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Morningstar and Lipper Rankings

Money Market	Current 7-Day Yield	Effective 7-Day Yield
Diversified Assets BDAXX - 6/1/1983	0.03%	0.03%
Government Select BGSXX - 11/7/1990	0.04%	0.04%
Municipal NMUXX - 12/1/1999	0.12%	0.12%

Updated Daily as of 07/28/10

Fixed Income	1-Year	5-Year	10-Year or Since Inception	Gross Expense Ratios
High Yield Fixed Income NHFIX - 12/31/1998	18.42%	4.71%	5.62%	1.01%
Tax-Exempt NOTEX - 4/1/1994	8.25%	4.04%	5.39%	0.85%
Short Bond BSBAX - 1/11/1993	4.56%	4.06%	4.44%	0.59%

Average annual return as of 06/30/10

Equity	1-Year	5-Year	10-Year or Since Inception	Gross Expense Ratios
Global Real Estate Index NGREX - 7/26/2006	22.59%	N/A	-6.91%*	0.74%
Enhanced Large Cap NOLCX - 12/16/2005	13.91%	N/A	-3.56%*	0.94%
Small Cap Value NOSGX - 4/1/1994	22.79%	0.56%	6.33%	1.38%

Average annual return as of 06/30/10

* Performance since inception.

View all performance Details and Disclosures

Important Featured Funds Disclosure

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. Performance would have been lower in the absence of fee waivers in effect. Select a Fund to view the most recent month-end performance information.

An investment in the Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Money Market Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Money Market Funds.

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Money Market Funds Update

How New SEC Rules Affect Northern Trust Money Market Funds

Which News Do You Want First? Part 1

Video Series: Paul Kasriel, Northern Trust's Chief Economist, looks ahead at prospects for jobs and global growth.

Which News Do You Want First? Part 2

VIDEO SERIES: Paul Kasriel, Northern Trust’s Chief Economist, discusses the prospects for the financial sector, real estate and long-term growth.

Meet Cash Management Needs

Take advantage of our investment strategies, institutional services and economic research to help meet your cash management needs

Managing Liquidity in the Private Equity Market

Investors look to better understand capital calls and distributions in an often unpredictable private equity market.

Insights on Market Events

Gain perspective into the changing
financial markets and economic landscape

Money Market Funds Update

How New SEC Rules Affect Northern Trust Money Market Funds

Which News Do You Want First? Part 1

Video Series: Paul Kasriel, Northern Trust's Chief Economist, looks ahead at prospects for jobs and global growth.

Which News Do You Want First? Part 2

VIDEO SERIES: Paul Kasriel, Northern Trust’s Chief Economist, discusses the prospects for the financial sector, real estate and long-term growth.

Meet Cash Management Needs

Take advantage of our investment strategies, institutional services and economic research to help meet your cash management needs

Managing Liquidity in the Private Equity Market

Investors look to better understand capital calls and distributions in an often unpredictable private equity market.

Insights on Market Events

Gain perspective into the changing
financial markets and economic landscape

Fund Updates

»	Northern Institutional Mid Cap Growth Portfolio and the Northern Institutional Small Company Growth Portfolio Liquidated

»	How New SEC Rules Affect Northern Trust Money Market Funds

»	New Northern Multi-Manager High Yield Fund Launched The highly diversified, opportunistic Fund is designed to provide competitive performance in a broad range of market environments.

»	NIF Quarterly Review as of 3/31/10 This 3/31/10 update includes manager commentary and performance information.

»	Monthly Money Market Fund Fact Sheets Now Available

»	More Fund Updates

Investment Strategies

»	2Q10 Investment Manager Survey: Managers Less Optimistic on Growth as Euro Debt Concerns Persist

»	Morningstar notes that Northern California Tax-Exempt Fund's high-quality muni bond bias has helped propel the Fund's strong long-term performance

»	Morningstar calls Northern Tax-Exempt Fund 'solid and proven' based on meticulous credit analysis by Tim McGregor and his team.

»	Northern Trust’s Money Market Funds Featured in Crane Data Publication In a recent Q&A published in Money Fund Intelligence, Northern Trust highlights why we’ve always managed our money funds conservatively.

»	Long-Term Trends May Benefit Municipal Bonds Get insights into these trends: demographics, higher taxes, more savings, less supply

»	2009 Equity Market Trends: A Look at “Quality” Get analysis on performance trends between high-quality and low-quality company stocks.

»	More Investment Strategies

Fixed Income Update: Video

»	Fixed Income Update (Windows) Fixed Income Update (Mac) July 21, 2010 View the latest update from Northern Trust's Managing Director of Fixed Income Colin Robertson

More Fixed Income Update: Video

Point of View

»	Point of View Spring 2010 Articles featuring: Managing Liquidity In the Private Equity Market Bringing DB Discipline to DC Plans Scrutinizing the Fixed-Income Landscape International Completion Strategies

More Point of View

market insights

Daily Global Commentary

»	July 28, 2010 Slower growth in Q2 Orders of Factory Goods but Shipments were Impressive Update on Inflation Expectations

»	More Daily Global Commentary

Kasriel's Econtrarian

your alternative to the econcensus

»	Analysis of key events and topical issues relating to the economy and financial markets.

»	More Kasriel's Econtrarian

U.S. Economic Outlook

»	July, 2010 Potholes in the Recovery Road - Reduce Speed Ahead

»	More U.S. Economic Outlook

INSIGHTS ON MARKET EVENTS

Gain perspective into the changing financial markets and economic landscape from Northern Trust experts

»	Which News Do You Want First? Part 1 The global recovery feels different, depending on where you are. Paul Kasriel, Northern Trust’s Chief Economist, looks ahead at prospects for jobs and global growth — and some tripwires along the path.

»	Which News Do You Want First? Part 2 Hopeful signs and hidden landmines — Paul Kasriel, Northern Trust’s Chief Economist, offers continuing commentary on the global economic recovery, with a special focus on prospects for the financial sector, real estate and long-term growth.

»	Monday, July 26, 2010 Perspectives on market events Michael S. Wente, Chief Investment Officer, Southwest Region

»	More Insights on Market Events

Market Watch

OTHER NORTHERN TRUST SERVICES

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Investment Products and Services are:

An investment in Northern Funds and Northern Institutional Funds is not insured by the FDIC, and is not a deposit or obligation of, or guaranteed by The Northern Trust Company or any affiliate. An investment in Northern Funds and Northern Institutional Funds involves risks, including possible loss of principal.

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.