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We consider ?9=1 supersymmetric U(N) field theories in four dimensions with adjoint chiral matter and a multi-trace tree-level superpotential. We show that the computation of the effective action as a function of the glueball superfield localizes to computing matrix integrals. Unlike the single-trace case, holomorphy and symmetries do not forbid non-planar contributions. Nevertheless, only a special subset of the planar diagrams contributes to the exact result. In addition, the computation of the superpotential localizes to doing matrix integrals. In view of the results of Dijkgraaf and Vafa for single-trace theories, one might have naively expected that these matrix integrals are related to the free energy of a multi-trace matrix model. We explain why this naive identification does not work. Rather, an auxiliary single-trace matrix model with additional singlet fields can be used to exactly compute the field theory superpotential. Along the way we also describe a general technique for computing the large-N limits of multi-trace Matrix models and raise the challenge of finding the field theories whose effective actions they may compute. Since our models can be treated as ?9=1 deformations of pure ?9=2 gauge theory, we show that the effective superpotential that we compute also follows from the ?9=2 Seiberg-Witten solution. Finally, we observe an interesting connection between multi-trace local theories and non-local field theory. [ABSTRACT FROM AUTHOR]