Large Cap Core (formerly known as Enhanced Large Cap)
Mark C. Sodergren, CFA<SUP>&#174;</SUP>

Mark C. Sodergren, CFA®

With Northern Trust since 2007
Began Career in 1995

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For those investors who are seeking a low cost, disciplined approach to investing in equities, this may be the fund for you. The Large Cap Core Fund attempts to create a portfolio with similar risk, style, capitalization and industry characteristics as the S&P 500 Index. In managing the Fund, your investment management team attempts to achieve the Fund's objective by overweighting those stocks that it believes will outperform the S&P 500 Index and underweighting those stocks that it believes will under-perform the S&P 500 Index.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 07/21/14
YTD Total Return
Daily as of 07/21/14
NOLCX$ -0.038.64%
morningstar heading

Among 1,073 large value funds derived from a weighted average of the fund's 3- and 5-year risk-adjusted returns as of 06/30/14.

Large Cap Core received 5 stars for the 3-year rating among 1,073 large value funds and 4 stars for the 5-year rating among 952 funds. The 10-year Morningstar Rating is not available.

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.

©2014 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.

Updated Daily as of July 21, 2014
SymbolNOLCXYTD Total Return8.64%
CUSIP665162590Inception Date12/16/2005
Share Price$ 14.79 Updated Monthly as of June 30, 2014
Share Price Change$ -0.03Total Net Assets$27,958,485
Total Returns for Quarter Ended June 30, 2014
 Large Cap Core FundS&P 500 IndexMorningstar Large Value Category Average
Year to Date7.54%7.14%6.96%
1 Year26.08%24.61%22.21%
3-Year Avg. Annual18.00%16.58%14.88%
5-Year Avg. Annual19.36%18.83%17.27%
Avg. Annual
Since Inception
7.15%7.50% N/A
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.

The Advisor has agreed to reimburse certain expenses of the Fund (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses" exceed 0.60%. The contractual limitation may not be terminated before July 31, 2015 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 RatioNet Expense Ratio
Large Cap Core
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
Large Cap Core36.27%14.51%4.13%13.07%26.77%
S&P 500 Index32.39%16.00%2.11%15.06%26.46%
Morningstar Category Avg.
Large Value
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings138
Portfolio Turnover95.11% (as of 3/31/14)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0478
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$118,931
BenchmarkS&P 500 Index
Morningstar CategoryLarge Value
Trailing 12-Month Price to Earnings Ratio 
Price to Book Ratio 
Historical 5-Year Earnings Growth 
Asset Allocation 
Top 10 Holdings    Fund
Exxon Mobil Corp    3.1%
Apple Inc    2.7%
Microsoft Corp    2.5%
Johnson & Johnson    2.3%
Chevron Corp    2.0%
JP Morgan Chase & Co    1.8%
AT&T Inc    1.7%
IBM    1.7%
Pfizer Inc    1.7%
Oracle Corp    1.5%
% of Portfolio    21.0%
Sector WeightingsFundBenchmark
Information Technology18.7%18.8%
Health Care13.2%13.3%
Consumer Discretionary11.3%11.9%
Consumer Staples10.3%9.7%
Telecommunication Services2.3%2.5%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of May 31, 2014
 Large Cap Core FundS&P 500 Index
Up Market Capture108.21100.00
Down Market Capture101.93100.00
Information Ratio1.020.00
*Above risk characteristics are based on a 3-year time period
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.

S&P 500® Index is an unmanaged index consisting of 500 stocks and is a widely recognized common measure of the performance of the overall U.S. stock market. It is not possible to invest directly in an index.
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Not FDIC insured | May lose value | No bank guarantee

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