2007 Capital Gains Distribution

At least once a year, mutual funds must distribute to shareholders any capital gains realized from selling securities within the portfolios. In 2007, distribution dates were:

	Record Date	Payable Date

Northern Institutional Funds	December 19	December 20
Northern Funds	December 18	December 19

The table below lists per share distribution amounts—dividends and short- and long-term gains—for Class A, C and D shares of Northern Institutional Funds, as well as for selected Northern Funds available to institutional investors*. These amounts will also be reported on year-end statements.

Northern Institutional Portfolios and Select Northern Funds	Class	Fund Prefix	Ticker	Dividend	Long-Term Gain	Short-Term Gain
Balanced	A	820	BBALX	None	1.427211	0.583781
	C	831	BBCCX	None	1.427211	0.583781
	D	842	BBADX	None	1.427211	0.583781
Diversified Growth	A	812	BDVAX	0.071794	0.364976	0.138879
	C	824	- - - - -	None	0.364976	0.138879
	D	835	- - - - -	0.038105	0.364976	0.138879
Equity Index	A	813	BEIAX	None	1.519645	0.001288
	C	825	BEICX	None	1.519645	0.001288
	D	836	BEIDX	None	1.519645	0.001288
Focused Growth	A	811	BFGAX	0.088919	None	None
	C	823	BFGCX	0.058806	None	None
	D	834	BFGDX	0.026044	None	None
International Equity Index	A	850	BIEIX	0.494540	2.438266	None
	C	851	- - - - -	None	2.438266	None
	D	852	- - - - -	0.465148	2.438266	None
International Growth	A	821	BIGAX	0.197134	1.625528	0.571221
	C	832	- - - - -	None	1.625528	0.571221
	D	843	- - - - -	0.138038	1.625528	0.571221
Mid Cap Growth	A	880	BMGRX	None	None	None
	C	881	- - - - -	None	None	None
	D	882	- - - - -	None	None	None
Small Company Growth	A	853	BSGRX	None	None	None
	C	854	- - - - -	None	None	None
	D	855	- - - - -	None	None	None
Small Company Index	A	814	BSCAX	0.224294	None	None
	C	826	- - - - -	None	None	None
	D	837	- - - - -	0.145795	None	None
Bond	A	818	BBPAX	0.132787	None	None
	C	830	BBPCX	0.129056	None	None
	D	841	BBPDX	0.126293	None	None
Core Bond	A	883	NOCBX	0.047368	None	None
	C	884	NCOCX	0.045056	None	None
	D	885	NOCDX	0.042616	None	None
Intermediate Bond	A	856	NIBAX	0.121507	None	None
	C	857	- - - - -	None	None	None
	D	858	NOIDX	0.115041	None	None
Short Bond	A	817	BSBAX	0.085491	None	None
	C	829	- - - - -	None	None	None
	D	840	BSDAX	0.079443	None	None
U.S. Government Securities	A	816	BUSAX	0.085016	None	None
	C	828	- - - - -	None	None	None
	D	839	BUSDX	0.078579	None	None
U.S. Treasury Index	A	815	BTIAX	0.090659	None	None
	C	827	BUTCX	0.086210	None	None
	D	838	BUTDX	0.083437	None	None

Payment or reinvestment of these distributions will be made based on the instructions each individual shareholder has given us. The final distribution will be reported on Northern Institutional Funds’ year-end statements.

If you have any questions about these distributions, please contact your Relationship Consultant or call the Northern Institutional Funds Center at 800/637-1380 weekdays from 7:00 a.m. to 7:00 p.m. Central time.

* Portfolios are part of the Northern Institutional Funds family of mutual funds. Funds are part of the Northern Funds family of mutual funds. Northern Institutional Funds and Northern Funds are separately registered investment companies.



		Special Features

		Northern Institutional Fund prospectuses dated April 1, 2008 are now available. Review and download the latest prospectuses for all Equity, Fixed Income and Money Market portfolios.

Northern Funds

Not FDIC insured

May lose value

No bank guarantee

Shares of Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.

Shares of the Northern Institutional Funds are offered only by a current Prospectus and are intended solely for persons to whom shares of U.S. registered funds may be sold. This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Northern Institutional Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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