The minimum investment required for each fund is $2,500. The expense ratio for Northern Ultra-Short Fixed Income Fund is .26 or $26 for every 10,000 invested. The expense ratio for Northern Tax-Advantaged Ultra-Short Fixed Income Fund is .25%. According to Morningstar, the average expense ratio for Ultra-Short Funds is .66%.

Please note that the Funds are not money market funds, which strive to maintain a $1.00 net asset value. The share price of the ultra-short funds fluctuate with their returns and are designed to complement the cash portion of an investor’s portfolio, not replace it. An investment in either fund could result in a loss of principal.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2012, Northern Trust had assets under custody of US$4.8 trillion, and assets under investment management of US$758.9 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.

Bond Risk: Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

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

Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.

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