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Northern Funds

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Morningstar Ratings

OVERALL MORNINGSTAR RATINGS™ FOR SELECT NORTHERN FUNDS AS OF 7/31/22

(based on risk-adjusted total return)

The Morningstar Rating™ for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

Global Sustainability Index (Class I Shares) received 4 stars for the 3-year rating among 303 global large-stock blend funds, 4 stars for the 5-year rating among 270 funds and 4 stars for the 10-year rating among 168 funds.

Global Sustainability Index (Class K Shares) received 4 stars for the 3-year rating among 303 global large-stock blend funds, 4 stars for the 5-year rating among 270 funds and 5 stars for the 10-year rating among 168 funds.

Income Equity received 4 stars for the 3-year rating among 1,154 large value funds, 5 stars for the 5-year rating among 1,081 funds and 4 stars for the 10-year rating among 781 funds.

International Equity Index received 3 stars for the 3-year rating among 690 foreign large blend funds funds, 3 stars for the 5-year rating among 604 funds and 4 stars for the 10-year rating among 416 funds.

Multi-Manager Global Real Estate received 4 stars for the 3-year rating among 188 global real estate funds, 4 stars for the 5-year rating among 173 funds and 3 stars for the 10-year rating among 110 funds.

Northern US Quality ESG (Class I Shares) received 5 stars for the 3-year rating among 1,232 large blend funds.

Northern US Quality ESG (Class K Shares) received 5 stars for the 3-year rating among 1,232 large blend funds.

Small Cap Core (Class I Shares) received 3 stars for the 3-year rating among 572 small blend funds, 3 stars for the 5-year rating among 530 funds and 4 stars for the 10-year rating among 352 funds.

Small Cap Core (Class K Shares) received 3 stars for the 3-year rating among 572 small blend funds, 3 stars for the 5-year rating among 530 funds and 4 stars for the 10-year rating among 352 funds.

Stock Index received 4 stars for the 3-year rating among 1,232 large blend funds, 4 stars for the 5-year rating among 1,110 funds and 4 stars for the 10-year rating among 815 funds.

Arizona Tax-Exempt received 3 stars for the 3-year rating among 152 municipal single state intermediate funds, 3 stars for the 5-year rating among 144 funds and 4 stars for the 10-year rating among 125 funds.

Limited Term Tax-Exempt received 4 stars for the 3-year rating among 209 municipal national short funds, 4 stars for the 5-year rating among 180 funds and 3 stars for the 10-year rating among 135 funds.

Multi-Manager High Yield Opportunity received 3 stars for the 3-year rating among 631 high yield bond funds, 3 stars for the 5-year rating among 575 funds and 4 stars for the 10-year rating among 391 funds.

Global Tactical Asset Allocation received 3 stars for the 3-year rating among 399 high global allocation funds funds, 3 stars for the 5-year rating among 348 funds and 4 stars for the 10-year rating among 249 funds.

©2022 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Not FDIC insured | May lose value | No bank guarantee

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An investment in Northern Funds involves risks, including possible loss of principal.

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.

Shares of the Northern Funds are offered only by a current Prospectus and are intended solely for persons to whom shares of US registered funds may be sold. This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Northern Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful.

©2022 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.