Income Equity Fund

Income Equity

Northern Funds Center by E-mail

Jackie M. Benson

With Northern Trust since 2004
Began Career in 1992

View all holdings as of
March 31, 2013

View all holdings as of
December 31, 2012

Fact Sheet

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Northern Income Equity Fund:
Investing with a focus on income and reduced volatility has generated a favorable long-term track record.

This Fund may be a good choice for those moderate-risk investors looking for a relatively high level of current income, but don't want to forego the capital appreciation potential of the stock market. Using fundamental research and quantitative analysis, our experienced investment management team buys and sells securities based on such factors as a company's current income, prospects for growth and capital appreciation potential. 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 and convertible securities. The Fund also may invest up to 20% of its net assets in a broad range of non-convertible fixed-income securities without limitation as to maturity.

Fund Objective: Current Income and Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 05/22/13	YTD Total Return Daily as of 05/22/13
NOIEX	$ -0.11	16.01%

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Among 805 moderate allocation funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 4/30/2013.

Income Equity received 5 stars for the 3-year rating among 805 moderate allocation funds, 4 stars for the 5-year rating among 706 funds and 4 stars for the 10-year rating among 415 funds.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

©2013 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Updated Daily as of May 22, 2013
Symbol	NOIEX	Updated Monthly as of April 30, 2013
CUSIP	665162202	Total Net Assets	$369,499,316
Share Price	$ 15.20	Updated Monthly as of April 30, 2013
Share Price Change	$ -0.11	30-Day SEC Yield	1.96%
YTD Total Return	16.01%	30-Day SEC Yield w/out waivers	1.74%
Inception Date	4/1/1994

Total Returns for Month Ended April 30, 2013
	Income Equity Fund	S&P 500 Index	Morningstar Moderate Allocation Category Average
Month	2.16%	1.93%	1.47%
3-Month	7.00%	7.18%	4.02%
Year to Date	13.11%	12.74%	7.24%
1 Year	17.33%	16.89%	11.16%
3-Year Avg. Annual	11.74%	12.80%	8.48%
5-Year Avg. Annual	7.15%	5.21%	4.43%
10-Year Avg. Annual	8.67%	7.88%	6.79%
Avg. Annual Since Inception	8.55%	8.98%	N/A

Total Returns for Quarter Ended March 31, 2013
	Income Equity Fund	S&P 500 Index	Morningstar Moderate Allocation Category Average
Month	3.53%	3.75%	2.07%
3-Month	10.72%	10.61%	5.67%
Year to Date	10.72%	10.61%	5.67%
1 Year	14.04%	13.96%	9.22%
3-Year Avg. Annual	11.63%	12.67%	8.39%
5-Year Avg. Annual	7.35%	5.81%	4.79%
10-Year Avg. Annual	8.80%	8.53%	7.19%
Avg. Annual Since Inception	8.47%	8.91%	N/A

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown here.

The Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses After Expense Reimbursement" exceed 1.00%. The contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. In the absence of fee waivers, yield, total return, growth since inception and dividends would have been reduced. Total return is based on net change in NAV assuming reinvestment of distributions.
Disclosure

	Gross Expense Ratio	Net Expense Ratio^‡
Income Equity (NOIEX)	1.22%	1.01%
^‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013.

	2012	2011	2010	2009	2008
Income Equity	10.61%	2.18%	15.99%	32.22%	-30.82%
S&P 500 Index	16.00%	2.11%	15.06%	26.46%	-37.00%
Morningstar Category Avg. Moderate Allocation	11.72%	-0.11%	11.83%	24.13%	-28.00%
Performance quoted represents past performance and does not guarantee future results.

as of March 31, 2013

Read the most recent Fund Commentary (as of March 31, 2013)

Number of Holdings	80
Portfolio Turnover	22.25% (as of 3/31/12)
Dividend Schedule	Monthly
Dividend Income Last Quarter	$0.0173
Capital Gain Income Last Quarter	N/A
Benchmark	S&P 500 Index
Morningstar Category	Moderate Allocation

Asset Allocation
Stocks	67.9%
Bonds	29.2%
Cash	2.9%
TOTAL	100%

Top 10 Holdings		Fund
Regis Corp		2.2%
Tyson Foods Inc		2.0%
Johnson & Johnson		1.9%
Sandisk Corp		1.9%
CACI Intl Inc		1.9%
Fifth Street Financial Corp		1.9%
Pfizer Inc		1.8%
Walt Disney Co		1.8%
Rayonier Inc		1.8%
Newmont Mining Corp		1.7%
% of Portfolio		18.9%

Sector Weightings	Fund	Benchmark
Information Technology	19.3%	18.0%
Financials	15.2%	16.0%
Health Care	13.6%	12.5%
Consumer Discretionary	11.6%	11.6%
Energy	10.9%	10.9%
Consumer Staples	10.0%	11.0%
Industrials	8.7%	10.1%
Materials	5.7%	3.4%
Utilities	2.7%	3.5%
Telecommunication Services	2.3%	3.0%
TOTAL	100.0%	100.0%

All data is as of date indicated and subject to change.

as of March 31, 2013

	Income Equity Fund	S&P 500 Index
Beta	0.81	1.00
Up Market Capture	82.21	100.00
Down Market Capture	82.68	100.00
Information Ratio	-0.28	0.00
*Above risk characteristics are based on a 3-year time period

Equity Risk: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

High Yield Risk: Although a high yield fund’s yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that a high yield fund’s share price will decline.

Interest Rate Risk: Increases in prevailing interest rates will cause fixed income securities, including convertible securities, held by the Fund to decline in value.

S&P 500® Index is an unmanaged index consisting of 500 stocks and is a widely recognized common measure of the performance of the overall U.S. stock market. It is not possible to invest directly in an index.