Multi-Manager High Yield Opportunity Fund

Multi-Manager High Yield Opportunity

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Andrew Smith, CIO, NTCC

With Northern Trust since 2000
Began Career in 1986

Jessica Hart

With Northern Trust since 2000
Began Career in 1999

View all holdings as of
June 30, 2010

2Q Fund Attribution and Performance

View all holdings as of
March 31, 2010

Multi-Manager Funds
Sub-Adviser Allocations

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The Multi-Manager High Yield Opportunity Fund is designed to provide competitive performance in a broad range of market environments. 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. 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: a relative-value strategy, which will provide more consistent characteristics to the traditional high yield sectors, and an opportunistic high yield strategy, which will provide exposure to out-of-benchmark sectors.

Fund Objective: Total Return

Redemption Fee: 2% on assets sold within 30 days of purchase

Ticker Symbol	Distribution Rate Daily as of 09/03/10	30 Day SEC Yield Monthly as of July 31, 2010
NMHYX	6.06%	6.72%

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Managers and Allocations subject to change at any time.

SUB-ADVISER	TARGET ALLOCATION	ROLE IN PORTFOLIO
Stone Harbor	60%	High-yield strategy focused on identifying attractive industries and sectors through relative value and in-depth qualitative and quantitative analyses while managing risk through issuer diversification. The portfolio will provide more consistent characteristics to the traditional high-yield sectors.
Loomis Sayles	40%	Opportunistic high-yield strategy employing a bottom-up investment approach focused on attractively priced credits. The portfolio will provide exposure to out-of-benchmark sectors. The portfolio is designed to provide competitive performance in a broad range of market environments.

Updated Daily as of September 3, 2010
Symbol	NMHYX	Distribution Rate*	6.06%
CUSIP	665162442	Tax-Equivalent Distribution Rate*	N/A
Share Price	$ 10.54	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.01	Total Net Assets	$496,995,333
Since Inception Total Return	7.32%	Updated Monthly as of July 31, 2010
Inception Date	9/23/2009	30-Day SEC Yield*	6.72%
		Tax-Equivalent 30-Day SEC Yield*	N/A

Total Returns for Month Ended July 31, 2010
	Multi-Manager High Yield Opportunity Fund	Merrill Lynch High Yield Master II Constrained Index	Morningstar High Yield Bond Category Average
Month	3.65%	3.44%	3.45%
3-Month	1.19%	1.11%	0.69%
Year to Date	6.67%	8.30%	7.25%
Since Inception	10.61%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Multi-Manager High Yield Opportunity Fund	Merrill Lynch High Yield Master II Constrained Index	Morningstar High Yield Bond Category Average
Month	0.91%	1.30%	0.82%
3-Month	-0.22%	-0.04%	-0.58%
Year to Date	2.92%	4.69%	3.67%
Since Inception	6.72%	11.34%	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. The contractual reimbursement arrangement is expected to continue until at least July 31, 2011. After this date, the contractual arrangements may be terminated if it is determined to be in the best interest of the Fund and its shareholders. 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. The 30-day SEC yield more closely reflects the current earnings of the Fund than the total returns.

Disclosure

	Gross Expense Ratio	Net Expense Ratio*
Multi-Manager High Yield Opportunity (NMHYX)	1.21%	1.10%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009
Multi-Manager High Yield Opportunity	—
Merrill Lynch High Yield Master II Constrained Index	—
Morningstar Category Avg. High Yield Bond	—
Performance quoted represents past performance and does not guarantee future results.

as of July 31, 2010

Read the most recent Fund Commentary (as of June 30, 2010)

Number of Holdings	552
Average Duration†	4.6 YRS
Average Maturity	7.2 YRS
Weighted Average Coupon	7.30%
Yield to Maturity	8.00%
Income**	$0.0623
Dividend Schedule	Monthly
Dividend Income Last Quarter	$0.1677
Capital Gain Income Last Quarter	N/A
Benchmark	Merrill Lynch High Yield Master II Constrained Index
Morningstar Category	High Yield Bond

Maturity Distribution		Fund
0 - 1 Year		10.8%
2 - 4 Years		32.5%
5 - 9 Years		42.3%
10 - 19 Years		5.8%
20+ Years		8.6%
TOTAL		100.0%

Quality Distribution	Fund	Benchmark
Government	1.5%	—
AAA	1.0%	—
AA	0.2%	—
A	1.5%	—
BBB	3.7%	—
BB	30.6%	—
B	44.1%	—
CCC or below	13.1%	—
Other	1.2%	—
Short-Term	3.1%	—
TOTAL	100.0%	—

Sector Weightings	Fund	Benchmark
Industrials	72.2%	—
Utilities	7.8%	—
Convertibles	5.9%	—
Financials	5.2%	—
Short-Term	3.1%	—
Treasury	1.5%	—
Emerging Markets Debt	1.5%	—
Bank Loans	0.9%	—
Supranational	0.8%	—
Asset-Backed	0.5%	—
Collateralized Mortgage Obligations	0.2%	—
Sovereign	0.2%	—
Floating Rate Mortgages	0.2%	—
TOTAL	100.0%	—

All data is as of date indicated and is subject to change

Bond Risk: Bond funds will 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.

Merrill Lynch High Yield Master II Constrained Index is an unmanaged, market value-weighted index that limits exposure to any given issuer and tracks the public high yield debt market. It is not possible to invest directly into an index.

Quality Distribution: Credit quality ratings primarily originate from data compiled by Barclays Capital within their POINT model. They are based on the conservative average of Moody's, Standard & Poor's, and Fitch ratings. If ratings from all three rating agencies disagree, the model assigns the middle rating to the security. If two of the three agree, the model assigns the rating from those two to the security. If none of these three rating agencies has assigned a rating the Fund will assign a rating of NR (non-rated security). The ratings represent the rating agencies' opinions of the quality of the securities they rate. The ratings, expressed in Moody's nomenclature, range from Aaa ("judged to be of the highest quality, with minimal credit risk") to C ("the lowest rated class of bonds, typically in default, with little prospect for recovery of principal or interest"). Ratings are relative and subjective and are not absolute standards of quality.