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
December 31, 2009

View all holdings as of
September 30, 2009

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 02/08/10	YTD Total Return Daily as of 02/08/10
NOSGX	$ -0.16	-6.18%

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Updated Daily as of February 8, 2010
Symbol	NOSGX	YTD Total Return	-6.18%
CUSIP	665162400	Inception Date	4/1/1994
Share Price	$ 11.53	Updated Monthly as of December 31, 2009
Share Price Change	$ -0.16	Total Net Assets	$1,363,117,075

Total Returns for Quarter Ended December 31, 2009
	Small Cap Value Fund	Russell 2000 Value Index	Morningstar Small Value Category Average
Month	6.89%	7.57%	6.75%
3-Month	3.76%	3.63%	4.00%
Year to Date	17.77%	20.58%	31.32%
1 Year	17.77%	20.58%	31.32%
3-Year Avg. Annual	–6.28%	–8.22%	-6.13%
5-Year Avg. Annual	1.36%	–0.01%	0.67%
10-Year Avg. Annual	7.18%	8.27%	8.63%
Avg. Annual Since Inception	8.93%	9.36%	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.

Performance calculations reflect voluntary fee waivers in effect. In the absence of fee waivers, 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 voluntary expense reimbursements by Northern Funds' investment advisers that may change or end at any time.

	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 December 31, 2009

Read the most recent Fund Commentary (as of December 31, 2009)

Number of Holdings	565
Portfolio Turnover	36.95% (as of 3/31/09)
Dividend Schedule	Annually
Dividend Income Last Quarter	$0.0983
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$967
Benchmark	Russell 2000 Value Index
Morningstar Category	Small Value

Trailing 12-Month Price to Earnings Ratio
Fund	13.89
Benchmark	14.05

Price to Book Ratio
Fund	0.98
Benchmark	1.12

Historical 5-Year Earnings Growth
Fund	5.12
Benchmark	1.61

Asset Allocation
Stocks	97.4%
Cash	2.6%
TOTAL	100%

Top 10 Holdings		Fund
MPS Group Inc		0.8%
Prosperity Bancshares Inc		0.7%
National Retail Properties Inc		0.7%
Regal-Beloit Corp		0.7%
BioMed Realty Trust Inc		0.7%
Idacorp Inc		0.7%
Southwest Gas Corp		0.6%
ProAssurance Corp		0.6%
Skechers USA Inc		0.6%
Sensient Technologies Corp		0.6%
% of Portfolio		6.7%

Sector Weightings	Fund	Benchmark
Financials	30.2%	33.9%
Industrials	17.5%	16.7%
Consumer Discretionary	12.9%	11.7%
Information Technology	11.1%	10.3%
Energy	7.5%	6.0%
Materials	6.8%	7.0%
Health Care	6.2%	5.0%
Utilities	4.7%	6.1%
Consumer Staples	2.5%	2.8%
Telecommunication Services	0.6%	0.5%
% of Portfolio	100.0%	100.0%

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

as of December 31, 2009

	Small Cap Value Fund	Russell 2000 Value Index
Beta	0.93	1.00
Up Market Capture	92.47	100.00
Down Market Capture	93.63	100.00
Information Ratio	0.70	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.

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.