Small Cap Value Fund

Small Cap Value

Northern Funds Center by E-mail

Robert H. Bergson

With Northern Trust since 1997
Began Career in 1995

View all holdings as of
June 30, 2010

View all holdings as of
March 31, 2010

Fact Sheet

Barron's Features Northern Small Cap Value Fund
This June 30, 2008 interview with Portfolio Manager Robert H. Bergson highlights the fund's long-term track record, his investment philosophy and other factors driving flows into this mutual fund. Learn more

Watch a video describing how the Small Cap Value fund evaluates and picks stocks
With fund manager Robert Bergson and Jeremy Baskin, head of quantitative active strategies

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

Northern Small Cap Value Fund is one of five low-cost funds that don’t skimp on returns according to MarketWatch
To view current performance, please view the chart on the left

Choosing a Fund
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The Northern Small Cap Value Fund is a good choice for those aggressive investors looking for the value potential offered by the stocks of small companies - those that the adviser believes are worth more than is indicated by current market prices. It is intended for equity investors with an above-average tolerance for volatility who want to diversify their investments and plan to invest for the long term without concern for current income.

Fund Objective: Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 09/03/10	YTD Total Return Daily as of 09/03/10
NOSGX	$ 0.23	3.99%

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Updated Daily as of September 3, 2010
Symbol	NOSGX	YTD Total Return	3.99%
CUSIP	665162400	Inception Date	4/1/1994
Share Price	$ 12.78	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.23	Total Net Assets	$1,422,885,818

Total Returns for Month Ended July 31, 2010
	Small Cap Value Fund	Russell 2000 Value Index	Morningstar Small Value Category Average
Month	7.49%	7.14%	6.60%
3-Month	–8.83%	–10.48%	-8.84%
Year to Date	5.05%	5.38%	5.89%
1 Year	18.09%	20.11%	21.25%
3-Year Avg. Annual	–2.90%	–4.97%	-4.32%
5-Year Avg. Annual	0.81%	–0.24%	0.57%
10-Year Avg. Annual	7.19%	7.87%	8.74%
Avg. Annual Since Inception	8.92%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Small Cap Value Fund	Russell 2000 Value Index	Morningstar Small Value Category Average
Month	–7.62%	–8.73%	-7.54%
3-Month	–9.90%	–10.60%	-9.35%
Year to Date	–2.28%	–1.64%	-0.70%
1 Year	22.79%	25.07%	25.88%
3-Year Avg. Annual	–7.75%	–9.85%	-8.66%
5-Year Avg. Annual	0.56%	–0.51%	0.36%
10-Year Avg. Annual	6.33%	7.48%	8.13%
Avg. Annual Since Inception	8.49%	8.95%	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*
Small Cap Value (NOSGX)	1.38%	1.00%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006	2005
Small Cap Value	17.77%	-23.43%	-8.71%	20.28%	8.06%
Russell 2000 Value Index	20.58%	-28.92%	-9.78%	23.48%	4.71%
Morningstar Category Avg. Small Value	31.32%	-32.24%	-6.08%	16.27%	6.40%
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	567
Portfolio Turnover	33.26% (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)	$1,057
Benchmark	Russell 2000 Value Index
Morningstar Category	Small Value

Trailing 12-Month Price to Earnings Ratio
Fund	14.48
Benchmark	11.24

Price to Book Ratio
Fund	1.09
Benchmark	1.15

Historical 5-Year Earnings Growth
Fund	2.58
Benchmark	3.30

Asset Allocation
Stocks	96.8%
Cash	3.2%
TOTAL	100%

Top 10 Holdings		Fund
BioMed Realty Trust Inc		0.7%
National Retail Properties Inc		0.7%
Idacorp Inc		0.7%
Extra Space Storage Inc		0.7%
Esterline Technologies Corp		0.7%
Southwest Gas Corp		0.7%
ProAssurance Corp		0.6%
Sensient Technologies Corp		0.6%
Prosperity Bancshares Inc		0.6%
Rent-A-Center Inc		0.6%
% of Portfolio		6.6%

Sector Weightings	Fund	Benchmark
Financials	35.3%	38.3%
Industrials	15.2%	14.3%
Consumer Discretionary	10.1%	9.7%
Information Technology	9.9%	9.4%
Utilities	6.3%	6.5%
Energy	6.3%	6.9%
Health Care	6.3%	5.7%
Materials	6.2%	5.4%
Consumer Staples	3.8%	3.2%
Telecommunication Services	0.6%	0.6%
% of Portfolio	100.0%	100.0%

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

as of June 30, 2010

	Small Cap Value Fund	Russell 2000 Value Index
Beta	0.93	1.00
Up Market Capture	92.11	100.00
Down Market Capture	94.04	100.00
Information Ratio	0.74	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.

Small Cap Risk: Small capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.

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

Russell 2000® Value Index is an unmanaged index measuring the performance of those companies included in the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.