Northern Small Cap Value Fund1
Robert H. Bergson

Robert H. Bergson

With Northern Trust since 1997

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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 Acrobat Reader
To view current performance, please view the chart on the left

Choosing a Fund
Use our Risk/Reward spectrum to navigate your way to the mutual fund that is right for you.
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 SymbolShare Price Change
Daily as of 07/30/10		YTD Total Return
Daily as of 07/30/10
NOSGX$ -0.015.05%
SymbolNOSGX
Share Price$ 12.91
Share Price Change$ -0.01
YTD Total Return5.05%
Inception Date4/1/1994
Updated Daily as of July 30, 2010 
Total Net Assets$1,324,337,152
Updated Monthly as of June 30, 2010 
Total ReturnSmall Cap Value FundRussell 2000 Value Index
Month–7.62%–8.73%
Quarter–9.90%–10.60%
Year to Date–2.28%–1.64%
1 Year22.79%25.07%
3-Year Avg. Annual–7.75%–9.85%
5-Year Avg. Annual0.56%–0.51%
10-Year Avg. Annual6.33%7.48%
Avg. Annual
Since Inception		8.49%8.95%
Updated Quarterly as of June 30, 2010 
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.


The recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.
Disclosure
 Gross Expense RatioNet 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.
as of June 30, 2010
Read the most recent Fund Commentary (as of June 30, 2010)
Number of Holdings563
Net Asset Value$12.01
Price to Earnings Ratio13.99
Price to Book Ratio1.03
Weighted Average Market Cap ($Mil)$978
Asset Allocation 
Stocks95.9%
Cash4.1%
TOTAL100%
Top 10 Holdings 
National Retail Properties Inc0.7%
BioMed Realty Trust Inc0.7%
Idacorp Inc0.7%
Esterline Technologies Corp0.7%
ProAssurance Corp0.7%
Extra Space Storage Inc0.7%
Prosperity Bancshares Inc0.7%
Southwest Gas Corp0.7%
Sensient Technologies Corp0.6%
Rent-A-Center Inc0.6%
% of Portfolio6.8%
Sector Weightings 
Financials35.2%
Industrials14.7%
Consumer Discretionary10.6%
Information Technology10.3%
Health Care6.5%
Energy6.3%
Materials6.1%
Utilities5.9%
Consumer Staples3.8%
Telecommunication Services0.6%
TOTAL100%
All data is as of date indicated and subject to change.
as of June 30, 2010
 Small Cap Value FundRussell 2000 Value Index
Standard Deviation25.7427.69
Alpha1.280.00
Beta0.931.00
Information Ratio0.740.00
R-Squared99100
*For Funds with a Three Year Performance History
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.
 
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Not FDIC insured | May lose value | No bank guarantee
1Member of Northern Funds family of mutual funds.

*View investment term definitions
Please carefully read the prospectus and summary prospectus (if available) consider the investment objectives, risks, charges and expenses of Northern Funds and Northern Institutional Funds before investing. Call 800-637-1380 to obtain a prospectus and summary prospectus (if available), which contains this and other information about the funds.
©2010 Northern Institutional Funds | Northern Funds and Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.