EMERGING MARKETS

BEST OVERALL EMERGING MARKETS FUND

Northern Trust Emerg Mkts Eq Fd (NOEMX)

A FAVORITE BECAUSE: While emerging markets isn't a category we're particularly high on right now, we like the lesser known Northern Emerging Markets Equity primarily for its low cost. Fund companies feel they have a license to gouge with their emerging markets offerings, which makes NOEMX's .76% expense ratio more than palatable. The fund's consistent but just-above-average long-term performance in the category won't knock your socks off, but sometimes slow and steady wins the race.

WE DON'T LIKE: NOEMX is relatively new, having launched in 2006, but with just over $1 billion in assets it's already getting a bit hefty. We're keeping a close eye on this one to see if it will still perform well if assets under management continue to swell.

Named Favorite: 11/09
Return While Favorite: 25.26%
VS. S&P While Favorite: -75.51%
MAXrating: 67
Outlook: -10%
Expense Ratio: 0.30%

EMERGING MARKETS SPECIAL CRITERIA WINNERS

BEST OPEN-END EMERGING MARKETS FUND

Northern Trust Emerg Mkts Eq Fd (NOEMX)

Named Favorite: 11/09
Return While Favorite: 25.26%
VS. S&P While Favorite: -75.51%
MAXrating: 67
Outlook: -10%
Expense Ratio: 0.30%

BEST EMERGING MARKETS ETF

Vanguard Emerging Markets ETF (VWO)

Named Favorite: 11/09
Return While Favorite: 27.21%
VS. S&P While Favorite: -73.56%
MAXrating: NA
Outlook: NA
Expense Ratio: NA

BEST LOW MINIMUM EMERGING MARKETS FUND

Vanguard Emerging Markets ETF (VWO)

Named Favorite: 11/09
Return While Favorite: 27.21%
VS. S&P While Favorite: -73.56%
MAXrating: 76
Outlook: -9%
Expense Ratio: 0.30%

BEST NTF EMERGING MARKETS FUND

Lazard Emerging Markets Open (LZOEX)

Named Favorite: 11/09
Return While Favorite: 41.43%
VS. S&P While Favorite: -59.34%
MAXrating: 23
Outlook: -11%
Expense Ratio: 1.35%

EMERGING MARKETS PREVIOUS FAVORITES

Fund Name/Ticker: Added Removed Return Vs. S&P
SSgA Emerging Markets I (SSEMX) 09/0211/09236.25%193.58%
Vanguard Emerg Mkts Stk Idx Fd (VEIEX) 09/0111/09285.05%271.65%
Sanford Bernstein Emerg Markets Val (SNEMX) 09/0211/09305.99%263.32%
Columbia Emerging Markets Z (UMEMX) 09/0205/07337.64%236.24%
Dreyfus Premier Emerging Mrkts A (DRFMX) 09/0112/0384.90%74.20%
Managers Emerging Markets Eq (MEMEX) 09/0109/029.19%29.71%

EMERGING MARKETS TRANSACTIONS

11/09 - Added Vanguard Emerging Markets ETF (VWO). Added as Best Emerging Markets Exchange Trade Fund.

11/09 - Added Lazard Emerging Markets Open (LZOEX). Added as Best Emerging Markets No-Transaction Fee Fund.

11/09 - Removed Sanford Bernstein Emerg Markets Val (SNEMX). Reason for removal: Better option in special criteria sub-category.

11/09 - Removed SSgA Emerging Markets I (SSEMX). Reason for removal: Better option in special criteria sub-category.

12/03 - Removed Dreyfus Premier Emerging Mrkts A (DRFMX). Reason for removal: No load fund converted to load fund class structure.

09/02 - Removed Managers Emerging Markets Eq (MEMEX). Reason for removal: Too expensive relative to other options in category.