*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2024.

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.  Performance data current to the most recent month-end can also be obtained by calling 800-595-9111. 

Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.25%. This contractual limitation may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

In the absence of contractual expense reimbursements, 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 returns for the Morningstar or the iMoneyNet Category Average represents a universe of funds with similar objectives.

Effective September 13, 2022, the Northern Funds Ultra Short Fixed Income Fund (“Fund”) launched a new share class known as the Siebert Williams Shank Shares Class (“SWS Class”). Prior to September 13, 2022, there were no SWS Class shares outstanding for the Fund and therefore performance information for SWS Class shares is not available. For this reason, the performance information shown prior to September 13, 2022 is for the Fund’s Shares Class, with an inception date of June 18, 2009. The Fund’s SWS Class would have similar annual returns when compared with the Fund’s Shares Class because both classes are invested in the same portfolio of securities. The annual returns of the Shares Class would differ from those of SWS Class only to the extent that the classes do not have the same expenses. Please refer to the Fund’s current prospectus for further information.

*Distribution rate and tax-equivalent distribution rate represent the annualization of the Fund's distributions for the prior month ending on the date shown, including capital gain distributions. The 30-day SEC yield w/ waivers represents the annualization of the Fund's net investment income, excluding capital gain income and includes contractual expense reimbursements. It would be lower without those reimbursements. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. The 30-day SEC yield w/o waivers represents the annualization of the Fund's net investment income, excluding capital gain income and excludes contractual expense reimbursements, resulting in a lower yield. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. The tax-equivalent 30-day SEC yield represents the annualization of the Fund's net investment income, excluding capital gain income. The tax-equivalent distribution rate and tax-equivalent 30-day SEC yield are based on an assumed tax rate of 45.3% for Arizona, 54.1% for California and 40.8% for national municipal funds.

Effective September 13, 2022, the Northern Funds Ultra Short Fixed Income Fund (“Fund”) launched a new share class known as the Siebert Williams Shank Shares Class (“SWS Class”). Prior to September 13, 2022, there were no SWS Class shares outstanding for the Fund and therefore the Dividend Income last Quarter and the Capital Gain Last Quarter for the SWS Class is not available. Dividend Income reflects the Dividend Income of the SWS Class for the period shown. Please refer to the Fund’s current prospectus for further information.

All data is as of date indicated and subject to change.

Characteristics: Benchmark and Fund analytics have been calculated using a third party vended model. All material has been obtained from sources believed to be reliable, but the accuracy, completeness and interpretation cannot be guaranteed. Information contained herein is current as of the date appearing in this material only and is subject to change without notice. Certain benchmark calculations may not match the published benchmark characteristics.

Quality Distribution: Credit quality ratings are based on Moody’s, Standard & Poors and Fitch ratings. If ratings from all three rating agencies disagree, the security is assigned the middle rating. If two of the three agree, the security is assigned the rating from those two. If two of these rating agencies have assigned different ratings, the security is assigned the lower rating from those two. If none of these three rating agencies have assigned a rating, the security is assigned a rating of not rated. The ratings, expressed in Standard & Poors nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, when applicable, are expressed in Standard & Poors nomenclature, range from A-1 (obligors capacity to meet its financial commitment on the obligation is strong) to A-3 (exhibits adequate protection parameters. The ratings represent the rating agencies opinions of the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality.