Equity

Multi-Manager Global Real Estate

Ticker:

NAV AS OF 09/26/22

NMMGX

$9.39
-$0.27

FUND LITERATURE

Fact Sheet

Holdings

Commentary

Multi-Manager Sub-Adviser Allocation

2Q22 Fund Performance Review

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Summary

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. 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

Fund Strategy

Invest at least 80% of net assets in global real estate equities, primarily in real estate investment trusts (REITs).
Select complementary managers from a broad universe of investment managers.
Blend managers into a single fund in an effort to provide an attractive combination of risk/return.

Investor Profile

If you're a long-term investor looking to diversify your investments by pursuing the growth potential of global real estate, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.

Investing in real estate equities involves special risks linked to the real estate market, including declines in the value of real estate, changes in the value of the underlying property, and defaults by borrowers. Foreign investing entails the risk that returns may be reduced by currency fluctuations.

Redemption Fee

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

Risk/Reward Potential

Overall Morningstar Rating ^TM

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4 stars for the Morningstar rating

Among 186 global real estate funds derived from a weighted average of the fund's 3-, 5- and 10-year risk-adjusted returns as of 8/31/22.

Multi-Manager Global Real Estate received 4 stars for the 3-year rating among 186 global real estate funds, 4 stars for the 5-year rating among 172 funds and 3 stars for the 10-year rating among 108 funds.

The Morningstar Rating^TM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

©2022 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.

Sub-Adviser Allocations

Sub-Advisers and Allocations subject to change at any time.

SUB-ADVISER	TARGET ALLOCATION*	ROLE IN PORTFOLIO
Massachusetts Financial Services Company	60%	High conviction, value-oriented portfolio with a quality bias. Bottom-up, fundamental driven portfolio focused on cash flow and NAV per share growth. Seeks companies where these characteristics are underappreciated, or developing, with the expectation they should outperform over the long run.
Janus Henderson Investors US LLC	40%	High active share manager focused on taking meaningful active positions in their highest conviction ideas. Expected high up-market capture ratio. Seeks relative value in companies with quality properties, management acumen and financial strength.

*Actual allocations may vary.

Important risk information can be found on the Portfolio tab.

Not FDIC insured | May lose value | No bank guarantee

View investment terms definitions

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds carefully before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.