International Equity Index Fund

International Equity Index

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
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

Fact Sheet

Dispel the 7 Myths of International Investing

Review fund performance
View fund performance for equity, fixed income and money market funds.

Choosing a Fund
Use our Risk/Reward spectrum to navigate your way to the mutual fund that is right for you.

The International Equity Index Fund is a good choice for those moderate risk investors seeking competitive long-term investment returns through a broadly diversified portfolio. The Fund offers a high degree of relative predictability in an uncertain stock market by seeking investment results, before expenses, approximating the aggregate price and dividend performance of the securities included in the MSCI EAFE Index.

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
NOINX	$ 0.10	-3.31%

	View All Northern Funds

Updated Daily as of September 3, 2010
Symbol	NOINX	YTD Total Return	-3.31%
CUSIP	665130209	Inception Date	3/22/2005
Share Price	$ 9.65	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.10	Total Net Assets	$1,399,672,350

Total Returns for Month Ended July 31, 2010
	International Equity Index Fund	MSCI EAFE Index	Morningstar Foreign Large Blend Category Average
Month	10.83%	9.48%	9.74%
3-Month	–3.45%	–4.08%	-3.38%
Year to Date	–4.61%	–5.00%	-3.71%
1 Year	5.29%	6.26%	7.26%
3-Year Avg. Annual	–10.15%	–10.28%	-9.84%
5-Year Avg. Annual	1.94%	2.10%	2.32%
Avg. Annual Since Inception	1.73%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	International Equity Index Fund	MSCI EAFE Index	Morningstar Foreign Large Blend Category Average
Month	–1.72%	–1.00%	-1.35%
3-Month	–14.87%	–13.97%	-13.38%
Year to Date	–13.93%	–13.23%	-12.23%
1 Year	4.28%	5.92%	7.05%
3-Year Avg. Annual	–13.93%	–13.38%	-13.04%
5-Year Avg. Annual	0.46%	0.88%	1.13%
Avg. Annual Since Inception	–0.20%	0.28%	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*
International Equity Index (NOINX)	0.61%	0.45%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006
International Equity Index	28.99%	-42.43%	10.42%	25.76%
MSCI EAFE Index	31.78%	-43.38%	11.17%	26.34%
Morningstar Category Avg. Foreign Large Blend	31.24%	-43.99%	12.71%	24.77%
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	998
Portfolio Turnover	13.38% (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)	$46,442
Benchmark	MSCI EAFE Index
Morningstar Category	Foreign Large Blend

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

Price to Book Ratio
Fund	1.28
Benchmark	1.28

Historical 5-Year Earnings Growth
Fund	1.60
Benchmark	1.55

Asset Allocation
Stocks	97.6%
Cash	2.4%
TOTAL	100%

Top 10 Holdings		Fund
HSBC Holdings PLC		1.8%
Nestle SA		1.8%
Vodafone Group PLC		1.3%
BHP Billiton Ltd		1.3%
BP PLC		1.2%
Banco Santander Central Hispano SA		1.1%
Total Fina ELF		1.1%
Novartis AG		1.1%
Royal Dutch Petroleum Co		1.0%
Toyota Motor Corp		1.0%
% of Portfolio		12.7%

Sector Weightings	Fund	Benchmark
Financials	25.6%	25.6%
Industrials	12.1%	12.1%
Consumer Staples	10.2%	10.2%
Materials	10.2%	10.2%
Consumer Discretionary	10.1%	10.1%
Health Care	8.3%	8.3%
Energy	7.3%	7.3%
Telecommunication Services	5.8%	5.8%
Utilities	5.4%	5.4%
Information Technology	5.0%	5.0%
% of Portfolio	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
Japan	22.2%	22.1%
United Kingdom	21.6%	21.5%
France	9.7%	9.6%
Australia	8.3%	8.3%
Germany	7.8%	7.8%
Switzerland	7.5%	7.7%
Spain	3.9%	3.8%
Italy	2.9%	2.9%
Sweden	2.8%	2.9%
Netherlands	2.8%	2.8%
% of Portfolio	89.5%	89.4%

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

as of June 30, 2010

	International Equity Index Fund	MSCI EAFE Index
Beta	1.01	1.00
Up Market Capture	102.69	100.00
Down Market Capture	101.95	100.00
Information Ratio	–0.17	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.

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 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.