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
March 31, 2013

View all holdings as of
December 31, 2012

Fact Sheet

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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 06/18/13	YTD Total Return Daily as of 06/18/13
NOSGX	$ 0.22	17.31%

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Among 287 small value funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 5/31/2013.

Small Cap Value received 4 stars for the 3-year rating among 287 small value funds, 3 stars for the 5-year rating among 253 funds and 4 stars for the 10-year rating among 150 funds.

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.

©2013 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 June 18, 2013
Symbol	NOSGX	YTD Total Return	17.31%
CUSIP	665162400	Inception Date	4/1/1994
Share Price	$ 19.25	Updated Monthly as of May 31, 2013
Share Price Change	$ 0.22	Total Net Assets	$2,218,634,525

Total Returns for Month Ended May 31, 2013
	Small Cap Value Fund	Russell 2000 Value Index	Morningstar Small Value Category Average
Month	3.21%	2.99%	4.14%
3-Month	7.37%	7.17%	7.77%
Year to Date	15.48%	14.85%	16.11%
1 Year	29.49%	31.31%	31.24%
3-Year Avg. Annual	15.44%	13.97%	13.95%
5-Year Avg. Annual	7.36%	6.51%	7.39%
10-Year Avg. Annual	10.48%	9.53%	10.29%
Avg. Annual Since Inception	10.04%	10.29%	N/A

Total Returns for Quarter Ended March 31, 2013
	Small Cap Value Fund	Russell 2000 Value Index	Morningstar Small Value Category Average
Month	4.42%	4.16%	4.23%
3-Month	12.31%	11.63%	12.29%
Year to Date	12.31%	11.63%	12.29%
1 Year	15.60%	18.09%	16.34%
3-Year Avg. Annual	13.42%	12.12%	11.93%
5-Year Avg. Annual	8.29%	7.29%	8.30%
10-Year Avg. Annual	12.03%	11.29%	11.92%
Avg. Annual Since Inception	9.97%	10.22%	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 (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses After Expense Reimbursement" exceed 1.00%. The contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. 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%	1.01%
^‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013.

	2012	2011	2010	2009	2008
Small Cap Value	13.78%	-0.60%	24.61%	17.77%	-23.43%
Russell 2000 Value Index	18.05%	-5.50%	24.50%	20.58%	-28.92%
Morningstar Category Avg. Small Value	16.00%	-4.45%	26.17%	31.32%	-32.24%
Performance quoted represents past performance and does not guarantee future results.

as of April 30, 2013

Read the most recent Fund Commentary (as of March 31, 2013)

Number of Holdings	502
Portfolio Turnover	26.09% (as of 3/31/13)
Dividend Schedule	Annually
Dividend Income Last Quarter	N/A
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$1,670
Benchmark	Russell 2000 Value Index
Morningstar Category	Small Value

Trailing 12-Month Price to Earnings Ratio
Fund	16.29
Benchmark	15.65

Price to Book Ratio
Fund	1.37
Benchmark	1.36

Historical 5-Year Earnings Growth
Fund	4.27
Benchmark	2.76

Asset Allocation
Stocks	93.5%
Cash	6.5%
TOTAL	100%

Top 10 Holdings		Fund
EPR Properties		0.7%
Idacorp Inc		0.7%
Medical Properties Trust Inc		0.6%
Starwood Property Trust Inc		0.6%
Bristow Group Inc		0.6%
Emcor Group Inc		0.6%
Alterra Capital Holdings Ltd		0.6%
Rent-A-Center Inc		0.6%
Southwest Gas Corp		0.6%
Susquehanna Bancshares Inc		0.6%
% of Portfolio		6.2%

Sector Weightings	Fund	Benchmark
Financials	36.0%	38.4%
Industrials	12.9%	12.0%
Information Technology	12.5%	11.8%
Consumer Discretionary	12.3%	12.4%
Utilities	6.3%	6.4%
Energy	6.1%	6.3%
Materials	5.9%	5.2%
Health Care	4.6%	4.3%
Consumer Staples	2.8%	2.7%
Telecommunication Services	0.6%	0.5%
TOTAL	100.0%	100.0%

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

as of April 30, 2013

	Small Cap Value Fund	Russell 2000 Value Index
Beta	0.96	1.00
Up Market Capture	97.52	100.00
Down Market Capture	93.20	100.00
Information Ratio	0.81	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.