International Equity Fund

International Equity

Northern Funds Center by E-mail

Doug McEldowney

With Northern Trust since 2006
Began Career in 1984

View all holdings as of
March 31, 2013

View all holdings as of
December 31, 2012

Fact Sheet

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For those growth-oriented investors who enjoy the opportunities and portfolio diversification international investing offers, this will be the Fund for you. Our experienced investment team, using research and quantitative analysis, buys securities of a broad mix of international companies that offer the potential for long-term, above-average growth at a reasonable price. Foreign securities may involve additional risks, including social and political instability, reduced market liquidity and currency volatility.

Fund Objective: Capital Appreciation

Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase

Ticker Symbol	Share Price Change Daily as of 06/18/13	YTD Total Return Daily as of 06/18/13
NOIGX	$ 0.02	8.27%

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Among 705 moderate allocation funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 5/31/2013.

International Equity received 3 stars for the 3-year rating among 705 foreign large blend funds, 4 stars for the 5-year rating among 609 funds and 4 stars for the 10-year rating among 322 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 June 18, 2013
Symbol	NOIGX	YTD Total Return	8.27%
CUSIP	665162509	Inception Date	4/1/1994
Share Price	$ 8.90	Updated Monthly as of May 31, 2013
Share Price Change	$ 0.02	Total Net Assets	$264,023,227

Total Returns for Month Ended May 31, 2013
	International Equity Fund	MSCI EAFE Index	Morningstar Foreign Large Blend Category Average
Month	–1.01%	–2.41%	-1.95%
3-Month	3.50%	3.51%	2.88%
Year to Date	7.79%	7.94%	5.64%
1 Year	31.89%	31.62%	26.79%
3-Year Avg. Annual	10.25%	11.00%	9.89%
5-Year Avg. Annual	–0.74%	–1.60%	-2.03%
10-Year Avg. Annual	8.33%	8.32%	7.87%
Avg. Annual Since Inception	4.83%	5.04%	N/A

Total Returns for Quarter Ended March 31, 2013
	International Equity Fund	MSCI EAFE Index	Morningstar Foreign Large Blend Category Average
Month	–0.12%	0.82%	0.94%
3-Month	4.02%	5.13%	3.66%
Year to Date	4.02%	5.13%	3.66%
1 Year	9.34%	11.25%	9.60%
3-Year Avg. Annual	4.31%	5.00%	4.65%
5-Year Avg. Annual	–0.34%	–0.89%	-1.01%
10-Year Avg. Annual	9.62%	9.69%	9.22%
Avg. Annual Since Inception	4.68%	4.94%	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 1.06%. 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.

The recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.
Disclosure

	Gross Expense Ratio	Net Expense Ratio^‡
International Equity (NOIGX)	1.31%	1.06%
^‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013.

	2012	2011	2010	2009	2008
International Equity	17.88%	-13.10%	8.56%	31.39%	-41.59%
MSCI EAFE Index	17.32%	-12.14%	7.75%	31.78%	-43.38%
Morningstar Category Avg. Foreign Large Blend	18.29%	-13.97%	10.24%	31.24%	-43.99%
Performance quoted represents past performance and does not guarantee future results.

as of April 30, 2013

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

Number of Holdings	69
Portfolio Turnover	27.40% (as of 3/31/13)
Dividend Schedule	Annually
Dividend Income Last Quarter	N/A
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$62,409
Benchmark	MSCI EAFE Index
Morningstar Category	Foreign Large Blend

Trailing 12-Month Price to Earnings Ratio
Fund	12.80
Benchmark	14.93

Price to Book Ratio
Fund	1.40
Benchmark	1.56

Historical 5-Year Earnings Growth
Fund	0.68
Benchmark	0.41

Asset Allocation
Stocks	98.5%
Cash	1.5%
TOTAL	100%

Top 10 Holdings		Fund
SAP AG		2.8%
Mitsubishi UFJ Financial Group Inc		2.8%
Barclays PLC		2.7%
Roche Holding AG		2.6%
Novartis AG		2.5%
Vodafone Group PLC		2.4%
Prudential PLC		2.1%
Anheuser-Busch InBev NV		2.1%
Halliburton Co		2.0%
Siemens AG		2.0%
% of Portfolio		24.0%

Sector Weightings	Fund	Benchmark
Financials	28.1%	25.8%
Industrials	14.6%	12.3%
Energy	11.3%	7.0%
Health Care	9.3%	10.3%
Consumer Discretionary	8.9%	10.9%
Consumer Staples	7.6%	12.1%
Information Technology	7.1%	4.3%
Materials	6.9%	8.4%
Telecommunication Services	5.1%	5.1%
Utilities	1.1%	3.8%
TOTAL	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
United Kingdom	20.5%	21.5%
Germany	15.3%	8.3%
France	14.8%	9.3%
Switzerland	10.8%	9.0%
Japan	9.7%	22.1%
United States	5.5%	0.0%
Brazil	4.3%	0.0%
Sweden	2.8%	3.1%
South Korea	2.5%	0.0%
Australia	2.4%	9.2%
% of Portfolio	88.6%	82.5%

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

as of April 30, 2013

	International Equity Fund	MSCI EAFE Index
Beta	1.04	1.00
Up Market Capture	104.78	100.00
Down Market Capture	105.54	100.00
Information Ratio	–0.18	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.

International Risk: International investing involves increased risk and volatility.

MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. It is not possible to invest directly in an index.