Multi-Manager Large Cap Fund

Multi-Manager Large Cap

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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

Multi-Manager Funds
Sub-Adviser Allocations

Fact Sheet

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For those long-term investors looking to diversify your investments by pursuing the growth potential of large-company stocks, then this Fund may be of interest to you. Our approach blends a "multi-manager" structure whereby the Fund's assets are allocated to one or more Sub-Advisers, in percentages determined at the discretion of the Investment Advisers. These managers - who have distinct investment styles and strategies - will invest primarily in securities whose market capitalization at the time of purchase is similar to that of companies in the Russell 1000 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
NMMLX	$ 0.10	0.39%

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Managers and Allocations subject to change at any time.

SUB-ADVISER	TARGET ALLOCATION	ROLE IN PORTFOLIO
Delaware Investments	27.5%	Deeper value exposure. Will tend to protect capital in difficult markets.
Metropolitan West Capital Management	27.5%	Relative value manager. Will tend to have more modest value characteristics and a market capitalization in line with the index.
Marsico Capital Management	25%	Conservative growth strategy, seeking to take advantage of broad growth themes. The portfolio tends to have a beta less than one and will likely provide some downside protection when growth underperforms.
Jennison Associates	20%	Higher beta, more aggressive growth portfolio. Should provide strong upside during periods of market strength.

Updated Daily as of September 3, 2010
Symbol	NMMLX	YTD Total Return	0.39%
CUSIP	665162517	Inception Date	10/17/2007
Share Price	$ 7.85	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.10	Total Net Assets	$652,132,160

Total Returns for Month Ended July 31, 2010
	Multi-Manager Large Cap	Russell 1000 Index	Morningstar Large Growth Category Average
Month	6.86%	6.95%	6.73%
3-Month	–6.25%	–7.01%	-7.21%
Year to Date	–0.38%	0.11%	-2.04%
1 Year	12.83%	14.51%	11.80%
Avg. Annual Since Inception	–7.85%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Multi-Manager Large Cap	Russell 1000 Index	Morningstar Large Growth Category Average
Month	–5.32%	–5.57%	-5.62%
3-Month	–10.87%	–11.44%	-12.11%
Year to Date	–6.77%	–6.40%	-8.24%
1 Year	13.42%	15.24%	12.41%
Avg. Annual Since Inception	–10.31%	-11.48%	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 Large Cap (NMMLX)	1.20%	1.20%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008
Multi-Manager Large Cap	28.75%	-36.49%
Russell 1000 Index	28.43%	-37.60%
Morningstar Category Avg. Large Growth	35.68%	-40.67%
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	160
Portfolio Turnover	48.85% (as of 3/31/10)
Dividend Schedule	Quarterly
Dividend Income Last Quarter	$0.0100
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$59,685
Benchmark	Russell 1000 Index
Morningstar Category	Large Growth

Trailing 12-Month Price to Earnings Ratio
Fund	15.85
Benchmark	14.72

Price to Book Ratio
Fund	1.74
Benchmark	1.77

Historical 5-Year Earnings Growth
Fund	14.97
Benchmark	10.31

Asset Allocation
Stocks	96.7%
Cash	3.3%
TOTAL	100%

Top 10 Holdings		Fund
Apple Inc		4.1%
IBM		2.1%
Dow Chemical Co		1.7%
Northrop Grumman Corp		1.7%
ConocoPhillips		1.7%
JPMorgan Chase & Co		1.6%
EMC Corp		1.6%
Amazon.com Inc		1.5%
Baxter International Inc		1.5%
Merck & Co Inc		1.4%
% of Portfolio		18.9%

Sector Weightings	Fund	Benchmark
Information Technology	21.9%	18.4%
Consumer Discretionary	14.5%	10.8%
Financials	12.3%	16.6%
Health Care	11.0%	11.5%
Consumer Staples	10.1%	10.3%
Industrials	9.5%	11.1%
Energy	8.9%	10.6%
Materials	5.3%	3.9%
Utilities	3.3%	3.8%
Telecommunication Services	3.2%	3.0%
% of Portfolio	100.0%	100.0%

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

as of June 30, 2010

	Multi-Manager Large Cap	Russell 1000 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.

Russell 1000® Index is an unmanaged index which measures the performance of the 1,000 largest companies in the Russell 3000® Index, based on market capitalization. It is not possible to invest directly in an index.