U.S. Government Money Market

Summary

For those investors who are looking for liquidity and convenience with the advantage of money market rates, consider this Fund. High-quality U.S. government and agency securities and repurchase agreements provide the potential for high current income consistent with relatively low risk. The principal value and investment return of the Fund are neither guaranteed or insured by the U.S. Government. A substantial portion of the Fund's assets may be invested in agency securities that are not backed by the full faith and credit of the United States.

Fund Objective

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing exclusively in high quality money market instruments.

Fund Strategy

• Strive to offer relative safety by investing substantially all (and at least 99.5%) of its total assets in cash and securities issued or guaranteed as to principal and interest by the U.S. government or its agencies, instrumentalities and repurchase agreements that are fully collateralized by cash or such securities.
• Investments in repurchase agreements — securities sold to investors by financial institutions which have agreed to repurchase the securities at a pre-arranged price and time; these investments provide liquidity for the portfolio and may offer a possible yield advantage relative to other short-term securities.
• Seek to maintain an average maturity range of 20 to 60 days; this conservative range helps to avoid excessive yield volatility and unnecessary risk.

Investor Profile

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.

Risk/Reward Potential

Important risk information can be found on the Portfolio tab.

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.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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

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