Emerging Markets Equity Index (formerly Emerging Markets Equity Fund) Fund

Emerging Markets Equity Index (formerly Emerging Markets Equity Fund)

Northern Funds Center by E-mail

Shaun Murphy

With Northern Trust since 2004
Began Career in 1997

Steven J. Santiccioli

With Northern Trust since 2003
Began Career in 1993

View all holdings as of
July 31, 2010

View all holdings as of
June 30, 2010

View all holdings as of
March 31, 2010

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Emerging markets exposure may be suitable for those investors who have an above-average tolerance to market volatility and seek a global component to their diversified investment portfolio. Our Emerging Markets Equity Index Fund intends to invest a substantial portion of its total assets in foreign countries that are considered emerging markets. These markets involve additional risks including currency fluctuation, less market liquidity, more market volatility and political instability. The fund may invest more than 25% of it's assets in securities of issuers located in a single foreign country.

Fund Objective: Seeks to Replicate Index

Ticker Symbol	Share Price Change Daily as of 09/09/10	YTD Total Return Daily as of 09/09/10
NOEMX	$ 0.06	3.63%

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Updated Daily as of September 9, 2010
Symbol	NOEMX	YTD Total Return	3.63%
CUSIP	665162582	Inception Date	4/25/2006
Share Price	$ 11.43	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.06	Total Net Assets	$1,333,423,031

Total Returns for Month Ended July 31, 2010
		MSCI Emerging Markets Index	Morningstar Diversified Emerging Mkts Category Average
Month	9.16%	8.33%	8.97%
3-Month	–1.15%	–1.93%	-1.31%
Year to Date	1.54%	1.65%	2.15%
1 Year	18.46%	19.92%	19.81%
3-Year Avg. Annual	–2.59%	–1.57%	-3.60%
Avg. Annual Since Inception	5.04%	5.89%	N/A

Total Returns for Quarter Ended June 30, 2010
		MSCI Emerging Markets Index	Morningstar Diversified Emerging Mkts Category Average
Month	–0.10%	–0.74%	-0.34%
3-Month	–9.28%	–8.37%	-8.87%
Year to Date	–6.98%	–6.17%	-6.28%
1 Year	20.77%	23.15%	21.84%
3-Year Avg. Annual	–4.10%	–2.50%	-5.33%
Avg. Annual Since Inception	2.97%	4.62%	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. The 30-day SEC yield more closely reflects the current earnings of the Fund than the total returns.

Disclosure

	Gross Expense Ratio	Net Expense Ratio*
Emerging Markets Equity Index (NOEMX)	0.72%	0.72%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007
Emerging Markets Equity Index	72.64%	-53.08%	36.55%
MSCI Emerging Markets Index	78.51%	-53.33%	39.39%
Morningstar Category Avg. Diversified Emerging Mkts	73.81%	-54.44%	36.68%
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	852
Average Duration†	0.0 YRS
Average Maturity	0.0 YRS
Weighted Average Coupon	0.00%
Yield to Maturity	0.00%
Income**	N/A
Dividend Schedule	Annually
Dividend Income Last Quarter	N/A
Capital Gain Income Last Quarter	N/A
Benchmark	MSCI Emerging Markets Index
Morningstar Category	Diversified Emerging Markets

Quality Distribution	Fund	Benchmark
TOTAL	—	—

Sector Weightings	Fund	Benchmark
TOTAL	—	—

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.

Emerging Markets Risk: Emerging market investing is subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

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.

MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. It is not possible to invest directly in an index.