September 2009

If you're looking for a total return-oriented high-yield fund that's designed to provide competitive performance in a broad range of market environments, you may want to consider the Northern Multi-Manager High Yield Opportunity Fund. The highly diversified, opportunistic Fund can invest in high-yield corporate securities as well as foreign bonds, emerging markets, bank loans, convertibles, preferreds, mortgages, REITs, equities, munis and closed-end high-yield funds.

Despite the Fund's opportunistic investment strategy, it can be used as the primary high-yield allocation in portfolios. The Fund also can be used to complement a more traditional high-yield fund, such as the Northern High Yield Fixed Income Fund.

Multi-Manager Approach
Our approach blends specialist managers from a broad universe of investment managers into a single fund. In an effort to provide the best combination of risk and return, the Fund employs two investment styles intended to complement each other:

• Stone Harbor employs a relative-value strategy that will provide more consistent characteristics to the traditional high-yield sectors (60% target allocation within the Fund).

• Loomis Sayles uses an opportunistic high-yield strategy that will provide exposure to out-of-benchmark sectors (40% target allocation within the Fund).

Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase.

Bond Risk: Bond funds historically tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates.

High-Yield Risk: Although a high-yield fund's yield may be higher than that of fixed income funds that purchase higher-rated securities, the potentially higher yield is a function of the greater risk that a high-yield fund's share price will decline.