Technology Fund

Technology

Northern Funds Center by E-mail

Matthew Peron

With Northern Trust since 2005
Began Career in 1996

Deborah L. Koch

With Northern Trust since 2003
Began Career in 1985

View all holdings as of
June 30, 2010

View all holdings as of
March 31, 2010

Fact Sheet

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If you're a growth-oriented investor intrigued by the appreciation potential of technology-driven companies, you may want to explore the opportunities this Sector Fund offers. Our experienced investment team invests more than 25% of the Funds assets in the stock of companies that develop, or sell computers, software or peripheral products that they believe could outperform the market over the next one- to two-year periods. Additionally, the Fund may invest in other technology businesses represented in the NYSE Arca Tech 100 Index. This Fund was designed for those long-term investors who are willing to withstand inevitable short-term market swings and who understand the risks and potential rewards of sector investing.

Fund Objective: Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 09/03/10	YTD Total Return Daily as of 09/03/10
NTCHX	$ 0.18	3.62%

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Updated Daily as of September 3, 2010
Symbol	NTCHX	YTD Total Return	3.62%
CUSIP	665162798	Inception Date	4/1/1996
Share Price	$ 12.30	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.18	Total Net Assets	$75,956,693

Total Returns for Month Ended July 31, 2010
	Technology Fund	NYSE Arca Tech 100 Index	Morningstar Technology Category Average
Month	6.64%	6.38%	6.98%
3-Month	–3.76%	–3.80%	-6.44%
Year to Date	1.43%	3.61%	-1.08%
1 Year	14.67%	17.17%	16.25%
3-Year Avg. Annual	–2.60%	–0.54%	-2.42%
5-Year Avg. Annual	1.05%	2.89%	2.91%
10-Year Avg. Annual	–9.25%	–1.00%	-7.23%
Avg. Annual Since Inception	6.85%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Technology Fund	NYSE Arca Tech 100 Index	Morningstar Technology Category Average
Month	–5.13%	–4.21%	-5.98%
3-Month	–7.00%	–8.38%	-10.44%
Year to Date	–4.89%	–2.61%	-7.55%
1 Year	15.56%	18.99%	18.13%
3-Year Avg. Annual	–5.50%	–2.86%	-4.82%
5-Year Avg. Annual	0.71%	3.23%	2.79%
10-Year Avg. Annual	–10.34%	–2.29%	-8.60%
Avg. Annual Since Inception	6.41%	10.86%	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*
Technology (NTCHX)	1.49%	1.25%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007	2006	2005
Technology	42.67%	-41.70%	16.40%	5.51%	-1.69%
NYSE Arca Tech 100 Index	44.37%	-34.51%	7.84%	4.79%	7.36%
Morningstar Category Avg. Technology	61.99%	-45.33%	16.12%	7.08%	5.76%
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	69
Portfolio Turnover	47.81% (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)	$42,799
Benchmark	NYSE Arca Tech 100 Index
Morningstar Category	Technology

Trailing 12-Month Price to Earnings Ratio
Fund	20.91
Benchmark	16.99

Price to Book Ratio
Fund	3.28
Benchmark	2.14

Historical 5-Year Earnings Growth
Fund	16.72
Benchmark	20.91

Asset Allocation
Stocks	97.8%
Cash	2.2%
TOTAL	100%

Top 10 Holdings		Fund
Apple Inc		4.9%
Google Inc		3.7%
NetApp Inc		3.5%
EMC Corp		2.7%
Micros Systems Inc		2.7%
F5 Networks Inc		2.6%
Citrix Systems Inc.		2.6%
Cisco Systems Inc		2.6%
Hewlett-Packard Co		2.4%
Oracle Corp		2.3%
% of Portfolio		30.0%

Industry Weightings	Fund	Benchmark
SOFTWARE	22.6%	18.4%
COMPUTERS & PERIPHERALS	20.0%	19.1%
COMMUNICATIONS EQUIPMENT	15.2%	12.5%
SEMICONDUCTOR & SEMICONDUCTOR EQUIPMENT	13.3%	12.6%
INTERNET SOFTWARE & SERVICES	8.1%	4.9%
IT SERVICES	6.8%	5.9%
BIOTECHNOLOGY	4.3%	5.7%
HEALTH CARE EQUIPMENT AND SUPPLIES	2.7%	4.2%
LIFE SCIENCES TOOLS & SERVICES	2.7%	2.8%
INTERNET & CATALOG RETAIL	1.5%	0.0%
WIRELESS TELECOMMUNICATION SERVICES	1.0%	1.0%
HEALTH CARE TECHNOLOGY	1.0%	0.0%
HOTELS RESTAURANTS & LEISURE	0.8%	0.0%
AEROSPACE & DEFENSE	0.0%	6.1%
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS	0.0%	1.5%
PHARMACEUTICALS	0.0%	5.0%
OFFICE ELECTRONICS	0.0%	0.3%
TOTAL	100.0%	100.0%

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

as of June 30, 2010

	Technology Fund	NYSE Arca Tech 100 Index
Beta	0.85	1.00
Up Market Capture	76.09	100.00
Down Market Capture	94.54	100.00
Information Ratio	–0.39	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.

Sector Risk: Because the Fund invests in a single industry, its shares do not represent a complete investment program. As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries and companies.

NYSE ARCA Tech 100 Index® is a price-weighted index comprised of stocks and ADRs of technology-related companies listed on U.S. stock exchanges that produce or deploy innovative technologies in the conduct of their businesses. It is not possible to invest directly in an index.