Multi-Manager Small Cap Fund

Multi-Manager Small 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

View the Northern Multi-Manager prospectus

Fact Sheet

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For those long-term investors looking to diversify their investments by pursuing the growth potential of small-company stocks, then the Northern Multi-Manager Small Cap Fund may be the right choice for you. This Fund is intended for investors who are aware that small-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 2000 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
NMMSX	$ 0.14	0.61%

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Managers and Allocations subject to change at any time.

SUB-ADVISER	TARGET ALLOCATION	ROLE IN PORTFOLIO
Copper Rock Capital Partners	22%	Growth style with small- to mid-capitalization emphasis.
Riverbridge Partners, LLC	20%	Concentrated strategy focused on high-quality, growth companies.
Metropolitan West Capital Management	20%	Relative value style with bottom-up stock selection approach.
Denver Investment Advisors, LLC	20%	Value manager with focus on dividend-paying companies. Should provide attractive downside protection.
Hotchkis and Wiley Capital Management, LLC	18%	Traditional value style that seeks to take advantage of short-term mispricing, looking for significant discounts in valuations.

Updated Daily as of September 3, 2010
Symbol	NMMSX	YTD Total Return	0.61%
CUSIP	665162566	Inception Date	6/22/2006
Share Price	$ 8.31	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.14	Total Net Assets	$496,710,008

Total Returns for Month Ended July 31, 2010
	Multi-Manager Small Cap Fund	Russell 2000 Index	Morningstar Small Growth Category Average
Month	4.47%	6.87%	5.50%
3-Month	–8.97%	–8.89%	-8.03%
Year to Date	1.94%	4.79%	2.89%
1 Year	14.56%	18.43%	17.02%
3-Year Avg. Annual	–7.54%	–4.32%	-5.80%
Avg. Annual Since Inception	–2.30%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Multi-Manager Small Cap Fund	Russell 2000 Index	Morningstar Small Growth Category Average
Month	–6.50%	–7.75%	-6.35%
3-Month	–8.82%	–9.92%	-9.14%
Year to Date	–2.42%	–1.95%	-2.45%
1 Year	19.41%	21.48%	19.07%
3-Year Avg. Annual	–10.63%	–8.60%	-8.73%
Avg. Annual Since Inception	–3.41%	-1.61%	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 Small Cap (NMMSX)	1.41%	1.40%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009	2008	2007
Multi-Manager Small Cap	30.49%	-37.78%	-1.12%
Russell 2000 Index	27.16%	-33.79%	-1.56%
Morningstar Category Avg. Small Growth	35.46%	-41.55%	7.59%
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	321
Portfolio Turnover	187.71% (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)	$2,017
Benchmark	Russell 2000 Index
Morningstar Category	Small Growth

Trailing 12-Month Price to Earnings Ratio
Fund	15.54
Benchmark	14.07

Price to Book Ratio
Fund	1.99
Benchmark	1.51

Historical 5-Year Earnings Growth
Fund	17.28
Benchmark	7.10

Asset Allocation
Stocks	96.3%
Cash	3.7%
TOTAL	100%

Top 10 Holdings		Fund
Portfolio Recovery Associates Inc		1.3%
iShares Russell 2000 Value Index Fund		1.0%
Chemed Corp		1.0%
Ultimate Software Group Inc		1.0%
Con-Way Inc		0.9%
Associated Bancorp		0.9%
Valassis Comunications Inc		0.9%
Cepheid Inc		0.8%
iShares Russell Mid Cap Growth Index Fund		0.7%
Mednax Inc		0.7%
% of Portfolio		9.3%

Sector Weightings	Fund	Benchmark
Information Technology	21.1%	17.9%
Industrials	19.4%	15.7%
Consumer Discretionary	17.6%	14.0%
Financials	15.6%	21.5%
Health Care	13.6%	13.1%
Consumer Staples	3.8%	3.2%
Energy	3.5%	5.4%
Materials	2.3%	5.0%
Telecommunication Services	1.6%	1.0%
Utilities	1.5%	3.2%
% of Portfolio	100.0%	100.0%

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

as of June 30, 2010

	Multi-Manager Small Cap Fund	Russell 2000 Index
Beta	0.95	1.00
Up Market Capture	85.90	100.00
Down Market Capture	97.96	100.00
Information Ratio	–0.61	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.

Small Cap Risk: Small capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.

Russell 2000® Index is an unmanaged index which measures the performance of the 2,000 smallest companies in the Russell 3000 Index. It is not possible to invest directly in an index.