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

Robert H. Bergson, CFA®

With Northern Trust since 1997
Began Career in 1995


Alex Ryer, CFA<SUP>&#174;</SUP>

Alex Ryer, CFA®

With Northern Trust since 2005
Began Career in 1990


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If you're more of an aggressive investor looking for the growth potential offered by the stocks of smaller companies, then the Northern Small Cap Core Fund may be the right choice for you. Our experienced investment team follows a quantitative-managed, core style investment strategy to select stocks based on a statistical analysis of historical relationships among small-cap characteristics, stock prices and market capitalization ranges. The Fund invests in a highly diversified portfolio consistent with small-cap core benchmarks and uses a screening process designed to reduce exposure to stocks with negative fundamentals.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 04/17/14
YTD Total Return
Daily as of 04/17/14
NSGRX$ 0.12-1.24%
Updated Daily as of April 17, 2014
SymbolNSGRXYTD Total Return-1.24%
CUSIP665162665Inception Date9/30/1999
Share Price$ 20.69 Updated Monthly as of March 31, 2014
Share Price Change$ 0.12Total Net Assets$189,697,301
Total Returns for Quarter Ended March 31, 2014
 Small Cap Core FundRussell 2000 IndexMorningstar Small Blend Category Average
Month–0.24%–0.68%0.60%
3-Month1.15%1.12%1.45%
Year to Date1.15%1.12%1.45%
1 Year24.95%24.90%24.09%
3-Year Avg. Annual13.95%13.18%12.73%
5-Year Avg. Annual24.51%24.31%24.08%
10-Year Avg. Annual9.09%8.53%8.60%
Avg. Annual
Since Inception
7.44%8.63% 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 0.75%. 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.

The recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.


Disclosure
 Gross Expense RatioNet Expense Ratio
Small Cap Core
(NSGRX)
1.24%0.76%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2014.
 20132012201120102009
Small Cap Core38.78%17.12%-2.49%25.58%33.14%
Russell 2000 Index38.82%16.35%-4.18%26.85%27.16%
Morningstar Category Avg.
Small Blend
37.39%15.46%-4.07%25.61%31.80%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings1509
Portfolio Turnover12.23% (as of 3/31/13)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$1,895
BenchmarkRussell 2000 Index
Morningstar CategorySmall Blend
Trailing 12-Month Price to Earnings Ratio 
Fund20.64
Benchmark19.52
Price to Book Ratio 
Fund1.89
Benchmark0.06
Historical 5-Year Earnings Growth 
Fund12.52
Benchmark12.74
Asset Allocation 
Stocks97.6%
Cash2.4%
TOTAL100%
Top 10 Holdings    Fund
Acuity Brands Inc    0.3%
CoStar Group Inc    0.3%
athenahealth Inc    0.3%
Middleby Corp    0.3%
Maximus Inc    0.3%
WEX Inc    0.3%
Alliant Techsystems Inc    0.3%
Isis Pharmaceuticals Inc    0.3%
Manhattan Associates Inc    0.2%
FEI Co    0.2%
% of Portfolio    2.8%
Sector WeightingsFundBenchmark
Financials22.0%23.3%
Information Technology17.0%17.8%
Industrials15.8%14.5%
Health Care13.9%13.4%
Consumer Discretionary13.3%13.0%
Energy5.8%5.6%
Materials4.6%4.9%
Consumer Staples3.9%3.7%
Utilities3.1%3.1%
Telecommunication Services0.6%0.7%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of March 31, 2014
 Small Cap Core FundRussell 2000 Index
Beta0.961.00
Up Market Capture97.57100.00
Down Market Capture93.76100.00
Information Ratio0.760.00
*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.

Russell 2000® Index is an unmanaged index which measures the performance of the 2,000 smallest companies in the Russell 3000 Index based on market capitalization. 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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