northern institutional funds equity portfolios s e m i a n u l r p o t for investment solutions message from despite bout of weakness in the latter half may global stock markets continued to march higher during most recent semiannual period ended same factors that helped boost performance throughout previous two years remained place strong growth healthy profit results and corporations effective stewardship capital perhaps more importantly abundance liquidity corresponding strength investors risk appetite was extremely positive this is evidenced by outperformance small caps emerging market equities looking first at domestic s&p index delivered return percent prices were supported surprisingly robust economy with quarter preliminary gross product rising business spending as measured expenditures on equipment software rose rapid has variety implications behavior productivity future orie dudley jr will grow year representing fourth consecutive
