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Northern Funds

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Morningstar Ratings

OVERALL MORNINGSTAR RATINGS™ FOR SELECT NORTHERN FUNDS AS OF 4/30/20

(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 received 4 stars for the 3-year rating among 764 world large stock funds, 4 stars for the 5-year rating among 623 funds and 4 stars for the 10-year rating among 368 funds.

Income Equity received 5 stars for the 3-year rating among 1,104 large value funds, 5 stars for the 5-year rating among 953 funds and 4 stars for the 10-year rating among 696 funds.

Large Cap Core received 5 stars for the 3-year rating among 1,104 large value funds, 5 stars for the 5-year rating among 953 funds and 5 stars for the 10-year rating among 696 funds.

Mid Cap Index received 3 stars for the 3-year rating among 370 mid-cap blend funds, 3 stars for the 5-year rating among 292 funds and 4 stars for the 10-year rating among 217 funds.

Small Cap Core received 4 stars for the 3-year rating among 623 small blend funds, 4 stars for the 5-year rating among 497 funds and 4 stars for the 10-year rating among 355 funds.

Small Cap Index received 4 stars for the 3-year rating among 623 small blend funds, 4 stars for the 5-year rating among 497 funds and 3 stars for the 10-year rating among 355 funds.

Small Cap Value received 4 stars for the 3-year rating among 406 small value funds, 4 stars for the 5-year rating among 357 funds and 4 stars for the 10-year rating among 252 funds.

Stock Index received 4 stars for the 3-year rating among 1,231 large blend funds, 4 stars for the 5-year rating among 1,052 funds and 4 stars for the 10-year rating among 797 funds.

Arizona Tax-Exempt received 4 stars for the 3-year rating among 142 municipal single state intermediate funds, 4 stars for the 5-year rating among 129 funds and 5 stars for the 10-year rating among 109 funds.

Bond Index received 4 stars for the 3-year rating among 386 intermediate core bond funds, 4 stars for the 5-year rating among 331 funds and 3 stars for the 10-year rating among 252 funds.

California Intermediate Tax-Exempt received 4 stars for the 3-year rating among 59 muni California intermediate funds, 4 stars for the 5-year rating among 52 funds and 3 stars for the 10-year rating among 46 funds.

California Tax-Exempt received 4 stars for the 3-year rating among 99 muni california long funds, 4 stars for the 5-year rating among 87 funds and 3 stars for the 10-year rating among 69 funds.

Short-Intermediate Tax-Exempt received 4 stars for the 3-year rating among 182 muni national short funds, 4 stars for the 5-year rating among 160 funds and 3 stars for the 10-year rating among 121 funds.

Ultra-Short Fixed Income received 5 stars for the 3-year rating among 164 ultrashort bond funds, 4 stars for the 5-year rating among 127 funds and 4 stars for the 10-year rating among 56 funds.

US Treasury Index received 5 stars for the 3-year rating among 220 intermediate government bond funds, 5 stars for the 5-year rating among 198 funds and 5 stars for the 10-year rating among 163 funds.

Global Tactical Asset Allocation received 3 stars for the 3-year rating among 400 world allocation funds, 4 stars for the 5-year rating among 334 funds and 4 stars for the 10-year rating among 200 funds.

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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.

©2020 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.