Global Sustainability Index Fund

Global Sustainability Index

Northern Funds Center by E-mail

Shaun Murphy

With Northern Trust since 2004
Began Career in 1997

Thomas E. O'Brien

With Northern Trust since 2004
Began Career in 1997

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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For those investors who are socially conscious, the Global Sustainability Index Fund may be the Fund for you. Companies that adhere to widely accepted sustainability principles can help protect the environment and foster more favorable living conditions for future generations. Their practices might include; stewardship of the environment, service to local communities and society at large, commitments to higher labor standards, focus on safe, high-quality products and exemplary and ethical management.

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
NSRIX	$ 0.09	-1.93%

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Updated Daily as of September 3, 2010
Symbol	NSRIX	YTD Total Return	-1.93%
CUSIP	665130308	Inception Date	3/5/2008
Share Price	$ 8.13	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.09	Total Net Assets	$77,322,615

Total Returns for Month Ended July 31, 2010
	Global Sustainability Index	MSCI World ESG Index	Morningstar World Stock Category Average
Month	9.02%	8.42%	7.62%
3-Month	–5.26%	–5.39%	-4.58%
Year to Date	–2.29%	–2.10%	-1.46%
1 Year	9.52%	10.71%	11.40%
Avg. Annual Since Inception	–7.31%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Global Sustainability Index	MSCI World ESG Index	Morningstar World Stock Category Average
Month	–3.38%	–3.08%	-2.60%
3-Month	–12.90%	–12.31%	-11.17%
Year to Date	–10.37%	–9.70%	-8.42%
1 Year	10.31%	11.84%	12.13%
Avg. Annual Since Inception	–10.94%	-9.26%	N/A

Effective September 1, 2010 FTSE KLD Indices have been transitioned to a newly created family of MSCI ESG Indices. The FTSE KLD Global Sustainability Index is now the MSCI World ESG Index.

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*
Global Sustainability Index (NSRIX)	1.01%	0.65%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009
Global Sustainability Index	30.13%
MSCI World ESG Index	32.58%
Morningstar Category Avg. World Stock	35.27%
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	625
Portfolio Turnover	7.36% (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)	$54,584
Benchmark	MSCI World ESG Index
Morningstar Category	World Stock

Trailing 12-Month Price to Earnings Ratio
Fund	15.66
Benchmark	15.66

Price to Book Ratio
Fund	1.40
Benchmark	1.40

Historical 5-Year Earnings Growth
Fund	3.75
Benchmark	3.54

Asset Allocation
Stocks	95.7%
Cash	4.3%
TOTAL	100%

Top 10 Holdings		Fund
HSBC Holdings PLC		1.9%
Procter & Gamble Co		1.9%
IBM		1.8%
Johnson & Johnson		1.8%
Wells Fargo & Co		1.6%
Cisco Systems Inc		1.4%
Vodafone Group PLC		1.3%
Google Inc		1.3%
Intel Corp		1.3%
Novartis AG		1.2%
% of Portfolio		15.5%

Sector Weightings	Fund	Benchmark
Financials	23.6%	23.5%
Industrials	12.3%	12.3%
Information Technology	12.2%	12.2%
Consumer Discretionary	10.5%	10.5%
Consumer Staples	10.1%	10.2%
Health Care	9.4%	9.4%
Energy	7.1%	7.1%
Materials	7.0%	7.0%
Utilities	4.4%	4.4%
Telecommunication Services	3.4%	3.4%
% of Portfolio	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
United States	43.0%	42.6%
United Kingdom	10.9%	10.8%
Japan	9.9%	9.9%
Canada	7.5%	7.8%
Australia	5.0%	5.1%
Switzerland	3.3%	3.4%
France	3.2%	3.4%
Spain	3.1%	3.1%
Netherlands	2.3%	2.3%
Germany	2.2%	2.0%
% of Portfolio	90.4%	90.4%

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

as of June 30, 2010

	Global Sustainability Index	MSCI World ESG Index
Beta	N/A	N/A
Up Market Capture	N/A	N/A
Down Market Capture	N/A	N/A
Information Ratio	N/A	N/A
*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 World ESG Index: is a free float-adjusted market capitalization weighted index comprised of large-and mid-cap developed market companies in North America, Europe and Asia-Pacific. The index holds a broad, diversified set of global companies, selected based on regional sector ranking of environmental, social and governance factors. It is not possible to invest directly in an index.