Multi-Manager International Equity Fund

Multi-Manager International Equity

Northern Funds Center by E-mail

Andrew Smith, CIO, NTCC

With Northern Trust since 2000
Began Career in 1986

Jessica Hart

With Northern Trust since 2000
Began Career in 1999

View all holdings as of
June 30, 2010

2Q Fund Attribution and Performance

View all holdings as of
March 31, 2010

Multi-Manager Funds
Sub-Adviser Allocations

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The Multi-Manager International Equity Fund is a good choice for those long-term investors who enjoy diversifying their portfolio by pursuing the growth potential of international stocks. Our approach blends specialist managers from a broad universe of external international managers into a single fund. The Fund utilizes two principal styles intended to complement each other; value style whereby the Sub-Advisers seek to identify companies whose improving businesses are not fully recognized by the market and growth style whereby the Sub-Advisers seek to identify companies that are exhibiting rapid growth in their business.

Fund Objective: Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 09/03/10	YTD Total Return Daily as of 09/03/10
NMIEX	$ 0.09	-0.34%

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Among 651 foreign large blend funds derived from a weighted average of the fund's 3-year risk-adjusted returns as of 7/31/2010.

Northern Multi-Manager International Equity received 4 stars for the 3-year rating among 651 foreign large blend funds. The 5- and 10-year Morningstar Ratings are 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.

©2010 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.

Managers and Allocations subject to change at any time.

SUB-ADVISER	TARGET ALLOCATION	ROLE IN PORTFOLIO
Tradewinds Global Investors	30%	Absolute value style seeks opportunities in every area of the market, regardless of sector or country. Expected to offer downside protection.
Altrinsic Global Advisors	25%	Relative value style expected to protect capital in negative markets. Favors high-quality, large-cap companies.
William Blair	25%	Portfolio of companies showing superior growth at reasonable valuations. Process combines bottom-up fundamental analysis with a top-down strategic overlay.
UBS Global Asset Management	20%	Aggressive growth style expected to provide strong up-market capture in strong markets. Has higher beta and volatility than other managers.

Updated Daily as of September 3, 2010
Symbol	NMIEX	YTD Total Return	-0.34%
CUSIP	665162558	Inception Date	6/22/2006
Share Price	$ 8.90	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.09	Total Net Assets	$2,739,027,435

Total Returns for Month Ended July 31, 2010
	Multi-Manager International Equity Fund	MSCI ACWI Ex-U.S. Index	Morningstar Foreign Large Blend Category Average
Month	7.89%	9.03%	9.74%
3-Month	–4.06%	–3.70%	-3.38%
Year to Date	–2.02%	–3.03%	-3.71%
1 Year	6.52%	9.67%	7.26%
3-Year Avg. Annual	–8.28%	–7.99%	-9.84%
Avg. Annual Since Inception	–0.99%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Multi-Manager International Equity Fund	MSCI ACWI Ex-U.S. Index	Morningstar Foreign Large Blend Category Average
Month	–1.10%	–1.28%	-1.35%
3-Month	–11.75%	–12.45%	-13.38%
Year to Date	–9.18%	–11.06%	-12.23%
1 Year	6.33%	10.43%	7.05%
3-Year Avg. Annual	–11.17%	–10.70%	-13.04%
Avg. Annual Since Inception	–2.87%	-0.89%	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*
Multi-Manager International Equity (NMIEX)	1.42%	1.41%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007
Multi-Manager International Equity	27.74%	-39.97%	9.67%
MSCI ACWI Ex-U.S. Index	41.45%	-45.53%	16.65%
Morningstar Category Avg. Foreign Large Blend	31.24%	-43.99%	12.71%
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	301
Portfolio Turnover	59.84% (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)	$31,159
Benchmark	MSCI ACWI Ex-U.S. Index
Morningstar Category	Foreign Large Blend

Trailing 12-Month Price to Earnings Ratio
Fund	16.16
Benchmark	14.88

Price to Book Ratio
Fund	1.61
Benchmark	1.46

Historical 5-Year Earnings Growth
Fund	7.05
Benchmark	5.52

Asset Allocation
Stocks	94.7%
Cash	5.3%
TOTAL	100%

Top 10 Holdings		Fund
iShares MSCI Emerging Markets Index Fund		3.9%
GlaxoSmithKline PLC		1.2%
Carrefour SA		1.1%
Sanofi-Aventis SA		1.1%
Canon Inc		1.0%
Nestle SA		1.0%
Seven & I Holdings Co Ltd		1.0%
Standard Chartered PLC		1.0%
Nintendo Co Ltd		0.9%
Siemens AG		0.9%
% of Portfolio		13.1%

Sector Weightings	Fund	Benchmark
Financials	19.3%	26.5%
Industrials	13.5%	10.4%
Consumer Discretionary	11.0%	8.8%
Consumer Staples	10.6%	8.8%
Materials	10.5%	11.8%
Energy	10.3%	10.3%
Information Technology	10.0%	6.7%
Health Care	7.1%	5.9%
Telecommunication Services	5.6%	6.1%
Utilities	2.1%	4.7%
% of Portfolio	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
Japan	21.0%	15.3%
United Kingdom	13.5%	14.9%
Canada	7.6%	7.7%
France	7.5%	6.6%
Germany	5.1%	5.4%
Switzerland	5.5%	5.3%
China	4.1%	6.0%
South Korea	4.4%	3.1%
Brazil	3.9%	3.7%
United States	2.9%	0.0%
% of Portfolio	75.5%	68.0%

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

as of June 30, 2010

	Multi-Manager International Equity Fund	MSCI ACWI Ex-U.S. Index
Beta	0.93	1.00
Up Market Capture	93.14	100.00
Down Market Capture	95.59	100.00
Information Ratio	0.19	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.

International Risk: International investing involves increased risk and volatility.

MSCI ACWI® Ex-U.S. Index is a free-float adjusted market capitalization index that is designed to measure the equity performance in the global developed and emerging markets excluding the U.S.