Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.23%
Other Expenses			0.16%
Transfer Agency Fees			0.04%
Other Operating Expenses			0.12%
Acquired Fund Fees and Expenses(1)			0.29%
Total Annual Fund Operating Expenses(1)			0.68%
Expense Reimbursement(2)			(0.13)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.55%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$56				$204				$366				$834

---

---

∎

QUANTITATIVE INVESTING RISK is the risk that the value of securities or other investments selected using quantitative analysis by certain of the Underlying Funds can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

---

∎

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS RISK is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

∎

OPTIONS CONTRACTS RISK Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.

∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

---

---

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(12.77	)%			2.27	%			4.50	%
Returns after taxes on distributions			(14.39	)%			0.80	%			3.24	%
Returns after taxes on distributions and sale of Fund shares			(6.77	)%			1.44	%			3.19	%
MSCI All Country World Index (reflects no deduction for fees, expenses, or taxes)			(18.37	)%			5.23	%			7.98	%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)			(13.01	)%			0.02	%			1.06	%
Blended Index (60% MSCI All Country World Index and 40% Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes))			(16.02	)%			3.45	%			5.39	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.46%
Other Expenses			0.17%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.13%
Total Annual Fund Operating Expenses			0.63%
Expense Reimbursement(2)			(0.14)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.49%

(1)	“Management Fees” have been restated to reflect current fees.

(2)

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 0.48%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$50				$188				$337				$773

---

∎

QUANTITATIVE INVESTING RISK is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

---

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(13.14	)%			7.96	%			10.41	%
Returns after taxes on distributions			(14.23	)%			5.37	%			7.78	%
Returns after taxes on distributions and sale of Fund shares			(6.98	)%			5.88	%			7.87	%
S&P 500® Index (reflects no deduction for fees, expenses, or taxes)			(18.11	)%			9.42	%			12.56	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.47%
Other Expenses			0.18%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.14%
Total Annual Fund Operating Expenses			0.65%
Expense Reimbursement(2)			(0.15)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.50%

(1)	“Management Fees” have been restated to reflect current fees.

(2)

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 0.49%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$51				$193				$347				$796

---

∎

QUANTITATIVE INVESTING RISK is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

---

∎

JAPAN INVESTMENT RISK is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

---

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(11.80	)%			0.43	%			3.53	%
Returns after taxes on distributions			(12.21	)%			(0.29	)%			2.98	%
Returns after taxes on distributions and sale of Fund shares			(6.37	)%			0.45	%			2.88	%
MSCI World ex USA Index (reflects no deduction or fees, expenses or taxes)			(14.29	)%			1.79	%			4.59	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

---

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.44%
Other Expenses			0.12%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.08%
Total Annual Fund Operating Expenses			0.56%
Expense Reimbursement(1)			(0.11)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.45%

(1)

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 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$46				$168				$302				$691

---

∎

QUANTITATIVE INVESTING RISK is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

---

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(15.52	)%			8.26	%			11.76	%
Returns after taxes on distributions			(16.47	)%			6.68	%			10.68	%
Returns after taxes on distributions and sale of Fund shares			(8.49	)%			6.28	%			9.58	%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			(18.11	)%			9.42	%			12.56	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum

---

redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.53%
Other Expenses			0.22%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.18%
Total Annual Fund Operating Expenses			0.75%
Expense Reimbursement(1)			(0.19)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.56%

(1)

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 0.55%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$57				$221				$398				$913

---

∎

VALUE INVESTING RISK is the risk that because the Fund emphasizes a value style of investing that focuses on undervalued companies with characteristics for improved valuation, the Fund is subject to greater risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by the Fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.

∎

QUANTITATIVE INVESTING RISK is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

∎

HEALTH CARE SECTOR RISK is the risk that companies in the health care sector may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector impacting prices and demand for products or services, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations, including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals.

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(5.99	)%			7.09	%			10.09	%
Returns after taxes on distributions			(7.80	)%			5.83	%			9.18	%
Returns after taxes on distributions and sale of Fund shares			(2.39	)%			5.32	%			8.12	%
Russell 1000 Value Index (reflects no deduction for fees, expenses, or taxes)			(7.54	)%			6.67	%			10.29	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.95%
Other Expenses			0.18%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.14%
Acquired Fund Fees & Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			1.14%
Expense Reimbursement(2)			(0.14)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			1.00%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 1.00%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$102				$348				$614				$1,374

---

∎

VALUE INVESTING RISK is the risk that because the Fund emphasizes a value style of investing that focuses on undervalued companies with characteristics for improved valuation, the Fund is subject to greater risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by the Fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.

∎

QUANTITATIVE INVESTING RISK is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(10.40	)%			3.15	%			8.27	%
Returns after taxes on distributions			(11.58	)%			1.18	%			6.52	%
Returns after taxes on distributions and sale of Fund shares			(5.32	)%			2.30	%			6.51	%
Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes)			(14.48	)%			4.13	%			8.48	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Class K				Class I
Management Fees			0.47%				0.47%
Other Expenses			0.07%				0.17%
Transfer Agent Fees			0.04%				0.04%
Service Fees			None				0.10%
Other Operating Expenses			0.03%				0.03%
Acquired Fund Fees and Expenses(1)			0.04%				0.04%
Total Annual Fund Operating Expenses(1)			0.58%				0.68%
Expense Reimbursement(2)			(0.06)%				(0.06)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.52%				0.62%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of each of the Class K and Class I shares of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of each Class (excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Independent Trustee of the Trust; (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest) do not exceed 0.49%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Class K			$53				$180				$318				$720
Class I			$63				$212				$373				$841

∎

Quantitative review of fundamental factors such as earnings metrics and capital deployment; and

∎

Systematic evaluations of new securities with attractive attributes and re‑evaluations of portfolio holdings.

---

∎

QUANTITATIVE INVESTING RISK is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

∎

HEALTH CARE SECTOR RISK is the risk that companies in the health care sector may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector impacting prices and demand for products or services, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations,

---

including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

		1-Year				5-Year				10-Year
Class K Shares(1)
Returns before taxes			(16.06	)%			5.09	%			9.48	%
Returns after taxes on distributions			(16.20	)%			3.72	%			8.21	%
Returns after taxes on distributions and sale of Fund shares			(9.41	)%			3.97	%			7.62	%
Class I Shares(1)			(16.13	)%			5.04	%			9.46	%
Russell 2000 Index (reflects no deduction for fees, expenses, or taxes)			(20.44	)%			4.13	%			9.01	%

(1)

The inception date of Class K and Class I shares of the Fund is July 30, 2020. Performance shown prior to the inception date is that of the Fund’s Shares Class shares, which are no longer offered by the Fund, at net asset value (“NAV”). Performance reflects any applicable fee waivers and/or expense reimbursements.

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own Class K shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in the same share class of one or more other funds of the Trust that offers that share class. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange Class K shares of the Fund for the Class K shares or Shares class shares of another fund in the Trust. Class K shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Class K				Class I
Management Fees			0.37%				0.37%
Other Expenses			0.07%				0.18%
Transfer Agent Fees			0.04%				0.04%
Service Fees			None				0.10%
Other Operating Expenses			0.03%				0.04%
Total Annual Fund Operating Expenses			0.44%				0.55%
Expense Reimbursement(1)			(0.05)%				(0.06)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.39%				0.49%

(1)

Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of each of the Class K and Class I shares of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of each Class (excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Independent Trustee of the Trust; (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest) do not exceed 0.39%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Class K			$40				$136				$241				$550
Class I			$50				$170				$301				$684

---

---

∎

QUANTITATIVE INVESTING RISK is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

∎

HEALTH CARE SECTOR RISK is the risk that companies in the health care sector may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector impacting prices and demand for products or services, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations, including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

---

		1-Year				5-Year				Since Inception (10/02/17)
Class K Shares(1)
Returns before taxes			(18.80	)%			9.89	%			10.59	%
Returns after taxes on distributions			(19.48	)%			8.98	%			9.70	%
Returns after taxes on distributions and sale of Fund shares			(10.62	)%			7.71	%			8.30	%
Class I Shares(1)			(18.89	)%			9.84	%			10.54	%
Russell 1000 Index (reflects no deduction for fees, expenses, or taxes)			(19.13	)%			9.13	%			9.93	%

(1)

The inception date of Class K shares of the Fund is July 30, 2020 and the inception date of Class I shares of the Fund is August 24, 2020. Performance shown prior to the inception dates is that of the Fund’s Shares Class shares, which are no longer offered by the Fund, at net asset value (“NAV”). The inception date of the Fund’s Shares Class is October 2, 2017. Performance reflects any applicable fee waivers and/or expense reimbursements.

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own Class I shares or Class K shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in the same share class of one or more other funds of the Trust that offers that share class. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange Class K shares of the Fund for the Class K shares or Shares Class shares of another fund in the Trust. Class K shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (within 30 days of purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.14%
Other Expenses			0.16%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.12%
Acquired Fund Fees & Expenses(2)			0.01%
Total Annual Fund Operating Expenses(2)			0.31%
Expense Reimbursement(3)			(0.16)%
Total Annual Fund Operating Expenses After Expense Reimbursement(3)			0.15%

(1)	“Management Fees” have been restated to reflect current fees.

(2)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(3)

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 (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.15%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$16				$84				$159				$378

---

---

∎

CHINA INVESTMENT RISK is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; alteration or discontinuation of economic reforms; and considerable degrees of economic, political and social instability. Investors in Chinese markets generally experience difficulties in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Internal social unrest or confrontations with other neighboring countries, including military conflicts may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Any difficulties of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China. Certain securities issued by companies located or operating in China, such as China A‑shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

---

∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

---

		1-Year				5-Years				10-Years
Shares Class
Returns before taxes			(20.48	)%			(1.90	)%			0.94	%
Returns after taxes on distributions			(20.85	)%			(2.57	)%			0.35	%
Returns after taxes on distributions and sale of Fund shares			(11.72	)%			(1.41	)%			0.71	%
MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes)			(20.09	)%			(1.40	)%			1.44	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

---

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.40%
Other Expenses			0.09%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.05%
Total Annual Fund Operating Expenses			0.49%
Expense Reimbursement(1)			(0.02)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.47%

(1)

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 0.47%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$48				$155				$272				$614

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---

---

		1-Year				5-Years				10-Years
Shares Class
Returns before taxes			(24.32	)%			(0.45	)%			2.90	%
Returns after taxes on distributions			(24.45	)%			(1.38	)%			1.82	%
Returns after taxes on distributions and sale of Fund shares			(14.29	)%			(0.61	)%			1.85	%
MSCI® ACWI® IMI Core Real Estate Index (reflects no deduction for fees, expenses, or taxes)			(24.76	)%			(0.88	)%			2.96	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.09%
Other Expenses			0.07%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.03%
Total Annual Fund Operating Expenses			0.16%
Expense Reimbursement(2)			(0.06)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.10%

(1)	“Management Fees” have been restated to reflect current fees.

(2)

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 (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.10%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$11				$46				$85				$199

---

---

∎

JAPAN INVESTMENT RISK is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund.

∎

EUROPEAN INVESTMENT RISK is the risk that investments in certain countries in the European Union (the “EU”) are susceptible to high economic risks due to restrictions on inflation rates, rising debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in local or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have significant adverse effects on the economies of the other EU member countries. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom (known as “Brexit”), will likely place the EU’s currency and banking system in jeopardy and result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s EU investments.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(14.18	)%			1.59	%			4.53	%
Returns after taxes on distributions			(14.52	)%			1.09	%			3.99	%
Returns after taxes on distributions and sale of Fund shares			(7.82	)%			1.39	%			3.69	%
MSCI EAFE Index (reflects no deduction for fees, expenses, or taxes)			(14.45	)%			1.54	%			4.67	%

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∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.09%
Other Expenses			0.07%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.03%
Total Annual Fund Operating Expenses			0.16%
Expense Reimbursement(2)			(0.06)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.10%

(1)	“Management Fees” have been restated to reflect current fees.

(2)

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 (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.10%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$11				$46				$85				$199

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∎

CONSUMER DISCRETIONARY SECTOR RISK is the risk that companies engaged in the consumer discretionary sector may be adversely affected by fluctuations in supply and demand, supply chains, and changes in consumer preferences, social trends and marketing campaigns. Changes in consumer spending as a result of world events, political and economic conditions, government regulation, commodity price volatility, changes in exchange rates, imposition of import or export controls, increased competition, depletion of resources and labor relations also may adversely affect these companies.

∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(13.22	)%			6.55	%			10.60	%
Returns after taxes on distributions			(15.17	)%			4.64	%			8.76	%
Returns after taxes on distributions and sale of Fund shares			(6.44	)%			4.86	%			8.31	%
S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes)			(13.06	)%			6.71	%			10.78	%

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∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.09%
Other Expenses			0.08%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.04%
Total Annual Fund Operating Expenses			0.17%
Expense Reimbursement(2)			(0.07)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.10%

(1)	“Management Fees” have been restated to reflect current fees.

(2)

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 (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.10%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$11				$48				$89				$211

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∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

∎

HEALTH CARE SECTOR RISK is the risk that companies in the health care sector may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector impacting prices and demand for products or services, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in

---

legislation or other government regulations, including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(20.51	)%			3.93	%			8.84	%
Returns after taxes on distributions			(21.63	)%			2.13	%			7.15	%
Returns after taxes on distributions and sale of Fund shares			(11.33	)%			2.88	%			6.90	%
Russell 2000 Index (reflects no deduction for fees, expenses, or taxes)			(20.44	)%			4.13	%			9.01	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.04%
Other Expenses			0.06%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.02%
Total Annual Fund Operating Expenses			0.10%
Expense Reimbursement(2)			(0.05)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.05%

(1)	“Management Fees” have been restated to reflect current fees.

(2)

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 (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.05%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$6				$28				$52				$124

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∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a

---

futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(18.18	)%			9.31	%			12.44	%
Returns after taxes on distributions			(19.05	)%			8.23	%			11.49	%
Returns after taxes on distributions and sale of Fund shares			(10.12	)%			7.19	%			10.15	%
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)			(18.11	)%			9.42	%			12.56	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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GLOBAL SUSTAINABILITY INDEX FUND

INVESTMENT OBJECTIVE

The Fund seeks to provide investment results approximating the overall performance of the securities included in the MSCI World ESG Leaders Index^TM (the “Index”).

FEES AND EXPENSES OF THE FUND

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Class K or Class I shares, which are not reflected in the tables or the examples below.

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)							None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)							2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Class K				Class I
Management Fees			0.18%				0.18%
Other Expenses			0.06%				0.11%
Transfer Agent Fees			0.04%				0.04%
Service Fees			None				0.05%
Other Operating Expenses			0.02%				0.02%
Total Annual Fund Operating Expenses			0.24%				0.29%
Expense Reimbursement(1)			0.00%				0.00%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.24%				0.29%

(1)

Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of each of the Class K and Class I shares of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of each Class (excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Independent Trustee of the Trust; (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest) do not exceed 0.24%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

EXAMPLE

The following Example is intended to help you compare the cost of investing in Class K shares and Class I shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Class K shares or Class I shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

		1 Year				3 Years				5 Years				10 Years
Class K			$25				$77				$135				$306
Class I			$30				$93				$163				$368

PRINCIPAL INVESTMENT STRATEGIES

Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities.

Constituent selection for the MSCI ESG Leaders Index series is based on data from MSCI ESG Research. It is rebalanced quarterly. The Fund generally rebalances its portfolio in accordance with the Index.

The MSCI ESG Leaders Indexes target sector and region weights consistent with those of the respective underlying indexes to limit the systematic risk introduced by the ESG

---

selection process. The methodology aims to include securities of companies with the highest ESG ratings representing 50% of the market capitalization in each sector and region of the respective parent index. Companies that are not existing constituents of the MSCI ESG Leaders Indexes must have an MSCI ESG Rating of ‘BB’ or above and an MSCI ESG Controversies Score of 3 or above to be eligible for inclusion in the Index. Current constituents of the MSCI ESG Leaders Indexes must have an MSCI ESG Rating of ‘BB’ or above and an MSCI ESG Controversies Score of 1 or above to remain eligible for inclusion in the Index. In addition, companies showing involvement in alcohol, gambling, tobacco, nuclear power, civilian firearms, fossil fuels extraction, thermal coal power and weapons are excluded from the MSCI ESG Leaders Indexes. The selection universe for the MSCI ESG Leaders Indexes is the constituents of the MSCI Global Investable Market Indexes

NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index and in response to subscriptions and redemptions.

The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.

The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A “non‑diversified” fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.

In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors, countries or geographic regions. As of March 31, 2023, the Fund had focused investments in the information technology and financials sectors.

NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.

The Index is created and sponsored by Morgan Stanley Capital International, Inc. (“MSCI”), as the index provider. MSCI determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. MSCI does not endorse any of the securities in the Index. It is not a sponsor of the Global Sustainability Index Fund and is not affiliated with the Fund in any way.

PRINCIPAL RISKS

MARKET RISK is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase.

ESG INVESTING RISK is the risk that the ESG investment methodology of the Index may restrict the investments available to the Fund. This may affect the Fund’s exposure to certain companies or industries and cause the Fund to forego certain investment opportunities. This could cause the Fund to underperform or perform differently than the broader equity

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market or other funds that do or do not track an ESG index or use ESG investment criteria. Information used by MSCI to evaluate ESG factors may not be readily available, complete or accurate, which could negatively impact MSCI’s ability to apply its ESG standards when compiling the Index, which could negatively impact the Fund’s performance. Neither the Fund nor NTI can offer assurances that the Index’s methodology or sources of information will provide an accurate assessment of the issuers of the securities included in the Index. Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, and MSCI’s assessment of a company, based on the company’s level of involvement in a particular industry or the company’s ESG Rating and ESG Controversies Score, may differ from that of other funds, other index providers, the investment adviser or an investor. As a result, the companies deemed eligible for inclusion in the Index may not reflect the beliefs and values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them. ESG standards differ by region and industry, and a company’s ESG practices or MSCI’s or data providers’ assessment of a company’s ESG practices may change over time.

FOREIGN SECURITIES RISK is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.

DEPOSITARY RECEIPTS RISK Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non‑uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.

TRACKING RISK is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing schedule.

SECTOR RISK is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

MID CAP STOCK RISK is the risk that stocks of mid‑sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid‑sized companies may have limited product lines or financial resources, and may

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be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

INDEX RISK is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.

NON‑DIVERSIFICATION RISK Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund.

FUND PERFORMANCE

The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing: (A) changes in the performance of the Fund from year to year and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.

The returns shown for periods ended prior to July 30, 2020 are those of the Shares Class shares of the Fund at net asset value. Effective July 30, 2020, Shares Class shares of the Fund were converted into new Class K shares and Class I shares of the Fund. Class K and Class I shares’ returns of the Fund will be different from the returns of the Shares Class shares’ returns of the Fund as they have different expenses.

The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.

CALENDAR YEAR TOTAL RETURN (CLASS K SHARES)*

* Year to date total return for the six months ended June 30, 2023 was 15.83%. For the period shown in the bar chart above, the highest quarterly return was 18.63% in the second quarter of 2020, and the lowest quarterly return was (19.60)% in the first quarter of 2020.

AVERAGE ANNUAL TOTAL RETURN

(For the periods ended December 31, 2022)

		1‑Year				5‑Years				10‑Years
Class K Shares(1)
Returns before taxes			(19.37	)%			6.60	%			9.00	%
Returns after taxes on distributions			(19.73	)%			5.77	%			8.22	%
Returns after taxes on distributions and sale of Fund shares			(11.20	)%			5.08	%			7.23	%
Class I Shares(1)			(19.42	)%			6.57	%			8.98	%
MSCI World ESG Leaders Index (reflects no deduction for fees, expenses, or taxes)			(19.57	)%			6.45	%			8.90	%

(1)

The inception date of Class K and Class I shares of the Fund is July 30, 2020. Performance shown prior to the inception date is that of the Fund’s Shares Class shares, which are no longer offered by the Fund, at net asset value (“NAV”). Performance reflects any applicable fee waivers and/or expense reimbursements.

After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown only for Class K shares. After‑tax returns for other classes will vary.

In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the

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redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes.

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own Class K shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in the same share class of one or more other funds of the Trust that offers that share class. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange Class K shares of the Fund for the Class K shares or Shares Class shares of another fund in the Trust. Class K shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.06%
Other Expenses			0.06%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.02%
Total Annual Fund Operating Expenses			0.12%
Expense Reimbursement(2)			(0.05)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.07%

(1)	“Management Fees” have been restated to reflect current fees.

(2)

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 (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.07%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$8				$34				$63				$149

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		1‑Year				5‑Year				10‑Year
Bond Index Fund
Returns before taxes			(12.98	)%			(0.08	)%			0.93	%
Returns after taxes on distributions			(13.85	)%			(1.18	)%			(0.21	)%
Returns after taxes on distributions and sale of Fund shares			(7.67	)%			(0.45	)%			0.25	%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)			(13.01	)%			0.02	%			1.06	%

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∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.38%
Other Expenses			0.11%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.07%
Acquired Fund Fees and Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.50%
Expense Reimbursement(2)			(0.09)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.41%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$42				$151				$271				$620

∎

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;

∎

Obligations of U.S. state and local governments, and foreign governments;

∎

Obligations of domestic and foreign banks and corporations;

∎

Zero coupon bonds and debentures;

∎

Mortgage and other asset-backed securities;

∎

Inflation-indexed securities; and

∎

Stripped securities evidencing ownership of future interest or principal payments on debt obligations.

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		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(13.62	)%			(0.19	)%			0.91	%
Returns after taxes on distributions			(14.55	)%			(1.30	)%			(0.25	)%
Returns after taxes on distributions and sale of Fund shares			(8.05	)%			(0.57	)%			0.21	%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)			(13.01	)%			0.02	%			1.06	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.43%
Other Expenses			0.07%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.03%
Acquired Fund Fees & Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.51%
Expense Reimbursement(2)			(0.06)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.45%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI, and to reimburse a portion of the operating expenses of the Fund in an amount equal to the acquired fund fees and expenses arising from the Fund’s investments in other non-money market funds or exchange-traded funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$46				$158				$279				$635

∎

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;

∎

Obligations of U.S. state and local governments, and foreign governments;

∎

Obligations of domestic and foreign banks and corporations;

∎

Zero coupon bonds, debentures, convertible securities and loan participations;

∎

Mortgage and other asset-backed securities;

∎

Inflation-indexed securities; and

∎

Stripped securities evidencing ownership of future interest or principal payments on debt obligations.

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∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

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		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(13.86	)%			0.12	%			1.23	%
Returns after taxes on distributions			(14.93	)%			(1.10	)%			(0.06	)%
Returns after taxes on distributions and sale of Fund shares			(8.18	)%			(0.38	)%			0.40	%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)			(13.01	)%			0.02	%			1.06	%

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∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.58%
Other Expenses			0.06%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.02%
Acquired Fund Fees & Expenses(2)			0.01%
Total Annual Fund Operating Expenses(2)			0.65%
Expense Reimbursement(3)			(0.05)%
Total Annual Fund Operating Expenses After Expense Reimbursement(3)			0.60%

(1)	“Management Fees” have been restated to reflect current fees.

(2)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(3)

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 0.60%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$61				$203				$357				$806

∎

Obligations of U.S. and foreign corporations and banks;

∎

Obligations of U.S. state and local governments, and foreign governments;

∎

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. or foreign governments, their agencies or instrumentalities;

∎

Senior and subordinated bonds and debentures;

∎

Zero coupon, pay‑in‑kind and capital appreciation bonds;

∎

Convertible securities, preferred stock, structured securities and loan participations;

∎

Inflation-indexed securities;

∎

Warrants, rights and other equity securities that are acquired in connection with the Fund’s investments in debt or convertible securities; and

∎

Repurchase agreements relating to the above instruments.

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∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

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		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(11.64	)%			1.95	%			3.46	%
Returns after taxes on distributions			(13.80	)%			(0.49	)%			0.80	%
Returns after taxes on distributions and sale of Fund shares			(6.87	)%			0.49	%			1.49	%
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for fees, expenses, or taxes)			(11.18	)%			2.30	%			4.03	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum

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redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.38%
Other Expenses			0.07%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.03%
Total Annual Fund Operating Expenses			0.45%
Expense Reimbursement(1)			(0.05)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.40%

(1)

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 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI, and to reimburse a portion of the operating expenses of the Fund in an amount equal to the acquired fund fees and expenses arising from the Fund’s investments in other non-money market funds or exchange-traded funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$41				$139				$247				$562

∎

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;

∎

Obligations of U.S. state and local governments, and foreign governments;

∎

Obligations of domestic and foreign banks and corporations;

∎

Debentures and convertible securities;

∎

Mortgage and other asset-backed securities;

∎

Inflation-indexed securities;

∎

Stripped securities evidencing ownership of future interest or principal payments on debt obligations; and

∎

Repurchase agreements relating to the above instruments.

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∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

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		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(4.28	)%			0.89	%			0.90	%
Returns after taxes on distributions			(4.89	)%			0.09	%			0.19	%
Returns after taxes on distributions and sale of Fund shares			(2.54	)%			0.35	%			0.38	%
Bloomberg 1‑3 Year U.S. Government/Credit Index (reflects no deduction for fees, expenses, or taxes)			(3.69	)%			0.92	%			0.88	%

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∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees		0.38%
Other Expenses		0.20%
Transfer Agent Fees		0.04%
Other Operating Expenses		0.16%
Acquired Fund Fees and Expenses(1)		0.01%
Total Annual Fund Operating Expenses(1)		0.59%
Expense Reimbursement(2)		(0.17)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)		0.42%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI, and to reimburse a portion of the operating expenses of the Fund in an amount equal to the acquired fund fees and expenses arising from the Fund’s investments in other non-money market funds or exchange-traded funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$43				$172				$312				$722

∎

U.S. Treasury bills, notes and bonds;

∎

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;

∎

Mortgage-related securities issued or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, including U.S. agency mortgage-backed pass through securities (“MBS”) that may not be backed by the full faith and credit of the U.S. government;

∎

Stripped securities evidencing ownership of future interest or principal payments on obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises; and

∎

Inflation-indexed securities.

∎

The Fund also may make investments in the obligations of supranational organizations (such as the World Bank).

---

---

---

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(5.70	)%			0.16	%			0.13	%
Returns after taxes on distributions			(6.34	)%			(0.36	)%			(0.29	)%
Returns after taxes on distributions and sale of Fund shares			(3.37	)%			(0.09	)%			(0.08	)%
Bloomberg 1‑5 Year U.S. Government Index (reflects no deduction for fees, expenses, or taxes)			(5.46	)%			0.62	%			0.68	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

---

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.23%
Other Expenses			0.05%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.01%
Total Annual Fund Operating Expenses			0.28%
Expense Reimbursement(1)			(0.03)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.25%

(1)

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%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$26				$87				$154				$353

∎

Obligations of U.S. state and local governments, and foreign governments;

∎

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises;

∎

Commercial paper and other obligations of domestic and foreign banks and corporations;

∎

Zero coupon bonds, debentures, preferred stock and convertible securities;

∎

Inflation-indexed securities;

∎

Mortgage and other asset-backed securities; and

∎

Repurchase agreements relating to the above instruments.

---

---

---

---

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(1.16	)%			0.86	%			0.76	%
Returns after taxes on distributions			(1.37	)%			0.68	%			0.60	%
Returns after taxes on distributions and sale of Fund shares			(0.45	)%			0.76	%			0.65	%
ICE BofA 6‑12 Month Municipal Securities Index (reflects no deduction for fees, expenses, or taxes)			0.26	%			1.01	%			0.72	%
ICE BofA 1‑3 Year US Municipal Securities Index (reflects no deduction for fees, expenses, or taxes)			(2.03	)%			1.00	%			0.89	%
75% ICE BofA 6‑12 Month Municipal Securities Index and 25% ICE BofA 1‑3 Year Municipal Securities Index (reflects no deduction for fees, expenses, or taxes)			(0.31	)%			1.01	%			0.77	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum

---

redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.23%
Other Expenses			0.05%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.01%
Acquired Fund Fees & Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.29%
Expense Reimbursement(2)			(0.04)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.25%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$26				$89				$159				$364

∎

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises;

∎

Obligations of U.S. state and local governments, and foreign governments;

∎

Commercial paper and other obligations of domestic and foreign banks and corporations;

∎

Zero coupon bonds and debentures;

∎

Inflation-indexed securities; and

∎

Mortgage and other asset-backed securities.

---

---

---

---

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(1.01	)%			1.29	%			1.13	%
Returns after taxes on distributions			(1.63	)%			0.60	%			0.57	%
Returns after taxes on distributions and sale of Fund shares			(0.60	)%			0.70	%			0.62	%
ICE BofA 1‑Year U.S. Treasury Note Index (reflects no deduction for fees, expenses, or taxes)			(0.96	)%			1.10	%			0.74	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.38%
Other Expenses			0.22%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.18%
Acquired Fund Fees and Expenses(1)			0.02%
Total Annual Fund Operating Expenses(1)			0.62%
Expense Reimbursement(2)			(0.20)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.42%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI, and to reimburse a portion of the operating expenses of the Fund in an amount equal to the acquired fund fees and expenses arising from the Fund’s investments in other non-money market funds or exchange-traded funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$43				$178				$326				$755

∎

U.S. Treasury bills, notes and bonds;

∎

Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;

∎

Mortgage-related securities issued or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, including U.S. agency mortgage-backed pass-through securities (“MBS”) that may not be backed by the full faith and credit of the U.S. government;

∎

Stripped securities evidencing ownership of future interest or principal payments on obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises; and

∎

Inflation-indexed securities.

∎

The Fund also may make investments in the obligations of supranational organizations (such as the World Bank).

---

---

---

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(7.73	)%			0.10	%			0.18	%
Returns after taxes on distributions			(8.39	)%			(0.68	)%			(0.41	)%
Returns after taxes on distributions and sale of Fund shares			(4.57	)%			(0.23	)%			(0.11	)%
Bloomberg Intermediate U.S. Government Bond Index (reflects no deduction for fees, expenses, or taxes)			(7.73	)%			0.46	%			0.69	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

---

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.13%
Other Expenses			0.14%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.10%
Total Annual Fund Operating Expenses			0.27%
Expense Reimbursement(1)			(0.11)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.16%

(1)

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 to the extent the “Total Annual Fund Operating Expenses” exceed 0.15%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$16				$76				$141				$332

---

---

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(12.58	)%			(0.25	)%			0.42	%
Returns after taxes on distributions			(13.19	)%			(0.99	)%			(0.33	)%
Returns after taxes on distributions and sale of Fund shares			(7.44	)%			(0.46	)%			0.04	%
Bloomberg U.S. Treasury Index (reflects no deduction for fees, expenses, or taxes)			(12.46	)%			(0.10	)%			0.58	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.43%
Other Expenses			0.19%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.15%
Acquired Fund Fees and Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.63%
Expense Reimbursement(2)			(0.17)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.46%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$47				$185				$334				$770

∎

General obligation bonds secured by the issuer’s full faith, credit and taxing power;

∎

Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;

∎

Industrial development bonds;

∎

Moral obligation bonds;

∎

Tax‑exempt derivative instruments;

∎

Stand‑by commitments; and

∎

Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.

---

---

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

∎

OPTIONS CONTRACTS RISK Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.

∎

SWAP CONTRACTS RISK Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(9.09	)%			0.49	%			1.64	%
Returns after taxes on distributions			(9.10	)%			0.47	%			1.53	%
Returns after taxes on distributions and sale of Fund shares			(4.34	)%			0.99	%			1.87	%
Bloomberg Arizona Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)			(8.55	)%			1.03	%			2.03	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.43%
Other Expenses			0.08%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.04%
Acquired Fund Fees & Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.52%
Expense Reimbursement(2)			(0.07)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.45%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$46				$160				$284				$646

∎

General obligation bonds secured by the issuer’s full faith, credit and taxing power;

∎

Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;

∎

Industrial development bonds;

∎

Moral obligation bonds;

∎

Tax‑exempt derivative instruments;

∎

Stand‑by commitments; and

∎

Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.

---

---

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

∎

OPTIONS CONTRACTS RISK Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.

∎

SWAP CONTRACTS RISK Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(8.92	)%			0.58	%			1.50	%
Returns after taxes on distributions			(8.94	)%			0.55	%			1.44	%
Returns after taxes on distributions and sale of Fund shares			(4.44	)%			1.00	%			1.71	%
Bloomberg California Intermediate Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)			(5.90	)%			1.31	%			1.95	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.43%
Other Expenses			0.12%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.08%
Acquired Fund Fees and Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.56%
Expense Reimbursement(2)			(0.11)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.45%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$46				$168				$302				$691

∎

General obligation bonds secured by the issuer’s full faith, credit and taxing power;

∎

Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;

∎

Industrial development bonds;

∎

Moral obligation bonds;

∎

Tax‑exempt derivative instruments;

∎

Stand‑by commitments; and

∎

Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.

---

---

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

∎

OPTIONS CONTRACTS RISK Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.

∎

SWAP CONTRACTS RISK Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(10.40	)%			0.61	%			2.09	%
Returns after taxes on distributions			(10.43	)%			0.50	%			1.90	%
Returns after taxes on distributions and sale of Fund shares			(5.29	)%			1.09	%			2.22	%
Bloomberg California Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)			(8.17	)%			1.25	%			2.30	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.56%
Other Expenses			0.07%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.03%
Acquired Fund Fees and Expenses(2)			0.01%
Total Annual Fund Operating Expenses(2)			0.64%
Expense Reimbursement(3)			(0.06)%
Total Annual Fund Operating Expenses After Expense Reimbursement(3)			0.58%

(1)	“Management Fees” have been restated to reflect current fees.

(2)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(3)

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 0.58%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$59				$199				$351				$793

∎

General obligation bonds secured by the issuer’s full faith, credit and taxing power;

∎

Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;

∎

Industrial development bonds;

∎

Moral obligation bonds;

∎

Tax‑exempt derivative instruments;

∎

Stand‑by commitments; and

∎

Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial companies.

---

---

---

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(16.86	)%			(0.09	)%			1.79	%
Returns after taxes on distributions			(16.89	)%			(0.12	)%			1.76	%
Returns after taxes on distributions and sale of Fund shares			(8.63	)%			0.86	%			2.30	%
Bloomberg Municipal Bond 60% High Yield/40% Investment Grade Index (reflects no deduction for fees, expenses, or taxes)			(11.29	)%			2.11	%			2.97	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

---

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.43%
Other Expenses			0.06%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.02%
Total Annual Fund Operating Expenses			0.49%
Expense Reimbursement(1)			(0.04)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.45%

(1)

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 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$46				$153				$270				$612

∎

General obligation bonds secured by the issuer’s full faith, credit and taxing power;

∎

Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;

∎

Industrial development bonds;

∎

Moral obligation bonds;

∎

Tax‑exempt derivative instruments;

∎

Stand‑by commitments; and

∎

Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.

---

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

∎

OPTIONS CONTRACTS RISK Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at

---

a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.

∎

SWAP CONTRACTS RISK Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(8.29	)%			0.74	%			1.47	%
Returns after taxes on distributions			(8.31	)%			0.60	%			1.30	%
Returns after taxes on distributions and sale of Fund shares			(4.03	)%			1.02	%			1.55	%
Bloomberg Municipal 1 – 15 Year Index (reflects no deduction for fees, expenses, or taxes)			(5.95	)%			1.44	%			1.95	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.43%
Other Expenses			0.07%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.03%
Acquired Fund Fees and Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.51%
Expense Reimbursement(2)			(0.06)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.45%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$46				$158				$279				$635

∎

General obligation bonds secured by the issuer’s full faith, credit and taxing power;

∎

Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;

∎

Industrial development bonds;

∎

Moral obligation bonds;

∎

Tax‑exempt derivative instruments;

∎

Stand‑by commitments; and

∎

Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.

---

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to

---

unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

∎

OPTIONS CONTRACTS RISK Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.

∎

SWAP CONTRACTS RISK Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(3.20	)%			1.10	%			0.90	%
Returns after taxes on distributions			(3.22	)%			0.87	%			0.78	%
Returns after taxes on distributions and sale of Fund shares			(1.36	)%			1.08	%			0.95	%
Bloomberg 1‑5 Year Blend Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)			(3.55	)%			1.11	%			1.17	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.43%
Other Expenses			0.07%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.03%
Total Annual Fund Operating Expenses			0.50%
Expense Reimbursement(1)			(0.05)%
Total Annual Fund Operating Expenses After Expense Reimbursement(1)			0.45%

(1)

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 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$46				$155				$275				$623

∎

General obligation bonds secured by the issuer’s full faith, credit and taxing power;

∎

Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;

∎

Industrial development bonds;

∎

Moral obligation bonds;

∎

Tax‑exempt derivative instruments;

∎

Stand‑by commitments; and

∎

Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.

---

---

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

---

∎

OPTIONS CONTRACTS RISK Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.

∎

SWAP CONTRACTS RISK Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(11.20	)%			0.47	%			1.75	%
Returns after taxes on distributions			(11.22	)%			0.35	%			1.63	%
Returns after taxes on distributions and sale of Fund shares			(5.59	)%			0.95	%			1.98	%
Bloomberg U.S. Municipal Index (reflects no deduction for fees, expenses, or taxes)			(8.53	)%			1.25	%			2.13	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

INVESTMENT OBJECTIVE

FEES AND EXPENSES OF THE FUND

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			1.08%
Other Expenses			0.22%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.18%
Acquired Fund Fees & Expenses(1)			0.02%
Total Annual Fund Operating Expenses(1)			1.32%
Expense Reimbursement(2)			(0.22)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			1.10%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 1.10%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Fund’s Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$112				$397				$702				$1,571

---

---

∎

CHINA INVESTMENT RISK is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; alteration or discontinuation of economic reforms; and considerable degrees of economic, political and social instability. Investors in Chinese markets generally experience difficulties in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Internal social unrest or confrontations with other neighboring countries, including military conflicts may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. The inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China. Certain securities issued by companies located or operating in China, such as China A‑shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks.

∎

CONSUMER DISCRETIONARY SECTOR RISK is the risk that companies engaged in the consumer discretionary sector may be adversely affected by fluctuations in supply and demand, supply chains, and changes in consumer preferences, social trends and marketing campaigns. Changes in consumer spending as a result of world events, political and economic conditions, government regulation, commodity price volatility, changes in exchange rates, imposition of import or export controls, increased competition, depletion of resources and labor relations also may adversely affect these companies.

∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology,

---

consumer and business purchasing patterns, government regulation and/or obsolete products or services.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(22.31	)%			(2.03	)%			1.06	%
Returns after taxes on distributions			(22.27	)%			(3.96	)%			(0.06	)%
Returns after taxes on distributions and sale of Fund shares			(12.89	)%			(1.30	)%			0.98	%
MSCI Emerging Markets Index (reflects no deduction for fees, expenses, or taxes)			(20.09	)%			(1.40	)%			1.44	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.82%
Other Expenses			0.11%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.07%
Acquired Fund Fees & Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.94%
Expense Reimbursement(2)			(0.09)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.85%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.84%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Fund’s Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$87				$291				$511				$1,146

---

---

∎

UNITED KINGDOM INVESTMENT RISK is the risk that investments in issuers located in the United Kingdom (“UK”) may subject the Fund to regulatory, political, currency, security and economic risk specific to the UK. The UK has one of the largest economies in Europe and is heavily dependent on trade with the EU. As a result, the UK economy may be impacted by changes to the economic health of EU member countries. On January 31, 2020, the UK officially withdrew from the EU. The precise impact on the UK’s economy as a result of its departure from the EU depends to a large degree on its ability to conclude favorable trade deals with the EU and other countries. While new trade deals may boost economic growth, such growth may not be able to offset the increased costs of trade with the EU resulting from the UK’s loss of its membership in the EU single market.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competitions and the availability and cost of capital, among other factors.

∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

∎

HEALTH CARE SECTOR RISK is the risk that companies in the health care sector may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector impacting prices and demand for products or services, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations, including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals.

---

		1‑Year				5‑Year				10‑Year
Shares Class
Returns before taxes			(17.14	)%			2.35	%			4.01	%
Returns after taxes on distributions			(17.25	)%			1.37	%			3.40	%
Returns after taxes on distributions and sale of Fund shares			(9.75	)%			1.98	%			3.30	%
MSCI World® ex USA IM Index (reflects no deduction for fees, expenses, or taxes)			(15.26	)%			1.59	%			4.73	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

---

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.85%
Other Expenses			0.19%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.15%
Acquired Fund Fees & Expenses(1)			0.02%
Total Annual Fund Operating Expenses(1)			1.06%
Expense Reimbursement(2)			(0.17)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.89%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.88%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Fund’s Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$91				$320				$568				$1,279

∎

obligations of sovereign nations or their agencies, instrumentalities, or sponsored enterprises;

∎

obligations of corporations and banks;

∎

senior subordinated bonds and debentures;

∎

zero coupon, pay‑in‑kind and capital appreciation bonds;

∎

convertible securities and preferred stock;

∎

warrants, rights and other equity securities that are acquired in connection with the Fund’s investments in debt or convertible securities;

∎

entities organized to restructure the outstanding debt of emerging and frontier market issuers; and

∎

structured securities.

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---

---

∎

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS RISK is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

∎

OPTIONS CONTRACTS RISK Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.

∎

SWAP CONTRACTS RISK Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.

---

		1‑Year				5‑Year				Since Inception (12/3/13)
Shares Class
Returns before taxes			(15.38	)%			(3.66	)%			(1.14	)%
Returns after taxes on distributions			(15.79	)%			(4.64	)%			(2.27	)%
Returns after taxes on distributions and sale of Fund shares			(9.10	)%			(3.08	)%			(1.27	)%
JP Morgan EMBI Global Diversified Index (reflects no deduction for fees, expenses, or taxes)			(17.78	)%			(1.31	)%			2.48	%
JP Morgan GBI — EM Global Diversified Index (reflects no deduction for fees, expenses, or taxes)			(11.69	)%			(2.51	)%			(1.19	)%
50% JP Morgan EMBI Global Diversified Index and 50% JP Morgan GBI‑EM Global Diversified Index (reflects no deduction for fees, expenses, or taxes)			(14.75	)%			(1.86	)%			0.68	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800‑595‑9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800‑595‑9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800‑595‑9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800‑595‑9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

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Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.90%
Other Expenses			0.09%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.05%
Acquired Fund Fees & Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			1.00%
Expense Reimbursement(2)			(0.04)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.96%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.96%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Fund’s Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$98				$314				$549				$1,221

---

---

∎

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS RISK is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.

---

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(7.18	)%			2.76	%			6.52	%
Returns after taxes on distributions			(7.94	)%			1.40	%			5.29	%
Returns after taxes on distributions and sale of Fund shares			(3.55	)%			2.05	%			5.11	%
S&P Global Infrastructure® Index (net dividend return) (reflects no deduction for fees, expenses, or taxes)			(0.99	)%			2.99	%			5.61	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800-595-9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800-595-9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a

---

fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800-595-9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800-595-9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.89%
Other Expenses			0.17%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.13%
Acquired Fund Fees & Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			1.07%
Expense Reimbursement(2)			(0.15)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.92%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.91%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Fund’s Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$94				$325				$576				$1,292

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---

		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(26.24	)%			1.45	%			3.32	%
Returns after taxes on distributions			(26.43	)%			0.27	%			0.64	%
Returns after taxes on distributions and sale of Fund shares			(15.41	)%			0.71	%			1.87	%
FTSE® EPRA® / NAREIT® Developed® Index (reflects no deduction for fees, expenses, or taxes)			(25.09	)%			(0.23	)%			2.99	%

---

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800-595-9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800-595-9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800-595-9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800-595-9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

---

Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees(1)			0.65%
Other Expenses			0.11%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.07%
Acquired Fund Fees & Expenses(2)			0.02%
Total Annual Fund Operating Expenses(2)			0.78%
Expense Reimbursement(3)			(0.10)%
Total Annual Fund Operating Expenses After Expense Reimbursement(3)			0.68%

(1)	“Management Fees” have been restated to reflect current fees.

(2)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(3)

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 0.67%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Fund’s Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class		$	69			$	239				$423			$	957

∎

Obligations of U.S. and foreign corporations and banks;

∎

Senior and subordinated bonds and debentures;

∎

Zero coupon, pay-in-kind and capital appreciation bonds;

∎

Convertible securities, preferred stock, structured securities; and

∎

Loans and loan participations.

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		1-Year				5-Year				10-Year
Shares Class
Returns before taxes			(10.26	)%			1.92	%			3.56	%
Returns after taxes on distributions			(12.26	)%			(0.53	)%			0.86	%
Returns after taxes on distributions and sale of Fund shares			(6.06	)%			0.45	%			1.55	%
ICE BofA U.S. High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes)			(11.16	)%			2.11	%			3.94	%

∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800-595-9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the

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minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800-595-9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800-595-9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA). Call 800-595-9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None
Redemption Fee (30 days or less after purchase) (as a percentage of amount redeemed, if applicable)			2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
		Shares Class
Management Fees			0.68%
Other Expenses			0.10%
Transfer Agent Fees			0.04%
Other Operating Expenses			0.06%
Acquired Fund Fees & Expenses(1)			0.01%
Total Annual Fund Operating Expenses(1)			0.79%
Expense Reimbursement(2)			(0.09)%
Total Annual Fund Operating Expenses After Expense Reimbursement(2)			0.70%

(1)	The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

(2)

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 0.70%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2024 without the approval of the Fund’s Board of Trustees.

		1 Year				3 Years				5 Years				10 Years
Shares Class			$72				$243				$430				$970

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∎

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS RISK is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.

∎

FUTURES CONTRACTS RISK is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.

∎

FINANCIALS SECTOR RISK is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competitions and the availability and cost of capital, among other factors.

∎

INDUSTRIALS SECTOR RISK is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.

∎

INFORMATION TECHNOLOGY SECTOR RISK is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

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		1-Year				5-Year				Since Inception (11/20/17)
Shares Class
Returns before taxes			(18.74	)%			3.97	%			4.43	%
Returns after taxes on distributions			(22.06	)%			2.45	%			2.92	%
Returns after taxes on distributions and sale of Fund shares			(8.70	)%			3.10	%			3.45	%
MSCI ACWI Index (reflects no deduction for fees, expenses, or taxes)			(18.36	)%			5.23	%			5.78	%

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∎

By Mail – Send a written request to: Northern Funds, P.O. Box 75986, Chicago, Illinois 60675-5986.

∎

By Telephone – Authorize the telephone privilege on your New Account Application. Call 800-595-9111 to use the telephone privilege.

∎

By Wire – Authorize wire redemptions on your New Account Application and have proceeds sent by federal wire transfer to a previously designated bank account (the minimum redemption amount by this method is $250). You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank. Call 800-595-9111 for instructions.

∎

By Systematic Withdrawal – If you own shares of the Fund with a minimum value of $10,000, you may elect to have a fixed sum redeemed at regular intervals and distributed in cash or reinvested in one or more other funds of the Trust. Call 800-595-9111 for an application form and additional information. The minimum amount is $250 per withdrawal.

∎

By Exchange – Complete the Exchange Privilege section of your New Account Application to exchange shares of one fund in the Trust for shares of another fund in the Trust. Shares being exchanged must have a value of at least $2,500. Call 800-595-9111 for more information.

∎

By Internet – You may initiate transactions between Northern Trust banking and Fund accounts by using Northern Trust Private Passport. For details and to sign up for this service, go to northerntrust.com/funds or contact your Relationship Manager.

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Fund		Aggregate Management Fees Paid for Fiscal Year Ended 3/31/23 after waivers and/or reimbursements, if any
GLOBAL TACTICAL ASSET ALLOCATION			0.10%
INTERNATIONAL EQUITY			0.33%
LARGE CAP CORE			0.34%
LARGE CAP VALUE			0.35%
SMALL CAP VALUE			0.82%
EMERGING MARKETS EQUITY INDEX			0.07%
GLOBAL REAL ESTATE INDEX			0.39%
INTERNATIONAL EQUITY INDEX			0.10%
MID CAP INDEX			0.05%
SMALL CAP INDEX			0.05%
STOCK INDEX			0.02%
SMALL CAP CORE			0.43%
U.S. QUALITY ESG FUND			0.32%

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Fund		Aggregate Management Fees Paid for Fiscal Year Ended 3/31/23 after waivers and/or reimbursements, if any
GLOBAL SUSTAINABILITY INDEX			0.18%
BOND INDEX			0.05%
U.S. TREASURY INDEX			0.02%
INCOME EQUITY			0.49%
ACTIVE M EMERGING MARKETS EQUITY			0.89%
ACTIVE M INTERNATIONAL EQUITY			0.74%
MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE			0.87%
MULTI-MANAGER GLOBAL REAL ESTATE			0.75%
NORTHERN ENGAGE360™ FUND			0.60%
CORE BOND			0.30%
FIXED INCOME			0.38%
HIGH YIELD FIXED INCOME			0.62%
SHORT BOND			0.33%
LIMITED TERM U.S. GOVERNMENT			0.21%
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME			0.20%
ULTRA-SHORT FIXED INCOME			0.20%
U.S. GOVERNMENT			0.20%
ARIZONA TAX-EXEMPT			0.27%
CALIFORNIA INTERMEDIATE TAX-EXEMPT			0.37%
CALIFORNIA TAX-EXEMPT			0.34%
HIGH YIELD MUNICIPAL			0.52%
INTERMEDIATE TAX-EXEMPT			0.39%
LIMITED TERM TAX-EXEMPT			0.38%
TAX-EXEMPT			0.39%
MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY			0.72%
MULTI-MANAGER HIGH YIELD OPPORTUNITY			0.74%

		Prior Management Fee		Current Management Fee
Bond Index		0.13%1		0.06%
Emerging Markets Equity Index		0.21%1		0.14%
High Yield Fixed Income		0.79% of first $1.5 billion 0.766% of next $1 billion 0.743% of amount over $2.5 billion1		0.58%
High Yield Municipal		0.77% of first $1.5 billion 0.747% of next $1 billion 0.725% of amount over $2.5 billion2		0.56% of first $1.5 billion 0.543% of next $1 billion 0.527% of amount over $2.5 billion
Income Equity		0.95% of first $1 billion 0.922% of next $1 billion 0.894% of amount over $2 billion2		0.46%
International Equity		0.48%2		0.47%
International Equity Index		0.18%1		0.09%
Mid Cap Index		0.13%1		0.09%
Small Cap Index		0.13%1		0.09%
Stock Index		0.08%1		0.04%

1	Prior to September 1, 2022.

2	Prior to July 29, 2022.

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∎

Class I shares are available to investors purchasing only through an authorized intermediary that has entered into a service agreement and receives a service fee from a Fund.

∎

Class K shares are available to investors purchasing directly with the Trust and through an account at Northern Trust (or an affiliate) or an authorized intermediary that does not receive (1) a service fee from a Fund, or (2) a revenue share fee, a distribution fee or other service fee from NTI.

Fund		Class I Service Fee Limit
Small Cap Core Fund			0.10%
U.S. Quality ESG Fund			0.10%
Global Sustainability Index Fund			0.05%

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∎

Read this Prospectus carefully.

∎

Complete and sign the New Account Application.

∎

Enclose a check payable to Northern Funds.

∎

If you are investing on behalf of a corporation or other entity, your New Account Application must be accompanied by acceptable evidence of authority (if applicable).

∎

Mail your check, acceptable evidence of authority (if applicable) and completed New Account Application to:

∎

Additional documentation may be required to fulfill the requirements of the “Customer Identification Program.”

∎

For overnight delivery use the following address:

∎

FOR SUBSEQUENT INVESTMENTS:

∎

Enclose your check with the investment slip portion of the confirmation of your previous investment; or

∎

Indicate on your check or a separate piece of paper your name, address and account number.

∎

For information and/or instructions regarding the purchase of Shares Class or Class K shares of the Small Cap Core Fund, U.S. Quality ESG Fund and Global Sustainability Index Fund, call the Northern Funds Center at 800-595-9111.

∎

Complete a New Account Application and send it to:

∎

Have your bank wire federal funds or effect an ACH transfer to:

∎

Determine if your employer has direct deposit capabilities through the ACH.

∎

Have your employer send payments to:

∎

The minimum periodic investment for direct deposit is $50.

∎

Complete a New Account Application, including the Automatic Investment section.

∎

Send it to:

∎

The minimum initial investment in each of the Funds is $250; $50 for monthly minimum additions.

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∎

Call 800-595-9111 to obtain an Automatic Investment Plan Form.

∎

The minimum for automatic investment additions is $50.

∎

Complete the “Choose Your Dividend and Capital Gain Distributions” section on the New Account Application.

∎

Reinvestments can only be directed to an existing Northern Funds account (which must meet the minimum investment requirement).

∎

The number of shares or the dollar amount to be redeemed;

∎

The Fund account number;

∎

The signatures of all account owners;

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∎

A signature guarantee also is required if:

∎

The proceeds are to be sent elsewhere than the address of record, or

∎

The redemption amount is greater than $100,000.

∎

You will be charged $15 for each wire redemption unless the designated bank account is maintained at Northern Trust or an affiliated bank.

∎

Call the Transfer Agent at 800-595-9111 for instructions.

∎

The minimum amount that may be redeemed by this method is $250.

∎

Call 800-595-9111 for an application form and additional information.

∎

The minimum amount is $250 per withdrawal.

∎

When opening an account, complete the Exchange Privilege section of the New Account Application or, if your account is already opened, send a written request to:

∎

Shares being exchanged must have a value of at least $1,000 ($2,500 if a new account is being established by the exchange, $500 if the new account is an IRA).

∎

Call 800-595-9111 for more information.

∎

If your account is already opened, send a written request to:

∎

The request must be signed by each owner of the account and must be accompanied by signature guarantees.

∎

Call 800-595-9111 to use the telephone privilege.

∎

During periods of unusual economic or market activity, telephone redemptions may be difficult to implement. In such event, shareholders should follow the procedures outlined above under “Selling Shares—By Mail” and outlined below under “Selling Shares—By Internet.”

∎

Although the Trust imposes no charges when you redeem shares of a Fund (other than the 2.00% redemption fee charged for shares of the International Equity Fund, Emerging Markets Equity Index Fund, Global Real Estate Index Fund, International Equity Index Fund, Global Sustainability Index Fund, High Yield Fixed Income Fund, and each of the Active M/Multi-Manager Funds held for 30 days or less after purchase), when shares are purchased through an account at Northern Trust or through other financial institutions, a fee may be charged by those institutions for providing services in connection with your account.

∎

Contact your account representative at Northern Trust or at another financial institution for more information about redemptions or exchanges.

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Share Class		Eligible Investors; Minimum Initial Investments		Maximum Service Fees(a)
Class K		Eligibility: Investors who purchase directly with Northern Funds, through an account at Northern Trust (or an affiliate) or an authorized intermediary that does not receive (1) a service fee from a Fund, and/or (2) a revenue share fee, a distribution fee for distribution and or other service fees from NTI.   Minimum Initial Investment: The minimum initial investment is $2,500 ($500 for an IRA; $250 under the Automatic Investment Plan; and $500 for employees of Northern Trust and its affiliates).(b)		None
Class I		Eligibility: Investors purchasing shares through certain external intermediaries who have entered into a service agreement and receive a service fee from a Fund.   Minimum Initial Investment: There is no minimum initial or subsequent investment amounts for Class I shares imposed by the Funds.(b)		Up to 0.15% service fee.   Contractually limited to 0.10% for the U.S. Quality ESG Fund and Small Cap Core Fund.   Contractually limited to 0.05% for the Global Sustainability Index Fund.

(a)

The 0.15% service fee is the maximum applicable fee under the Fund’s Amended and Restated Service Plan. Because these fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of distribution and/or service fees. For more information on service fees, see Choosing a Share Class – Service Fees.

(b)	An authorized intermediary may impose different investment minimums than those set forth above. The Funds are not responsible for any investment minimums imposed by authorized intermediaries or for notifying shareholders of any changes to them.

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Fund		Maximum Service Fee				Contractual Fee Limitation
Small Cap Core Fund
Class K			None				None
Class I			0.15%				0.10%
U.S. Quality ESG Fund
Class K			None				None
Class I			0.15%				0.10%
Global Sustainability Index Fund
Class K			None				None
Class I			0.15%				0.05%

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∎

The Transfer Agent receives payment by 3:00 p.m. Central time on the same Business Day; or

∎

The requests are placed by a financial or authorized intermediary that has entered into a servicing agreement with the Trust or its agent and payment in federal or other immediately available funds is received by the Transfer Agent in accordance with the terms of the Trust’s or its agent’s agreement with the intermediary.

∎

For shares purchased through a financial intermediary, the financial intermediary is responsible for transmitting purchase orders and delivering required funds on a timely basis. Your financial intermediary may have earlier trading deadlines than those described in this prospectus. Please contact your financial intermediary for more information.

∎

You will be responsible for all losses and expenses of a Fund, and purchase orders may be cancelled, in the event of any

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failure to make payment according to the procedures outlined in this Prospectus. In addition, a $20 charge will be imposed if a check does not clear.

∎

Exchanges into a Fund from another Fund in the Trust may be subject to any redemption fee imposed by the other Fund.

∎

You may initiate transactions between Northern Trust banking and Northern Funds accounts by using Northern Trust Private Passport. For additional details, please go to northerntrust.com/funds or contact your Relationship Manager.

∎

The Trust and its agents each reserve the right, in its sole discretion, to suspend the offering of shares of a Fund or to reject any purchase or exchange order, in whole or in part. The Trust also reserves the right to change or discontinue any of its purchase procedures.

∎

In certain circumstances, the Trust may advance the time by which purchase orders must be received. See “Early Closings”.

∎

If the Transfer Agent cannot locate an investor for a period of time specified by appropriate state law, the investor’s account may be deemed legally abandoned and then escheated (transferred) to such state’s unclaimed property administrator in accordance with statutory requirements.

∎

Redemptions from omnibus accounts and fee-based programs maintained by financial intermediaries that inform the Fund that they are unable to impose a redemption fee on their underlying customer accounts;

∎

Redemptions from employer-sponsored retirement plan accounts;

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∎

Redemptions where the shares were purchased through financial intermediaries that the Investment Adviser determines to have appropriate anti-short-term trading policies in place or as to which the Investment Adviser has received assurances that look-through redemption fee procedures or effective anti-short-term trading policies and procedures are in place;

∎

Redemptions effected pursuant to asset allocation programs, wrap fee programs and other investment programs offered by financial institutions where investment decisions are made on a discretionary basis by investment professionals;

∎

Redemptions pursuant to systematic withdrawal plans and automatic exchange plans;

∎

Redemptions of shares acquired by reinvestment of dividends, distributions or other payments;

∎

Redemptions due to the death or the post-purchase disability of the beneficial owner of the account;

∎

Redemptions to satisfy minimum required distributions from retirement accounts;

∎

Redemptions representing the return of excess contributions in retirement accounts;

∎

Redemptions initiated by the Fund; and

∎

Redemptions following investments of contributions in the Fund by participants in defined contribution plans.

∎

The Trust may require any information from the shareholder reasonably necessary to ensure that a redemption request has been duly authorized.

∎

Redemption requests made to the Transfer Agent by mail must be signed by a person authorized by acceptable documentation on file with the Transfer Agent.

∎

The Trust reserves the right, on 30 days’ written notice, to redeem the shares held in any account if, at the time of redemption, the NAV of the remaining shares in the account falls below $1,000. Involuntary redemptions will not be made if the value of shares in an account falls below the minimum solely because of a decline in a Fund’s NAV.

∎

For shares redeemed through a financial intermediary, the financial intermediary is responsible for transmitting redemption orders and crediting your account with redemption proceeds on a timely basis. Your financial intermediary may have earlier trading deadlines than those described in this prospectus. Please contact your financial intermediary for more information.

∎

If you are redeeming recently purchased shares by check or electronic transaction, your redemption request may not be paid until your check or electronic transaction has cleared. This may delay your payment for up to 10 days.

∎

Subject to applicable law, the Trust and the Transfer Agent reserve the right to redeem shares held by any shareholder who provides incorrect or incomplete account information or when such involuntary redemptions are necessary to avoid adverse consequences to the Trust and its shareholders or the Transfer Agent.

∎

Subject to applicable law, the Trust, Northern Trust and their agents reserve the right to involuntarily redeem or suspend an account at the Fund’s then current NAV of the applicable share class, in cases of disruptive conduct, suspected fraudulent or illegal activity, inability to verify the identity of an investor, or other circumstances determined to be in the best interest of the Trust and its shareholders.

∎

The Trust, Northern Trust and their agents reserve the right, without notice, to freeze any account and/or suspend account services when: (i) notice has been received of a dispute regarding the assets in an account, or a legal claim against an

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account; (ii) upon initial notification to Northern Trust of a shareholder’s or authorized agent’s death until Northern Trust receives required documentation in correct form; or (iii) if there is a reason to believe a fraudulent transaction may occur or has occurred.

∎

You may initiate transactions between Northern Trust banking and the Trust’s accounts by using Northern Trust Private Passport. For additional details, please go to northerntrust.com/funds or contact your Relationship Manager.

∎

The Trust reserves the right to change or discontinue any of its redemption procedures.

∎

The Trust reserves the right to defer crediting, sending or wiring redemption proceeds for up to 7 days (or such longer period permitted by the SEC) after receiving the redemption order if, in its judgment, an earlier payment could adversely affect a Fund. The processing of redemptions may be suspended, and the delivery of redemption proceeds may be delayed beyond seven days, depending on the circumstances, for any period: (i) during which the Exchange is closed (other than on holidays or weekends), or during which trading on the Exchange is restricted; (ii) when, in accordance with SEC rules and regulations, an emergency exists that makes the disposal of securities owned by a Fund or the determination of the fair value of a Fund’s net assets not reasonably practicable; or (iii) as permitted by order of the SEC for the protection of Fund shareholders. Redemption payments may also be delayed in the event of a non-routine closure of the Federal Reserve wire payment system or applicable Federal Reserve Banks.

∎

The Trust does not permit redemption proceeds to be sent by outgoing International ACH Transaction (“IAT”). An IAT is a payment transaction involving a financial institution’s office located outside U.S. territorial jurisdiction.

∎

In certain circumstances, the Trust may advance the time by which redemption and exchange orders must be received. See “Early Closings”.

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∎

asset allocation programs, wrap fee programs and other investment programs offered by financial institutions where investment decisions are made on a discretionary basis by investment professionals;

∎

systematic withdrawal plans and automatic exchange plans;

∎

reinvestment of dividends, distributions or other payments;

∎

a death or post-purchase disability of the beneficial owner of the account;

∎

minimum required distributions from retirement accounts;

∎

the return of excess contributions in retirement accounts; and

∎

redemptions initiated by a Fund.

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∎

The account number (if issued) and Fund name;

∎

The amount of the transaction, in dollar amount or number of shares;

∎

For redemptions and exchanges (other than online, telephone or wire redemptions), the signature of all account owners exactly as they are registered on the account;

∎

Required signature guarantees, if applicable; and

∎

Other supporting legal documents and certified resolutions that might be required in the case of estates, corporations, trusts and other entities or forms of ownership. Call 800‑595‑9111 for more information about documentation that may be required of these entities.

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∎

assisting investors in processing purchase, exchange and redemption requests;

∎

processing dividend and distribution payments from the Funds;

∎

providing information to customers showing their positions in the Funds; and

∎

providing subaccounting services with respect to Fund shares beneficially owned by customers or the information necessary for subaccounting services.

Fund		Class I Service Fee Limit
Small Cap Core Fund			0.10%
U.S. Quality ESG Fund			0.10%
Global Sustainability Index Fund			0.05%

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Fund		Dividends, if any, Declared and Paid*		Capital Gains, if any, Declared and Paid
GLOBAL TACTICAL ASSET ALLOCATION		Quarterly		Annually
INCOME EQUITY		Monthly		Annually
INTERNATIONAL EQUITY		Annually		Annually
LARGE CAP CORE		Quarterly		Annually
LARGE CAP VALUE		Annually		Annually
SMALL CAP VALUE		Annually		Annually
EMERGING MARKETS EQUITY INDEX		Annually		Annually
GLOBAL REAL ESTATE INDEX		Quarterly		Annually
INTERNATIONAL EQUITY INDEX		Annually		Annually
MID CAP INDEX		Annually		Annually
SMALL CAP INDEX		Annually		Annually
STOCK INDEX		Quarterly		Annually
SMALL CAP CORE		Annually		Annually
U.S. QUALITY ESG FUND		Quarterly		Annually
GLOBAL SUSTAINABILITY INDEX		Annually		Annually
BOND INDEX		Declared daily, paid monthly		Annually
CORE BOND		Declared daily, paid monthly		Annually
FIXED INCOME		Declared daily, paid monthly		Annually
HIGH YIELD FIXED INCOME		Declared daily, paid monthly		Annually
SHORT BOND		Declared daily, paid monthly		Annually
LIMITED TERM U.S. GOVERNMENT		Declared daily, paid monthly		Annually
TAX‑ADVANTAGED ULTRA-SHORT FIXED INCOME		Declared daily, paid monthly		Annually
ULTRA-SHORT FIXED INCOME		Declared daily, paid monthly		Annually
U.S. GOVERNMENT		Declared daily, paid monthly		Annually
U.S. TREASURY INDEX		Declared daily, paid monthly		Annually
ARIZONA TAX‑EXEMPT		Declared daily, paid monthly		Annually
CALIFORNIA INTERMEDIATE TAX‑EXEMPT		Declared daily, paid monthly		Annually
CALIFORNIA TAX‑EXEMPT		Declared daily, paid monthly		Annually
HIGH YIELD MUNICIPAL		Declared daily, paid monthly		Annually
INTERMEDIATE TAX‑EXEMPT		Declared daily, paid monthly		Annually
LIMITED TERM TAX‑EXEMPT		Declared daily, paid monthly		Annually
TAX‑EXEMPT		Declared daily, paid monthly		Annually

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Fund		Dividends, if any, Declared and Paid*		Capital Gains, if any, Declared and Paid
ACTIVE M EMERGING MARKETS EQUITY		Annually		Annually
ACTIVE M INTERNATIONAL EQUITY		Annually		Annually
MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY		Quarterly		Annually
MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE		Quarterly		Annually
MULTI-MANAGER GLOBAL REAL ESTATE		Quarterly		Annually
MULTI-MANAGER HIGH YIELD OPPORTUNITY		Monthly		Annually
NORTHERN ENGAGE360™ FUND		Annually		Annually

*	Shares of Funds that declare dividends daily are entitled to the dividends declared, if any, by a Fund beginning on the next Business Day after the purchase order is executed.

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∎

ETF RISK. A Fund’s investment in an ETF involves additional considerations. In particular, shares of ETFs are listed and traded on securities exchanges and in over‑the‑counter markets, and the purchase and sale of these shares involve transaction fees and commissions. In addition, shares of an ETF are issued in “creation units” and are not redeemable individually except upon termination of the ETF. To redeem, a Fund must accumulate enough shares of an ETF to reconstitute a creation unit. The liquidity of a small holding of an ETF, therefore, will depend upon the existence of a secondary market. Certain ETFs intend to effect creations and redemptions principally for cash, rather than primarily in‑kind because of the nature of the ETF’s investments. Investments in such ETFs may be less tax efficient than investments in ETFs that effect creations and redemptions in‑kind. Also, even though the market price of an ETF is derived from the securities it owns, such price at any given time may be at, below or above the ETF’s NAV. Additional risks of an investment in ETFs include, but are not limited to the below:

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Authorized Participant Concentration Risk is the risk that only an Authorized Participant may engage in creation or redemption transactions directly with an ETF. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to an ETF and no other Authorized Participant is able to or is willing to step forward to create or redeem creation units, the ETF’s shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened for an ETF if it invests in non‑U.S. securities or other securities or instruments that are less widely traded. Such securities or instruments often involve greater settlement and operational issues and capital costs for Authorized Participants.

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Calculation Methodology Risk. An indexed ETF’s underlying index relies on various sources of information to assess the criteria of issuers included in the index, including information that may be based on assumptions and estimates. Neither an ETF, the index provider nor its investment adviser can offer assurances that an index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the index. Errors in respect of the quality, accuracy and completeness of the data used to compile an underlying index may occur from time to time and may not be identified and corrected by an index provider for a period of time or at all, particularly where the indices are less commonly used as benchmarks by funds or managers. Gains, losses or costs associated with errors of its index provider or its agents will generally be borne by the ETF and its shareholders. An index provider or its agents may carry out additional ad hoc rebalances to an underlying index in order, for example, to correct an error in the selection of index constituents. A security included in an underlying index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently the ETF’s holdings may not exhibit returns consistent with that characteristic or exposure.

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Market Trading Risk is the risk that an ETF faces because its shares are listed on a securities exchange, including the potential lack of an active market for the ETF’s shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the ETF. Any of these factors may lead to the ETF’s shares trading at a premium or discount to NAV. Trading in an ETF’s shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of an ETF’s shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, fund shares, and changes in the liquidity, or the perceived liquidity, of the ETF’s holdings. The market for certain securities in which an ETF invests may become illiquid under adverse market conditions or economic conditions independent of any

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specific adverse changes in the conditions of a particular issuer. In adverse market conditions, the ETF’s market price may begin to reflect illiquidity or pricing uncertainty of the ETF’s portfolio securities, which could lead to the ETF’s shares trading at a price that is higher or lower than the ETF’s NAV. At times such differences may be significant.

-

Tracking Risk. An indexed ETF may not be able to replicate exactly the performance of the underlying index it tracks because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, an indexed ETF may incur expenses not incurred by its underlying index. Certain securities comprising the underlying index may, from time to time, temporarily be unavailable, which may further impede the ETF’s ability to track its index or match its performance.

-

Passive Investment Risk. An indexed ETF may invest in securities included in, or representative of, its underlying index regardless of their investment merit or market conditions.

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ADDITIONAL RISK CONSIDERATIONS FOR GLOBAL TACTICAL ASSET ALLOCATION FUND. Because the Global Tactical Asset Allocation Fund’s investments are primarily concentrated in Underlying Funds, the Fund’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The ability of the Global Tactical Asset Allocation Fund to meet its investment objective is directly related to the ability of the Underlying Funds to meet their objectives as well as the allocation among those Underlying Funds.

∎

BBB or higher by S&P;

∎

Baa3 or higher by Moody’s;

∎

BBB or higher by Fitch; or

∎

BBB or higher by DBRS Morningstar Ratings Limited (“DBRS”).

∎

VALUE INVESTMENT STYLE RISK. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. Value investing carries the risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by a fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.

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∎

QUANTITATIVE INVESTING RISK. The value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance. This may be as a result of the factors used in building the multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns.

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CONSUMER DISCRETIONARY SECTOR RISK. Companies operating in the consumer discretionary sector may be affected by fluctuations in supply and demand, supply chains, and changes in consumer demographics and preferences, including that such companies’ consumer products or services may become obsolete. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies. Moreover, changes in consumer spending as a result of world events, political and economic conditions, government regulation, commodity price volatility, changes in interest and exchange rates, imposition of import or export controls, increased competition, depletion of resources and labor relations also may adversely affect these companies. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer confidence and spending and may be strongly affected by social trends, changing consumer taste and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

∎

FINANCIALS SECTOR RISK. Companies operating in the U.S. and non‑U.S. financials sector of the economy, including those in the banking industry, are often subject to extensive governmental regulation and intervention, which limits their activities, the prices they can charge and the amount of capital they must maintain. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by such regulation. The impact of recent or future regulation on any individual financial company, the banking industry or on the sector as a whole cannot be predicted. The valuation of financial companies has been and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest rate changes and sovereign debt default. Certain risks may impact the value of investments in the financials sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. In addition, certain financial companies are subject to intense competitive pressures, including market share and price competition. Companies in the financials sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability.

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Companies in the financials sector are exposed directly to the credit risk of their borrowers who at times may be unable to meet their obligations to the financial services companies. Further, companies in the financials sectors may have significant exposure to the same borrowers and counterparties. This interconnectedness causes risk, including cross-default risk, which may result in significant negative impacts to the financial condition of companies having direct exposure to the defaulting counterparty. Instability in the financial markets has caused certain financial companies to incur large losses. Some financial companies experienced declines in the valuations of their assets, took actions to raise capital (such as the issuance of debt or equity securities), or even ceased operations. Some financial companies borrowed significant amounts of capital from government sources and may face future government imposed restrictions on their businesses or increased government.

∎

HEALTH CARE SECTOR RISK. Companies operating in the health care sector may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector, impacting prices and demand for products or services, rapid product obsolescence and patent expirations. In addition, the profitability of companies in the health care sector may be adversely affected by restrictions on reimbursements for medical expenses, increased costs of medical products and services, shortages of skilled personnel and an emphasis on outpatient services. Health care companies are also subject to extensive litigation based on product liability. The activities of healthcare companies are largely monitored and regulated by state and local governments. As such, the price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations, including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals. In recent years, governments have come under pressure to reduce healthcare costs, which could adversely affect government funding available for healthcare products, services and facilities.

∎

INDUSTRIALS SECTOR RISK. Changes in government regulation, world events and economic conditions may adversely affect the companies operating in the industrials sector. These companies are at risk for environmental damage claims and product liability claims. Industrial companies also may be adversely affected by events that cause commodity price volatility, changes in exchange rates, imposition of import or export controls, increased competition, depletion of resources, technological developments, labor relations and changes in the supply of and demand for their specific products or services or for industrials sector products in general. Companies in the industrials sector tend to significantly rely on government demand for their products and services and may be adversely affected by decreases in government spending.

∎

INFORMATION TECHNOLOGY SECTOR RISK. Companies operating in the information technology sector may produce or use products or services that prove commercially unsuccessful, become obsolete or become adversely impacted by increased government regulation. Competitive pressures in the technology industry, both domestically and internationally, may affect negatively the financial condition of technology companies, and a substantial investment in technology securities may subject the Funds to more volatile price movements than a more diversified securities portfolio. In certain instances, technology securities may experience significant price movements caused by disproportionate investor optimism or pessimism with little or no basis in fundamental economic conditions. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments, changing consumer needs or investor perception of a company or its products, frequent and new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. In addition to the foregoing risks, technology companies operating in the health sciences and healthcare sector may be subject to product liability litigation. As a result of these and other reasons, investments in the technology industry can experience sudden and rapid appreciation and depreciation. Factors that may also significantly affect the market value of securities of issuers in the information technology sector include the failure to obtain, or delays in obtaining, financing or regulatory approvals.

In addition, companies that develop or sell computer hardware or software and peripheral products, including computer components, present additional risks. These companies are often dependent on the existence and health of their related industries or other products with or for which they are designed to be used, and face highly competitive pressures, product licensing, trademark and patent uncertainties and rapid technological changes, which may have a significant effect on their financial condition. For example, an increasing number of companies and new product offerings can lead to price cuts and slower selling cycles, and many of these companies may be dependent on the success of a principal product, may rely on sole source providers and third-party manufacturers, and may experience difficulties in managing growth.

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GLOBAL TACTICAL ASSET ALLOCATION FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$13.68				$13.74				$11.11				$12.69				$13.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.38				0.33	(1)			0.31				0.36				0.38
Net realized and unrealized gains (losses)			(1.26	)			0.22				3.18				(1.60	)			(0.25	)
Net increase from payment by affiliate on affiliate transactions			—				—				—				—				0.03	(2)
Total from Investment Operations			(0.88	)			0.55				3.49				(1.24	)			0.16
LESS DISTRIBUTIONS PAID:
From net investment income			(0.37	)			(0.31	)			(0.32	)			(0.34	)			(0.39	)
From net realized gains			(0.51	)			(0.30	)			(0.54	)			—				(0.10	)
Total Distributions Paid			(0.88	)			(0.61	)			(0.86	)			(0.34	)			(0.49	)
Net Asset Value, End of Year			$11.92				$13.68				$13.74				$11.11				$12.69
Total Return(3)			(6.27	)%			3.92	%			31.94	%			(10.14	)%			1.46	%(2)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$101,835				$128,119				$120,727				$101,156				$91,468
Ratio to average net assets of:
Expenses, net of reimbursements and credits(4)			0.26	%(5)			0.26	%			0.26	%(5)			0.26	%(5)			0.28	%(5)
Expenses, before reimbursements and credits(4)			0.39	%			0.39	%			0.40	%			0.40	%			0.42	%
Net investment income, net of reimbursements and credits			3.01	%(5)			2.45	%			2.32	%(5)			2.85	%(5)			2.99	%(5)
Net investment income, before reimbursements and credits			2.88	%			2.32	%			2.18	%			2.71	%			2.85	%
Portfolio Turnover Rate			34.86	%			60.88	%			50.89	%			48.38	%			87.64	%

(1)	The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	Northern Trust Investments, Inc. reimbursed the Fund approximately $209,000. Without this reimbursement the total return would have been 1.25%.

(3)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(4)	Expense ratios reflect only the direct expenses of the Fund and not any expenses associated with the underlying funds.

(5)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of less than $1,000, approximately $1,000 and less than $2,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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INCOME EQUITY FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$15.07				$14.81				$10.42				$12.95				$13.96
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.28				0.19				0.20				0.26				0.28
Net realized and unrealized gains (losses)			(1.33	)			2.24				5.28				(1.63	)			0.56
Total from Investment Operations			(1.05	)			2.43				5.48				(1.37	)			0.84
LESS DISTRIBUTIONS PAID:
From net investment income			(0.28	)			(0.18	)			(0.25	)			(0.26	)			(0.28	)
From net realized gains			(0.48	)			(1.99	)			(0.84	)			(0.90	)			(1.57	)
Total Distributions Paid			(0.76	)			(2.17	)			(1.09	)			(1.16	)			(1.85	)
Net Asset Value, End of Year			$13.26				$15.07				$14.81				$10.42				$12.95
Total Return(1)			(6.78	)%			16.31	%			53.57	%			(12.44	)%(2)			7.66	%(3)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$138,543				$164,466				$149,908				$115,562				$187,632
Ratio to average net assets of:
Expenses, net of reimbursements and credits(4)			0.66	%			1.01	%			1.01	%			1.02	%			1.01	%
Expenses, before reimbursements and credits			0.80	%			1.16	%			1.18	%			1.12	%			1.12	%
Net investment income, net of reimbursements and credits(4)			2.10	%			1.18	%			1.51	%			1.89	%			2.01	%
Net investment income, before reimbursements and credits			1.96	%			1.03	%			1.34	%			1.79	%			1.90	%
Portfolio Turnover Rate			34.87	%			30.55	%			27.94	%			76.34	%			40.94	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)	During the fiscal year ended March 31, 2020, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been (12.98)%.

(3)	During the fiscal year ended March 31, 2019, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 7.16%.

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, $1,000, $1,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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INTERNATIONAL EQUITY FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$9.70				$9.68				$7.14				$9.36				$10.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.29				0.25	(1)			0.45				0.37				0.37
Net realized and unrealized gains (losses)			(0.31	)			0.10				2.63				(2.23	)			(0.94	)
Total from Investment Operations			(0.02	)			0.35				3.08				(1.86	)			(0.57	)
LESS DISTRIBUTIONS PAID:
From net investment income(2)			(0.26	)			(0.33	)			(0.54	)			(0.36	)			(0.23	)
Total Distributions Paid			(0.26	)			(0.33	)			(0.54	)			(0.36	)			(0.23	)
Net Asset Value, End of Year			$9.42				$9.70				$9.68				$7.14				$9.36
Total Return(3)			(0.02	)%			3.49	%(1)			43.53	%			(20.78	)%			(5.36	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$124,062				$124,543				$106,032				$122,189				$203,688
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.51	%(4)			0.51	%			0.52	%(4)			0.55	%(4)			0.51	%(4)
Expenses, before reimbursements and credits			0.65	%			0.65	%			0.75	%			0.67	%			0.69	%
Net investment income, net of reimbursements and credits			3.28	%(4)			2.91	%			2.73	%(4)			3.14	%(4)			3.18	%(4)
Net investment income, before reimbursements and credits			3.14	%			2.77	%			2.50	%			3.02	%			3.00	%
Portfolio Turnover Rate			46.55	%			41.96	%			63.81	%			33.97	%			59.45	%

(1)	The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 3.48%.

(2)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(3)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, $1,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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LARGE CAP CORE FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$25.71				$25.24				$16.46				$19.36				$18.88
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.31				0.30				0.31				0.39				0.34
Net realized and unrealized gains (losses)			(2.16	)			4.09				8.79				(2.44	)			0.65
Total from Investment Operations			(1.85	)			4.39				9.10				(2.05	)			0.99
LESS DISTRIBUTIONS PAID:
From net investment income			(0.31	)			(0.30	)			(0.32	)			(0.39	)			(0.34	)
From net realized gains			(0.77	)			(3.62	)			—				(0.46	)			(0.17	)
Total Distributions Paid			(1.08	)			(3.92	)			(0.32	)			(0.85	)			(0.51	)
Net Asset Value, End of Year			$22.78				$25.71				$25.24				$16.46				$19.36
Total Return(1)			(7.00	)%			17.18	%			55.62	%			(11.28	)%			5.45	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$242,606				$289,337				$270,545				$164,695				$245,220
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.45	%			0.45	%			0.45	%			0.46	%			0.46	%
Expenses, before reimbursements and credits			0.56	%			0.55	%			0.57	%			0.56	%			0.56	%
Net investment income, net of reimbursements and credits(2)			1.35	%			1.10	%			1.47	%			1.85	%			1.76	%
Net investment income, before reimbursements and credits			1.24	%			1.00	%			1.35	%			1.75	%			1.66	%
Portfolio Turnover Rate			38.46	%			44.93	%			38.54	%			37.90	%			45.92	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $3,000 , less than $1,000 and approximately $2,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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LARGE CAP VALUE FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$21.27				$20.39				$12.85				$16.42				$15.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.39				0.35				0.38				0.41				0.34
Net realized and unrealized gains (losses)			(1.49	)			2.28				7.42				(3.62	)			0.50
Total from Investment Operations			(1.10	)			2.63				7.80				(3.21	)			0.84
LESS DISTRIBUTIONS PAID:
From net investment income			(0.24	)			(0.43	)			(0.26	)			(0.36	)			(0.25	)
From net realized gains			(1.32	)			(1.32	)			—				—				—
Total Distributions Paid			(1.56	)			(1.75	)			(0.26	)			(0.36	)			(0.25	)
Net Asset Value, End of Year			$18.61				$21.27				$20.39				$12.85				$16.42
Total Return(1)			(5.18	)%			13.00	%			61.02	%			(20.16	)%			5.52	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$59,007				$67,714				$63,821				$45,786				$85,581
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.56	%(2)			0.57	%			0.57	%(2)			0.55	%(2)			0.59	%(2)
Expenses, before reimbursements and credits			0.75	%			0.80	%			0.89	%			0.83	%			0.83	%
Net investment income, net of reimbursements and credits			1.99	%(2)			1.55	%			2.05	%(2)			2.04	%(2)			1.95	%(2)
Net investment income, before reimbursements and credits			1.80	%			1.32	%			1.73	%			1.76	%			1.71	%
Portfolio Turnover Rate			78.33	%			75.05	%			74.86	%			80.40	%			96.45	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of less than $1,000 and $1,000 and approximately $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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SMALL CAP VALUE FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$20.71				$23.46				$13.49				$20.18				$22.71
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.22				0.18				0.20				0.22				0.21
Net realized and unrealized gains (losses)			(1.78	)			0.56				10.15				(5.45	)			(0.59	)
Total from Investment Operations			(1.56	)			0.74				10.35				(5.23	)			(0.38	)
LESS DISTRIBUTIONS PAID:
From net investment income			(0.16	)			(0.19	)			(0.22	)			(0.23	)			(0.16	)
From net realized gains			(0.89	)			(3.30	)			(0.16	)			(1.23	)			(1.99	)
Total Distributions Paid			(1.05	)			(3.49	)			(0.38	)			(1.46	)			(2.15	)
Net Asset Value, End of Year			$18.10				$20.71				$23.46				$13.49				$20.18
Total Return(1)			(7.50	)%			3.29	%			77.32	%			(28.43	)%			(0.45	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$1,617,670				$2,293,215				$2,974,261				$2,076,900				$2,972,451
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Expenses, before reimbursements and credits			1.13	%			1.15	%			1.13	%			1.10	%			1.12	%
Net investment income, net of reimbursements and credits(2)			1.08	%			0.69	%			1.05	%			1.09	%			0.86	%
Net investment income, before reimbursements and credits			0.95	%			0.54	%			0.92	%			0.99	%			0.74	%
Portfolio Turnover Rate			13.25	%			20.41	%			27.79	%			14.18	%			16.02	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $63,000, $3,000, $59,000, $138,000 and $110,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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SMALL CAP CORE FUND		CLASS K
Selected per share data		YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				PERIOD ENDED MARCH 31, 2021(1)
Net Asset Value, Beginning of Period			$27.82				$32.58				$23.46
INCOME FROM INVESTMENT OPERATIONS:
Net investment income			0.28				0.24				0.13
Net realized and unrealized gains (losses)			(2.53	)			(0.33	)			10.42
Total from Investment Operations			(2.25	)			(0.09	)			10.55
LESS DISTRIBUTIONS PAID:
From net investment income			(0.09	)			(0.17	)			(0.21	)
From net realized gains			(0.08	)			(4.50	)			(1.22	)
Total Distributions Paid			(0.17	)			(4.67	)			(1.43	)
Net Asset Value, End of Period			$25.40				$27.82				$32.58
Total Return(2)			(8.08	)%			(0.54	)%			45.82	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period			$240,538				$279,376				$287,618
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)			0.49	%			0.49	%			0.49	%
Expenses, before reimbursements and credits			0.54	%			0.54	%			0.57	%
Net investment income, net of reimbursements and credits(4)			1.13	%			0.70	%			0.67	%(5)
Net investment income, before reimbursements and credits			1.08	%			0.65	%			0.59	%(5)
Portfolio Turnover Rate			13.01	%			15.47	%			26.59	%

(1)	For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

(2)	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

(3)	Annualized for periods less than one year.

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $12,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

(5)	As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

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SMALL CAP CORE FUND		CLASS I
Selected per share data		YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				PERIOD ENDED MARCH 31, 2021(1)
Net Asset Value, Beginning of Period			$27.77				$32.56				$23.46
INCOME FROM INVESTMENT OPERATIONS:
Net investment income			0.30				0.17				0.12
Net realized and unrealized gains (losses)			(2.56	)			(0.30	)			10.41
Total from Investment Operations			(2.26	)			(0.13	)			10.53
LESS DISTRIBUTIONS PAID:
From net investment income			(0.06	)			(0.16	)			(0.21	)
From net realized gains			(0.08	)			(4.50	)			(1.22	)
Total Distributions Paid			(0.14	)			(4.66	)			(1.43	)
Net Asset Value, End of Period			$25.37				$27.77				$32.56
Total Return(2)			(8.18	)%			(0.63	)%			45.72	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period			$193,854				$226,545				$254,387
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)			0.59	%			0.59	%			0.59	%
Expenses, before reimbursements and credits			0.64	%			0.64	%			0.67	%
Net investment income, net of reimbursements and credits(4)			1.03	%			0.59	%			0.57	%(5)
Net investment income, before reimbursements and credits			0.98	%			0.54	%			0.49	%(5)
Portfolio Turnover Rate			13.01	%			15.47	%			26.59	%

(1)	For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

(2)	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

(3)	Annualized for periods less than one year.

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $10,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

(5)	As the Fund commenced operation of Class I shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

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U.S. QUALITY ESG FUND		CLASS K
Selected per share data		YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				PERIOD ENDED MARCH 31, 2021(1)
Net Asset Value, Beginning of Period			$17.26				$16.12				$13.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income			0.22				0.16				0.10
Net realized and unrealized gains (losses)			(1.58	)			2.09				3.21
Total from Investment Operations			(1.36	)			2.25				3.31
LESS DISTRIBUTIONS PAID:
From net investment income			(0.22	)			(0.16	)			(0.11	)
From net realized gains			(0.38	)			(0.95	)			(0.08	)
Total Distributions Paid			(0.60	)			(1.11	)			(0.19	)
Net Asset Value, End of Period			$15.30				$17.26				$16.12
Total Return(2)			(7.70	)%			13.71	%			25.59	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period			$375,837				$482,259				$298,204
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)			0.39	%			0.39	%			0.39	%
Expenses, before reimbursements and credits			0.44	%			0.44	%			0.51	%
Net investment income, net of reimbursements and credits(4)			1.37	%			0.95	%			1.06	%(5)
Net investment income, before reimbursements and credits			1.32	%			0.90	%			0.94	%(5)
Portfolio Turnover Rate			45.72	%			29.11	%			28.66	%

(1)	For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

(2)	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

(3)	Annualized for periods less than one year.

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $7,000, $3,000 and $3,000, which represent less than 0.01 percent of average net assets for fiscal years ended March 31, 2023 and 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

(5)	As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

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U.S. QUALITY ESG FUND		CLASS I
Selected per share data		YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				PERIOD ENDED MARCH 31, 2021(1)
Net Asset Value, Beginning of Period			$17.25				$16.12				$13.66
INCOME FROM INVESTMENT OPERATIONS:
Net investment income			0.18				0.15				0.08
Net realized and unrealized gains (losses)			(1.56	)			2.09				2.56
Total from Investment Operations			(1.38	)			2.24				2.64
LESS DISTRIBUTIONS PAID:
From net investment income			(0.21	)			(0.16	)			(0.10	)
From net realized gains			(0.38	)			(0.95	)			(0.08	)
Total Distributions Paid			(0.59	)			(1.11	)			(0.18	)
Net Asset Value, End of Period			$15.28				$17.25				$16.12
Total Return(2)			(7.79	)%			13.62	%			19.46	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period			$18,181				$2,186				$83
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits			0.49	%(4)			0.49	%			0.49	%
Expenses, before reimbursements and credits			0.55	%			0.53	%			0.61	%
Net investment income, net of reimbursements and credits			1.27	%(4)			1.02	%			0.91	%(5)
Net investment income, before reimbursements and credits			1.21	%			0.98	%			0.79	%(5)
Portfolio Turnover Rate			45.72	%			29.11	%			28.66	%

(1)	For the period from August 21, 2020 (commencement of class operations) through March 31, 2021.

(2)	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

(3)	Annualized for periods less than one year.

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of less than $1,000, which represents less than 0.01 percent of average net assets for fiscal year ended March 31, 2023. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

(5)	As the Fund commenced operation of Class I shares on August 21, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

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EMERGING MARKETS EQUITY INDEX FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$12.15				$14.32				$9.25				$11.70				$13.10
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.34				0.29	(1)			0.20	(2)			0.37				0.30
Net realized and unrealized gains (losses)			(1.60	)			(2.08	)			5.20				(2.43	)			(1.41	)
Total from Investment Operations			(1.26	)			(1.79	)			5.40				(2.06	)			(1.11	)
LESS DISTRIBUTIONS PAID:
From net investment income(3)			(0.25	)			(0.38	)			(0.33	)			(0.39	)			(0.29	)
Total Distributions Paid			(0.25	)			(0.38	)			(0.33	)			(0.39	)			(0.29	)
Net Asset Value, End of Year			$10.64				$12.15				$14.32				$9.25				$11.70
Total Return(4)			(10.30	)%(5)			(12.69	)%			58.51	%			(18.36	)%			(8.20	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$1,515,201				$1,949,107				$2,412,779				$1,594,038				$2,790,805
Ratio to average net assets of:
Expenses, net of reimbursements and credits(6)			0.22	%			0.30	%			0.30	%			0.30	%			0.30	%
Expenses, before reimbursements and credits			0.33	%			0.34	%			0.34	%			0.35	%			0.35	%
Net investment income, net of reimbursements and credits(6)			3.10	%			2.18	%			1.76	%			3.07	%			2.35	%
Net investment income, before reimbursements and credits			2.99	%			2.14	%			1.72	%			3.02	%			2.30	%
Portfolio Turnover Rate			57.68	%			20.35	%			74.68	%			45.08	%			54.69	%

(1)	The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $10,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

(2)	The Northern Trust Company reimbursed the Fund approximately $151,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 58.44%.

(3)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(4)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(5)	The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(6)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $15,000, $1,000, $21,000, $26,000 and $31,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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GLOBAL REAL ESTATE INDEX FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$11.62				$10.67				$8.22				$11.05				$10.35
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.26				0.24	(1)			0.04				0.34				0.34
Net realized and unrealized gains (losses)			(2.67	)			1.03				2.64				(2.67	)			0.72
Total from Investment Operations			(2.41	)			1.27				2.68				(2.33	)			1.06
LESS DISTRIBUTIONS PAID:
From net investment income(2)			(0.15	)			(0.32	)			(0.23	)			(0.50	)			(0.36	)
Return of capital			(0.09	)			—				—				—				—
Total Distributions Paid			(0.24	)			(0.32	)			(0.23	)			(0.50	)			(0.36	)
Net Asset Value, End of Year			$8.97				$11.62				$10.67				$8.22				$11.05
Total Return(3)			(20.74	)%(4)			11.84	%			33.25	%(5)			(22.11	)%			10.55	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$998,910				$1,492,882				$1,432,173				$1,780,428				$2,091,233
Ratio to average net assets of:
Expenses, net of reimbursements and credits(6)			0.47	%			0.48	%			0.48	%			0.49	%			0.50	%
Expenses, before reimbursements and credits			0.49	%			0.48	%			0.48	%			0.49	%			0.53	%
Net investment income, net of reimbursements and credits(6)			2.96	%			2.23	%			2.55	%			2.81	%			3.17	%
Net investment income, before reimbursements and credits			2.94	%			2.23	%			2.55	%			2.81	%			3.14	%
Portfolio Turnover Rate			7.48	%			5.75	%			7.27	%			6.91	%			27.17	%

(1)	The Northern Trust Company reimbursed the Fund approximately $7,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(3)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(4)	The Northern Trust Company reimbursed the Fund approximately $10,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(5)	During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 33.11%.

(6)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $18,000, $1,000, $8,000, $32,000 and $16,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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INTERNATIONAL EQUITY INDEX FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$13.50				$13.92				$9.84				$11.86				$12.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.40				0.37	(1)			0.28				0.35	(2)			0.39
Net realized and unrealized gains (losses)			(0.44	)			(0.33	)			4.08				(1.98	)			(0.93	)
Total from Investment Operations			(0.04	)			0.04				4.36				(1.63	)			(0.54	)
LESS DISTRIBUTIONS PAID:
From net investment income(3)			(0.33	)			(0.46	)			(0.28	)			(0.39	)			(0.37	)
Total Distributions Paid			(0.33	)			(0.46	)			(0.28	)			(0.39	)			(0.37	)
Net Asset Value, End of Year			$13.13				$13.50				$13.92				$9.84				$11.86
Total Return(4)			(0.11	)%			0.13	%			44.22	%			(14.46	)%			(3.89	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$4,479,806				$4,851,381				$5,379,675				$4,100,160				$5,333,685
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.17	%(5)			0.24	%			0.24	%(5)			0.25	%(5)			0.25	%(5)
Expenses, before reimbursements and credits			0.20	%			0.24	%			0.24	%			0.26	%			0.30	%
Net investment income, net of reimbursements and credits			3.20	%(5)			2.61	%			2.26	%(5)			2.85	%(5)			3.15	%(5)
Net investment income, before reimbursements and credits			3.17	%			2.61	%			2.26	%			2.84	%			3.10	%
Portfolio Turnover Rate			20.88	%			20.76	%			21.26	%			10.17	%			26.95	%

(1)	The Northern Trust Company reimbursed the Fund approximately $6,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	The Northern Trust Company reimbursed the Fund approximately $69,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return.

(3)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(4)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(5)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $6,000, $12,000, $30,000 and $36,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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MID CAP INDEX FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$22.41				$23.76				$13.59				$17.95				$19.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.32				0.28				0.26				0.28				0.27
Net realized and unrealized gains (losses)			(1.57	)			0.80				10.91				(4.21	)			(0.04	)
Total from Investment Operations			(1.25	)			1.08				11.17				(3.93	)			0.23
LESS DISTRIBUTIONS PAID:
From net investment income			(0.30	)			(0.25	)			(0.26	)			(0.27	)			(0.28	)
From net realized gains			(1.63	)			(2.18	)			(0.74	)			(0.16	)			(1.17	)
Total Distributions Paid			(1.93	)			(2.43	)			(1.00	)			(0.43	)			(1.45	)
Net Asset Value, End of Year			$19.23				$22.41				$23.76				$13.59				$17.95
Total Return(1)			(5.28	)%			4.44	%			83.26	%			(22.61	)%			2.38	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$1,999,551				$2,439,401				$2,523,727				$1,700,510				$2,294,736
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.12	%			0.15	%			0.15	%			0.15	%			0.15	%
Expenses, before reimbursements and credits			0.18	%			0.19	%			0.19	%			0.18	%			0.17	%
Net investment income, net of reimbursements and credits(2)			1.48	%			1.13	%			1.25	%			1.52	%			1.39	%
Net investment income, before reimbursements and credits			1.42	%			1.09	%			1.21	%			1.49	%			1.37	%
Portfolio Turnover Rate			13.39	%			15.17	%			18.73	%			18.15	%			20.59	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $15,000, $2,000, $17,000, $72,000 and $77,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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SMALL CAP INDEX FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$14.40				$17.24				$9.18				$12.34				$13.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.18				0.15				0.12				0.14				0.16
Net realized and unrealized gains (losses)			(1.88	)			(1.10	)			8.48				(3.07	)			(0.11	)
Total from Investment Operations			(1.70	)			(0.95	)			8.60				(2.93	)			0.05
LESS DISTRIBUTIONS PAID:
From net investment income			(0.14	)			(0.13	)			(0.15	)			(0.14	)			(0.15	)
From net realized gains			(0.60	)			(1.76	)			(0.39	)			(0.09	)			(1.16	)
Total Distributions Paid			(0.74	)			(1.89	)			(0.54	)			(0.23	)			(1.31	)
Net Asset Value, End of Year			$11.96				$14.40				$17.24				$9.18				$12.34
Total Return(1)			(11.68	)%			(5.88	)%			94.41	%			(24.28	)%			1.97	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$1,163,077				$1,535,414				$1,606,895				$887,429				$1,167,092
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.12	%			0.15	%			0.15	%			0.15	%			0.15	%
Expenses, before reimbursements and credits			0.18	%			0.19	%			0.19	%			0.19	%			0.18	%
Net investment income, net of reimbursements and credits(2)			1.38	%			0.88	%			0.93	%			1.13	%			1.13	%
Net investment income, before reimbursements and credits			1.32	%			0.84	%			0.89	%			1.09	%			1.10	%
Portfolio Turnover Rate			13.66	%			25.57	%			20.62	%			18.36	%			20.81	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $4,000, $1,000, $14,000, $32,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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STOCK INDEX FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$49.65				$44.44				$29.61				$32.74				$31.35
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.71				0.62				0.61				0.65				0.61
Net realized and unrealized gains (losses)			(4.72	)			6.29				15.87				(2.87	)			2.18
Total from Investment Operations			(4.01	)			6.91				16.48				(2.22	)			2.79
LESS DISTRIBUTIONS PAID:
From net investment income			(0.71	)			(0.62	)			(0.61	)			(0.65	)			(0.61	)
From net realized gains			(1.24	)			(1.08	)			(1.04	)			(0.26	)			(0.79	)
Total Distributions Paid			(1.95	)			(1.70	)			(1.65	)			(0.91	)			(1.40	)
Net Asset Value, End of Year			$43.69				$49.65				$44.44				$29.61				$32.74
Total Return(1)			(7.82	)%			15.51	%(2)			56.22	%			(7.10	)%			9.38	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$10,729,781				$12,467,719				$11,225,431				$7,933,222				$8,512,061
Ratio to average net assets of:
Expenses, net of reimbursements and credits(3)			0.07	%			0.10	%			0.10	%			0.10	%			0.10	%
Expenses, before reimbursements and credits			0.11	%			0.13	%			0.13	%			0.12	%			0.11	%
Net investment income, net of reimbursements and credits(3)			1.62	%			1.26	%			1.54	%			1.88	%			1.89	%
Net investment income, before reimbursements and credits			1.58	%			1.23	%			1.51	%			1.86	%			1.88	%
Portfolio Turnover Rate			2.96	%			3.11	%			4.66	%			5.15	%			6.68	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)	The Northern Trust Company reimbursed the Fund approximately $2,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(3)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $39,000, $7,000, $85,000, $205,000 and $185,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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GLOBAL SUSTAINABILITY INDEX FUND		CLASS K
Selected per share data		YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				PERIOD ENDED MARCH 31, 2021(1)
Net Asset Value, Beginning of Period			$19.57				$18.67				$15.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income			0.31				0.30	(2)			0.19
Net realized and unrealized gains (losses)			(1.64	)			1.70				3.27
Total from Investment Operations			(1.33	)			2.00				3.46
LESS DISTRIBUTIONS PAID:
From net investment income(3)			(0.26	)			(0.28	)			(0.29	)
From net realized gains			(0.06	)			(0.82	)			—	(4)
Total Distributions Paid			(0.32	)			(1.10	)			(0.29	)
Net Asset Value, End of Period			$17.92				$19.57				$18.67
Total Return(5)			(6.67	)%			10.48	%			22.44	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period			$736,028				$740,470				$513,860
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits(7)			0.24	%			0.24	%			0.25	%
Expenses, before reimbursements and credits			0.24	%			0.24	%			0.27	%
Net investment income, net of reimbursements and credits(7)			1.86	%			1.49	%			1.62	%(8)
Net investment income, before reimbursements and credits			1.86	%			1.49	%			1.60	%(8)
Portfolio Turnover Rate			19.49	%			8.31	%			29.04	%

(1)	For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

(2)	The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(3)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(4)	Per share amounts were less than $0.01 per share.

(5)	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

(6)	Annualized for periods less than one year.

(7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $12,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

(8)	As the Fund commenced operation of Class K shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

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GLOBAL SUSTAINABILITY INDEX FUND		CLASS I
Selected per share data		YEAR ENDED MARCH 31, 2023				YEAR ENDED MARCH 31, 2022				PERIOD ENDED MARCH 31, 2021(1)
Net Asset Value, Beginning of Period			$19.56				$18.66				$15.50
INCOME FROM INVESTMENT OPERATIONS:
Net investment income			0.29				0.23	(2)			0.19
Net realized and unrealized gains (losses)			(1.62	)			1.77				3.26
Total from Investment Operations			(1.33	)			2.00				3.45
LESS DISTRIBUTIONS PAID:
From net investment income(3)			(0.26	)			(0.28	)			(0.29	)
From net realized gains			(0.06	)			(0.82	)			—	(4)
Total Distributions Paid			(0.32	)			(1.10	)			(0.29	)
Net Asset Value, End of Period			$17.91				$19.56				$18.66
Total Return(5)			(6.72	)%			10.47	%			22.35	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period			$793,201				$732,245				$474,771
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits(7)			0.29	%			0.29	%			0.30	%
Expenses, before reimbursements and credits			0.29	%			0.29	%			0.31	%
Net investment income, net of reimbursements and credits(7)			1.83	%			1.48	%			1.57	%(8)
Net investment income, before reimbursements and credits			1.83	%			1.48	%			1.56	%(8)
Portfolio Turnover Rate			19.49	%			8.31	%			29.04	%

(1)	For the period from July 30, 2020 (commencement of class operations) through March 31, 2021.

(2)	The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(3)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(4)	Per share amounts were less than $0.01 per share.

(5)	Assumes investment at net asset value at the beginning of the period, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the period. The total return is not annualized for periods less than one year.

(6)	Annualized for periods less than one year.

(7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $12,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

(8)	As the Fund commenced operation of Class I shares on July 30, 2020, annualized net investment income may not be reflective of actual amounts the Fund might obtain in a full year of operation.

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BOND INDEX FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$10.04				$10.75				$11.05				$10.45				$10.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.24				0.19				0.22				0.28				0.28
Net realized and unrealized gains (losses)			(0.72	)			(0.63	)			(0.17	)			0.65				0.15
Total from Investment Operations			(0.48	)			(0.44	)			0.05				0.93				0.43
LESS DISTRIBUTIONS PAID:
From net investment income			(0.25	)			(0.22	)			(0.25	)			(0.30	)			(0.29	)
From net realized gains			—				(0.05	)			(0.10	)			(0.03	)			—
Total Distributions Paid			(0.25	)			(0.27	)			(0.35	)			(0.33	)			(0.29	)
Net Asset Value, End of Year			$9.31				$10.04				$10.75				$11.05				$10.45
Total Return(1)			(4.77	)%			(4.22	)%			0.36	%			9.01	%			4.33	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$2,181,197				$2,677,710				$3,252,218				$2,936,072				$3,020,198
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.11	%			0.15	%			0.15	%			0.15	%			0.15	%
Expenses, before reimbursements and credits			0.15	%			0.19	%			0.19	%			0.18	%			0.17	%
Net investment income, net of reimbursements and credits(2)			2.53	%			1.77	%			1.91	%			2.63	%			2.78	%
Net investment income, before reimbursements and credits			2.49	%			1.73	%			1.87	%			2.60	%			2.76	%
Portfolio Turnover Rate			45.33	%			48.74	%			75.38	%			53.74	%			70.72	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $27,000, $1,000, $92,000, $83,000 and $109,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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CORE BOND FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$9.82				$10.43				$10.47				$10.08				$10.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.25				0.13				0.15				0.23				0.28
Net realized and unrealized gains (losses)			(0.74	)			(0.56	)			0.18				0.43				0.08
Total from Investment Operations			(0.49	)			(0.43	)			0.33				0.66				0.36
LESS DISTRIBUTIONS PAID:
From net investment income			(0.27	)			(0.18	)			(0.19	)			(0.27	)			(0.30	)
From net realized gains			—				—				(0.18	)			—				—
Total Distributions Paid			(0.27	)			(0.18	)			(0.37	)			(0.27	)			(0.30	)
Net Asset Value, End of Year			$9.06				$9.82				$10.43				$10.47				$10.08
Total Return(1)			(4.92	)%			(4.18	)%			3.08	%			6.57	%			3.75	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$112,206				$189,112				$253,092				$194,834				$255,171
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.41	%			0.41	%			0.40	%			0.41	%			0.41	%
Expenses, before reimbursements and credits			0.49	%			0.47	%			0.47	%			0.47	%			0.46	%
Net investment income, net of reimbursements and credits(2)			2.84	%			1.32	%			1.26	%			2.33	%			2.91	%
Net investment income, before reimbursements and credits			2.76	%			1.26	%			1.19	%			2.27	%			2.86	%
Portfolio Turnover Rate			247.32	%			319.16	%			326.11	%			485.45	%			327.61	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $6,000, $1,000, $10,000, $15,000 and $11,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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FIXED INCOME FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$9.84				$10.45				$10.18				$9.97				$9.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.28				0.20	(1)			0.19				0.27				0.32
Net realized and unrealized gains (losses)			(0.80	)			(0.56	)			0.38				0.24				0.06
Total from Investment Operations			(0.52	)			(0.36	)			0.57				0.51				0.38
LESS DISTRIBUTIONS PAID:
From net investment income(2)			(0.30	)			(0.25	)			(0.24	)			(0.30	)			(0.35	)
From net realized gains			—				—				(0.06	)			—				—
Total Distributions Paid			(0.30	)			(0.25	)			(0.30	)			(0.30	)			(0.35	)
Net Asset Value, End of Year			$9.02				$9.84				$10.45				$10.18				$9.97
Total Return(3)			(5.23	)%			(3.58	)%			5.63	%(4)			5.11	%			3.98	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$481,875				$696,741				$822,261				$841,826				$848,130
Ratio to average net assets of:
Expenses, net of reimbursements and credits(5)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%
Expenses, before reimbursements and credits			0.50	%			0.49	%			0.49	%			0.49	%			0.48	%
Net investment income, net of reimbursements and credits(5)			3.17	%			1.95	%			1.83	%			2.66	%			3.41	%
Net investment income, before reimbursements and credits			3.12	%			1.91	%			1.79	%			2.62	%			3.38	%
Portfolio Turnover Rate			188.84	%			248.30	%			261.29	%			439.40	%			283.15	%

(1)	The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share. Without theses reimbursements, the total return would have been ‑3.59%.

(2)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(3)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(4)	During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 5.62%.

(5)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $18,000, less than $1,000 and approximately $25,000, $55,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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HIGH YIELD FIXED INCOME FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$6.39				$6.78				$5.57				$6.60				$6.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.35				0.35	(1)			0.36				0.40				0.42
Net realized and unrealized gains (losses)			(0.62	)			(0.38	)			1.21				(1.02	)			(0.12	)
Total from Investment Operations			(0.27	)			(0.03	)			1.57				(0.62	)			0.30
LESS DISTRIBUTIONS PAID:
From net investment income(2)			(0.37	)			(0.36	)			(0.36	)			(0.41	)			(0.42	)
Total Distributions Paid			(0.37	)			(0.36	)			(0.36	)			(0.41	)			(0.42	)
Net Asset Value, End of Year			$5.75				$6.39				$6.78				$5.57				$6.60
Total Return(3)			(4.08	)%			(0.61	)%			28.40	%			(9.96	)%			4.64	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$2,846,355				$3,879,135				$3,330,270				$3,153,247				$3,795,975
Ratio to average net assets of:
Expenses, net of reimbursements and credits(4)			0.68	%			0.78	%			0.78	%			0.78	%			0.78	%
Expenses, before reimbursements and credits			0.72	%			0.83	%			0.83	%			0.82	%			0.81	%
Net investment income, net of reimbursements and credits(4)			6.15	%			5.17	%			5.62	%			6.10	%			6.34	%
Net investment income, before reimbursements and credits			6.11	%			5.12	%			5.57	%			6.06	%			6.31	%
Portfolio Turnover Rate			20.68	%			30.32	%			54.82	%			47.65	%			52.19	%

(1)	The Northern Trust Company reimbursed the Fund approximately $8,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(3)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $186,000, $9,000, $70,000, $94,000 and $198,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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SHORT BOND FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$18.30				$19.06				$18.59				$18.67				$18.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.33				0.20				0.32				0.45				0.49
Net realized and unrealized gains (losses)			(0.31	)			(0.74	)			0.49				(0.07	)			0.07
Total from Investment Operations			0.02				(0.54	)			0.81				0.38				0.56
LESS DISTRIBUTIONS PAID:
From net investment income			(0.34	)			(0.22	)			(0.34	)			(0.46	)			(0.49	)
Total Distributions Paid			(0.34	)			(0.22	)			(0.34	)			(0.46	)			(0.49	)
Net Asset Value, End of Year			$17.98				$18.30				$19.06				$18.59				$18.67
Total Return(1)			0.20	%			(2.88	)%			4.34	%			2.04	%			3.07	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$339,725				$425,415				$437,099				$371,803				$424,702
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Expenses, before reimbursements and credits			0.45	%			0.45	%			0.45	%			0.44	%			0.43	%
Net investment income, net of reimbursements and credits(2)			1.86	%			1.05	%			1.64	%			2.40	%			2.65	%
Net investment income, before reimbursements and credits			1.81	%			1.00	%			1.59	%			2.36	%			2.62	%
Portfolio Turnover Rate			76.98	%			45.52	%			57.85	%			95.09	%			125.76	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $16,000, $10,000, $6,000, $10,000 and $11,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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LIMITED TERM U.S. GOVERNMENT FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$9.55				$10.02				$10.06				$9.60				$9.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.20				0.01				0.01				0.14				0.21
Net realized and unrealized gains (losses)			(0.26	)			(0.46	)			(0.03	)			0.47				0.02
Total from Investment Operations			(0.06	)			(0.45	)			(0.02	)			0.61				0.23
LESS DISTRIBUTIONS PAID:
From net investment income			(0.20	)			(0.02	)			(0.02	)			(0.15	)			(0.24	)
Total Distributions Paid			(0.20	)			(0.02	)			(0.02	)			(0.15	)			(0.24	)
Net Asset Value, End of Year			$9.29				$9.55				$10.02				$10.06				$9.60
Total Return(1)			(0.58	)%			(4.43	)%			(0.26	)%			6.34	%			2.47	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$54,473				$47,975				$63,809				$58,501				$60,828
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.42	%(2)			0.42	%			0.41	%(2)			0.42	%(2)			0.42	%(2)
Expenses, before reimbursements and credits			0.58	%			0.58	%			0.54	%			0.62	%			0.57	%
Net investment income, net of reimbursements and credits			2.20	%(2)			0.17	%			0.02	%(2)			1.41	%(2)			2.30	%(2)
Net investment income (loss), before reimbursements and credits			2.04	%			0.01	%			(0.11	)%			1.21	%			2.15	%
Portfolio Turnover Rate			335.99	%			411.02	%			445.85	%			838.97	%			739.25	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $4,000, $4,000, $8,000 and $8,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$10.01				$10.21				$10.14				$10.14				$10.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.15				0.05				0.08				0.16				0.15
Net realized and unrealized gains (losses)			—				(0.19	)			0.08				0.01				0.05
Total from Investment Operations			0.15				(0.14	)			0.16				0.17				0.20
LESS DISTRIBUTIONS PAID:
From net investment income			(0.15	)			(0.05	)			(0.08	)			(0.16	)			(0.15	)
From net realized gains			—				(0.01	)			(0.01	)			(0.01	)			—
Total Distributions Paid			(0.15	)			(0.06	)			(0.09	)			(0.17	)			(0.15	)
Net Asset Value, End of Year			$10.01				$10.01				$10.21				$10.14				$10.14
Total Return(1)			1.58	%			(1.41	)%			1.59	%			1.61	%			2.06	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$2,379,867				$3,993,867				$4,861,104				$3,737,559				$4,008,207
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.25	%(2)			0.25	%			0.25	%(2)			0.25	%(2)			0.25	%(2)
Expenses, before reimbursements and credits			0.28	%			0.27	%			0.27	%			0.27	%			0.26	%
Net investment income, net of reimbursements and credits			1.48	%(2)			0.48	%			0.74	%(2)			1.52	%(2)			1.55	%(2)
Net investment income, before reimbursements and credits			1.45	%			0.46	%			0.72	%			1.50	%			1.54	%
Portfolio Turnover Rate			43.43	%			84.82	%			79.08	%			70.19	%			62.06	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $66,000, $139,000, $175,000 and $81,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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ULTRA-SHORT FIXED INCOME FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$10.08				$10.31				$10.10				$10.19				$10.15
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.21				0.06				0.11				0.24				0.23
Net realized and unrealized gains (losses)			(0.04	)			(0.21	)			0.23				(0.09	)			0.04
Total from Investment Operations			0.17				(0.15	)			0.34				0.15				0.27
LESS DISTRIBUTIONS PAID:
From net investment income			(0.22	)			(0.06	)			(0.11	)			(0.24	)			(0.23	)
From net realized gains			—				(0.02	)			(0.02	)			—				—	(1)
Total Distributions Paid			(0.22	)			(0.08	)			(0.13	)			(0.24	)			(0.23	)
Net Asset Value, End of Year			$10.03				$10.08				$10.31				$10.10				$10.19
Total Return(2)			1.77	%			(1.44	)%			3.29	%			1.45	%			2.75	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$2,372,561				$3,179,581				$3,690,747				$2,189,187				$2,424,799
Ratio to average net assets of:
Expenses, net of reimbursements and credits(3)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Expenses, before reimbursements and credits			0.28	%			0.28	%			0.28	%			0.28	%			0.27	%
Net investment income, net of reimbursements and credits(3)			2.14	%			0.55	%			0.94	%			2.33	%			2.30	%
Net investment income, before reimbursements and credits			2.11	%			0.52	%			0.91	%			2.30	%			2.28	%
Portfolio Turnover Rate			25.09	%			76.61	%			73.99	%			75.95	%			59.63	%

(1)	Per share amounts were less than $0.01 per share.

(2)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(3)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $118,000, $7,000, $142,000, $43,000 and $44,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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U.S. GOVERNMENT FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$9.23				$9.71				$10.17				$9.50				$9.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.19				0.04				0.01				0.14				0.21
Net realized and unrealized gains (losses)			(0.35	)			(0.47	)			(0.16	)			0.68				0.09
Total from Investment Operations			(0.16	)			(0.43	)			(0.15	)			0.82				0.30
LESS DISTRIBUTIONS PAID:
From net investment income			(0.20	)			(0.04	)			(0.03	)			(0.15	)			(0.23	)
From net realized gains			—				(0.01	)			(0.28	)			—				—
Total Distributions Paid			(0.20	)			(0.05	)			(0.31	)			(0.15	)			(0.23	)
Net Asset Value, End of Year			$8.87				$9.23				$9.71				$10.17				$9.50
Total Return(1)			(1.72	)%			(4.48	)%			(1.58	)%			8.66	%			3.29	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$48,751				$44,292				$53,343				$39,379				$36,008
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.42	%(2)			0.43	%			0.42	%(2)			0.43	%(2)			0.47	%(2)
Expenses, before reimbursements and credits			0.60	%			0.61	%			0.57	%			0.73	%			0.93	%
Net investment income, net of reimbursements and credits			2.25	%(2)			0.36	%			0.11	%(2)			1.43	%(2)			2.33	%(2)
Net investment income (loss), before reimbursements and credits			2.07	%			0.18	%			(0.04	)%			1.13	%			1.87	%
Portfolio Turnover Rate			344.21	%			492.24	%			517.52	%			854.95	%			1,074.68	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $5,000, $2,000, $4,000 and $4,000, which represent less than 0.01, less than 0.01, less than 0.01 and 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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U.S. TREASURY INDEX FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$21.02				$22.31				$23.79				$21.43				$21.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.36				0.31				0.33				0.45				0.43
Net realized and unrealized gains (losses)			(1.35	)			(1.10	)			(1.48	)			2.36				0.40
Total from Investment Operations			(0.99	)			(0.79	)			(1.15	)			2.81				0.83
LESS DISTRIBUTIONS PAID:
From net investment income			(0.36	)			(0.31	)			(0.33	)			(0.45	)			(0.43	)
From net realized gains			—				(0.19	)			—				—				—
Total Distributions Paid			(0.36	)			(0.50	)			(0.33	)			(0.45	)			(0.43	)
Net Asset Value, End of Year			$19.67				$21.02				$22.31				$23.79				$21.43
Total Return(1)			(4.65	)%			(3.65	)%			(4.89	)%			13.29	%			4.03	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$81,145				$87,117				$100,374				$103,045				$84,809
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.16	%			0.16	%			0.16	%			0.16	%			0.18	%
Expenses, before reimbursements and credits			0.27	%			0.27	%			0.26	%			0.28	%			0.32	%
Net investment income, net of reimbursements and credits(2)			1.86	%			1.38	%			1.40	%			2.04	%			2.08	%
Net investment income, before reimbursements and credits			1.75	%			1.27	%			1.30	%			1.92	%			1.94	%
Portfolio Turnover Rate			28.48	%			32.19	%			59.23	%			50.28	%			37.64	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $1,000, less than $1,000 and approximately $1,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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ARIZONA TAX-EXEMPT FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$10.13				$10.86				$10.77				$10.65				$10.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.30				0.23				0.25				0.28				0.31
Net realized and unrealized gains (losses)			(0.39	)			(0.73	)			0.09				0.12				0.22
Total from Investment Operations			(0.09	)			(0.50	)			0.34				0.40				0.53
LESS DISTRIBUTIONS PAID:
From net investment income			(0.30	)			(0.23	)			(0.25	)			(0.28	)			(0.31	)
Total Distributions Paid			(0.30	)			(0.23	)			(0.25	)			(0.28	)			(0.31	)
Net Asset Value, End of Year			$9.74				$10.13				$10.86				$10.77				$10.65
Total Return(1)			(0.82	)%			(4.74	)%			3.19	%			3.86	%			5.15	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$77,678				$142,101				$168,504				$135,533				$118,657
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.46	%			0.46	%			0.46	%			0.46	%			0.47	%
Expenses, before reimbursements and credits			0.62	%			0.60	%			0.58	%			0.60	%			0.60	%
Net investment income, net of reimbursements and credits(2)			3.03	%			2.09	%			2.29	%			2.56	%			3.03	%
Net investment income, before reimbursements and credits			2.87	%			1.95	%			2.17	%			2.42	%			2.90	%
Portfolio Turnover Rate			16.84	%			32.67	%			17.20	%			63.33	%			52.94	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $5,000, $500, $5,000, $10,000 and $9,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$10.17				$10.94				$10.74				$10.68				$10.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.23				0.21				0.24				0.27				0.28
Net realized and unrealized gains (losses)			(0.28	)			(0.77	)			0.22				0.06				0.21
Total from Investment Operations			(0.05	)			(0.56	)			0.46				0.33				0.49
LESS DISTRIBUTIONS PAID:
From net investment income			(0.23	)			(0.21	)			(0.24	)			(0.27	)			(0.28	)
From net realized gains			—				—				(0.02	)			—	(1)			—
Total Distributions Paid			(0.23	)			(0.21	)			(0.26	)			(0.27	)			(0.28	)
Net Asset Value, End of Year			$9.89				$10.17				$10.94				$10.74				$10.68
Total Return(2)			(0.39	)%			(5.20	)%			4.29	%			3.11	%			4.78	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$273,437				$483,410				$533,617				$493,284				$498,887
Ratio to average net assets of:
Expenses, net of reimbursements and credits(3)			0.45	%			0.45	%			0.45	%			0.45	%			0.45	%
Expenses, before reimbursements and credits			0.51	%			0.51	%			0.50	%			0.50	%			0.49	%
Net investment income, net of reimbursements and credits(3)			2.37	%			1.95	%			2.18	%			2.48	%			2.69	%
Net investment income, before reimbursements and credits			2.31	%			1.89	%			2.13	%			2.43	%			2.65	%
Portfolio Turnover Rate			4.49	%			19.44	%			16.87	%			31.63	%			28.54	%

(1)	Per share amounts from distributions paid from net realized gains were less than $0.01 per share.

(2)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(3)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $17,000, less than $1,000 and approximately $19,000, $26,000 and $22,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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CALIFORNIA TAX-EXEMPT FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$10.91				$11.80				$11.65				$11.56				$11.40
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.27				0.24				0.29				0.33				0.40
Net realized and unrealized gains (losses)			(0.39	)			(0.85	)			0.21				0.16				0.16
Total from Investment Operations			(0.12	)			(0.61	)			0.50				0.49				0.56
LESS DISTRIBUTIONS PAID:
From net investment income			(0.27	)			(0.24	)			(0.29	)			(0.33	)			(0.40	)
From net realized gains			—				(0.04	)			(0.06	)			(0.07	)			—
Total Distributions Paid			(0.27	)			(0.28	)			(0.35	)			(0.40	)			(0.40	)
Net Asset Value, End of Year			$10.52				$10.91				$11.80				$11.65				$11.56
Total Return(1)			(1.02	)%			(5.35	)%			4.32	%			4.27	%			5.01	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$162,392				$199,909				$218,042				$193,318				$179,416
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.45	%			0.46	%			0.45	%			0.46	%			0.46	%
Expenses, before reimbursements and credits			0.55	%			0.55	%			0.55	%			0.55	%			0.56	%
Net investment income, net of reimbursements and credits(2)			2.60	%			2.00	%			2.46	%			2.78	%			3.50	%
Net investment income, before reimbursements and credits			2.50	%			1.91	%			2.36	%			2.69	%			3.40	%
Portfolio Turnover Rate			23.45	%			30.33	%			28.48	%			55.08	%			34.83	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $13,000, less than $1,000 and approximately $9,000, $16,000 and $11,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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HIGH YIELD MUNICIPAL FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$8.31				$8.95				$8.31				$8.70				$8.69
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.31				0.28				0.32				0.34				0.37
Net realized and unrealized gains (losses)			(0.94	)			(0.64	)			0.64				(0.39	)			0.01
Total from Investment Operations			(0.63	)			(0.36	)			0.96				(0.05	)			0.38
LESS DISTRIBUTIONS PAID:
From net investment income			(0.31	)			(0.28	)			(0.32	)			(0.34	)			(0.37	)
Total Distributions Paid			(0.31	)			(0.28	)			(0.32	)			(0.34	)			(0.37	)
Net Asset Value, End of Year			$7.37				$8.31				$8.95				$8.31				$8.70
Total Return(1)			(7.48	)%			(4.27	)%			11.75	%			(0.68	)%			4.47	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$385,439				$773,185				$598,937				$509,834				$443,469
Ratio to average net assets of:
Expenses, net of reimbursements and credits(2)			0.59	%			0.60	%			0.60	%			0.60	%			0.61	%
Expenses, before reimbursements and credits			0.71	%			0.83	%			0.84	%			0.84	%			0.83	%
Net investment income, net of reimbursements and credits(2)			4.14	%			3.05	%			3.71	%			3.87	%			4.27	%
Net investment income, before reimbursements and credits			4.02	%			2.82	%			3.47	%			3.63	%			4.05	%
Portfolio Turnover Rate			11.97	%			21.90	%			33.75	%			47.62	%			51.81	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $19,000, $1,000, $18,000, $24,000 and $16,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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INTERMEDIATE TAX-EXEMPT FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$10.14				$10.83				$10.68				$10.57				$10.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.25				0.19				0.21				0.24				0.25
Net realized and unrealized gains (losses)			(0.29	)			(0.65	)			0.22				0.15				0.20
Total from Investment Operations			(0.04	)			(0.46	)			0.43				0.39				0.45
LESS DISTRIBUTIONS PAID:
From net investment income			(0.25	)			(0.19	)			(0.21	)			(0.24	)			(0.25	)
From net realized gains			—				(0.04	)			(0.07	)			(0.04	)			—
Total Distributions Paid			(0.25	)			(0.23	)			(0.28	)			(0.28	)			(0.25	)
Net Asset Value, End of Year			$9.85				$10.14				$10.83				$10.68				$10.57
Total Return(1)			(0.29	)%			(4.35	)%			4.01	%			3.72	%			4.47	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$1,535,752				$2,685,118				$3,073,366				$3,017,951				$2,774,081
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.45	%(2)			0.45	%			0.45	%(2)			0.45	%(2)			0.45	%(2)
Expenses, before reimbursements and credits			0.49	%			0.48	%			0.48	%			0.47	%			0.47	%
Net investment income, net of reimbursements and credits			2.55	%(2)			1.73	%			1.90	%(2)			2.23	%(2)			2.46	%(2)
Net investment income, before reimbursements and credits			2.51	%			1.70	%			1.87	%			2.21	%			2.44	%
Portfolio Turnover Rate			16.89	%			79.63	%			82.72	%			127.62	%			115.01	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $46,000, $104,000, $267,000 and $380,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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LIMITED TERM TAX-EXEMPT FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$9.93				$10.43				$10.35				$10.37				$10.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.16				0.09				0.12				0.18				0.16
Net realized and unrealized gains (losses)			(0.01	)			(0.41	)			0.24				0.04				0.17
Total from Investment Operations			0.15				(0.32	)			0.36				0.22				0.33
LESS DISTRIBUTIONS PAID:
From net investment income			(0.16	)			(0.09	)			(0.12	)			(0.18	)			(0.16	)
From net realized gains			—				(0.09	)			(0.16	)			(0.06	)			—
Total Distributions Paid			(0.16	)			(0.18	)			(0.28	)			(0.24	)			(0.16	)
Net Asset Value, End of Year			$9.92				$9.93				$10.43				$10.35				$10.37
Total Return(1)			1.59	%			(3.08	)%			3.47	%			2.07	%			3.29	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$556,226				$726,540				$917,624				$880,475				$962,980
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.45	%(2)			0.45	%			0.45	%(2)			0.45	%(2)			0.45	%(2)
Expenses, before reimbursements and credits			0.50	%			0.50	%			0.50	%			0.49	%			0.48	%
Net investment income, net of reimbursements and credits			1.66	%(2)			0.87	%			1.11	%(2)			1.71	%(2)			1.59	%(2)
Net investment income, before reimbursements and credits			1.61	%			0.82	%			1.06	%			1.67	%			1.56	%
Portfolio Turnover Rate			49.86	%			94.18	%			98.82	%			126.29	%			135.35	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $30,000, $46,000, $63,000 and $79,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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TAX-EXEMPT FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$10.19				$10.96				$10.76				$10.63				$10.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.31				0.21				0.24				0.30				0.35
Net realized and unrealized gains (losses)			(0.53	)			(0.72	)			0.24				0.16				0.14
Total from Investment Operations			(0.22	)			(0.51	)			0.48				0.46				0.49
LESS DISTRIBUTIONS PAID:
From net investment income			(0.31	)			(0.21	)			(0.24	)			(0.30	)			(0.35	)
From net realized gains			—				(0.05	)			(0.04	)			(0.03	)			—
Total Distributions Paid			(0.31	)			(0.26	)			(0.28	)			(0.33	)			(0.35	)
Net Asset Value, End of Year			$9.66				$10.19				$10.96				$10.76				$10.63
Total Return(1)			(2.10	)%			(4.76	)%			4.46	%			4.33	%			4.78	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$788,997				$1,661,137				$2,020,291				$1,639,701				$1,168,191
Ratio to average net assets of:
Expenses, net of reimbursements and credits			0.45	%(2)			0.45	%			0.45	%(2)			0.45	%(2)			0.45	%(2)
Expenses, before reimbursements and credits			0.50	%			0.49	%			0.49	%			0.49	%			0.47	%
Net investment income, net of reimbursements and credits			3.15	%(2)			1.93	%			2.13	%(2)			2.73	%(2)			3.35	%(2)
Net investment income, before reimbursements and credits			3.10	%			1.89	%			2.09	%			2.69	%			3.33	%
Portfolio Turnover Rate			19.52	%			86.00	%			91.58	%			122.55	%			116.37	%

(1)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(2)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $26,000, $118,000, $183,000 and $84,000, which represent less than 0.01 percent of average net assets for the fiscal year ended March 31, 2023 and 0.02 percent of average net assets for the fiscal years ended March 31, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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ACTIVE M EMERGING MARKETS EQUITY FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$15.38				$22.17				$14.61				$19.49				$22.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.22				0.24	(1)			0.15	(2)			0.59				0.42
Net realized and unrealized gains (losses)			(2.09	)			(2.11	)			8.93	(3)			(3.84	)			(3.30	)
Total from Investment Operations			(1.87	)			(1.87	)			9.08				(3.25	)			(2.88	)
LESS DISTRIBUTIONS PAID:
From net investment income(4)			(0.11	)			(0.36	)			(0.20	)			(0.88	)			(0.18	)
From net realized gains			—				(4.56	)			(1.32	)			(0.75	)			—
Total Distributions Paid			(0.11	)			(4.92	)			(1.52	)			(1.63	)			(0.18	)
Net Asset Value, End of Year			$13.40				$15.38				$22.17				$14.61				$19.49
Total Return(5)			(12.09	)%(6)			(9.64	)%			62.55	%			(18.77	)%			(12.71	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$173,307				$313,365				$438,809				$338,370				$816,363
Ratio to average net assets of:
Expenses, net of reimbursements and credits(7)			1.10	%			1.10	%			1.10	%			1.10	%			1.10	%
Expenses, before reimbursements and credits			1.30	%			1.26	%			1.25	%			1.26	%			1.21	%
Net investment income, net of reimbursements and credits(7)			1.45	%			1.01	%			0.72	%			1.85	%			1.61	%
Net investment income, before reimbursements and credits			1.25	%			0.85	%			0.57	%			1.69	%			1.50	%
Portfolio Turnover Rate			115.02	%			99.51	%			134.29	%			81.32	%			80.98	%

(1)	The Northern Trust Company reimbursed the Fund approximately $14,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	The Northern Trust Company reimbursed the Fund approximately $41,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 62.53%.

(3)	The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $3,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

(4)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(5)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(6)	The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $10,000, less than $1,000 and approximately $10,000, $17,000 and $42,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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ACTIVE M INTERNATIONAL EQUITY FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$11.45				$12.81				$8.09				$10.38				$11.70
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.21				0.16	(1)			0.13	(2)			0.21				0.22
Net realized and unrealized gains (losses)			(0.16	)			(0.21	)			4.69	(3)			(1.85	)			(0.91	)
Total from Investment Operations			0.05				(0.05	)			4.82				(1.64	)			(0.69	)
LESS DISTRIBUTIONS PAID:
From net investment income(4)			(0.16	)			(0.20	)			(0.10	)			(0.26	)			(0.29	)
From net realized gains			—				(1.11	)			—				(0.39	)			(0.34	)
Total Distributions Paid			(0.16	)			(1.31	)			(0.10	)			(0.65	)			(0.63	)
Net Asset Value, End of Year			$11.34				$11.45				$12.81				$8.09				$10.38
Total Return(5)			0.55	%			(1.04	)%			59.61	%			(17.49	)%			(5.32	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$479,178				$584,015				$683,128				$558,183				$915,696
Ratio to average net assets of:
Expenses, net of reimbursements and credits(6)			0.85	%			0.84	%			0.85	%			0.85	%			0.84	%
Expenses, before reimbursements and credits			0.93	%			0.90	%			0.92	%			0.93	%			0.94	%
Net investment income, net of reimbursements and credits(6)			1.66	%			1.10	%			0.93	%			1.86	%			1.75	%
Net investment income, before reimbursements and credits			1.58	%			1.04	%			0.86	%			1.78	%			1.65	%
Portfolio Turnover Rate			51.69	%			41.19	%			51.34	%			39.52	%			35.11	%

(1)	The Northern Trust Company reimbursed the Fund approximately $20,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	The Northern Trust Company reimbursed the Fund approximately $26,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 59.59%.

(3)	The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $6,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

(4)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(5)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(6)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $23,000, less than $1,000 and approximately $17,000, $45,000 and $66,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$7.68				$8.91				$7.62				$9.05				$9.68
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.40				0.43	(1)			0.44	(2)			0.52				0.51
Net realized and unrealized gains (losses)			(0.83	)			(1.29	)			0.93	(3)			(1.70	)			(0.85	)
Total from Investment Operations			(0.43	)			(0.86	)			1.37				(1.18	)			(0.34	)
LESS DISTRIBUTIONS PAID:
From net investment income(4)			(0.15	)			(0.37	)			(0.08	)			(0.25	)			(0.29	)
Total Distributions Paid			(0.15	)			(0.37	)			(0.08	)			(0.25	)			(0.29	)
Net Asset Value, End of Year			$7.10				$7.68				$8.91				$7.62				$9.05
Total Return(5)			(5.53	)%			(10.10	)%			17.93	%			(13.20	)%			(3.39	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$84,630				$94,854				$145,064				$132,714				$174,193
Ratio to average net assets of:
Expenses, net of reimbursements and credits(6)			0.91	%			0.94	%			0.94	%			0.94	%			0.95	%
Expenses, before reimbursements and credits			1.04	%			1.00	%			1.03	%			1.02	%			1.05	%
Net investment income, net of reimbursements and credits(6)			6.00	%			4.76	%			4.45	%			5.44	%			5.67	%
Net investment income, before reimbursements and credits			5.87	%			4.70	%			4.36	%			5.36	%			5.57	%
Portfolio Turnover Rate			120.02	%			40.50	%			71.26	%			73.25	%			82.84	%

(1)	The Northern Trust Company reimbursed the Fund approximately $4,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	The Northern Trust Company reimbursed the Fund approximately $56,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return.

(3)	The Northern Trust Company reimbursed the Fund approximately $58,000. The reimbursement represents less than $0.01 per share and had no effect on the Fund’s total return.

(4)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(5)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(6)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $8,000, less than $1,000 and approximately $6,000, $9,000 and $11,000, which represent 0.01 percent of average net assets for the fiscal year ended March 31, 2023 and less than 0.01 percent of average net assets for the fiscal years ended March 31, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$13.02				$12.92				$10.48				$12.09				$12.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.26				0.32	(1)			0.21				0.31				0.36
Net realized and unrealized gains (losses)			(0.85	)			1.10				2.47	(2)			(1.61	)			0.08
Total from Investment Operations			(0.59	)			1.42				2.68				(1.30	)			0.44
LESS DISTRIBUTIONS PAID:
From net investment income(3)			(0.33	)			(0.28	)			(0.20	)			(0.31	)			(0.43	)
From net realized gains			(0.14	)			(1.04	)			(0.04	)			—				(0.75	)
Total Distributions Paid			(0.47	)			(1.32	)			(0.24	)			(0.31	)			(1.18	)
Net Asset Value, End of Year			$11.96				$13.02				$12.92				$10.48				$12.09
Total Return(4)			(4.43	)%			11.46	%			25.81	%			(11.09	)%			4.24	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$987,476				$1,103,323				$1,167,594				$896,220				$1,009,594
Ratio to average net assets of:
Expenses, net of reimbursements and credits(5)			0.96	%			0.97	%			0.96	%			0.98	%			1.00	%
Expenses, before reimbursements and credits			0.99	%			0.97	%			0.96	%			0.98	%			1.02	%
Net investment income, net of reimbursements and credits(5)			2.27	%			2.38	%			1.78	%			2.45	%			2.81	%
Net investment income, before reimbursements and credits			2.24	%			2.38	%			1.78	%			2.45	%			2.79	%
Portfolio Turnover Rate			57.83	%			62.31	%			60.11	%			80.41	%			38.64	%

(1)	The Northern Trust Company reimbursed the Fund approximately $13,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $5,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

(3)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(4)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(5)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $57,000, $1,000, $41,000, $77,000 and $66,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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MULTI-MANAGER GLOBAL REAL ESTATE FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$12.72				$11.37				$8.67				$11.12				$10.38
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.24				0.15	(1)			0.21				0.29				0.31
Net realized and unrealized gains (losses)			(2.74	)			1.56				2.68	(2)			(2.28	)			1.01
Total from Investment Operations			(2.50	)			1.71				2.89				(1.99	)			1.32
LESS DISTRIBUTIONS PAID:
From net investment income(3)			(0.20	)			(0.20	)			(0.19	)			(0.46	)			(0.46	)
From net realized gains			—				(0.16	)			—				—				(0.12	)
Total Distributions Paid			(0.20	)			(0.36	)			(0.19	)			(0.46	)			(0.58	)
Net Asset Value, End of Year			$10.02				$12.72				$11.37				$8.67				$11.12
Total Return(4)			(19.64	)%			15.03	%(5)			33.59	%(6)			(18.86	)%			13.28	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$121,173				$204,893				$181,192				$98,568				$98,914
Ratio to average net assets of:
Expenses, net of reimbursements and credits(7)			0.92	%			0.91	%			0.92	%			0.94	%			0.94	%
Expenses, before reimbursements and credits			1.06	%			1.00	%			1.04	%			1.10	%			1.20	%
Net investment income, net of reimbursements and credits(7)			2.06	%			1.20	%			1.73	%			2.18	%			2.47	%
Net investment income, before reimbursements and credits			1.92	%			1.11	%			1.61	%			2.02	%			2.21	%
Portfolio Turnover Rate			59.41	%			42.01	%			81.36	%			62.47	%			66.43	%

(1)	The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $1,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

(3)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(4)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(5)	During the fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 14.55%.

(6)	During the fiscal year ended March 31, 2021, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 33.09%.

(7)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $7,000, less than $1,000 and approximately $6,000, $5,000 and $3,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Year			$9.05				$9.41				$7.97				$9.56				$9.81
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.48				0.44	(1)			0.58				0.63				0.60
Net realized and unrealized gains (losses)			(0.84	)			(0.33	)			1.46				(1.59	)			(0.25	)
Total from Investment Operations			(0.36	)			0.11				2.04				(0.96	)			0.35
LESS DISTRIBUTIONS PAID:
From net investment income(2)			(0.48	)			(0.47	)			(0.60	)			(0.63	)			(0.60	)
From net realized gains			—				—				—				—				—
Total Distributions Paid			(0.48	)			(0.47	)			(0.60	)			(0.63	)			(0.60	)
Net Asset Value, End of Year			$8.21				$9.05				$9.41				$7.97				$9.56
Total Return(3)			(3.80	)%			1.06	%			26.25	%			(10.79	)%			3.75	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of year			$214,736				$180,833				$174,617				$214,288				$365,996
Ratio to average net assets of:
Expenses, net of reimbursements and credits(4)			0.85	%			0.86	%			0.85	%			0.86	%			0.86	%
Expenses, before reimbursements and credits			0.94	%			0.95	%			0.95	%			0.95	%			0.98	%
Net investment income, net of reimbursements and credits(4)			5.80	%			4.68	%			6.27	%			6.57	%			6.23	%
Net investment income, before reimbursements and credits			5.71	%			4.59	%			6.17	%			6.48	%			6.11	%
Portfolio Turnover Rate			67.37	%			64.94	%			91.41	%			63.55	%			80.62	%

(1)	The Northern Trust Company reimbursed the Fund approximately $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	Distributions to shareholders from net investment income include amounts related to foreign currency transactions, which are treated as ordinary income for federal income tax purposes.

(3)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(4)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $16,000, less than $1,000 and approximately $7,000, $18,000 and $31,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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NORTHERN ENGAGE360TM FUND		SHARES
Selected per share data		2023				2022				2021				2020				2019
Net Asset Value, Beginning of Period			$12.40				$13.64				$8.78				$10.03				$10.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income			0.12				0.23	(1)			0.12				0.15				0.09
Net realized and unrealized gains (losses)			(1.08	)			(0.16	)			4.86	(2)			(1.24	)			(0.14	)
Total from Investment Operations			(0.96	)			0.07				4.98				(1.09	)			(0.05	)
LESS DISTRIBUTIONS PAID:
From net investment income			—				(0.29	)			(0.12	)			(0.16	)			(0.09	)
From net realized gains			(1.89	)			(1.02	)			—				—				—	(3)
Total Distributions Paid			(1.89	)			(1.31	)			(0.12	)			(0.16	)			(0.09	)
Net Asset Value, End of Period			$9.55				$12.40				$13.64				$8.78				$10.03
Total Return(4)			(7.06	)%			(0.10	)%			56.79	%			(11.22	)%			(0.36	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period			$234,441				$336,600				$400,499				$245,669				$229,838
Ratio to average net assets of:
Expenses, net of reimbursements and credits(5)			0.70	%			0.70	%			0.70	%			0.70	%			0.70	%
Expenses, before reimbursements and credits			0.78	%			0.77	%			0.77	%			0.80	%			0.88	%
Net investment income, net of reimbursements and credits(5)			1.14	%			1.50	%			1.08	%			1.57	%			1.60	%
Net investment income, before reimbursements and credits			1.06	%			1.43	%			1.01	%			1.47	%			1.42	%
Portfolio Turnover Rate			18.79	%			85.19	%			41.71	%			32.99	%			48.63	%

(1)	The Northern Trust Company reimbursed the Fund less than $1,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

(2)	The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $1,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

(3)	Per share amounts from distributions paid from net realized gains were less than $0.01 per share.

(4)	Assumes investment at net asset value at the beginning of the year, reinvestment of all dividends and distributions, and a complete redemption of the investment at net asset value at the end of the year.

(5)

The net expenses and net investment income ratios include additional reimbursements of management fees incurred in connection with the investment of uninvested cash in affiliated money market funds of approximately $14,000, $1,000, $9,000, $16,000 and $11,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and absent the additional reimbursements, net investment income and reimbursements would have been decreased and net expenses would have been increased by a corresponding amount.

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∎

The EDGAR database on the SEC’s website at www.sec.gov (text-only).

∎

Northern Funds’ website at northerntrust.com/funds.