Multi-Manager Global Real Estate Fund

Multi-Manager Global Real Estate

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

Fact Sheet

Review fund performance
View fund performance for equity, fixed income and money market funds.

Choosing a Fund
Use our Risk/Reward spectrum to navigate your way to the mutual fund that is right for you.

The Multi-Manager Global Real Estate Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of global real estate. Our approach blends specialist managers from a broad universe of external global real estate managers into a single fund. In seeking to create an optimal portfolio, the Fund utilizes three principal styles intended to complement each other: Growth at a reasonable price (GARP), core and opportunistic. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking long-term capital appreciation and current income.

Fund Objective: Capital Appreciation and Current Income

Ticker Symbol	Share Price Change Daily as of 09/03/10	YTD Total Return Daily as of 09/03/10
NMMGX	$ 0.18	8.70%

	View All Northern Funds

Managers and Allocations subject to change at any time.

SUB-ADVISER	TARGET ALLOCATION	ROLE IN PORTFOLIO
EII Realty Securities Inc.	40%	Opportunistic approach that may take significant off-benchmark positions, resulting in a higher level of risk relative to the benchmark. Historically, the strategy has also provided strong defensive characteristics in down markets.
ING Clarion Real Estate Securities, LP	30%	Growth at a reasonable price (GARP) manager with a diversified strategy. The portfolio should have a small number of off-benchmark positions while maintaining attractive market up-capture and downside protection characteristics.
Cohen and Steers Capital Management Inc.	30%	Core manager with attractive long-term risk adjusted return characteristics.

Updated Daily as of September 3, 2010
Symbol	NMMGX	YTD Total Return	8.70%
CUSIP	665162475	Inception Date	11/19/2008
Share Price	$ 17.85	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.18	Total Net Assets	$663,428,185

Total Returns for Month Ended July 31, 2010
	Multi-Manager Global Real Estate	FTSE EPRA/NAREIT Global Index	Morningstar Global Real Estate Category Average
Month	10.15%	9.99%	10.27%
3-Month	–1.16%	–1.05%	-1.39%
Year to Date	3.76%	4.61%	2.24%
1 Year	22.83%	23.15%	18.98%
Avg. Annual Since Inception	41.74%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Multi-Manager Global Real Estate	FTSE EPRA/NAREIT Global Index	Morningstar Global Real Estate Category Average
Month	–2.40%	–1.70%	-1.90%
3-Month	–8.75%	–7.99%	-9.34%
Year to Date	–5.80%	–4.89%	-7.27%
1 Year	22.22%	23.55%	18.49%
Avg. Annual Since Inception	35.96%	36.00%	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 Global Real Estate (NMMGX)	1.48%	1.30%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009
Multi-Manager Global Real Estate	36.25%
FTSE EPRA/NAREIT Global Index	37.94%
Morningstar Category Avg. Global Real Estate	37.01%
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	146
Portfolio Turnover	71.54% (as of 3/31/10)
Dividend Schedule	Quarterly
Dividend Income Last Quarter	$0.1112
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$10,503
Benchmark	FTSE EPRA/NAREIT Global Index
Morningstar Category	Global Real Estate

Trailing 12-Month Price to Earnings Ratio
Fund	21.68
Benchmark	20.49

Price to Book Ratio
Fund	1.26
Benchmark	1.04

Historical 5-Year Earnings Growth
Fund	4.58
Benchmark	7.91

Asset Allocation
Stocks	94.7%
Cash	5.3%
TOTAL	100%

Top 10 Holdings		Fund
Simon Property Group Inc		4.9%
Sun Hung Kai Properties Ltd		3.8%
Unibail-Rodamco SA		3.5%
Vornado Realty Trust		3.3%
Boston Properties Inc		2.7%
Hongkong Land Holdings Ltd		2.7%
Westfield Group		2.6%
Mitsubishi Estate Co Ltd		2.3%
Public Storage		2.2%
Host Hotels & Resorts Inc		2.2%
% of Portfolio		30.2%

Industry Weightings	Fund	Benchmark
REAL ESTATE INVESTMENT TRUSTS	58.4%	59.1%
REAL ESTATE MANAGEMENT/DEVELOPMENT	31.8%	33.4%
REAL ESTATE	5.6%	4.1%
HOTELS RESTAURANTS & LEISURE	2.7%	0.1%
MULTILINE RETAIL	1.2%	0.0%
HEALTHCARE PROVIDERS & SERVICES	0.3%	0.0%
COMMERCIAL SERVICES & SUPPLIES	0.0%	0.3%
HOUSEHOLD DURABLES	0.0%	2.9%
INSURANCE	0.0%	0.1%
TOTAL	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
United States	42.1%	37.0%
Hong Kong	18.1%	13.5%
Japan	8.5%	8.5%
Australia	7.6%	8.0%
United Kingdom	6.2%	4.9%
Singapore	5.7%	4.6%
France	4.8%	4.2%
Canada	2.1%	3.8%
China	0.9%	1.9%
Sweden	0.8%	0.9%
% of Portfolio	96.8%	87.3%

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

as of June 30, 2010

	Multi-Manager Global Real Estate	FTSE EPRA/NAREIT Global 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.

International Risk: International investing involves increased risk and volatility.

REIT/Real Estate Risk: Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Investments in REITs involve certain additional unique risks. By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments.

The FTSE®EPRA®/NAREIT® Global Index is a free float, market capitalization weighted real estate index designed to represent publicly traded equity REITs and listed property companies globally. Expanded in December 2008, the FTSE EPRA/NAREIT Global Index covers both developed and emerging markets, and is eligible to invest in 48 countries worldwide. It is not possible to invest directly in an index.