Multi-Manager Mid Cap Fund

Multi-Manager Mid Cap

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 Mid Cap Fund is a good choice for those long-term investors looking to diversity their investments by pursuing the growth potential of mid-sized company stocks. This Fund is for those investors who are aware that mid-sized company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity. The Northern Trust approach blends specialist managers from a broad universe of external mid-cap managers into a single fund. Our managers will invest in those companies whose market capitalization is, at the time the Fund makes an investment, generally within the range of the market capitalization of companies in the Russell Midcap Index.

Fund Objective: Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 09/03/10	YTD Total Return Daily as of 09/03/10
NMMCX	$ 0.14	6.18%

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Among 363 mid-cap blend funds derived from a weighted average of the fund's 3-year risk-adjusted returns as of 7/31/2010.

Northern Multi-Manager Mid Cap received 4 stars for the 3-year rating among 363 mid-cap 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
Systematic Financial Management	30%	Relative value approach seeks companies trading at low valuations that have seen some signs of positive earnings momentum.
LSV Asset Management	30%	Deep value style with quantitative approach. Systematically exploits judgmental biases and behavioral weaknesses influencing investors.
Geneva Capital Management	20%	Conservative growth style expected to protect capital during difficult growth markets.
TCW Investment Management	20%	Aggressive growth style expected to provide strong up-market capture during strong growth.

Updated Daily as of September 3, 2010
Symbol	NMMCX	YTD Total Return	6.18%
CUSIP	665162574	Inception Date	6/22/2006
Share Price	$ 9.96	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.14	Total Net Assets	$749,633,557

Total Returns for Month Ended July 31, 2010
	Multi-Manager Mid Cap Fund	Russell Midcap Index	Morningstar Mid-Cap Blend Category Average
Month	7.29%	7.19%	6.72%
3-Month	–6.63%	–6.90%	-7.62%
Year to Date	5.12%	4.98%	3.26%
1 Year	23.07%	23.21%	19.08%
3-Year Avg. Annual	–2.92%	–4.85%	-5.40%
Avg. Annual Since Inception	0.98%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Multi-Manager Mid Cap Fund	Russell Midcap Index	Morningstar Mid-Cap Blend Category Average
Month	–6.13%	–6.25%	-6.45%
3-Month	–9.37%	–9.88%	-10.18%
Year to Date	–2.03%	–2.06%	-3.16%
1 Year	24.81%	25.13%	21.26%
3-Year Avg. Annual	–6.60%	–8.19%	-8.86%
Avg. Annual Since Inception	–0.75%	-0.93%	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 Mid Cap (NMMCX)	1.20%	1.20%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007
Multi-Manager Mid Cap	39.69%	-38.89%	7.05%
Russell Midcap Index	40.48%	-41.46%	5.60%
Morningstar Category Avg. Mid-Cap Blend	37.39%	-39.18%	4.85%
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	344
Portfolio Turnover	103.02% (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)	$6,123
Benchmark	Russell Midcap Index
Morningstar Category	Mid-Cap Blend

Trailing 12-Month Price to Earnings Ratio
Fund	15.77
Benchmark	16.07

Price to Book Ratio
Fund	1.65
Benchmark	1.72

Historical 5-Year Earnings Growth
Fund	14.51
Benchmark	8.49

Asset Allocation
Stocks	96.9%
Cash	3.1%
TOTAL	100%

Top 10 Holdings		Fund
Strayer Education Inc		1.0%
AmerisourceBergen Corp		0.9%
Expeditors International of Washington Inc		0.9%
CMS Energy Corp		0.9%
CH Robinson Worldwide Inc		0.9%
Salesforce.com Inc		0.8%
CF Industries Holdings Inc		0.8%
Oil States International Inc		0.8%
Ameriprise Financial Inc		0.7%
DTE Energy Co		0.7%
% of Portfolio		8.4%

Sector Weightings	Fund	Benchmark
Financials	17.6%	19.3%
Information Technology	17.1%	14.6%
Consumer Discretionary	15.1%	14.7%
Industrials	15.1%	12.7%
Health Care	10.8%	8.6%
Energy	8.3%	8.2%
Consumer Staples	5.3%	6.6%
Utilities	4.8%	7.1%
Materials	4.4%	6.2%
Telecommunication Services	1.5%	2.0%
% of Portfolio	100.0%	100.0%

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

as of June 30, 2010

	Multi-Manager Mid Cap Fund	Russell Midcap Index
Beta	0.93	1.00
Up Market Capture	98.56	100.00
Down Market Capture	96.64	100.00
Information Ratio	0.48	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.

Russell Midcap® Index is an unmanaged index measuring the performance of the 800 smallest companies in the Russell 1000® Index. It is not possible to invest directly in an index.