Global Real Estate Index Fund

Global Real Estate Index

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Shaun Murphy

With Northern Trust since 2004
Began Career in 1997

Thomas E. O'Brien

With Northern Trust since 2004
Began Career in 1997

View all holdings as of
July 31, 2010

View all holdings as of
June 30, 2010

View all holdings as of
May 31, 2010

View all holdings as of
April 30, 2010

View all holdings as of
March 31, 2010

View all holdings as of
February 28, 2010

The Lure of Foreign REITs

Northern Global Real Estate Index Fund Tax Facts

Fact Sheet

Dispel the 7 Myths of International Investing

Northern Global Real Estate Index Fund featured in Barron's

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For those long-term investors who enjoy following the stock performance of real estate companies, this may be the fund for you. The Northern Global Real Estate Index Fund offers an opportunity to invest both inside and outside of the U.S. market and in an asset class you may not currently have in your portfolio. This Fund does have special risks, including sensitivity to changes in the overall economy and interest rate levels.

Fund Objective: Seeks to Replicate Index

Ticker Symbol	Share Price Change Daily as of 09/03/10	YTD Total Return Daily as of 09/03/10
NGREX	$ 0.09	9.09%

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Updated Daily as of September 3, 2010
Symbol	NGREX	YTD Total Return	9.09%
CUSIP	665162541	Inception Date	7/26/2006
Share Price	$ 7.69	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.09	Total Net Assets	$512,633,049

Total Returns for Month Ended July 31, 2010
	Global Real Estate Index Fund	FTSE EPRA/NAREIT Global Index	Morningstar Global Real Estate Category Average
Month	10.63%	9.99%	10.27%
3-Month	–0.60%	–1.05%	-1.39%
Year to Date	4.83%	4.61%	2.24%
1 Year	22.67%	23.15%	18.98%
3-Year Avg. Annual	–9.99%	–9.97%	-10.86%
Avg. Annual Since Inception	–4.39%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Global Real Estate Index Fund	FTSE EPRA/NAREIT Global Index	Morningstar Global Real Estate Category Average
Month	–2.19%	–1.70%	-1.90%
3-Month	–8.56%	–7.99%	-9.34%
Year to Date	–5.24%	–4.89%	-7.27%
1 Year	22.59%	23.55%	18.49%
3-Year Avg. Annual	–14.63%	–14.26%	-15.17%
Avg. Annual Since Inception	–6.91%	-5.90%	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. The contractual reimbursement arrangement is expected to continue until at least July 31, 2011. After this date, the contractual arrangements may be terminated if it is determined to be in the best interest of the Fund and its shareholders. 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.

Disclosure

	Gross Expense Ratio	Net Expense Ratio*
Global Real Estate Index (NGREX)	0.75%	0.65%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007
Global Real Estate Index	36.96%	-48.04%	-8.49%
FTSE EPRA/NAREIT Global Index	37.94%	-48.21%	-7.39%
Morningstar Category Avg. Global Real Estate	37.01%	-46.63%	-7.68%
Performance quoted represents past performance and does not guarantee future results.

as of July 31, 2010

Read the most recent Fund Commentary (as of June 30, 2010)

Number of Holdings	404
Portfolio Turnover	21.50% (as of 3/31/10)
Dividend Schedule	Quarterly
Dividend Income Last Quarter	$0.0609
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$9,085
Benchmark	FTSE EPRA/NAREIT Global Index
Morningstar Category	Global Real Estate

Trailing 12-Month Price to Earnings Ratio
Fund	20.65
Benchmark	20.49

Price to Book Ratio
Fund	1.03
Benchmark	1.04

Historical 5-Year Earnings Growth
Fund	8.11
Benchmark	7.91

Asset Allocation
Stocks	98.2%
Cash	1.8%
TOTAL	100%

Top 10 Holdings		Fund
Sun Hung Kai Properties Ltd		3.8%
Simon Property Group Inc		3.4%
Westfield Group		3.4%
Unibail-Rodamco SA		2.4%
Vornado Realty Trust		2.0%
Mitsubishi Estate Co Ltd		2.0%
Mitsui Fudosan Co Ltd		1.7%
Equity Residential		1.7%
Public Storage		1.7%
Boston Properties Inc		1.5%
% of Portfolio		23.6%

Industry Weightings	Fund	Benchmark
REAL ESTATE INVESTMENT TRUSTS	59.1%	59.1%
REAL ESTATE MANAGEMENT/DEVELOPMENT	33.3%	33.4%
REAL ESTATE	4.1%	4.1%
HOUSEHOLD DURABLES	2.9%	2.9%
COMMERCIAL SERVICES & SUPPLIES	0.3%	0.3%
HOTELS RESTAURANTS & LEISURE	0.1%	0.1%
HEALTHCARE PROVIDERS & SERVICES	0.1%	0.0%
INSURANCE	0.1%	0.1%
TOTAL	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
United States	37.3%	37.0%
Hong Kong	11.1%	11.1%
Japan	8.4%	8.5%
Australia	8.0%	8.0%
United Kingdom	4.6%	4.7%
Singapore	4.6%	4.7%
China	4.4%	4.3%
France	4.3%	4.2%
Canada	3.8%	3.8%
Brazil	3.1%	3.1%
% of Portfolio	89.6%	89.4%

All data is as of date indicated and subject to change.

as of June 30, 2010

	Global Real Estate Index Fund	FTSE EPRA/NAREIT Global Index
Beta	1.01	1.00
Up Market Capture	104.77	100.00
Down Market Capture	101.84	100.00
Information Ratio	–0.14	0.00
*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.

International Risk: International investing involves increased risk and volatility.

REIT/Real Estate Risk: Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Investments in REITs involve certain additional unique risks. By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments.

Index Fund Risk: The performance of the Fund is expected to be lower than that of the Index because of Fund fees and expenses. It is important to remember that there are risks associated with index investing, including the potential risk of market decline, as well as the risks associated with investing in specific companies.

The FTSE®EPRA®/NAREIT® Global Index is a free float, market capitalization weighted real estate index designed to represent publicly traded equity REITs and listed property companies globally. Expanded in December 2008, the FTSE EPRA/NAREIT Global Index covers both developed and emerging markets, and is eligible to invest in 48 countries worldwide. It is not possible to invest directly in an index.