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Equity Index

Small Cap Index

TickerNAV AS OF 10/08/15
NSIDX$11.84 $0.11 Arrow Up Icon

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For those aggressive investors seeking competitive long-term investment returns through a broadly diversified portfolio, this Fund may be a good choice for you. The Small Cap Index Fund seeks to offer investment results, before expenses, approximating the aggregate price and dividend performance of the securities included in the Russell 2000 Index. Our experienced investment team does not use traditional methods of investment management of the Fund, rather the team will buy and sell securities in response to changes in the Russell 2000 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 Russell 2000® 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 are an aggressive investor seeking competitive long-term investment returns through a broadly diversified portfolio, this Fund may be appropriate for you. It seeks to offer investment results, before expenses, approximating the aggregate price and dividend performance of the securities included in the Russell 2000 Index.
Risk/Reward Potential

Fund Literature

Important risk information can be found on the Portfolio tab.
YTD Total Return-2.55% (as of 10/08/15)
Inception Date09/03/99
Total Net Assets$976,002,293 (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
Small Cap Index-6.29%-6.73%-3.05%-0.13%13.98%15.32%6.84%7.28%
Russell 2000 Index-6.28%-6.68%-2.97%0.03%14.12%15.55%7.12%N/A
Morningstar Cat. Avg.
Small Blend

Total Returns

Total Returns for Quarter Ending 06/30/15
    Month   3-Month     YTD  1-Year  3-Year  5-Year  10-Year Since
Small Cap Index0.71%0.40%4.69%6.31%17.68%16.86%8.13%7.89%
Russell 2000 Index0.75%0.42%4.75%6.49%17.81%17.08%8.40%N/A
Morningstar Cat. Avg.
Small 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, 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
Small Cap Index0.19%0.15%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2016.

Calendar Year Returns

       2014      2013      2012      2011      2010
Small Cap Index4.69%38.65%16.20%-4.49%26.42%
Russell 2000 Index4.89%38.82%16.35%-4.18%26.85%
Morningstar Category Avg. Small Blend3.79%37.39%15.46%-4.07%25.61%
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
Anacor Pharmaceuticals Inc0.3%
Tyler Technologies Inc0.3%
Manhattan Associates Inc0.2%
Ultragenyx Pharmaceutical Inc0.2%
Team Health Holdings Inc0.2%
First American Financial Corp0.2%
Casey's General Stores Inc0.2%
Investors Bancorp Inc0.2%
Post Holdings Inc0.2%
% of Portfolio2.2%
As of 08/31/15
Sector WeightingsFundBenchmark
Information Technology17.0%17.0%
Health Care16.7%16.6%
Consumer Discretionary14.6%14.6%
Consumer Staples3.2%3.2%
Telecommunication Services0.8%0.8%
As of 08/31/15
Risk Characteristics*Small Cap IndexRussell 2000 Index
Up Market Capture99.82100.00
Down Market Capture100.51100.00
Information Ratio–1.020.00
*Above risk characteristics are based on a 3-year time period
DateHoldings File
As of 08/31/15Insert Icon
As of 07/31/15Icon
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 Holdings1,977
Portfolio Turnover17.34% (as of 03/31/15)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$1,876
BenchmarkRussell 2000 Index
Morningstar CategorySmall 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.
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.
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.
Russell 2000® Index is an unmanaged index which measures the performance of the 2,000 smallest of the 3,000 largest U.S. companies, based on market capitalization. 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.

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