Peter Yi

Peter Yi

With Northern Trust since 2000
Began Career in 2000

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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.

Fund Objective: 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.
Ticker Symbol7-Day
Current Yield
Daily as of 07/28/10		7-Day Effective Yield
Daily as of 07/28/10
NORXX0.02%0.02%
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Money Market Risk Reward Spectrum
Updated Daily as of July 28, 2010
SymbolNORXX
CUSIP665162855
Share Price$ 1.00
7-Day
Current Yield		0.02%
7-Day Effective Yield0.02%
Inception Date4/11/1994
Updated Monthly as of June 30, 2010
Total Net Assets$7,596,109,837
7-Day Current Yield0.01%
7-Day Effective Yield0.01%
Tax-Equivalent
7-Day Yield 		N/A
Total Returns for Quarter Ended June 30, 2010
 Money Market FundiMoney Net MFR AverageTM/First Tier Retail
Month0.00%0.00%
3-Month0.00%0.00%
Year to Date0.01%0.01%
1 Year0.01%0.04%
3-Year Avg. Annual1.46%1.54%
5-Year Avg. Annual2.60%2.53%
10-Year Avg. Annual2.44%2.28%
Avg. Annual
Since Inception		3.47%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.

Performance calculations reflect voluntary fee waivers in effect. In the absence of fee waivers, total return, growth since inception and dividends would have been reduced. The 7-Day current yield would have been -0.33% as of June 30, 2010. Total return is based on net change in NAV assuming reinvestment of distributions. The 7-day current yield more closely reflects the current earnings of the Fund than the total returns.

Disclosure
Yield Comparisons Average Monthly Rates
 Money Market FundiMoney Net MFR Average™/First Tier Retail
2010  
June0.01%0.02%
May0.01%0.02%
April0.01%0.02%
March0.01%0.02%
February0.01%0.02%
January0.01%0.02%
2009  
December0.01%0.03%
November0.01%0.03%
October0.01%0.03%
September0.01%0.04%
August0.01%0.05%
July0.02%0.07%


 Gross Expense RatioNet Expense Ratio*
Money Market
(NORXX)		0.70%0.57%
*Includes voluntary expense reimbursements by Northern Funds' investment advisers that may change or end at any time.
 20092008200720062005
Money Market0.13%1.89%4.83%4.59%2.76%
iMoney Net MFR AverageTM/First Tier Retail0.18%2.12%4.48%4.22%2.44%
Performance quoted represents past performance and does not guarantee future results.
as of June 30, 2010
Number of Holdings136
Average Maturity52 DAYS
Income**$0.0000
Distribution By Security Type
Certificate of Deposit24.2%
Variable Rate Note/Bond18.2%
Time Deposit16.8%
Commercial Paper14.7%
Fixed Rate Note/Bond14.2%
Repurchase Agreements8.9%
Discount Note/Treasury Bill3.1%
TOTAL100.0%
Quality Distribution 
A1+(Short Term)59.9%
A1(Short Term)11.9%
Treasury9.8%
Agency18.4%
TOTAL100.0%
Maturity Distribution  
1 Day    36.3%
2 - 15 Days    13.1%
16 - 30 Days    16.2%
31 - 60 Days    9.3%
61 - 97 Days    10.5%
98 - 180 Days    4.5%
181 - 270 Days    3.8%
271+ Days    6.3%
TOTAL 100.0%
Money Market Risk: An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

iMoneyNet MFR AverageTM/First Tier Retail category includes only non-government retail funds that also are not holding any second tier securities. Portfolio holdings of first tier funds include U.S. treasury, U.S. other, repos, time deposits, domestic bond obligations, first tier CP, floating rate notes and asset-backed commercial paper. The category average is the average of all funds in this category reported by iMoneyNet. It is not possible to invest directly in an index.

 
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Not FDIC insured | May lose value | No bank guarantee

**Reinvestment date of June 30. The amount shown represents dividends paid from fund net investment income and excluded distributions from capital gain income.

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.

An investment in the Fund is not insured or guaranteed by the FDIC or any other governmental agency. Although the Fund seeks to maintain a value of $1.00 per share, it is possible to lose money by investing in the Fund.

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

©2010 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.