497 1 c19246ae497.htm FORM 497 e497
 

STATEMENT OF ADDITIONAL INFORMATION SUPPLEMENT
NORTHERN FUNDS
Supplement dated October 12, 2007 to Statement of Additional Information dated July 31, 2007
The following paragraph is added to page 46:
Mr. Cline, Chairman of the Board of Northern Funds, will retire from the Board pursuant to the retirement provisions of Northern Funds’ by-laws as of December 31, 2007. As of January 1, 2008, Mr. Strubel will become Chairman of the Board of Northern Funds.
The information with regard to Mr. Gregory A. Chidsey on page 50 is removed and replaced with the following:
OFFICERS OF THE TRUST
     
NAME, ADDRESS, AGE,    
POSITIONS HELD WITH    
TRUST AND LENGTH    
OF SERVICE   PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS
 
   
Randal Rein
Age: 37
50 South LaSalle Street
Chicago, IL 60603
Assistant Treasurer since 2007
  Vice President of Fund Administration of The Northern Trust Company since 2007; Second Vice President of Fund Administration of The Northern Trust Company from 2002 to 2007; Manager of Fund Administration of The Northern Trust Company from 2001 to 2002.
The following paragraphs are added to the section entitled “Investment Adviser, Transfer Agent and Custodian” beginning on page 56:
     Northern Trust and its affiliates may act as an underwriter of various securities. Under the 1940 Act, the Funds are precluded, subject to certain exceptions, from purchasing in the primary market those securities with respect to which Northern Trust or an affiliate is serving as a principal underwriter. In the opinion of Northern Trust, this limitation will not significantly affect the ability of the Funds to pursue their respective investment objectives.
     In the Advisory Agreements, the Investment Advisers agree that the name “Northern” may be used in connection with the Trust’s business on a royalty-free basis. TNTC has reserved to itself the right to grant the non-exclusive right to use the name “Northern” to any other person. The Advisory Agreement provides that at such time as the Agreement is no longer in effect, the Trust will cease using the name “Northern.”
The information on page 70 with respect to the High Yield Fixed Income Fund is removed and replaced with the following:
PORTFOLIO MANAGERS
     
Portfolio
  Manager(s)
 
   
High Yield Fixed Income Fund
  Edward J. Casey and Richard J. Inzunza
The information with respect to Steven J. Santiccioli and Michael J. Towle in the section entitled “Accounts Managed by the Portfolio Managers” beginning on page 70 is removed and replaced with the following:

 


 

Accounts Managed by the Portfolio Managers
The table below discloses accounts within each type of category listed below for which Steven J. Santiccioli was jointly and primarily responsible for day-to-day portfolio management as of July 31, 2007 unless otherwise indicated.
                                 
                    Number of    
    Total           Accounts    
    Number           Managed with   Total Assets with
    of           Advisory Fee   Advisory Fee
    Accounts   Total Assets   Based on   Based on
Type of Accounts   Managed   (in Millions)   Performance   Performance
 
                               
Northern Funds:
    3     $ 3,333.0       0       0  
Northern Institutional Funds:
    1     $ 151.0 *     0       0  
Other Registered Investment Companies:
    0     $ 0       0       0  
Other Pooled Investment Vehicles:
    8     $ 12,068.3       0       0  
Other Accounts:
    2     $ 6,385.0       0       0  
* Information is as of June 30, 2007.
The table below discloses accounts within each type of category listed below for which Michael J. Towle was jointly and primarily responsible for day-to-day portfolio management as of July 31, 2007 unless otherwise indicated.
                                 
                    Number of    
    Total           Accounts    
    Number           Managed with   Total Assets with
    of           Advisory Fee   Advisory Fee
    Accounts   Total Assets   Based on   Based on
Type of Accounts   Managed   (in Millions)   Performance   Performance
 
                               
Northern Funds:
    1     $ 52.7 *     0       0  
Northern Institutional Funds:
    1     $ 2.5 *     0       0  
Other Registered Investment Companies:
    0     $ 0       0       0  
Other Pooled Investment Vehicles:
    0     $ 0       0       0  
Other Accounts:
    0     $ 0       0       0  
* Information is as of June 30, 2007.
The table below discloses accounts within each type of category listed below for which Shaun Murphy was jointly and primarily responsible for day-to-day portfolio management as of March 31, 2007 unless otherwise indicated.
                                 
                    Number of    
    Total           Accounts    
    Number           Managed with   Total Assets with
    of           Advisory Fee   Advisory Fee
    Accounts   Total Assets   Based on   Based on
Type of Accounts   Managed   (in Millions)   Performance   Performance
 
                               
Northern Funds:
    3     $ 2,317.1       0       0  
Northern Institutional Funds:
    1     $ 131.4       0       0  
Other Registered Investment Companies:
    2     $ 742.4       0       0  
Other Pooled Investment Vehicles:
    13     $ 11,218.3       0       0  
Other Accounts:
    20     $ 40,536.8       0       0  

 


 

The table below discloses accounts within each type of category listed below for which Richard J. Inzunza was jointly and primarily responsible for day-to-day portfolio management as of August 31, 2007 unless otherwise indicated.
                                 
                    Number of    
    Total           Accounts    
    Number           Managed with   Total Assets with
    of           Advisory Fee   Advisory Fee
    Accounts   Total Assets   Based on   Based on
Type of Accounts   Managed   (in Millions)   Performance   Performance
 
                               
Northern Funds:
    1     $ 1,736.9 **     0       0  
Northern Institutional Funds:
    0     $ 0       0       0  
Other Registered Investment Companies:
    0     $ 0       0       0  
Other Pooled Investment Vehicles:
    0     $ 0       0       0  
Other Accounts:
    0     $ 0       0       0  
** Information is as of July 31, 2007.
The following information is added to the “Disclosure of Securities Ownership” information on page 81:
Disclosure of Securities Ownership
 
         


Shares Beneficially
Owned
by
      Dollar ($) Range of Shares
Beneficially Owned by
Portfolio Manager Because of
Direct or Indirect Pecuniary
Interest
         
Richard J. Inzunza **   High Yield Fixed Income Fund   $0
** Information is as of August 31, 2007.