Multi-Manager Global Listed Infrastructure
Jessica K. Hart

Jessica K. Hart

With Northern Trust since 2000
Began Career in 1999


Christopher E. Vella, CFA<SUP>&#174;</SUP>, CIO

Christopher E. Vella, CFA®, CIO

With Northern Trust since 2004
Began Career in 1993


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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 Listed Infrastructure Fund may be a good choice for those long-term investors seeking exposure to infrastructure companies, global diversification of their portfolio, a quarterly dividend and for a Fund which may help lower a portfolio's overall long-term volatility when included as a part of a diversified portfolio. Our approach blends specialist managers from a broad universe of external global managers into a single fund. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking total return through both long-term current income and capital appreciation.

Fund Objective: Total return through both income and capital appreciation

Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase
Ticker SymbolShare Price Change
Daily as of 04/23/14
YTD Total Return
Daily as of 04/23/14
NMFIX$ -0.057.16%
sub adviser heading

Managers and Allocations subject to change at any time.


SUB-ADVISER

TARGET ALLOCATION ROLE IN PORTFOLIO
Brookfield Investment Management Inc. 50% Opportunistic, concentrated portfolio that may lead to non-benchmark investments resulting in higher tracking error. The portfolio may also invest up to 20% in MLPs.
Lazard Asset Management LLC 50% Benchmark agnostic, bottom-up and valuation based approach to identify long-term value in infrastructure companies.
Updated Daily as of April 23, 2014
SymbolNMFIXYTD Total Return7.16%
CUSIP665162384Inception Date9/18/2012
Share Price$ 12.91 Updated Monthly as of March 31, 2014
Share Price Change$ -0.05Total Net Assets$1,100,988,984
Total Returns for Quarter Ended March 31, 2014
 Northern Multi-Manager Global Listed Infrastructure FundS&P Global Infrastructure IndexMorningstar World Stock Category Average
Month1.54%2.98%-0.15%
3-Month6.33%7.02%1.41%
Year to Date6.33%7.02%1.41%
1 Year22.15%16.89%18.45%
Avg. Annual
Since Inception
21.03%15.56% 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" exceed 1.00%. The contractual limitation may not be terminated before July 31, 2014 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 RatioNet Expense Ratio
Multi-Manager Global Listed Infrastructure
(NMFIX)
1.29%1.02%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2014.
 2013
Multi-Manager Global Listed Infrastructure24.28%
S&P Global Infrastructure Index14.99%
Morningstar Category Avg.
World Stock
25.19%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings57
Portfolio Turnover50.68% (as of 3-31-13)**
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0238
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$20,724
BenchmarkS&P Global Infrastructure Index
Morningstar CategoryWorld Stock
Trailing 12-Month Price to Earnings Ratio 
Fund22.31
Benchmark20.13
Price to Book Ratio 
Fund2.29
Benchmark1.74
Historical 5-Year Earnings Growth 
Fund6.78
Benchmark–1.92
Asset Allocation 
Stocks94.5%
Cash5.5%
TOTAL100%
Top 10 Holdings    Fund
Atlantia SPA    5.5%
Tokyo Gas Co Ltd    5.2%
American Tower Corp    3.1%
Transurban Group    3.1%
Fraport AG    3.1%
Flughafen Zurich AG    3.0%
Vinci SA    2.9%
PG&E Corp    2.9%
Pennon Group    2.7%
Eutelsat Communications    2.6%
% of Portfolio    34.1%
Sector WeightingsFundBenchmark
Energy38.6%19.8%
Industrials26.5%40.1%
Utilities22.3%40.1%
Financials8.4%0.0%
Telecommunication Services2.5%0.0%
Consumer Discretionary1.7%0.0%
TOTAL100.0% 100.0%
Top 10 Country
Weightings
FundBenchmark
United States46.1%35.2%
Canada13.0%10.1%
United Kingdom7.9%7.6%
Hong Kong7.1%0.0%
Italy5.9%7.0%
Spain4.9%6.1%
Brazil3.6%0.0%
France3.4%8.1%
Australia3.1%7.3%
Japan2.1%3.5%
% of Portfolio97.1%84.9%
All data is as of date indicated and subject to change.
as of March 31, 2014
 Northern Multi-Manager Global Listed Infrastructure FundS&P Global Infrastructure Index
BetaN/AN/A
Up Market CaptureN/AN/A
Down Market CaptureN/AN/A
Information RatioN/AN/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.

Concentration Risk: Investing a high percentage of net assets in securities in a specific industry, the Fund may be subject to greater volatility than a fund that is more broadly diversified.

Currency Risk: Foreign currencies will fluctuate in value relative to the U.S. dollar; therefore you may lose money if the local currency of a foreign market depreciates against the U.S. dollar.

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.

Foreign (Non-U.S.) Securities Risk: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, foreign government intervention and adverse economic, political, diplomatic, financial and regulatory factors.

Infrastructure Companies Risk: Infrastructure companies may not realize projected revenue volumes due to; cost overruns; changes in terms making a project no longer economical; macroeconomic factors may raise the average cost of funding; government regulation; government budgetary constraints; special tariffs and/or changes in tax law and unfavorable accounting standards.

Liquidity Risk: Some securities held by the Fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss.

Master Limited Partnerships (MLPs) Risk: Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes, treatment of an MLP (owned by the Fund) as a corporation would materially reduce the after-tax return to the Fund with respect to its investment in the MLP. The Fund must include its allocable share of the MLP’s taxable income in its taxable income, whether or not it receives a distribution of cash from the MLP. In such cases, the Fund may have to liquidate securities to make required distributions to the Fund’s shareholders.

Non-Diversified Risk: The Fund invests in a smaller number of securities than the average mutual fund. The change in value of a single holding may have a more pronounced effect on the Fund’s net asset value and performance than for other funds.

Small and Mid Cap Risk: Small- and mid-sized company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity.

S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The index has balanced weights across three distinct infrastructure clusters: Utilities, Transportation, and Energy. It is not possible to invest directly in an index.
 
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Not FDIC insured | May lose value | No bank guarantee

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©2014 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.

** commenced investment operations on September 18, 2012.