Multi-Manager Emerging Markets Equity Fund

Multi-Manager Emerging Markets Equity

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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

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The Multi-Manager Emerging Markets Equity Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of emerging and frontier market equity securities. Our approach blends specialist managers from a broad universe of external managers into a single fund. In seeking to create an optimal portfolio, the Fund utilizes three principal styles intended to complement each other: Growth, value and quantitative value. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking long-term capital appreciation. Any income received is incidental to the Fund's objective.

Fund Objective: Capital Appreciation

Ticker Symbol	Share Price Change Daily as of 09/09/10	YTD Total Return Daily as of 09/09/10
NMMEX	$ 0.13	6.63%

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Managers and Allocations subject to change at any time.

SUB-ADVISER	TARGET ALLOCATION	ROLE IN PORTFOLIO
Axiom International Investors, LLC	30%	Opportunistic bottom-up growth strategy seeks to identify high-quality companies exhibiting signs of improvement and/or acceleration in key business drivers. Axiom also applies a qualitative top-down overlay. The portfolio should participate in earnings momentum-driven markets.
Westwood Global Investments, LLC	30%	Value oriented, opportunistic investment approach complementary to PanAgora’s diversified quantitative style. This portfolio should exhibit a less benchmark-oriented approach to value investing.
PanAgora Asset Management Inc.	20%	Highly diversified quantitative value approach. Expected to provide consistent risk-adjusted performance as a result of its diversified investment approach.
Trilogy Global Advisors, LLC	20%	Bottom-up, growth-oriented investment process with a valuation overlay.

Updated Daily as of September 9, 2010
Symbol	NMMEX	YTD Total Return	6.63%
CUSIP	665162483	Inception Date	11/19/2008
Share Price	$ 21.70	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.13	Total Net Assets	$2,013,191,901

Total Returns for Month Ended July 31, 2010
	Multi Manager Emerging Markets Equity	MSCI Emerging Markets Index	Morningstar Diversified Emerging Mkts Category Average
Month	9.88%	8.33%	8.97%
3-Month	–0.42%	–1.93%	-1.31%
Year to Date	3.88%	1.65%	2.15%
1 Year	23.45%	19.92%	19.81%
Avg. Annual Since Inception	58.81%	50.28%	N/A

Total Returns for Quarter Ended June 30, 2010
	Multi Manager Emerging Markets Equity	MSCI Emerging Markets Index	Morningstar Diversified Emerging Mkts Category Average
Month	–0.41%	–0.74%	-0.34%
3-Month	–7.72%	–8.37%	-8.87%
Year to Date	–5.46%	–6.17%	-6.28%
1 Year	24.33%	23.15%	21.84%
Avg. Annual Since Inception	53.49%	51.10%	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.

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 Ratio	Net Expense Ratio*
Multi-Manager Emerging Markets Equity (NMMEX)	1.55%	1.48%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009
Multi-Manager Emerging Markets Equity	74.90%
MSCI Emerging Markets Index	78.51%
Morningstar Category Avg. Diversified Emerging Mkts	73.81%
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	313
Portfolio Turnover	115.05% (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)	$32,933
Benchmark	MSCI Emerging Markets Index
Morningstar Category	Diversified Emerging Markets

Trailing 12-Month Price to Earnings Ratio
Fund	12.53
Benchmark	14.05

Price to Book Ratio
Fund	1.66
Benchmark	1.74

Historical 5-Year Earnings Growth
Fund	17.91
Benchmark	16.57

Asset Allocation
Stocks	96.4%
Cash	3.6%
TOTAL	100%

Top 10 Holdings		Fund
Itau Unibanco Holding SA		3.1%
Samsung Electronics Co Ltd		3.1%
Astra International		2.4%
America Movil SA		2.4%
Petrol Brasileiros SA		2.0%
NCsoft Corp		1.8%
Shinhan Financial Group Co Ltd		1.7%
China Mobile Ltd		1.4%
Truworths International Ltd		1.4%
iShares MSCI Emerging Markets Index Fund		1.4%
% of Portfolio		20.7%

Sector Weightings	Fund	Benchmark
Financials	26.9%	26.2%
Information Technology	16.2%	12.9%
Consumer Discretionary	12.5%	6.6%
Energy	11.0%	13.8%
Materials	9.9%	14.3%
Telecommunication Services	7.4%	8.2%
Consumer Staples	6.6%	6.7%
Industrials	6.3%	6.9%
Health Care	1.9%	0.7%
Utilities	1.3%	3.7%
% of Portfolio	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
Brazil	18.0%	16.2%
China	15.0%	18.6%
South Korea	12.6%	13.5%
Taiwan	9.4%	10.7%
South Africa	8.1%	7.5%
Mexico	5.9%	4.3%
Indonesia	4.9%	2.4%
India	4.8%	7.8%
Russia	4.5%	6.5%
Turkey	3.2%	1.8%
% of Portfolio	86.4%	89.3%

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

as of June 30, 2010

	Multi Manager Emerging Markets Equity	MSCI Emerging Markets Index
Beta	N/A	N/A
Up Market Capture	N/A	N/A
Down Market Capture	N/A	N/A
Information Ratio	N/A	N/A
*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.

Emerging and Frontier Markets Risk: Emerging and frontier market investing may be subject to additional economic, political, liquidity and currency risks not associated with more developed countries. Additionally, frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. It is not possible to invest directly in an index.