Global Real Estate Index
Thomas E. O'Brien, CFA<SUP>&#174;</SUP>

Thomas E. O'Brien, CFA®

With Northern Trust since 2004
Began Career in 1997

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For those long-term investors who enjoy following the stock performance of real estate companies, this may be the fund for you. The Northern Global Real Estate Index Fund offers an opportunity to invest both inside and outside of the U.S. market and in an asset class you may not currently have in your portfolio. This Fund does have special risks, including sensitivity to changes in the overall economy and interest rate levels.

Fund Objective: Seeks to Replicate Index

Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase
Ticker SymbolShare Price Change
Daily as of 07/31/14
YTD Total Return
Daily as of 07/31/14
NGREX$ -0.1111.77%
Updated Daily as of July 31, 2014
SymbolNGREXYTD Total Return11.77%
CUSIP665162541Inception Date7/26/2006
Share Price$ 10.02 Updated Monthly as of June 30, 2014
Share Price Change$ -0.11Total Net Assets$1,479,262,606
Total Returns for Quarter Ended June 30, 2014
 Global Real Estate Index FundFTSE EPRA/NAREIT Global IndexMorningstar Global Real Estate Category Average
Year to Date10.88%10.98%10.48%
1 Year12.19%11.70%13.46%
3-Year Avg. Annual8.34%8.38%8.65%
5-Year Avg. Annual15.48%15.52%15.27%
Avg. Annual
Since Inception
3.00%3.47% 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 0.50%. 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.

 Gross Expense RatioNet Expense Ratio
Global Real Estate Index
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
Global Real Estate Index1.70%29.44%-8.93%19.40%36.96%
FTSE EPRA/NAREIT Global Index1.57%28.98%-8.72%19.31%37.94%
Morningstar Category Avg.
Global Real Estate
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings461
Portfolio Turnover9.14% (as of 3/31/14)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.1026
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$12,484
BenchmarkFTSE EPRA/NAREIT Global Index
Morningstar CategoryGlobal Real Estate
Trailing 12-Month Price to Earnings Ratio 
Price to Book Ratio 
Historical 5-Year Earnings Growth 
Asset Allocation 
Top 10 Holdings    Fund
Simon Property Group Inc    3.9%
Mitsubishi Estate Co Ltd    2.3%
Mitsui Fudosan Co Ltd    2.1%
Unibail-Rodamco SE    2.1%
Public Storage    1.8%
Equity Residential    1.7%
Sun Hung Kai Properties Ltd    1.6%
Prologis Inc    1.5%
Health Care REIT Inc    1.4%
HCP Inc    1.4%
% of Portfolio    19.8%
Industry WeightingsFundBenchmark
Real Estate Investment Trusts (REITs)68.7%68.7%
Real Estate Management & Development26.8%26.8%
Real Estate3.9%3.9%
Household Durables0.6%0.6%
Top 10 Country
United States44.4%44.4%
Hong Kong7.2%7.2%
United Kingdom5.5%5.5%
% of Portfolio89.1%88.9%
All data is as of date indicated and subject to change.
as of June 30, 2014
 Global Real Estate Index FundFTSE EPRA/NAREIT Global Index
Up Market Capture98.58100.00
Down Market Capture98.83100.00
Information Ratio–0.020.00
*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.

REIT/Real Estate Risk: Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Investments in REITs involve certain additional unique risks. By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments.

Index Fund Risk: The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. It is important to remember that there are risks associated with index investing, including the potential risk of market decline, as well as the risks associated with investing in specific companies.

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 36 countries worldwide, covering both the developed and emerging markets. It is not possible to invest directly in an index.
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Not FDIC insured | May lose value | No bank guarantee

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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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