Municipal Money Market

Summary

This Fund is an ideal choice for those investors who are looking for liquidity and convenience with the advantage of money market rates. 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. Municipal securities, including fixed and variable rate notes, tax-exempt commercial paper, municipal bonds and municipal notes can provide the potential for high current income consistent with the preservation of capital that is largely exempt from federal income tax.

Fund Objective

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 by investing primarily in municipal 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.

Fund Strategy

• Concentrate on income that is exempt from regular federal income tax.
• Strive to maintain 0% alternative minimum tax (AMT) securities, however, the Fund may purchase higher yielding securities subject to the federal AMT; to the extent that it invests in AMT obligations, investors who are not subject to the AMT may potentially enjoy higher, non-taxable income.
• The Fund may be attractive for investors in higher tax brackets as the Fund's taxable equivalent yield may exceed the yields of taxable funds.
• Seek to maintain an average maturity range of 20 to 60 days; this conservative range may help 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. Income from the Fund may be subject to federal alternative minimum tax (AMT), state and local taxes.

On December 15, 2016, Northern Trust Corporation made a capital contribution to the Municipal Money Market Fund in the amount of $90,585.57. 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.

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 Money Market Funds. Although each of the Money Market Funds seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors.

An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”), any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.

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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