Northern Global Tactical

Asset Allocation Fund (BBALX)

Fund Investment Objectives

Northern Global Tactical Asset Allocation Fund (BBALX) seeks to provide long-term capital appreciation and current income. The Fund invests primarily in shares of a combination of underlying mutual funds and exchange-traded funds to which Northern Trust Investments, Inc., the Fund's investment adviser, or an affiliate acts as investment adviser. The Fund also may invest in other unaffiliated mutual funds ETFs (together, with affiliated underlying funds and ETFs, the "Underlying Funds"), and other securities and investments not issued by mutual funds. The Fund will be diversified among a number of asset classes, and its allocation will be based on an asset allocation framework developed by the Investment Policy Committee of The Northern Trust Company ("TNTC") and NTI (TNTC and NTI are collectively referred to herein as "Northern Trust"). The Fund intends to invest indirectly, through Underlying Funds, in equity and fixed-income securities of both U.S. and non-U.S. corporate and governmental issuers. The asset classes in which the Fund invests include but are not limited to small-, mid- and large-capitalization common stocks; real estate securities; commodity-related securities; securities of foreign issuers, including emerging markets; and fixed-income securities, including high yield securities and money market instruments. The Fund also may invest directly in equity and fixed-income securities and money market instruments. Minimum Investment is USD $2,500. Performance prior to April 2008 is for the Northern Institutional Balanced Portfolio and is available upon request.