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Overall Morningstar Ratings TM for select Northern Funds
as of 3/31/2008

(based on risk-adjusted total return)

 

Equity Funds

Northern
Income Equity Fund

4 gold stars
Among 905 moderate allocation funds

Northern
Small Cap Value Fund

4 gold stars
Among 336 small-cap value funds

Fixed Income Funds

Northern
California
Tax-Exempt Fund

4 gold stars
Among 155 municipal California long-term funds

Northern
Tax-Exempt Fund

4 gold stars
Among 252 municipal national long-term funds

Northern
U.S. Government Fund

4 gold stars
Among 140 short-term government funds

     
Managed by Northern Trust
 
Not FDIC insured May lose value No bank guarantee
 

Past performance is no guarantee of future results. Fund performance may be flat or negative over the period rated or over more recent periods. 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.

3-year ratings: Each of the Funds in the table received 4 stars . 5-year ratings: Each of the Funds in the table received 4 stars except U.S. Government, which received 3 stars. 10-year ratings: Each of the Funds in the table received 4 stars except Small Cap Value and California Tax-Exempt, which both received 3 stars. For the 3-year period, the number of funds in the category is the same as the overall ratings. For the 5- and 10-year period, the number of funds in the rating category was as follows, respectively: small-cap value = 261 and 98; moderate allocation = 712and 416; short government = 131 and 197; municipal national long = 248 and 197; muni California long = 149 and 119.

©2008 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.