Tax-Advantaged Ultra-Short Fixed Income Fund

Tax-Advantaged Ultra-Short Fixed Income

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Carol Sullivan

With Northern Trust since 1996
Began Career in 1980

Patrick Quinn

With Northern Trust since 1985
Began Career in 1985

View all holdings as of
June 30, 2010

View all holdings as of
March 31, 2010

Fact Sheet

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The Tax-Advantaged Ultra-Short Fixed Income Fund, which has a $250,000 initial investment minimum, seeks to generate higher yields than money market funds with less volatility than short duration bond funds. It is intended for investors with an investment horizon of at least one year and is designed to provide investors in higher tax brackets more after-tax yield than a money market fund with potential for capital appreciation. The Fund strives to maximize after-tax return by pursuing best net after-tax yield and total return opportunities in both taxable and tax-exempt securities.

The Fund is not a money market fund, which maintains a $1.00 NAV, and the Fund’s share price will fluctuate with its returns.

Fund Objective	Total Return
Initial Investment Minimum	$250,000
Redemption Fee	1% on shares sold or exchanged within 90 days of purchase

Ticker Symbol	Distribution Rate Daily as of 09/03/10	30 Day SEC Yield Monthly as of July 31, 2010
NTAUX	0.87%	0.76%

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Updated Daily as of September 3, 2010
Symbol	NTAUX	Distribution Rate*	0.87%
CUSIP	665162459	Tax-Equivalent Distribution Rate*	N/A
Share Price	$ 10.14	Updated Monthly as of July 31, 2010
Share Price Change	$ 0.00	Total Net Assets	$461,672,934
YTD Total Return	1.20%	Updated Monthly as of July 31, 2010
Inception Date	6/18/2009	30-Day SEC Yield*	0.76%
		Tax-Equivalent 30-Day SEC Yield*	N/A

Total Returns for Month Ended July 31, 2010
	Tax-Advantaged Ultra-Short Fixed Income	75% ML 6-12 mth U.S. Muni +25% ML U.S. 1-3 yr Muni	Morningstar Ultrashort Bond Category Average
Month	0.17%	0.18%	0.25%
3-Month	0.43%	0.41%	0.17%
Year to Date	1.01%	0.74%	1.47%
1 Year	1.80%	1.40%	3.43%
Avg. Annual Since Inception	1.46%	Pending%	N/A

Total Returns for Quarter Ended June 30, 2010
	Tax-Advantaged Ultra-Short Fixed Income	75% ML 6-12 mth U.S. Muni +25% ML U.S. 1-3 yr Muni	Morningstar Ultrashort Bond Category Average
Month	0.17%	0.08%	0.11%
3-Month	0.43%	0.38%	0.44%
Year to Date	0.83%	0.56%	1.33%
1 Year	2.02%	1.44%	4.38%
Avg. Annual Since Inception	1.43%	1.46%	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*
Tax-Advantaged Ultra-Short Fixed Income (NTAUX)	0.50%	0.25%
*Includes contractual expense reimbursements that, if not extended, will end on July 31, 2011.

	2009
Tax-Advantaged Ultra-Short Fixed Income	—
75% ML 6-12 mth U.S. Muni +25% ML U.S. 1-3 yr Muni	—
Morningstar Category Avg. Ultrashort 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	275
Average Duration†	1.1 YRS
Average Maturity	410 DAYS
Yield to Maturity	0.80%
Income**	$0.0080
Dividend Schedule	Monthly
Dividend Income Last Quarter	$0.0230
Capital Gain Income Last Quarter	N/A
Benchmark	75% Merrill Lynch 6-12 Month U.S. Municipal Securities Index and 25% Merrill Lynch 1-3 Year U.S. Municipal Securities Index
Morningstar Category	US Ultrashort Bond

Maturity Distribution		Fund
1 Day		8.5%
2 - 15 Days		20.1%
16 - 30 Days		0.1%
31 - 60 Days		0.5%
61 - 97 Days		2.9%
98 - 180 Days		3.0%
181 - 270 Days		6.9%
271 Days - 1 Year		10.3%
1 - 2 Years		27.4%
2 - 3 Years		20.0%
5+ Years		0.3%
TOTAL		100.0%

Quality Distribution	Fund	Benchmark
AAA(Long Term)	12.1%	—
AA+(Long Term)	7.6%	—
AA(Long Term)	8.8%	—
AA-(Long Term)	8.6%	—
A+(Long Term)	6.1%	—
A(Long Term)	5.4%	—
A-(Long Term)	3.3%	—
BBB+(Long Term)	6.3%	—
BBB(Long Term)	4.1%	—
BBB-(Long Term)	0.2%	—
A1+(Short Term)	25.4%	—
A1(Short Term)	9.2%	—
A2(Short Term)	2.3%	—
Agency	0.9%	—
TOTAL	100.3%	—

Sector Weightings	Fund	Benchmark
Fixed Rate Note/Bond	69.6%	—
Variable Rate Note/Bond	26.5%	—
Other	3.9%	—
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.

Merrill Lynch 6-12 Month U.S. Municipal Securities Index tracks the performance of U.S. dollar denominated, investment grade, tax-exempt debt, publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have been between six months to one year remaining term to final maturity, a fixed coupon schedule and an investment grade rating (based on an average of Moody's, S&P and Fitch). It is not possible to invest directly in an index.

Merrill Lynch 1-3 Year U.S. Municipal Securities General Obligations Index tracks the performance of U.S. dollar denominated, investment grade, tax-exempt, general obligations publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. Qualifying securities must have one to three years remaining term to maturity, a fixed coupon schedule and an investment grade rating (based on an average of Moody's S&P and Fitch). It is not possible to invest directly in 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.