Multi-Manager Mid Cap
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 Mid Cap Fund is a good choice for those long-term investors looking to diversity their investments by pursuing the growth potential of mid-sized company stocks. This Fund is for those investors who are aware that mid-sized company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity. The Northern Trust approach blends specialist managers from a broad universe of external mid-cap managers into a single fund. Our managers will invest in those companies whose market capitalization is, at the time the Fund makes an investment, generally within the range of the market capitalization of companies in the Russell Midcap Index.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 07/23/14
YTD Total Return
Daily as of 07/23/14
NMMCX$ 0.014.01%
sub adviser heading

Managers and Allocations subject to change at any time.


Systematic Financial Management LP 37.5% Relative value approach. Seek companies that are trading at low valuations, but have some signs of positive earnings momentum.
Geneva Capital Management Ltd. 37.5% Conservative approach. Offers growth characteristics, with a valuation overlay.
LSV Asset Management 25% Deep value style with quantitative approach. Systematically exploits judgmental biases and behavioral weaknesses influencing investors.
Updated Daily as of July 23, 2014
SymbolNMMCXYTD Total Return4.01%
CUSIP665162574Inception Date6/22/2006
Share Price$ 14.28 Updated Monthly as of June 30, 2014
Share Price Change$ 0.01Total Net Assets$947,310,046
Total Returns for Quarter Ended June 30, 2014
 Multi-Manager Mid Cap FundRussell Midcap IndexMorningstar Mid-Cap Blend Category Average
Year to Date4.30%8.67%6.47%
1 Year23.65%26.85%24.74%
3-Year Avg. Annual13.14%16.09%14.15%
5-Year Avg. Annual19.94%22.07%19.76%
Avg. Annual
Since Inception
8.54%9.60% 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 1.00%. 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 Mid Cap
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
Multi-Manager Mid Cap35.40%14.41%-2.99%24.32%39.69%
Russell Midcap Index34.76%17.28%-1.55%25.48%40.48%
Morningstar Category Avg.
Mid-Cap Blend
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings259
Portfolio Turnover72.72% (as of 3/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$9,993
BenchmarkRussell Midcap Index
Morningstar CategoryMid-Cap Blend
Trailing 12-Month Price to Earnings Ratio 
Price to Book Ratio 
Historical 5-Year Earnings Growth 
Asset Allocation 
Top 10 Holdings    Fund
Ameren Corp    1.3%
Raymond James Financial Inc    1.1%
O'Reilly Automotive Inc    1.0%
Atmos Energy Corp    1.0%
Regions Financial Corp    1.0%
Tyson Foods Inc    1.0%
Huntsman Corp    1.0%
Tractor Supply Co    0.9%
Amphenol Corp    0.9%
Under Armour Inc    0.9%
% of Portfolio    10.1%
Sector WeightingsFundBenchmark
Information Technology16.5%13.4%
Consumer Discretionary13.3%16.7%
Health Care9.8%11.3%
Consumer Staples4.6%5.5%
Telecommunication Services0.9%0.8%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of May 31, 2014
 Multi-Manager Mid Cap FundRussell Midcap Index
Up Market Capture96.13100.00
Down Market Capture109.84100.00
Information Ratio–0.970.00
*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.

Mid Cap Risk: Mid-capitalization stocks typically carry additional risk, since smaller companies generally have higher risk of failure and, historically, their stocks have experienced a greater degree of volatility.

Russell Midcap® Index is an unmanaged index measuring the performance of the 800 smallest companies in the Russell 1000® Index. It is not possible to invest directly in an index.
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Not FDIC insured | May lose value | No bank guarantee

*View investment term definitions

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