Multi-Manager Global Real Estate
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 Global Real Estate Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of global real estate. Our approach blends specialist managers from a broad universe of external global real estate managers into a single fund. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking long-term capital appreciation and current income.

Fund Objective: Capital Appreciation and Current Income

Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase
Ticker SymbolShare Price Change
Daily as of 07/25/14
YTD Total Return
Daily as of 07/25/14
NMMGX$ -0.1511.02%
sub adviser heading

Managers and Allocations subject to change at any time.


SUB-ADVISER

TARGET ALLOCATION ROLE IN PORTFOLIO
EII Realty Securities, Inc. 60% Opportunistic approach that may take  significant off-benchmark positions, resulting in a higher level of risk relative to the benchmark. Historically, the strategy has also provided strong defensive characteristics in down markets.
CBRE Clarion  Securities, LLC 40% Growth at a reasonable price (GARP) approach with a diversified strategy. The portfolio should have a small number of off-benchmark positions while maintaining attractive market up-capture and downside protection characteristics.
Updated Daily as of July 25, 2014
SymbolNMMGXYTD Total Return11.02%
CUSIP665162475Inception Date11/19/2008
Share Price$ 18.08 Updated Monthly as of June 30, 2014
Share Price Change$ -0.15Total Net Assets$920,235,556
Total Returns for Quarter Ended June 30, 2014
 Multi-Manager Global Real EstateFTSE EPRA/NAREIT Global IndexMorningstar Global Real Estate Category Average
Month1.18%1.01%1.52%
3-Month6.71%6.90%7.45%
Year to Date9.92%10.98%10.48%
1 Year12.13%11.70%13.46%
3-Year Avg. Annual7.83%8.38%8.65%
5-Year Avg. Annual15.23%15.52%15.27%
Avg. Annual
Since Inception
19.57%19.62% 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 1.10%. 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 Global Real Estate
(NMMGX)
1.18% 1.10%
Includes contractual expense reimbursements that, if not extended, will end on
July 31, 2015.
 20132012201120102009
Multi-Manager Global Real Estate1.87%27.99%-7.02%17.49%36.25%
FTSE EPRA/NAREIT Global Index1.57%28.98%-8.72%19.31%37.94%
Morningstar Category Avg.
Global Real Estate
2.92%31.78%-10.10%17.22%37.01%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings134
Portfolio Turnover48.54% (as of 3/31/14)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0099
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$14,510
BenchmarkFTSE EPRA/NAREIT Global Index
Morningstar CategoryGlobal Real Estate
Trailing 12-Month Price to Earnings Ratio 
Fund24.85
Benchmark21.48
Price to Book Ratio 
Fund1.50
Benchmark1.41
Historical 5-Year Earnings Growth 
Fund10.21
Benchmark12.34
Asset Allocation 
Stocks96.5%
Cash3.5%
TOTAL100%
Top 10 Holdings    Fund
Simon Property Group Inc    5.0%
Mitsui Fudosan Co Ltd    3.5%
Prologis Inc    3.2%
Essex Property Trust Inc    2.8%
Equity Residential    2.7%
Unibail-Rodamco SE    2.6%
Mitsubishi Estate Co Ltd    2.5%
Host Hotels & Resorts Inc    2.4%
Boston Properties Inc    2.4%
Health Care REIT Inc    2.3%
% of Portfolio    29.4%
Industry WeightingsFundBenchmark
Real Estate Investment Trusts (REITs)63.8%67.8%
Real Estate Management & Development27.2%27.6%
Real Estate5.0%4.0%
Hotels Restaurants & Leisure3.1%0.0%
MultiLine Retail0.9%0.0%
Household Durables0.0%0.6%
TOTAL100.0%100.0%
Top 10 Country
Weightings
FundBenchmark
United States46.2%44.0%
Japan12.9%11.4%
Hong Kong11.1%7.4%
United Kingdom8.0%5.5%
France5.6%3.3%
Australia5.2%6.0%
Singapore3.9%3.8%
Canada2.3%3.2%
Sweden1.1%1.0%
Spain0.9%0.1%
% of Portfolio97.2%85.7%
All data is as of date indicated and subject to change.
as of May 31, 2014
 Multi-Manager Global Real EstateFTSE EPRA/NAREIT Global Index
Beta0.961.00
Up Market Capture92.73100.00
Down Market Capture95.31100.00
Information Ratio–0.180.00
*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.

International Risk: International investing involves increased risk and volatility.

REIT/Real Estate Risk: Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Investments in REITs involve certain additional unique risks. By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investments.

FTSE®EPRA®/NAREIT® Global Index is a free float, market capitalization-weighted real estate index designed to represent publicly traded equity REITs and listed property companies in 36 countries worldwide, covering both the developed and 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

*View investment term definitions

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