Multi-Manager Large 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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For those long-term investors looking to diversify your investments by pursuing the growth potential of large-company stocks, then this Fund may be of interest to you. Our approach blends a "multi-manager" structure whereby the Fund's assets are allocated to one or more Sub-Advisers, in percentages determined at the discretion of the Investment Advisers. These managers - who have distinct investment styles and strategies - will invest primarily in securities whose market capitalization at the time of purchase is similar to that of companies in the Russell 1000 Index.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 07/28/14
YTD Total Return
Daily as of 07/28/14
NMMLX$ 0.016.29%
sub adviser heading

Managers and Allocations subject to change at any time.


SUB-ADVISER

TARGET ALLOCATION ROLE IN PORTFOLIO
Delaware Management Company INC 30% Deeper value approach. Will tend to protect capital in difficult markets.
Huber Capital Management, LLC 25% Traditional value manager which will provide a higher beta than its value counterpart (Delaware) within the Fund. Should do well in down markets but also provide good upside capture ratio.
Jennison Associates LLC 25% Higher beta, more aggressive growth approach. Should provide strong upside during periods of market strength.
WestEnd Advisors, LLC 20% Top-down driven approach which concentrates investments in those sectors deemed attractive on a forward-looking basis. Concentrated by sector and stock.
Updated Daily as of July 28, 2014
SymbolNMMLXYTD Total Return6.29%
CUSIP665162517Inception Date10/17/2007
Share Price$ 10.42 Updated Monthly as of June 30, 2014
Share Price Change$ 0.01Total Net Assets$638,323,346
Total Returns for Quarter Ended June 30, 2014
 Multi-Manager Large CapRussell 1000 IndexMorningstar Large Growth Category Average
Month2.10%2.27%2.46%
3-Month4.16%5.12%4.18%
Year to Date5.17%7.27%4.68%
1 Year23.21%25.35%26.22%
3-Year Avg. Annual13.80%16.63%14.42%
5-Year Avg. Annual17.24%19.25%17.64%
Avg. Annual
Since Inception
5.75%6.29% 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 0.90%. 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 Large Cap
(NMMLX)
0.93%0.90%
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.
 20132012201120102009
Multi-Manager Large Cap32.04%13.23%0.06%15.74%28.75%
Russell 1000 Index33.11%16.42%1.50%16.10%28.43%
Morningstar Category Avg.
Large Growth
33.92%15.34%-2.46%15.53%35.68%
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings156
Portfolio Turnover43.20% (as of 3/31/14)
Dividend ScheduleQuarterly
Dividend Income Last Quarter$0.0452
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$92,749
BenchmarkRussell 1000 Index
Morningstar CategoryLarge Growth
Trailing 12-Month Price to Earnings Ratio 
Fund19.06
Benchmark18.52
Price to Book Ratio 
Fund0.37
Benchmark2.49
Historical 5-Year Earnings Growth 
Fund9.76
Benchmark12.22
Asset Allocation 
Stocks97.0%
Cash3.0%
TOTAL100%
Top 10 Holdings    Fund
Mondelez International Inc    2.3%
Merck & Co Inc    2.2%
Apple Inc    2.2%
CVS Caremark Corp    1.9%
Johnson & Johnson    1.9%
Pfizer Inc    1.8%
Biogen Idec Inc    1.7%
NIKE Inc    1.5%
Walt Disney Co    1.5%
Northrop Grumman Corp    1.4%
% of Portfolio    18.6%
Sector WeightingsFundBenchmark
Information Technology21.0%17.9%
Health Care18.5%12.9%
Consumer Discretionary14.9%12.7%
Consumer Staples11.7%9.0%
Financials10.7%16.8%
Energy9.7%10.0%
Industrials6.4%11.4%
Materials2.5%3.8%
Utilities2.4%3.1%
Telecommunication Services2.2%2.4%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of May 31, 2014
 Multi-Manager Large CapRussell 1000 Index
Beta1.041.00
Up Market Capture91.18100.00
Down Market Capture102.09100.00
Information Ratio–1.060.00
*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.

Russell 1000® Index is an unmanaged index which measures the performance of the 1,000 largest companies in the Russell 3000® Index, based on market capitalization. It is not possible to invest directly in an index.
 
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