20,598 4,557 16,041 131,208
Small Company Index 20,609 26,947 (6,338) 207,134
- -----------------------------------------------------------------------------
</TABLE>
102
<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 1%
above the federal funds rate and are secured by pledged securities equal to or
exceeding 120% of the outstanding balance.
Interest expense for the year ended November 30, 1999 was approximately
$1,000, $15,000, $3,000, $9,000, $9,000, $1,000 and $52,000 for the Balanced
Portfolio, Diversified Growth, Equity Index, Focused Growth, International
Equity Index, International Growth and Small Company Index Portfolios,
respectively. These amounts are included in "Other Expenses" on the Statements
of Operations.
As of November 30, 1999, there were no outstanding borrowings.
8. Share Transactions
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>
Bond 22,095 3,026 7,604 17,517
Intermediate Bond 5,326 138 4,371 1,093
International Bond 112 78 22 168
Short-Intermediate Bond 9,325 820 9,315 830
U.S. Government Securities 2,576 225 683 2,118
U.S. Treasury Index 513 28 467 74
Balanced 1,307 536 903 940
Diversified Growth 912 1,105 2,486 (469)
Equity Index 20,577 3,524 21,896 2,205
Focused Growth 2,118 558 1,357 1,319
International Equity Index 1,368 251 1,188 431
International Growth 1,516 695 1,185 1,026
Small Company
Index 15,298 1,961 12,685 4,574
- -----------------------------------------------------------------------
</TABLE>
Transactions in Class A shares for the year ended November 30, 1998 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- -----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 10,138 1,515 5,483 6,170
Intermediate Bond 1,392 67 551 908
International Bond 108 60 140 28
Short-Intermediate Bond 6,204 738 7,697 (755)
U.S. Government Securities 632 116 518 230
U.S. Treasury Index 724 21 1,357 (612)
Balanced 1,380 239 1,260 359
Diversified Growth 812 1,322 1,887 247
Equity Index 24,202 3,689 18,131 9,760
Focused Growth 1,385 1,532 2,536 381
International Equity Index 1,984 63 1,540 507
International Growth 892 644 2,220 (684)
Small Company
Index 7,425 673 7,245 853
- -----------------------------------------------------------------------
</TABLE>
Transactions in Class C shares for the year ended November 30, 1999 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested Increase
Sales distributions Redemptions (Decrease)
- ----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 1,163 288 1,054 397
U.S. Government Securities 4 3 202 (195)
U.S. Treasury Index 18 -- 9 9
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>
103
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Notes to Financial Statements--Continued
November 30, 1999
Transactions in Class C shares for the year ended November 30, 1998 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 1,409 192 1,156 445
U.S. Government Securities 84 9 54 39
U.S. Treasury Index 8 -- 7 1
Balanced 104 21 97 28
Equity Index 2,131 373 1,696 808
Focused Growth 12 115 109 18
Small Company Index 153 -- 86 67
- ----------------------------------------------------------------------
</TABLE>
Transactions in Class D shares for the year ended November 30, 1999 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 8 8 34 (16)
Intermediate Bond -- -- 1 (1)
International Bond -- -- 6 (6)
Short-Intermediate Bond 4 1 40 (35)
U.S. Government Securities 14 3 35 (18)
U.S. Treasury Index 8 1 79 (70)
Balanced 12 5 41 (24)
Diversified Growth 11 7 58 (40)
Equity Index 270 97 1,122 (755)
Focused Growth 9 5 98 (84)
International Equity Index -- -- -- --
International Growth 1 1 19 (17)
Small Company Index 8 8 48 (32)
- ----------------------------------------------------------------------
</TABLE>
Transactions in Class D shares for the year ended November 30, 1998 were as
follows:
<TABLE>
<CAPTION>
Net
Reinvested increase
Sales distributions Redemptions (decrease)
- ----------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C>
Bond 118 5 58 65
Intermediate Bond 2 -- -- 2
International Bond 3 -- 2 1
Short-Intermediate Bond 22 4 29 (3)
U.S. Government Securities 51 1 8 44
U.S. Treasury Index 21 3 27 (3)
Balanced 45 3 21 27
Diversified Growth 32 8 20 20
Equity Index 513 137 778 (128)
Focused Growth 52 21 38 35
International Equity Index 1 -- -- 1
International Growth 15 1 22 (6)
Small Company Index 38 3 21 20
- ----------------------------------------------------------------------
</TABLE>
9. Subsequent Events (Unaudited)
On December 1, 1999, PFPC Trust Company, a wholly-owned subsidiary of PFPC
Worldwide, Inc. and an indirect wholly-owned subsidiary of PNC Bank Corp.,
acquired all of the outstanding shares of First Data Investor Services Group,
Inc. the Portfolios' co-administrator. As a result, First Data Investor
Services Group, Inc. changed its name to PFPC, Inc.
On December 1, 1999, Northern Funds Distributors, LLC became the Distributor
of the shares of the Portfolios.
The Small Company Growth and Mid Cap Growth Portfolios, each a separate and
diversified portfolio of the Trust, commenced investment operations on
December 1, 1999 and after the close of business December 31, 1999,
respectively.
104
<PAGE>
Northern Institutional Funds
Fixed Income and Equity Portfolios
- -------------------------------------------------------------------------------
Report of Independent Auditors
To the Shareholders and Trustees of
Northern Institutional Funds
Fixed Income and Equity Portfolios
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, of the Bond, Intermediate Bond,
International Bond, Short-Intermediate Bond, U.S. Government Securities, U.S.
Treasury Index, Balanced, Diversified Growth, Equity Index, Focused Growth,
International Equity Index, International Growth and Small Company Index
Portfolios, comprising the Fixed Income and Equity Portfolios of the Northern
Institutional Funds, as of November 30, 1999, and the related statements of
operations, changes in net assets and financial highlights for the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Portfolios' management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included verification
of the investments owned at November 30, 1999 by physical examination of the
securities held by the custodian and by correspondence with central
depositories, unaffiliated subcustodian banks and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Bond, Intermediate Bond, International Bond, Short-Intermediate Bond, U.S.
Government Securities, U.S. Treasury Index, Balanced, Diversified Growth,
Equity Index, Focused Growth, International Equity Index, International Growth
and Small Company Index Portfolios at November 30, 1999, the results of their
operations, the changes in their net assets and financial highlights for the
periods indicated therein, in conformity with accounting principles generally
accepted in the United States.
Ernst & Young LLP
Chicago, Illinois
January 17, 2000
105
<PAGE>
[LOGO]
=============
NORTHERN
- -------------
INSTITUTIONAL
FUNDS
=============
Investment Advisors
The Northern Trust Company
Northern Trust Quantitative Advisors, Inc.
P.O. Box 74913
Chicago IL 60675 5913
(800) 637-1380
Transfer Agent and Custodian
The Northern Trust Company
Distributor
Northern Funds Distributor, LLC
an independent third party
Co Administrators
The Northern Trust Company
PEPC, Inc.
Trustees
William H. Springer, Chairman
Richard G. Cline
Edward G. Condon, Jr.
John W. English
Sandra Polk Guthman
Frederick T. Kelsey
Richard P. Strubel
Officers
Jylanne M. Dunne, President
Richard H. Rose, Vice President
Brian R. Curran, Treasurer
Judith E. Clear, Assistant Treasurer
Linda J. Hoard, Secretary
Teresa M. R. Hamlin, Assistant Secretary
Therese Hogan, Assistant Secretary
Independent Auditors
Ernst & Young LLP
Legal Counsel
Drinker Biddle & Reath LLP
