Multi-Manager Emerging Markets 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 Emerging Markets Equity Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of emerging and frontier market equity securities. Our approach blends specialist managers from a broad universe of external managers into a single fund. In seeking to create an optimal portfolio, the Fund utilizes three principal styles intended to complement each other: Growth, value and quantitative value. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking long-term capital appreciation. Any income received is incidental to the Fund's objective.

Fund Objective: Capital Appreciation

Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase
Ticker SymbolShare Price Change
Daily as of 07/22/14
YTD Total Return
Daily as of 07/22/14
NMMEX$ 0.228.45%
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http://www-ac.northerntrust.com/content//media/attachment/data/image/0906/document/black_star4.gif

Among 454 diversified emerging markets funds derived from a weighted average of the fund's 3- and 5-year risk-adjusted returns as of 06/30/14.

Multi-Manager Emerging Markets Equity received 4 stars for the 3-year rating among 454 diversified emerging markets funds and 4 stars for the 5-year rating among 325 funds. The 10-year Morningstar Rating is not available.

Past performance is no guarantee of future results. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

©2014 Morningstar, Inc. All Rights Reserved. Morningstar and/or its content providers are the proprietors of this information; do not permit its unauthorized copying or distribution; do not warrant it to be accurate, complete or timely; and are not responsible for damages or losses arising from its use.

sub adviser heading

Managers and Allocations subject to change at any time.


SUB-ADVISER

TARGET ALLOCATION ROLE IN PORTFOLIO
Axiom International Investors, LLC 30% Opportunistic bottom-up growth strategy seeks to identify high-quality companies exhibiting signs of improvement and/or acceleration in key business drivers. Axiom also applies a qualitative top-down overlay. The portfolio should participate in earnings momentum-driven markets.
Westwood Global Investments, LLC 30% Value-oriented, opportunistic investment approach complementary to PanAgora’s diversified quantitative style. This portfolio should exhibit a less benchmark-oriented approach to value investing.
Oaktree Capital Management, L.P. 20% Opportunistic, fundamentally driven investment approach with a valuation overlay. Oaktree utilizes a bottom-up process with a focus on cash flow analysis.
PanAgora Asset Management, Inc. 10% Highly diversified quantitative value approach. Primary driver of out performance is country weights. Expected to provide consistent risk-adjusted performance as a result of its diversified investment approach.
Pzena Investment Management, LLC 10% A deeper value strategy approach that targets companies whose earnings are underperforming their historical average.
Updated Daily as of July 22, 2014
SymbolNMMEXYTD Total Return8.45%
CUSIP665162483Inception Date11/19/2008
Share Price$ 20.66 Updated Monthly as of June 30, 2014
Share Price Change$ 0.22Total Net Assets$2,078,032,455
Total Returns for Quarter Ended June 30, 2014
 Multi Manager Emerging Markets EquityMSCI Emerging Markets IndexMorningstar Diversified Emerging Mkts Category Average
Month1.98%2.66%2.44%
3-Month5.64%6.60%6.61%
Year to Date5.25%6.14%5.83%
1 Year16.39%14.31%14.21%
3-Year Avg. Annual1.32%–0.39%0.13%
5-Year Avg. Annual11.00%9.24%9.11%
Avg. Annual
Since Inception
19.39%17.37% 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 1.35%. 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.


Disclosure
 Gross Expense RatioNet Expense Ratio
Multi-Manager Emerging Markets Equity
(NMMEX)
1.40% 1.35%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
 20132012201120102009
Multi-Manager Emerging Markets Equity0.44%19.75%-17.73%23.04%74.90%
MSCI Emerging Markets Index-2.60%18.22%-18.42%18.88%78.51%
Morningstar Category Avg.
Diversified Emerging Mkts
-0.14%18.15%-19.86%19.26%73.81%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings408
Portfolio Turnover54.90% (as of 3/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$45,092
BenchmarkMSCI Emerging Markets Index
Morningstar CategoryDiversified Emerging Markets
Trailing 12-Month Price to Earnings Ratio 
Fund12.02
Benchmark11.45
Price to Book Ratio 
Fund1.39
Benchmark1.42
Historical 5-Year Earnings Growth 
Fund16.35
Benchmark15.48
Asset Allocation 
Stocks97.6%
Cash2.4%
TOTAL100%
Top 10 Holdings    Fund
Samsung Electronics Co Ltd    6.0%
Taiwan Semiconductor Manufacturing Co Ltd    2.5%
Grupo Televisa SAB    2.4%
Hyundai Motor Co    2.2%
China Mobile Ltd    2.0%
Petroleo Brasileiro SA    1.8%
Itau Unibanco Holding SA    1.8%
Emaar Properties    1.8%
Hon Hai Precision Industry Co Ltd    1.8%
Taiwan Semiconductor Manufacturing Co Ltd    1.6%
% of Portfolio    23.9%
Sector WeightingsFundBenchmark
Financials23.5%27.0%
Information Technology22.8%17.2%
Consumer Discretionary17.1%9.0%
Energy10.3%10.8%
Materials8.0%8.9%
Consumer Staples5.9%8.4%
Industrials5.3%6.5%
Telecommunication Services5.1%7.0%
Health Care1.3%1.7%
Utilities0.7%3.5%
TOTAL100.0% 100.0%
Top 10 Country
Weightings
FundBenchmark
China17.2%18.6%
South Korea15.2%16.1%
Brazil13.0%10.8%
Taiwan10.8%12.1%
India7.5%7.0%
South Africa7.0%7.7%
Mexico6.8%5.1%
Russia4.7%5.3%
Turkey2.8%1.8%
United Arab Emirates2.1%0.0%
% of Portfolio87.1%84.5%
All data is as of date indicated and subject to change.
as of May 31, 2014
 Multi Manager Emerging Markets EquityMSCI Emerging Markets Index
Beta0.941.00
Up Market Capture96.60100.00
Down Market Capture92.01100.00
Information Ratio0.530.00
*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 and Frontier Markets Risk: Emerging and frontier market investing may be subject to additional economic, political, liquidity and currency risks not associated with more developed countries. Additionally, frontier countries generally have smaller economies or less developed capital markets than traditional emerging markets and, as a result, the risks of investing in emerging market countries are magnified in frontier countries.

MSCI Emerging Markets IndexSM is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. 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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