Municipal Money Market Fund

Municipal Money Market

Northern Funds Center by E-mail

Kurt Stoeber

With Northern Trust since 2000
Began Career in 1991

View all holdings as of
July 31, 2010*

View all holdings as of
June 30, 2010*

View all holdings as of
May 31, 2010*

View all holdings as of
April 30, 2010*

View all holdings as of
March 31, 2010*

View all holdings as of
February 28, 2010*

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*Please Note: Maturity dates on many holdings represent the final maturity of the security and do not account for the tender/put option at par value available to the holder. These securities have rates that reset to current market level either daily or weekly. As a result of holding securities that have a tender/put option at par value, the weighted average maturity of the fund will be less than 90 days.

Fact Sheet

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This Fund is an ideal choice for those investors who are looking for liquidity and convenience with the advantage of money market rates. Money market funds invest in short-term instruments with maturities of 13 months or less, in an effort to maintain a stable net asset value of $1.00 per share. The Fund's policy is to target zero holdings of alternative minimum tax (AMT) securities. However, income from the Fund may be subject to federal AMT, state and local taxes. Municipal securities, including fixed and variable rate notes, tax-exempt commercial paper, municipal bonds and municipal notes can provide the potential for high current income consistent with the preservation of capital that is largely exempt from federal income tax.

Fund Objective: The Fund seeks to provide, to the extent consistent with the preservation of capital and prescribed portfolio standards, a high level of income exempt from regular federal income tax by investing primarily in municipal instruments.

Ticker Symbol	7-Day Current Yield Daily as of 09/03/10	7-Day Effective Yield Daily as of 09/03/10
NOMXX	0.02%	0.02%

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Updated Daily as of September 3, 2010
Symbol	NOMXX
CUSIP	665162830
Share Price	$ 1.00
7-Day Current Yield	0.02%
7-Day Effective Yield	0.02%
Inception Date	4/11/1994

Updated Monthly as of July 31, 2010
Total Net Assets	$6,241,926,103
7-Day Current Yield	0.04%
7-Day Effective Yield	0.04%
Tax-Equivalent 7-Day Yield *	0.06%

Total Returns for Month Ended July 31, 2010
	Municipal Money Market Fund	iMoney Net MFR AverageTM/Tax Free Retail
Month	0.00%	0.00%
3-Month	0.01%	0.01%
Year to Date	0.01%	0.02%
1 Year	0.02%	0.03%
3-Year Avg. Annual	1.06%	1.03%
5-Year Avg. Annual	1.78%	1.70%
10-Year Avg. Annual	1.64%	1.54%
Avg. Annual Since Inception	2.24%	N/A

Total Returns for Quarter Ended June 30, 2010
	Municipal Money Market Fund	iMoney Net MFR AverageTM/Tax Free Retail
Month	0.00%	0.00%
3-Month	0.01%	0.01%
Year to Date	0.01%	0.01%
1 Year	0.02%	0.04%
3-Year Avg. Annual	1.15%	1.11%
5-Year Avg. Annual	1.81%	1.73%
10-Year Avg. Annual	1.67%	1.57%
Avg. Annual Since Inception	2.25%	N/A

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.

The Advisor has agreed to reimburse certain expenses of the Fund. The contractual reimbursement arrangement is expected to continue until at least July 31, 2011. After this date, the contractual arrangements may be terminated if it is determined to be in the best interest of the Fund and its shareholders. In the absence of fee waivers, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions. The 7-day current yield more closely reflects the current earnings of the Fund than the total returns. The Fund also includes voluntary fee waivers that may change or end at any time. The 7-Day current yield would have been -0.38% as of July 31, 2010.

Disclosure

Yield Comparisons Average Monthly Rates
	Municipal Money Market Fund	iMoney Net MFR Average™/Tax Free Retail
2010
July	0.04%	0.04%
June	0.04%	0.03%
May	0.01%	0.03%
April	0.01%	0.03%
March	0.01%	0.03%
February	0.01%	0.02%
January	0.01%	0.02%
2009
December	0.01%	0.03%
November	0.01%	0.03%
October	0.01%	0.05%
September	0.01%	0.06%
August	0.02%	0.09%

	Gross Expense Ratio	Net Expense Ratio*
Municipal Money Market (NOMXX)	0.48%	0.45%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011. The Fund also includes voluntary fee waivers that may change or end at any time.

	2009	2008	2007	2006	2005
Municipal Money Market	0.16%	1.73%	3.15%	2.96%	1.95%
iMoney Net MFR AverageTM/Tax Free Retail	0.14%	1.66%	2.98%	2.77%	1.75%
Performance quoted represents past performance and does not guarantee future results.

as of July 31, 2010

Number of Holdings	454
Average Maturity	20 DAYS

Income**

$0.0000

Distribution By Security Type
Variable Rate Note/Bond	90.5%
Fixed Rate Note/Bond	9.5%
TOTAL	100.0%

Quality Distribution
A1+(Short Term)	57.1%
A1(Short Term)	42.9%
TOTAL	100.0%

Maturity Distribution
1 Day		10.1%
2 - 15 Days		79.8%
16 - 30 Days		0.1%
31 - 60 Days		2.5%
61 - 97 Days		1.8%
98 - 180 Days		2.0%
181 - 270 Days		1.4%
271+ Days		2.3%
TOTAL		100.0%

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

Tax-Free/AMT Risk: Tax-exempt funds’ income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax.

iMoneyNet MFR AverageTM/Tax-Free Retail category includes all retail national and state tax-free and municipal money funds. Portfolio holdings of tax-free include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds - 6-month and less, put bonds - over 6 months, AMT paper and other tax free holdings. The category average is the average of all funds in this category reported by iMoneyNet. It is not possible to invest directly in an index.