Ultra-Short Fixed Income
Carol H. Sullivan

Carol H. Sullivan

With Northern Trust since 1996
Began Career in 1980

Christi Fletcher

Christi Fletcher

With Northern Trust since 2010
Began Career in 2000

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The Ultra-Short Fixed Income Fund seeks to generate higher yields than money market funds with less volatility than short duration bond funds. It is intended for investors with an investment horizon of at least one year and strives to maintain a 6-18 month average maturity, under normal circumstances, with a maximum security maturity of three years.

This Fund is not a money market fund, which maintains a $1.00 NAV, and the Fund's share price will fluctuate with its returns. An investment in the Fund can result in the loss of principal.

Fund Objective:Total Return
Ticker SymbolDistribution Rate
Daily as of 07/31/14
30-Day SEC Yield
Monthly as of June 30, 2014
Updated Daily as of July 31, 2014
SymbolNUSFX Distribution Rate*0.67%
CUSIP665162467 Tax-Equivalent Distribution Rate* N/A
Share Price$ 10.23 Updated Monthly as of June 30, 2014
Share Price Change$ 0.00Total Net Assets$1,720,343,468
YTD Total Return0.61% Updated Monthly as of June 30, 2014
Inception Date6/18/200930-Day SEC
30-Day SEC
Total Returns for Quarter Ended June 30, 2014
 Ultra-Short Fixed IncomeBofA Merrill Lynch 1-Year U.S. Treasury Note IndexMorningstar Ultrashort Bond Category Average
Year to Date0.64%0.15%0.44%
1 Year1.37%0.29%0.95%
3-Year Avg. Annual1.25%0.29%0.93%
5-Year Avg. Annual1.53%0.50%1.67%
Avg. Annual
Since Inception
1.53%0.51% N/A
Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that 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 Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses" exceed 0.25%. The contractual limitation may not be terminated before July 31, 2015 without the approval of the Board of Trustees. In the absence of fee waivers, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions.
 Gross Expense RatioNet Expense Ratio
Ultra-Short Fixed Income
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
Ultra-Short Fixed Income0.78%2.43%0.87%1.53%
BofA Merrill Lynch 1-Year U.S. Treasury Note Index0.26%0.24%0.56%0.83%
Morningstar Category Avg.
Ultrashort Bond
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings392
Average Duration†1.2 YRS
Average Maturity423 DAYS
Yield to Maturity0.75%
Dividend ScheduleMonthly
Dividend Income Last Quarter$0.0182
Capital Gain Income Last QuarterN/A
BenchmarkBofA Merrill Lynch 1-Year U.S. Treasury Note Index
Morningstar CategoryUltrashort Bond
Maturity Distribution    Fund
Overnight    2.9%
2 - 15 Days    8.8%
16 - 30 Days    4.3%
31 - 60 Days    9.1%
61 - 97 Days    10.4%
98 - 180 Days    4.3%
181 - 270 Days    4.1%
271 - 366 Days    6.2%
1 - 2 Years    23.9%
2 - 3 Years    24.9%
3 - 4 Years    1.1%
TOTAL 100.0%
Quality DistributionFundBenchmark
AAA(Long Term)12.2%
AA+(Long Term)3.0%
AA(Long Term)3.4%
AA-(Long Term)13.0%
A+(Long Term)16.2%
A(Long Term)18.9%
A-(Long Term)8.2%
BBB+(Long Term)12.4%
BBB(Long Term)5.0%
BBB-(Long Term)2.7%
A1+(Short Term)1.8%
Sector WeightingsFundBenchmark
Fixed Rate Note/Bond65.4%
Variable Rate Note/Bond32.7%
Commercial Paper0.3%
All data is as of date indicated and is subject to change

Bond Risk: Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

BofA Merrill Lynch 1-Year U.S. Treasury Note Index is composed of a single issue: the outstanding Treasury note that matures closest to, but not beyond, one year from each monthly rebalancing date. It is not possible to invest directly in an index.

Quality Distribution: Credit quality ratings are based on the available Moody's, Standard & Poor's, and/or Fitch ratings. When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. If none of these three rating agencies has assigned a rating the Fund will assign a rating of not rated. The ratings, expressed in Standard & Poor's nomenclature, range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Short-term ratings, expressed in Standard & Poor's nomenclature, range from A-1 (obligor’s capacity to meet its financial commitment on the obligation is strong) to A-3 (exhibits adequate protection parameters). Agency securities are obligations issued or guaranteed by U.S. government agencies and sponsored enterprises. Treasury securities are obligations issued or guaranteed by the U.S. Treasury. The ratings represent the rating agencies' opinions of the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality.
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Not FDIC insured | May lose value | No bank guarantee

†Northern tax-exempt fixed income funds' and Northern High Yield Fixed Income Fund's Average Duration is calculated using the modified duration formula. Other Northern fixed income funds show the option-adjusted duration. Duration is a measure of a bond fund's sensitivity to changes in interest rates.

*Distribution rate and tax-equivalent distribution rate represent the annualization of the Fund's distributions for the prior month ending on the date shown, including capital gain distributions. The 30-day SEC yield and tax-equivalent 30-day SEC yield represent the annualization of the Fund's net investment income, excluding capital gain income. The tax-equivalent distribution rate and tax-equivalent 30-day SEC yield are based on an assumed tax rate of 47.9% for Arizona, 55.7% for California and 43.4% for national municipal funds.

**Per share paid out June 24 with a record date of June 23. The amount shown represents dividends paid for net investment income and excludes distributions from capital gain income.

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

©2014 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.