Emerging Markets Equity Index
Steven J. Santiccioli

Steven J. Santiccioli

With Northern Trust since 2003
Began Career in 1993

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Emerging markets exposure may be suitable for those investors who have an above-average tolerance to market volatility and seek a global component to their diversified investment portfolio. Our Emerging Markets Equity Index Fund intends to invest a substantial portion of its total assets in foreign countries that are considered emerging markets. These markets involve additional risks including currency fluctuation, less market liquidity, more market volatility and political instability. The fund may invest more than 25% of it's assets in securities of issuers located in a single foreign country.

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 07/23/14
YTD Total Return
Daily as of 07/23/14
NOEMX$ 0.028.69%
Updated Daily as of July 23, 2014
SymbolNOEMXYTD Total Return8.69%
CUSIP665162582Inception Date4/25/2006
Share Price$ 12.26 Updated Monthly as of June 30, 2014
Share Price Change$ 0.02Total Net Assets$2,029,616,233
Total Returns for Quarter Ended June 30, 2014
 Emerging Markets Equity Index FundMSCI Emerging Markets IndexMorningstar Diversified Emerging Mkts Category Average
Year to Date5.41%6.14%5.83%
1 Year14.46%14.31%14.21%
3-Year Avg. Annual–0.85%–0.39%0.13%
5-Year Avg. Annual8.55%9.24%9.11%
Avg. Annual
Since Inception
4.29%5.30% 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 0.30%. 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
Emerging Markets Equity Index
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
Emerging Markets Equity Index-3.03%18.80%-19.17%18.28%72.64%
MSCI Emerging Markets Index-2.60%18.22%-18.42%18.88%78.51%
Morningstar Category Avg.
Diversified Emerging Mkts
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings838
Portfolio Turnover32.31% (as of 3/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$36,644
BenchmarkMSCI Emerging Markets Index
Morningstar CategoryDiversified Emerging Markets
Trailing 12-Month Price to Earnings Ratio 
Price to Book Ratio 
Historical 5-Year Earnings Growth 
Asset Allocation 
Top 10 Holdings    Fund
Samsung Electronics Co Ltd    3.9%
Taiwan Semiconductor Manufacturing Co Ltd    2.5%
Tencent Holdings Ltd    1.8%
China Mobile Ltd    1.5%
China Construction Bank Corp    1.3%
OAO Gazprom    1.2%
Industrial and Commercial Bank of China Ltd    1.2%
Naspers Ltd    1.1%
Itau Unibanco Holding SA    1.0%
Bank of China Ltd    0.9%
% of Portfolio    16.4%
Sector WeightingsFundBenchmark
Information Technology17.0%17.2%
Consumer Discretionary9.0%9.0%
Consumer Staples8.4%8.4%
Telecommunication Services7.1%7.0%
Health Care1.8%1.7%
TOTAL100.0% 100.0%
Top 10 Country
South Korea15.8%16.1%
South Africa7.5%7.7%
% of Portfolio87.9%89.1%
All data is as of date indicated and subject to change.
as of May 31, 2014
 Emerging Markets Equity Index FundMSCI Emerging Markets Index
Up Market Capture99.12100.00
Down Market Capture100.65100.00
Information Ratio–0.120.00
*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.

Emerging Markets Risk: Emerging market investing is subject to additional economic, political, liquidity and currency risks not associated with more developed countries.

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.

MSCI Emerging Markets IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global 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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