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Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0023 0.0020 0.0004 0.0016 0.0023 0.0066 -0.0017 0.0049 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 50 194 351 801 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 24.95% of the average value of its portfolio. 0.2495 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund will generally seek exposure to a number of different asset classes based on an asset allocation framework developed by NTI. The asset classes in which the Fund seeks to obtain exposure include but are not limited to small-, mid‑ and large-capitalization common stocks; real estate securities; commodity-related securities; mortgage- and asset-backed securities; and fixed-income securities, including high yield securities and money market instruments. The Fund may invest in securities representing these asset classes directly or obtain exposure to these asset classes by investing in shares of underlying mutual funds and exchange-traded funds (“ETFs”), including mutual funds and ETFs for which NTI, the Fund’s investment adviser, or an affiliate acts as investment adviser (collectively, “Underlying Funds”). In addition, the Fund also may invest directly in derivatives, including but not limited to forward foreign currency exchange contracts, futures contracts and options on futures contracts, for hedging and non-hedging purposes.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may obtain exposure to securities of U.S. and foreign issuers, including those in emerging markets countries (i.e., those that are generally in the early stages of their industrial cycles). The Fund expects its foreign exposure to be allocated among various regions or countries, including the United States (but in no less than three different countries).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI makes tactical asset allocation decisions for the Fund using various criteria, including, for example, economic factors such as gross domestic product and inflation; fixed-income market</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">factors such as sovereign yields, credit spreads and currency trends; and equity market factors such as domestic and foreign operating earnings and valuation levels. NTI continually reviews the Fund’s allocations, adjusting the allocations based on its evolving investment views amid changing market and economic conditions. There is no limit in the number of securities or Underlying Funds in which the Fund may invest. The Fund is not required to maintain any minimum or maximum investment in any asset class.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had focused investments in the financials and information technology sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI makes tactical asset allocation decisions for the Fund using various criteria, including, for example, economic factors such as gross domestic product and inflation; fixed-income market</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">factors such as sovereign yields, credit spreads and currency trends; and equity market factors such as domestic and foreign operating earnings and valuation levels. NTI continually reviews the Fund’s allocations, adjusting the allocations based on its evolving investment views amid changing market and economic conditions. There is no limit in the number of securities or Underlying Funds in which the Fund may invest. The Fund is not required to maintain any minimum or maximum investment in any asset class.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET ALLOCATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the allocation of the Fund’s assets among the various asset classes and market segments will not perform as expected. The Fund’s investment in any one asset class may exceed 15% of the Fund’s total assets, which may cause it to be subject to greater volatility and risk than a more diversified fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">UNDERLYING FUND RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund will be subject to the risks associated with investments in the Underlying Funds, such as the possibility that the value of the securities or instruments held by the Underlying Funds could decrease. In addition, passively managed Underlying Funds may not track the performance of their respective reference assets and may hold troubled securities or other investments. Investments in Underlying Funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the Underlying Funds in which it invests. Further, investments in ETFs are subject to the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; and (3) trading in an ETF’s shares may be halted by the listing exchange. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. NTI may be subject to potential conflicts of interest with respect to investments in affiliated Underlying Funds, which are Underlying Funds managed by NTI or its affiliates, because the fees paid to NTI by some affiliated Underlying Funds may be higher than the fees paid by other Underlying Funds. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EMERGING MARKETS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">COMMODITY-RELATED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that exposure to the commodities markets may subject the Fund to greater volatility than investments in other kinds of securities. In addition to overall market movements, commodity-related securities may be adversely impacted by commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as weather, disease (including pandemics or epidemics), tariffs, embargoes or other trade barriers, acts of war or terrorism, or political and regulatory developments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS RISK</span></span> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">OPTIONS CONTRACTS RISK</span></span> is the risk that there may be an imperfect correlation between the options and the</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="vertical-align: top;">securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">GEOGRAPHIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFORMATION TECHNOLOGY SECTOR RISK</span></span> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to the increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SMALL AND MID CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of small and mid‑sized companies may be more volatile than stocks of larger, more established companies. Small and mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. The securities of small and mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that such securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REAL ESTATE SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investments in real estate investment trusts (“REITs”) and securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of mortgage funds and unexpected vacancies of properties, defaults by borrowers or tenants, increases in property taxes, fluctuations in interest rates and limited availability of mortgage financing. REITs that invest in real estate mortgages are also subject to prepayment risks. REITs and real estate companies may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of two broad-based securities market indices and a custom blended benchmark that reflects the investment instruments in which the Fund invests, in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Trust’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of two broad-based securities market indices and a custom blended benchmark that reflects the investment instruments in which the Fund invests, in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 7.50%. For the periods shown in the bar chart above, the highest quarterly return was 12.55% in the second quarter of 2020, and the lowest quarterly return was (16.81)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.0750 highest quarterly return 0.1255 2020-06-30 lowest quarterly return -0.1681 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1473 0.0589 0.0670 0.1397 0.0457 0.0538 0.0939 0.0421 0.0490 0.2234 0.1119 0.1172 0.0730 -0.0036 0.0201 0.1622 0.0657 0.0796 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. INCOME EQUITY FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide a high level of current income and long-term capital appreciation.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0046 0.0018 0.0004 0.0014 0.0064 -0.0016 -0.0016 0.0048 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 49 189 341 783 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38.47% of the average value of its portfolio. 0.3847 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund will, under normal circumstances, invest at least 80% of its net assets in income-producing equity securities, including dividend-paying common and preferred stocks. Income-producing securities are those that NTI believes will provide dividend yield, based on the security’s indicative yield. The Fund seeks to provide a high level of current income relative to its benchmark index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In determining capital appreciation potential, NTI uses a proprietary quantitative ranking system that is designed to provide exposure to equity securities that exhibit quality characteristics. Beginning with a broad universe of highly liquid equity securities, NTI applies a proprietary quality score, which ranks each security based on its issuer’s profitability, management efficiency, and cash generation, to screen out the lowest quality securities based on their proprietary ranking. NTI then selects securities from the remaining universe that it believes will achieve the appropriate quality and yield exposures. NTI also performs a risk management analysis in which NTI seeks to measure and manage risk exposures at the security, sector and portfolio levels through portfolio diversification. Final purchase decisions are made based on the desired level of diversification and dividend yield.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. NTI will normally sell a security that it believes is no longer attractive based upon the evaluation criteria described above.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the information technology sector.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund will, under normal circumstances, invest at least 80% of its net assets in income-producing equity securities, including dividend-paying common and preferred stocks. Income-producing securities are those that NTI believes will provide dividend yield, based on the security’s indicative yield. The Fund seeks to provide a high level of current income relative to its benchmark index.</div> In seeking to achieve its investment objective, the Fund will, under normal circumstances, invest at least 80% of its net assets in income-producing equity securities, including dividend-paying common and preferred stocks. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In determining capital appreciation potential, NTI uses a proprietary quantitative ranking system that is designed to provide exposure to equity securities that exhibit quality characteristics. Beginning with a broad universe of highly liquid equity securities, NTI applies a proprietary quality score, which ranks each security based on its issuer’s profitability, management efficiency, and cash generation, to screen out the lowest quality securities based on their proprietary ranking. NTI then selects securities from the remaining universe that it believes will achieve the appropriate quality and yield exposures. NTI also performs a risk management analysis in which NTI seeks to measure and manage risk exposures at the security, sector and portfolio levels through portfolio diversification. Final purchase decisions are made based on the desired level of diversification and dividend yield.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT STYLE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ a different investment style. The Fund may also employ a combination of styles that impacts its risk characteristics. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">QUANTITATIVE INVESTING RISK</span></span> is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFORMATION TECHNOLOGY SECTOR RISK</span></span> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREFERRED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that preferred securities may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non‑payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Preferred securities also are subject to issuer-specific and market risks applicable generally to equity securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DIVIDEND RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that as a group, securities that pay high dividends may fall out of favor with investors and underperform companies that do not pay high dividends. Also, changes in the dividend policies of such companies and the capital resources available for such companies’ dividend payments may affect the Fund. There is the possibility that dividend-paying companies could reduce or eliminate the payment of dividends in the future or an anticipated acceleration of dividends may not occur. Depending on market conditions, dividend paying stocks that meet the Fund’s investment criteria may not be widely available for purchase by the Fund, which may increase the volatility of the Fund’s returns and limit its ability to produce current income while remaining fully diversified. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non‑dividend paying stocks. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-family: arial; font-size: 7.5pt;">SECURITIES LENDING RISK</span></span> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 11.34%. For the periods shown in the bar chart above, the highest quarterly return was 19.18% in the second quarter of 2020, and the lowest quarterly return was (22.67)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.1134 highest quarterly return 0.1918 2020-06-30 lowest quarterly return -0.2267 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1875 0.1446 0.1324 0.1638 0.1221 0.1101 0.1234 0.1102 0.1023 0.1788 0.1442 0.1482 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. INTERNATIONAL EQUITY FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0047 0.0016 0.0004 0.0012 0.0063 -0.0013 -0.0013 0.0050 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 51 189 338 774 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 64.51% of the average value of its portfolio. 0.6451 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities. The principal types of equity securities in which the Fund invests include common stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). Under normal circumstances, the Fund will invest significantly (at least 40%) in the securities of companies that are located, headquartered, incorporated or otherwise organized outside of the United States. These companies generally have market capitalizations in excess of $1 billion. The Fund may invest up to 25% of its total assets in emerging market countries (i.e., those that are generally in the early stages of their industrial cycles).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s investment strategy attempts to create a portfolio with similar risk, style, capitalization and industry characteristics as the MSCI World ex USA Index with the potential to provide excess returns by allowing the Fund to hold a portion, but not all of the securities in the MSCI World ex USA Index. In managing the Fund, NTI attempts to achieve the Fund’s objective by overweighting those stocks that it believes will outperform the MSCI World ex USA Index and underweighting (or excluding entirely) those stocks that it believes will underperform the MSCI World ex USA Index. The Fund seeks to accomplish this goal by employing a strategy that uses statistics and advanced econometric methods to evaluate fundamental and quantifiable stock or firm characteristics (such as relative valuation, price momentum and earnings quality). The characteristics are combined to create a proprietary multifactor quantitative stock selection model that generates stock specific forecasts that are used along with controls intended to manage risk to determine security weightings.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. NTI will normally sell a security that it believes is no longer attractive based upon the evaluation criteria described above.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors, countries and/or geographic regions. As of March 31, 2026, the Fund had focused investments in the financials and industrials sectors and in Japan and the European Union.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-style: italic;">MSCI Inc. does not endorse any of the securities in the MSCI World ex USA Index. It is not a sponsor of the International Equity Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities. The principal types of equity securities in which the Fund invests include common stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). Under normal circumstances, the Fund will invest significantly (at least 40%) in the securities of companies that are located, headquartered, incorporated or otherwise organized outside of the United States. These companies generally have market capitalizations in excess of $1 billion. The Fund may invest up to 25% of its total assets in emerging market countries (i.e., those that are generally in the early stages of their industrial cycles).</div> In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities. The principal types of equity securities in which the Fund invests include common stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s investment strategy attempts to create a portfolio with similar risk, style, capitalization and industry characteristics as the MSCI World ex USA Index with the potential to provide excess returns by allowing the Fund to hold a portion, but not all of the securities in the MSCI World ex USA Index. In managing the Fund, NTI attempts to achieve the Fund’s objective by overweighting those stocks that it believes will outperform the MSCI World ex USA Index and underweighting (or excluding entirely) those stocks that it believes will underperform the MSCI World ex USA Index. The Fund seeks to accomplish this goal by employing a strategy that uses statistics and advanced econometric methods to evaluate fundamental and quantifiable stock or firm characteristics (such as relative valuation, price momentum and earnings quality). The characteristics are combined to create a proprietary multifactor quantitative stock selection model that generates stock specific forecasts that are used along with controls intended to manage risk to determine security weightings.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MID CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of mid‑sized companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EMERGING MARKETS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT STYLE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ a different investment style. The Fund may also employ a combination of styles that impacts its risk characteristics. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">QUANTITATIVE INVESTING RISK</span></span> is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">GEOGRAPHIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such country or region. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">JAPAN INVESTMENT RISK</span></span> is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund.</div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EUROPEAN INVESTMENT RISK</span></span> is the risk that investments in certain countries in the European Union (the “EU”) are susceptible to high political, social, or economic risks due to restrictions on inflation rates, rising debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in local or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, budget deficits and recessions in an EU member country may have significant adverse effects on the economies of the other EU member countries. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU would likely place the EU’s currency and banking system in jeopardy and result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s EU investments.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">risks different from those associated with investments in more traditional securities and instruments.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">On January 1, 2017, the Fund changed its principal investment strategy from a fundamental actively managed strategy to a quantitative actively managed strategy. The performance shown prior to that date represents performance of the Fund’s prior fundamental actively managed strategy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 10.36%. For the periods shown in the bar chart above, the highest quarterly return was 17.64% in the fourth quarter of 2022, and the lowest quarterly return was (25.00)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.1036 highest quarterly return 0.1764 2022-12-31 lowest quarterly return -0.2500 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.3745 0.1173 0.0838 0.3746 0.1088 0.0766 0.2261 0.0918 0.0669 0.3185 0.0946 0.0855 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. LARGE CAP CORE FUND INVESTMENT OBJECTIVE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks long-term growth of capital. Any income received is incidental to this objective. </div> FEES AND EXPENSES OF THE FUND <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below. </div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0044 0.0011 0.0004 0.0007 0.0055 -0.0010 0.0045 July 31, 2027 EXAMPLE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 46 166 297 680 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43.13% of the average value of its portfolio. 0.4313 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in a broadly diversified portfolio of equity securities of large capitalization U.S. companies, including foreign issuers that are traded in the U.S. Large capitalization companies generally are considered to be those whose market capitalization is within the range of the market capitalization of the companies in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to achieve its investment objective by employing a strategy that uses statistics and advanced econometric methods to evaluate fundamental and quantifiable stock or firm characteristics (such as relative valuation, price momentum and earnings quality). The characteristics are combined to create a proprietary multifactor quantitative stock selection model, which generates stock specific forecasts that are used along with controls intended to manage risk to determine security weightings. Under the Fund’s core investment style, the Fund invests in a mix of both growth and value securities and the Fund’s overall portfolio is not anticipated to show a significant bias to either style. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. NTI will normally sell a security that it believes is no longer attractive based upon the evaluation criteria described above. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the information technology sector. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-style:italic">Frank Russell Company does not endorse any of the securities in the Russell 1000</span><sup style="font-size:75%;vertical-align:top">®</sup><span style="font-style:italic"> Index. It is not a sponsor of the Large Cap Core Fund and is not affiliated with the Fund in any way. </span> </div> <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in a broadly diversified portfolio of equity securities of large capitalization U.S. companies, including foreign issuers that are traded in the U.S. Large capitalization companies generally are considered to be those whose market capitalization is within the range of the market capitalization of the companies in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index. </div> <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in a broadly diversified portfolio of equity securities of large capitalization U.S. companies, including foreign issuers that are traded in the U.S. Large capitalization companies generally are considered to be those whose market capitalization is within the range of the market capitalization of the companies in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to achieve its investment objective by employing a strategy that uses statistics and advanced econometric methods to evaluate fundamental and quantifiable stock or firm characteristics (such as relative valuation, price momentum and earnings quality). The characteristics are combined to create a proprietary multifactor quantitative stock selection model, which generates stock specific forecasts that are used along with controls intended to manage risk to determine security weightings. Under the Fund’s core investment style, the Fund invests in a mix of both growth and value securities and the Fund’s overall portfolio is not anticipated to show a significant bias to either style. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INVESTMENT STYLE RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ a different investment style. The Fund may also employ a combination of styles that impacts its risk characteristics. </span></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">QUANTITATIVE INVESTING RISK</span></span> is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MANAGEMENT RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SECTOR RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INFORMATION TECHNOLOGY SECTOR RISK</span></span> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DEPOSITARY RECEIPTS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non‑uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DERIVATIVES RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SECURITIES LENDING RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111. </div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">* Year to date total return for the six months ended June 30, 2026 was 9.18%. For the periods shown in the bar chart above, the highest quarterly return was 20.05% in the second quarter of 2020, and the lowest quarterly return was (21.23)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.0918 highest quarterly return 0.2005 2020-06-30 lowest quarterly return -0.2123 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.2175 0.1652 0.1429 0.1941 0.1396 0.1264 0.1449 0.1264 0.1147 0.1788 0.1442 0.1482 <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. LARGE CAP VALUE FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide long-term capital appreciation.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0053 0.0023 0.0004 0.0019 0.0076 -0.0020 -0.0020 0.0056 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 57 223 403 924 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62.14% of the average value of its portfolio. 0.6214 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of large capitalization value companies. Large capitalization value companies generally are considered to be those (i) whose market capitalization is within the range of the market capitalization of the companies in the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index, and (ii) that meet one of the following metrics: (a) is included in the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index or other third-party value index, or (b) is classified as value by a third-party financial data provider.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying stocks, NTI uses a quantitatively managed strategy designed to provide exposure to value and quality factors. Beginning with a broad universe of highly liquid equity securities, NTI seeks to identify those securities that are out‑of‑favor and undervalued by applying a proprietary value screen. Once the targeted universe of value securities has been identified, NTI applies a proprietary quality score to rank each security to eliminate the lowest quality securities based on their proprietary ranking. NTI then selects securities from the remaining universe that it believes will achieve the appropriate capitalization and diversification goals, while focusing on those value securities ranking in the top quintile based on their proprietary quality and value score. NTI also performs a risk management analysis in which NTI seeks to measure and manage risk exposures at the security, sector, region and portfolio levels through portfolio diversification. Final purchase decisions are made based on a fundamental review of the remaining companies and on the desired level of diversification.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. NTI will normally sell a security that it believes is no longer attractive based upon the evaluation criteria described above.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the financials sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">Frank Russell Company does not endorse any of the securities in the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index. It is not a sponsor of the Large Cap Value Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of large capitalization value companies. Large capitalization value companies generally are considered to be those (i) whose market capitalization is within the range of the market capitalization of the companies in the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index, and (ii) that meet one of the following metrics: (a) is included in the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index or other third-party value index, or (b) is classified as value by a third-party financial data provider.</div> In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of large capitalization value companies. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying stocks, NTI uses a quantitatively managed strategy designed to provide exposure to value and quality factors. Beginning with a broad universe of highly liquid equity securities, NTI seeks to identify those securities that are out‑of‑favor and undervalued by applying a proprietary value screen. Once the targeted universe of value securities has been identified, NTI applies a proprietary quality score to rank each security to eliminate the lowest quality securities based on their proprietary ranking. NTI then selects securities from the remaining universe that it believes will achieve the appropriate capitalization and diversification goals, while focusing on those value securities ranking in the top quintile based on their proprietary quality and value score. NTI also performs a risk management analysis in which NTI seeks to measure and manage risk exposures at the security, sector, region and portfolio levels through portfolio diversification. Final purchase decisions are made based on a fundamental review of the remaining companies and on the desired level of diversification.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT STYLE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ a different investment style. The Fund may also employ a combination of styles that impacts its risk characteristics. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUE INVESTING RISK</span></span> is the risk that because the Fund emphasizes a value style of investing that focuses on undervalued companies with characteristics for improved valuation, the Fund is subject to greater risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by the Fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.</div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">QUANTITATIVE INVESTING RISK </span></span>is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 12.49%. For the periods shown in the bar chart above, the highest quarterly return was 17.68% in the fourth quarter of 2020, and the lowest quarterly return was (29.04)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.1249 highest quarterly return 0.1768 2020-12-31 lowest quarterly return -0.2904 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1800 0.1221 0.1058 0.1674 0.1010 0.0927 0.1156 0.0908 0.0829 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. SMALL CAP VALUE FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0045 0.0021 0.0004 0.0017 0.0001 0.0067 -0.0016 0.0051 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 52 198 357 819 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46.17% of the average value of its portfolio. 0.4617 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small capitalization value companies. Small capitalization value companies generally are considered to be those (i) whose market capitalization is within the range of the market capitalization of companies in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index, and (ii) that meet one of the following metrics: (a) is included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index or other third-party value index, or (b) is classified as value by a third-party financial data provider.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Using a quantitative analysis to evaluate financial data, NTI buys small capitalization stocks of companies believed to be worth more than is indicated by current market prices. Similarly, the management team normally will sell a security that it believes has achieved its full valuation, is not attractively priced or for other reasons. The team also may sell securities in order to maintain the desired portfolio characteristics of the Fund. In determining whether a stock is attractively priced, the Fund employs a strategy that uses statistics and other methods to evaluate fundamental and quantifiable stock or firm characteristics (such as relative attractiveness across valuation, price momentum and earnings quality). The characteristics are combined to create a proprietary multi-factor quantitative stock selection model that seeks to generate excess returns relative to the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index by over- and underweighting securities included in such index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Many of the companies in which the Fund invests retain their earnings to finance current and future growth. These companies generally pay little or no dividends.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the financials sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-style: italic;">Frank Russell Company does not endorse any of the securities in the Russell 2000</span><sup style="font-size: 75%; vertical-align: top;">®</sup><span style="font-style: italic;"> Value Index. It is not a sponsor of the Small Cap Value Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small capitalization value companies. Small capitalization value companies generally are considered to be those (i) whose market capitalization is within the range of the market capitalization of companies in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index, and (ii) that meet one of the following metrics: (a) is included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index or other third-party value index, or (b) is classified as value by a third-party financial data provider.</div> In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small capitalization value companies. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Using a quantitative analysis to evaluate financial data, NTI buys small capitalization stocks of companies believed to be worth more than is indicated by current market prices. Similarly, the management team normally will sell a security that it believes has achieved its full valuation, is not attractively priced or for other reasons. The team also may sell securities in order to maintain the desired portfolio characteristics of the Fund. In determining whether a stock is attractively priced, the Fund employs a strategy that uses statistics and other methods to evaluate fundamental and quantifiable stock or firm characteristics (such as relative attractiveness across valuation, price momentum and earnings quality). The characteristics are combined to create a proprietary multi-factor quantitative stock selection model that seeks to generate excess returns relative to the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index by over- and underweighting securities included in such index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SMALL CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT STYLE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ a different investment style. The Fund may also employ a combination of styles that impacts its risk characteristics. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUE INVESTING RISK</span></span> is the risk that because the Fund emphasizes a value style of investing that focuses on undervalued companies with characteristics for improved valuation, the Fund is subject to greater risk that the market will not recognize a security’s inherent value for a long time, or that a stock judged to be undervalued by the Fund’s adviser may actually be appropriately priced or overvalued. Value oriented funds will typically underperform when growth investing is in favor.</div> </td> </tr> </table> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">QUANTITATIVE INVESTING RISK</span></span> is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 20.89%. For the periods shown in the bar chart above, the highest quarterly return was 27.40% in the fourth quarter of 2020, and the lowest quarterly return was (34.43)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.2089 highest quarterly return 0.2740 2020-12-31 lowest quarterly return -0.3443 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1050 0.0878 0.0789 0.0243 0.0386 0.0465 0.1194 0.0659 0.0599 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. SMALL CAP CORE FUND INVESTMENT OBJECTIVE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective. </div> FEES AND EXPENSES OF THE FUND <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Class K shares or Class I shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Class K or Class I shares, which are not reflected in the tables or the examples below. </div> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0038 0.0038 0.0009 0.0019 0.0004 0.0004 0.0000 0.0010 0.0005 0.0005 0.0001 0.0001 0.0048 0.0058 -0.0007 -0.0007 0.0041 0.0051 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The following Example is intended to help you compare the cost of investing in Class K shares and Class I shares of 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 Class K shares or Class I 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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 42 147 262 597 52 179 317 719 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18.92% of the average value of its portfolio. 0.1892 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small capitalization companies. Small capitalization companies generally are considered to be those whose market capitalization is within the range of the market capitalization of companies in the Russell 2000<sup style="font-size:75%;vertical-align:top">®</sup> Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Using a quantitative analysis to evaluate financial data, NTI buys securities of small capitalization companies that it believes have favorable characteristics such as earnings quality and returns on equity relative to their peers. The team may sell securities in order to maintain the desired portfolio characteristics of the Fund. In determining whether a company has favorable characteristics, NTI uses an evaluation process that includes, but is not limited to: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;">Quantitative review of fundamental factors such as earnings metrics and capital deployment; and </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;">Systematic evaluations of new securities with attractive attributes and re‑evaluations of portfolio holdings. </div> </td> </tr> </table><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Under the Fund’s core investment style, the Fund invests in a mix of both growth and value securities and the Fund’s overall portfolio is not anticipated to show a significant bias to either style. NTI also performs a risk management analysis in which NTI seeks to measure and manage risk exposures at the security, sector and portfolio levels through portfolio </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">diversification. Final purchase decisions are made based on a quantitative review of each company and on the desired level of diversification. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Many of the companies in which the Fund invests retain their earnings to finance current and future growth. These companies generally pay little or no dividends. The Fund may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had focused investments in the financials, industrials, and health care sectors. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-style:italic">Frank Russell Company does not endorse any of the securities in the Russell 2000</span><sup style="font-size:75%;vertical-align:top">®</sup><span style="font-style:italic"> Index. It is not a sponsor of the Small Cap Core Fund and is not affiliated with the Fund in any way. </span> </div> <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small capitalization companies. Small capitalization companies generally are considered to be those whose market capitalization is within the range of the market capitalization of companies in the Russell 2000<sup style="font-size:75%;vertical-align:top">®</sup> Index. </div> In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small capitalization companies. <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Using a quantitative analysis to evaluate financial data, NTI buys securities of small capitalization companies that it believes have favorable characteristics such as earnings quality and returns on equity relative to their peers. The team may sell securities in order to maintain the desired portfolio characteristics of the Fund. In determining whether a company has favorable characteristics, NTI uses an evaluation process that includes, but is not limited to: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;">Quantitative review of fundamental factors such as earnings metrics and capital deployment; and </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;">Systematic evaluations of new securities with attractive attributes and re‑evaluations of portfolio holdings. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SMALL CAP STOCK RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that stocks of smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INVESTMENT STYLE RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ a different investment style. The Fund may also employ a combination of styles that impacts its risk characteristics. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">QUANTITATIVE INVESTING RISK</span></span> is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MANAGEMENT RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SECTOR RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="vertical-align:top;">among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">HEALTH CARE SECTOR RISK</span></span> is the risk that companies in the health care sector may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector impacting prices and demand for products or services, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations, including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DERIVATIVES RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SECURITIES LENDING RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing: (A) changes in the performance of the Fund from year to year and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The returns shown for periods ended prior to July 30, 2020 are those of the Shares Class shares of the Fund at net asset value. Effective July 30, 2020, Shares Class shares of the Fund were converted into new Class K shares and Class I shares of the Fund. Class K and Class I shares’ returns of the Fund will be different from the returns of the Shares Class shares’ returns of the Fund as they have different expenses. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111. </div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing: (A) changes in the performance of the Fund from year to year and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN (CLASS K SHARES)* <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">* Year to date total return for the six months ended June 30, 2026 was 23.02%. For the periods shown in the bar chart above, the highest quarterly return was 28.37% in the fourth quarter of 2020, and the lowest quarterly return was (29.37)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.2302 highest quarterly return 0.2837 2020-12-31 lowest quarterly return -0.2937 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1057 0.0766 0.0960 0.0693 0.0500 0.0779 0.0880 0.0573 0.0759 0.1048 0.0756 0.0954 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 2020-07-30 2020-07-30 <div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown only for Class K shares. After‑tax returns for other classes will vary. </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown only for Class K shares. After‑tax returns for other classes will vary. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. U.S. QUALITY ESG FUND INVESTMENT OBJECTIVE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective. </div> FEES AND EXPENSES OF THE FUND <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Class I shares or Class K shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Class I or Class K shares, which are not reflected in the tables or the examples below. </div> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0037 0.0007 0.0017 0.0004 0.0004 0 0.0010 0.0003 0.0003 0.0044 0.0054 -0.0005 -0.0005 0.0039 0.0049 July 31, 2027 EXAMPLE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The following Example is intended to help you compare the cost of investing in Class K shares and Class I shares of 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 Class K shares or Class I 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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 40 136 241 550 50 168 297 672 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year end, the Fund’s portfolio turnover rate was 19.93% of the average value of its portfolio. 0.1993 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of large and mid‑capitalization U.S. companies that NTI believes have favorable environmental, social and governance (“ESG”) characteristics and that meet NTI’s proprietary quality criteria. For purposes of the definition of large or mid‑capitalization companies, companies with a market capitalization within the range of the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index will be considered large or mid‑capitalization companies. </div> <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of large and mid‑capitalization U.S. companies that NTI believes have favorable environmental, social and governance (“ESG”) characteristics and that meet NTI’s proprietary quality criteria. For purposes of the definition of large or mid‑capitalization companies, companies with a market capitalization within the range of the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index will be considered large or mid‑capitalization companies. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Using a quantitative, factor based approach, the Fund intends to invest in companies that: (i) meet certain criteria for ESG factors using data provided by one or more third-party research vendors; (ii) meet NTI’s proprietary quality criteria through exhibiting strong business fundamentals based on signals including, but not limited to, profitability, management efficiency, and cash flow generation while additionally considering other company characteristics such as valuation, momentum, and long-term stakeholder value; and (iii) are located, headquartered in, incorporated in or otherwise organized in the United States. The Fund’s ESG criteria is applied to all equity securities that are included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index, except that the Fund may at times hold securities that are subject to, or may hold securities as a result of, certain corporate actions, which securities may not be evaluated for ESG criteria. The Fund expects its investments to be allocated among companies that are diversified in terms of industries and capitalization ranges. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund is managed according to a quantitative model developed by NTI. To define an investable universe and what NTI considers to be companies with favorable ESG characteristics: (i) NTI first excludes securities of companies included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index that are involved in ESG controversies classified as “very severe” by a third-party research vendor under certain global conventions, such as the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">United Nations Global Compact Principles; and (ii) NTI also removes companies that, based on its evaluation of ESG data, appear to do a poor job of managing their ESG risks and opportunities relative to their peers as well as those with specified levels of involvement in controversial business practices, e.g., tobacco, civilian firearms, thermal coal, and both controversial and conventional weapons. NTI may modify this list of excluded companies at any time, without shareholder approval or notice. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">NTI engages a third-party research vendor to provide ESG data for U.S. companies. The third-party vendor identifies ESG areas of risk and opportunity, evaluates exposure and management, and ranks and rates companies against their industry peers. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">NTI also evaluates and ranks the quality of the securities in the universe using NTI’s proprietary quality methodology. NTI defines a “quality” security as one that meets NTI’s proprietary quality criteria based on signals including, but not limited to, those associated with profitability, management efficiency, and cash flow generation. In addition to the ESG and quality criteria described above, other company characteristics, such as valuation, momentum, and long-term stakeholder value, are considered in the security selection process. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund is constructed based on an optimization methodology designed to take active exposure by overweighting and underweighting securities based on their ESG, financial quality, and other quantitative criteria described above. NTI also performs a risk management analysis in which NTI seeks to measure and manage risk exposures at the security, sector and portfolio levels through portfolio diversification. NTI makes final purchase decisions based on the quantitative model described above and on the desired level of diversification. The Fund will normally sell a security that NTI believes is no longer attractive based upon the evaluation criteria described above. Further, in making purchase and sell decisions, NTI seeks to create a portfolio comprised of companies with a lower aggregate carbon footprint than the aggregate carbon footprint of the companies in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index, which includes consideration of a company’s emissions and carbon reserves as well as the extent to which a company is prepared for, and can mitigate risk associated with, a transition to a low carbon economy. NTI also seeks to create a portfolio comprised of companies with a higher aggregate ESG score, based on data provided by a third-party research vendor, than the aggregate ESG score of companies in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. ESG criteria are not separately applied to the Fund’s investments in derivatives. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the information technology sector. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-style:italic">Frank Russell Company does not endorse any of the securities in the Russell 1000</span><sup style="font-size:75%;vertical-align:top">®</sup><span style="font-style:italic"> Index. It is not a sponsor of the Fund and is not affiliated with the Fund in any way. </span> </div> In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of large and mid‑capitalization U.S. companies that NTI believes have favorable environmental, social and governance (“ESG”) characteristics and that meet NTI’s proprietary quality criteria. <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Using a quantitative, factor based approach, the Fund intends to invest in companies that: (i) meet certain criteria for ESG factors using data provided by one or more third-party research vendors; (ii) meet NTI’s proprietary quality criteria through exhibiting strong business fundamentals based on signals including, but not limited to, profitability, management efficiency, and cash flow generation while additionally considering other company characteristics such as valuation, momentum, and long-term stakeholder value; and (iii) are located, headquartered in, incorporated in or otherwise organized in the United States. The Fund’s ESG criteria is applied to all equity securities that are included in the Russell 1000<sup style="font-size:75%;vertical-align:top">®</sup> Index, except that the Fund may at times hold securities that are subject to, or may hold securities as a result of, certain corporate actions, which securities may not be evaluated for ESG criteria. The Fund expects its investments to be allocated among companies that are diversified in terms of industries and capitalization ranges. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">ESG INVESTING RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk stemming from the ESG factors that the Fund applies in selecting securities. The use of ESG factors in securities selection may affect the Fund’s exposure to certain companies or industries and cause the Fund to forego certain investment opportunities. The Fund’s performance results may be lower than the broader equity market or than other funds that do or do not use ESG factors, scores, or screens in their securities selection process, or use a different ESG methodology. The Fund’s use of ESG factors in selecting securities for the Fund’s portfolio depends in part on the ESG criteria considered and research methodologies employed by its </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">third-party vendor. Information used by the Fund to evaluate ESG factors, including data provided by the Fund’s third-party vendor, may not be readily available, complete or accurate, which could negatively impact the Fund’s ability to accurately determine companies’ ESG ratings, which in turn could negatively impact the Fund’s performance. Currently, there is a lack of common industry standards relating to the development and application of ESG criteria which may make it difficult to compare the Fund’s principal investment strategies with the investment strategies of other funds that apply certain ESG criteria or that use a different third-party vendor for ESG data. The Fund’s or third-party vendor’s assessment of a company, based on the company’s level of involvement in a particular industry or ESG controversy or the company’s ESG ranking or rating, may differ from that of other funds, vendors, or an investor. Information used by the Fund to evaluate ESG factors may vary across providers and issuers as ESG is not a uniformly defined characteristic. ESG standards differ by region and industry, and a company’s ESG practices or data providers’ assessment of a company’s ESG practices may change over time. As a result, the companies in which the Fund invests may not reflect the beliefs and values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MID CAP STOCK RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that stocks of mid‑sized companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INVESTMENT STYLE RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor, depending on market and economic conditions as well as investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ a different investment style. The Fund may also employ a combination of styles that impacts its risk characteristics. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">QUANTITATIVE INVESTING RISK</span></span> is the risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data utilized, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MANAGEMENT RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SECTOR RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INFORMATION TECHNOLOGY SECTOR RISK</span></span> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DERIVATIVES RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SECURITIES LENDING RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing: (A) changes in the performance of the Fund from year to year and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing: (A) changes in the performance of the Fund from year to year and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The returns shown for periods ended prior to July 30, 2020 for the Class K shares and August 24, 2020 for the Class I shares are those of the Shares Class shares of the Fund at net asset value. Effective July 30, 2020, the Shares Class shares of the Fund were converted into new Class K shares and Class I shares of the Fund. Class K shares commenced operations on July 30, 2020 and Class I shares commenced operations on August 24, 2020. Class K and Class I shares’ returns of the Fund will be different from the returns of the Shares Class shares’ returns of the Fund as they have different expenses. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111. </div> The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN (CLASS K SHARES)* <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">* Year to date total return for the six months ended June 30, 2026 was 7.84%. For the periods shown in the bar chart above, the highest quarterly return was 22.19% in the second quarter of 2020, and the lowest quarterly return was (19.11)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.0784 highest quarterly return 0.2219 2020-06-30 lowest quarterly return -0.1911 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1522 0.1318 0.1403 0.1207 0.1181 0.1296 0.1119 0.1031 0.1138 0.1510 0.1308 0.1396 0.1737 0.1359 0.1443 2020-08-21 2020-08-24 <div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown only for Class K shares. After‑tax returns for other classes will vary. </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown only for Class K shares. After‑tax returns for other classes will vary. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. EMERGING MARKETS EQUITY INDEX FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investment results approximating the overall performance of the MSCI Emerging Markets Index (the “Index”).</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0014 0.0012 0.0004 0.0008 0.0001 0.0027 -0.0012 0.0015 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 15 75 140 331 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17.87% of the average value of its portfolio. 0.1787 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities, in weightings that approximate the relative composition of the securities included in the Index, in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities, and in MSCI Emerging Markets Index futures approved by the Commodity Futures Trading Commission. The Fund’s common stock investments also include China A‑shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange).</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities, in weightings that approximate the relative composition of the securities included in the Index, in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities, and in MSCI Emerging Markets Index futures approved by the Commodity Futures Trading Commission. The Fund’s common stock investments also include China A‑shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Index captures large and mid‑cap representation across 24 Emerging Markets countries, as determined by the index provider, and covers approximately 85% of the free float-adjusted market capitalization in each country as of May 29, 2026. As of May 29, 2026, the Index was comprised of 1,205 constituents with market capitalizations ranging from $110.44 million to $1.85 trillion. It is rebalanced quarterly. The Fund generally rebalances its portfolio in accordance with the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund generally invests in substantially all of the securities in the Index in approximately the same proportion as the Index (i.e., replication). In certain circumstances, however, the Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A “non‑diversified” fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors, countries and/or geographic regions. As of March 31, 2026, the Fund had focused investments in China, South Korea and Taiwan, and in the financials and information technology sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">The Index is created and sponsored by Morgan Stanley Capital International, Inc. (“MSCI”), as the index provider. MSCI determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. MSCI does not endorse any of the securities in the Index. It is not a sponsor of the Emerging Markets Equity Index Fund and is not affiliated with the Fund in any way. </span></div> Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities, in weightings that approximate the relative composition of the securities included in the Index, in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities, and in MSCI Emerging Markets Index futures approved by the Commodity Futures Trading Commission. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund generally invests in substantially all of the securities in the Index in approximately the same proportion as the Index (i.e., replication). In certain circumstances, however, the Fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EMERGING MARKETS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">GEOGRAPHIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such country or region. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CHINA INVESTMENT RISK</span></span> is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; and considerable degrees of economic, political and social instability. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investors in Chinese markets generally experience difficulties in obtaining information necessary for audits of, investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Complex geopolitical tensions, internal social unrest or confrontations with other neighboring countries, including military conflicts may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Additionally, the Public Company Accounting Oversight Board (“PCAOB”) has historically had difficulties inspecting audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies. These difficulties may impose significant additional risks associated with investments in China, including with respect to the reliability of the audits and of the information about the Chinese securities or the potential delisting of a U.S.-listed Chinese issuer due to an inability to inspect the issuer’s accounting firm. Certain securities issued by companies located or operating in China, such as China A‑shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOUTH KOREA INVESTMENT RISK</span></span> is that risk that South Korean issuers in which the Fund invests may subject the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and political developments of South Korea’s neighbors, including escalated tensions involving North Korea and any outbreak of hostilities involving North Korea, or even the threat of an outbreak of</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="vertical-align: top;">hostilities, may have a severe adverse effect on the South Korean economy. Additionally, South Korea’s heavy reliance on trading exports and the risk of disruptions or decreases in trade activity may negatively impact the South Korean economy.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TAIWAN INVESTMENT RISK</span></span> is the risk of investing in securities of Taiwanese issuers, and includes Taiwanese legal, regulatory, political, currency, and economic risks. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEPOSITARY RECEIPTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non‑uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TRACKING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFORMATION TECHNOLOGY SECTOR RISK</span></span> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MID CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of mid‑sized companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDEX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">NON-DIVERSIFICATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 25.64%. For the periods shown in the bar chart above, the highest quarterly return was 19.07% in the fourth quarter of 2020, and the lowest quarterly return was (24.06)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.2564 highest quarterly return 0.1907 2020-12-31 lowest quarterly return -0.2406 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.3365 0.0372 0.0799 0.3271 0.0292 0.0725 0.2034 0.0266 0.0629 0.3357 0.0420 0.0842 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. GLOBAL REAL ESTATE INDEX FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investment results approximating the overall performance of the securities included in the MSCI ACWI IMI Core Real Estate Index (the “Index”).</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0040 0.0014 0.0004 0.0010 0.0054 -0.0003 0.0051 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 52 170 299 674 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 3.69% of the average value of its portfolio. 0.0369 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities. The Index is a free float-adjusted, market capitalization global index that consists of large, mid and small‑cap stocks across 23 Developed Markets (DM) and 24 Emerging Markets (EM) engaged in the ownership, development and management of specific core property type real estate, as determined by the index provider. The Index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The Fund will concentrate its investments (i.e., invest at least 25% or more of its total assets) in issuers principally engaged in real estate activities.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities. The Index is a free float-adjusted, market capitalization global index that consists of large, mid and small‑cap stocks across 23 Developed Markets (DM) and 24 Emerging Markets (EM) engaged in the ownership, development and management of specific core property type real estate, as determined by the index provider. The Index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The Fund will concentrate its investments (i.e., invest at least 25% or more of its total assets) in issuers principally engaged in real estate activities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">As of May 29, 2026, the Index was comprised of 472 constituents with market capitalizations ranging from $18.13 million to $140.92 billion. The Index is rebalanced quarterly. The Fund generally rebalances its portfolio in accordance with the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions. The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A “non‑diversified” fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular countries and/or geographic regions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">The Index is created and sponsored by Morgan Stanley Capital International, Inc. (“MSCI”), as the index provider. MSCI determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. MSCI does not endorse any of the securities in the Index. It is not a sponsor of the Global Real Estate Index Fund and is not affiliated with the Fund in any way. </span></div> Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities. The Fund will concentrate its investments (i.e., invest at least 25% or more of its total assets) in issuers principally engaged in real estate activities. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions. The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REAL ESTATE SECURITIES CONCENTRATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investments in securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The value of real estate securities may underperform other sectors of the economy or broader equity markets. Because the Fund concentrates its investments in the real estate industry, it will be subject to greater risk of loss than if it were diversified across different industries. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REIT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s investments will be affected by factors affecting REITs and the real estate sector generally. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of mortgage funds and unexpected vacancies of properties. REITs that invest in real estate mortgages are also subject to prepayment risks. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risks. REITs may have limited financial resources, may trade less frequently and in lower volume, engage in dilutive offerings or become more volatile than other securities. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EMERGING MARKETS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TRACKING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">GEOGRAPHIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such country or region. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEPOSITARY RECEIPTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non‑uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SMALL AND MID CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of small and mid‑sized companies may be more volatile than stocks of larger, more established companies. Small and mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. The securities of small and mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDEX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">NON‑DIVERSIFICATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Effective July 31, 2018, the Fund changed its underlying index from the FTSE EPRA/NAREIT Global Index to the MSCI ACWI IMI Core Real Estate Index. Therefore, performance shown for periods prior to July 31, 2018 may have differed had the Fund sought to track its current Index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 9.26%. For the periods shown in the bar chart above, the highest quarterly return was 15.89% in the third quarter of 2024, and the lowest quarterly return was (27.43)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.0926 highest quarterly return 0.1589 2024-09-30 lowest quarterly return -0.2743 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1042 0.0299 0.0383 0.0868 0.0197 0.0267 0.0615 0.0198 0.0252 0.2109 0.1215 0.1217 0.0986 0.0257 0.0345 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. INTERNATIONAL EQUITY INDEX FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index (the “Index”).</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0009 0.0006 0.0004 0.0002 0.0015 -0.0005 0.0010 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 10 43 80 187 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17.24% of the average value of its portfolio. 0.1724 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in the equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities and Index futures approved by the Commodity Futures Trading Commission.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in the equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities and Index futures approved by the Commodity Futures Trading Commission.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Index captures large and mid‑cap representation across 21 Developed Markets countries around the world, as determined by the index provider, excluding the US and Canada, and covers approximately 85% of the free float-adjusted market capitalization in each country included in the Index as of May 29, 2026. As of May 29, 2026, the Index was comprised of 689 constituents with market capitalizations ranging from $2.08 billion to $627.24 billion. It is rebalanced quarterly. The Fund generally rebalances its portfolio in accordance with the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A “non‑diversified” fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may use derivatives such as stock index futures contracts to equitize cash and enhance portfolio liquidity.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors, countries and/or geographic regions. As of March 31, 2026, the Fund had focused investments in the financials and industrials sectors and in Japan and the European Union.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-style: italic;">The Index is created and sponsored by Morgan Stanley Capital International (“MSCI”), as the index provider. MSCI determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. MSCI does not endorse any of the securities in the Index. It is not a sponsor of the International Equity Index Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEPOSITARY RECEIPTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">non‑uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">GEOGRAPHIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such country or region. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">JAPAN INVESTMENT RISK</span></span> is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EUROPEAN INVESTMENT RISK</span></span> is the risk that investments in certain countries in the European Union (the “EU”) are susceptible to high political, social, or economic risks due to restrictions on inflation rates, rising debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in local or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, budget deficits and recessions in an EU member country may have significant adverse effects on the economies of the other EU member countries. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU would likely place the EU’s currency and banking system in jeopardy and result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s EU investments.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TRACKING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MID CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of mid‑sized companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDEX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">NON‑DIVERSIFICATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-family: arial; font-size: 7.5pt;">SECURITIES LENDING RISK</span></span> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 10.19%. For the periods shown in the bar chart above, the highest quarterly return was 18.35% in the fourth quarter of 2022, and the lowest quarterly return was (22.62)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.1019 highest quarterly return 0.1835 2022-12-31 lowest quarterly return -0.2262 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.3182 0.0899 0.0826 0.3065 0.0823 0.0760 0.1952 0.0703 0.0665 0.3122 0.0892 0.0818 After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. MID CAP INDEX FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investment results approximating the overall performance of the common stocks included in the Standard &amp; Poor’s MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Composite Stock Price Index (“S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index” or “Index”).</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0009 0.0007 0.0004 0.0003 0.0016 -0.0006 0.0010 July 31, 2027 EXAMPLE <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 10 45 84 199 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 15.97% of the average value of its portfolio. 0.1597 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, in weightings that approximate the relative composition of securities contained in the Index, and in S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index futures approved by the Commodity Futures Trading Commission.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, in weightings that approximate the relative composition of securities contained in the Index, and in S&amp;P MidCap 400<sup style="font-size: 75%; vertical-align: top;">®</sup> Index futures approved by the Commodity Futures Trading Commission.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Index is a free float-adjusted market capitalization index consisting of 400 mid‑capitalization stocks. As of May 29, 2026, the approximate market capitalization of the companies in the Index was between $980.4 million and $55.4 billion. It is rebalanced quarterly. The Fund generally rebalances its portfolio in accordance with the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund generally invests in substantially all of the securities in the Index in approximately the same proportion as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">more constituents of the Index. A “non‑diversified” fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the industrials sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-style: italic;">The Index is created and sponsored by S&amp;P Dow Jones Indices (“S&amp;P”), as the index provider. S&amp;P determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. S&amp;P does not endorse any of the securities in the Index. It is not a sponsor of the Mid Cap Index Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund generally invests in substantially all of the securities in the Index in approximately the same proportion as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MID CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of mid‑sized companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TRACKING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDEX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">NON‑DIVERSIFICATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 17.31%. For the periods shown in the bar chart above, the highest quarterly return was 24.29% in the fourth quarter of 2020, and the lowest quarterly return was (29.69)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.1731 highest quarterly return 0.2429 2020-12-31 lowest quarterly return -0.2969 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0742 0.0900 0.1058 0.0561 0.0666 0.0858 0.0542 0.0667 0.0816 0.1715 0.1315 0.1429 0.0750 0.0912 0.1072 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. SMALL CAP INDEX FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index (the “Index”).</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0009 0.0007 0.0004 0.0003 0.0016 -0.0006 0.0010 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 10 45 84 199 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 22.10% of the average value of its portfolio. 0.2210 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in the equity securities included in the Index, in weightings that approximate the relative composition of securities contained in the Index, and in Index futures approved by the Commodity Futures Trading Commission.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in the equity securities included in the Index, in weightings that approximate the relative composition of securities contained in the Index, and in Index futures approved by the Commodity Futures Trading Commission.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Index measures the performance of the small‑cap segment of the US equity universe. The Index is a subset of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, which is designed to represent approximately 98% of the investable US equity market. It includes approximately 2,000 of the smallest securities in the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index based on a combination of their market capitalization and current index membership, and represents approximately 5% of the total market capitalization of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index. As of May 31, 2026, the approximate median market capitalization of the companies in the Index was $1.12 billion. The Index is rebalanced semi-annually. The Fund generally rebalances its portfolio in accordance with the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions. The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A “non‑diversified” fund can</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had focused investments in the health care, industrials and financials sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-style: italic;">The Index is created and sponsored by Frank Russell Company (“Russell”), as the index provider. Russell determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. Russell does not endorse any of the securities in the Index. It is not a sponsor of the Small Cap Index Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions. The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had focused investments in the health care, industrials and financials sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SMALL CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TRACKING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HEALTH CARE SECTOR RISK</span></span> is the risk that companies in the health care sector may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector impacting prices and demand for products or services, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations, including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDEX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">NON‑DIVERSIFICATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 22.56%. For the periods shown in the bar chart above, the highest quarterly return was 31.33% in the fourth quarter of 2020, and the lowest quarterly return was (30.72)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.2256 highest quarterly return 0.3133 2020-12-31 lowest quarterly return -0.3072 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1287 0.0603 0.0948 0.1242 0.0457 0.0797 0.0788 0.0443 0.0732 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. STOCK INDEX FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investment results approximating the aggregate price and dividend performance of the securities included in the S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index (the “Index”).</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0004 0.0005 0.0004 0.0001 0.0009 -0.0004 0.0005 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 5 25 47 111 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 3.58% of the average value of its portfolio. 0.0358 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in the equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in Index futures approved by the Commodity Futures Trading Commission.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in the equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in Index futures approved by the Commodity Futures Trading Commission.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Index is a free float-adjusted market capitalization index consisting of 503 stocks and is a widely recognized measure of large‑cap U.S. equities. As of May 29, 2026, the approximate market capitalization of the companies in the Index was between $5.52 billion to $5.13 trillion. It is rebalanced quarterly. The Fund generally rebalances its portfolio in accordance with the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions. The Fund generally invests in substantially all of the securities in the Index in approximately the same proportion as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">market capitalization or index weighting of one or more constituents of the Index. A “non‑diversified” fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the information technology sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">The Index is created and sponsored by S&amp;P<sup style="font-size: 75%; vertical-align: top;">®</sup> Dow Jones Indices (“S&amp;P”), as the index provider. S&amp;P determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. S&amp;P does not endorse any of the securities in the Index. It is not a sponsor of the Stock Index Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions. The Fund generally invests in substantially all of the securities in the Index in approximately the same proportion as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the information technology sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TRACKING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFORMATION TECHNOLOGY SECTOR RISK</span></span> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDEX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="vertical-align: top;">of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">NON‑DIVERSIFICATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 10.19%. For the periods shown in the bar chart above, the highest quarterly return was 20.54% in the second quarter of 2020, and the lowest quarterly return was (19.64)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.1019 highest quarterly return 0.2054 2020-06-30 lowest quarterly return -0.1964 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.1779 0.1433 0.1471 0.1694 0.1329 0.1368 0.1107 0.1125 0.1202 0.1788 0.1442 0.1482 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. WORLD SELECTION INDEX FUND INVESTMENT OBJECTIVE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to provide investment results approximating the overall performance of the securities included in the MSCI World Selection Index<sup style="font-size:75%;vertical-align:top">TM</sup> (the “Index”). </div> FEES AND EXPENSES OF THE FUND <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Class K or Class I shares, which are not reflected in the tables or the examples below. </div> Shareholder Fees (fees paid directly from your investment) 0 0 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0018 0.0006 0.0011 0.0004 0.0004 0.0000 0.0005 0.0002 0.0002 0.0024 0.0029 0.0000 0.0000 0.0024 0.0029 July 31, 2027 EXAMPLE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The following Example is intended to help you compare the cost of investing in Class K shares and Class I shares of 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 Class K shares or Class I 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: </div> 25 77 135 306 30 93 163 368 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 7.99% of the average value of its portfolio. 0.0799 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities. </div> <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in equity securities included in the Index, in weightings that approximate the relative composition of the securities contained in the Index, and in American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”) representing such securities. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Index is a free float-adjusted market capitalization weighted index designed to represent the performance of companies selected from the MSCI World Index based on environmental, social and governance (“ESG”) criteria, as determined by the index provider. The Index is a member of the MSCI Selection Indexes and is constructed by aggregating the following regional indexes: MSCI Pacific Selection Index, MSCI Europe &amp; Middle East Selection Index, MSCI Canada Selection Index and MSCI USA Selection Index. The Index’s parent index is the MSCI World Index, which consists of large and mid‑cap companies in 23 Developed Markets Countries, as determined by the index provider. As of May 29, 2026, the Index was comprised of 653 constituents with market capitalizations ranging from $2.34 billion to $5.13 trillion. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Constituent selection for the Index is based on data from MSCI Solutions. The Index is rebalanced quarterly. The Fund generally rebalances its portfolio in accordance with the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Index targets sector weights consistent with those of its parent index. The Index methodology aims to include securities of companies with the highest ESG ratings representing 50% of the market capitalization in each sector of its parent index. For companies that are not existing constituents of the Index, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">companies identified by the index provider as having an MSCI ESG Rating of ‘BB’ or above and an MSCI Controversies Score of 3 or above are eligible for inclusion in the Index. MSCI ESG Ratings aim to measure a company’s management of environmental, social, and governance risks and opportunities relative to industry peers. MSCI Controversies Scores assess controversies concerning the potential negative environmental, social, and/or governance impact of a company’s operations, products, and services. MSCI Controversies Scores are on a scale from 0 to 10, with 0 being the most severe controversy rating. Current constituents of the Index must have an MSCI ESG Rating of ‘BB’ or above and an MSCI Controversies Score of 1 or above to remain eligible for inclusion in the Index. In addition, companies involved in certain business activities that meet business involvement criteria as prescribed per the index methodology are excluded from the Index, including (but not limited to) controversial weapons, nuclear weapons, civilian firearms, tobacco-related products, production of alcohol-related products, production of conventional weapons and components, ownership of operation of gambling-related business activities, ownership or operation of nuclear power plants, fossil fuel extraction, thermal coal mining and unconventional oil and gas extraction, thermal coal based power generation, production of palm oil, and arctic oil and gas production. Such exclusions are based on percentage of revenue thresholds for certain categories (ranging from 5‑10% or more of revenue from a specified activity) and categorical exclusions for others (e.g., controversial weapons). The selection universe for the MSCI Selection Indexes is the constituents of the MSCI Global Investable Market Indexes. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index and in response to subscriptions and redemptions. It, therefore, is possible that the Fund may continue to hold the securities of a company that is underperforming or, subsequent to its inclusion in the Index, has become involved in a controversial product or activity that would result in it no longer being eligible for inclusion in the Index, until such company is removed from the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A “non‑diversified” fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can. Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had focused investments in the information technology and financials sectors. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-style:italic">The Index is created and sponsored by Morgan Stanley Capital International, Inc. (“MSCI”), as the index provider. MSCI determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. MSCI does not endorse any of the securities in the Index. It is not a sponsor of the World Selection Index Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund generally invests in substantially all of the securities in the Index in approximately the same proportions as the Index (i.e., replication). In certain circumstances, however, the Fund may not hold every security in the Index or in the same proportion as the Index, such as to improve tax efficiency or when it may not be practicable to fully implement a replication strategy. Rather, it will use an optimization strategy to seek to construct a portfolio that minimizes tracking error versus the Index while managing transaction costs and realized capital gains and losses. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had focused investments in the information technology and financials sectors. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">ESG INVESTING RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the ESG investment methodology of the Index may restrict the investments available to the Fund. This may affect the Fund’s exposure to certain companies or industries and cause the Fund to forego certain investment opportunities. This could cause the Fund to underperform or perform differently than the broader equity market or other funds that do or do not track an ESG index or use ESG factors, scores, or screens in their securities selection process, or use a different ESG methodology. The construction of the Index depends in large part on the ESG criteria considered and research methodologies employed by MSCI Solutions. Information used by MSCI to evaluate ESG factors may not be readily available, complete or accurate, which could negatively impact MSCI’s ability to apply its ESG standards when compiling the Index, which could negatively impact the Fund’s performance. Although the Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that every security in the Index or Fund will have ESG characteristics or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, and MSCI’s assessment of a company, based on the company’s level of involvement in a particular industry or the company’s ESG Rating and Controversies Score, may differ from that of other funds, other index providers, the investment adviser or an investor. As a result, the companies deemed eligible for inclusion in the Index may not reflect the beliefs and values of any particular investor and may not be deemed to exhibit positive or favorable ESG characteristics if different metrics were used to evaluate them. ESG standards differ by region and industry, and a company’s ESG practices or MSCI’s or data providers’ assessment of a company’s ESG practices may change over time. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FOREIGN SECURITIES RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DEPOSITARY RECEIPTS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non‑uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">TRACKING RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SECTOR RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">securities of all companies in a particular sector of the market to decrease. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INFORMATION TECHNOLOGY SECTOR RISK</span></span> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MID CAP STOCK RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that stocks of mid‑sized companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INDEX RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">NON‑DIVERSIFICATION RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">SECURITIES LENDING RISK</span></span> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing: (A) changes in the performance of the Fund from year to year and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing: (A) changes in the performance of the Fund from year to year and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The returns shown for periods ended prior to July 30, 2020 are those of the Shares Class shares of the Fund at net asset value. Effective July 30, 2020, Shares Class shares of the Fund were converted into new Class K shares and Class I shares of the Fund. Class K and Class I shares’ returns of the Fund will be different from the returns of the Shares Class shares’ returns of the Fund as they have different expenses. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111. </div> The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN (CLASS K SHARES)* <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">* Year to date total return for the six months ended June 30, 2026 was 9.98%. For the period shown in the bar chart above, the highest quarterly return was 18.63% in the second quarter of 2020, and the lowest quarterly return was (19.60)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.0998 highest quarterly return 0.1863 2020-06-30 lowest quarterly return -0.1960 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.2102 0.1236 0.1231 0.1934 0.1129 0.1136 0.1344 0.0969 0.0998 0.2097 0.1230 0.1228 0.2109 0.1215 0.1217 0.2092 0.1227 0.1217 2020-07-30 2020-07-30 <div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown only for Class K shares. After‑tax returns for other classes will vary. </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. After‑tax returns are shown only for Class K shares. After‑tax returns for other classes will vary. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. BOND INDEX FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investment results approximating the overall performance of the securities included in the Bloomberg U.S. Aggregate Bond Index (the “Index”).</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0006 0.0006 0.0004 0.0002 0.0001 0.0013 -0.0006 0.0007 The Total Annual Fund Operating Expenses do not correlate to the ration of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 8 36 68 161 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56.65% of the average value of its portfolio. 0.5665 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in bonds and other fixed-income securities included in the Index in weightings that approximate the relative composition of securities contained in the Index. The Fund will maintain a dollar-weighted average maturity consistent with the Index, which generally ranges between five to ten years.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, the Fund will invest substantially all (and at least 80%) of its net assets in bonds and other fixed-income securities included in the Index in weightings that approximate the relative composition of securities contained in the Index. The Fund will maintain a dollar-weighted average maturity consistent with the Index, which generally ranges between five to ten years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. As of May 29, 2026, the Index was comprised of 14,173 constituents. It is rebalanced monthly. The Fund generally rebalances its portfolio in accordance with the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may seek to obtain exposure to mortgage-backed and mortgage-related securities (collectively, “MBS”) through to‑be‑announced (“TBA”) transactions. Most transactions in MBS occur through TBA transactions, which are standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to that of an index. The Fund may or may not hold all</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">of the securities that are included in the Index. The Fund reserves the right to invest in all of the securities in the Index in approximately the same proportion (i.e., replication) if NTI determines that it is in the best interest of the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund intends to be diversified in approximately the same proportion as the Index is diversified. The Fund may become “non‑diversified,” as defined in the Investment Company Act of 1940 (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A “non‑diversified” fund can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can Shareholder approval will not be sought if the Fund becomes non‑diversified due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assts) in one or more particular sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI expects that, under normal circumstances, the quarterly performance of the Fund, before fees and expenses, will track the performance of the Index within a 0.95 correlation coefficient.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to more closely track duration, credit and interest rate risks consistent with the Index, and for cash management purposes.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;"><span style="font-style: italic;">The Index is created and sponsored by Bloomberg Index Services Limited (“Bloomberg”), as the index provider. Bloomberg determines the composition and relative weightings of the securities in the Index and publishes information regarding the market value of the Index. Bloomberg does not endorse any of the securities in the Index. It is not a sponsor of the Bond Index Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI will buy and sell securities in response to changes in the Index as well as in response to subscriptions and redemptions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to that of an index. The Fund may or may not hold all</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">of the securities that are included in the Index. The Fund reserves the right to invest in all of the securities in the Index in approximately the same proportion (i.e., replication) if NTI determines that it is in the best interest of the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to track the performance of the Index, from time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assts) in one or more particular sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TRACKING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s performance may vary from the performance of the index it tracks as a result of share purchases and redemptions, transaction costs, expenses and other factors. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to required levels in order to track its Index or cause delays in the Index’s rebalancing schedule. During any such delay, it is possible that the Index, and, in turn, the Fund will deviate from the Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDEX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that that the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from the Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Index. Additionally, the Fund rebalances its portfolio in accordance with the Index, and, therefore, any changes to the Index’s rebalance schedule will result in corresponding changes to the Fund’s rebalance schedule. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SAMPLING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Index. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Privately issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced prices, resulting in losses. Liquid privately issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LIQUIDITY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">NON‑DIVERSIFICATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is “diversified” for purposes of the 1940 Act. However, in seeking to track its Index, the Fund may become “non‑diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non‑diversified fund can invest a greater portion of its assets in the obligations or securities of a small portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TBA TRANSACTIONS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA transaction. TBA transactions also involve the risk that the counter-party will fail to deliver the securities, exposing the Fund to further losses. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible losses because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, the Fund will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-family: arial; font-size: 7.5pt;">SECURITIES LENDING RISK</span></span> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 0.60%. For the periods shown in the bar chart above, the highest quarterly return was 6.86% in the fourth quarter of 2023, and the lowest quarterly return was (5.94)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0060 highest quarterly return 0.0686 2023-12-31 lowest quarterly return -0.0594 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0723 -0.0043 0.0189 0.0552 -0.0170 0.0065 0.0425 -0.0086 0.0092 0.0730 -0.0036 0.0201 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. CORE BOND FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0038 0.0015 0.0004 0.0011 0.0001 0.0054 -0.0012 0.0042 The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 43 161 290 666 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 139.58% of the average value of its portfolio. 1.3958 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 bonds and other fixed-income securities. These may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of domestic and foreign banks and corporations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon bonds and debentures;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage and other asset-backed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stripped securities evidencing ownership of future interest or principal payments on debt obligations.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund invests primarily in the investment grade debt obligations of domestic issuers. Investment grade debt obligations are obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or determined by NTI to be of comparable quality. Credit ratings are determined at the time of purchase. The Fund also may invest up to 25% of its total assets in U.S. dollar denominated investment grade obligations of foreign issuers.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed, mortgage-related and corporate securities) that the team believes will provide a favorable total return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may seek to obtain exposure to mortgage-backed and mortgage-related securities (collectively, “MBS”) through to‑be‑announced (“TBA”) transactions. Most transactions in MBS occur through TBA transactions, which are standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between three and fifteen years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 bonds and other fixed-income securities. These may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of domestic and foreign banks and corporations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon bonds and debentures;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage and other asset-backed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stripped securities evidencing ownership of future interest or principal payments on debt obligations.</div> </td> </tr> </table> 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 bonds and other fixed-income securities.  <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed, mortgage-related and corporate securities) that the team believes will provide a favorable total return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced prices, resulting in losses. Liquid privately issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Liquidity and credit risks are even greater for mortgage pools that include subprime mortgages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOVEREIGN DEBT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ZERO COUPON OR PAY‑IN‑KIND SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The value, interest rates, and liquidity of non‑cash paying instruments, </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">such as zero coupon and pay‑in‑kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay‑in‑kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">RESTRICTED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that limitations on the resale of restricted securities or other securities exempt from certain registration requirements, such as Rule 144A securities, may have an adverse effect on their marketability and may prevent the Fund from disposing of them promptly or at desirable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LIQUIDITY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TBA TRANSACTIONS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA transaction. TBA transactions also involve the risk that the counter-party will fail to deliver the securities, exposing the Fund to further losses. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible losses because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, the Fund will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-family: arial; font-size: 7.5pt;">SECURITIES LENDING RISK</span></span> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 0.47%. For the periods shown in the bar chart above, the highest quarterly return was 6.95% in the fourth quarter of 2023, and the lowest quarterly return was (6.22)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0047 highest quarterly return 0.0695 2023-12-31 lowest quarterly return -0.0622 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0735 -0.0041 0.0192 0.0549 -0.0173 0.0063 0.0432 -0.0088 0.0091 0.0730 -0.0036 0.0201 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. FIXED INCOME FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize total return (capital appreciation and income) consistent with reasonable risk.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0043 0.0009 0.0004 0.0005 0.0052 -0.0007 0.0045 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 46 160 284 646 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 127.85% of the average value of its portfolio. 1.2785 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 bonds and other fixed-income securities. These may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of domestic and foreign banks and corporations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon bonds, debentures, convertible securities and loan participations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage and other asset-backed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stripped securities evidencing ownership of future interest or principal payments on debt obligations.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also seek to obtain exposure to these securities through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). The Fund primarily invests in investment grade domestic debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, the Fund may invest up to 20% of its total assets in domestic and foreign debt obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may seek to obtain exposure to mortgage-backed and mortgage-related securities (collectively, “MBS”) through to‑be‑announced (“TBA”) transactions. Most transactions in MBS occur through TBA transactions, which are standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed, mortgage-related and corporate securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between three and fifteen years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the industrials sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 bonds and other fixed-income securities. These may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of domestic and foreign banks and corporations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon bonds, debentures, convertible securities and loan participations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage and other asset-backed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stripped securities evidencing ownership of future interest or principal payments on debt obligations.</div> </td> </tr> </table> 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 bonds and other fixed-income securities.  <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also seek to obtain exposure to these securities through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”). The Fund primarily invests in investment grade domestic debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, the Fund may invest up to 20% of its total assets in domestic and foreign debt obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced prices, resulting in losses. Liquid privately issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Liquidity and credit risks are even greater for mortgage pools that include subprime mortgages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOVEREIGN DEBT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ZERO COUPON</span></span><span style="font-family: times new roman; font-size: 9.5pt;"><span style="font-weight: bold;"></span></span><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;"> OR PAY‑IN‑KIND SECURITIES</span></span><span style="font-family: times new roman; font-size: 9.5pt;"><span style="font-weight: bold;"></span><span style="font-weight: bold;"> <span style="font-family: arial; font-size: 7.5pt;">RISK</span></span> The value, interest rates, and liquidity of non‑cash paying instruments, such as zero coupon and pay‑in‑kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay‑in‑kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CONVERTIBLE SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. Certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LOAN PARTICIPATIONS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> A loan participation agreement involves the purchase of a share of a loan made by a bank to a company in return for a corresponding share of a borrower’s principal and interest payments. The principal risk associated with acquiring loan participation interests is the credit risk associated with the underlying corporate borrower. There is also a risk that there may not be a readily available market for loan participation interests and, in some cases, this could result in the Fund disposing of such securities at a substantial discount from face value or holding such securities until maturity. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">RESTRICTED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that limitations on the resale of restricted securities or other securities exempt from certain registration requirements, such as Rule 144A securities, may have an adverse effect on their marketability and may prevent the Fund from disposing of them promptly or at desirable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to the increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">adjusted based on the rate of inflation. If the index measuring</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">inflation falls, the interest payable on these securities will be reduced.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT COMPANY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will be subject to the risks associated with investments in registered investment companies, including ETFs (together, “Underlying Funds”), such as the possibility that the value of the securities or instruments held by the Underlying Funds could decrease. In addition, passively managed Underlying Funds may not track the performance of their respective reference assets and may hold troubled securities or other investments. Investments in Underlying Funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the Underlying Funds in which it invests. Further, investments in ETFs are subject to the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; and (3) trading in an ETF’s shares may be halted by the listing exchange. NTI may be subject to potential conflicts of interest with respect to investments in affiliated Underlying Funds, which are Underlying Funds managed by NTI or its affiliates, because the fees paid to NTI by some affiliated Underlying Funds may be higher than the fees paid by other Underlying Funds. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LIQUIDITY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TBA TRANSACTIONS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA transaction. TBA transactions also involve the risk that the counterparty will fail to deliver the securities, exposing the Fund to further losses. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible losses because of adverse market action, expenses or delays in connection with the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, the Fund will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 0.65%. For the periods shown in the bar chart above, the highest quarterly return was 7.11% in the fourth quarter of 2023, and the lowest quarterly return was (6.35)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0065 highest quarterly return 0.0711 2023-12-31 lowest quarterly return -0.0635 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0764 -0.0003 0.0230 0.0571 -0.0148 0.0092 0.0449 -0.0065 0.0116 0.0730 -0.0036 0.0201 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. HIGH YIELD FIXED INCOME FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks a high level of current income. In doing so, the Fund also may consider the potential for capital appreciation.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0058 0.0007 0.0004 0.0003 0.0001 0.0066 -0.0005 0.0061 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 62 206 363 818 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40.19% of the average value of its portfolio. 0.4019 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in lower quality bonds and other fixed-income securities (commonly referred to as “junk bonds”). Bonds and other fixed-income securities may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. and foreign corporations and banks;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. or foreign governments, their agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Senior and subordinated bonds and debentures;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon, pay‑in‑kind and capital appreciation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Convertible securities, preferred stock, structured securities and loan participations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Warrants, rights and other equity securities that are acquired in connection with the Fund’s investments in debt or convertible securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Repurchase agreements relating to the above instruments.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Lower quality bonds or below-investment grade securities are those rated BB, Ba or lower by a Nationally Recognized</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Statistical Rating Organization (“NRSRO”), or unrated securities determined to be of comparable quality by NTI.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">There is no minimum rating for a security purchased or held by the Fund, and the Fund may purchase securities that are in default.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, the Fund’s investment adviser uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as asset-backed, mortgage-backed and corporate securities) that the team believes will provide a favorable return in light of the risks. NTI also may consider obligations with a more favorable or improving credit or industry outlook that provide the potential for capital appreciation.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund does not have any portfolio maturity limitation, and may invest its assets from time to time in instruments with short, medium or long maturities. From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the industrial sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in lower quality bonds and other fixed-income securities (commonly referred to as “junk bonds”). Bonds and other fixed-income securities may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. and foreign corporations and banks;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. or foreign governments, their agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Senior and subordinated bonds and debentures;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon, pay‑in‑kind and capital appreciation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Convertible securities, preferred stock, structured securities and loan participations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Warrants, rights and other equity securities that are acquired in connection with the Fund’s investments in debt or convertible securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Repurchase agreements relating to the above instruments.</div> </td> </tr> </table> In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in lower quality bonds and other fixed-income securities (commonly referred to as “junk bonds”). <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, the Fund’s investment adviser uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as asset-backed, mortgage-backed and corporate securities) that the team believes will provide a favorable return in light of the risks. NTI also may consider obligations with a more favorable or improving credit or industry outlook that provide the potential for capital appreciation.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to the increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">RESTRICTED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that limitations on the resale of restricted securities or other securities exempt from certain registration requirements, such as Rule 144A securities, may have an adverse effect on their marketability and may prevent the Fund from disposing of them promptly or at desirable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOVEREIGN DEBT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ZERO COUPON OR PAY‑IN‑KIND SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The value, interest rates, and liquidity of non‑cash paying instruments, such as zero coupon and pay‑in‑kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay‑in‑kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CONVERTIBLE SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. Certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEFAULTED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Defaulted securities pose a greater risk that principal will not be repaid than non‑defaulted securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREFERRED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non‑payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LOAN PARTICIPATIONS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> A loan participation agreement involves the purchase of a share of a loan made by a bank to a company in return for a corresponding share of a borrower’s principal and interest payments. The principal risk associated with acquiring loan participation interests is the credit risk associated with the underlying corporate borrower. There is also a risk that there may not be a readily available market for loan participation interests and, in some cases, this could result in the Fund disposing of such securities at a substantial discount from face value or holding such securities until maturity. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REPURCHASE AGREEMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. This risk is magnified to the extent that a repurchase agreement is secured by securities other than cash or U.S. Government securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LIQUIDITY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STRUCTURED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk structured securities may be more volatile, less liquid and more difficult to price than less complex securities due to their derivative nature. As a result, investments in structured securities may adversely affect the Fund’s NAV. In some cases, it is possible that the Fund may suffer a total loss on its investment in a structured security. In addition, the performance and payment of principal and interest of a structured security is tied to that of a reference obligation. Accordingly, risks of structured securities also include those risks associated with the underlying reference obligation including, but not limited to, market risk, interest rate risk, credit risk, default risk and foreign currency risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, dealer inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 1.97%. For the periods shown in the bar chart above, the highest quarterly return was 12.09% in the second quarter of 2020, and the lowest quarterly return was (16.22)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.0197 highest quarterly return 0.1209 2020-06-30 lowest quarterly return -0.1622 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0874 0.0449 0.0583 0.0573 0.0183 0.0316 0.0511 0.0223 0.0327 0.0758 0.0006 0.0244 0.0862 0.0450 0.0652 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions. SHORT BOND FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize total return (capital appreciation and income) with minimal reasonable risk.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0038 0.0008 0.0004 0.0004 0.0046 -0.0006 0.0040 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 41 142 252 573 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 104.90% of the average value of its portfolio. 1.0490 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 bonds and other fixed-income securities. These may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of domestic and foreign banks and corporations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Debentures and convertible securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage and other asset-backed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stripped securities evidencing ownership of future interest or principal payments on debt obligations; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Repurchase agreements relating to the above instruments.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also seek to obtain exposure to these securities through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Although the Fund will generally invest primarily in investment grade domestic debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">quality as determined by NTI), it may also invest up to 20% of its total assets in domestic and foreign debt obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed, mortgage-related and corporate securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between one and three years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had focused investments in the financials and industrials sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> 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 bonds and other fixed-income securities. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed, mortgage-related and corporate securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced prices, resulting in losses. Liquid privately issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Liquidity and credit risks are even greater for mortgage pools that include subprime mortgages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOVEREIGN DEBT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CONVERTIBLE SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. Certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REPURCHASE AGREEMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. This risk is magnified to the extent that a repurchase agreement is secured by securities other than cash or U.S. Government securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">RESTRICTED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that limitations on the resale of restricted securities or other securities exempt from certain registration requirements, such as Rule 144A securities, may have an adverse effect on their marketability and may prevent the Fund from disposing of them promptly or at desirable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to the increased risk of an issuer’s inability to make principal and interest payment. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT COMPANY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will be subject to the risks associated with investments in registered investment companies, including ETFs (together, “Underlying Funds”), such as the possibility that the value of the securities or instruments held by the Underlying Funds could decrease. In addition, passively managed Underlying Funds may not track the performance of their respective reference assets and may </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">hold troubled securities or other investments. Investments in Underlying Funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the Underlying</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Funds in which it invests. Further, investments in ETFs are subject to the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; and (3) trading in an ETF’s shares may be halted by the listing exchange. NTI may be subject to potential conflicts of interest with respect to investments in affiliated Underlying Funds, which are Underlying Funds managed by NTI or its affiliates, because the fees paid to NTI by some affiliated Underlying Funds may be higher than the fees paid by other Underlying Funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LIQUIDITY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-family: arial; font-size: 7.5pt;">SECURITIES LENDING RISK</span></span> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 0.99%. For the periods shown in the bar chart above, the highest quarterly return was 2.95% in the second quarter of 2020, and the lowest quarterly return was (2.80)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0099 highest quarterly return 0.0295 2020-06-30 lowest quarterly return -0.0280 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0563 0.0201 0.0226 0.0378 0.0085 0.0125 0.0331 0.0103 0.0129 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. LIMITED TERM U.S. GOVERNMENT FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize total return (capital appreciation and income) with minimal reasonable risk.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0038 0.0038 0.0004 0.0034 0.0076 -0.0032 0.0044 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 45 211 391 912 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 74.89% of the average value of its portfolio. 0.7489 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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. These may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">U.S. Treasury bills, notes and bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage-related securities issued or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, including U.S. agency mortgage-backed pass through securities (“MBS”) that may not be backed by the full faith and credit of the U.S. government;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stripped securities evidencing ownership of future interest or principal payments on obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities issued by the U.S. Treasury, known as U.S. Treasury Inflation-Protected Securities, or TIPS.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also seek to obtain all or a portion of the Fund’s exposure to MBS by investing in shares of one or more affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”).</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed and mortgage-related securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between two and five years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also invest in securities issued by U.S. government-sponsored enterprises. Obligations issued by U.S. government-sponsored enterprises are neither issued nor guaranteed by the U.S. Treasury and therefore are not backed by the full faith and credit of the United States.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> 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. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also seek to obtain all or a portion of the Fund’s exposure to MBS by investing in shares of one or more affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”).</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed and mortgage-related securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT COMPANY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will be subject to the risks associated with investments in registered investment companies, including ETFs (together, “Underlying Funds”), such as the possibility that the value of the securities or instruments held by the Underlying Funds could decrease. In addition, passively managed Underlying Funds may not track the performance of their respective reference assets and may hold troubled securities or other investments. Investments in Underlying Funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the Underlying Funds in which it invests. Further, investments in ETFs are subject to the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; and (3) trading in an ETF’s shares may be halted by the listing exchange. NTI may be subject to potential conflicts of interest with respect to investments in affiliated Underlying Funds, which are Underlying Funds managed by NTI or its affiliates, because the fees paid to NTI by some affiliated Underlying Funds may be higher than the fees paid by other Underlying Funds. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="vertical-align: top;">investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 0.20%. For the periods shown in the bar chart above, the highest quarterly return was 3.38% in the first quarter of 2020, and the lowest quarterly return was (3.48)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0020 highest quarterly return 0.0338 2020-03-31 lowest quarterly return -0.0348 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0563 0.0096 0.0140 0.0420 0.0006 0.0067 0.0331 0.0034 0.0075 0.0730 -0.0036 0.0201 0.0583 0.0129 0.0182 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. TAX‑ADVANTAGED ULTRA-SHORT FIXED INCOME FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize total return (capital appreciation and income), adjusted for the federal maximum tax rate, to the extent consistent with preservation of principal.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0023 0.0005 0.0004 0.0001 0.0028 -0.0003 0.0025 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 26 87 154 353 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 93.56% of the average value of its portfolio. 0.9356 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund will, under normal circumstances, invest primarily (and not less than 80% of its net assets) in fixed-income securities. These include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Commercial paper and other obligations of domestic and foreign banks and corporations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon bonds, debentures, preferred stock and convertible securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage and other asset-backed securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Repurchase agreements relating to the above instruments.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund invests in investment grade domestic debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). Credit ratings are determined at the time of purchase. The Fund’s average portfolio quality is expected to be “A” or better. The Fund will focus primarily on U.S. securities, but may also invest in fixed-income securities of foreign issuers. The Fund’s investments in foreign securities will consist only of U.S. dollar-denominated securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investors in higher tax brackets with more after‑tax yield than a money market fund with the potential for capital appreciation. The Fund is not a money market fund, and its net asset value (“NAV”) will fluctuate.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize after‑tax returns by pursuing what NTI believes to be the best net after‑tax total return opportunities in both taxable and tax‑exempt securities for an investor in the maximum federal tax bracket. For example,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">during certain market cycles a two‑year corporate security may offer a significantly higher yield to maturity both gross of taxes and net of the highest federal tax rate versus a two‑year tax‑exempt municipal security. In this situation, the Fund may purchase the corporate security if a clear net of tax yield advantage can be determined over tax‑exempt municipal alternatives. The Adviser will seek to capture such net of tax yield advantages on an opportunistic basis within the Fund’s maturity limitations described below.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund currently anticipates that it will invest at least 50% of its total assets in municipal securities and other related investments, the income from which is exempt from regular U.S. federal income tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund is not limited in the amount of its assets that may be invested in alternative minimum tax (“AMT”) obligations (also known as private activity bonds), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between six and eighteen months. Under normal circumstances, the Fund will invest only in securities with a duration of three years or less at the time of purchase. NTI may adjust the Fund’s holdings based on actual or anticipated changes in interest rates or credit quality, and may shorten the Fund’s duration below six months based on NTI’s interest rate outlook or adverse market conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds, corporate-backed municipal bonds, revenue obligation bonds, and other municipal securities, treasury, agency, asset-backed, mortgage-backed and corporate securities) that the team believes will provide a favorable net after‑tax return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> The Fund will, under normal circumstances, invest primarily (and not less than 80% of its net assets) in fixed-income securities. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize after‑tax returns by pursuing what NTI believes to be the best net after‑tax total return opportunities in both taxable and tax‑exempt securities for an investor in the maximum federal tax bracket. For example,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">during certain market cycles a two‑year corporate security may offer a significantly higher yield to maturity both gross of taxes and net of the highest federal tax rate versus a two‑year tax‑exempt municipal security. In this situation, the Fund may purchase the corporate security if a clear net of tax yield advantage can be determined over tax‑exempt municipal alternatives. The Adviser will seek to capture such net of tax yield advantages on an opportunistic basis within the Fund’s maturity limitations described below.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund currently anticipates that it will invest at least 50% of its total assets in municipal securities and other related investments, the income from which is exempt from regular U.S. federal income tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ALTERNATIVE MINIMUM TAX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a portion of the Fund’s otherwise tax‑exempt income may be taxable to those shareholders subject to the federal alternative minimum tax. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced prices, resulting in losses. Liquid privately issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Liquidity and credit risks are even greater for mortgage pools that include subprime mortgages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOVEREIGN DEBT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may invest in securities issued or guaranteed by foreign governmental entities </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">(known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ZERO COUPON OR PAY-IN-KIND SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The value, interest rates, and liquidity of non‑cash paying instruments, such as zero coupon and pay‑in‑kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay‑in‑kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CONVERTIBLE SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. Certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREFERRED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non‑payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REPURCHASE AGREEMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. This risk is magnified to the extent that a repurchase agreement is secured by securities other than cash or U.S. Government securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">RESTRICTED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that limitations on the resale of restricted securities or other securities exempt from certain registration requirements, such as Rule 144A securities, may have an adverse effect on their marketability and may prevent the Fund from disposing of them promptly or at desirable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility. </span></div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">such securities will not have the funds to meet their payment obligations in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index, two style-specific indices (reflecting the market segments in which the Fund invests) and a custom blended benchmark that reflects the investment instruments in which the Fund invests, in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index, two style-specific indices (reflecting the market segments in which the Fund invests) and a custom blended benchmark that reflects the investment instruments in which the Fund invests, in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 1.35%. For the periods shown in the bar chart above, the highest quarterly return was 1.80% in the fourth quarter of 2023, and the lowest quarterly return was (1.46)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0135 highest quarterly return 0.0180 2023-12-31 lowest quarterly return -0.0146 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0348 0.0218 0.0179 0.0318 0.0187 0.0156 0.0306 0.0188 0.0154 0.0425 0.0080 0.0234 0.0318 0.0187 0.0156 0.0372 0.0156 0.0159 0.0320 0.0203 0.0158 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. ULTRA-SHORT FIXED INCOME FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize total return (capital appreciation and income) to the extent consistent with preservation of principal.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0023 0.0006 0.0004 0.0002 0.0001 0.0030 -0.0004 0.0026 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 27 92 165 377 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59.00% of the average value of its portfolio. 0.5900 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund will, under normal circumstances, invest primarily (and not less than 80% of its net assets) in fixed-income securities. These include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Commercial paper and other obligations of domestic and foreign banks and corporations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon bonds and debentures;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage and other asset-backed securities, including collateralized mortgage obligations (“CMOs”).</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal market conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry. Companies in the financial services industry include but are not limited to U.S. and non‑U.S. companies involved in banking, mortgage, consumer or specialized finance, investment banking, securities brokerage, asset management and custody, insurance, financial investment, real estate and mortgage finance and financial conglomerates, and related asset-backed securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund invests in investment grade domestic debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). Credit ratings are determined at the time of purchase. The Fund’s average portfolio is expected to be “A” or better. The</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Fund will focus primarily on U.S. securities, but may invest in fixed-income securities of foreign issuers. The Fund’s investments in foreign securities will consist only of U.S. dollar-denominated securities. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investors with more yield than a money market fund with the potential for capital appreciation. The Fund is not a money market fund, and its net asset value (“NAV”) will fluctuate.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed, mortgage-backed and corporate securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between six and eighteen months. Under normal circumstances, the Fund will invest only in securities with a duration of three years or less at the time of purchase. NTI may adjust the Fund’s holdings based on actual or anticipated changes in interest rates or credit quality, and may shorten the Fund’s duration below six months based on NTI’s interest rate outlook or adverse market conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> The Fund will, under normal circumstances, invest primarily (and not less than 80% of its net assets) in fixed-income securities. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal market conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry. Companies in the financial services industry include but are not limited to U.S. and non‑U.S. companies involved in banking, mortgage, consumer or specialized finance, investment banking, securities brokerage, asset management and custody, insurance, financial investment, real estate and mortgage finance and financial conglomerates, and related asset-backed securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIAL SERVICES INDUSTRY CONCENTRATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that, because the Fund will invest under normal market conditions at least 25% of its total assets in the financial services industry, the Fund will be subject to greater risk of loss by economic, business, political or other developments which generally affect this industry. Specifically, the Fund is vulnerable to conditions that impact companies in the financial services industry, such as increased competition impacting market shares and prices, company mergers increasing industry interconnectedness, and cybersecurity attacks exposing protected information. Changes in both domestic and foreign government regulation and interest rates and economic downturns, among other factors, can have a significant negative effect on issuers in the financial services industry, including the price of the issuer’s securities or ability to meet their payment obligations. Because the Fund concentrates its investments in the financial services industry, it will be subject to greater risk of loss than if it were diversified across different industries. </span></div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced prices, resulting in losses. Liquid privately issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Liquidity and credit risks are even greater for mortgage pools that include subprime mortgages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOVEREIGN DEBT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">RESTRICTED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that limitations on the resale of restricted securities or other securities exempt from certain registration requirements, such as Rule 144A securities, may have an adverse effect on their marketability and may prevent the Fund from disposing of them promptly or at desirable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ZERO COUPON OR PAY‑IN‑KIND SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The value, interest rates, and liquidity of non‑cash paying instruments, such as zero coupon and pay‑in‑kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay‑in‑kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="vertical-align: top;">and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 1.72%. For the periods shown in the bar chart above, the highest quarterly return was 2.78% in the second quarter of 2020, and the lowest quarterly return was (1.42)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0172 highest quarterly return 0.0278 2020-06-30 lowest quarterly return -0.0142 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0516 0.0322 0.0267 0.0319 0.0191 0.0165 0.0303 0.0190 0.0161 0.0818 -0.0214 0.0126 0.0415 0.0248 0.0203 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. U.S. GOVERNMENT FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks a high level of current income.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0038 0.0033 0.0004 0.0029 0.0071 -0.0028 0.0043 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 44 199 367 856 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 54.27% of the average value of its portfolio. 0.5427 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking a high level of current income, 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. These may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">U.S. Treasury bills, notes and bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises, including obligations that are issued by private issuers that are guaranteed as to principal and interest by the U.S. government, its agencies or instrumentalities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage-related securities issued or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises, including U.S. agency mortgage-backed pass-through securities (“MBS”) that may not be backed by the full faith and credit of the U.S. government;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stripped securities evidencing ownership of future interest or principal payments on obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities issued by the U.S. Treasury, known as U.S. Treasury Inflation-Protected Securities, or TIPS.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also seek to obtain all or a portion of the Fund’s exposure to MBS by investing in shares of one or more affiliated or unaffiliated investment companies, including exchange-traded funds (“ETFs”).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may seek to obtain exposure to MBS through to‑be‑announced (“TBA”) transactions. Most transactions in MBS occur through TBA transactions, which are standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed and mortgage-related securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between one and ten years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may also make significant investments in securities issued by U.S. government-sponsored enterprises. Obligations issued by U.S. government-sponsored enterprises are neither issued nor guaranteed by the U.S. Treasury and therefore are not backed by the full faith and credit of the United States.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> In seeking a high level of current income, 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. <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed and mortgage-related securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT COMPANY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will be subject to the risks associated with investments in registered investment companies, including ETFs (together, “Underlying Funds”), such as the possibility that the value of the securities or instruments held by the Underlying Funds could decrease. In addition, passively managed Underlying Funds may not track the performance of their respective reference assets and may hold troubled securities or other investments. Investments in Underlying Funds may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the Underlying Funds in which it invests. Further, investments in ETFs are subject to the following additional risks: (1) an ETF’s shares may trade above or below its net asset value; (2) an active trading market for the ETF’s shares may not develop or be maintained; and (3) trading in an ETF’s shares may be halted by the listing exchange. NTI may be subject to potential conflicts of interest with respect to investments in affiliated Underlying Funds, which are Underlying Funds managed by NTI or its affiliates, because the fees paid to NTI by some affiliated Underlying Funds may be higher than the fees paid by other Underlying Funds. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="vertical-align: top;">futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">TBA TRANSACTIONS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA transaction. TBA transactions also involve the risk that the counter-party will fail to deliver the securities, exposing the Fund to further losses. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible losses because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, the Fund will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 0.07%. For the periods shown in the bar chart above, the highest quarterly return was 4.84% in the first quarter of 2020, and the lowest quarterly return was (4.08)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0007 highest quarterly return 0.0484 2020-03-31 lowest quarterly return -0.0408 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0607 0.0011 0.0129 0.0457 -0.0084 0.0041 0.0357 -0.0033 0.0060 0.0730 -0.0036 0.0201 0.0650 0.0064 0.0176 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. ARIZONA TAX‑EXEMPT FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide high current income exempt from regular federal income tax and Arizona State personal income tax by investing in municipal instruments.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0043 0.0027 0.0004 0.0023 0.0070 -0.0023 0.0047 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 48 201 367 849 PORTFOLIO TURNOVER. The Fund may incur transaction costs as it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34.78% of the average value of its portfolio. 0.3478 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, at least 80% of the Fund’s net assets will be invested in instruments that pay income that is exempt from Arizona State personal income tax (“Arizona municipal instruments”). The instruments in which the Fund invests as part of the foregoing 80% policy may include certain securities of issuers located outside the State of Arizona, if such securities pay income exempt from the Arizona State personal income tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">A municipal instrument is a fixed-income obligation issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal instruments issued for certain purposes may not be tax‑exempt. The municipal instruments in which the Fund invests may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">General obligation bonds secured by the issuer’s full faith, credit and taxing power;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Industrial development bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Moral obligation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Tax‑exempt derivative instruments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stand‑by commitments; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, it may invest up to 15% of its net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. Alternative minimum tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a limited portion of the Fund’s dividends may be subject to federal tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between ten and thirty years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund is “non‑diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), and may invest more of its assets in fewer issuers than “diversified” mutual funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, at least 80% of the Fund’s net assets will be invested in instruments that pay income that is exempt from Arizona State personal income tax (“Arizona municipal instruments”). The instruments in which the Fund invests as part of the foregoing 80% policy may include certain securities of issuers located outside the State of Arizona, if such securities pay income exempt from the Arizona State personal income tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ARIZONA-SPECIFIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will be more exposed to negative political or economic factors in Arizona than a fund that invests more widely. Principal economic sectors in Arizona include: aerospace and defense, construction, trade, government, education, health care, manufacturing, mining, renewable energy and tourism. Exposure to these industries, however, leaves Arizona vulnerable to an economic slowdown associated with business cycles, political events and public health emergencies. In light of adverse economic, political or public health outcomes, Arizona could experience budget shortfalls, including both difficulty in meeting operating obligations and debt obligations. Credit rating downgrades could result in a reduction in the market value of Arizona municipal securities held by the Fund. All of these factors increase the risk of investing in Arizona municipal securities, including the risk of potential issuer default, and could negatively impact the Fund’s NAV, yield and/or the distributions paid by the Fund or cause them to experience greater volatility. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">NON‑DIVERSIFICATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that because the Fund is non‑diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL MARKET VOLATILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that the Fund may be adversely affected by volatility in the municipal market. The municipal market can be significantly affected by adverse tax, legislative, political or public health changes and the financial condition of the issuers of municipal securities.<span style="font-weight: bold;"> </span> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL TAX LIABILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that shareholders of the Fund could be subject to tax liabilities. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes. Subsequent to the Fund’s acquisition of a municipal security, however, the municipal security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as exempt-interest dividends could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ALTERNATIVE MINIMUM TAX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"><span style="font-weight: bold;"> </span>is the risk that a portion of the Fund’s otherwise tax‑exempt income may be taxable to those shareholders subject to the federal alternative minimum tax. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STRUCTURED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that structured securities may be more volatile, less liquid and more difficult to price than less complex securities due to their derivative nature. As a result, investments in structured securities may adversely affect the Fund’s NAV. In some cases, it is possible that the Fund may suffer a total loss on its investment in a structured security. In addition, the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">performance and payment of principal and interest of a structured security is tied to that of a reference obligation. Accordingly, risks of structured securities also include those risks associated with the underlying reference obligation including, but not limited to, market risk, interest rate risk, credit risk, default risk and foreign currency risk.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">OPTIONS CONTRACTS RISK</span></span> is the risk that there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SWAP CONTRACTS RISK</span></span> is the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.</div> </td> </tr> </table> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 2.01%. For the periods shown in the bar chart above, the highest quarterly return was 6.85% in the fourth quarter of 2023, and the lowest quarterly return was (6.03) % in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0201 highest quarterly return 0.0685 2023-12-31 lowest quarterly return -0.0603 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0329 0.0022 0.0177 0.0327 0.0018 0.0169 0.0333 0.0080 0.0196 0.0425 0.0080 0.0234 0.0418 0.0067 0.0217 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local</span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;"><span style="font-style: italic;">taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and localtaxes.  Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide high current income exempt from regular federal income tax and California state personal income tax by investing in municipal instruments.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0043 0.0009 0.0004 0.0005 0.0052 -0.0007 0.0045 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 46 160 284 646 PORTFOLIO TURNOVER. The Fund may incur transaction costs as it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 33.04% of the average value of its portfolio. 0.3304 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, at least 80% of the Fund’s net assets will be invested in instruments that pay income that is exempt from California state personal income tax (“California municipal instruments”). The instruments in which the Fund invests as part of the foregoing 80% policy may include certain securities of issuers located outside the State of California, if such securities pay income exempt from the California state personal income tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">A municipal instrument is a fixed-income obligation issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal instruments issued for certain purposes may not be tax‑exempt. The municipal instruments in which the Fund invests may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">General obligation bonds secured by the issuer’s full faith, credit and taxing power;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Industrial development bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Moral obligation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Tax‑exempt derivative instruments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stand‑by commitments; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, it may invest up to 15% of its net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. Alternative minimum tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a portion of the Fund’s dividends may be subject to federal tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between three and ten years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, at least 80% of the Fund’s net assets will be invested in instruments that pay income that is exempt from California state personal income tax (“California municipal instruments”). The instruments in which the Fund invests as part of the foregoing 80% policy may include certain securities of issuers located outside the State of California, if such securities pay income exempt from the California state personal income tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CALIFORNIA-SPECIFIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will be more exposed to risks associated with the negative aspects of California’s economy, political system, public health and government financing structures than a fund that invests more widely. Unfavorable developments in any economic sector or in the California economy as a whole may have a substantial impact on the overall California municipal market. Provisions of the California Constitution and State statutes that limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in technology, manufacturing, trade, entertainment, private education, health services, and financial services, and may be sensitive to economic problems affecting those industries. Future California political, public health and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">general obligation bonds, private activity bonds and moral</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, dealer inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL MARKET VOLATILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that the Fund may be adversely affected by volatility in the municipal market. The municipal market can be significantly affected by adverse tax, legislative, political or public health changes and the financial condition of the issuers of municipal securities.<span style="font-weight: bold;"> </span> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL TAX LIABILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that shareholders of the Fund could be subject to tax liabilities. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes. Subsequent to the Fund’s acquisition of a municipal security, however, the municipal security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as exempt-interest dividends could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ALTERNATIVE MINIMUM TAX RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that a portion of the Fund’s otherwise tax‑exempt income may be taxable to those shareholders subject to the federal alternative minimum tax. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STRUCTURED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that structured securities may be more volatile, less liquid and more difficult to price than less complex securities due to their derivative nature. As a result, investments in structured securities may adversely affect the Fund’s NAV. In some cases, it is possible that the Fund may suffer a total loss on its investment in a structured security. In addition, the performance and payment of principal and interest of a structured security is tied to that of a reference obligation. Accordingly, risks of structured securities also include those risks associated with the underlying reference obligation including, but not limited to, market risk, interest rate risk, credit risk, default risk and foreign currency risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">OPTIONS CONTRACTS RISK </span></span>is the risk that there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SWAP CONTRACTS RISK </span></span>is the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.</div> </td> </tr> </table> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 0.80%. For the periods shown in the bar chart above, the highest quarterly return was 5.89% in the fourth quarter of 2023, and the lowest quarterly return was (6.39)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0080 highest quarterly return 0.0589 2023-12-31 lowest quarterly return -0.0639 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0490 0.0049 0.0179 0.0486 0.0045 0.0172 0.0401 0.0088 0.0189 0.0425 0.0080 0.0234 0.0573 0.0091 0.0209 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. CALIFORNIA TAX‑EXEMPT FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide high current income exempt from regular federal income tax and California state personal income tax.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0043 0.0014 0.0004 0.0010 0.0057 -0.0011 0.0046 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 47 172 307 703 PORTFOLIO TURNOVER. The Fund may incur transaction costs as it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35.90% of the average value of its portfolio. 0.3590 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, at least 80% of the Fund’s net assets will be invested in instruments that pay income that is exempt from California state personal income tax (“California municipal instruments”). The instruments in which the Fund invests as part of the foregoing 80% policy may include certain securities of issuers located outside the State of California, if such securities pay income exempt from the California state personal income tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">A municipal instrument is a fixed-income obligation issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal instruments issued for certain purposes may not be tax‑exempt. The municipal instruments in which the Fund invests may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">General obligation bonds secured by the issuer’s full faith, credit and taxing power;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Industrial development bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Moral obligation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Tax‑exempt derivative instruments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stand‑by commitments; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI), as determined at the time of purchase. However, it may invest up to 15% of its net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. Alternative Minimum Tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a portion of the Fund’s dividends may be subject to federal tax.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio trading a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between ten and thirty years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal circumstances, at least 80% of the Fund’s net assets will be invested in instruments that pay income that is exempt from California state personal income tax (“California municipal instruments”). The instruments in which the Fund invests as part of the foregoing 80% policy may include certain securities of issuers located outside the State of California, if such securities pay income exempt from the California state personal income tax.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CALIFORNIA-SPECIFIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will be more exposed to risks associated with the negative aspects of California’s economy, political system, public health and government financing structures than a fund that invests more widely. Unfavorable developments in any economic sector or in the California economy as a whole may have a substantial impact on the overall California municipal market. Provisions of the California Constitution and State statutes that limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in technology, manufacturing, trade, entertainment and financial services, and may be sensitive to economic problems affecting those industries. Future California political, public health and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL MARKET VOLATILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that the Fund may be adversely affected by volatility in the municipal market. The municipal market can be significantly affected by adverse tax, legislative, political or public health changes and the financial condition of the issuers of municipal securities.<span style="font-weight: bold;"> </span> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL TAX LIABILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that shareholders of the Fund could be subject to tax liabilities. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes. Subsequent to the Fund’s acquisition of a municipal security, however, the municipal security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as exempt-interest dividends could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ALTERNATIVE MINIMUM TAX RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that a portion of the Fund’s otherwise tax‑exempt income may be taxable to those shareholders subject to the federal alternative minimum tax. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STRUCTURED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that structured securities may be more volatile, less liquid and more difficult to price than less complex securities due to their derivative nature. As a result, investments in structured securities may adversely affect the Fund’s NAV. In some cases, it is possible that the Fund may suffer a total loss on its investment in a structured security. In addition, the performance and payment of principal and interest of a structured security is tied to that of a reference obligation. Accordingly, risks of structured securities also include those risks associated with the underlying reference obligation including, but not limited to, market risk, interest rate risk, credit risk, default risk and foreign currency risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">OPTIONS CONTRACTS RISK </span></span>is the risk that there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SWAP CONTRACTS RISK </span></span>is the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.</div> </td> </tr> </table> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 1.94%. For the periods shown in the bar chart above, the highest quarterly return was 7.24% in the fourth quarter of 2023, and the lowest quarterly return was (7.08)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 2026-06-30 0.0194 highest quarterly return  highest quarterly return  0.0724 2023-12-31 lowest quarterly return -0.0708 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0395 0.0032 0.0196 0.0393 0.0026 0.0183 0.0363 0.0082 0.0209 0.0425 0.0080 0.0234 0.0411 0.0076 0.0229 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. INTERMEDIATE TAX‑EXEMPT FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 15pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0043 0.0007 0.0004 0.0003 0.0050 -0.0005 0.0045 July 31, 2027 EXAMPLE <div style="margin-top: 15pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 46 155 275 623 PORTFOLIO TURNOVER. The Fund may incur transaction costs as it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30.91% of the average value of its portfolio. 0.3091 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking high current income exempt from regular federal income tax, the Fund will invest in municipal instruments. A municipal instrument is a fixed-income obligation issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal instruments issued for certain purposes may not be tax‑exempt. The municipal instruments in which the Fund invests may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">General obligation bonds secured by the issuer’s full faith, credit and taxing power;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Industrial development bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Moral obligation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Tax‑exempt derivative instruments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stand‑by commitments; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, it may invest up to 15% of its net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Alternative minimum tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a portion of the Fund’s dividends may be subject to federal tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds, corporate-backed municipal bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between three and ten years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds, corporate-backed municipal bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL MARKET VOLATILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that the Fund may be adversely affected by volatility in the municipal market. The municipal market can be significantly affected by adverse tax, legislative, political or public health changes and the financial condition of the issuers of municipal securities.<span style="font-weight: bold;"> </span> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL TAX LIABILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that shareholders of the Fund could be subject to tax liabilities. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes. Subsequent to the Fund’s acquisition of a municipal security, however, the municipal security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as exempt-interest dividends could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STRUCTURED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that structured securities may be more volatile, less liquid and more difficult to price than less complex securities due to their derivative nature. As a result, investments in structured securities may adversely affect the Fund’s NAV. In some cases, it is possible that the Fund may suffer a total loss on its investment in a structured security. In addition, the performance and payment of principal and interest of a structured security is tied to that of a reference obligation. Accordingly, risks of structured securities also include those risks associated with the underlying reference obligation including, but not limited to, market risk, interest rate risk, credit risk, default risk and foreign currency risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ALTERNATIVE MINIMUM TAX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a portion of the Fund’s otherwise tax‑exempt income may be taxable to those shareholders subject to the federal alternative minimum tax. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">OPTIONS CONTRACTS RISK </span></span>is the risk that there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SWAP CONTRACTS RISK </span></span>is the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.</div> </td> </tr> </table> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 1.60%. For the periods shown in the bar chart above, the highest quarterly return was 5.74% in the fourth quarter of 2023, and the lowest quarterly return was (5.77)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0160 highest quarterly return  0.0574 2023-12-31 lowest quarterly return -0.0577 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0483 0.0067 0.0190 0.0480 0.0061 0.0176 0.0416 0.0106 0.0193 0.0425 0.0080 0.0234 0.0518 0.0116 0.0227 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. LIMITED TERM TAX‑EXEMPT FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0043 0.0008 0.0004 0.0004 0.0051 -0.0006 0.0045 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 46 158 279 635 PORTFOLIO TURNOVER. The Fund may incur transaction costs as it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28.23% of the average value of its portfolio. 0.2823 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking high current income exempt from regular federal income tax, the Fund will invest in municipal instruments. A municipal instrument is a fixed-income obligation issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal instruments issued for certain purposes may not be tax‑exempt. The municipal instruments in which the Fund invests may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">General obligation bonds secured by the issuer’s full faith, credit and taxing power;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Industrial development bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Moral obligation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Tax‑exempt derivative instruments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stand‑by commitments; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, it may invest up to 15% of its net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. Alternative minimum tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a portion of the Fund’s dividends may be subject to federal tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds, corporate-backed municipal bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks. NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range from at least one year to less than six years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, it may invest up to 15% of its net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. Alternative minimum tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a portion of the Fund’s dividends may be subject to federal tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities and result in increased municipal security price </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL MARKET VOLATILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that the Fund may be adversely affected by volatility in the municipal market. The municipal market can be significantly affected by adverse tax, legislative, political or public health changes and the financial condition of the issuers of municipal securities.<span style="font-weight: bold;"> </span> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL TAX LIABILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that shareholders of the Fund could be subject to tax liabilities. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes. Subsequent to the Fund’s acquisition of a municipal security, however, the municipal security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as exempt-interest dividends could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STRUCTURED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that structured securities may be more volatile, less liquid and more difficult to price than less complex securities due to their derivative nature. As a result, investments in structured securities may adversely affect the Fund’s NAV. In some cases, it is possible that the Fund may suffer a total loss on its investment in a structured security. In addition, the performance and payment of principal and interest of a structured security is tied to that of a reference obligation. Accordingly, risks of structured securities also include those risks associated with the underlying reference obligation including, but not limited to, market risk, interest rate risk, credit risk, default risk and foreign currency risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ALTERNATIVE MINIMUM TAX RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a portion of the Fund’s otherwise tax‑exempt income may be taxable to those shareholders subject to the federal alternative minimum tax. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="vertical-align: top;">unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">OPTIONS CONTRACTS RISK</span></span> is the risk that there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SWAP CONTRACTS RISK</span></span> is the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.</div> </td> </tr> </table> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 1.12%. For the periods shown in the bar chart above, the highest quarterly return was 3.46% in the fourth quarter of 2023, and the lowest quarterly return was (3.36)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0112 highest quarterly return 0.0346 2023-12-31 lowest quarterly return -0.0336 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0405 0.0121 0.0158 0.0404 0.0112 0.0145 0.0345 0.0130 0.0153 0.0425 0.0080 0.0234 0.0435 0.0131 0.0173 <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. TAX-EXEMPT FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide a high level of current income exempt from regular federal income tax by investing in municipal instruments.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0043 0.0007 0.0004 0.0003 0.0050 -0.0005 0.0045 July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 46 155 275 623 PORTFOLIO TURNOVER. The Fund may incur transaction costs as it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46.31% of the average value of its portfolio. 0.4631 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking high current income exempt from regular federal income tax, the Fund may invest in a broad range of municipal instruments. A municipal instrument is a fixed-income obligation issued by a state, territory or possession of the United States (including the District of Columbia) or a political subdivision, agency or instrumentality thereof. Interest income received by holders of municipal instruments is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal instruments issued for certain purposes may not be tax‑exempt. The municipal instruments in which the Fund invests may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">General obligation bonds secured by the issuer’s full faith, credit and taxing power;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Revenue obligation bonds payable from the revenues derived from a particular facility or class of facilities;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Industrial development bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Moral obligation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Tax‑exempt derivative instruments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Stand‑by commitments; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Municipal instruments backed by letters of credit, insurance or other forms of credit enhancement issued by domestic or foreign banks, insurance companies and other financial institutions.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, it may invest up to 15% of its net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. Alternative minimum tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a portion of the Fund’s dividends may be subject to federal tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as general obligation bonds and revenue obligation bonds) that NTI believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">NTI may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between ten and thirty years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">The Fund primarily invests in investment grade debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). However, it may invest up to 15% of its net assets in obligations that are rated below-investment grade (commonly referred to as “junk bonds”). Credit ratings are determined at the time of purchase.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Except in extraordinary circumstances, at least 80% of the Fund’s net assets will be invested in debt instruments that pay interest that is exempt from regular federal income tax. Alternative minimum tax (“AMT”) obligations (also known as “private activity bonds”), which pay interest that may be treated as an item of tax preference to shareholders under the federal AMT, will not be deemed to be eligible debt instruments for the purposes of determining whether the Fund meets this policy. For shareholders subject to AMT, a portion of the Fund’s dividends may be subject to federal tax.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may make significant investments in structured securities and also may invest in futures contracts, options and swaps, all of which are considered to be derivative instruments, for both hedging and non‑hedging purposes. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. </span></div><div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">can lessen their ability to make a market in these securities and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL MARKET VOLATILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that the Fund may be adversely affected by volatility in the municipal market. The municipal market can be significantly affected by adverse tax, legislative, political or public health changes and the financial condition of the issuers of municipal securities.<span style="font-weight: bold;"> </span> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL TAX LIABILITY RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that shareholders of the Fund could be subject to tax liabilities. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes. Subsequent to the Fund’s acquisition of a municipal security, however, the municipal security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as exempt-interest dividends could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STRUCTURED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that structured securities may be more volatile, less liquid and more difficult to price than less complex securities due to their derivative nature. As a result, investments in structured securities may adversely affect the Fund’s NAV. In some cases, it is possible that the Fund may suffer a total loss on its investment in a structured security. In addition, the performance and payment of principal and interest of a structured security is tied to that of a reference obligation. Accordingly, risks of structured securities also include those risks associated with the underlying reference obligation including, but not limited to, market risk, interest rate risk, credit risk, default risk and foreign currency risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ALTERNATIVE MINIMUM TAX RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that a portion of the Fund’s otherwise tax‑exempt income may be taxable to those shareholders subject to the federal alternative minimum tax. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PORTFOLIO TURNOVER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">OPTIONS CONTRACTS RISK </span></span>is the risk that there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SWAP CONTRACTS RISK </span></span>is the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non‑operational, and sometimes involve increased transaction costs.</div> </td> </tr> </table> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 2.32%. For the periods shown in the bar chart above, the highest quarterly return was 6.85% in the fourth quarter of 2023, and the lowest quarterly return was (6.79)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0232 highest quarterly return 0.0685 2023-12-31 lowest quarterly return -0.0679 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0393 0.0017 0.0191 0.0391 0.0010 0.0183 0.0380 0.0077 0.0210 0.0425 0.0080 0.0234 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. ACTIVE M EMERGING MARKETS EQUITY FUND INVESTMENT OBJECTIVE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily emerging and frontier market equity securities. Any income received is incidental to this objective. </div> FEES AND EXPENSES OF THE FUND <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below. </div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0.0033 0.0004 0.0029 0.0001 0.0129 -0.0030 0.0099 “Management Fees” have been restated to reflect current fees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 101 379 679 1530 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 67.26% of the average value of its portfolio. 0.6726 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled in emerging and frontier markets. Emerging and frontier markets are defined as those markets included in the MSCI Emerging Markets Index and MSCI FM (Frontier Markets) Index. The Fund’s sub‑advisers may also consider emerging and frontier markets as classified by the World Bank, International Finance Corporation or the United Nations and other similar agencies. The Fund may invest in companies of any size located in a number of countries throughout the world. The principal types of equity securities in which the Fund invests include common stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund’s common stock investments also include China A‑shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">When determining the allocations and reallocations to sub‑advisers, NTI will consider a variety of factors, including but not limited to the sub‑adviser’s style, historical performance, and the characteristics of each sub‑adviser’s allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). NTI seeks, through its selection of sub‑advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors and/or countries. As of March 31, 2026, the Fund had focused investments in the financials and information technology sectors, and in China, South Korea, and Taiwan. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The sub‑advisers may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-style:italic">Morgan Stanley Capital International, Inc. (“MSCI”) does not endorse any of the securities in the MSCI Emerging Markets Index or MSCI FM (Frontier Markets) Index. It is not a sponsor of the Active M Emerging Markets Equity Fund and is not affiliated with the Fund in any way. </span></div> <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled in emerging and frontier markets. Emerging and frontier markets are defined as those markets included in the MSCI Emerging Markets Index and MSCI FM (Frontier Markets) Index. The Fund’s sub‑advisers may also consider emerging and frontier markets as classified by the World Bank, International Finance Corporation or the United Nations and other similar agencies. The Fund may invest in companies of any size located in a number of countries throughout the world. The principal types of equity securities in which the Fund invests include common stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund’s common stock investments also include China A‑shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). </div> In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled in emerging and frontier markets. <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">EMERGING MARKETS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FOREIGN SECURITIES RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FRONTIER MARKETS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DEPOSITARY RECEIPTS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non‑uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MULTI-MANAGER RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the sub‑advisers’ investment styles will not always be complementary or that the investment adviser’s allocation of assets amongst sub‑advisers will not achieve the intended result, which could negatively impact the performance of the Fund. Sub‑advisers make investment decisions independently of one another, and may make decisions that conflict with each other. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MANAGEMENT RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that a strategy used by the Fund’s investment adviser or sub‑advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser or the sub‑advisers may cause unintended results. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">GEOGRAPHIC RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such country or region. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">CHINA INVESTMENT RISK</span></span> is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; and considerable degrees of economic, political and social instability. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People’s Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investors in Chinese markets generally experience difficulties in obtaining information necessary for audits of, investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Complex geopolitical tensions, internal social unrest or confrontations with other neighboring countries, including military conflicts may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Additionally, the Public Company Accounting Oversight Board (“PCAOB”) has historically had difficulties inspecting audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies. These difficulties may impose significant additional risks associated with investments in China, including with respect to the reliability of the audits and of the information about the Chinese securities or the potential delisting of a U.S.-listed Chinese issuer due to an inability to inspect the issuer’s accounting firm. Certain securities issued by companies located or operating in China, such as China A‑shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. In addition, actions by the U.S. government, such as delisting of certain Chinese </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;"> </td> <td style="vertical-align:top;">companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SOUTH KOREA INVESTMENT RISK</span></span> is that risk that South Korean issuers in which the Fund invests may subject the Fund to legal, regulatory, political, currency, security, environmental and economic risks that are specific to South Korea. In addition, economic and political developments of South Korea’s neighbors, including escalated tensions involving North Korea and any outbreak of hostilities involving North Korea, or even the threat of an outbreak of hostilities, may have a severe adverse effect on the South Korean economy. Additionally, South Korea’s heavy reliance on trading exports and the risk of disruptions or decreases in trade activity may negatively impact the South Korean economy. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">TAIWAN INVESTMENT RISK</span></span> is the risk of investing in securities of Taiwanese issuers, and includes Taiwanese legal, regulatory, political, currency, and economic risks. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SECTOR RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INFORMATION TECHNOLOGY SECTOR RISK</span></span> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SMALL AND MID CAP STOCK RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that stocks of small and mid‑sized companies may be more volatile than stocks of larger, more established companies. Small and mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. The securities of small and mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">LIQUIDITY RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">PORTFOLIO TURNOVER RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that high portfolio turnover, including investments made on a shorter-term basis or instruments with a maturity of one year or less at the time of acquisition, may lead to increased Fund expenses that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">VALUATION RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">SECURITIES LENDING RISK</span></span> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111. </div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">* Year to date total return for the six months ended June 30, 2026 was 27.93%. For the period shown in the bar chart above, the highest quarterly return was 20.58% in the fourth quarter of 2020, and the lowest quarterly return was (25.57)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.2793 highest quarterly return 0.2058 2020-12-31 lowest quarterly return -0.2557 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.3414 0.0425 0.0824 0.3370 0.0280 0.0707 0.2081 0.0306 0.0653 0.3357 0.0420 0.0842 <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. ACTIVE M INTERNATIONAL EQUITY FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily non‑U.S. equity securities. Any income received is incidental to this objective.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0082 0.0010 0.0004 0.0006 0.0001 0.0093 -0.0008 0.0085 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 87 288 507 1136 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48.58% of the average value of its portfolio. 0.4858 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled outside the U.S. The Fund may invest in companies of any size located in a number of countries throughout the world but primarily invests in companies domiciled in developed markets. The principal types of equity securities in which the Fund invests include common stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund may invest up to 40% of its net assets in issuers domiciled in emerging markets (i.e., those that are generally in the early stages of their industrial cycles).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">When determining the allocations and reallocations to sub‑advisers, NTI will consider a variety of factors, including but not limited to the sub‑adviser’s style, historical performance, and the characteristics of each sub‑adviser’s allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). NTI seeks, through its selection of sub‑advisers and its allocation determinations, to reduce</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">portfolio volatility and provide an attractive combination of risk and return for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors, countries and/or geographic regions. As of March 31, 2026, the Fund had focused investments in the financials and industrials sectors, and in the United Kingdom and European Union.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The sub‑advisers may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled outside the U.S. The Fund may invest in companies of any size located in a number of countries throughout the world but primarily invests in companies domiciled in developed markets. The principal types of equity securities in which the Fund invests include common stock, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund may invest up to 40% of its net assets in issuers domiciled in emerging markets (i.e., those that are generally in the early stages of their industrial cycles).</div> In seeking long-term capital appreciation, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled outside the U.S. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EMERGING MARKETS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEPOSITARY RECEIPTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with nonuniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MULTI-MANAGER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sub‑advisers’ investment styles will not always be complementary or that the investment adviser’s allocation of assets amongst sub‑advisers will not achieve the intended result, which could negatively impact the performance of the Fund. Sub‑advisers make investment decisions independently of one another, and may make decisions that conflict with each other. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser or sub‑advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser or the sub‑advisers may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">GEOGRAPHIC RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such country or region. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EUROPEAN INVESTMENT RISK</span></span> is the risk that investments in certain countries in the European Union (the “EU”) are susceptible to high political, social, or economic risks due to restrictions on inflation rates, rising debt levels and fiscal and monetary controls. Decreasing imports or exports, changes in local or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, budget deficits and recessions in an EU member country may have significant adverse effects on the economies of the other EU member countries. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU would likely place the EU’s currency and banking system in jeopardy and result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which will adversely affect the Fund’s EU investments.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">UNITED KINGDOM INVESTMENT RISK</span></span> is the risk that investments in issuers located in the United Kingdom (“UK”) may subject the Fund to regulatory, political, currency, security and economic risk specific to the UK. The UK has one of the largest economies in Europe and is heavily dependent on trade with the European Union (“EU”). As a result, the UK economy may be impacted by changes to the economic health of EU member countries. On January 31, 2020, the UK officially withdrew from the EU (“Brexit”). While new trade deals between the UK and other countries may boost economic growth, such growth may not be able to offset the increased costs of trade with the EU resulting from the UK’s loss of its membership in the EU single market. While the long-term impact of Brexit is unknown, Brexit has already resulted in periods of volatility in European and global financial markets and uncertainty about the integrity and functioning of the EU, both of which may persist for an extended period of time.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIALS SECTOR RISK</span></span> is the risk that companies in the financials sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competitions and the availability and cost of capital, among other factors.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SMALL AND MID CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of small and mid‑sized companies may be more volatile than stocks of larger, more established companies. Small and mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. The securities of small and mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LIQUIDITY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that certain securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 11.14%. For the periods shown in the bar chart above, the highest quarterly return was 21.01% in the second quarter of 2020, and the lowest quarterly return was (26.59)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.1114 highest quarterly return 0.2101 2020-06-30 lowest quarterly return -0.2659 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.3488 0.1011 0.0935 0.3177 0.0803 0.0799 0.2275 0.0768 0.0742 0.3218 0.0903 0.0847 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND INVESTMENT OBJECTIVE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks total return through both income and capital appreciation. </div> FEES AND EXPENSES OF THE FUND <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below. </div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0011 0.0004 0.0007 0.0001 0.0102 -0.0005 0.0097 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">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. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 99 320 558 1243 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56.86% of the average value of its portfolio. 0.5686 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking to achieve total return, the Fund will invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in securities of infrastructure companies listed on a domestic or foreign exchange. The Fund invests primarily in equity securities, including common stock, of infrastructure companies. Under normal circumstances, the Fund will invest at least 40%, and may invest up to 100%, of its net assets in the securities of infrastructure companies economically tied to a foreign (non‑U.S.) country, including emerging market countries (i.e., those that are generally in the early stages of their industrial cycles). The Fund may invest in large, medium or small capitalization infrastructure companies. The Fund will invest at least 25% or more of its total assets in issuers principally engaged in the infrastructure business. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund considers a company to be engaged in the infrastructure business if it derives at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, infrastructure-related activities. The Fund defines “infrastructure” as the systems and networks of energy, transportation, utilities, communication and other services required for the normal function of society. Infrastructure companies are involved in, among other things: (1) the generation, transmission and distribution of electric energy; (2) the storage, transportation and distribution of natural resources, such as natural gas, used to produce energy; (3) alternative and sustainable energy sources; (4) the building, operation and maintenance of highways, toll roads, tunnels, bridges and parking lots; (5) the building, operation and </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">maintenance of airports and ports, railroads and mass transit systems; (6) telecommunications and digital infrastructure, including wireless, cable networks and data centers; (7) water treatment and distribution; (8) social infrastructure and other public services such as health care and education; and (9) businesses tied to future infrastructure spending and infrastructure project management including consultancy and engineering. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund may enter into spot and forward foreign currency exchange contracts to facilitate settlement of securities transactions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">When determining the allocations and reallocations to sub‑advisers, NTI will consider a variety of factors, including but not limited to the sub‑adviser’s investment approach, historical performance, and the characteristics of each sub‑adviser’s allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). NTI seeks, through its selection of sub‑advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fund. </div> <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">In seeking to achieve total return, the Fund will invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in securities of infrastructure companies listed on a domestic or foreign exchange. The Fund invests primarily in equity securities, including common stock, of infrastructure companies. Under normal circumstances, the Fund will invest at least 40%, and may invest up to 100%, of its net assets in the securities of infrastructure companies economically tied to a foreign (non‑U.S.) country, including emerging market countries (i.e., those that are generally in the early stages of their industrial cycles). The Fund may invest in large, medium or small capitalization infrastructure companies. The Fund will invest at least 25% or more of its total assets in issuers principally engaged in the infrastructure business. </div> In seeking to achieve total return, the Fund will invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in securities of infrastructure companies listed on a domestic or foreign exchange. The Fund will invest at least 25% or more of its total assets in issuers principally engaged in the infrastructure business.The Fund considers a company to be engaged in the infrastructure business if it derives at least 50% of its revenues or earnings from, or devotes at least 50% of its assets to, infrastructure-related activities. The Fund defines “infrastructure” as the systems and networks of energy, transportation, utilities, communication and other services required for the normal function of society. Infrastructure companies are involved in, among other things: (1) the generation, transmission and distribution of electric energy; (2) the storage, transportation and distribution of natural resources, such as natural gas, used to produce energy; (3) alternative and sustainable energy sources; (4) the building, operation and maintenance of highways, toll roads, tunnels, bridges and parking lots; (5) the building, operation and maintenance of airports and ports, railroads and mass transit systems; (6) telecommunications and digital infrastructure, including wireless, cable networks and data centers; (7) water treatment and distribution; (8) social infrastructure and other public services such as health care and education; and (9) businesses tied to future infrastructure spending and infrastructure project management including consultancy and engineering. <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INFRASTRUCTURE SECURITIES CONCENTRATION RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> Infrastructure companies are subject to the risk that: the potential for realized revenue volumes is significantly lower than projected and/or there will be cost overruns; project sponsors will alter their terms making a project no longer economical; macroeconomic factors such as low gross domestic product (“GDP”) growth or high nominal interest rates will raise the average cost of funding; government regulation may affect rates charged to customers; government budgetary constraints will impact projects; special tariffs will be imposed; and changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include environmental damage due to a company’s operations or an accident, changes in market sentiment towards infrastructure and terrorist acts. Because the Fund concentrates its investments in the infrastructure industry, it will be subject to greater risk of loss than if it were diversified across different industries. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FOREIGN SECURITIES RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">hedging strategies, if used, are not always successful. For </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">EMERGING MARKETS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MULTI-MANAGER RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the sub‑advisers’ investment styles will not always be complementary or that the investment adviser’s allocation of assets amongst sub‑advisers will not achieve the intended result, which could negatively impact the performance of the Fund. Sub‑advisers make investment decisions independently of one another, and may make decisions that conflict with each other. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MANAGEMENT RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that a strategy used by the Fund’s investment adviser or sub‑advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser or the sub‑advisers may cause unintended results. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DERIVATIVES RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt;"> </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:9.5pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3%;"> </td> <td style="width:1%;vertical-align:top;text-align:left;">∎</td> <td style="width:1%;vertical-align:top;"> </td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:9.5pt;text-align:left;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS RISK</span></span> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold. </div> </td> </tr> </table> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">SMALL AND MID CAP STOCK RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that stocks of small and mid‑sized companies may be more volatile than stocks of larger, more established companies. Small and mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. The securities of small and mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">VALUATION RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-family:arial;font-size:7.5pt">SECURITIES LENDING RISK</span></span> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111. </div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">* Year to date total return for the six months ended June 30, 2026 was 9.17%. For the period shown in the bar chart above, the highest quarterly return was 12.95% in the third quarter of 2024, and the lowest quarterly return was (20.39)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.0917 highest quarterly return 0.1295 2024-09-30 lowest quarterly return -0.2039 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.2311 0.0709 0.0738 0.2158 0.0590 0.0615 0.1505 0.0551 0.0575 0.2234 0.1119 0.1172 0.2154 0.1002 0.0847 <div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. MULTI-MANAGER GLOBAL REAL ESTATE FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide long-term capital appreciation and current income through a diversified portfolio of primarily equity securities of U.S. and foreign real estate and real estate related companies.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0078 0.0020 0.0004 0.0016 0.0001 0.0099 -0.0017 0.0082 “Management Fees” have been restated to reflect current fees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 our 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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 84 298 531 1198 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 82.15% of the average value of its portfolio. 0.8215 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation and current income, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of real estate companies and real estate related companies (collectively “real estate companies”). This means that the Fund will concentrate its investments (i.e., invest at least 25% or more of its total assets) in issuers principally engaged in real estate activities. The Fund considers companies to be engaged in real estate activities if they derive a significant portion of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or if they have a significant portion of their assets in these types of real estate-related areas. The Fund will invest in equity-related securities of U.S. and foreign real estate companies. The Fund does not invest directly in real estate.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s investments in equity-related securities of real estate companies will generally be primarily in securities of companies known as real estate investment trusts (“REITs”) or U.S. or non‑U.S. REIT-like companies that own and/or manage property. The Fund may invest without limit in the securities of REITs. The Fund may also invest in equity securities of other types of real estate companies including REITs that invest in real estate-related loans and real estate operating companies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">When determining the allocations and reallocations to sub‑advisers, NTI will consider a variety of factors, including but not limited to the sub‑adviser’s style, historical performance, and the characteristics of each sub‑adviser’s allocated assets (including capitalization, growth and profitability measures, valuation metrics, economic sector exposures, and earnings and volatility statistics). NTI seeks, through its selection of sub‑advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fund.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking long-term capital appreciation and current income, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of real estate companies and real estate related companies (collectively “real estate companies”). This means that the Fund will concentrate its investments (i.e., invest at least 25% or more of its total assets) in issuers principally engaged in real estate activities. The Fund considers companies to be engaged in real estate activities if they derive a significant portion of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or if they have a significant portion of their assets in these types of real estate-related areas. The Fund will invest in equity-related securities of U.S. and foreign real estate companies. The Fund does not invest directly in real estate.</div> In seeking long-term capital appreciation and current income, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of real estate companies and real estate related companies (collectively “real estate companies”). This means that the Fund will concentrate its investments (i.e., invest at least 25% or more of its total assets) in issuers principally engaged in real estate activities. The Fund considers companies to be engaged in real estate activities if they derive a significant portion of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or if they have a significant portion of their assets in these types of real estate-related areas. The Fund will invest in equity-related securities of U.S. and foreign real estate companies. The Fund does not invest directly in real estate. In seeking long-term capital appreciation and current income, the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of real estate companies and real estate related companies (collectively “real estate companies”). <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REAL ESTATE SECURITIES CONCENTRATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investments in securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The value of real estate securities may underperform other sectors of the economy or broader equity markets. To the extent that the Fund concentrates its investments in the real estate industry, it will be subject to greater risk of loss than if it were diversified across different industries. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REIT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s investments will be affected by factors affecting REITs and the real estate sector generally. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of mortgage funds and unexpected vacancies of properties. REITs that invest in real estate mortgages are also subject to prepayment risks. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs may have limited financial resources, may trade less frequently and in lower volume, engage in dilutive offerings or become more volatile than other securities. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the Investment Company Act of 1940. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MULTI-MANAGER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sub‑advisers’ investment styles will not always be complementary or that the investment adviser’s allocation of assets amongst sub‑advisers will not achieve the intended result, which could negatively impact the performance of the Fund. Sub‑advisers make investment decisions independently of one another, and may make decisions that conflict with each other. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser or sub‑advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser or the sub‑advisers may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SMALL AND MID CAP STOCK RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that stocks of small and mid‑sized companies may be more volatile than stocks of larger, more established companies. Small and mid‑sized companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. The securities of small and mid‑sized companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ISSUER FOCUS RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that the Fund’s portfolio may from time to time be comprised of a more limited number of issuers, even though the Fund is classified as a diversified fund. To the extent the Fund has greater exposure to any single investment or issuer, the Fund may be more significantly impacted by any economic, market, business, political, regulatory, or other occurrence affecting such investment or issuer. As a result, there may be more fluctuation in the price of the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 7.25%. For the period shown in the bar chart above, the highest quarterly return was 14.64% in the fourth quarter of 2023, and the lowest quarterly return was (24.87)% in the first quarter of 2020. </span></div> Year to date total return 2026-06-30 0.0725 highest quarterly return 0.1464 2023-12-31 lowest quarterly return -0.2487 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0559 0.0179 0.0353 0.0430 0.0096 0.0196 0.0330 0.0112 0.0215 0.2234 0.1119 0.1172 0.0958 0.0276 0.0325 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts.</span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’stax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks total return consisting of a combination of income and capital appreciation.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0065 0.0013 0.0004 0.0009 0.0001 0.0079 -0.0010 0.0069 The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 70 242 429 969 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 53.81% of the average value of its portfolio. 0.5381 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in bonds and other fixed-income securities that are rated below investment grade (commonly referred to as “junk bonds”). Bonds and other fixed-income securities may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. and foreign corporations and banks;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Senior and subordinated bonds and debentures;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon, pay‑in‑kind and capital appreciation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Convertible securities, preferred stock, structured securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Loans and loan participations.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The sub‑advisers may shift the Fund’s assets among various types of securities based upon changing market conditions, yield differences and the credit-worthiness of issuers among other things.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Lower quality securities or below-investment grade securities are those rated BB, Ba or lower by a Nationally Recognized Statistical Rating Organization (“NRSRO”), or unrated securities determined to be of comparable quality by one or more of the Fund’s sub‑advisers. There is no minimum rating for a security purchased or held by the Fund, and the Fund may purchase securities that are in default. The Fund does not have any portfolio maturity limitation, and may invest its assets from time to time primarily in instruments with short, medium or long maturities.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Although the Fund primarily invests in the debt obligations of domestic issuers, it may invest in debt obligations of foreign issuers. The Fund’s investments in foreign issuers together with notional underlying foreign currency exposure are not expected to exceed 30%.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may invest up to 15% of its net assets in “illiquid investments,” i.e. those that the Fund reasonably expects cannot be sold or disposed of in current market conditions within seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">When determining the allocations and reallocations to sub‑advisers, NTI will consider a variety of factors, including but not limited to the sub‑adviser’s investment approach, historical performance, and the characteristics of each sub‑adviser’s allocated assets (including duration, credit quality, average maturity, industry and geographic region). NTI seeks, through its selection of sub‑advisers and its allocation determinations, to reduce portfolio volatility and provide an attractive combination of risk and return for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of March 31, 2026, the Fund had a focused investment in the industrials sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The sub‑advisers may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund.</div> <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in bonds and other fixed-income securities that are rated below investment grade (commonly referred to as “junk bonds”). Bonds and other fixed-income securities may include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. and foreign corporations and banks;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Senior and subordinated bonds and debentures;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon, pay‑in‑kind and capital appreciation bonds;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Convertible securities, preferred stock, structured securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Loans and loan participations.</div> </td> </tr> </table> In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets in bonds and other fixed-income securities that are rated below investment grade (commonly referred to as “junk bonds”). <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub‑advisers, in percentages determined at the discretion of NTI. Each sub‑adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each sub‑adviser must operate within the constraints of the Fund’s investment objective, strategies and restrictions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">HIGH-YIELD RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s below-investment grade fixed-income securities, sometimes known as “junk bonds,” will be subject to greater credit risk, price volatility, liquidity risk, and risk of loss than investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to the increased risk of an issuer’s inability to make principal and interest payments. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">RESTRICTED SECURITIES RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that limitations on the resale of restricted securities or other securities exempt from certain registration requirements, such as Rule 144A securities, may have an adverse effect on their marketability and may prevent the Fund from disposing of them promptly or at desirable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LIQUIDITY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that certain securities may be less liquid than others or may be deemed illiquid in certain </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">instances where a sub‑adviser to the Fund may receive material</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">non‑public information of a company because one of the sub‑adviser’s employees, such as a portfolio manager to the Fund, sits on the company’s board of directors, which may make them difficult or impossible to sell at the time and the price that the Fund would like and the Fund may have to lower the price, sell other securities instead or forgo an investment opportunity, adversely affecting the value of the Fund’s investments and its returns. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. All of these risks may increase during periods of market turmoil and could have a negative effect on the Fund’s performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LOAN RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that loans may be unrated, less liquid and more difficult to value than traditional debt securities. Loans may be made to finance highly leveraged corporate operations or acquisitions. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in financial, economic or market conditions. Loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell such loans in secondary markets. As a result, the Fund may be unable to sell loans at a desired time or price. Extended trade settlement periods for certain loans may result in cash not being immediately available to the Fund upon sale of the loan. As a result, the Fund may have to sell other investments with shorter settlement periods or engage in borrowing transactions to raise cash to meet its obligations. Loans are also subject to the risk of price declines and to increases in prevailing interest rates, although the floating rate loans in which the Fund generally invests are substantially less exposed to this risk than fixed-rate debt instruments. If the Fund acquires only an assignment or a participation in a loan made by a third party, the Fund may not be able to control amendments, waivers or the exercise of any remedies that a lender would have under a direct loan and may assume liability as a lender. In addition, loans held by the Fund may not be considered “securities” under the federal securities laws and therefore the Fund may not receive the same investor protections with respect to such investments that are available to purchasers of investments that are considered “securities” under the federal securities laws. The Fund may experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses to the Fund, especially during a downturn in the credit cycle. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LOAN PARTICIPATIONS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> A loan participation agreement involves the purchase of a share of a loan made by a bank to a company in return for a corresponding share of a borrower’s principal and interest payments. The principal risk associated with acquiring loan participation interests is the credit risk associated with the underlying corporate borrower. There is also a risk that there may not be a readily available market for loan participation interests and, in some cases, this could result in the Fund disposing of such securities at a substantial discount from face value or holding such securities until maturity. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MULTI-MANAGER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sub‑advisers’ investment styles will not always be complementary or that the investment adviser’s allocation of assets amongst sub‑advisers will not achieve the intended result, which could negatively impact the performance of the Fund. Sub‑advisers make investment decisions independently of one another, and may make decisions that conflict with each other. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser or sub‑advisers may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser or the sub‑advisers may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VALUATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. It is possible that the Fund could incur a loss because a portfolio security is sold at a discount to the value ascribed to it for purposes of calculating the Fund’s net asset value. Fair value methodologies may involve more </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">subjectivity than the use of market quotations when fair valuing an investment. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOVEREIGN DEBT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ZERO COUPON OR PAY‑IN‑KIND SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The value, interest rates, and liquidity of non‑cash paying instruments, such as zero coupon and pay‑in‑kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay‑in‑kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CONVERTIBLE SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. Certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREFERRED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non‑payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INDUSTRIALS SECTOR RISK</span></span> is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STRUCTURED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that structured securities may be more volatile, less liquid and more difficult to price than less complex securities due to their derivative nature. As a result, investments in structured securities may adversely affect the Fund’s NAV. In some cases, it is possible that the Fund may suffer a total loss on its investment in a structured security. In addition, the performance and payment of </span></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">principal and interest of a structured security is tied to that of a reference obligation. Accordingly, risks of structured securities also include those risks associated with the underlying reference obligation including, but not limited to, market risk, interest rate risk, credit risk, default risk and foreign currency risk.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one reflecting the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2025 was 1.63%. For the period shown in the bar chart above, the highest quarterly return was 9.60% in the second quarter of 2020, and the lowest quarterly return was (14.45)% in the first quarter of 2020. </span></div> Year to date total return 2025-06-30 0.0163 highest quarterly return 0.0960 2020-06-30 lowest quarterly return -0.1445 2020-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0756 0.0452 0.0608 0.0442 0.0178 0.0329 0.0442 0.0224 0.0344 0.0758 0.0006 0.0244 0.0850 0.0450 0.0644 <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. U.S. GOVERNMENT MONEY MARKET FUND INVESTMENT OBJECTIVE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">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. </div> FEES AND EXPENSES OF THE FUND <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below. </div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0033 0.0003 0.0002 0.0001 0.0036 -0.0011 0.0025 July 31, 2027 EXAMPLE <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 26 105 191 445 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to achieve its objective by investing, under normal circumstances, substantially all (and at least 99.5%) of its total assets in cash; securities issued or guaranteed as to principal or interest by the U.S. government, its agencies, instrumentalities, or sponsored enterprises (“U.S. government securities”); and repurchase agreements that are fully collateralized by cash or U.S. government securities. The Fund, under normal circumstances, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. government securities and repurchase agreements collateralized solely by U.S. government securities. Repurchase agreements are agreements in which the Fund may agree to purchase portfolio securities from financial institutions subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund operates as a “government money market fund” under Rule 2a‑7 of the Investment Company Act of 1940, as amended. As a “government money market fund” under Rule 2a‑7, the Fund (1) is permitted to use the amortized cost method of valuation to seek to maintain a stable net asset value (“NAV”) of $1.00 share price, and (2) is not required to impose a liquidity fee on fund redemptions that might apply to other types of money market funds. The Fund may invest in shares of other government money market funds. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Securities and Exchange Commission (“SEC”) imposes strict requirements on the investment quality, maturity, diversification and liquidity of the Fund’s investments. Accordingly, the Fund invests in U.S. dollar-denominated securities with a remaining maturity of no more than 397 days (with certain exceptions permitted by applicable regulations). The Fund maintains a dollar-weighted average portfolio maturity of no more than 60 calendar days, and a dollar-weighted average portfolio maturity as determined without exceptions regarding certain interest rate adjustments under Rule 2a‑7 of no more than 120 calendar days. The Fund will limit its investments to “eligible securities” as defined by applicable regulations, at the time of acquisition (e.g., government securities, shares of other money market funds, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">and securities that present minimal credit risks as determined by NTI, pursuant to guidelines approved by the Fund’s Board of Trustees). The Fund may invest in variable and floating rate instruments. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s investment adviser may consider, among other things, credit, interest rate and prepayment risks as well as general market conditions when deciding whether to buy or sell investments for the Fund. The Fund will generally hold a portion of its assets in cash to accommodate anticipated redemptions. </div> <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund seeks to achieve its objective by investing, under normal circumstances, substantially all (and at least 99.5%) of its total assets in cash; securities issued or guaranteed as to principal or interest by the U.S. government, its agencies, instrumentalities, or sponsored enterprises (“U.S. government securities”); and repurchase agreements that are fully collateralized by cash or U.S. government securities. The Fund, under normal circumstances, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. government securities and repurchase agreements collateralized solely by U.S. government securities. Repurchase agreements are agreements in which the Fund may agree to purchase portfolio securities from financial institutions subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. </div> The Fund, under normal circumstances, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. government securities and repurchase agreements collateralized solely by U.S. government securities. <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">STABLE NAV RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the Fund will not be able to maintain a NAV per share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Fund, especially at a time when the Fund needs to sell securities to meet shareholder redemption requests, could cause the value of the Fund’s shares to decrease to a price less than $1.00 per share. If the Fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure) the Fund could be subject to increased redemption activity, which could adversely affect its NAV. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INTEREST RATE RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">DEBT EXTENSION RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security to decrease and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay their securities if interest rates fall. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">VARIABLE OR FLOATING RATE INSTRUMENTS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that securities with variable or floating rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value and negatively impact the Fund, particularly if changes in prevailing interest rates are more frequent or sudden than the rate changes for the variable or floating rate securities, which only occur periodically. Although variable and floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to greater liquidity risk, which could impede their value. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INCOME RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the Fund’s ability to distribute income to shareholders depends on the yield available from the Fund’s investments. Falling interest rates will cause the Fund’s income to decline. Income risk is generally higher for short-term debt securities. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and </span></div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. U.S. Treasury obligations that are held to maturity have historically involved minimal risk of loss of principal. Securities issued or guaranteed by the U.S. Treasury are backed by the full faith and credit of the United States, but are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Changes to the financial condition or credit rating of the U.S. government may cause the value of the U.S. Treasury obligations held by the Fund to decline. It is possible that the issuers of U.S. government securities, including U.S. Treasury obligations, will not have the funds to meet their payment obligations in the future, which could result in losses to and redemptions from the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">REPURCHASE AGREEMENTS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">INVESTMENT COMPANY RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the Fund will be subject to the risks associated with investments in registered investment companies (“Underlying Funds”), such as the possibility that the value of the securities or instruments held by the Underlying Funds could decrease. Investments in Underlying Funds may involve duplication of management fees and certain other expenses, as the Fund indirectly hears its proportionate share of any expenses paid by the Underlying Funds in which it invests. NTI may be subject to potential conflicts of interest with respect to investments in affiliated Underlying Funds, which are Underlying Funds managed by NTI or its affiliates, because the fees paid to NTI by some affiliated Underlying Funds may be higher than the fees paid by other Underlying Funds. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MARKET RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During the periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">CASH POSITIONS RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that maintaining cash positions may negatively affect the Fund’s performance and potentially limit investment opportunities as a result of the Fund’s uninvested assets. Maintaining cash positions may also subject the Fund to increased credit risk exposure to the custodian bank. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">MANAGEMENT RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;"><span style="font-family:arial;font-size:7.5pt"><span style="font-weight:bold">LARGE SHAREHOLDER RISK</span></span><span style="font-family:times new roman;font-size:9.5pt"> is the risk that a large proportion of the interests of the Fund may be held by a small number of investors (or a single investor) and the Fund may experience adverse effects when certain large shareholders, including funds or accounts over which the Fund’s investment adviser or an affiliate of the investment adviser has investment discretion, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly and unexpectedly, may cause the Fund to sell its securities at times it would not otherwise do so, which may negatively impact its liquidity and/or NAV. Such sales may also accelerate the realization of taxable income to shareholders if these sales result in gains, and may also increase transaction costs. In addition, large redemptions could lead to an increase in the Fund’s expense ratio due to expenses being allocated over a smaller asset base. Large purchases of the Fund’s shares or having a more concentrated shareholder base may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. </span></div> You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, the Fund cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. FUND PERFORMANCE The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year. <div style="margin-top:14pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9.5pt;font-family:times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111. </div> The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN(1) <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">(1)</sup> Year to date total return for the six months ended June 30, 2026 was 1.69%. For the periods shown in the bar chart above, the highest quarterly return was 1.28% in the fourth quarter of 2023, and the lowest quarterly return was 0.00% in the second quarter of 2021. </span></div><div style="margin-top:6pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic"><sup style="font-size:75%;vertical-align:top">(2)</sup> Total returns for the period includes antitrust settlement proceeds. Absent these proceeds, total return would have been lower. </span></div> Year to date total return 2026-06-30 0.0169 highest quarterly return 0.0128 2023-12-31 lowest quarterly return 0.0000 2021-06-30 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0402 0.0299 0.0193 <div style="margin-top:12pt;margin-bottom:0pt;font-size:7.5pt;font-family:arial;"><span style="font-style:italic">For the current 7‑day yield call 800‑595‑9111 or visit northerntrust.com/funds. </span></div> 800‑595‑9111 U.S. GOVERNMENT SELECT MONEY MARKET FUND INVESTMENT OBJECTIVE <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Shares Class shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0033 0.0003 0.0002 0.0001 0.0036 -0.0011 0.0025 July 31, 2027 EXAMPLE <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 26 105 191 445 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to achieve its objective by investing, under normal circumstances, substantially all (and at least 99.5%) of its total assets in cash, securities issued or guaranteed as to principal or interest by the U.S. government, its agencies, instrumentalities, or sponsored enterprises (“U.S. government securities”), and repurchase agreements that are fully collateralized by cash or U.S. government securities. Subject to the foregoing 99.5% investment strategy requirement, under normal circumstances, the Fund will seek to invest at least 50% of its net assets in the following securities that pay interest that generally is exempt from state income taxation:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">U.S. Treasury bills;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">U.S. Treasury notes;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">U.S. Treasury STRIPS;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">securities issued by the Federal Home Loan Bank (FHLB);</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">securities issued by the Federal Farm Credit Bank (FFCB); and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">securities issued by the Tennessee Valley Authority.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund, under normal circumstances, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. government securities and repurchase agreements collateralized solely by U.S. government securities. Repurchase agreements are agreements in which the Fund may agree to purchase portfolio securities from financial institutions subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. The Fund seeks to invest a portion of its portfolio in select U.S. government securities that pay interest that generally is exempt from state income taxation.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund operates as a “government money market fund” under Rule 2a‑7 of the Investment Company Act of 1940, as amended. As a “government money market fund” under Rule 2a‑7, the Fund (1) is permitted to use the amortized cost method of valuation to seek to maintain a stable net asset value (“NAV”) of $1.00 share price, and (2) is not required to impose a liquidity fee on fund redemptions that might apply to other types of money market funds. The Fund may invest in shares of other government money market funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Securities and Exchange Commission (“SEC”) imposes strict requirements on the investment quality, maturity, diversification and liquidity of the Fund’s investments.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Accordingly, the Fund invests in U.S. dollar-denominated securities with a remaining maturity of no more than 397 days (with certain exceptions permitted by applicable regulations).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund maintains a dollar-weighted average portfolio maturity of no more than 60 calendar days, and a dollar-weighted average portfolio maturity as determined without exceptions regarding certain interest rate adjustments under Rule 2a‑7 of no more than 120 calendar days. The Fund will limit its investments to “eligible securities” as defined by applicable regulations at the time of acquisition (e.g., government securities, shares of other money market funds, and securities that present minimal credit risks as determined by NTI, pursuant to guidelines approved by the Fund’s Board of Trustees). The Fund may invest in variable and floating rate instruments. The Fund’s investment adviser may consider, among other things, credit, interest rate and prepayment risks as well as general market conditions when deciding whether to buy or sell investments for the Fund. The Fund will generally hold a portion of its assets in cash to accommodate anticipated redemptions.</div> The Fund seeks to achieve its objective by investing, under normal circumstances, substantially all (and at least 99.5%) of its total assets in cash, securities issued or guaranteed as to principal or interest by the U.S. government, its agencies, instrumentalities, or sponsored enterprises (“U.S. government securities”), and repurchase agreements that are fully collateralized by cash or U.S. government securities. The Fund, under normal circumstances, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. government securities and repurchase agreements collateralized solely by U.S. government securities. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">STABLE NAV RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will not be able to maintain a NAV per share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Fund, especially at a time when the Fund needs to sell securities to meet shareholder redemption requests, could cause the value of the Fund’s shares to decrease to a price less than $1.00 per share. If the Fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure) the Fund could be subject to increased redemption activity, which could adversely affect its NAV. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security to decrease and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay their securities if interest rates fall. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">VARIABLE OR FLOATING RATE INSTRUMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that securities with variable or floating rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value and negatively impact the Fund, particularly if changes in prevailing interest rates are more frequent or sudden than the rate changes for the variable or floating rate securities, which only occur periodically. Although variable and floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to greater liquidity risk, which could impede their value. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INCOME RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund’s ability to distribute income to shareholders depends on the yield available from the Fund’s investments. Falling interest rates will cause the Fund’s </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">income to decline. Income risk is generally higher for short-term debt securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. U.S. Treasury obligations that are held to maturity have historically involved minimal risk of loss of principal. Securities issued or guaranteed by the U.S. Treasury are backed by the full faith and credit of the United States, but are guaranteed only as to the timely payment of interest and principal when held to maturity, and the market prices for such securities will fluctuate. Changes to the financial condition or credit rating of the U.S. government may cause the value of the U.S. Treasury obligations held by the Fund to decline. It is possible that the issuers of U.S. government securities, including U.S. Treasury obligations, will not have the funds to meet their payment obligations in the future, which could result in losses to and redemptions from the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">REPURCHASE AGREEMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INVESTMENT COMPANY RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund will be subject to the risks associated with investments in registered investment companies (“Underlying Funds”), such as the possibility that the value of the securities or instruments held by the Underlying Funds could decrease. Investments in Underlying Funds may involve duplication of management fees and certain other expenses, as the Fund indirectly hears its proportionate share of any expenses paid by the Underlying Funds in which it invests. NTI may be subject to potential conflicts of interest with respect to investments in affiliated Underlying Funds, which are Underlying Funds managed by NTI or its affiliates, because the fees paid to NTI by some affiliated Underlying Funds may be higher than the fees paid by other Underlying Funds. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CASH POSITIONS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that maintaining cash positions may negatively affect the Fund’s performance and potentially limit investment opportunities as a result of the Fund’s uninvested assets. Maintaining cash positions may also subject the Fund to increased credit risk exposure to the custodian bank. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">LARGE SHAREHOLDER RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a large proportion of the interests of the Fund may be held by a small number of investors (or a single investor) and the Fund may experience adverse effects when certain large shareholders, including funds or accounts over which the Fund’s investment adviser or an affiliate of the investment adviser has investment discretion, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly and unexpectedly, may cause the Fund to sell its securities at times it would not otherwise do so, which may negatively impact its liquidity and/or NAV. Such sales may also accelerate the realization of taxable income to shareholders if these sales result in gains, and may also increase transaction costs. In addition, large redemptions could lead to an increase in the Fund’s expense ratio due to expenses being allocated over a smaller asset base. Large purchases of the Fund’s shares or having a more concentrated shareholder base may also adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. </span></div> You could lose money by investing in the Fund.  Although the Fund seeks to preserve the value of your investment at $1.00 per share, the Fund cannot guarantee it will do so.  An investment in the Fund is not a bank account and is notinsured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Fund’s sponsor is not required to reimburse to the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. FUND PERFORMANCE <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing changes in the performance of the Fund from year to year. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN(1) <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">(1)</sup> Year to date total return for the six months ended June 30, 2026 was 1.69%. For the periods shown in the bar chart above, the highest quarterly return was 1.31% in the fourth quarter of 2023, and the lowest quarterly return was 0.00% in the fourth quarter of 2021.</span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;"><sup style="font-size: 75%; vertical-align: top;">(2)</sup> Total returns for the period include antitrust settlement proceeds. Absent these proceeds, total return would have been lower. </span></div> Year to date total return 2026-06-30 0.0169 highest quarterly return 0.0131 2023-12-31 lowest quarterly return 0.0000 2021-12-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0401 0.0305 0.0196 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">For the current 7‑day yield call 800‑595‑9111 or visit northerntrust.com/funds. </span></div> 800‑595‑9111 ULTRA-SHORT FIXED INCOME FUND INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to maximize total return (capital appreciation and income) to the extent consistent with preservation of principal.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in Siebert Williams Shank Shares, which are not reflected in the tables or the examples below.</div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0023 0.0005 0.0004 0.0001 0.0001 0.0029 -0.0003 0.0026 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. July 31, 2027 EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">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 (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 27 90 160 365 PORTFOLIO TURNOVER. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59.00% of the average value of its portfolio. 0.5900 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund will, under normal circumstances, invest primarily (and not less than 80% of its net assets) in fixed-income securities. These include:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of the U.S. government or its agencies, instrumentalities or sponsored enterprises;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Obligations of U.S. state and local governments, and foreign governments;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Commercial paper and other obligations of domestic and foreign banks and corporations;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Zero coupon bonds and debentures;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Inflation-indexed securities; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;">Mortgage and other asset-backed securities, including collateralized mortgage obligations (“CMOs”).</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal market conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry. Companies in the financial services industry include but are not limited to U.S. and non‑U.S.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">companies involved in banking, mortgage, consumer or specialized finance, investment banking, securities brokerage, asset management and custody, insurance, financial investment, real estate and mortgage finance and financial conglomerates, and related asset-backed securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund invests in investment grade domestic debt obligations (i.e., obligations rated within the top four rating categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by the Fund’s investment adviser). Credit ratings are determined at the time of purchase. The Fund’s average portfolio is expected to be “A” or better. The Fund will focus primarily on U.S. securities, but may invest in fixed-income securities of foreign issuers. The Fund’s investments in foreign securities will consist only of U.S. dollar-denominated securities. The Fund may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide investors with more yield than a money market fund with the potential for capital appreciation. The Fund is not a money market fund, and its share price will fluctuate.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In buying and selling securities for the Fund, NTI uses a relative value approach. This approach involves an analysis of general economic and market conditions. It also involves the use of models that analyze and compare expected returns and assumed risks. Under the relative value approach, NTI will emphasize particular securities and types of securities (such as treasury, agency, asset-backed, mortgage-backed and corporate securities) that the team believes will provide a favorable return in light of these risks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s dollar-weighted average maturity, under normal circumstances, will range between six and eighteen months. Under normal circumstances, the Fund will invest only in securities with a duration of three years or less at the time of purchase. NTI may adjust the Fund’s holdings based on actual or anticipated changes in interest rates or credit quality, and may shorten the Fund’s duration below six months based on NTI’s interest rate outlook or adverse market conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> The Fund will, under normal circumstances, invest primarily (and not less than 80% of its net assets) in fixed-income securities. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Under normal market conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry. Companies in the financial services industry include but are not limited to U.S. and non‑U.S.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">companies involved in banking, mortgage, consumer or specialized finance, investment banking, securities brokerage, asset management and custody, insurance, financial investment, real estate and mortgage finance and financial conglomerates, and related asset-backed securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund may invest in U.S. Treasury futures, which are considered to be derivative instruments, for various purposes, including to manage duration, credit and interest rate risks, and for cash management. Derivatives instruments that provide investment exposure to investments in the Fund’s 80% investment policy and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown, or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FINANCIAL SERVICES INDUSTRY CONCENTRATION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that, because the Fund will invest under normal market conditions at least 25% of its total assets in the financial services industry, the Fund will be subject to greater risk of loss by economic, business, political or other developments which generally affect this industry. Specifically, the Fund is vulnerable to conditions that impact companies in the financial services industry, such as increased competition impacting market shares and prices, company mergers increasing industry interconnectedness, and cybersecurity attacks exposing protected information. Changes in both domestic and foreign government regulation and interest rates and economic downturns, among other factors, can have a significant negative effect on issuers in the financial services industry, including the price of the issuer’s securities or ability to meet their payment obligations. Because the Fund concentrates its investments in the financial services industry, it will be subject to greater risk of loss than if it were diversified across different industries. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FOREIGN SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that investing in foreign (non‑U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INTEREST RATE RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that during periods of rising interest rates, the market value of the Fund’s securities will tend to be lower than prevailing market rates and in periods of falling interest rates, the market value of the Fund’s securities will tend to be higher. The Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. During periods when inflation rates are high or rising, or during periods of low interest rates, the Fund may be subject to a greater risk of rising interest rates. Interest rate changes can be sudden and unpredictable and may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">CREDIT (OR DEFAULT) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations in a timely manner will adversely affect the value of the Fund’s investments and its returns. Changes in an issuer’s financial strength, the market’s perception of an issuer’s creditworthiness, or in the credit rating of the issuer or the security may also affect the value of the Fund’s investment in that issuer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ASSET-BACKED AND MORTGAGE-BACKED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires. During periods of market stress or high redemptions, the Fund may be forced to sell these securities at significantly reduced prices, resulting in losses. Liquid privately issued mortgage-backed securities and asset-backed securities can become illiquid during periods of market stress. Privately issued mortgage-related securities are not subject to the same underwriting requirements as those with government or government-sponsored entity guarantees and, therefore, mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk, liquidity risk or other underwriting characteristics, and wider variances in interest rate, term, size, purpose and borrower characteristics. The Fund may invest in mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely payments on their mortgages. Liquidity and credit risks are even greater for mortgage pools that include subprime mortgages.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SOVEREIGN DEBT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country’s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">ZERO COUPON OR PAY‑IN‑KIND SECURITIES RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">The value, interest rates, and liquidity of non‑cash paying instruments, such as zero coupon and pay‑in‑kind securities, are subject to greater fluctuation than other types of securities. The higher yields and interest rates on pay‑in‑kind securities reflect the payment deferral and increased credit risk associated with such instruments and that such investments may represent a higher credit risk than loans that periodically pay interest. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">RESTRICTED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that limitations on the resale of restricted securities or other securities exempt from certain registration requirements, such as Rule 144A securities, may have an adverse effect on their marketability and may prevent the Fund from disposing of them promptly or at desirable prices. There can be no assurance that a trading market will exist at any time for any particular restricted security. Transaction costs may be higher for restricted securities and such securities may be difficult to value and may have significant volatility. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DEBT EXTENSION RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFLATION-INDEXED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREPAYMENT (OR CALL) RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">U.S. GOVERNMENT SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Fund are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MUNICIPAL INVESTMENTS RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk of a municipal security that generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. The Fund may be more sensitive to adverse economic, business, political or public health developments if it focuses its assets in municipal bonds that are issued to finance similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds), or in municipal securities of a particular state or territory. In addition, changes in the financial condition of the individual municipal issuer can affect the overall municipal market. While income earned on municipal securities is generally not subject to federal tax, the failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value. Further, decreased inventories of municipal securities held by brokers and dealers can lessen their ability to make a market in these securities, and result in increased municipal security price volatility and trading costs, particularly during periods of economic or market stress. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK </span></span><span style="font-family: times new roman; font-size: 9.5pt;">is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">FUTURES CONTRACTS RISK</span></span> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Fund’s investment adviser to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</div> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> As with any mutual fund, it is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, Siebert Williams Shank &amp; Co., LLC or its affiliates, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. FUND PERFORMANCE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one that reflects the market segments in which the Fund invests), in that order.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The returns shown for periods ended prior to September 13, 2022 are those of the Shares Class shares of the Fund at net asset value. Siebert Williams Shank shares’ returns of the Fund will be different from the returns of the Shares Class shares’ returns of the Fund to the extent that they have different expenses.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund is available and may be obtained on the Fund’s website at northerntrust.com/funds or by calling 800‑595‑9111.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the Fund from year to year, and (B) how the average annual total returns of the Fund compare to those of a broad-based securities market index and a style-specific index (one that reflects the market segments in which the Fund invests), in that order. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. northerntrust.com/funds 800‑595‑9111 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* Year to date total return for the six months ended June 30, 2026 was 1.72%. For the periods shown in the bar chart above, the highest quarterly return was 2.78% in the second quarter of 2020, and the lowest quarterly return was (1.42)% in the first quarter of 2022. </span></div> Year to date total return 2026-06-30 0.0172 highest quarterly return 0.0278 2020-06-30 lowest quarterly return -0.0142 2022-03-31 AVERAGE ANNUAL TOTAL RETURN (For the periods ended December 31, 2025) 0.0516 0.0322 0.0267 0.0319 0.0191 0.0165 0.0303 0.0190 0.0161 0.0818 -0.0214 0.0126 0.0415 0.0248 0.0203 2022-09-13 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. </span></div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts. In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of Fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.50%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of each of the Class K and Class I shares of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of each Class (excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Independent Trustee of the Trust; (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest) do not exceed 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The inception date of Class K and Class I shares of the Fund is July 30, 2020. Performance shown prior to the inception date is that of the Fund’s Shares Class shares, which are no longer offered by the Fund, at NAV. Performance reflects any applicable fee waivers and/or expense reimbursements. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of each of the Class K and Class I shares of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of each Class (excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Independent Trustee of the Trust; (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest) do not exceed 0.39%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The inception date of Class K shares of the Fund is August 21, 2020 and the inception date of Class I shares of the Fund is August 24, 2020. Performance shown prior to the inception dates is that of the Fund’s Shares Class shares, which are no longer offered by the Fund, at NAV. The inception date of the Fund’s Shares Class is October 2, 2017. Performance reflects any applicable fee waivers and/or expense reimbursements. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.25%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.15%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.47%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.10%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.48%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.10%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.10%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.05%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of each of the Class K and Class I shares of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of each Class (excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Independent Trustee of the Trust; (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest) do not exceed 0.24%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The inception date of Class K and Class I shares of the Fund is July 30, 2020. Performance shown prior to the inception date is that of the Fund’s Shares Class shares, which are no longer offered by the Fund, at NAV. Performance reflects any applicable fee waivers and/or expense reimbursements. The Total Annual Fund Operating Expenses do not correlate to the ration of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (including acquired fund fees and expenses, but excluding extraordinary expenses) do not exceed 0.07%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI, and to reimburse a portion of the operating expenses of the Fund in an amount equal to the acquired fund fees and expenses arising from the Fund’s investments in other non‑money market funds or exchange-traded funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.60%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.49%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI, and to reimburse a portion of the operating expenses of the Fund in an amount equal to the acquired fund fees and expenses arising from the Fund’s investments in other non‑money market funds or exchange-traded funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI, and to reimburse a portion of the operating expenses of the Fund in an amount equal to the acquired fund fees and expenses arising from the Fund’s investments in other non‑money market funds or exchange-traded funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.25%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.25%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.40%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI, and to reimburse a portion of the operating expenses of the Fund in an amount equal to the acquired fund fees and expenses arising from the Fund’s investments in other non‑money market funds or exchange-traded funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.45%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.97%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Fund’s Board of Trustees. “Management Fees” have been restated to reflect current fees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.84%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Fund’s Board of Trustees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.96%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Fund’s Board of Trustees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.80%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Fund’s Board of Trustees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. “Management Fees” have been restated to reflect current fees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.67%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Fund’s Board of Trustees. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.55%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.25%. This contractual limitation may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The Total Annual Fund Operating Expenses may not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.25%. This contractual limitation may not be terminated before July 31, 2027 without the approval of the Board of Trustees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund so that after such reimbursement the Total Annual Fund Operating Expenses of the Fund (excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Independent Trustee of the Trust; (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest) do not exceed 0.25%. NTI has also contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee NTI earns on the amount invested by the Fund in money market funds managed by NTI. These contractual limitations may not be terminated before July 31, 2027 without the approval of the Board of Trustees. The inception date of Siebert Williams Shank Shares is September 13, 2022. Performance shown prior to the inception date is that of the Fund’s Shares Class shares at NAV. Performance reflects any applicable fee waivers and/or expense reimbursements. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets as reported in the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.