Signon to Passport
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Jessica Hart With Northern Trust since 2000 |
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Christopher E. Vella, CIO, NTCC With Northern Trust since 2004 |
Fact Sheet 
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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
Fund Objective: Capital Appreciation
Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase
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Managers and Allocations subject to change at any time.
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SUB-ADVISER |
TARGET ALLOCATION | ROLE IN PORTFOLIO |
| 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. |
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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 After Expense Reimbursement" exceed 1.35%. The contractual limitation may not be terminated before July 31, 2013 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.
Disclosure
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 After Expense Reimbursement" exceed 1.35%. The contractual limitation may not be terminated before July 31, 2013 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.
Disclosure
| Gross Expense Ratio | Net Expense Ratio‡ | |
| Multi-Manager International Equity (NMIEX) | 1.40% | 1.35% |
| ‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013. |
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| 2012 | 2011 | 2010 | 2009 | 2008 | |
| Multi-Manager International Equity | 17.76% | -15.14% | 12.14% | 27.74% | -39.97% |
| MSCI ACWI Ex-USA Index | 16.83% | -13.71% | 11.15% | 41.45% | -45.53% |
| Morningstar Category Avg. Foreign Large Blend | 18.29% | -13.97% | 10.24% | 31.24% | -43.99% |
| Performance quoted represents past performance and does not guarantee future results. | |||||
| Number of Holdings | 419 |
| Portfolio Turnover | 53.03% (as of 3/31/13) |
| Dividend Schedule | Annually |
| Dividend Income Last Quarter | N/A |
| Capital Gain Income Last Quarter | N/A |
| Weighted Average Market Cap ($Mil) | $46,271 |
| Benchmark | MSCI ACWI Ex-USA Index |
| Morningstar Category | Foreign Large Blend |
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| All data is as of date indicated and subject to change. | |||||||||||||||||||||||||||||||||||||
as of April 30, 2013
| Multi-Manager International Equity Fund | MSCI ACWI Ex-USA Index | |
| Beta | 0.93 | 1.00 |
| Up Market Capture | 91.72 | 100.00 |
| Down Market Capture | 95.83 | 100.00 |
| Information Ratio | –0.24 | 0.00 |
| *Above risk characteristics are based on a 3-year time period | ||
