Enhanced Large Cap Fund

Enhanced Large Cap

Northern Funds Center by E-mail

Joseph E. Wolfe

With Northern Trust since 2005
Began Career in 2001

Alex Ryer

With Northern Trust since 2005
Began Career in 1990

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 seeking a low cost, disciplined approach to investing in equities, this may be the fund for you. The Enhanced Large Cap Fund attempts to create a portfolio with similar risk, style, capitalization and industry characteristics as the S&P 500 Index. In managing the Fund, your investment management team attempts to achieve the Fund's objective by overweighting those stocks that it believes will outperform the S&P 500 Index and underweighting those stocks that it believes will under-perform the S&P 500 Index.

Fund Objective: Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 09/09/10	YTD Total Return Daily as of 09/09/10
NOLCX	$ 0.04	-1.29%

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Updated Daily as of September 9, 2010
Symbol	NOLCX	YTD Total Return	-1.29%
CUSIP	665162590	Inception Date	12/16/2005
Share Price	$ 7.83	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.04	Total Net Assets	$22,338,981

Total Returns for Month Ended July 31, 2010
	Enhanced Large Cap Fund	S&P 500 Index	Morningstar Large Blend Category Average
Month	6.51%	7.01%	6.80%
3-Month	–7.70%	-6.69%	-6.83%
Year to Date	–1.04%	-0.11%	-0.75%
1 Year	13.23%	13.84%	12.58%
3-Year Avg. Annual	–7.99%	-6.78%	-6.92%
Avg. Annual Since Inception	–2.17%	-1.87%	N/A

Total Returns for Quarter Ended June 30, 2010
	Enhanced Large Cap Fund	S&P 500 Index	Morningstar Large Blend Category Average
Month	–5.48%	–5.23%	-5.15%
3-Month	–11.69%	–11.43%	-11.57%
Year to Date	–7.09%	–6.65%	-7.07%
1 Year	13.91%	14.43%	13.43%
3-Year Avg. Annual	–11.12%	–9.81%	-9.93%
Avg. Annual Since Inception	–3.56%	-2.40%	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*
Enhanced Large Cap (NOLCX)	1.21%	0.60%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006
Enhanced Large Cap	26.77%	-37.79%	0.96%	16.10%
S&P 500 Index	26.46%	-37.00%	5.49%	15.80%
Morningstar Category Avg. Large Blend	28.17%	-37.79%	6.16%	14.17%
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	195
Portfolio Turnover	117.73% (as of 3/31/10)
Dividend Schedule	Quarterly
Dividend Income Last Quarter	$0.0321
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$76,156
Benchmark	S&P 500 Index
Morningstar Category	Large Blend

Trailing 12-Month Price to Earnings Ratio
Fund	12.50
Benchmark	14.58

Price to Book Ratio
Fund	2.00
Benchmark	1.78

Historical 5-Year Earnings Growth
Fund	10.91
Benchmark	10.27

Asset Allocation
Stocks	98.7%
Cash	1.3%
TOTAL	100%

Top 10 Holdings		Fund
Exxon Mobil Corp		3.2%
Microsoft Corp		2.4%
Apple Inc		2.1%
Johnson & Johnson		2.0%
IBM		1.9%
AT&T Inc		1.9%
Chevron Corp		1.9%
Bank of America Corp		1.7%
Hewlett-Packard Co		1.6%
JPMorgan Chase & Co		1.5%
% of Portfolio		20.2%

Sector Weightings	Fund	Benchmark
Information Technology	18.4%	18.8%
Financials	15.0%	16.5%
Health Care	13.2%	11.4%
Industrials	11.1%	10.6%
Energy	11.0%	10.9%
Consumer Staples	10.9%	11.4%
Consumer Discretionary	10.7%	10.2%
Materials	3.6%	3.5%
Utilities	3.3%	3.7%
Telecommunication Services	2.8%	3.0%
% of Portfolio	100.0%	100.0%

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

as of June 30, 2010

	Enhanced Large Cap Fund	S&P 500 Index
Beta	1.01	1.00
Up Market Capture	98.32	100.00
Down Market Capture	102.27	100.00
Information Ratio	–0.75	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.