Multi-Manager Small 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 their investments by pursuing the growth potential of small-company stocks, then the Northern Multi-Manager Small Cap Fund may be the right choice for you. This Fund is intended for investors who are aware that small-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 2000 Index.

Fund Objective: Capital Appreciation
Ticker SymbolShare Price Change
Daily as of 07/31/14
YTD Total Return
Daily as of 07/31/14
NMMSX$ -0.24-3.13%
sub adviser heading

Managers and Allocations subject to change at any time.


Summit Creek Advisors LLC 30% Traditional growth approach. Strategy tends to exhibit a high quality bias and is benchmark agnostic with a bias towards traditional growth sectors.
Hotchkis and Wiley Capital Management, LLC 20% Traditional value style that seeks to take advantage of short-term mispricing, looking for significant discounts in valuations.
Riverbridge Partners, LLC 20% Concentrated strategy focused on high-quality, growth companies.
Cardinal Capital Management, L.L.C. 15% Relative value strategy with a focus on future cash flows. The portfolio tends to have material exposure differences versus the benchmark.
Denver Investment Advisors LLC 15% Value manager with focus on dividend-paying companies. Should provide attractive downside protection.
Updated Daily as of July 31, 2014
SymbolNMMSXYTD Total Return-3.13%
CUSIP665162566Inception Date6/22/2006
Share Price$ 11.14 Updated Monthly as of June 30, 2014
Share Price Change$ -0.24Total Net Assets$376,896,893
Total Returns for Quarter Ended June 30, 2014
 Multi-Manager Small Cap FundRussell 2000 IndexMorningstar Small Growth Category Average
Year to Date2.09%3.19%0.87%
1 Year22.61%23.64%22.40%
3-Year Avg. Annual13.30%14.57%12.73%
5-Year Avg. Annual18.71%20.21%19.88%
Avg. Annual
Since Inception
6.97%8.58% 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.

 Gross Expense RatioNet Expense Ratio
Multi-Manager Small Cap
Includes contractual expense reimbursements that, if not extended, will end on July 31, 2015.
Multi-Manager Small Cap39.59%14.31%-5.07%24.58%30.49%
Russell 2000 Index38.82%16.35%-4.18%26.85%27.16%
Morningstar Category Avg.
Small Growth
Performance quoted represents past performance and does not guarantee future results.
Number of Holdings250
Portfolio Turnover41.64% (as of 3/31/14)
Dividend ScheduleAnnually
Dividend Income Last QuarterN/A
Capital Gain Income Last QuarterN/A
Weighted Average Market Cap ($Mil)$2,392
BenchmarkRussell 2000 Index
Morningstar CategorySmall Growth
Trailing 12-Month Price to Earnings Ratio 
Price to Book Ratio 
Historical 5-Year Earnings Growth 
Asset Allocation 
Top 10 Holdings    Fund
Maximus Inc    1.8%
Dealertrack Technologies Inc    1.7%
Roadrunner Transportation Systems Inc    1.5%
Proto Labs Inc    1.4%
Con-way Inc    1.3%
Dorman Products Inc    1.2%
Gentherm Inc    1.2%
Aspen Technology Inc    1.2%
Akorn Inc    1.1%
Advisory Board Co    1.1%
% of Portfolio    13.5%
Sector WeightingsFundBenchmark
Information Technology24.9%17.9%
Consumer Discretionary15.6%13.1%
Health Care12.5%13.3%
Consumer Staples2.4%3.2%
Telecommunication Services0.7%0.8%
TOTAL100.0% 100.0%
All data is as of date indicated and subject to change.
as of June 30, 2014
 Multi-Manager Small Cap FundRussell 2000 Index
Up Market Capture91.77100.00
Down Market Capture95.68100.00
Information Ratio–0.500.00
*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.

Small Cap Risk: Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.

Russell 2000® Index is an unmanaged index which measures the performance of the 2,000 smallest companies in the Russell 3000 Index based on market capitalization. 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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