Global Tactical Asset Allocation Fund

Global Tactical Asset Allocation

Northern Funds Center by E-mail

Peter J. Flood

With Northern Trust since 1979
Began Career in 1979

Daniel J. Phillips

With Northern Trust since 2005
Began Career in 2005

View all holdings as of
March 31, 2013

View all holdings as of
December 31, 2012

Fact Sheet

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For those long-term investors looking to diversify your investment among various asset classes (stocks, bonds, commodities, and other) both domestic and foreign. The Fund seeks to provide long-term capital appreciation and current income. The Fund invests primarily in shares of underlying mutual funds, with its asset allocation model adjusted based on changing market conditions. The Fund will invest significantly in companies that are represented in diversified foreign indices. Dividends, if any, are declared and paid quarterly. Capital gains, if any, are distributed at least annually.

Fund Objective: Capital Appreciation and Current Income

Ticker Symbol	Share Price Change Daily as of 05/22/13	YTD Total Return Daily as of 05/22/13
BBALX	$ -0.11	6.04%

	View All Northern Funds

Asset Class	Investment Vehicle	Holdings Weight
U. S. Equity - Large, Mid, Small	Flexshares^® Morningstar US Market Factor Tilt Index Fund	28.0
Non U.S. Equity - Developed	Flexshares^® Morningstar Dev EX-US Market Factor Tilt Index Fund	10.0
Non U.S. Equity - Emerging Markets	Flexshares^® Morningstar Emerging Market Factor Tilt Index Fund	13.0
Global Real Estate	NF Global Real Estate Index Fund	5.1
U.S. Bonds - High Yield	NF High Yield Fixed Income Fund	12.9
U.S. Bonds - Intermediate	NF Bond Index Fund	10.4
U.S. Bonds - Inflation Protected	Flexshares^® iBoxx 5-Year Target Duration TIPS Index Fund	4.9
U.S. Bonds - Short	NF Short Bond Fund (formerly NIF Short Bond Portfolio 11-16-2012)	10.4
Commodities/Natural Resources	Flexshares^® Morningstar Global Upstream Natural Resources Index Fund	5.0
Cash	NIF Diversified Assets Portfolio	0.3
Total		100.0%

Updated Daily as of May 22, 2013
Symbol	BBALX	YTD Total Return	6.04%
CUSIP	665162392	Inception Date	7/1/1993
Share Price	$ 11.65	Updated Monthly as of April 30, 2013
Share Price Change	$ -0.11	Total Net Assets	$66,403,671

Total Returns for Month Ended April 30, 2013
	Northern Global Tactical Asset Allocation Fund	Asset Allocation Blend Index	Internal Reference Benchmark	Morningstar Moderate Allocation Category Average
Month	1.23%	2.12%	1.92%	1.47%
3-Month	2.52%	3.47%	3.17%	4.02%
Year to Date	5.04%	6.05%	5.33%	7.24%
1 Year	11.05%	10.60%	10.48%	11.16%
3-Year Avg. Annual	8.65%	7.84%	8.45%	8.48%
5-Year Avg. Annual	5.55%	3.75%	4.80%	4.43%
10-Year Avg. Annual	5.91%	7.62%	N/A	6.79%
Avg. Annual Since Inception	6.47%	6.95%	N/A	N/A

Total Returns for Quarter Ended March 31, 2013
	Northern Global Tactical Asset Allocation Fund	Asset Allocation Blend Index	Internal Reference Benchmark	Morningstar Moderate Allocation Category Average
Month	1.33%	1.13%	1.02%	2.07%
3-Month	3.76%	3.84%	3.35%	5.67%
Year to Date	3.76%	3.84%	3.35%	5.67%
1 Year	9.60%	8.04%	8.43%	9.22%
3-Year Avg. Annual	8.55%	7.28%	8.17%	8.39%
5-Year Avg. Annual	5.94%	3.98%	5.06%	4.79%
10-Year Avg. Annual	6.11%	7.99%	N/A	7.19%
Avg. Annual Since Inception	6.43%	6.87%	N/A	N/A

Prior to July 29, 2011 the Fund was registered as the Northern Institutional Global Tactical Asset Allocation Portfolio. The performance record from the Northern Institutional Global Tactical Asset Allocation Portfolio has been carried over to the Northern Funds Global Tactical Asset Allocation Fund. The Fund's investment strategy changed from a traditional balanced fund to an asset allocation fund, operating as a fund of funds, on April 1, 2008.

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 0.25%. 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^‡
Global Tactical Asset Allocation (BBALX)	1.40%	0.64%
^‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013.

	2012	2011	2010	2009	2008
Global Tactical Asset Allocation	14.02%	-0.01%	10.80%	20.14%	-21.14%
Asset Allocation Blend Index	13.09%	1.28%	13.05%	23.59%	-27.78%
Internal Reference Benchmark	12.37%	-0.05%	12.19%	24.24%	-24.10%
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	10
Portfolio Turnover	14.46% (as of 3/31/12)**
Dividend Schedule	Quarterly
Benchmark	Asset Allocation Blend Index
Morningstar Category	Moderate Allocation

Asset Allocation
Stocks	51.0%
Bonds	38.8%
Real Assets	9.9%
Cash	0.3%
TOTAL	100%

Top 10 Holdings		Fund
FLEXSHARES MORNINGSTAR US MARKET FACTOR TILT INDEX FUND		28.1%
FLEXSHARES MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND		13.0%
NF HIGH YEILD FIXED INCOME FUND		12.9%
NF BOND INDEX FUND		10.4%
NIF SHORT BOND PORTFOLIO		10.4%
FLEXSHARES MORNINGSTAR DEVELOPING EX-US MARKETS FACTOR TILT INDEX FUND		9.9%
NF GLOBAL REAL ESTATE INDEX FUND		5.0%
FLEXSHARES IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND		5.0%
FLEXSHARES MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND		5.0%
NIF DIVERSIFIED ASSETS PORTFOLIO		0.3%
% of Portfolio		100.0%

Sector Weightings (Equity Holdings)	Fund	Benchmark
Financials	26.2%	—
Information Technology	11.3%	—
Industrials	11.1%	—
Materials	10.9%	—
Consumer Discretionary	10.6%	—
Energy	9.4%	—
Consumer Staples	7.3%	—
Health Care	7.2%	—
Utilities	3.4%	—
Telecommunication Services	2.6%	—
TOTAL	100.0%	—

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

as of March 31, 2013

	Northern Global Tactical Asset Allocation Fund	Asset Allocation Blend Index
Beta	1.00	1.00
Up Market Capture	102.81	100.00
Down Market Capture	93.01	100.00
Information Ratio	0.73	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.

Asset Allocation Risk: An asset allocation strategy does not guarantee any specific result or profit nor protect against a loss.

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

International Risk: International investing involves increased risk and volatility.

Asset Allocation Blend Index consists of 60% MSCI All Country World Index and 40% Barclays U.S. Aggregate Bond Index. It is not possible to invest directly in an index.

Internal Reference Benchmark represents the strategic asset allocation weights assigned annually by the Investment Policy Committee — the baseline from which the portfolio managers tactically allocate within the fund. As of January 1, 2013, the benchmark consists of 31% Barclays U.S. Aggregate Bond Index, 21% MSCI U.S. IMI, 13% MSCI World ex. USA IMI, 9% Barclays U.S. Corporate High Yield 2% Issuer Cap, 9% MSCI Emerging Markets IMI, 5% Barclays EM Local Currency Government Diversified Index, 4% S&P Global Infrastructure Index, 2% Barclays U.S. TIPS Index, 2% FTSE EPRA/NAREIT Global Index, 2% iMoneyNet Fund Avg. – First Tier Institutional, 2% Morningstar Global Upstream Natural Resources Index. It is not possible to invest directly in an index.

Barclays U.S. Aggregate Bond Index is an unmanaged index of prices of U.S. dollar-denominated, fixed rate, taxable, investment-grade fixed income securities with remaining maturities of one year and longer. It is not possible to invest directly in an index.

Barclays Emerging Markets Local Currency Government Diversified Index measures the performance of fixed-rate local currency sovereign debt of emerging market countries. The Index includes government bonds issued by countries outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated B3/B-/B- or higher. It is not possible to invest directly in an index.

Barclays U.S. Corporate High Yield 2% Issuer Cap Index is an unmanaged index of the 2% Issuer Cap component of the Barclays U.S. Corporate High Yield Index, which is a market value-weighted index of fixed rate, taxable, non-investment grade fixed income securities. It is not possible to invest directly in an index.

Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index is a rules-based, market value-weighted index that tracks inflation-protected securities issued by the U.S. Treasury. It is not possible to invest directly in an index.

FTSE EPRA/NAREIT Global Index is a free float, market capitalization weighted real estate index designed to represent publicly traded equity REITs and listed property companies in 38 countries worldwide, covering both the developed and emerging markets. It is not possible to invest directly in an index.

iMoneyNet Fund Avg. – First Tier Institutional Category includes only non-government institutional funds that also are not holding any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury, U.S. other, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier CP, floating rate notes and asset-backed commercial paper. It is not possible to invest directly in an index.

Morningstar Global Upstream Natural Resources Index measures the performance of stocks issued by companies that have significant business operations in the ownership, management and/or production of natural resources in energy, agriculture, precious or industrial metals, timber and water resources sectors as defined by Morningstar’s industry classification standards. Individual stock weights as well as category and regional exposure are capped to provide diversified exposure. It is not possible to invest directly in an index.

MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure the equity performance of large and mid cap securities in the global developed and emerging markets. It is not possible to invest directly in an index.

MSCI Emerging Markets Investable Markets Index (IMI) is a free float-adjusted market capitalization index that is designed to measure equity market performance of large, mid, and small cap securities in the global emerging markets. It is not possible to invest directly in an index.

MSCI United States Investable Markets Index (IMI) is a free float-adjusted market capitalization index that is designed to measure equity market performance of large, mid, and small cap securities of the U.S. market. It is not possible to invest directly in an index.

MSCI World ex. USA Investable Markets Index (IMI) is a free float-adjusted market capitalization index that is designed to measure the equity performance of large, mid, and small cap securities in developed markets, excluding the USA. It is not possible to invest directly in an index.

S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation, and Energy. It is not possible to invest directly in an index.