International Equity (formerly International Growth Equity Fund) Fund

International Equity (formerly International 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

Dispel the 7 Myths of International Investing

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For those growth-oriented investors who enjoy the opportunities and portfolio diversification international investing offers, this will be the Fund for you. Our experienced investment team, using research and quantitative analysis, buys securities of a broad mix of international companies that offer the potential for long-term, above-average growth at a reasonable price. Foreign securities may involve additional risks, including social and political instability, reduced market liquidity and currency volatility.

Fund Objective: Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 09/03/10	YTD Total Return Daily as of 09/03/10
NOIGX	$ 0.11	-1.42%

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Among 651 foreign large blend funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 7/31/2010.

Northern International Equity received 4 stars for the 3-year rating among 651 foreign large blend funds, 4 stars for the 5-year rating among 473 funds and 3 stars for the 10-year rating among 261 funds.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

©2010 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

Updated Daily as of September 3, 2010
Symbol	NOIGX	YTD Total Return	-1.42%
CUSIP	665162509	Inception Date	4/1/1994
Share Price	$ 7.66	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.11	Total Net Assets	$289,156,277

Total Returns for Month Ended July 31, 2010
		MSCI EAFE Index	Morningstar Foreign Large Blend Category Average
Month	10.41%	9.48%	9.74%
3-Month	–2.59%	–4.08%	-3.38%
Year to Date	–3.09%	–5.00%	-3.71%
1 Year	8.96%	6.26%	7.26%
3-Year Avg. Annual	–7.51%	–10.28%	-9.84%
5-Year Avg. Annual	3.83%	2.10%	2.32%
10-Year Avg. Annual	0.63%	1.51%	0.90%
Avg. Annual Since Inception	4.33%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
		MSCI EAFE Index	Morningstar Foreign Large Blend Category Average
Month	–1.87%	–1.00%	-1.35%
3-Month	–13.89%	–13.97%	-13.38%
Year to Date	–12.23%	–13.23%	-12.23%
1 Year	6.36%	5.92%	7.05%
3-Year Avg. Annual	–11.45%	–13.38%	-13.04%
5-Year Avg. Annual	2.20%	0.88%	1.13%
10-Year Avg. Annual	–0.59%	0.17%	-0.39%
Avg. Annual Since Inception	3.72%	3.89%	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*
International Equity (NOIGX)	1.40%	1.25%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006	2005
International Equity	31.39%	-41.59%	14.18%	25.04%	11.30%
MSCI EAFE Index	31.78%	-43.38%	11.17%	26.34%	13.54%
Morningstar Category Avg. Foreign Large Blend	31.24%	-43.99%	12.71%	24.77%	14.72%
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	88
Portfolio Turnover	44.44% (as of 3/31/10)
Dividend Schedule	Annually
Dividend Income Last Quarter	N/A
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$46,013
Benchmark	MSCI EAFE Index
Morningstar Category	Foreign Large Blend

Trailing 12-Month Price to Earnings Ratio
Fund	14.28
Benchmark	14.94

Price to Book Ratio
Fund	1.57
Benchmark	1.28

Historical 5-Year Earnings Growth
Fund	5.68
Benchmark	1.55

Asset Allocation
Stocks	99.2%
Cash	0.8%
TOTAL	100%

Top 10 Holdings		Fund
Roche Holding AG		2.4%
Standard Chartered PLC		2.4%
Novartis AG		2.2%
Societe Generale SA		2.1%
Vodafone Group PLC		2.1%
Mitsubishi UFJ Financial Group Inc		2.0%
Credit Suisse Group AG		1.9%
Hyundai Motor Co Ltd		1.9%
Prudential PLC		1.9%
Anheuser-Busch InBev NV		1.9%
% of Portfolio		20.8%

Sector Weightings	Fund	Benchmark
Financials	24.2%	25.6%
Consumer Discretionary	14.0%	10.1%
Industrials	12.9%	12.1%
Materials	9.2%	10.2%
Consumer Staples	8.9%	10.2%
Energy	7.4%	7.3%
Health Care	7.1%	8.3%
Information Technology	6.4%	5.0%
Telecommunication Services	5.1%	5.8%
Utilities	4.8%	5.4%
% of Portfolio	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
United Kingdom	25.5%	21.5%
Japan	21.3%	22.1%
Switzerland	7.8%	7.7%
France	7.3%	9.6%
Germany	5.6%	7.8%
China	4.6%	0.0%
Netherlands	3.5%	2.8%
Spain	3.1%	3.8%
United States	3.1%	0.0%
Canada	3.0%	0.0%
% of Portfolio	84.8%	75.3%

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

as of June 30, 2010

	Northern International Equity	MSCI EAFE Index
Beta	0.94	1.00
Up Market Capture	96.78	100.00
Down Market Capture	95.07	100.00
Information Ratio	0.49	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.

MSCI EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. It is not possible to invest directly in an index.