Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

*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% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

Northern International Growth Equity received 4 stars for the 3-year rating among 655 foreign large blend funds, 4 stars for the 5-year rating among 473 funds and 3 stars for the 10-year rating among 260 funds.

Northern Mid Cap Index received 4 stars for the 3-year rating among 364 mid-cap blend funds and 4 stars for the 5-year rating among 307 funds. The 10-year Morningstar Rating is not available.

Northern Multi-Manager International Equity received 4 stars for the 3-year rating among 655 foreign large blend funds. The 5- and 10-year Morningstar Ratings are not available.

Northern Multi-Manager Mid Cap received 4 stars for the 3-year rating among 364 mid-cap blend funds. The 5- and 10-year Morningstar Ratings are not available.

Northern Arizona Tax-Exempt received 5 stars for the 3-year rating among 308 municipal single state long funds, 4 stars for the 5-year rating among 273 funds and 3 stars for the 10-year rating among 268 funds.

Northern Bond Index received 4 stars for the 3-year rating among 1011 intermediate-term bond funds. The 5- and 10-year Morningstar Ratings are not available.

Northern California Tax-Exempt received 5 stars for the 3-year rating among 147 municipal California long funds, 4 stars for the 5-year rating among 135 funds and 4 stars for the 10-year rating among 116 funds.

Northern Tax-Exempt received 4 stars for the 3-year rating among 258 municipal national long funds, 4 stars for the 5-year rating among 237 funds and 4 stars for the 10-year rating among 204 funds.

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