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 Income Equity received 5 stars for the 3-year rating among 843 moderate allocation funds, 3 stars for the 5-year rating among 736 funds and 4 stars for the 10-year rating among 393 funds.

Northern Mid Cap Index 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 Multi-Manager Emerging Markets Equity received 4 stars for the 3-year rating among 352 diversified emerging markets 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 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 California Tax-Exempt received 3 stars for the 3-year rating among 145 municipal California long funds, 5 stars for the 5-year rating among 134 funds and 4 stars for the 10-year rating among 109 funds.

Northern Tax-Exempt 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.

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