Fund Objective: Capital Appreciation
Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase
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 funds 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.
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Managers and Allocations subject to change at any time.
|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 PanAgoras 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.|
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.
|Gross Expense Ratio||Net Expense Ratio‡|
|Multi-Manager Emerging Markets Equity|
|‡Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
|Multi-Manager Emerging Markets Equity||0.44%||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
|Performance quoted represents past performance and does not guarantee future results.|
|Number of Holdings||408|
|Average Duration†||0.0 YRS|
|Average Maturity||0.0 YRS|
|Weighted Average Coupon||0.00%|
|Yield to Maturity||0.00%|
|Dividend Income Last Quarter||N/A|
|Capital Gain Income Last Quarter||N/A|
|Benchmark||MSCI Emerging Markets Index|
|Morningstar Category||Diversified Emerging Markets|