*The Board of Trustees (the “Board”) of Northern Funds (the “Trust”) has determined that it is in the best interests of the High Yield Municipal Fund (the “Fund”) and its shareholders that the Fund be liquidated and terminated on or about January 31, 2025 (the “Liquidation Date”) pursuant to a plan of liquidation 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.

***The Board of Trustees (the “Board”) of Northern Funds (the “Trust”) has determined that it is in the best interests of the U.S. Treasury Index Fund (the “Fund”) and its shareholders that the Fund be liquidated and terminated at a later date to be determined (the “Liquidation Date”) pursuant to a plan of liquidation and termination approved by the Board.

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.