NAV AS OF 03/05/21
IMPORTANT INFORMATION REGARDING AN UPCOMING REORGANIZATION OF THE MONEY MARKET FUND
The Board of Trustees (the “Board”) of Northern Funds (the “Trust”) has approved a Plan of Reorganization, which contemplates the reorganization of the Money Market Fund, a series of the Trust (the “Acquired Fund”), with and into the U.S. Government Money Market Fund, also a series of the Trust (the “Acquiring Fund” and, together with the Acquired Fund, the “Funds”). After considering the recommendation of Northern Trust Investments, Inc. (“NTI”), the Funds’ investment adviser, the Board concluded that the reorganization would be in the best interests of each Fund and their shareholders and shareholders’ interests will not be diluted as a result of the reorganization. It is expected that the reorganization will occur in the second quarter of 2021, subject to the approval of the reorganization by the Acquired Fund’s shareholders and the satisfaction of certain conditions. The Plan of Reorganization will be submitted to shareholders of the Acquired Fund for approval at a special meeting of shareholders of the Acquired Fund. Shareholders of the Acquired Fund will receive a prospectus/proxy statement providing notice of the special meeting of shareholders and information regarding the terms of the reorganization and the Acquiring Fund. Please contact the Northern Funds Center at 800-595-9111 if you have any questions.
This Fund is an attractive choice for those investors who are looking for liquidity and convenience with the advantage of money market rates. A broad range of short-term government, bank and commercial obligations can offer you the potential for attractive current income with minimal risk.
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.
This fund intends to qualify and operate as a "retail money market fund" and will be subject to liquidity fees, redemption gates and seeks to maintain a stable net asset value of $1.00.
- Invest primarily in the highest credit quality securities — First Tier 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.
- Offer the potential for a higher yield than a fund of government securities, with limited additional risk, by investing in money market eligible corporate securities.
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.
On December 15, 2016, Northern Trust Corporation made a capital contribution to the Money Market Fund in the amount of $135,923.69. Northern Trust Corporation is the parent company of Northern Trust Investments, Inc., the investment adviser to the Fund. The Fund was required to disclose additional information about this event on Form N-CR and to file this form with the Securities and Exchange Commission. Any Form N-CR filing submitted by the Fund is available on the EDGAR Database on the Securities and Exchange Commission's website at http://www.sec.gov.
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. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if a Fund’s liquidity falls below required minimums because of market conditions or other factors. 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 before investing. Call 800-595-9111 to obtain a summary prospectus or prospectus. The summary prospectus and prospectus contain this and other information about the Funds.
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