Northern Tax-Exempt (Northern Funds Tax Exempt Fund) fond

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. 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.