International Equity
Douglas McEldowney, CFA<SUP>&#174;</SUP>, CPA

Douglas McEldowney, CFA®, CPA

With Northern Trust since 2006
Began Career in 1984


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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 SymbolShare Price Change
Daily as of 04/17/14
YTD Total Return
Daily as of 04/17/14
NOIGX$ 0.061.30%
Updated Daily as of April 17, 2014
SymbolNOIGXYTD Total Return1.30%
CUSIP665162509Inception Date4/1/1994
Share Price$ 10.15 Updated Monthly as of March 31, 2014
Share Price Change$ 0.06Total Net Assets$253,188,565
Total Returns for Quarter Ended March 31, 2014
 International Equity FundMSCI EAFE IndexMorningstar Foreign Large Blend Category Average
Month–0.40%–0.64%-0.61%
3-Month0.30%0.66%0.12%
Year to Date0.30%0.66%0.12%
1 Year19.68%17.56%15.39%
3-Year Avg. Annual7.00%7.21%5.80%
5-Year Avg. Annual15.69%16.02%15.40%
10-Year Avg. Annual6.70%6.53%6.36%
Avg. Annual
Since Inception
5.38%5.54% 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 1.06%. The contractual limitation may not be terminated before July 31, 2014 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
International Equity
(NOIGX)
1.33%1.06%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2014.
 20132012201120102009
International Equity24.12%17.88%-13.10%8.56%31.39%
MSCI EAFE Index22.78%17.32%-12.14%7.75%31.78%
Morningstar Category Avg.
Foreign Large Blend
19.44%18.29%-13.97%10.24%31.24%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings64
Portfolio Turnover27.40% (as of 3/31/13)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$70,726
BenchmarkMSCI EAFE Index
Morningstar CategoryForeign Large Blend
Trailing 12-Month Price to Earnings Ratio 
Fund13.93
Benchmark15.43
Price to Book Ratio 
Fund1.44
Benchmark1.45
Historical 5-Year Earnings Growth 
Fund1.79
Benchmark4.44
Asset Allocation 
Stocks97.6%
Cash2.4%
TOTAL100%
Top 10 Holdings    Fund
Itau Unibanco Holding    3.1%
Roche Holding Ltd    2.7%
SAP AG    2.4%
Novartis AG    2.4%
Halliburton Co    2.4%
Prudential PLC    2.3%
Societe Generale    2.2%
Siemens AG    2.2%
Bank of China Ltd    2.2%
Infineon Technologies AG    2.0%
% of Portfolio    23.9%
Sector WeightingsFundBenchmark
Financials27.3%25.6%
Industrials14.6%12.9%
Energy11.6%6.9%
Health Care9.5%10.4%
Consumer Discretionary9.4%11.8%
Consumer Staples7.7%11.0%
Information Technology7.5%4.5%
Telecommunication Services5.0%5.0%
Materials4.7%8.1%
Utilities2.7%3.8%
TOTAL100.0% 100.0%
Top 10 Country
Weightings
FundBenchmark
United Kingdom17.8%21.1%
Germany16.5%9.5%
France15.6%10.4%
United States14.1%0.0%
Switzerland10.9%9.3%
Japan7.3%19.7%
Sweden2.7%3.3%
Spain2.7%3.6%
Australia2.3%7.9%
China2.2%0.0%
% of Portfolio92.1%84.8%
All data is as of date indicated and subject to change.
as of March 31, 2014
 International Equity FundMSCI EAFE Index
Beta1.081.00
Up Market Capture107.95100.00
Down Market Capture107.36100.00
Information Ratio–0.060.00
*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 the equity performance of developed markets, excluding the U.S. and Canada. 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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