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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.
|Seeks to Replicate Index|
|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.|
|Overall Morningstar RatingTM|
Among 645 small blend funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 8/31/18.
Small Cap Index received 4 stars for the 3-year rating among 645 small blend funds, 4 stars for the 5-year rating among 543 funds and 3 stars for the 10-year rating among 388 funds.
The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.
©2018 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||11.75% (as of 09/19/18)|
|Total Net Assets||$1,406,817,709 (as of 08/31/18)|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|Small Cap Index||4.29%||6.87%||14.17%||25.38%||15.99%||12.87%||10.29%||8.61%|
|Russell 2000 Index||4.31%||6.89%||14.26%||25.45%||16.11%||13.00%||10.46%||9.10%|
|Morningstar Cat. Avg.|
|Month|| ||YTD|| ||3-Year||5-Year|| || Since
|Small Cap Index||0.69%||7.72%||7.56%||17.41%||10.83%||12.32%||10.41%||8.35%|
|Russell 2000 Index||0.72%||7.75%||7.66%||17.57%||10.96%||12.46%||10.60%||8.84%|
|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.
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%. 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.
|Gross Expense Ratio||Net Expense Ratio‡|
|Small Cap Index||0.18%||0.15%|
|‡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.|
|Small Cap Index||14.59%||21.17%||-4.56%||4.69%||38.65%|
|Russell 2000 Index||14.65%||21.31%||-4.41%||4.89%||38.82%|
|Morningstar Category Avg. Small Blend||12.28%||20.78%||-5.38%||3.79%||37.39%|
|Performance quoted represents past performance and does not guarantee future results.|
|Top 10 Holdings||Fund|
|Five Below Inc||0.2%|
|Risk Characteristics*||Small Cap Index||Russell 2000 Index|
|Up Market Capture||99.79||100.00|
|Down Market Capture||100.38||100.00|
|*||Above risk characteristics are based on a 3-year time period|
|Number of Holdings||2,004|
|Portfolio Turnover||13.03% (as of 03/31/18)|
|Dividend Income Last Quarter||N/A|
|Capital Gain Income Last Quarter||N/A|
|Weighted Average Market Cap ($Mil)||$2,391|
|Benchmark||Russell 2000 Index|
|Morningstar Category||Small Blend|
|Trailing 12-Month Price-to-Earnings Ratio|
|Historical 5-Year Earnings Growth|
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.
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.
©2018 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.