Deborah L. Koch, CFA<SUP>&#174;</SUP>

Deborah L. Koch, CFA®

With Northern Trust since 2003
Began Career in 1985


Sandeep Soorya

Sandeep Soorya

With Northern Trust since 2011
Began Career in 1997


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If you're a growth-oriented investor intrigued by the appreciation potential of technology-driven companies, you may want to explore the opportunities this Sector Fund offers. Our experienced investment team invests more than 25% of the Funds assets in the stock of companies that develop, or sell computers, software or peripheral products that they believe could outperform the market over the next one- to two-year periods. This Fund was designed for those long-term investors who are willing to withstand inevitable short-term market swings and who understand the risks and potential rewards of sector investing.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 04/24/14
YTD Total Return
Daily as of 04/24/14
NTCHX$ 0.050.30%
Updated Daily as of April 24, 2014
SymbolNTCHXYTD Total Return0.30%
CUSIP665162798Inception Date4/1/1996
Share Price$ 19.87 Updated Monthly as of March 31, 2014
Share Price Change$ 0.05Total Net Assets$81,704,790
Total Returns for Quarter Ended March 31, 2014
 Technology FundS&P 500 IndexMorningstar Technology Category Average
Month–1.87%0.84%-2.64%
3-Month3.64%1.81%2.39%
Year to Date3.64%1.81%2.39%
1 Year20.34%21.86%30.00%
3-Year Avg. Annual9.54%14.66%10.58%
5-Year Avg. Annual19.34%21.16%21.68%
10-Year Avg. Annual5.95%7.42%8.08%
Avg. Annual
Since Inception
8.59%8.07% 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 1.25%. 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.
Disclosure
 Gross Expense RatioNet Expense Ratio
Technology
(NTCHX)
1.53%1.25%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2014.
 20132012201120102009
Technology21.91%13.40%-2.72%24.09%42.67%
S&P 500 Index32.39%16.00%2.11%15.06%26.46%
Morningstar Category Avg.
Technology
35.45%13.08%-7.62%20.00%61.99%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings73
Portfolio Turnover42.66% (as of 3/31/13)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$70,696
BenchmarkS&P 500 Index
Morningstar CategoryTechnology
Trailing 12-Month Price to Earnings Ratio 
Fund25.15
Benchmark17.78
Price to Book Ratio 
Fund4.00
Benchmark2.50
Historical 5-Year Earnings Growth 
Fund20.04
Benchmark11.62
Asset Allocation 
Stocks97.7%
Cash2.3%
TOTAL100%
Top 10 Holdings    Fund
Apple Inc    4.1%
Google Inc    4.0%
EMC Corp    3.0%
Vmware Inc    2.8%
salesforce.com Inc    2.7%
Red Hat Inc    2.3%
Oracle Corp    2.3%
ARM Holdings PLC    2.2%
Baxter International Inc    2.2%
Cognizant Technology Solutions Corp    2.2%
% of Portfolio    27.8%
Sector WeightingsFundBenchmark
Information Technology83.0%18.6%
Health Care14.7%13.4%
Consumer Discretionary2.3%12.1%
Financials0.0%16.3%
Industrials0.0%10.7%
Energy0.0%10.1%
Consumer Staples0.0%9.7%
Materials0.0%3.5%
Utilities0.0%3.1%
Telecommunication Services0.0%2.5%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of March 31, 2014
 Technology FundS&P 500 Index
Beta1.181.00
Up Market Capture100.39100.00
Down Market Capture131.63100.00
Information Ratio–0.550.00
*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.

Sector Risk: Because the Fund invests in a single industry, its shares do not represent a complete investment program. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries and companies.

S&P 500® Index is an unmanaged index consisting of 500 stocks and is a widely recognized common measure of the performance of the overall U.S. stock market. It is not possible to invest directly in an index.

 
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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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