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Equity Index

Global Real Estate Index

TickerNAV AS OF 10/08/15
NGREX$9.72 $0.07 Arrow Up Icon

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For those long-term investors who enjoy following the stock performance of real estate companies, this may be the fund for you. The Northern Global Real Estate Index Fund offers an opportunity to invest both inside and outside of the U.S. market and in an asset class you may not currently have in your portfolio. This Fund does have special risks, including sensitivity to changes in the overall economy and interest rate levels.
Fund Objective
Seeks to Replicate Index
Fund Strategy
  • Seek to duplicate the investment composition and overall performance of the stocks included in the FTSE®EPRA®/NAREIT® Global Index.
  • Invest at least 80% of its net assets in equity securities in the Index, in weightings that approximate the relative composition of the Index.
  • Use proprietary quantitative techniques designed to minimize trading costs.
Investor Profile
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of global real estate, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.

Investing in real estate equities involves special risks linked to the real estate market, including declines in the value of real estate, changes in the value of the underlying property, and defaults by borrowers. Foreign investing entails the risk that returns may be reduced by currency fluctuations.
Redemption Fee
2% on shares sold or exchanged within 30 days of purchase
Risk/Reward Potential

Fund Literature

YTD Total Return-0.71% (as of 10/08/15)
Inception Date07/26/06
Total Net Assets$1,695,828,458 (as of 08/31/15)

Total Returns

Total Returns for Month Ending 08/31/15
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Global Real Estate Index-6.45%-8.14%-6.11%-6.20%5.69%7.96%N/A2.16%
Global Index
Morningstar Cat. Avg.
Global Real Estate

Total Returns

Total Returns for Quarter Ending 06/30/15
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Global Real Estate Index-3.98%-5.64%-1.86%0.41%8.49%10.96%N/A2.71%
Global Index
Morningstar Cat. Avg.
Global Real Estate
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.

Northern Trust Investments, Inc. has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than certain excepted expenses, i.e., acquired fund fees and expenses; the compensation paid to each Independent Trustee of the Trust; expenses of third party consultants engaged by the Board of Trustees; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; expenses in connection with the negotiation and renewal of the revolving credit facility; and extraordinary expense and interest) to the extent the "Total Annual Fund Operating Expenses" exceed 0.50%. This contractual limitation may not be terminated before July 31, 2016 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.

Annual Expense Ratios

 Gross Expense RatioNet Expense Ratio
Global Real Estate Index0.53%0.50%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.

Calendar Year Returns

       2014      2013      2012      2011      2010
Global Real Estate Index13.44%1.70%29.44%-8.93%19.40%
FTSE EPRA/NAREIT Global Index13.92%1.57%28.98%-8.72%19.31%
Morningstar Category Avg. Global Real Estate11.67%2.92%31.78%-10.10%17.22%
Performance quoted represents past performance and does not guarantee future results.
Portfolio Composition
Top 10 HoldingsFund
Simon Property Group Inc4.2%
Public Storage2.2%
Mitsubishi Estate Co Ltd2.0%
Mitsui Fudosan Co Ltd2.0%
Equity Residential1.9%
Unibail-Rodamco SE1.9%
Health Care REIT Inc1.7%
AvalonBay Communities Inc1.6%
Sun Hung Kai Properties Ltd1.6%
Prologis Inc1.5%
% of Portfolio20.6%
As of 08/31/15
Industry WeightingsFundBenchmark
Real Estate Investment Trusts (REITs)69.8%69.8%
Real Estate Management & Development25.6%25.6%
Real Estate4.2%4.2%
Household Durables0.2%0.2%
Healthcare Providers & Services0.1%0.1%
Hotels Restaurants & Leisure0.1%0.1%
Top 10 Country WeightingsFundBenchmark
United States48.1%47.6%
Hong Kong6.6%6.6%
United Kingdom6.2%6.4%
As of 08/31/15
Risk Characteristics*Global Real Estate IndexFTSE EPRA/NAREIT Global Index
Up Market Capture100.72100.00
Down Market Capture99.68100.00
Information Ratio0.200.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 08/31/15Insert Icon
As of 07/31/15Insert Icon
As of 06/30/15Insert Icon
As of 05/31/15Insert Icon
As of 04/30/15Insert Icon
As of 03/31/15Insert Icon

Fund Characteristics

Number of Holdings488
Portfolio Turnover5.98% (as of 03/31/15)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.1252
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$13,187
BenchmarkFTSE EPRA/NAREIT Global Index
Morningstar CategoryGlobal Real Estate
Trailing 12-Month Price-to-Earnings Ratio
Price-to-Book Ratio
Historical 5-Year Earnings Growth
Asset Allocation 
Committed Cash3.6%
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.
International Risk: International investing involves increased risk and volatility.
REIT/Real Estate Risk: Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Investments in REITs involve certain additional unique risks. By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments.
Index Fund Risk: The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. It is important to remember that there are risks associated with index investing, including the potential risk of market decline, as well as the risks associated with investing in specific companies.
FTSE® EPRA®/NAREIT® Global Index is a free float-adjusted, market capitalization-weighted real estate index designed to represent publicly traded equity REITs and listed property companies in 38 countries worldwide, covering both the developed and emerging markets. It is not possible to invest directly in an index.
Thomas E. O'Brien, CFA<sup>&reg;</sup>

Thomas E. O'Brien, CFA®

Portfolio Manager

Northern Global Real Estate Index Fund (NGREX)
Northern Global Sustainability Index Fund (NSRIX)

With Northern Trust Since 2004
Began Career in 1997

Thomas E. O'Brien, Vice President of Northern Trust, is a portfolio manager with the international quantitative equity division. He manages the Northern Global Real Estate Index Fund and Northern Global Sustainability Index Fund.

Prior to joining Northern Trust in 2004, Mr. O'Brien was a principal at State Street Global Advisors in Boston.

Mr. O'Brien received a B.S. in finance from the University of Rhode Island and an MBA from Suffolk University. He is an active CFA® charterholder and a member of the CFA Society Chicago.

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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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