2011 Capital Gains Distribution

Institutional Funds
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Northern Institutional Fund prospectuses dated April 1, 2012 are now available. Review and download the latest prospectuses for all Equity, Fixed Income and Money Market portfolios.

At least once a year, mutual funds must distribute to shareholders any capital gains realized from selling securities within the portfolios. In 2011, distribution dates were:

	Record Date	Payable Date

Northern Institutional Funds	December 19	December 20

The table below lists per share distribution amounts — dividends and short- and long-term gains — for Class A shares of Northern Institutional Funds. These amounts will also be reported on year-end statements.

Northern Institutional Equity Portfolios	Class	Fund Prefix	Ticker	Dividend	Long-Term Gain	Short-Term Gain
Equity Index	A	813	BEIAX	0.029130	—	—
International Equity	A	821	BIGAX	0.178321	—	—
International Equity Index	A	850	BIEIX	0.195604	—	—
Large Cap Equity	A	812	BDVAX	0.193149	—	—
Large Cap Growth	A	811	BFGAX	—	—	—
Small Company Index	A	814	BSCAX	0.162052	—	—
Northern Institutional Fixed Income Portfolios	Class	Fund Prefix	Ticker	Dividend	Long-Term Gain	Short-Term Gain
Bond	A	818	BBPAX	0.063131	—	—
Core Bond	A	883	NOCBX	0.028855	0.062713	0.244528
Intermediate Bond	A	856	NIBAX	0.052072	0.220718	0.317570
Short Bond	A	817	BSBAX	0.028576	—	—
U.S. Government Securities	A	816	BUSAX	0.015021	0.093594	0.378994
U.S. Treasury Index	A	815	BTIAX	0.045053	0.467616	—

Diversified Assets	****
Government	****
Government Select	****
Liquid Assets Sec Lending	****
Municipal Money Market	****
Prime Obligations	****
Tax-Exempt	****
Treasury	****

**** These funds are daily accruing funds and the income will be released as normal through fund accounting.

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.

Not FDIC insured | May lose value | No bank guarantee

Please carefully read the prospectus and summary 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 and summary prospectus, which contains this and other information about the funds.

©2012 Northern Institutional Funds | Northern Funds and Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.

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