Greg M. Newman, CFA<SUP>&#174;</SUP>, CIMA<SUP>&#174;</SUP>

Greg M. Newman, CFA®, CIMA®

With Northern Trust since 1997
Began Career in 1993

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If you fit the profile of a more aggressive investor able to accept greater volatility in exchange for higher potential return than is offered by the Large Cap Growth Fund, you will want to consider this Fund as a core holding for your portfolio. In an attempt to achieve its investment objective, the Fund may occasionally emphasize particular companies or market segments, such as technology. Many of the companies in which the Fund invests retain earnings to finance current and future growth. Investors should expect low to no dividends.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 07/30/14
YTD Total Return
Daily as of 07/30/14
NOEQX$ 0.192.61%
Updated Daily as of July 30, 2014
SymbolNOEQXYTD Total Return2.61%
CUSIP665162301Inception Date4/6/1994
Share Price$ 33.03 Updated Monthly as of June 30, 2014
Share Price Change$ 0.19Total Net Assets$105,439,124
Total Returns for Quarter Ended June 30, 2014
 Large Cap Growth FundRussell 1000 Growth IndexMorningstar Large Growth Category Average
Year to Date1.96%6.31%4.68%
1 Year23.36%26.92%26.22%
3-Year Avg. Annual11.89%16.26%14.42%
5-Year Avg. Annual16.93%19.24%17.64%
10-Year Avg. Annual6.37%8.20%7.77%
Avg. Annual
Since Inception
8.56%8.98% 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 0.85%. 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
Large Cap Growth
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
Large Cap Growth31.77%15.02%-0.51%15.19%28.61%
Russell 1000 Growth Index33.48%15.26%2.64%16.71%37.21%
Morningstar Category Avg.
Large Growth
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings56
Portfolio Turnover38.25% (as of 3/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$103,862
BenchmarkRussell 1000 Growth Index
Morningstar CategoryLarge Growth
Trailing 12-Month Price to Earnings Ratio 
Price to Book Ratio 
Historical 5-Year Earnings Growth 
Asset Allocation 
Top 10 Holdings    Fund
Apple Inc    7.1%
MasterCard Inc    3.0%
Priceline Group Inc    2.9%
Celgene Corp    2.9%
Schlumberger NV    2.8%
Gilead Sciences Inc    2.7%
Google Inc    2.6%
Google Inc Class C    2.5%
Monsanto Co    2.5%
Facebook Inc    2.5%
% of Portfolio    31.5%
Sector WeightingsFundBenchmark
Information Technology29.4%27.7%
Consumer Discretionary23.6%18.4%
Health Care15.5%12.8%
Consumer Staples4.5%10.5%
Telecommunication Services0.0%2.3%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of June 30, 2014
 Large Cap Growth FundRussell 1000 Growth Index
Up Market Capture99.97100.00
Down Market Capture129.54100.00
Information Ratio–1.230.00
*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.

Russell 1000® Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. 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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