Not FDIC insured | May lose value | No bank guarantee

Please carefully read the prospectus and summary prospectus (if available) 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 and summary prospectus (if available), 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, 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 except the Bond Portfolio, which received 3 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 5-year track records. 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 = 237 and 204, intermediate-term bond = 880 and 515, foreign large blend = 473 and 260 and short government = 143 and 118.

©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 6/30/10: Diversified Growth Portfolio, 221 out of 827, 317 out of 707 and 346 out of 418; Prime Obligations Portfolio, 186 out of 318 and 133 out of 287; Municipal Portfolio, 33 out of 119, 26 out of 107 and 11 out of 73; Equity Index Portfolio, 31 out of 159, 25 out of 146 and 18 out of 97; Multi-Manager Mid Cap Fund, 98 out of 331; Large Cap Value Fund, 652 out of 827 and 464 out of 707, Enhanced Large Cap Fund, 558 out of 827; Small Cap Value Fund, 256 out of 645, 261 out of 542 and 102 out of 278 and International Growth Portfolio, 45 out of 312, 32 out of 254 and 43 out of 150.