Northern Multi-Manager Global Listed Infrastructure Fund

Class No Load (NMFIX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 0.12 0.12
Stocks 32.38 32.38
Bonds 0.0 0.0
Other 0.75 0.75
Foreign Bonds 0.0 0.0
Foreign Stocks 66.75 66.75
Convertible 0.0 0.0
Preferred 0.0 0.0

Updated 12.31.2013

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 12.31.2013

Ticker YTD Return % % Net Assets
Atlantia ATASF 19.61 5.0
Fraport AG FRA --- 3.96
Flughafen Zuerich AG FHZN --- 3.27
American Tower Corp AMT 2.24 3.06
Vinci VCISF 19.95 3.03
Pennon Group PLC PEGRF 18.87 2.73
Enbridge, Inc. ENB 6.8 2.5
DUET Group DUETF 9.32 2.41
National Grid PLC NGGTF 3.79 2.38
Snam SpA SRG --- 2.32