Co.<br><br> 44,637,000.00 44,584,427.53 .81% Tri Party Repo W/Ba @ Bank of Ny 40,000,000.00 40,000,000.00 .73% Barton Capital Corporation 40,000,000.00 39,947,000.00 .73% Atlantic Asset Securitization Corp. 40,000,000.00 39,935,222.22 .73% Amsterdam Funding 40,000,000.00 39,911,666.66 .73% Ba Credit Card Trust 40,000,000.00 39,729,622.22 .73% Calyon Ny 35,000,000.00 34,994,948.92 .64% Sheffield Receivables Corporation 35,000,000.00 34,958,972.22 .64% Cedar Springs Capital Co. 35,000,000.00 34,625,976.39 .63% 3rd Party Repo W/Lb @ Chase Manhattan 33,322,000.00 33,322,000.00 .61% Royal Bank of Scotland Plc (144a) 30,000,000.00 30,009,763.49 .55% Depfa Bank Plc Ny 30,000,000.00 30,000,000.00 .55% Dnb Nor Bank, London Branch 30,000,000.00 30,000,000.00 .55% Barton Capital Corporation 30,000,000.00 29,951,600.00 .55% Gotham Funding Corporation 30,000,000.00 29,951,600.00 .55% Sheffield Receivables Corporation 30,000,000.00 29,951,416.67 .55% Jupiter Securitization Corporation 30,000,000.00 29,920,650.00 .55% Citigroup Funding Inc.<br><br> 30,000,000.00 29,893,600.00 .55% North Sea Funding Llc 30,000,000.00 29,750,625.00 .54% Monte Dei Paschi di Siena,London Branch 25,000,000.00 25,000,000.00 .46% Bank of Montreal Chicago 25,000,000.00 25,000,000.00 .46% Royal Bank of Canada, Toronto, Canada 25,000,000.00 25,000,000.00 .46% Ubs Ag, Stamford Branch 25,000,000.00 25,000,000.00 .46% Cedar Springs Capital Co. 25,000,000.00 24,967,187.50 .46% Park Avenue Receivables 144a 25,000,000.00 24,944,791.67 .46% George Street Fin Llc 25,000,000.00 24,929,805.56 .46% Park Avenue Receivables 144a 25,000,000.00 24,915,187.50 .45% Thornburg Mortgage Capital Resources 25,000,000.00 24,915,027.78 .45% Liberty Street Funding Co. 25,000,000.00 24,908,448.28 .45% Gemini Securitization 25,000,000.00 24,685,263.89 .45% George Street Fin Llc 24,000,000.00 23,961,133.33 .44% Citibank, New York 22,000,000.00 22,000,000.00 .40% Liberty Street Funding Co.<br><br> 22,000,000.00 21,993,546.67 .40% Comerica Bank 20,500,000.00 20,499,462.31 .37% Bank of Montreal, Chicago Br. 20,000,000.00 20,000,000.00 .37% Banco Bilbao Vizcaya Argentaria 20,000,000.00 20,000,000.00 .37% Northern Rock Plc, Newcastle 20,000,000.00 20,000,000.00 .37% Bank of America, Grand Cayman 20,000,000.00 20,000,000.00 .37% Ford Credit Auto Owner Trust (144a) 20,000,000.00 20,000,000.00 .37% Monte Dei Paschi di Siena,London Branch 20,000,000.00 20,000,000.00 .37% Ubs Ag Stamford Ct 20,000,000.00 20,000,000.00 .37% Unicredito Italiano, London 20,000,000.00 20,000,000.00 .37% American Express Bank Fsb 20,000,000.00 19,998,276.92 .37% Victory Receivables Corporation 20,000,000.00 19,997,066.67 .37% Atlantic Asset Securitization Corp. 20,000,000.00 19,993,832.48 .37% NORTHERN INSTITUTIONAL FUNDS - PRIME OBLIGATIONS PORTFOLIO Holdings as of Jun 30, 2007 % OF TOTAL SECURITY SHARES/PAR MARKET VALUE NET ASSETS Liberty Street Funding Co.<br><br> 20,000,000.00 19,967,672.22 .36% Citigroup Funding Inc. 20,000,000.00 19,955,833.33 .36% Concord Minuteman Cap Co. 20,000,000.00 19,947,100.00 .36% Victory Receivables Corporation 20,000,000.00 19,947,000.00 .36% Liberty Street Funding Co.<br><br> 20,000,000.00 19,943,950.00 .36% Capital One Multi Execution Trust 20,000,000.00 19,932,661.11 .36% Thornburg Mortgage Capital Resources 20,000,000.00 19,929,200.00 .36% Citibank Credit Card Master Trust 20,000,000.00 19,924,022.22 .36% Charta Corporation 20,000,000.00 19,906,311.11 .36% Versailles 20,000,000.00 19,874,822.22 .36% Crown Point Capital Co. 20,000,000.00 19,863,308.34 .36% Charta Corporation 20,000,000.00 19,861,872.22 .36% North Sea Funding Llc 20,000,000.00 19,810,416.67 .36% New Center Asset Trust - Plus Program 18,000,000.00 17,863,500.00 .33% Thornburg Mortgage Capital Resources 16,500,000.00 16,473,279.16 .30% National City Bank Cleveland 03/25/2008 15,000,000.00 15,002,446.46 .27% Depfa Bank Plc Ny 15,000,000.00 15,000,000.00 .27% Canadian Imperial Bank Of Commerce 15,000,000.00 15,000,000.00 .27% Ubs Ag, Stamford Branch 15,000,000.00 15,000,000.00 .27% Sigma Finance Inc (144a/3c7) 15,000,000.00 15,000,000.00 .27% Banco Bilbao Viscaya Arg., London 15,000,000.00 15,000,000.00 .27% Ing Bank, Amsterdam 15,000,000.00 15,000,000.00 .27% Canadian Imp Bk Comm Ny 15,000,000.00 15,000,000.00 .27% Lexington Parker Capital 15,000,000.00 14,999,957.87 .27% Fairway Finance Corp 15,000,000.00 14,999,954.29 .27% Lexington Parker Capital 15,000,000.00 14,999,452.54 .27% White Pine Finance Llc (144a) 15,000,000.00 14,997,640.00 .27% National Bank of Canada, Montreal, 15,000,000.00 14,997,216.25 .27% M&I Marshall & Ilsley Bank 15,000,000.00 14,989,684.16 .27% Scaldis Capital Llc 15,000,000.00 14,982,416.67 .27% Surrey Funding Corp. 15,000,000.00 14,982,400.00 .27% Concord Minuteman Cap Co.<br><br> 15,000,000.00 14,963,025.00 .27% Cedar Springs Capital Co. 15,000,000.00 14,958,279.17 .27% Citigroup Funding Inc. 15,000,000.00 14,942,366.66 .27% Amstel Funding Corp 15,000,000.00 14,930,133.33 .27% Citigroup Funding Inc.<br><br> 15,000,000.00 14,930,133.33 .27% Mane Funding Corporation 15,000,000.00 14,851,250.00 .27% Atlantic Asset Securitization Corp. 13,198,000.00 13,147,290.35 .24% Royal Bank of Scotland, New York Branch 12,000,000.00 12,000,000.00 .22% Ing Verzekeringen Nv 12,000,000.00 12,000,000.00 .22% Cedar Springs Capital Co. 11,515,000.00 11,403,745.91 .21% Ubs Finance (Delaware) Inc.<br><br> 11,000,000.00 10,982,186.11 .20% Cc Usa Inc (144a) 10,000,000.00 10,001,096.57 .18% Sigma Finance Inc (Mtn 144a/3c7) 10,000,000.00 10,000,846.33 .18% Pvtpl White Pine Fin Llc Med Term Nts Bk 10,000,000.00 10,000,237.78 .18% Societe Generale Institutional Certificate 10,000,000.00 10,000,222.51 .18% Skandinaviska Enskildabanken 10,000,000.00 10,000,000.00 .18% Credit Agricole Sa, London Branch 10,000,000.00 10,000,000.00 .18% Bnp Paribas S A - London Branch 10,000,000.00 10,000,000.00 .18% Ubs Ag Stamford Ct 10,000,000.00 10,000,000.00 .18% Unicredito Italiano, London 10,000,000.00 10,000,000.00 .18% Barclays Bank, New York Br. 10,000,000.00 10,000,000.00 .18% Arkle 07-1a 1a 10,000,000.00 10,000,000.00 .18% Basf Finance Europe Nv (144a) 10,000,000.00 10,000,000.00 .18% Metropolitan Life Glob Funding I (144a) 10,000,000.00 10,000,000.00 .18% Met Life Gic Backed Frn 10,000,000.00 10,000,000.00 .18% Calyon, London 10,000,000.00 10,000,000.00 .18% Wa Mut Bk Seattle Wash Instl Ctf Dtd 10,000,000.00 10,000,000.00 .18% Aust & Nz Banking Group (144a) 10,000,000.00 10,000,000.00 .18% Unicredito Italiano, London 10,000,000.00 10,000,000.00 .18% Lloyds Bank, New York 10,000,000.00 10,000,000.00 .18% Skandinav Enskilda Bk Ny 10,000,000.00 10,000,000.00 .18% Barclays Bank Plc Ny, 10,000,000.00 10,000,000.00 .18% Credit Agricole Acafpfloat 10,000,000.00 10,000,000.00 .18% Paragon Mortgages Plc 10,000,000.00 10,000,000.00 .18% Barclays Bk Ny Bacr 5.36 04/08 10,000,000.00 10,000,000.00 .18% Merrill Lynch & Co. 10,000,000.00 10,000,000.00 .18% NORTHERN INSTITUTIONAL FUNDS - PRIME OBLIGATIONS PORTFOLIO Holdings as of Jun 30, 2007 % OF TOTAL SECURITY SHARES/PAR MARKET VALUE NET ASSETS Toronto Dominion Bank- New York Branch 10,000,000.00 10,000,000.00 .18% Lexington Parker Capital Company Llc 10,000,000.00 9,999,977.90 .18% White Pine Finance, Llc 10,000,000.00 9,999,907.51 .18% Nordea Bank Finland, New York 10,000,000.00 9,999,355.57 .18% Sigma Finance Inc (Mtn 144a/3c7) 10,000,000.00 9,999,343.41 .18% Links Finance Llc (144a) 10,000,000.00 9,999,202.19 .18% Crown Point Capital Co.<br><br> Llc 10,000,000.00 9,999,121.99 .18% Links Finance Llc 10,000,000.00 9,999,071.04 .18% Sigma Finance Inc (144a) 10,000,000.00 9,999,046.47 .18% Cullinan Finance Corp, Private Placemnt 10,000,000.00 9,998,889.34 .18% Bank of Nova Scotia 10,000,000.00 9,998,742.02 .18% Crown Point Capital Company (144a) 10,000,000.00 9,998,700.71 .18% Deutsche Bank, New York Branch 10,000,000.00 9,998,070.83 .18% Surrey Funding Corp. 10,000,000.00 9,994,133.33 .18% Legacy Capital Llc 10,000,000.00 9,992,784.72 .18% Solitaire Funding Llc 10,000,000.00 9,992,666.67 .18% Aquifer Funding Llc 10,000,000.00 9,992,638.89 .18% Ubs Finance (Delaware) Inc. 10,000,000.00 9,988,422.22 .18% Beta Finance Inc.<br><br> 10,000,000.00 9,986,900.00 .18% Crown Point Capital Co. 10,000,000.00 9,985,527.78 .18% Cancara Asset Secur. Ltd.<br><br> 10,000,000.00 9,983,866.67 .18% Concord Minuteman Cap Co. 10,000,000.00 9,982,500.00 .18% North Sea Funding Llc 10,000,000.00 9,978,125.00 .18% Solitaire Funding Llc 10,000,000.00 9,978,083.33 .18% Fcar1 Owner Trust 10,000,000.00 9,968,191.67 .18% Cedar Springs Capital Co. 10,000,000.00 9,967,916.67 .18% Chariot Funding Llc 10,000,000.00 9,967,611.11 .18% Alpine Securitization 10,000,000.00 9,966,554.17 .18% Lexington Parker Capital 10,000,000.00 9,943,233.34 .18% Thames Asset Global Securitization 10,000,000.00 9,935,955.56 .18% Five Finance Corp 10,000,000.00 9,905,208.34 .18% Grampian Funding Ltd.<br><br> 10,000,000.00 9,862,000.00 .18% Paragon Mortgages, Plc 9,408,900.00 9,408,900.00 .17% Ge Capital Corp. 9,000,000.00 9,000,000.00 .16% Wachovia Corp. 8,000,000.00 8,000,475.19 .15% Royal Bank Of Canada 8,000,000.00 8,000,263.53 .15% Deutsche Bank, London Branch 8,000,000.00 8,000,000.00 .15% Westpac Securitisation Trust 8,000,000.00 8,000,000.00 .15% Hsbc Finance Corp.<br><br> 8,000,000.00 8,000,000.00 .15% American Express Bank Frn 8,000,000.00 7,999,972.08 .15% Wachovia Bank Na 7,000,000.00 7,000,782.43 .13% Cullinan Finance Corp, Private Placemnt 7,000,000.00 7,000,000.00 .13% Cullinan Finance Corp (144a) 7,000,000.00 7,000,000.00 .13% Nordea Bank Frn 7,000,000.00 7,000,000.00 .13% Bank Of America Na 7,000,000.00 7,000,000.00 .13% Granite Master Issuer Plc 7,000,000.00 7,000,000.00 .13% Royal Bank of Canada, New York Br. 7,000,000.00 7,000,000.00 .13% Westpac Banking Corp Ny 7,000,000.00 7,000,000.00 .13% Holmes Master Issuer Plc (14a) 7,000,000.00 7,000,000.00 .13% Hbos Treasury Services, New York 7,000,000.00 7,000,000.00 .13% Bnp Paribas S A - London Branch 7,000,000.00 7,000,000.00 .13% Credit Suisse First Boston 7,000,000.00 7,000,000.00 .13% Genworth Global Funding(144a) 7,000,000.00 7,000,000.00 .13% Links Finance, Llc 7,000,000.00 6,999,956.73 .13% Cullinan Finance Corp,Private Placement 7,000,000.00 6,999,267.40 .13% Toronto Dominion Bank- New York Branch 6,000,000.00 6,000,000.00 .11% Societe Generale, London Branch 6,000,000.00 6,000,000.00 .11% Beta Finance Inc (144a) 5,000,000.00 5,001,004.89 .09% American Express Centurion 5,000,000.00 5,000,816.75 .09% Goldman Sachs 5,000,000.00 5,000,000.00 .09% Credit Suisse First Boston, Ny Br. 5,000,000.00 5,000,000.00 .09% Royal Bank of Scotland, New York Branch 5,000,000.00 5,000,000.00 .09% Ubs Ag, Stamford Branch 5,000,000.00 5,000,000.00 .09% Bnp Paribas - New York Br.<br><br> 5,000,000.00 5,000,000.00 .09% Abn Amro Bank 5,000,000.00 5,000,000.00 .09% Allied Irish Banks Plc (144a) 5,000,000.00 5,000,000.00 .09% Lloyds Bank, New York 5,000,000.00 5,000,000.00 .09% NORTHERN INSTITUTIONAL FUNDS - PRIME OBLIGATIONS PORTFOLIO Holdings as of Jun 30, 2007 % OF TOTAL SECURITY SHARES/PAR MARKET VALUE NET ASSETS Abn-Amro, London Branch 5,000,000.00 5,000,000.00 .09% Wachovia Auto Loan Owner Trust 5,000,000.00 5,000,000.00 .09% Hbos Treasury Services, New York 5,000,000.00 5,000,000.00 .09% National Australia Bank, London Branch 5,000,000.00 5,000,000.00 .09% Asscher Finance Corp (144a/3c7) 5,000,000.00 5,000,000.00 .09% Fortis Bank, Brussels, Belgium 5,000,000.00 5,000,000.00 .09% Morgan Stanley 5,000,000.00 5,000,000.00 .09% Merrill Lynch & Company 5,000,000.00 5,000,000.00 .09% State Of Texas G.O. Taxable Vrn 5,000,000.00 5,000,000.00 .09% Hsbc Finance Corp. 5,000,000.00 5,000,000.00 .09% Royal Bank Of Scotland Plc 5,000,000.00 5,000,000.00 .09% Hsbc Usa, Inc.<br><br> 5,000,000.00 5,000,000.00 .09% Australia and New Zealand Banking Group 5,000,000.00 5,000,000.00 .09% Merrill Lynch And Co. 5,000,000.00 5,000,000.00 .09% Merrill Lynch & Company 5,000,000.00 5,000,000.00 .09% Holmes Financing Plc Abs, 7/15/2007 5,000,000.00 5,000,000.00 .09% Credit Agricole Sa, London Branch 5,000,000.00 5,000,000.00 .09% Canadian Imperial Bank of Commerce- Ny 5,000,000.00 5,000,000.00 .09% Mo Perm Master Issuer Plc 2006-1 Usd 5,000,000.00 5,000,000.00 .09% Societe Generale, London Branch 5,000,000.00 5,000,000.00 .09% Deutsche Bank, London Branch 5,000,000.00 5,000,000.00 .09% Bnp Paribas S A - London Branch 5,000,000.00 5,000,000.00 .09% Societe Generale, London Branch 5,000,000.00 5,000,000.00 .09% Kimberly-Clark (144a) 5,000,000.00 5,000,000.00 .09% Societe Generale, London Branch 5,000,000.00 5,000,000.00 .09% Credit Suisse First Boston, Ny Br. 5,000,000.00 5,000,000.00 .09% National Bank of Canada, New York Br.<br><br> 5,000,000.00 5,000,000.00 .09% Permenent Master Issuer Plc 5,000,000.00 5,000,000.00 .09% Calyon Ny 5,000,000.00 5,000,000.00 .09% Holmes Master Issuer Plc 5,000,000.00 5,000,000.00 .09% 07-04-10 Cr Suisse N Y Brh Instl Ctf Dep Prog 5,000,000.00 5,000,000.00 .09% White Pine Finance, Llc 5,000,000.00 4,999,934.44 .09% Links Finance, Llc 5,000,000.00 4,999,863.10 .09% Nordea Bank Finland, New York 5,000,000.00 4,999,811.64 .09% Dorada Finance Inc (144a/3c7) 5,000,000.00 4,999,775.14 .09% Danske Bank (144a) 5,000,000.00 4,999,573.96 .09% Cullinan Finance, Private Placement 5,000,000.00 4,999,553.42 .09% Lexington Parker Capital 5,000,000.00 4,999,491.73 .09% White Pine Finance Llc (144a/3c7) 5,000,000.00 4,999,125.64 .09% Royal Bank of Scotland Ny 5,000,000.00 4,998,955.50 .09% Yorktown Capital Llc 5,000,000.00 4,991,933.33 .09% Legacy Capital Llc 5,000,000.00 4,991,233.33 .09% Citigroup Funding Inc. 5,000,000.00 4,983,988.89 .09% Charta Corporation 5,000,000.00 4,981,701.39 .09% Paragon Mortgages Plc 4,807,279.50 4,807,279.50 .09% Capital One Auto Finance Trust 4,145,985.13 4,145,985.13 .08% Hbos Treasury Services, London 4,000,000.00 4,000,000.00 .07% Americredit Automobile Receivables Tr 20 Cl A Flt 3,764,764.10 3,764,764.10 .07% Washington Mutual Bank Fa Stockton, Ca 3,000,000.00 3,000,100.88 .05% Allied Irish Bank, London 3,000,000.00 3,000,000.00 .05% Morgan Stanley & Company 3,000,000.00 3,000,000.00 .05% Five Finance, Inc. 3,000,000.00 2,999,933.32 .05% Merrill Lynch & Co.<br><br> 2,000,000.00 2,000,031.04 .04% General Electric Capital Corp. 2,000,000.00 2,000,017.91 .04% Ford Motor Credit (144a) Auto Owner Tr 1,694,650.50 1,694,650.50 .03% Westpac Banking Corp. 1,000,000.00 1,000,000.00 .02% Australia And New Zealand Banking Group 1,000,000.00 1,000,000.00 .02% Cnh Equipment Trust 811,180.24 811,180.24 .01% Usaa Auto Owner Trust 640,977.80 640,977.80 .01% Total 5,544,142,198.29 This information is unaudited, and the portfolios holdings are subject to change at any time.<br><br> This list is not intended as a recommendation or offer to buy, hold or sell any of the securities listed. You should consider the investment objectives, risks, charges, and expenses of Northern Institutional Funds carefully before investing. A prospectus with this and other information may be obtained at 800/595-9111 or northerninstitutionalfunds.com.<br><br> The prospectus should be read carefully before investing. Northern Institutional Funds are distributed by Northern Funds Distributor, LLC, not affiliated with Northern Trust. <br><br>

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