Global Fixed Income Fund

Global Fixed Income

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David Blake

With Northern Trust since 2003
Began Career in 2000

Daniel Smith

With Northern Trust since 1997
Began Career in 1995

View all holdings as of
June 30, 2010

View all holdings as of
March 31, 2010

Fact Sheet

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If you are an income-oriented investor who is looking for additional diversification and want to take advantage of the interest rate opportunities in the global marketplace, you may find this Fund suitable. It is designed for investors who are comfortable with the additional risks associated with global fixed-income investing. Our knowledgeable investment team's approach is to invest in a broad range of investment-grade international bonds with an average maturity between three and 11 years. The Fund is "non-diversified" under the Investment Company Act of 1940, and may invest more of its assets in fewer issuers than "diversified" mutual funds. Foreign securities may involve additional risks, including social and political instability, reduced market liquidity and currency volatility.

Fund Objective: Total Return

Ticker Symbol	Distribution Rate Daily as of 09/03/10	30 Day SEC Yield Monthly as of July 31, 2010
NOIFX	N/A	0.53%

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Updated Daily as of September 3, 2010
Symbol	NOIFX	Distribution Rate*	N/A
CUSIP	665162707	Tax-Equivalent Distribution Rate*	N/A
Share Price	$ 11.97	Updated Monthly as of July 31, 2010
Share Price Change	$ -0.02	Total Net Assets	$43,226,753
YTD Total Return	4.09%	Updated Monthly as of July 31, 2010
Inception Date	4/1/1994	30-Day SEC Yield*	0.53%
		Tax-Equivalent 30-Day SEC Yield*	N/A

Total Returns for Month Ended July 31, 2010
	Global Fixed Income Fund	JP Morgan Gov't Bond Index Global	Morningstar World Bond Category Average
Month	3.50%	3.40%	3.33%
3-Month	4.23%	4.80%	2.36%
Year to Date	2.87%	3.79%	4.02%
1 Year	4.42%	6.16%	8.54%
3-Year Avg. Annual	6.99%	8.61%	7.16%
5-Year Avg. Annual	4.95%	6.38%	5.56%
10-Year Avg. Annual	5.94%	7.23%	6.75%
Avg. Annual Since Inception	5.27%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Global Fixed Income Fund	JP Morgan Gov't Bond Index Global	Morningstar World Bond Category Average
Month	1.60%	2.10%	1.19%
3-Month	0.79%	1.46%	-0.39%
Year to Date	–0.61%	0.38%	0.67%
1 Year	2.83%	4.31%	8.81%
3-Year Avg. Annual	6.81%	8.48%	6.68%
5-Year Avg. Annual	3.99%	5.44%	4.78%
10-Year Avg. Annual	5.38%	6.70%	6.43%
Avg. Annual Since Inception	5.07%	6.32%	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*
Global Fixed Income (NOIFX)	1.41%	1.15%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006	2005
Global Fixed Income	-0.21%	10.98%	9.33%	4.78%	-7.96%
JP Morgan Gov't Bond Index Global	1.90%	12.00%	10.81%	5.94%	-6.53%
Morningstar Category Avg. World Bond	13.12%	-1.57%	7.28%	5.42%	-3.33%
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	72
Average Duration†	5.9 YRS
Average Maturity	7.8 YRS
Yield to Maturity	2.47%
Income**	N/A
Dividend Schedule	Annually
Dividend Income Last Quarter	N/A
Capital Gain Income Last Quarter	N/A
Benchmark	JP Morgan Government Bond Index Global
Morningstar Category	World Bond

Maturity Distribution		Fund
0 - 1 Year		19.7%
1 - 3 Years		21.9%
3 - 5 Years		23.4%
5 - 10 Years		26.3%
10+ Years		8.7%
TOTAL		100.0%

Quality Distribution	Fund	Benchmark
U.S. Government	28.8%	23.4%
Other Government	69.3%	76.6%
AAA	1.9%	0.0%
TOTAL	100.0%	100.0%

Currency Weightings	Fund	Benchmark
United States	31.4%	31.6%
Japan	31.0%	31.5%
Euro	27.1%	27.2%
United Kingdom	6.1%	6.0%
Canada	2.3%	2.0%
Denmark	0.8%	0.6%
Australia	0.7%	0.6%
Sweden	0.6%	0.5%
% of Portfolio	100.0%	100.0%

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

Bond Risk: Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

Non-Diversified Risk: The Fund invests in a smaller number of stocks than the average mutual fund. The change in value of a single holding may have a more pronounced effect on the Fund’s net asset value and performance than for other funds.

International Risk: International investing involves increased risk and volatility.

JP Morgan Government Bond Index Global is an unmanaged, total return, market capitalization-weighted index of traded government fixed income securities which can be purchased by international investors. It is not possible to invest directly in an index.

Quality Distribution: Credit quality ratings primarily originate from data compiled by Barclays Capital within their POINT model. They are based on the conservative average of Moody's, Standard & Poor's, and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. If none of these three rating agencies has assigned a rating the Fund will assign a rating of NR (non-rated security). The ratings represent the rating agencies' opinions of the quality of the securities they rate. The ratings, expressed in Moody's nomenclature, range from Aaa ("judged to be of the highest quality, with minimal credit risk") to C ("the lowest rated class of bonds, typically in default, with little prospect for recovery of principal or interest"). Ratings are relative and subjective and are not absolute standards of quality.