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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 11-K
[Mark One]
[X] ANNUAL REPORT Pursuant to Section 15(d) 1934 For the fiscal year ended
December 31, 1999.
OR
[_] TRANSITION REPORT Pursuant to Section 15(d) of the Securities Exchange Act
of 1934 For the Transition Period from __________ to __________ Commission
File Number 0-5965.
A. Full Title of Plan:
THE NORTHERN TRUST COMPANY THRIFT-INCENTIVE PLAN
B. Name of Issuer of securities held pursuant to the plan and the address of
its principal executive office:
Northern Trust Corporation
50 South LaSalle Street
Chicago, Illinois 60675
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Financial Statements and Exhibits
The following financial statements and schedules are filed as part of this
annual report:
1. An audited statement of financial condition as of the end of the latest
two fiscal years of The Northern Trust Company Thrift-Incentive Plan.
2. An audited statement of income and changes in Plan equity for each of
the latest three fiscal years of The Northern Trust Company Thrift-
Incentive Plan.
Those financial statements and schedules are incorporated by reference in the
Form S-8 Registration Statement under the Securities Act of 1933, The Northern
Trust Company Thrift-Incentive Plan, Registration No.333-32510.
All other documents relating to TIP have previously been filed with the
Securities and Exchange Commission in Washington, D.C. with Form S-8
Registration Statement, The Northern Trust Company Thrift-Incentive Plan,
Registration No.333-32510.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Employee Benefit Administrative Committee which is the plan administrator for
TIP has caused this annual report to be signed by the undersigned thereunder
duly authorized.
THE NORTHERN TRUST COMPANY
THRIFT-INCENTIVE PLAN
/s/ Martin J. Joyce, Jr.
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Date: June 28, 2000 By MARTIN J. JOYCE, JR.
Chairperson, Employee Benefit
Administrative Committee
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Report of Independent Public Accountants
To The Northern Trust Company Employee Benefit Administrative Committee:
We have audited the accompanying statements of net assets available for benefits
of THE NORTHERN TRUST COMPANY THRIFT-INCENTIVE PLAN as of December 31, 1999 and
1998 and the related statements of changes in net assets available for benefits
for each of the three years in the period ended December 31, 1999. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1999 and 1998 and the changes in net assets available for benefits
for each of the three years in the period ended December 31, 1999 in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of investments
at December 31, 1999 and reportable transactions for the year ended December 31,
1999 are presented for purposes of aditional analysis and are not a required
part of the basic financial statements but are supplementary information
required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The
supplemental schedules have been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ Hill, Taylor LLC
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HILL, TAYLOR LLC
May 4, 2000
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CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of our
report dated May 4, 2000 into this Form 11-K and to incorporation by reference
of such report and the annual financial statements prepared in connection
therewith in Form S-8, No.333-32510, previously filed by Northern Trust
Corporation.
/s/ Hill, Taylor LLC
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HILL, TAYLOR LLC
Chicago, Illinois
June 28, 2000
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