On February 17, 2010, pursuant to the Board of Trustees of Northern Funds approval, the Northern Small Cap Growth Fund was renamed the Northern Small Cap Core Fund.

• The Fund's new investment strategy employs a quantitatively-managed, core style investment approach.
   
• Robert H. Bergson, who manages the Northern Small Cap Core Fund, has more than 10 years of experience managing small-cap portfolios using the same quantitative, core approach for institutional clients. He also manages the quantitatively-managed Northern Small Cap Value Fund. Mr. Bergson is joined by Alex Ryer, another Senior Portfolio Manager and member of the active equity quantitative team.
   
• The Northern Small Cap Core Fund's total annual net operating expense ratio (after voluntary waivers and expense reimbursements) was also reduced to 1.00% from 1.25%.

If you have any questions about the Fund, please contact your financial advisor, or call the Northern Funds Center at 800-595-9111 weekdays from 7:00 a.m. to 7:00 p.m. Central time.

Equity Risk: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Small Cap Risk: Small capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure.

Micro Cap Risk: Similar to small cap stocks, micro cap stocks are generally riskier than stocks of larger companies due to greater volatility and less liquidity. Additionally, micro cap stocks typically are traded in lower volume, and their issuers are typically subject to a greater degree of change in their earnings and prospects.