Not FDIC insured | May lose value | No bank guarantee

Please carefully read the prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds and Northern Institutional Funds before investing. Call 800-637-1380 to obtain a prospectus, which contains this and other information about the funds.

©2010 Northern Institutional Funds ¦Northern Funds and Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, Boston, MA, not affiliated with Northern Trust.

Source: Lipper Analytical Services and Morningstar, Inc.

Past performance is no guarantee of future results. Northern Institutional ratings/rankings are for Class A only (Shares Class for the money market funds); other classes may vary. Ratings/rankings reflect fee waivers in effect; in their absence, ratings/rankings may have been lower. Ratings/rankings are subject to change monthly. Lipper rankings do not take sales charges into consideration.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5- and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5%; 1 star = next 10%. A fund must be in existence three years to be rated.

3-year ratings: Each of the funds in the table received 4 stars. 5-year ratings: Each of the funds in the table received 4 stars except the Multi-Manager International Equity Fund and the Multi-Manager Mid Cap Fund, which do not have 10-year track records, the Tax-Exempt Fund, which received 5 stars and the Bond Portfolio, which received 3 stars. 10-year ratings: Each of the funds in the table received 4 stars except the Multi-Manager International Equity Fund, the Multi-Manager Mid Cap Fund and the Core Bond Portfolio, which do not have 10-year track records.

For the 3-year period, the number of funds in each category is the same as shown above for the overall ratings. For the 5- and 10-year period, the number of funds in each rating category was as follows, respectively: municipal national long = 233 and 204, intermediate-term bond = 872 and 503, foreign large blend = 466 and 249 and short government = 149 and 117.

©2010 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Funds are classified by investment objectives defined by Lipper Analytical Services and ranked by total return. 3-, 5- and 10-year rankings (if applicable) as of 2/28/10: Equity Index Portfolio, 27 out of 158, 25 out of 144 and 17 out of 96; Diversified Growth Portfolio, 220 out of 777, 310 out of 653 and 303 out of 380; Large Cap Value Fund, 239 out of 458 and 215 out of 395; Municipal Portfolio, 33 out of 120, 23 out of 102 and 12 out of 73; Prime Obligations Portfolio, 180 out of 314 and 133 out of 274; Global Real Estate Index Fund, 34 out of 54; U.S. Treasury Index Portfolio, 5 out of 26, 8 out of 24 and 7 out of 12; Enhanced Large Cap Fund, 612 out of 777; Multi-Manager Mid Cap Fund, 102 out of 308; International Equity Index Portfolio, 196 out of 327, 140 out of 274 and 60 out of 153 and U.S. Government Select Portfolio, 86 out of 141, 57 out of 126 and 31 out of 83.