Not FDIC insured | May lose value | No bank guarantee

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 except the Tax-Exempt Fund, which received 5 stars. 5-year ratings: Each of the funds in the table received 4 stars. 10-year ratings: Each of the funds in the table received 4 stars except the Intermediate Bond Portfolio and the Short Bond Portfolio, which received 3 stars and the Core Bond Portfolio and the Mid Cap Growth Portfolio, which do not have a 10-year track record.

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: high yield bond = 407 and 256, intermediate-term bond = 865 and 484, foreign large blend = 453 and 242, mid-cap growth = 664, short-term bond = 305 and 158, short government = 144 and 106, intermediate government = 324 and 231 and municipal national long = 234 and 205.

©2009 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 5/31/09: Global Tactical Asset Allocation Portfolio, 60 out of 531, 177 out of 440 and 96 out of 245; Large Cap Value Fund, 207 out of 480 and 287 out of 405; Short Bond Portfolio, 9 out of 214, 15 out of 177 and 19 out of 90; Tax-Exempt Fund, 14 out of 220, 13 out of 205 and 9 out of 160; Bond Portfolio, 84 out of 472, 37 out of 400 and 44 out of 215; Core Bond Portfolio, 106 out of 472 and 77 out of 400; Intermediate Bond Portfolio, 22 out of 134, 15 out of 127 and 10 out of 69; International Growth Portfolio, 37 out of 266, 58 out of 231 and 33 out of 138; High Yield Fixed Income Fund, 121 out of 389, 125 out of 335 and 50 out of 205; Intermediate Tax-Exempt Fund, 41 out of 147, 25 out of 131 and 19 out of 76; Diversified Growth Portfolio, 369 out of 800, 360 out of 669 and 235 out of 370; Equity Index Portfolio, 35 out of 168, 29 out of 149 and 23 out of 92; U.S. Government Securities Portfolio, 15 out of 48, 12 out of 46 and 14 out of 32; Mid Cap Growth Portfolio, 76 out of 463 and 156 out of 389; Municipal Portfolio, 32 out of 121 and 19 out of 98; Small Cap Value Fund, 123 out of 290, 75 out of 225 and 47 out of 107.