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Morningstar Ratings

 
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Overall Morningstar RatingsTM for select Northern Funds as of 9/30/17

 (based on risk-adjusted total return)

Equity Funds
Global Sustainability Index Morningstar Rating
Among 703 world large stock funds
Global Tactical Asset Allocation Morningstar Rating
Among 399 world allocation funds
Income Equity ”Morningstar
Among 1,108 large value funds
Large Cap Core ”Morningstar
Among 1,108 large value funds
Mid Cap Index ”Morningstar
Among 354 mid-cap blend funds
Multi-Manager Global Listed Infrastructure ”Morningstar
Among 74 infrastructure funds
Small Cap Core ”Morningstar
Among 653 small blend funds
Small Cap Value ”Morningstar
Among 336 small value funds
Stock Index ”Morningstar
Among 1,218 large blend funds
Fixed Income Funds
Arizona Tax-Exempt ”Morningstar
Among 148 municipal single state intermediate funds
California Tax-Exempt ”Morningstar
Among 87 municipal California long funds
Core Bond Morningstar Rating
Among 852 intermediate-term bond funds
Multi-Manager High Yield Opportunity Morningstar Rating
Among 601 high yield bond funds

The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

Global Sustainability Index received 3 stars for the 3-year rating among 703 world large stock funds and 4 stars for the 5-year rating among 583 funds. The 10-year Morningstar Rating is not available.

Global Tactical Asset Allocation received 4 stars for the 3-year rating among 399 world allocation funds, 3 stars for the 5-year rating among 343 funds and 4 stars for the 10-year rating among 159 funds.

Income Equity received 4 stars for the 3-year rating among 1,108 large value funds, 2 stars for the 5-year rating among 962 funds and 5 stars for the 10-year rating among 689 funds.

Large Cap Core received 3 stars for the 3-year rating among 1,108 large value funds, 4 stars for the 5-year rating among 962 funds and 4 stars for the 10-year rating among 689 funds.

Mid Cap Index received 4 stars for the 3-year rating among 354 mid-cap blend funds, 4 stars for the 5-year rating among 321 funds and 4 stars for the 10-year rating among 215 funds.

Multi-Manager Global Listed Infrastructure received 4 stars for the 3-year rating among 74 infrastructure funds and 4 stars for the 5-year rating among 48 funds. The 10-year Morningstar Rating is not available.

Small Cap Core received 4 stars for the 3-year rating among 653 small blend funds, 4 stars for the 5-year rating among 554 funds and 4 stars for the 10-year rating among 393 funds.

Small Cap Value received 4 stars for the 3-year rating among 336 small value funds, 4 stars for the 5-year rating among 292 funds and 4 stars for the 10-year rating among 198 funds.

Stock Index received 4 stars for the 3-year rating among 1,218 large blend funds, 4 stars for the 5-year rating among 1,083 funds and 4 stars for the 10-year rating among 799 funds.

Arizona Tax-Exempt received 5 stars for the 3-year rating among 148 municipal single state intermediate funds, 4 stars for the 5-year rating among 136 funds and 5 stars for the 10-year rating among 119 funds.

California Tax-Exempt received 3 stars for the 3-year rating among 87 municipal California long funds, 3 stars for the 5-year rating among 77 funds and 4 stars for the 10-year rating among 65 funds.

Core Bond received 3 stars for the 3-year rating among 852 intermediate-term bond funds, 3 stars for the 5-year rating among 773 funds and 4 stars for the 10-year rating among 546 funds.

Multi-Manager High Yield Opportunity received 4 stars for the 3-year rating among 601 high yield bond funds and 4 stars for the 5-year rating among 485 funds. The 10-year Morningstar Rating is not available.

©2017 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.

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Not FDIC insured | May lose value | No bank guarantee

You could lose money by investing in the Money Market Funds. Although each of the Money Market Funds seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors.

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