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[NORTHERN FUNDS LOGO]
SUPPLEMENT
DATED DECEMBER 4, 1998
TO THE PROSPECTUS DATED NOVEMBER 30, 1998
The following paragraph replaces paragraph 1 under "Management - Fixed Income
Funds" on page 60 of the prospectus.
The management team leaders for the Fixed Income Fund are Mark J. Wirth, Senior
Vice President of Northern Trust, and Steven M. Schafer, Vice President of
Northern Trust. Mr. Wirth has had such responsibility since July 1998 and Mr.
Schafer has had such responsibility since December 1998. Mr. Wirth joined
Northern Trust in 1986 and during the past five years has managed various fixed
income portfolios. Mr. Schafer joined Northern Trust in 1988 and during the
past five years has managed various fixed income portfolios and served as
credit analyst following both industrial and utility companies.
