PROSPECTUS SUPPLEMENT
NORTHERN FUNDS
INTERNATIONAL EQUITY FUND
LARGE CAP CORE FUND
LARGE CAP VALUE FUND
SMALL CAP VALUE FUND
SMALL CAP CORE FUND
U.S. QUALITY ESG FUND
(each a “Fund,” and together, the
“Funds”)
SUPPLEMENT DATED OCTOBER 23, 2026 TO THE FUNDS’ PROSPECTUS DATED JULY 31, 2026, AS SUPPLEMENTED
Effective October 23, 2026, Jiemin Xu is no longer a portfolio manager of the Funds. Effective October 23, 2026, all references to Jiemin Xu in the
Funds’ Prospectus are hereby deleted, and the Prospectus is amended as follows:
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1. |
The paragraph under the section entitled “FUND SUMMARIES – International Equity Fund –
Management” on page 18 of the Prospectus is deleted and replaced with the following: |
INVESTMENT
ADVISER AND PORTFOLIO MANAGERS. NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser of the International Equity Fund. Reed A. LeMar, CFA, Senior Vice President of NTI, Sridhar Kancharla, CFA, Senior Vice
President of NTI, and Jeffrey D. Sampson, CFA, Senior Vice President of NTI, have been managers of the Fund since July 2024, July 2024, and October 2026, respectively. The Northern Trust Company, an affiliate of NTI, serves as transfer agent,
custodian, securities lending agent, and sub-administrator to the Fund.
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2. |
The paragraph under the section entitled “FUND SUMMARIES – Large Cap Core Fund –
Management” on page 21 of the Prospectus is deleted and replaced with the following: |
INVESTMENT
ADVISER AND PORTFOLIO MANAGERS. NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser of the Large Cap Core Fund. Reed A. LeMar, CFA, Senior Vice President of NTI, Sridhar Kancharla, CFA, Senior Vice
President of NTI, and Jeffrey D. Sampson, CFA, Senior Vice President of NTI, have been managers of the Fund since July 2024, July 2024, and October 2026, respectively. The Northern Trust Company, an affiliate of NTI, serves as transfer agent,
custodian, securities lending agent, and sub-administrator to the Fund.
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3. |
The paragraph under the section entitled “FUND SUMMARIES – Large Cap Value Fund –
Management” on page 26 of the Prospectus is deleted and replaced with the following: |
INVESTMENT
ADVISER AND PORTFOLIO MANAGERS. NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser of the Large Cap Value Fund. Sridhar Kancharla, CFA, Senior Vice President of NTI, Jeffrey D. Sampson, CFA, Senior Vice
President of NTI, and Reed A. LeMar, CFA, Senior Vice President of NTI, have been managers of the Fund since July 2015, January 2026, and October 2026, respectively. The Northern Trust Company, an affiliate of NTI, serves as transfer agent,
custodian, securities lending agent, and sub-administrator to the Fund.
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4. |
The paragraph under the section entitled “FUND SUMMARIES – Small Cap Value Fund –
Management” on page 30 of the Prospectus is deleted and replaced with the following: |
INVESTMENT
ADVISER AND PORTFOLIO MANAGERS. NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser of the Small Cap Value Fund. Reed A. LeMar, CFA, Senior Vice President of NTI, Sridhar Kancharla, CFA,
Senior Vice President of NTI, and Peter M. Zymali, CFP®, Senior Vice President of NTI, have
been managers of the Fund since July 2024, July 2024, and October 2026, respectively. The Northern Trust Company, an affiliate of NTI, serves as transfer agent, custodian, securities lending
agent, and sub-administrator to the Fund.
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5. |
The paragraph under the section entitled “FUND SUMMARIES – Small Cap Core Fund –
Management” on page 34 of the Prospectus is deleted and replaced with the following: |
INVESTMENT
ADVISER AND PORTFOLIO MANAGERS. NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser of the Small Cap Core Fund. Reed A. LeMar, CFA, Senior Vice President of NTI, Sridhar Kancharla, CFA, Senior Vice
President of NTI, and Peter M. Zymali, CFP®, Senior Vice President of NTI, have been managers of the Fund since July 2024, July 2024, and October 2026, respectively. The Northern Trust
Company, an affiliate of NTI, serves as transfer agent, custodian, securities lending agent, and sub-administrator to the Fund.
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6. |
The paragraph under the section entitled “FUND SUMMARIES – U.S. Quality ESG Fund –
Management” on page 39 of the Prospectus is deleted and replaced with the following: |
INVESTMENT
ADVISER AND PORTFOLIO MANAGERS. NTI, an indirect subsidiary of Northern Trust Corporation, serves as the investment adviser of the U.S. Quality ESG Fund. Jeffrey D. Sampson, CFA, Senior Vice President of NTI, Peter M. Zymali, CFP®, Senior Vice President of NTI, and Reed A. LeMar, CFA, Senior Vice President of NTI, have been managers of the Fund since October 2017, October 2017, and October 2026, respectively. The Northern
Trust Company, an affiliate of NTI, serves as transfer agent, custodian, securities lending agent, and sub-administrator to the Fund.
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7. |
The listing under the section entitled “FUND MANAGEMENT – EQUITY AND EQUITY INDEX FUNDS” on page
196 of the Prospectus with regard to Reed A. LeMar is deleted and replaced with the following: |
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| Reed A. LeMar, CFA
Income Equity Fund (since July 2017)
International Equity Fund (since July 2024)
Large Cap Core Fund (since July 2024) Small
Cap Core Fund (since July 2024) Small Cap Value Fund (since July 2024)
Large Cap Value Fund (since October 2026)
U.S. Quality ESG Fund (since October 2026) |
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Mr. LeMar, Senior Vice President of NTI, joined NTI in 2007 and serves as a Portfolio Manager on the Global Equity Team.
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8. |
The listing under the section entitled “FUND MANAGEMENT – EQUITY AND EQUITY INDEX FUNDS” on page
196 of the Prospectus with regard to Jeffrey D. Sampson is deleted and replaced with the following: |
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| Jeffrey D. Sampson, CFA
Income Equity Fund (since July 2017) U.S.
Quality ESG Fund (since October 2017) Large Cap Value Fund (since January 2026)
International Equity Fund (since October 2026)
Large Cap Core Fund (since October 2026) |
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Mr. Sampson, Senior Vice President of NTI, joined NTI in 2006 and serves as a Portfolio Manager on the Global Equity Team.
Mr. Sampson is a CFA charterholder. |
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9. |
The listing under the section entitled “FUND MANAGEMENT – EQUITY AND EQUITY INDEX FUNDS” on page
196 of the Prospectus with regard to Peter M. Zymali is deleted and replaced with the following: |
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| Peter M. Zymali, CFP®
U.S. Quality ESG Fund (since October 2017)
Small Cap Value Fund (since October 2026)
Small Cap Core Fund (since October 2026) |
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Mr. Zymali, Senior Vice President of NTI, joined NTI in 2007 and serves as a Portfolio Manager on the Global Equity Team.
Mr. Zymali holds the Certified Financial Planner designation and the CFA Institute Sustainable Investing Certificate. |
Please retain this supplement with your Prospectus for future reference.
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| 50 South LaSalle Street P.O. Box 75986
Chicago, Illinois 60675-5986 800-595-9111 northerntrust.com/funds |
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NF SPT PRO COMBO (10/26) |
STATEMENT OF ADDITIONAL INFORMATION (“SAI”) SUPPLEMENT
NORTHERN FUNDS
INTERNATIONAL EQUITY FUND
LARGE CAP CORE FUND
LARGE CAP VALUE FUND
SMALL CAP VALUE FUND
SMALL CAP CORE FUND
U.S. QUALITY ESG FUND
(each a “Fund,” and together, the
“Funds”)
SUPPLEMENT DATED OCTOBER 23, 2026 TO THE FUNDS’ SAI DATED JULY 31, 2026, AS SUPPLEMENTED
Effective October 23, 2026, Jiemin Xu is no longer a portfolio manager of the Funds. Effective October 23, 2026, all references to Jiemin
Xu in the Funds’ SAI are hereby deleted, and the SAI is amended as follows:
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1. |
The information for the Funds in the table under the section entitled “PORTFOLIO MANAGERS” beginning on
page 114 of the SAI is replaced with the following: |
PORTFOLIO MANAGERS
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| Fund |
|
Portfolio Manager(s) |
| International Equity Fund |
|
Sridhar Kancharla, Reed A. LeMar and Jeffrey D. Sampson(f) |
| Large Cap Core Fund |
|
Sridhar Kancharla, Reed A. LeMar and Jeffrey D. Sampson(f) |
| Large Cap Value Fund |
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Sridhar Kancharla, Jeffrey D. Sampson(a) and Reed A. LeMar(f) |
| Small Cap Value Fund |
|
Sridhar Kancharla, Reed A. LeMar and Peter M. Zymali(f) |
| Small Cap Core Fund |
|
Sridhar Kancharla, Reed A. LeMar and Peter M. Zymali(f) |
| U.S. Quality ESG Fund |
|
Jeffrey D. Sampson, Peter M. Zymali and Reed A. LeMar(f) |
(f) Became a Portfolio Manager effective
October 23, 2026.
| 2. |
The following information, as of September 30, 2026, with respect to Reed A. LeMar is replaced under the
section entitled “PORTFOLIO MANAGERS – Accounts Managed by the Portfolio Managers” on page 121 of the SAI: |
The table below discloses the accounts within each type of category listed below for which Reed A. LeMar* was jointly and
primarily responsible for day-to-day portfolio management as of September 30, 2026.
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| Type of Accounts |
|
Total Number
of Accounts
Managed |
|
Total Assets
(in Millions) |
|
Number of
Accounts
Managed with
Advisory Fee
Based on
Performance |
|
Total Assets
with Advisory
Fee Based
on
Performance
(in Millions) |
| Northern Funds: |
|
5 |
|
$1,932 |
|
0 |
|
$0 |
| Other Registered Investment Companies: |
|
0 |
|
0 |
|
0 |
|
0 |
| Other Pooled Investment Vehicles: |
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20 |
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5,602 |
|
0 |
|
0 |
| Other Accounts: |
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33 |
|
23,620 |
|
0 |
|
0 |
*Reed A. LeMar became a Portfolio Manager of the Large Cap Value Fund and U.S. Quality ESG Fund
effective October 23, 2026.
| 3. |
The following information, as of September 30, 2026, with respect to Jeffrey D. Sampson under the section
entitled “PORTFOLIO MANAGERS – Accounts Managed by the Portfolio Managers” on page 123 of the SAI is replaced with the following: |
The table below discloses the accounts within each type of category listed below for which Jeffrey D. Sampson, CFA*, was jointly
and primarily responsible for day-to-day portfolio management as of September 30, 2026.
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| Type of Accounts |
|
Total Number
of Accounts
Managed |
|
Total Assets
(in Millions) |
|
Number of
Accounts
Managed with
Advisory Fee
Based
on
Performance |
|
Total Assets
with Advisory
Fee
Based on
Performance
(in Millions) |
| Northern Funds: |
|
3 |
|
$771 |
|
$0 |
|
$0 |
| Other Registered Investment Companies: |
|
0 |
|
0 |
|
0 |
|
0 |
| Other Pooled Investment Vehicles: |
|
1 |
|
503 |
|
0 |
|
0 |
| Other Accounts: |
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20 |
|
4,108 |
|
0 |
|
0 |
*Jeffrey D. Sampson became a Portfolio Manager of the International Equity Fund and Large Cap Core
Fund effective October 23, 2026.
| 4. |
The following information, as of September 30, 2026, with respect to Peter M. Zymali under the section
entitled “PORTFOLIO MANAGERS – Accounts Managed by the Portfolio Managers” on page 126 of the SAI is replaced with the following: |
The table below discloses the accounts within each type of category listed below for which Peter M. Zymali, CFP®*, was jointly and primarily responsible for day-to-day portfolio management as of September 30,
2026.
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| Type of Accounts |
|
Total Number
of Accounts
Managed |
|
Total Assets
(in Millions) |
|
Number of
Accounts
Managed with
Advisory Fee
Based on
Performance |
|
Total Assets
with Advisory
Fee Based on
Performance
(in
Millions) |
| Northern Funds: |
|
2 |
|
$365 |
|
0 |
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$0 |
| Other Registered Investment Companies: |
|
0 |
|
0 |
|
0 |
|
0 |
| Other Pooled Investment Vehicles: |
|
0 |
|
0 |
|
0 |
|
0 |
| Other Accounts: |
|
9 |
|
2,098 |
|
0 |
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0 |
*Peter M. Zymali became a Portfolio Manager of the Small Cap Value Fund and Small Cap Core Fund
effective October 23, 2026.
| 5. |
The following information, as of September 30, 2026, is added in the table under the section entitled
“CONFLICTS OF INTEREST – Disclosure of Securities Ownership” beginning on page 131 of the SAI: |
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Shares Beneficially Owned
by |
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Fund |
|
Dollar ($) Range of Shares
Beneficially Owned by
Portfolio
Manager Because of
Direct or
Indirect
Pecuniary Interest |
| Reed A. LeMar11 |
|
Large Cap Value Fund |
|
None |
| Reed A. LeMar11 |
|
U.S. Quality ESG Fund |
|
None |
| Jeffrey D. Sampson12 |
|
International Equity Fund |
|
None |
| Jeffrey D. Sampson12 |
|
Large Cap Core Fund |
|
None |
| Peter M. Zymali13 |
|
Small Cap Value Fund |
|
None |
| Peter M. Zymali13 |
|
Small Cap Core Fund |
|
None |
11 Reed A. LeMar became a Portfolio Manager of
the Large Cap Value Fund and U.S. Quality ESG Fund effective October 23, 2026. Information provided is as of September 30, 2026.
12 Jeffrey D. Sampson became a Portfolio Manager of the International Equity Fund
and Large Cap Core Fund effective October 23, 2026. Information provided is as of September 30, 2026.
13 Peter M. Zymali became a Portfolio Manager of the Small Cap Value Fund and Small Cap Core Fund effective October 23, 2026. Information provided is as of September 30, 2026.
Please retain this supplement with your SAI for future reference.
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| 50 South LaSalle Street P.O. Box 75986
Chicago, Illinois 60675-5986 800-595-9111 northerntrust.com/funds |
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NF SPT SAI COMBO (10/26)
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