Sec Form 4 Filing - SHORT HARRY W @ NORTHERN TRUST CORP - 2005-03-31

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
SHORT HARRY W
2. Issuer Name and Ticker or Trading Symbol
NORTHERN TRUST CORP [ NTRS]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
EVP and Controller
(Last) (First) (Middle)
50 S. LA SALLE ST.
3. Date of Earliest Transaction (MM/DD/YY)
03/31/2005
(Street)
CHICAGO, IL60675
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 166,559 ( 4 ) D
Common Stock 9,189 ( 4 ) I By Spouse for Children
Common Stock 5,388 ( 1 ) ( 4 ) I 401(k)
Common Stock 9,668 ( 1 ) ( 4 ) I ESOP
Common Stock ( 2 ) 23,000 ( 4 ) D
Common Stock 40,048 ( 4 ) I By Spouse
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right-to-buy) ( 3 ) ( 3 ) ( 3 ) Common Stock 193,112 ( 4 ) 193,112 ( 4 ) D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
SHORT HARRY W
50 S. LA SALLE ST.
CHICAGO, IL60675
EVP and Controller
Signatures
Eileen C. Ratzka POA for Harry W. Short 04/01/2005
Signature of Reporting Person Date
Explanation of Responses:
( 1 )as of 12/31/04
( 2 )Represents stock units payable automatically on a 1-for-1 basis in shares of the Corporation's common stock.
( 3 )Various
( 4 )The report is being filed to note the reporting person's termination of insider status, and the reported holdings reflect the reporting person's beneficial ownership as of the date of termination as an insider.

Remarks:
Reporting person ceased to be subject to Section 16 as of March 31, 2005. This Form 4 is being filed to report that event.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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