**The Board of Trustees (the “Board”) of Northern Funds (the “Trust”) has determined that it is in the best interests of the Multi-Manager Emerging Markets Debt Opportunity Fund (the “Fund”) and its shareholders that the Fund be liquidated and terminated on or about March 27, 2024 (the “Liquidation Date”) pursuant to a plan of liquidation and dissolution approved by the Board. The Liquidation Date may be changed at the discretion of the Trust’s officers. Please contact the Northern Funds Center at 800-595-9111 if you have any questions.

U.S. Government Money Market Funds: Total return for the 2021 period included $8.4 million related to antitrust proceeds. Absent these proceeds, the total return would have been lower.

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 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.

Performance quoted represents past performance and does not guarantee future results. Investment return will fluctuate. 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 would have been lower in the absence of fee waivers in effect. Select a Fund to view the most recent month-end performance information. Performance data current to the most recent month-end can also be obtained by calling 800-595-9111. Click on each fund name for risks specific to that particular fund.

Net expense ratios reflect contractual expense reimbursements that if not extended, will end on July 31, 2024.

Total return is based on net change in NAV, assuming reinvestment of all distributions.

Performance for the periods of less than one year old are not annualized.

The 7-Day SEC Yield is an annualized yields based on the most recent 7-day period. The 7-Day SEC Yield more closely reflects the current earnings of the Portfolio than the total return quotation. The 7-Day SEC Yield is calculated in accordance with SEC requirements and does not include capital gains. At times, the 7-Day SEC Yield may differ from the 7-Day Yield of a Portfolio because of the exclusion of distributed capital gains. The 1-Daily Yield and 7-Day Yield includes capital gains, if any. The subsidized yields reflect any contractual or voluntary reimbursement or waivers that may be in effect for all of a period shown. Unsubsidized yields reflect the performance of the Portfolio if any contractual or voluntary waivers had not been in place during the period shown.

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 yield demonstrates the level of taxable yield necessary to produce an after-tax yield equivalent to a Portfolio’s tax-free yield. It is calculated by taking that portion of the seven-day yield that is tax-exempt and adjusting it to reflect the tax savings associated with a stated tax rate. The tax-equivalent current yield will always be higher than the Portfolio’s yield.

View investment terms definitions

Shares of the Northern Funds are offered only by a current Prospectus and are intended solely for persons to whom shares of U.S. registered funds may be sold. This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Northern Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Please carefully read the summary prospectus or prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds carefully before investing. Call 800-595-9111 to obtain a summary prospectus or prospectus, which contains this and other information about the Funds.

An investment in Northern Funds involves risks, including possible loss of principal.
Not FDIC insured | May lose value | No bank guarantee

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