Robert H. Bergson, CFA<SUP>&#174;</SUP>

Robert H. Bergson, CFA®

With Northern Trust since 1997
Began Career in 1995


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The Northern Small Cap Value Fund is a good choice for those aggressive investors looking for the value potential offered by the stocks of small companies - those that the adviser believes are worth more than is indicated by current market prices. It is intended for equity investors with an above-average tolerance for volatility who want to diversify their investments and plan to invest for the long term without concern for current income.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 07/24/14
YTD Total Return
Daily as of 07/24/14
NOSGX$ -0.031.83%
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Among 332 small value funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 06/30/14.

Small Cap Value received 4 stars for the 3-year rating among 332 small value funds, 3 stars for the 5-year rating among 256 funds and 4 stars for the 10-year rating among 172 funds.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

©2014 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Updated Daily as of July 24, 2014
SymbolNOSGXYTD Total Return1.83%
CUSIP665162400Inception Date4/1/1994
Share Price$ 21.17 Updated Monthly as of June 30, 2014
Share Price Change$ -0.03Total Net Assets$2,726,128,161
Total Returns for Quarter Ended June 30, 2014
 Small Cap Value FundRussell 2000 Value IndexMorningstar Small Value Category Average
Month4.42%4.42%4.03%
3-Month2.84%2.38%2.91%
Year to Date4.52%4.20%4.69%
1 Year23.95%22.54%23.58%
3-Year Avg. Annual15.36%14.65%14.50%
5-Year Avg. Annual20.35%19.88%20.13%
10-Year Avg. Annual9.33%8.24%8.79%
Avg. Annual
Since Inception
10.63%10.80% 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 1.00%. 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.
Disclosure
 Gross Expense RatioNet Expense Ratio
Small Cap Value
(NOSGX)
1.35%1.10%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
 20132012201120102009
Small Cap Value36.44%13.78%-0.60%24.61%17.77%
Russell 2000 Value Index34.52%18.05%-5.50%24.50%20.58%
Morningstar Category Avg.
Small Value
36.22%16.00%-4.45%26.17%31.32%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings536
Portfolio Turnover20.70% (as of 3/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$2,030
BenchmarkRussell 2000 Value Index
Morningstar CategorySmall Value
Trailing 12-Month Price to Earnings Ratio 
Fund18.66
Benchmark17.27
Price to Book Ratio 
Fund1.57
Benchmark1.55
Historical 5-Year Earnings Growth 
Fund9.38
Benchmark8.20
Asset Allocation 
Stocks96.5%
Cash3.5%
TOTAL100%
Top 10 Holdings    Fund
Moog Inc    0.8%
Men's Wearhouse Inc    0.8%
CNO Financial Group Inc    0.8%
EMCOR Group Inc    0.7%
LaSalle Hotel Properties    0.7%
EPR Properties    0.7%
Bristow Group Inc    0.7%
Idacorp Inc    0.7%
Stone Energy Corp    0.7%
Esterline Technologies Corp    0.7%
% of Portfolio    7.3%
Sector WeightingsFundBenchmark
Financials36.2%39.9%
Industrials14.5%13.4%
Information Technology11.5%10.2%
Consumer Discretionary11.0%10.1%
Energy7.7%7.8%
Utilities5.9%6.6%
Materials5.5%4.3%
Health Care4.7%4.7%
Consumer Staples2.4%2.5%
Telecommunication Services0.6%0.5%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of May 31, 2014
 Small Cap Value FundRussell 2000 Value Index
Beta0.971.00
Up Market Capture99.69100.00
Down Market Capture94.85100.00
Information Ratio0.640.00
*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.

Small Cap Risk: Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.

Value Risk: Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Russell 2000® Value Index is an unmanaged index measuring the performance of those companies included in the Russell 2000 Index having lower price-to-book ratios and lower 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

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