2008 Capital Gain Distributions

At least once a year, mutual funds must distribute to shareholders any capital gains realized from selling securities within the funds. In 2008, Northern Funds paid capital gain distributions on December 19 for shareholders of record as of December 18.

The table below lists per share distribution amounts—dividends and short- and long-term gains—for Northern Funds. These amounts will also be reported on year-end statements. Northern Money Market Funds did not pay any capital gains for 2008.

Northern Equity Funds	Dividend	Long-Term Gain	Short-Term Gain
Emerging Markets Equity	0.203716	0.110421	None
Enhanced Large Cap Value	0.046508	None	None
Global Real Estate Index	0.106488	0.011914	None
Global Sustainability Index	0.085713	0.000049	0.004620
Growth Equity	0.041436	None	None
Income Equity	0.114638	None	None
International Equity Index	0.303886	None	None
International Growth	0.305728	0.532319	None
Large Cap Value	0.248761	None	None
Mid Cap Growth	None	None	None
Mid Cap Index	0.133667	0.326819	0.036906
Multi-Manager Emerging Markets	None	None	None
Multi-Manager Global Real Estate	0.063786	0.000041	0.015068
Multi-Manager International Equity	0.087385	0.097541	None
Multi-Manager Large Cap	0.020542	None	None
Multi-Manager Mid Cap	0.047476	0.047035	None
Multi-Manager Small Cap	None	0.000020	0.010184
Select Equity	0.087956	None	None
Small Cap Growth	None	None	None
Small Cap Index	0.099806	0.734895	None
Small Cap Value	0.111682	None	None
Stock Index	0.083158	None	None
Technology	None	None	None
Northern Fixed Income Funds	Dividend	Long-Term Gain	Short-Term Gain
Arizona Tax Exempt	****	None	None
Bond Index	****	None	None
California Intermediate Tax Exempt	****	None	None
California Tax Exempt	****	None	None
Fixed Income	****	None	None
Global Fixed Income	0.602336	None	None
High Yield Fixed Income	****	None	None
High Yield Municipal	****	None	None
Intermediate Tax Exempt	****	None	None
Short Intermediate Bond	****	0.003653	0.086580
Short-Intermediate Tax-Exempt	****	None	0.001129
Tax Exempt	****	None	None
US Government	****	0.005266	0.026706

If you have any questions, contact your Relationship Manager, or call the Northern Funds Center at 800/595-9111 weekdays from 7:00 a.m. to 7:00 p.m. CT.