Large Cap Equity (formerly Growth Equity Fund) Fund

Large Cap Equity (formerly Growth Equity Fund)

Northern Funds Center by E-mail

George Maris

With Northern Trust since 2008
Began Career in 1998

View all holdings as of
June 30, 2010

View all holdings as of
March 31, 2010

Fact Sheet

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For those investors who are a growth-oriented, moderate-risk taker, this may be the Fund for you. Using fundamental research and quantitative analysis, the investment team buys securities of a broad mix of companies that it believes have favorable characteristics relative to their peers. The companies generally have market capitalizations in excess of $1 billion and the Fund seeks to provide long-term capital appreciation.

Fund Objective: Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 09/09/10	YTD Total Return Daily as of 09/09/10
NOGEX	$ 0.06	-0.03%

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Updated Daily as of September 9, 2010
Symbol	NOGEX	YTD Total Return	-0.03%
CUSIP	665162103	Inception Date	4/1/1994
Share Price	$ 11.86	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.06	Total Net Assets	$141,397,157

Total Returns for Month Ended July 31, 2010
		S&P 500 Index	Morningstar Large Blend Category Average
Month	6.60%	7.01%	6.80%
3-Month	–7.26%	–6.69%	-6.83%
Year to Date	–0.62%	–0.11%	-0.75%
1 Year	12.24%	13.84%	12.58%
3-Year Avg. Annual	–5.67%	–6.78%	-6.92%
5-Year Avg. Annual	–0.68%	–0.17%	-0.22%
10-Year Avg. Annual	–2.66%	–0.76%	0.03%
Avg. Annual Since Inception	6.05%	7.35%	N/A

Total Returns for Quarter Ended June 30, 2010
		S&P 500 Index	Morningstar Large Blend Category Average
Month	–5.83%	–5.23%	-5.15%
3-Month	–12.24%	–11.43%	-11.57%
Year to Date	–6.78%	–6.65%	-7.07%
1 Year	14.13%	14.43%	13.43%
3-Year Avg. Annual	–8.83%	–9.81%	-9.93%
5-Year Avg. Annual	–1.13%	–0.79%	-0.85%
10-Year Avg. Annual	–3.35%	–1.59%	-0.78%
Avg. Annual Since Inception	5.66%	7.28%	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*
Large Cap Equity (NOGEX)	1.23%	1.00%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006	2005
Large Cap Equity	31.70%	-36.62%	3.80%	9.74%	5.88%
S&P 500 Index	26.46%	-37.00%	5.49%	15.80%	4.91%
Morningstar Category Avg. Large Blend	28.17%	-37.79%	6.16%	14.17%	5.88%
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	89
Portfolio Turnover	67.21% (as of 3/31/10)
Dividend Schedule	Quarterly
Dividend Income Last Quarter	$0.0252
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$69,519
Benchmark	S&P 500 Index
Morningstar Category	Large Blend

Trailing 12-Month Price to Earnings Ratio
Fund	13.37
Benchmark	14.58

Price to Book Ratio
Fund	1.63
Benchmark	1.78

Historical 5-Year Earnings Growth
Fund	13.51
Benchmark	10.27

Asset Allocation
Stocks	99.6%
Cash	0.4%
TOTAL	100%

Top 10 Holdings		Fund
Merck & Co Inc		2.7%
General Electric Co		2.5%
Chevron Corp		2.3%
JPMorgan Chase & Co		2.2%
Apple Inc		2.2%
Occidental Petroleum Corp		2.1%
Exxon Mobil Corp		2.1%
Hewlett-Packard Co		2.1%
Microsoft Corp		1.9%
Philip Morris International Inc		1.9%
% of Portfolio		22.0%

Sector Weightings	Fund	Benchmark
Information Technology	19.0%	18.8%
Financials	16.3%	16.5%
Energy	12.0%	10.9%
Consumer Staples	11.2%	11.4%
Health Care	11.2%	11.4%
Consumer Discretionary	11.0%	10.2%
Industrials	10.9%	10.6%
Telecommunication Services	2.9%	3.0%
Utilities	2.9%	3.7%
Materials	2.6%	3.5%
% of Portfolio	100.0%	100.0%

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

as of June 30, 2010

	Northern Large Cap Equity	S&P 500 Index
Beta	1.00	1.00
Up Market Capture	107.18	100.00
Down Market Capture	100.54	100.00
Information Ratio	0.34	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.

S&P 500® Index is an unmanaged index consisting of 500 stocks and is a widely recognized common measure of the performance of the overall U.S. stock market. It is not possible to invest directly in an index.