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

Douglas McEldowney, CFA®, CPA

With Northern Trust since 2006
Began Career in 1984


Donna L. Renaud, CFA<SUP>&#174;</SUP>

Donna L. Renaud, CFA®

With Northern Trust since 2004
Began Career in 1986


Alec Harrell, CFA®

With Northern Trust since 2007
Began Career in 2002


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For those value-oriented investors who enjoy long-term capital appreciation with the relatively lower risk of large, dividend-paying stocks, this Fund may be ideal for you. Our knowledgeable investment team pursues high total returns by buying stocks when they are out-of-favor and undervalued, and then selling them when they have returned to favor and achieved their full value. The Fund takes a traditional, disciplined approach to value investing - uncovering financially strong, high-yielding stocks that are attractively priced and have the potential for future appreciation.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 04/23/14
YTD Total Return
Daily as of 04/23/14
NOLVX$ -0.010.70%
Updated Daily as of April 23, 2014
SymbolNOLVXYTD Total Return0.70%
CUSIP665162632Inception Date8/3/2000
Share Price$ 13.00 Updated Monthly as of March 31, 2014
Share Price Change$ -0.01Total Net Assets$109,008,233
Total Returns for Quarter Ended March 31, 2014
 Large Cap Value FundRussell 1000 Value IndexMorningstar Large Value Category Average
Month2.52%2.39%1.82%
3-Month0.70%3.02%2.27%
Year to Date0.70%3.02%2.27%
1 Year22.30%21.57%20.74%
3-Year Avg. Annual10.77%14.80%13.09%
5-Year Avg. Annual18.32%21.75%19.82%
10-Year Avg. Annual5.38%7.58%6.91%
Avg. Annual
Since Inception
5.99%6.64% 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, 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
Large Cap Value
(NOLVX)
1.35%0.85%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2014.
 20132012201120102009
Large Cap Value35.59%13.85%-8.91%13.43%25.42%
Russell 1000 Value Index32.53%17.51%0.39%15.51%19.69%
Morningstar Category Avg.
Large Value
31.21%14.57%-0.75%13.66%24.13%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings52
Portfolio Turnover22.91% (as of 3/31/13)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$107,497
BenchmarkRussell 1000 Value Index
Morningstar CategoryLarge Value
Trailing 12-Month Price to Earnings Ratio 
Fund13.58
Benchmark16.05
Price to Book Ratio 
Fund1.75
Benchmark0.02
Historical 5-Year Earnings Growth 
Fund9.89
Benchmark9.35
Asset Allocation 
Stocks98.0%
Cash2.0%
TOTAL100%
Top 10 Holdings    Fund
JP Morgan Chase & Co    3.0%
MetLife Inc    3.0%
Wells Fargo & Co    2.9%
Prudential Financial Inc    2.9%
Baker Hughes Inc    2.9%
Pfizer Inc    2.8%
Goldman Sachs Group Inc    2.8%
Siemens AG    2.6%
Intel Corp    2.6%
Exxon Mobil Corp    2.6%
% of Portfolio    28.1%
Sector WeightingsFundBenchmark
Financials31.2%29.1%
Energy16.3%14.5%
Health Care12.2%13.5%
Industrials10.3%10.2%
Information Technology10.0%9.0%
Consumer Discretionary8.9%6.4%
Materials4.0%2.9%
Telecommunication Services3.7%2.5%
Consumer Staples3.4%5.8%
Utilities0.0%6.1%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of March 31, 2014
 Large Cap Value FundRussell 1000 Value Index
Beta1.161.00
Up Market Capture103.04100.00
Down Market Capture126.87100.00
Information Ratio–1.050.00
*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.

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

Russell 1000® Value Index is an unmanaged index which measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected 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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