Technology Fund

Technology

Northern Funds Center by E-mail

Matthew Peron

With Northern Trust since 2005
Began Career in 1990

Deborah L. Koch

With Northern Trust since 2003
Began Career in 1985

View all holdings as of
March 31, 2013

View all holdings as of
December 31, 2012

Fact Sheet

Review fund performance
View fund performance for equity, fixed income and money market funds.

Choosing a Fund
Use our Risk/Reward spectrum to navigate your way to the mutual fund that is right for you.

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 Symbol	Share Price Change Daily as of 05/22/13	YTD Total Return Daily as of 05/22/13
NTCHX	$ -0.29	5.35%

	View All Northern Funds

http://www-ac.northerntrust.com/content//media/attachment/data/image/0906/document/black_star4.gif

Among 192 technology funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 4/30/2013.

Technology received 4 stars for the 3-year rating among 192 technology funds, 4 stars for the 5-year rating among 168 funds and 3 stars for the 10-year rating among 141 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.

©2013 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 May 22, 2013
Symbol	NTCHX	YTD Total Return	5.35%
CUSIP	665162798	Inception Date	4/1/1996
Share Price	$ 17.12	Updated Monthly as of April 30, 2013
Share Price Change	$ -0.29	Total Net Assets	$74,875,228

Total Returns for Month Ended April 30, 2013
	Technology Fund	S&P 500 Index	Morningstar Technology Category Average
Month	–2.11%	1.93%	-0.34%
3-Month	–1.76%	7.18%	2.38%
Year to Date	2.77%	12.74%	6.54%
1 Year	0.54%	16.89%	2.81%
3-Year Avg. Annual	10.11%	12.80%	8.08%
5-Year Avg. Annual	6.08%	5.21%	5.61%
10-Year Avg. Annual	7.61%	7.88%	9.22%
Avg. Annual Since Inception	7.76%	7.40%	N/A

Total Returns for Quarter Ended March 31, 2013
	Technology Fund	S&P 500 Index	Morningstar Technology Category Average
Month	0.95%	3.75%	2.39%
3-Month	4.98%	10.61%	6.87%
Year to Date	4.98%	10.61%	6.87%
1 Year	–0.29%	13.96%	0.19%
3-Year Avg. Annual	12.01%	12.67%	9.08%
5-Year Avg. Annual	7.33%	5.81%	7.24%
10-Year Avg. Annual	8.73%	8.53%	10.29%
Avg. Annual Since Inception	7.94%	7.31%	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 After Expense Reimbursement" exceed 1.25%. The contractual limitation may not be terminated before July 31, 2013 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 Ratio	Net Expense Ratio^‡
Technology (NTCHX)	1.47%	1.25%
^‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013.

	2012	2011	2010	2009	2008
Technology	13.40%	-2.72%	24.09%	42.67%	-41.70%
S&P 500 Index	16.00%	2.11%	15.06%	26.46%	-37.00%
Morningstar Category Avg. Technology	13.08%	-7.62%	20.00%	61.99%	-45.33%
Performance quoted represents past performance and does not guarantee future results.

as of April 30, 2013

Read the most recent Fund Commentary (as of March 31, 2013)

Number of Holdings	63
Portfolio Turnover	57.57% (as of 3/31/12)
Dividend Schedule	Annually
Dividend Income Last Quarter	N/A
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$71,970
Benchmark	S&P 500 Index
Morningstar Category	Technology

Trailing 12-Month Price to Earnings Ratio
Fund	21.24
Benchmark	16.38

Price to Book Ratio
Fund	3.84
Benchmark	2.21

Historical 5-Year Earnings Growth
Fund	22.89
Benchmark	9.23

Asset Allocation
Stocks	97.9%
Cash	2.1%
TOTAL	100%

Top 10 Holdings		Fund
Google Inc		6.4%
Apple Inc		5.5%
Cisco Systems Inc		3.8%
Qualcomm Inc		3.2%
Oracle Corp		3.2%
Teradata Corp		2.9%
EMC Corp		2.6%
Cognizant Technology Solutions Corp		2.3%
Citrix Systems Inc		2.3%
Salesforce.com Inc		2.3%
% of Portfolio		34.5%

Sector Weightings	Fund	Benchmark
Information Technology	85.4%	17.7%
Health Care	13.4%	12.7%
Consumer Discretionary	1.2%	11.8%
Financials	0.0%	16.1%
Consumer Staples	0.0%	11.1%
Energy	0.0%	10.6%
Industrials	0.0%	9.8%
Utilities	0.0%	3.7%
Materials	0.0%	3.4%
Telecommunication Services	0.0%	3.1%
TOTAL	100.0%	100.0%

All data is as of date indicated and subject to change.

as of April 30, 2013

	Technology Fund	S&P 500 Index
Beta	1.14	1.00
Up Market Capture	109.00	100.00
Down Market Capture	121.72	100.00
Information Ratio	–0.30	0.00
*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.