Fund Facts  

Inception Date: Mar 31, 1994
Ticker Symbol: NOSGX
Morningstar Category:Small Value
As of Jun 30, 2016
Fund Net Assets ($millions) $3,013

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks long-term capital appreciation; any income received is incidental to this objective.

Principal Investment Strategies  

The fund will invest at least 80% of its net assets in equity securities of small capitalization companies, which are considered to be those whose market capitalization is within the range of the market capitalization of companies in the Russell 2000 Value Index. It may emphasize particular companies or market segments, such as financial services, in attempting to achieve its investment objective. Many of the companies in which the fund invests retain their earnings to finance current and future growth. These companies generally pay little or no dividends.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Jun 30, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Northern Small Cap Valuea3.38%6.28%-0.33%8.78%9.77%6.52%9.81%
Russell 2000 Value Indexa,b4.31%6.08%-2.58%6.36%8.15%5.15%N/A
Morningstar Small Valuea,c2.27%4.64%-4.30%5.92%7.67%5.69%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total annual fund operating expensesa1.23%
Fee waiver and/or expense reimbursement0.22%
Total Expenses1.01%

A contractual expense waiver exists for this fund and will expire on 07-31-2016.

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

c. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Dec 17, 2015Dec 17, 2015$0.867420000
Dec 18, 2014Dec 18, 2014$1.123204000
Dec 19, 2013Dec 19, 2013$1.555031000
Dec 19, 2012Dec 19, 2012$0.644423000
Dec 19, 2011Dec 19, 2011$0.122070000
 

Morningstar Information

Morningstar Rating   As of Jun 30, 2016
Period Stars Category Size
Overall 4 Stars372
3-Year 4 Stars372
5-Year 5 Stars335
10-Year 4 Stars213

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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 fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Jun 30, 2016
Equity Stylebox
Small Value
Allocation of Assets As of Mar 31, 2016
Type of Asset Percent
Equity99%
Fixed Income0%
Cash/Other1%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Mar 31, 2016
Asset ClassPercent
Domestic Stock98.6%
Foreign Stock0.8%
Domestic Bond0.0%
Foreign Bond0.0%
Preferred0.0%
Convertible0.0%
Cash0.3%
Other0.3%

Due to rounding, percentages shown may not add up to 100%.

 
Equity Sector As of Mar 31, 2016
SectorPercent
Financial Services27.3%
Industrials14.7%
Real Estate13.2%
Technology11.1%
Consumer Cyclical9.1%
Utilities7.5%
Basic Materials5.1%
Healthcare4.7%
Consumer Defensive4.0%
Energy2.4%
Communication Services0.4%

Exposure reflects equity securities only and will sum to the equity exposure of the fund.

 
Top Ten Holdings As of Mar 31, 2016
Holding NamePercent
Synnex Corp1.0%
EPR Properties1.0%
Convergys Corporation1.0%
CACI International Inc Class A0.9%
First American Financial Corp0.9%
Idacorp Inc0.9%
Helen Of Troy Ltd0.8%
MKS Instruments Inc0.8%
Amsurg Corp0.8%
LaSalle Hotel Properties0.8%
 

Statistics

Portfolio Statistics As of Jun 30, 2016
Statistic3-Year5-Year
Beta0.970.97
Alpha2.411.73
Standard Deviation14.2115.42
 
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2016 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.