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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.|
|Seeks to Replicate Index
|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.
|2% on shares sold or exchanged within 30 days of purchase|
|YTD Total Return||-5.06% (as of 10/19/18)|
|Total Net Assets||$1,711,433,565 (as of 09/30/18)|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|Global Real Estate Index||-2.31%||-1.01%||-1.32%||2.12%||7.04%||5.50%||5.63%||3.42%|
|MSCI ACWI IMI Core Real Estate Index*||-2.48%||-0.98%||-2.00%||1.35%||6.87%||5.72%||6.37%||3.82%|
|FTSE EPRA/NAREIT |
|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%. The “Total Annual Fund Operating Expenses After Expense Reimbursement" may be higher than the contractual limitation as a result of the excepted expenses that are not reimbursed. This contractual limitation may not be terminated before July 31, 2019 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.
*Effective July 31, 2018 the benchmark for the Global Real Estate Index Fund has changed from FTSE EPRA/NAREIT Global Index to MSCI ACWI IMI Core Real Estate Index which better aligns with the investment adviser’s view of the investable universe in the real estate sector and to provide additional representation of real estate investment trusts and broader market capitalization.
|Gross Expense Ratio||Net Expense Ratio‡|
|Global Real Estate Index||0.53%||0.50%|
|‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2019. The Fund also includes voluntary expense reimbursements that may change or end at any time.|
|Global Real Estate Index||14.36%||4.35%||-1.17%||13.44%||1.70%|
|MSCI ACWI IMI Core Real Estate Index*||14.54%||3.95%||0.24%||14.20%||2.60%|
|FTSE EPRA/NAREIT Global Index||13.99%||3.75%||-1.19%||13.92%||1.57%|
|Morningstar Category Avg. Global Real Estate||15.12%||1.97%||-0.92%||11.67%||2.92%|
|*Effective July 31, 2018 the benchmark for the Global Real Estate Index Fund has changed from FTSE EPRA/NAREIT Global Index to MSCI ACWI IMI Core Real Estate Index which better aligns with the investment adviser’s view of the investable universe in the real estate sector and to provide additional representation of real estate investment trusts and broader market capitalization.
Performance quoted represents past performance and does not guarantee future results.
|Top 10 Holdings||Fund|
|Simon Property Group Inc||3.2%|
|AvalonBay Communities Inc||1.4%|
|Digital Realty Trust Inc||1.4%|
|Equity Real Estate Investment Trusts (REITs)||68.8%||68.5%|
|Real Estate Management & Development||28.0%||28.2%|
|Top 10 Country Weightings||Fund||Benchmark|
|Risk Characteristics*||Global Real Estate Index||MSCI ACWI IMI Core Real Estate|
|Up Market Capture||98.54||100.00|
|Down Market Capture||97.33||100.00|
|*||Above risk characteristics are based on a 3-year time period|
|Number of Holdings||613|
|Portfolio Turnover||9.53% (as of 03/31/18)|
|Dividend Income Last Quarter||$0.1220|
|Capital Gain Income Last Quarter||N/A|
|Weighted Average Market Cap ($Mil)||$14,417|
|Benchmark**||MSCI ACWI IMI Core Real Estate Index|
|Morningstar Category||Global Real Estate|
|**Effective July 31, 2018 the benchmark for the Global Real Estate Index Fund has changed from FTSE EPRA/NAREIT Global Index to MSCI ACWI IMI Core Real Estate Index.|
|Trailing 12-Month Price-to-Earnings Ratio|
|Historical 5-Year Earnings Growth|
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.
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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