Multi-Manager Emerging Markets Equity Fund

Multi-Manager Emerging Markets Equity

Northern Funds Center by E-mail

Jessica Hart

With Northern Trust since 2000
Began Career in 1999

Christopher E. Vella, CIO, NTCC

With Northern Trust since 2004
Began Career in 1993

View all holdings as of
March 31, 2013

View all holdings as of
December 31, 2012

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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

Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase

Ticker Symbol	Share Price Change Daily as of 05/22/13	YTD Total Return Daily as of 05/22/13
NMMEX	$ -0.08	0.26%

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Among 357 diversified emerging markets funds derived from a weighted average of the fund's 3-year risk-adjusted returns as of 4/30/2013.

Multi-Manager Emerging Markets Equity received 4 stars for the 3-year rating among 357 diversified emerging markets 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.

©2013 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
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.
Trilogy Global Advisors, LP	20%	Bottom-up, growth-oriented investment process with a valuation overlay.
PanAgora Asset Management, Inc.	10%	Highly diversified quantitative value approach. Primary driver of out performance is country weights. Expected to provide consistent risk-adjusted performance as a result of its diversified investment approach.
Pzena Investment Management, LLC	10%	A deeper value strategy approach that targets companies whose earnings are underperforming their historical average.

Updated Daily as of May 22, 2013
Symbol	NMMEX	YTD Total Return	0.26%
CUSIP	665162483	Inception Date	11/19/2008
Share Price	$ 19.23	Updated Monthly as of April 30, 2013
Share Price Change	$ -0.08	Total Net Assets	$2,297,858,473

Total Returns for Month Ended April 30, 2013
	Multi Manager Emerging Markets Equity	MSCI Emerging Markets Index	Morningstar Diversified Emerging Mkts Category Average
Month	0.95%	0.75%	1.30%
3-Month	–1.19%	–2.23%	-0.63%
Year to Date	–0.52%	–0.88%	0.99%
1 Year	4.66%	3.97%	5.82%
3-Year Avg. Annual	4.95%	3.12%	3.22%
Avg. Annual Since Inception	23.38%	21.26%	N/A

Total Returns for Quarter Ended March 31, 2013
	Multi Manager Emerging Markets Equity	MSCI Emerging Markets Index	Morningstar Diversified Emerging Mkts Category Average
Month	–1.31%	–1.72%	-1.00%
3-Month	–1.46%	–1.62%	-0.27%
Year to Date	–1.46%	–1.62%	-0.27%
1 Year	2.45%	1.95%	3.65%
3-Year Avg. Annual	5.25%	3.27%	3.05%
Avg. Annual Since Inception	23.60%	21.49%	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 (excluding acquired fund fees and expenses; a portion of the compensation paid to each Trustee who is not an officer, director or employee of Northern Trust Corporation or its subsidiaries; expenses related to third-party consultants engaged by the Board of Trustees of the Trust; membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; extraordinary expenses; and interest, if any) to the extent the "Total Annual Fund Operating Expenses After Expense Reimbursement" exceed 1.40%. The contractual limitation may not be terminated before July 31, 2013 without the approval of the Board of Trustees. 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 Emerging Markets Equity (NMMEX)	1.52%	1.35%
^‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013.

	2012	2011	2010	2009
Multi-Manager Emerging Markets Equity	19.75%	-17.73%	23.04%	74.90%
MSCI Emerging Markets Index	18.22%	-18.42%	18.88%	78.51%
Morningstar Category Avg. Diversified Emerging Mkts	18.15%	-19.86%	19.26%	73.81%
Performance quoted represents past performance and does not guarantee future results.

as of March 31, 2013

Read the most recent Fund Commentary (as of March 31, 2013)

Number of Holdings	417
Portfolio Turnover	46.58% (as of 3/31/12)
Dividend Schedule	Annually
Dividend Income Last Quarter	N/A
Capital Gain Income Last Quarter	N/A
Weighted Average Market Cap ($Mil)	$41,844
Benchmark	MSCI Emerging Markets Index
Morningstar Category	Diversified Emerging Markets

Trailing 12-Month Price to Earnings Ratio
Fund	11.50
Benchmark	11.79

Price to Book Ratio
Fund	1.44
Benchmark	1.45

Historical 5-Year Earnings Growth
Fund	13.20
Benchmark	13.93

Asset Allocation
Stocks	96.6%
Cash	3.4%
TOTAL	100%

Top 10 Holdings		Fund
Samsung Electronics Co Ltd		5.6%
China Mobile Ltd		2.3%
Taiwan Semiconductor Manufacturing Co Ltd		2.1%
Itau Unibanco Holding SA		2.0%
Hon Hai Precision Industry Co Ltd		1.8%
Grupo Televisa SA		1.5%
Taiwan Semiconductor Manufacturing Co Ltd		1.5%
America Movil SA		1.4%
Truworths International Ltd		1.4%
Tata Consultancy Services Ltd		1.4%
% of Portfolio		21.0%

Sector Weightings	Fund	Benchmark
Financials	24.3%	27.7%
Information Technology	19.5%	14.0%
Consumer Discretionary	13.3%	7.8%
Energy	10.7%	12.0%
Materials	9.3%	10.7%
Industrials	7.3%	6.4%
Consumer Staples	6.8%	9.1%
Telecommunication Services	6.1%	7.4%
Health Care	1.6%	1.3%
Utilities	1.1%	3.6%
TOTAL	100.0%	100.0%

Top 10 Country Weightings	Fund	Benchmark
South Korea	15.6%	14.8%
China	15.1%	18.1%
Brazil	12.7%	12.7%
Taiwan	9.3%	10.7%
South Africa	8.0%	7.1%
Russia	6.7%	5.9%
Mexico	6.7%	5.6%
India	6.4%	6.6%
Turkey	3.1%	2.1%
Thailand	2.2%	2.7%
% of Portfolio	85.8%	86.3%

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

as of March 31, 2013

	Multi Manager Emerging Markets Equity	MSCI Emerging Markets Index
Beta	0.97	1.00
Up Market Capture	100.08	100.00
Down Market Capture	94.11	100.00
Information Ratio	0.54	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.

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^SM 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.