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Equity Index

Mid Cap Index

TickerNAV AS OF 12/08/16
NOMIX$19.43 $0.21 Arrow Up Icon

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This fund is a good choice for those moderate risk investors who seek competitive long-term investment returns through a broadly diversified portfolio. It offers a high degree of relative predictability in an uncertain stock market by seeking investment results, before expenses, approximating the aggregate price and dividend performance of the securities included in the S&P MidCap 400 Index.

Fund Objective
Seeks to Replicate Index
Fund Strategy
  • Passively managed, the Fund seeks to duplicate the investment composition and overall performance of the stocks included in the S&P MidCap 400 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 moderate risk investor seeking competitive long-term investment returns through a broadly diversified portfolio, this Fund may be appropriate for you. It offers a high degree of relative predictability in an uncertain stock market by seeking investment results, before expenses, approximating the aggregate price and dividend performance of the securities included in the S&P MidCap 400 Index.
Risk/Reward Potential
Overall Morningstar RatingTM

Among 364 mid-cap blend funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 11/30/16.

Mid Cap Index received 4 stars for the 3-year rating among 364 mid-cap blend funds, 4 stars for the 5-year rating among 316 funds and 4 stars for the 10-year rating among 213 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.

©2016 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.

Fund Literature

Important risk information can be found on the Portfolio tab.


YTD Total Return23.05% (as of 12/08/16)
Inception Date03/22/05
Total Net Assets$1,846,544,086 (as of 10/31/16)

Total Returns

Total Returns for Month Ending 10/31/16
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Mid Cap Index-2.65%-2.82%9.31%6.13%6.90%12.75%8.11%8.66%
S&P MidCap 400 Index-2.68%-2.81%9.39%6.26%7.06%12.92%8.38%N/A
Morningstar Cat. Avg.
Mid-Cap Blend

Total Returns

Total Returns for Quarter Ending 09/30/16
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Mid Cap Index-0.67%4.11%12.29%15.17%9.18%16.30%8.84%8.98%
S&P MidCap 400 Index-0.64%4.14%12.40%15.33%9.35%16.50%9.11%9.30%
Morningstar Cat. Avg.
Mid-Cap Blend
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 0.15%. This contractual limitation may not be terminated before July 31, 2017 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
Mid Cap Index0.18%0.15%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2017. The Fund also includes voluntary expense reimbursements that may change or end at any time.

Calendar Year Returns

       2015      2014      2013      2012      2011
Mid Cap Index-2.36%9.60%33.24%17.76%-2.05%
S&P MidCap 400 Index-2.18%9.77%33.50%17.88%-1.73%
Morningstar Category Avg. Mid-Cap Blend-4.75%7.80%34.10%16.15%-3.81%
Performance quoted represents past performance and does not guarantee future results.
Important risk information can be found on the Portfolio tab.


Portfolio Composition
Top 10 HoldingsFund
WhiteWave Foods Co0.7%
IDEXX Laboratories Inc0.6%
Ingredion Inc0.6%
Duke Realty Corp0.6%
Synopsys Inc0.6%
Everest Re Group Ltd0.6%
ResMed Inc0.6%
Alexandria Real Estate Equities Inc0.6%
CDK Global Inc0.6%
Domino's Pizza Inc0.6%
% of Portfolio6.1%
As of 10/31/16
Sector WeightingsFundBenchmark
Information Technology18.2%18.2%
Real Estate11.8%11.8%
Consumer Discretionary11.5%11.5%
Health Care7.6%7.6%
Consumer Staples4.4%4.4%
Telecommunication Services0.2%0.2%
As of 10/31/16
Risk Characteristics*Mid Cap IndexS&P MidCap 400 Index
Up Market Capture99.59100.00
Down Market Capture100.47100.00
Information Ratio–1.670.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 10/31/16Insert Icon
As of 09/30/16Insert Icon
As of 08/31/16Insert Icon
As of 07/31/16Insert Icon
As of 06/30/16Insert Icon
As of 05/31/16Insert Icon

Fund Characteristics

Number of Holdings400
Portfolio Turnover20.43% (as of 03/31/16)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$4,948
BenchmarkS&P MidCap 400 Index
Morningstar CategoryMid-Cap Blend
Trailing 12-Month Price-to-Earnings Ratio
Price-to-Book Ratio
Historical 5-Year Earnings Growth
Asset Allocation 
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.
Mid-Cap Risk: Mid-capitalization stocks typically carry additional risk, since smaller companies generally have higher risk of failure and, historically, their stocks have experienced a greater degree of volatility.
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.
S&P MidCap 400® Index is an unmanaged index consisting of 400 mid-cap stocks. The S&P MidCap 400® Index covers over 7% of the U.S. equities market. It is not possible to invest directly in an index.
Brent Reeder

Brent Reeder

Portfolio Manager

Northern Mid Cap Index Fund (NOMIX)
Northern Small Cap Index Fund (NSIDX)
Northern Stock Index Fund (NOSIX)

With Northern Trust Since 1993
Began Career in 1993

Brent Reeder, Senior Vice President, is Director of U.S. Index Equities at Northern Trust. Mr. Reeder is responsible for equity index portfolio management in the United States. Prior to Director of U.S. Index Equities, he was a senior portfolio manager on the U.S. equity team. Mr. Reeder manages the Northern Mid Cap Index Fund, Northern Small Cap Index Fund and Northern Stock Index Fund.

Prior to his current role, Mr. Reeder's responsibilities included foundations and endowments team leader in the trust operations division at Northern Trust.

Mr. Reeder received a B.A. in economics from DePauw University, and an MBA in finance from DePaul University. He is an Associated Person with the National Futures Association.

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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.

©2016 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.