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|For those investors who are looking for liquidity and convenience with the advantage of money market rates, consider this fund. Money market funds invest in short-term instruments with maturities of 13 months or less, in an effort to maintain a stable net asset value of $1.00 per share. The Fund's policy is to target zero holdings of alternative minimum tax (AMT) securities. However, income from the Fund may be subject to federal AMT, state and local taxes. Securities issued by California state and local entities can provide investors with the benefit of high current income consistent with the preservation of capital that is largely exempt from federal and California state income tax.|
|The Fund seeks to provide, to the extent consistent with the preservation of capital and prescribed portfolio standards, a high level of income exempt from regular federal income tax and California state personal income tax.|
|If you are looking for liquidity and convenience with the advantage of money market rates, consider this fund. Money market funds invest in short-term instruments with maturities of 13 months or less, in an effort to maintain a stable net asset value of $1.00 per share. Income from the Fund may be subject to federal alternative minimum tax (AMT), state and local taxes.|
|Amoritized Cost NAV||$1.00 (as of 04/24/15)|
|7-Day Current Yield||0.01% (as of 04/24/15)|
|Tax-Equivalent 7-Day Yield*||0.02% (as of 03/31/15)|
|$0.9999 (as of 04/23/15)|
|7-Day Effective Yield||0.01% (as of 04/24/15)|
|Total Net Assets|
|Total Net Assets|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|California Municipal |
|iMoney Net MFR |
AverageTM/CA State Specific Retail
|Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.|
|The Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses" exceed 0.35%. The contractual limitation may not be terminated before July 31, 2015 without the approval of the Board of Trustees. In the absence of voluntary expense reimbursements, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions. The 7-day current yield more closely reflects the current earnings of the Fund than the total returns. The Fund also includes voluntary expense reimbursements that may change or end at any time. Without the voluntary expense reimbursements, the 7-Day current yield would have been
-0.32% as of March 31, 2015.
|NAV Information: Market Value NAV is calculated using current market quotations, or an appropriate substitute, to value a portfolio and may be reported up to one business day in arrears. This NAV is calculated to four decimal places and is not currently being used for transacting purchase and sale activity. All purchase and sale activity is being transacted at the Amortized Cost NAV of $1.00.|
|Gross Expense Ratio||Net Expense Ratio‡|
|California Municipal Money Market||0.38%||0.35%|
|‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.|
|California Municipal Money Market||0.01%||0.01%||0.01%||0.01%||0.05%|
|iMoney Net MFR AverageTM/CA State Specific Retail||0.01%||0.01%||0.01%||0.02%||0.02%|
|Performance quoted represents past performance and does not guarantee future results.|
|Weighted Average Maturity||Weighted Average Life|
|14 DAYS||15 DAYS|
|Weighted Average Maturity: The weighted average maturity (WAM) of a money market portfolio is the asset-weighted days until maturity of each security in the portfolio. The days until maturity for WAM are calculated using the lower of the stated maturity date or next interest rate reset date.|
|Weighted Average Life: The weighted average life (WAL) of a money market portfolio is the asset-weighted days until maturity of each security in the portfolio. The days to maturity for WAL are calculated using the lower of the stated maturity date or demand feature date.|
|Number of Holdings||77|
|**Reinvestment date of March 31. The amount shown represents dividends paid from fund net investment income and excluded distributions from capital gain income.|
|Fixed Rate Note/Bond||0.2%|
|Variable Rate Note/Bond||83.1%|
|2 - 15 Days||37.1%|
|31 - 60 Days||6.2%|
|61 - 97 Days||4.1%|
|181 - 270 Days||1.1%|
Institutional Portfolios Managed
Northern Institutional Municipal Portfolio (NMUXX)
Northern Institutional Tax-Exempt Portfolio (BTEXX)
With Northern Trust Since 2000
Began Career in 1991
Kurt Stoeber, Vice President of Northern Trust, manages the Northern California Municipal Money Market Fund, Northern Municipal Money Market Fund, Northern Institutional Municipal Portfolio and Northern Institutional Tax-Exempt Portfolio.
Before joining Northern Trust in 2000, Mr. Stoeber was assistant vice president of commercial banking for Banc One Capital Markets. His other positions at Banc One included investment banking officer, capital markets associate, and short-term municipal bond trader.
Mr. Stoeber received a B.S. in finance from Illinois State University and an MBA in finance from the University of Illinois at Chicago.
Not FDIC insured | May lose value | No bank guarantee
Performance quoted represents past performance and does not guarantee future results. Investment return will fluctuate. Shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here. The current yield more closely reflects the current earnings of the Fund than the total return. Performance would have been lower in the absence of fee waivers in effect.
An investment in the Fund is not insured or guaranteed by the FDIC or any other governmental agency. Although the Fund seeks to maintain a value of $1.00 per share, it is possible to lose money by investing in the Fund.
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.
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