Northern Funds - Expense Ratios

ANNUAL EXPENSE RATIOS

Equity Funds

Gross Expense Ratio

Net Expense Ratio*

Emerging Markets Equity

(NOEMX)

0.77%

Enhanced Large Cap

(NOLCX)

0.78%

0.60%

Global Real Estate Index

(NGREX)

0.77%

0.65%

Global Sustainability Index

(NSRIX)

0.83%

0.65%

Growth Equity

(NOGEX)

1.17%

1.00%

Income Equity

(NOIEX)

1.23%

1.00%

International Equity Index

(NOINX)

0.63%

0.45%

International Growth Equity

(NOIGX)

1.40%

1.26%

Large Cap Value

(NOLVX)

1.18%

1.10%

Mid Cap Growth

(NOMCX)

1.18%

1.00%

Mid Cap Index

(NOMIX)

0.52%

0.30%

Multi-Manager International Equity

(NMIEX)

1.48%

1.45%

Multi-Manager Large Cap

(NMMLX)

1.33%

1.20%

Multi-Manager Mid Cap

(NMMCX)

1.29%

1.20%

Multi-Manager Small Cap

(NMMSX)

1.54%

1.40%

Select Equity

(NOEQX)

1.25%

1.00%

Small Cap Growth

(NSGRX)

1.53%

1.25%

Small Cap Index

(NSIDX)

0.57%

0.35%

Small Cap Value

(NOSGX)

1.24%

1.00%

Stock Index

(NOSIX)

0.41%

0.25%

Technology

(NTCHX)

1.38%

1.25%

Fixed Income Funds

Gross Expense Ratio

Net Expense Ratio*

Arizona Tax-Exempt

(NOAZX)

1.02%

0.75%

Bond Index

(NOBOX)

0.76%

0.25%

California Intermediate
Tax-Exempt

(NCITX)

0.93%

0.75%

California Tax-Exempt

(NCATX)

0.92%

0.75%

Fixed Income

(NOFIX)

0.99%

0.90%

Global Fixed Income

(NOIFX)

1.61%

1.15%

High Yield Fixed Income

(NHFIX)

1.00%

0.90%

High Yield Municipal

(NHYMX)

0.98%

0.85%

Intermediate Tax-Exempt

(NOITX)

0.85%

0.75%

Short-Intermediate Tax-Exempt

(NSITX)

0.89%

0.70%

Short-Intermediate U.S. Government

(NSIUX)

1.05%

0.90%

Tax-Exempt

(NOTEX)

0.86%

0.75%

U.S. Government

(NOUGX)

1.06%

0.90%

Money Market Funds

Gross Expense Ratio

Net Expense Ratio*

California Municipal Money Market

(NOCXX)

0.69%

0.55%

Money Market

(NORXX)

0.68%

0.55%

Municipal Money Market

(NOMXX)

0.68%

0.55%

U.S. Government Money Market

(NOGXX)

0.70%

0.55%

U.S. Government Select Money Market

(NOSXX)

0.69%

0.55%

Not FDIC insured

May lose value

No bank guarantee

*Includes voluntary expense reimbursements by Northern Funds' investment advisers that may change or end at any time.

An investment in the Money Market Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money.

An investment in Northern Funds is not insured by the FDIC, and is not a deposit or obligation of, or guaranteed by The Northern Trust Company of any affiliate. An investment in Northern Funds involves risks, including possible loss of principal. Shares of Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust. Northern Funds are managed by Northern Trust.