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.

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.

Northern Multi-Manager Emerging Markets Equity Fund received 4 stars for the 3-year rating among 352 diversified emerging markets funds. The 5-year and 10-year Morningstar Ratings are not available.

Northern Multi-Manager Mid Cap Fund received 4 stars for the 3-year rating among 378 mid-cap blend funds and 4 stars for the 5-year rating among 312 funds. The 10-year Morningstar Rating is not available.

Northern Tax-Exempt Fund received 2 stars for the 3-year rating among 227 municipal national long funds, 4 stars for the 5-year rating among 211 funds and 4 stars for the 10-year rating among 181 funds.

Northern Institutional International Equity Portfolio received 3 stars for the 3-year rating among 737 foreign large blend funds, 4 stars for the 5-year rating among 563 funds and 4 stars for the 10-year rating among 317 funds.

Northern Institutional International Equity Index Portfolio received 4 stars for the 3-year rating among 1,580 large blend funds, 4 stars for the 5-year rating among 1,376 funds and 3 stars for the 10-year rating among 817 funds.

Northern Institutional Bond Portfolio received 3 stars for the 3-year rating among 1,018 intermediate-term bond funds, 4 stars for the 5-year rating among 873 funds and 4 stars for the 10-year rating among 582 funds.

Northern Institutional U.S. Government Securities Portfolio received 4 stars for the 3-year rating among 134 short government funds, 4 stars for the 5-year rating among 125 funds and 4 stars for the 10-year rating among 106 funds.

Northern Institutional U.S. Treasury Index Portfolio received 2 stars for the 3-year rating among 313 intermediate government funds, 4 stars for the 5-year rating among 293 funds and 4 stars for the 10-year rating among 229 funds.

©2012 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 12/31/11: Treasury Portfolio, 3 out of 163; Core Bond Portfolio, 350 out of 505, 126 out of 423 and 109 out of 293; Bond Portfolio, 387 out of 505, 151 out of 423 and 75 out of 293; Intermediate Bond Portfolio, 69 out of 128, 23 out of 118 and 13 out of 75; Short Bond Portfolio, 146 out of 209, 47 out of 191 and 28 out of 102; Intermediate Tax-Exempt Fund, 94 out of 139, 56 out of 127 and 31 out of 88; Enhanced Large Cap Fund, 208 out of 941 and 502 out of 813; Small Cap Value Fund, 209 out of 250, 93 out of 224 and 35 out of 117; Tax-Exempt Fund, 170 out of 218, 26 out of 193 and 27 out of 161; Equity Index Portfolio, 23 out of 153, 25 out of 149 and 19 out of 115; High Yield Municipal Fund, 96 out of 104, 60 out of 88 and 47 out of 64; Prime Obligations Portfolio, 83 out of 293 and 135 out of 272; Municipal Portfolio, 24 out of 117, 27 out of 108 and 15 out of 72; Multi-Manager Emerging Markets Equity Fund, 70 out of 307; Government Select Portfolio, 61 out of 150, 75 out of 131 and 38 out of 85; Government Portfolio, 88 out of 150, 89 out of 131 and 46 out of 85; Global Tactical Asset Allocation Fund, 434 out of 521, 91 out of 451 and 153 out of 223 and Large Cap Growth Portfolio, 456 out of 650, 300 out of 563 and 282 out of 359.