Mid Cap Index Fund

Mid Cap Index

Northern Funds Center by E-mail

Chad M. Rakvin

With Northern Trust since 2004
Began Career in 1996

Brent Reeder

With Northern Trust since 1993
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

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This fund is a good choice for those moderate risk investors who seek competitive long-term investment returns through a broadly diversified portfolio. It 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 S&P MidCap 400 Index.

Fund Objective: Seeks to Replicate Index

Ticker Symbol	Share Price Change Daily as of 09/09/10	YTD Total Return Daily as of 09/09/10
NOMIX	$ 0.02	5.65%

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Among 366 mid-cap blend funds derived from a weighted average of the fund's 3- and 5-year risk-adjusted returns as of 8/31/2010.

Northern Mid Cap Index received 4 stars for the 3-year rating among 366 mid-cap blend funds and 4 stars for the 5-year rating among 306 funds. The 10-year Morningstar Rating is not available.

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 9, 2010
Symbol	NOMIX	YTD Total Return	5.65%
CUSIP	665130100	Inception Date	3/22/2005
Share Price	$ 10.09	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.02	Total Net Assets	$332,574,305

Total Returns for Month Ended July 31, 2010
	Mid Cap Index Fund	S&P MidCap 400 Index	Morningstar Mid-Cap Blend Category Average
Month	6.91%	6.91%	6.72%
3-Month	–7.37%	–7.29%	-7.62%
Year to Date	5.34%	5.45%	3.26%
1 Year	22.56%	22.82%	19.08%
3-Year Avg. Annual	–2.67%	–2.36%	-5.40%
5-Year Avg. Annual	2.22%	2.53%	0.75%
Avg. Annual Since Inception	3.74%	3.12%	N/A

Total Returns for Quarter Ended June 30, 2010
	Mid Cap Index Fund	S&P MidCap 400 Index	Morningstar Mid-Cap Blend Category Average
Month	–6.55%	–6.55%	-6.45%
3-Month	–9.69%	–9.59%	-10.18%
Year to Date	–1.47%	–1.36%	-3.16%
1 Year	24.70%	24.93%	21.26%
3-Year Avg. Annual	–6.21%	–5.90%	-8.86%
5-Year Avg. Annual	1.89%	2.21%	0.33%
Avg. Annual Since Inception	2.49%	2.91%	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*
Mid Cap Index (NOMIX)	0.52%	0.30%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006
Mid Cap Index	37.15%	-36.56%	7.63%	10.05%
S&P MidCap 400 Index	37.38%	-36.23%	7.98%	10.32%
Morningstar Category Avg. Mid-Cap Blend	37.39%	-39.18%	4.85%	14.03%
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	401
Portfolio Turnover	29.69% (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)	$3,215
Benchmark	S&P MidCap 400 Index
Morningstar Category	Mid-Cap Blend

Trailing 12-Month Price to Earnings Ratio
Fund	17.65
Benchmark	17.65

Price to Book Ratio
Fund	1.67
Benchmark	1.67

Historical 5-Year Earnings Growth
Fund	9.47
Benchmark	9.02

Asset Allocation
Stocks	96.5%
Cash	3.5%
TOTAL	100%

Top 10 Holdings		Fund
Cree Inc		0.8%
New York Community Bancorp Inc		0.8%
Newfield Exploration Co		0.8%
F5 Networks Inc		0.8%
Vertex Pharmaceuticals Inc		0.7%
Edwards Lifesciences Corp		0.7%
Lubrizol Corp		0.7%
Joy Global Inc		0.7%
Cimarex Energy Co		0.6%
Dollar Tree Inc		0.6%
% of Portfolio		7.2%

Sector Weightings	Fund	Benchmark
Financials	20.8%	20.8%
Information Technology	15.3%	15.3%
Industrials	15.0%	15.0%
Consumer Discretionary	13.7%	13.7%
Health Care	11.3%	11.3%
Materials	6.8%	6.8%
Utilities	6.4%	6.4%
Energy	5.8%	5.8%
Consumer Staples	4.0%	4.0%
Telecommunication Services	0.9%	0.9%
% of Portfolio	100.0%	100.0%

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

as of June 30, 2010

	Mid Cap Index Fund	S&P MidCap 400 Index
Beta	1.00	1.00
Up Market Capture	98.92	100.00
Down Market Capture	100.13	100.00
Information Ratio	–1.56	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.

Mid Cap Risk: Mid-capitalization stocks typically carry additional risk, since smaller companies generally have higher risk of failure and, historically, their stocks have experienced a greater degree of 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.

S&P MidCap 400® Index is an unmanaged index consisting of 400 mid-cap stocks. The S&P MidCap 400® Index covers over 7% of the U.S. equities market. It is not possible to invest directly in an index.