Mid Cap Index Fund

Mid Cap Index

Northern Funds Center by E-mail

Chad M. Rakvin

With Northern Trust since 2004
Began Career in 1996

Brent Reeder

With Northern Trust since 1993
Began Career in 1993

View all holdings as of
April 30, 2013

View all holdings as of
March 31, 2013

View all holdings as of
February 28, 2013

View all holdings as of
January 31, 2013

View all holdings as of
December 31, 2012

View all holdings as of
November 30, 2012

Fact Sheet

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This fund is a good choice for those moderate risk investors who seek competitive long-term investment returns through a broadly diversified portfolio. It offers a high degree of relative predictability in an uncertain stock market by seeking investment results, before expenses, approximating the aggregate price and dividend performance of the securities included in the S&P MidCap 400 Index.

Fund Objective: Seeks to Replicate Index

Ticker Symbol	Share Price Change Daily as of 05/24/13	YTD Total Return Daily as of 05/24/13
NOMIX	$ -0.06	16.97%

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Among 348 mid-cap blend funds derived from a weighted average of the fund's 3- and 5-year risk-adjusted returns as of 4/30/2013.

Mid Cap Index received 4 stars for the 3-year rating among 348 mid-cap blend funds and 4 stars for the 5-year rating among 312 funds. The 10-year Morningstar Rating is not available.

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 May 24, 2013
Symbol	NOMIX	YTD Total Return	16.97%
CUSIP	665130100	Inception Date	3/22/2005
Share Price	$ 15.44	Updated Monthly as of April 30, 2013
Share Price Change	$ -0.06	Total Net Assets	$1,001,830,841

Total Returns for Month Ended April 30, 2013
	Mid Cap Index Fund	S&P MidCap 400 Index	Morningstar Mid-Cap Blend Category Average
Month	0.67%	0.63%	0.55%
3-Month	6.43%	6.48%	6.04%
Year to Date	14.09%	14.16%	12.98%
1 Year	18.71%	18.84%	17.26%
3-Year Avg. Annual	13.47%	13.76%	11.08%
5-Year Avg. Annual	8.05%	8.37%	5.64%
Avg. Annual Since Inception	8.38%	8.76%	N/A

Total Returns for Quarter Ended March 31, 2013
	Mid Cap Index Fund	S&P MidCap 400 Index	Morningstar Mid-Cap Blend Category Average
Month	4.76%	4.78%	4.28%
3-Month	13.33%	13.45%	12.34%
Year to Date	13.33%	13.45%	12.34%
1 Year	17.56%	17.83%	15.79%
3-Year Avg. Annual	14.79%	15.12%	12.25%
5-Year Avg. Annual	9.53%	9.85%	6.81%
Avg. Annual Since Inception	8.38%	8.77%	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 0.15%. 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^‡
Mid Cap Index (NOMIX)	0.53%	0.16%
^‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013.

	2012	2011	2010	2009	2008
Mid Cap Index	17.76%	-2.05%	26.26%	37.15%	-36.56%
S&P MidCap 400 Index	17.88%	-1.73%	26.64%	37.38%	-36.23%
Morningstar Category Avg. Mid-Cap Blend	16.15%	-3.81%	22.52%	37.39%	-39.18%
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	400
Portfolio Turnover	12.07% (as of 3/31/12)
Dividend Schedule	Annually
Dividend Income Last Quarter	N/A
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$4,719
Benchmark	S&P MidCap 400 Index
Morningstar Category	Mid-Cap Blend

Trailing 12-Month Price to Earnings Ratio
Fund	19.67
Benchmark	19.71

Price to Book Ratio
Fund	1.98
Benchmark	1.98

Historical 5-Year Earnings Growth
Fund	8.61
Benchmark	8.75

Asset Allocation
Stocks	94.4%
Cash	5.6%
TOTAL	100%

Top 10 Holdings		Fund
Vertex Pharmaceuticals Inc		1.3%
Kansas City Southern		0.9%
Equinix Inc		0.8%
Holly Frontier Corp		0.8%
Ametek Inc		0.7%
Realty Income Corp		0.7%
Macerich Co		0.7%
Church & Dwight Co		0.7%
Alliance Data Systems Corp		0.6%
SL Green Realty Corp		0.6%
% of Portfolio		7.8%

Sector Weightings	Fund	Benchmark
Financials	23.9%	23.6%
Industrials	17.0%	16.9%
Information Technology	14.9%	14.8%
Consumer Discretionary	12.8%	12.6%
Health Care	9.0%	10.1%
Materials	7.0%	6.7%
Energy	5.9%	5.8%
Utilities	5.3%	5.3%
Consumer Staples	3.7%	3.7%
Telecommunication Services	0.5%	0.5%
TOTAL	100.0%	100.0%

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

as of April 30, 2013

	Mid Cap Index Fund	S&P MidCap 400 Index
Beta	1.00	1.00
Up Market Capture	99.50	100.00
Down Market Capture	100.60	100.00
Information Ratio	–2.05	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.

Mid Cap Risk: Mid-capitalization stocks typically carry additional risk, since smaller companies generally have higher risk of failure and, historically, their stocks have experienced a greater degree of 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.

S&P MidCap 400® Index is an unmanaged index consisting of 400 mid-cap stocks. The S&P MidCap 400® Index covers over 7% of the U.S. equities market. It is not possible to invest directly in an index.