0000916620 nf9:S000001252Member nf9:C000003398Member 2011-08-01 2012-07-31 0000916620 nf9:S000001259Member nf9:C000003405Member 2011-08-01 2012-07-31 0000916620 nf9:S000001252Member 2011-08-01 2012-07-31 0000916620 nf9:S000001259Member 2011-08-01 2012-07-31 0000916620 2011-08-01 2012-07-31 pure iso4217:USD 378 377 Shareholder Fees (fees paid directly from your investment) 0.0003 Shareholder Fees (fees paid directly from your investment) 0.0004 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses in the table have been restated to reflect the fees that will apply effective August 24, 2012. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Expense Reimbursement will not correlate to the Fund's ratios of average net assets to (1) expenses before reimbursements and credits and (2) expenses net of reimbursements and credits, respectively, included in the Fund's Financial Highlights in the Fund's complete Prospectus, which do not reflect indirect expenses, such as Acquired Fund Fees and Expenses. 50 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses in the table have been restated to reflect the fees that will apply effective August 24, 2012. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Expense Reimbursement will not correlate to the Fund's ratios of average net assets to (1) expenses before reimbursements and credits and (2) expenses net of reimbursements and credits, respectively, included in the Fund's Financial Highlights in the Fund's complete Prospectus, which do not reflect indirect expenses, such as Acquired Fund Fees and Expenses. 45 Other 2012-03-31 NORTHERN FUNDS 2012-08-24 INVESTMENT OBJECTIVE 0.0015 0.001 -0.0023 The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 207 INVESTMENT OBJECTIVE 0.0015 0.001 -0.0029 The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 204 false 2012-07-31 0000916620 2012-08-24 PROSPECTUS SUPPLEMENT   NORTHERN FUNDS FIXED INCOME FUNDS SUPPLEMENT DATED AUGUST 24, 2012 TO PROSPECTUS DATED JULY 31, 2012 The following replaces the Fixed Income Fund's "Investment Objective" on page 6 of the Prospectus: INVESTMENT OBJECTIVE The Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk. The following replaces the first sentence of the Fixed Income Fund's "Principal Investment Strategies" on page 6 of the Prospectus: The Fund will seek capital appreciation and current income in its attempt to maximize total return. In doing so, the Fund will invest, under normal circumstances, at least 80% of it net assets in bonds and other fixed-income securities. The following replaces the Short-Intermediate U.S. Government Fund's "Investment Objective" on page 18 of the Prospectus: INVESTMENT OBJECTIVE The Fund seeks to maximize total return (capital appreciation and income) with minimal reasonable risk. The following replaces the first sentence of the Short-Intermediate U.S. Government Fund's "Principal Investment Strategies" on page 18 of the Prospectus: The Fund will seek capital appreciation and current income in its attempt to maximize total return. In doing so, the Fund will invest, under normal circumstances, at least 80% of its net assets in securities issued or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises and repurchase agreements relating to such securities.   The information under "Fees and Expenses of the Fund" in the section entitled "FUND SUMMARIES Fixed Income Fund" on page 6 of the Prospectus is amended and restated as follows, effective August 24, 2012:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses in the table have been restated to reflect the fees that will apply effective August 24, 2012.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="75%"></td> <td valign="bottom" width="3%"></td> <td></td> <td valign="bottom" width="3%"></td> <td></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="5"> Shareholder Fees (fees paid directly from your investment)</td></tr> <tr> <td valign="bottom"> None</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr> <td valign="bottom"> Management Fees</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.40%</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Other Expenses</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.28%</td></tr> <tr> <td valign="bottom"> Administration Fees</td> <td valign="bottom">  </td> <td valign="top" align="center">0.15%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Transfer Agency Fees</td> <td valign="bottom">  </td> <td valign="top" align="center">0.10%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr> <td valign="bottom"> Other Operating Expenses</td> <td valign="bottom">  </td> <td valign="top" align="center">0.03%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.04%</td></tr> <tr> <td valign="bottom"> Total Annual Fund Operating Expenses(2)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.72%</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Expense Reimbursement(1)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">(0.23)%</td></tr> <tr> <td valign="bottom"> Total Annual Fund Operating Expenses After Expense Reimbursement(2)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.49%</td></tr></table> (1) Northern Trust Investments, Inc. (the "Investment Adviser") has contractually 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 After Expense Reimbursement" exceed 0.45%. This contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. (2) The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Expense Reimbursement will not correlate to the Fund's ratios of average net assets to (1) expenses before reimbursements and credits and (2) expenses net of reimbursements and credits, respectively, included in the Fund's Financial Highlights in the Fund's complete Prospectus, which do not reflect indirect expenses, such as Acquired Fund Fees and Expenses. The first paragraph under "Example" in the section entitled "FUND SUMMARIES Fixed Income Fund" on page 6 of the Prospectus is amended and restated as follows, effective August 24, 2012: The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="27%"></td> <td valign="bottom" width="3%"></td> <td width="22%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td></tr> <tr bgcolor="#000000"> <td valign="bottom" align="center">1 Year</td> <td valign="bottom">  </td> <td valign="bottom" align="center">3 Years</td> <td valign="bottom">  </td> <td valign="bottom" align="center">5 Years</td> <td valign="bottom">  </td> <td valign="bottom" align="center">10 Years</td></tr> <tr> <td valign="bottom"> $50</td> <td valign="bottom">  </td> <td valign="top" align="center">$207</td> <td valign="bottom">  </td> <td valign="top" align="center">$378</td> <td valign="bottom">  </td> <td valign="top" align="center">$873</td></tr></table> The information under "Fees and Expenses of the Fund" in the section entitled "FUND SUMMARIES ShortIntermediate U.S. Government Fund" on page 18 of the Prospectus is amended and restated as follows, effective August 24, 2012: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses in the table have been restated to reflect the fees that will apply effective August 24, 2012.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="3%"></td> <td></td> <td valign="bottom" width="3%"></td> <td></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="5"> Shareholder Fees (fees paid directly from your investment)</td></tr> <tr> <td valign="bottom"> None</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr> <td valign="bottom"> Management Fees</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.40%</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Other Expenses</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.29%</td></tr> <tr> <td valign="bottom"> Administration Fees</td> <td valign="bottom">  </td> <td valign="top" align="center">0.15%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Transfer Agency Fees</td> <td valign="bottom">  </td> <td valign="top" align="center">0.10%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr> <td valign="bottom"> Other Operating Expenses</td> <td valign="bottom">  </td> <td valign="top" align="center">0.04%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.04%</td></tr> <tr> <td valign="bottom"> Total Annual Fund Operating Expenses(2)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.73%</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Expense Reimbursement(1)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">(0.29)%</td></tr> <tr> <td valign="bottom"> Total Annual Fund Operating Expenses After Expense Reimbursement(2)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.44%</td></tr></table> (1) Northern Trust Investments, Inc. (the "Investment Adviser") has contractually 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 After Expense Reimbursement" exceed 0.40%. This contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. (2) The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Expense Reimbursement will not correlate to the Fund's ratios of average net assets to (1) expenses before reimbursements and credits and (2) expenses net of reimbursements and credits, respectively, included in the Fund's Financial Highlights in the Fund's complete Prospectus, which do not reflect indirect expenses, such as Acquired Fund Fees and Expenses. The first paragraph under "Example" in the section entitled "FUND SUMMARIES ShortIntermediate U.S. Government Fund" on page 18 of the Prospectus is amended and restated as follows, effective August 24, 2012: The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="27%"></td> <td valign="bottom" width="3%"></td> <td width="22%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td></tr> <tr bgcolor="#000000"> <td valign="bottom" align="center">1 Year</td> <td valign="bottom">  </td> <td valign="bottom" align="center">3 Years</td> <td valign="bottom">  </td> <td valign="bottom" align="center">5 Years</td> <td valign="bottom">  </td> <td valign="bottom" align="center">10 Years</td></tr> <tr> <td valign="bottom"> $45</td> <td valign="bottom">  </td> <td valign="top" align="center">$204</td> <td valign="bottom">  </td> <td valign="top" align="center">$377</td> <td valign="bottom">  </td> <td valign="top" align="center">$879</td></tr></table> PROSPECTUS SUPPLEMENT   NORTHERN FUNDS FIXED INCOME FUNDS SUPPLEMENT DATED AUGUST 24, 2012 TO PROSPECTUS DATED JULY 31, 2012 The following replaces the Fixed Income Fund's "Investment Objective" on page 6 of the Prospectus: INVESTMENT OBJECTIVE The Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk. The following replaces the first sentence of the Fixed Income Fund's "Principal Investment Strategies" on page 6 of the Prospectus: The Fund will seek capital appreciation and current income in its attempt to maximize total return. In doing so, the Fund will invest, under normal circumstances, at least 80% of it net assets in bonds and other fixed-income securities.   The information under "Fees and Expenses of the Fund" in the section entitled "FUND SUMMARIES Fixed Income Fund" on page 6 of the Prospectus is amended and restated as follows, effective August 24, 2012:   This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses in the table have been restated to reflect the fees that will apply effective August 24, 2012.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="75%"></td> <td valign="bottom" width="3%"></td> <td></td> <td valign="bottom" width="3%"></td> <td></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="5"> Shareholder Fees (fees paid directly from your investment)</td></tr> <tr> <td valign="bottom"> None</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr> <td valign="bottom"> Management Fees</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.40%</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Other Expenses</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.28%</td></tr> <tr> <td valign="bottom"> Administration Fees</td> <td valign="bottom">  </td> <td valign="top" align="center">0.15%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Transfer Agency Fees</td> <td valign="bottom">  </td> <td valign="top" align="center">0.10%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr> <td valign="bottom"> Other Operating Expenses</td> <td valign="bottom">  </td> <td valign="top" align="center">0.03%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.04%</td></tr> <tr> <td valign="bottom"> Total Annual Fund Operating Expenses(2)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.72%</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Expense Reimbursement(1)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">(0.23)%</td></tr> <tr> <td valign="bottom"> Total Annual Fund Operating Expenses After Expense Reimbursement(2)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.49%</td></tr></table> (1) Northern Trust Investments, Inc. (the "Investment Adviser") has contractually 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 After Expense Reimbursement" exceed 0.45%. This contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. (2) The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Expense Reimbursement will not correlate to the Fund's ratios of average net assets to (1) expenses before reimbursements and credits and (2) expenses net of reimbursements and credits, respectively, included in the Fund's Financial Highlights in the Fund's complete Prospectus, which do not reflect indirect expenses, such as Acquired Fund Fees and Expenses. The first paragraph under "Example" in the section entitled "FUND SUMMARIES Fixed Income Fund" on page 6 of the Prospectus is amended and restated as follows, effective August 24, 2012: The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="27%"></td> <td valign="bottom" width="3%"></td> <td width="22%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td></tr> <tr bgcolor="#000000"> <td valign="bottom" align="center">1 Year</td> <td valign="bottom">  </td> <td valign="bottom" align="center">3 Years</td> <td valign="bottom">  </td> <td valign="bottom" align="center">5 Years</td> <td valign="bottom">  </td> <td valign="bottom" align="center">10 Years</td></tr> <tr> <td valign="bottom"> $50</td> <td valign="bottom">  </td> <td valign="top" align="center">$207</td> <td valign="bottom">  </td> <td valign="top" align="center">$378</td> <td valign="bottom">  </td> <td valign="top" align="center">$873</td></tr></table> The Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk. 0.004 0.0028 0.0004 0.0072 0.0049 July 31, 2013 0 873 The Fund seeks to maximize total return (capital appreciation and income) with minimal reasonable risk. 0 0.004 0.0029 0.0004 0.0073 0.0044 July 31, 2013 879 PROSPECTUS SUPPLEMENT   NORTHERN FUNDS SUPPLEMENT DATED AUGUST 24, 2012 TO PROSPECTUS DATED JULY 31, 2012 The following replaces the Short-Intermediate U.S. Government Fund's "Investment Objective" on page 18 of the Prospectus: INVESTMENT OBJECTIVE The Fund seeks to maximize total return (capital appreciation and income) with minimal reasonable risk. The following replaces the first sentence of the Short-Intermediate U.S. Government Fund's "Principal Investment Strategies" on page 18 of the Prospectus: The Fund will seek capital appreciation and current income in its attempt to maximize total return. In doing so, the Fund will invest, under normal circumstances, at least 80% of its net assets in securities issued or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises and repurchase agreements relating to such securities. The information under "Fees and Expenses of the Fund" in the section entitled "FUND SUMMARIES ShortIntermediate U.S. Government Fund" on page 18 of the Prospectus is amended and restated as follows, effective August 24, 2012: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The fees and expenses in the table have been restated to reflect the fees that will apply effective August 24, 2012.   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="3%"></td> <td></td> <td valign="bottom" width="3%"></td> <td></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom" colspan="5"> Shareholder Fees (fees paid directly from your investment)</td></tr> <tr> <td valign="bottom"> None</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr> <td valign="bottom"> Management Fees</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.40%</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Other Expenses</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.29%</td></tr> <tr> <td valign="bottom"> Administration Fees</td> <td valign="bottom">  </td> <td valign="top" align="center">0.15%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Transfer Agency Fees</td> <td valign="bottom">  </td> <td valign="top" align="center">0.10%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr> <td valign="bottom"> Other Operating Expenses</td> <td valign="bottom">  </td> <td valign="top" align="center">0.04%</td> <td valign="bottom">  </td> <td valign="top"></td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Acquired Fund Fees and Expenses</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.04%</td></tr> <tr> <td valign="bottom"> Total Annual Fund Operating Expenses(2)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.73%</td></tr> <tr bgcolor="#cceeff"> <td valign="bottom"> Expense Reimbursement(1)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">(0.29)%</td></tr> <tr> <td valign="bottom"> Total Annual Fund Operating Expenses After Expense Reimbursement(2)</td> <td valign="bottom">  </td> <td valign="top"></td> <td valign="bottom">  </td> <td valign="top" align="center">0.44%</td></tr></table> (1) Northern Trust Investments, Inc. (the "Investment Adviser") has contractually 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 After Expense Reimbursement" exceed 0.40%. This contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. (2) The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Expense Reimbursement will not correlate to the Fund's ratios of average net assets to (1) expenses before reimbursements and credits and (2) expenses net of reimbursements and credits, respectively, included in the Fund's Financial Highlights in the Fund's complete Prospectus, which do not reflect indirect expenses, such as Acquired Fund Fees and Expenses. The first paragraph under "Example" in the section entitled "FUND SUMMARIES ShortIntermediate U.S. Government Fund" on page 18 of the Prospectus is amended and restated as follows, effective August 24, 2012: The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td width="27%"></td> <td valign="bottom" width="3%"></td> <td width="22%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td> <td valign="bottom" width="3%"></td> <td width="21%"></td></tr> <tr bgcolor="#000000"> <td valign="bottom" align="center">1 Year</td> <td valign="bottom">  </td> <td valign="bottom" align="center">3 Years</td> <td valign="bottom">  </td> <td valign="bottom" align="center">5 Years</td> <td valign="bottom">  </td> <td valign="bottom" align="center">10 Years</td></tr> <tr> <td valign="bottom"> $45</td> <td valign="bottom">  </td> <td valign="top" align="center">$204</td> <td valign="bottom">  </td> <td valign="top" align="center">$377</td> <td valign="bottom">  </td> <td valign="top" align="center">$879</td></tr></table> Northern Trust Investments, Inc. (the "Investment Adviser") has contractually 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 After Expense Reimbursement" exceed 0.45%. This contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Expense Reimbursement will not correlate to the Fund's ratios of average net assets to (1) expenses before reimbursements and credits and (2) expenses net of reimbursements and credits, respectively, included in the Fund's Financial Highlights in the Fund's complete Prospectus, which do not reflect indirect expenses, such as Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (the "Investment Adviser") has contractually 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 After Expense Reimbursement" exceed 0.40%. This contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees.