Multi-Manager International Equity
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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The Multi-Manager International Equity Fund is a good choice for those long-term investors who enjoy diversifying their portfolio by pursuing the growth potential of international stocks. Our approach blends specialist managers from a broad universe of external international managers into a single fund. The Fund utilizes two principal styles intended to complement each other; value style whereby the Sub-Advisers seek to identify companies whose improving businesses are not fully recognized by the market and growth style whereby the Sub-Advisers seek to identify companies that are exhibiting rapid growth in their business.

Fund Objective: Capital Appreciation

Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase
Ticker SymbolShare Price Change
Daily as of 07/31/14
YTD Total Return
Daily as of 07/31/14
NMIEX$ -0.171.74%
sub adviser heading

Managers and Allocations subject to change at any time.


William Blair & Company, LLC 25% Portfolio of companies showing superior growth at reasonable valuations. Process combines bottom-up fundamental analysis with a top-down strategic overlay.
NFJ Investment Group, LLC 22% Value manager with a focus on dividend-paying companies.
Northern Cross, LLC 20% Core manager focusing on companies that exhibit fundamental characteristics that may lead to margin expansion over the long term. Will provide larger cap focus.
EARNEST Partners, LLC 18% Combining quantitative techniques with deep fundamental research, this manager can provide exposure to mid- and small-cap companies with a bias towards value relative to the benchmark.
Altrinsic Global Advisors, LLC 15% Relative value style expected to protect capital in negative markets. Favors high-quality, large-cap companies.
Updated Daily as of July 31, 2014
SymbolNMIEXYTD Total Return1.74%
CUSIP665162558Inception Date6/22/2006
Share Price$ 11.13 Updated Monthly as of June 30, 2014
Share Price Change$ -0.17Total Net Assets$2,920,115,286
Total Returns for Quarter Ended June 30, 2014
 Multi-Manager International Equity FundMSCI ACWI Ex-USA IndexMorningstar Foreign Large Blend Category Average
Year to Date3.84%5.56%3.79%
1 Year19.97%21.75%20.83%
3-Year Avg. Annual5.63%5.73%6.62%
5-Year Avg. Annual9.54%11.11%11.27%
Avg. Annual
Since Inception
3.52%5.00% 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 1.20%. The contractual limitation may not be terminated before July 31, 2015 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.

 Gross Expense RatioNet Expense Ratio
Multi-Manager International Equity
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.
Multi-Manager International Equity15.77%17.76%-15.14%12.14%27.74%
MSCI ACWI Ex-USA Index15.29%16.83%-13.71%11.15%41.45%
Morningstar Category Avg.
Foreign Large Blend
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings403
Portfolio Turnover39.36% (as of 3/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$54,408
BenchmarkMSCI ACWI Ex-USA Index
Morningstar CategoryForeign Large Blend
Trailing 12-Month Price to Earnings Ratio 
Price to Book Ratio 
Historical 5-Year Earnings Growth 
Asset Allocation 
Top 10 Holdings    Fund
Roche Holding Ltd    1.8%
Diageo PLC    1.5%
Shire PLC    1.4%
Novartis AG    1.2%
Royal Dutch Petroleum Co    1.2%
Nestle SA    1.1%
Sanofi    0.9%
ICICI Bank Ltd    0.9%
HSBC Holdings PLC    0.9%
Banco Bilbao Vizcaya Argentaria SA    0.9%
% of Portfolio    11.8%
Sector WeightingsFundBenchmark
Health Care11.8%8.2%
Consumer Discretionary10.9%10.8%
Consumer Staples10.0%9.9%
Information Technology7.9%6.9%
Telecommunication Services2.6%5.0%
TOTAL100.0% 100.0%
Top 10 Country
United Kingdom18.6%15.3%
United States5.1%0.0%
% of Portfolio76.2%66.3%
All data is as of date indicated and subject to change.
as of June 30, 2014
 Multi-Manager International Equity FundMSCI ACWI Ex-USA Index
Up Market Capture96.14100.00
Down Market Capture97.18100.00
Information Ratio–0.030.00
*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.

Emerging Markets Risk: Emerging market investing is subject to additional economic, political, liquidity and currency risks not associated with more developed countries.

International Risk: International investing involves increased risk and volatility.

MSCI ACWI® Ex-USA Index is a free-float adjusted market capitalization index that is designed to measure the equity performance in the global developed and emerging markets excluding the U.S. 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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