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|This Fund may be a good choice for those moderate-risk investors looking for a relatively high level of current income, but don't want to forego the capital appreciation potential of the stock market. Using fundamental research and quantitative analysis, our experienced investment management team buys and sells securities based on such factors as a company's current income, prospects for growth and capital appreciation potential. The Fund will, under normal circumstances, invest at least 80% of its net assets in income-producing equity securities, including dividend-paying common and preferred stocks and convertible securities. The Fund also may invest up to 20% of its net assets in a broad range of non-convertible fixed-income securities without limitation as to maturity.|
|Current Income and Capital Appreciation|
If you are a moderate-risk investor looking for a relatively high level of current income, but don't want to forego the capital appreciation potential of the stock market, you may like this Fund.
|Overall Morningstar RatingTM|
Among 342 aggressive allocation funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 10/31/14.
Income Equity received 4 stars for the 3-year rating among 342 aggressive allocation funds, 5 stars for the 5-year rating among 307 funds and 5 stars for the 10-year rating among 207 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.
|YTD Total Return||9.62%
|30-Day SEC Yield w/ Waivers||2.32%
|30-Day SEC Yield w/o |
|Total Net Assets|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|S&P 500 Index||2.44%||5.05%||10.99%||17.27%||19.77%||16.69%||8.20%||9.70%|
|Morningstar Cat. Avg.|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|S&P 500 Index||-1.40%||1.13%||8.34%||19.73%||22.99%||15.70%||8.11%||9.61%|
|Morningstar Cat. Avg.|
|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.
|Gross Expense Ratio||Net Expense Ratio‡|
|‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.|
|S&P 500 Index||32.39%||16.00%||2.11%||15.06%||26.46%|
|Morningstar Category Avg. Aggressive Allocation||21.31%||13.42%||-3.80%||13.49%||29.37%|
|Performance quoted represents past performance and does not guarantee future results.|
|Top 10 Holdings||Fund|
|Altria Group Inc||4.8%|
|Home Depot Inc||4.7%|
|Wells Fargo & Co||4.6%|
|JP Morgan Chase & Co||3.9%|
|Merck & Co Inc||3.8%|
|United Parcel Service Inc||2.8%|
|% of Portfolio||38.4%|
|Risk Characteristics*||Income Equity||S&P 500 Index|
|Up Market Capture||79.04||100.00|
|Down Market Capture||100.67||100.00|
|*||Above risk characteristics are based on a 3-year time period|
|Number of Holdings||65|
|Portfolio Turnover||14.34% (as of 03/31/14)|
|Dividend Income Last Quarter||$0.3155|
|Capital Gain Income Last Quarter||N/A|
|Weighted Average Market Cap ($Mil)||$80,630|
|Benchmark||S&P 500 Index|
|Morningstar Category||Aggressive Allocation|
|Trailing 12-Month Price-to-Earnings Ratio|
|Historical 5-Year Earnings Growth|
With Northern Trust Since 1998
Began Career in 1998
Jacob C. Weaver, Senior Vice President of Northern Trust, is team leader of the global equity team responsible for the implementation of several quantitative active equity strategies specializing in Tax Advantaged Equity and Quality Dividend Focus strategies. He currently co-manages the Northern Income Equity Fund.
Prior to rejoining the team in 2010, Mr. Weaver was the Head of International Indexing in Northern Trust’s London office, overseeing a team of portfolio managers to various international indexes. Prior to this, he spent six years as a portfolio manager focused on quantitative active strategies including Small Cap Core and Tax Advantaged Equity.
Mr. Weaver received a B.S. in finance from the University of Illinois at Urbana-Champaign and an MBA from the University of Chicago Booth School of Business with concentrations in finance and organizational behavior. He is an active CFA® charterholder, a CPA, a member of the CFA Society Chicago and the CFA Institute.
With Northern Trust Since 2009
Began Career in 1995
John A. Ferguson, Vice President of Northern Trust, is a senior portfolio manager on the global equity team responsible for value-added strategies, including Tax Advantaged Equity and Quality Dividend Focus for high net worth and institutional clients. He currently co-manages the Northern Income Equity Fund.
Prior to joining Northern Trust in 2009, Mr. Ferguson was a portfolio manager and client service director with Chicago Equity Partners, an AMG affiliate that specializes in quantitative equity management. He managed institutional, taxable, and socially responsible portfolios, was a sector specialist on the fundamental analyst team, traded on the institutional equity desk, and managed the performance measurement team.
Mr. Ferguson received a B.S. in accounting from Miami University in Oxford, OH. He is an active CFA® charterholder, and a member of the CFA Society Chicago and the CFA Institute.
Not FDIC insured | May lose value | No bank guarantee
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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