NORTHERN INSTITUTIONAL FUNDS - SHORT BOND PORTFOLIO Holdings as of Mar

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					                  NORTHERN INSTITUTIONAL FUNDS - SHORT BOND PORTFOLIO
                              Holdings as of Mar 31, 2007
                                                                                     % OF TOTAL
SECURITY                                                SHARES/PAR    MARKET VALUE   NET ASSETS

Societe Generale, Grand Cayman,                      15,280,000.00   15,280,000.00        8.91%
U.S. Treasury Notes, 4.63%, 2/29/2008                10,000,000.00    9,972,660.00        5.81%
Federal Home Ln Mtg Corp, 5.25%, 2/24/2011            8,440,000.00    8,459,099.72        4.93%
Federal Home Ln Mtg Corp., 5.25%, 10/06/2011          6,040,000.00    6,029,502.48        3.52%
Fannie Mae, Tba Pool #9999999, 6.5%                   5,615,000.00    5,727,300.00        3.34%
Fnma, 4.25%, 5/15/2009                                5,752,000.00    5,681,894.62        3.31%
Fnma Preassign 00563, 5.625%, 05/19/2011              5,435,000.00    5,450,919.12        3.18%
U.S. Treasury Notes, 4.875%,10/31/08                  5,030,000.00    5,040,608.27        2.94%
Fhlmc, Multiclass Mtg., 5.0%, 1/16/2009               5,000,000.00    5,009,120.00        2.92%
U.S. Treasury Notes, Dtd 00136, 4.875%                4,425,000.00    4,430,358.68        2.58%
Federal Home Loan Bank, 4.25%, 4/16/2007              3,785,000.00    3,783,395.16        2.21%
Mbna Master Cr Card Tr Ii 99-B Abs, 5.90%             3,000,000.00    3,054,360.00        1.78%
Jpmorgan Chase & Co., 4.89%, 9/1/2015                 3,080,000.00    3,052,464.80        1.78%
Bank One Issuance Tr Series 2003-A9                   3,095,000.00    3,042,140.50        1.77%
Dlj Commercial Mortgage Corp., 6.46%, 3/10/2032       2,645,000.00    2,695,514.21        1.57%
U.S. Treasury Notes, 4.875%, 08/31/2008               2,648,000.00    2,642,621.91        1.54%
Cmo Banc Amer Coml Mtg, Inc., 7.197%, 9/15/2032       2,500,000.00    2,628,210.00        1.53%
Chase Manhattan 1st Union Na Bank, 7.44%, 8/15/31     2,500,000.00    2,608,770.00        1.52%
Americredit Automobile Rcvbs, 5.19%, 11/07/2011       2,500,000.00    2,505,787.50        1.46%
Capital Auto Receivables Asset, 4.98%, 5/15/2011      2,500,000.00    2,498,262.50        1.46%
Cmo Lb-Ubs Coml Mtg Tr Ser 2003-C5 Cl A2              2,500,000.00    2,447,075.00        1.43%
Allstate Life Global Funding Tr., 4.50%, 5/29/2009    2,395,000.00    2,369,749.52        1.38%
Daimlerchrysler Na Holding Corp., 7.20%, 9/1/2009     2,230,000.00    2,327,749.82        1.36%
Coml Mtg Asset Trust, 6.64%, 1/17/2032                2,244,177.52    2,296,987.51        1.34%
Fnma Pool #869217, 5.471%, 02-01-2036                 2,270,252.10    2,282,039.25        1.33%
Federal Home Ln Bks Preassign, 5.0%, 10/16/2009       2,275,000.00    2,269,897.18        1.32%
Capital One Auto Fin Trust, 5.33%, 11/15/2010         2,183,000.00    2,185,730.93        1.27%
Prudential Securities, 6.51%, 7/15/2008               2,128,683.46    2,138,437.09        1.25%
Series 2005-P10b, Class 1, 4.94%, 8/10/2015           2,115,984.14    2,102,532.83        1.23%
Ford Cr Auto Owner Tr 2006-B Nt Cl A-3, 5.26%         1,950,000.00    1,954,157.40        1.14%
Hsbc Finance Corp., 4.63%, 1/15/2008                  1,820,000.00    1,810,865.42        1.06%
International Lease Fin Corp- Medium                  1,775,000.00    1,763,792.65        1.03%
Washington Mutual, Inc., 4.00%, 1/15/2009             1,770,000.00    1,732,904.34        1.01%
Fnma, Pool #893082, 5.86%, 09/01/2036                 1,686,999.51    1,703,683.94         .99%
Jp Morgan Chase Comml, 4.625%, 3/15/2046              1,580,000.00    1,559,324.12         .91%
Usaa Auto Owner Trust, 4.89%, 8/15/2012               1,555,000.00    1,552,569.54         .91%
Nissan Auto Receivables Owner Tr, 3.82%, 7/15/2010    1,570,000.00    1,546,559.90         .90%
Daimler Chrysler Auto Trust, 3.74%, 2/8/2010          1,550,000.00    1,530,003.45         .89%
Commercial Mort. Accep. Corp., 6.04%, 9/15/2030       1,480,000.00    1,487,587.96         .87%
Goldman Sachs Group, Inc., 4.13%, 1/15/2008           1,500,000.00    1,487,433.00         .87%
Freddie Mac, 30 Year Gold, 6.00%                      1,470,000.00    1,481,483.64         .86%
Cs First Boston Mort Sec Corp, 4.18%, 11/15/2037      1,505,000.00    1,471,163.09         .86%
Lb-Ubs Commercial Mortgage Trust, 4.55%, 7/15/2030    1,485,000.00    1,462,975.97         .85%
Residential Capital Corp., 6.38%, 6/30/2010           1,460,000.00    1,459,607.26         .85%
Merrill Lynch Mortgage Trust, 4.07%, 10/12/2041       1,400,000.00    1,367,163.00         .80%
Bear Stearns Com Mort Securities, 4.74%, 9/11/2042    1,375,000.00    1,359,923.13         .79%
Alabama Power Co., 3.50%, 11/15/2007                  1,340,000.00    1,325,025.50         .77%
Cvs Corp., 4.0%, 09/15/2009                           1,300,000.00    1,265,048.20         .74%
National Rural Utils Coop Corp, 5.75%, 11/1/2008      1,150,000.00    1,159,946.35         .68%
John Deere Capital Corp., 4.88%, 3/16/2009            1,125,000.00    1,120,677.75         .65%
Lb-Ubs Commercial Mortgage Trust, 4.89%, 9/15/2030    1,125,000.00    1,119,060.00         .65%
Commercial Mort. Accep. Corp., 7.03%, 6/15/2031       1,081,976.02    1,114,027.40         .65%
Kansas City Southn Ry Co., 9.5%, 10/01/2008           1,050,000.00    1,099,875.00         .64%
Aes (The) Corp., 9.50%, 6/1/2009                      1,030,000.00    1,096,950.00         .64%
Dlj Commercial Mortgage Corp., 6.24%, 11/12/2031      1,044,208.70    1,055,135.30         .62%
Levi Strauss & Co, 12.25%, 12/15/2012                   955,000.00    1,048,112.50         .61%
Gte Corp., 7.51%, 4/1/2009                            1,000,000.00    1,042,245.00         .61%
Pseg Energy Holdings Llc, 10.00%, 10/1/2009             920,000.00    1,003,950.00         .59%
Nissan Auto Receivables Owner Tr, 5.10%, 11/15/10     1,000,000.00    1,002,410.00         .58%
Lb Commercial Conduit Mort. Tr., 6.48%, 2/18/2030       972,476.47      975,490.17         .57%
Associates Corp. Of Na, 6.25%, 11/1/2008                950,000.00      966,169.00         .56%
Capital One Bk Medium Term Sr Bk Nts                    930,000.00      915,501.30         .53%
Aol Time Warner, Inc., 6.75%, 4/15/2011                 855,000.00      901,058.85         .53%
Anz Cap Tr I Tr Secs 144a, 4.484%                       900,000.00      879,419.70         .51%
Telefonos de Mexico S.A. de C.V., 4.75%, 1/27/2010      885,000.00      873,749.88         .51%
Public Service Electric & Gas, 4.00%, 11/1/2008         880,000.00      864,614.08         .50%
Kraft Foods, Inc., 5.25%, 6/1/2007                      860,000.00      859,501.20         .50%
                  NORTHERN INSTITUTIONAL FUNDS - SHORT BOND PORTFOLIO
                              Holdings as of Mar 31, 2007
                                                                                          % OF TOTAL
SECURITY                                                    SHARES/PAR     MARKET VALUE   NET ASSETS

Edison Mission Energy, 7.73%, 6/15/2009                     785,000.00       812,475.00         .47%
Williams Cos, Inc., 03/15/2012                              690,000.00       750,375.00         .44%
Mbna America Bank Na, 5.38%, 1/15/2008                      750,000.00       749,962.50         .44%
National Rural Utls Fin Corp., 3.88%, 2/15/2008             750,000.00       741,251.25         .43%
General Motors Acceptance Corp., 5.63%, 5/15/2009           750,000.00       736,392.00         .43%
Sprint Cap Corp, 6.125%, 11/15/2008                         700,000.00       708,901.20         .41%
Case New Holland, Inc., 9.25%, 8/1/2011                     560,000.00       588,000.00         .34%
International Lease Finance Corp., 3.75%, 8/1/2007          550,000.00       547,015.15         .32%
Jp Morgan Chase Com Mort Sec Corp, 4.28%, 1/12/37           512,414.61       502,143.77         .29%
Duke Capital Llc, 4.37%, 3/1/2009                           500,000.00       492,223.00         .29%
Greenwich Capital Com Fund Corp., 4.31%, 8/10/42            475,000.00       465,839.15         .27%
Verizon New Jersey, Inc., 5.88%, 1/17/2012                  400,000.00       408,743.60         .24%
Usx Corp., 6.85%, 3/1/2008                                  400,000.00       404,693.60         .24%
Premcor Refining Group, Inc., 9.50%, 2/1/2013               345,000.00       372,618.98         .22%
Prudential Financial, Inc., 3.75%, 5/1/2008                 275,000.00       270,771.88         .16%
Fannie Mae, #555649, 7.50%, 10/1/2032                       195,082.17       204,491.37         .12%

Total                                                                    177,188,251.04

This information is unaudited, and the portfolios holdings are subject to change at any time.
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. The prospectus should be read carefully before investing.
Northern Institutional Funds are distributed by Northern Funds Distributor, LLC,
not affiliated with Northern Trust.