Large Cap Value Fund

Large Cap Value

Northern Funds Center by E-mail

Betsy Turner

With Northern Trust since 2000
Began Career in 1986

Stephen G. Atkins

With Northern Trust since 2000
Began Career in 1997

Douglas J. McEldowney

With Northern Trust since 2006
Began Career in 1984

Donna L. Renaud

With Northern Trust since 2004
Began Career in 1986

View all holdings as of
June 30, 2010

View all holdings as of
March 31, 2010

Fact Sheet

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For those value-oriented investors who enjoy long-term capital appreciation with the relatively lower risk of large, dividend-paying stocks, this Fund may be ideal for you. Our knowledgeable investment team pursues high total returns by buying stocks when they are out-of-favor and undervalued, and then selling them when they have returned to favor and achieved their full value. The Fund takes a traditional, disciplined approach to value investing - uncovering financially strong, high-yielding stocks that are attractively priced and have the potential for future 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
NOLVX	$ 0.04	-2.16%

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Updated Daily as of September 9, 2010
Symbol	NOLVX	YTD Total Return	-2.16%
CUSIP	665162632	Inception Date	8/3/2000
Share Price	$ 8.60	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.04	Total Net Assets	$195,447,642

Total Returns for Month Ended July 31, 2010
	Large Cap Value Fund	Russell 1000 Value Index	Morningstar Large Value Category Average
Month	7.10%	6.77%	6.95%
3-Month	–7.80%	–7.52%	-6.99%
Year to Date	–0.46%	1.30%	-0.38%
1 Year	13.57%	15.39%	12.75%
3-Year Avg. Annual	–8.03%	–8.96%	-8.26%
5-Year Avg. Annual	–1.05%	–0.91%	-0.85%
Avg. Annual Since Inception	3.21%	2.27%	N/A

Total Returns for Quarter Ended June 30, 2010
	Large Cap Value Fund	Russell 1000 Value Index	Morningstar Large Value Category Average
Month	–5.11%	–5.63%	-5.37%
3-Month	–12.81%	–11.15%	-11.78%
Year to Date	–7.05%	–5.12%	-6.85%
1 Year	14.18%	16.92%	13.64%
3-Year Avg. Annual	–11.76%	–12.32%	-11.56%
5-Year Avg. Annual	–1.83%	–1.64%	-1.58%
Avg. Annual Since Inception	2.53%	2.09%	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 Value (NOLVX)	1.21%	1.10%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006	2005
Large Cap Value	25.42%	-34.10%	-3.64%	19.31%	3.32%
Russell 1000 Value Index	19.69%	-36.85%	-0.17%	22.25%	7.05%
Morningstar Category Avg. Large Value	24.13%	-37.09%	1.42%	18.15%	5.95%
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	50
Portfolio Turnover	30.54% (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)	$76,777
Benchmark	Russell 1000 Value Index
Morningstar Category	Large Value

Trailing 12-Month Price to Earnings Ratio
Fund	14.65
Benchmark	13.00

Price to Book Ratio
Fund	1.73
Benchmark	1.41

Historical 5-Year Earnings Growth
Fund	2.00
Benchmark	4.58

Asset Allocation
Stocks	96.1%
Cash	3.9%
TOTAL	100%

Top 10 Holdings		Fund
General Electric Co		3.4%
Boeing Co		3.0%
Chevron Corp		3.0%
Exxon Mobil Corp		3.0%
Intel Corp		2.8%
American Express Co		2.7%
Allstate Corp		2.7%
Wells Fargo & Co		2.7%
Microsoft Corp		2.6%
Qualcomm Inc		2.6%
% of Portfolio		28.5%

Sector Weightings	Fund	Benchmark
Financials	26.0%	28.5%
Energy	16.2%	11.0%
Information Technology	13.3%	5.5%
Health Care	11.2%	12.8%
Industrials	10.1%	8.9%
Consumer Discretionary	8.0%	7.6%
Consumer Staples	7.9%	10.4%
Telecommunication Services	4.0%	5.0%
Materials	3.3%	3.0%
Utilities	0.0%	7.3%
% of Portfolio	100.0%	100.0%

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

as of June 30, 2010

	Large Cap Value Fund	Russell 1000 Value Index
Beta	1.01	1.00
Up Market Capture	97.11	100.00
Down Market Capture	97.77	100.00
Information Ratio	0.13	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.

Value Risk: Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Russell 1000® Value Index is an unmanaged index which measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. It is not possible to invest directly in an index.