Jackie M. Benson, CFA<SUP>&#174;</SUP>

Jackie M. Benson, CFA®

With Northern Trust since 2004
Began Career in 1992


John A. Ferguson, CFA<SUP>&#174;</SUP>

John A. Ferguson, CFA®

With Northern Trust since 2009
Began Career in 1995


Jacob C. Weaver, CPA, CFA<SUP>&#174;</SUP>

Jacob C. Weaver, CPA, CFA®

With Northern Trust since 1998
Began Career in 1998


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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 SymbolShare Price Change
Daily as of 07/23/14
YTD Total Return
Daily as of 07/23/14
NOIEX$ -0.055.89%
morningstar heading
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Among 328 aggressive allocation funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 06/30/14.

Income Equity received 4 stars for the 3-year rating among 328 aggressive allocation funds, 5 stars for the 5-year rating among 291 funds and 4 stars for the 10-year rating among 181 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.

©2014 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 July 23, 2014
SymbolNOIEX Updated Monthly as of June 30, 2014
CUSIP665162202Total Net Assets$396,008,609
Share Price$ 16.41 Updated Monthly as of June 30, 2014
Share Price Change$ -0.0530-Day SEC Yield1.90%
YTD Total Return5.89%30-Day SEC Yield w/out waivers1.65%
Inception Date4/1/1994  
Total Returns for Quarter Ended June 30, 2014
 Income Equity FundS&P 500 IndexMorningstar Aggressive Allocation Category Average
Month2.16%2.07%1.98%
3-Month4.28%5.23%4.04%
Year to Date6.08%7.14%5.78%
1 Year18.60%24.61%19.28%
3-Year Avg. Annual12.14%16.58%10.53%
5-Year Avg. Annual16.30%18.83%14.25%
10-Year Avg. Annual8.44%7.78%6.74%
Avg. Annual
Since Inception
8.88%9.68% 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" exceed 1.00%. The contractual limitation may not be terminated before July 31, 2015 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 RatioNet Expense Ratio
Income Equity
(NOIEX)
1.13%1.03%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
 20132012201120102009
Income Equity24.85%10.61%2.18%15.99%32.22%
S&P 500 Index32.39%16.00%2.11%15.06%26.46%
Morningstar Category Avg.
Aggressive Allocation
21.31%13.42%-3.80%13.49%29.37%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings81
Portfolio Turnover14.34% (as of 3/31/14)
Dividend ScheduleMonthly
Dividend Income Last Quarter$0.0393
Capital Gain Income Last QuarterN/A
BenchmarkS&P 500 Index
Morningstar CategoryAggressive Allocation
Asset Allocation 
Stocks72.6%
Bonds25.7%
Cash1.7%
TOTAL100%
Top 10 Holdings    Fund
Walt Disney Co    2.0%
Dow Chemical Co    2.0%
3M Co    1.9%
Comcast Corp    1.9%
Johnson & Johnson    1.9%
Merck & Co Inc    1.9%
Lam Resh Corp 1.25% Due 05-15-2018    1.9%
Xerox Corp    1.8%
DR Horton Inc    1.8%
Hartford Financial Services Group Inc    1.8%
% of Portfolio    18.9%
Sector WeightingsFundBenchmark
Information Technology18.1%18.8%
Financials15.8%16.0%
Health Care13.7%13.3%
Consumer Discretionary11.7%11.9%
Energy11.6%10.5%
Industrials8.3%10.7%
Consumer Staples8.0%9.7%
Materials7.5%3.5%
Utilities3.1%3.1%
Telecommunication Services2.2%2.5%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of May 31, 2014
 Income Equity FundS&P 500 Index
Beta0.831.00
Up Market Capture76.98100.00
Down Market Capture90.35100.00
Information Ratio–1.440.00
*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.

 
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Not FDIC insured | May lose value | No bank guarantee

*View investment term definitions

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

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