Signon to Passport
 |
Jessica Hart With Northern Trust since 2000 |
 |
Christopher E. Vella, CIO, NTCC With Northern Trust since 2004 |
Fact Sheet 
Review fund performance
View fund performance for equity, fixed income and money market funds.
Choosing a Fund
Use our Risk/Reward spectrum to navigate your way to the mutual fund that is right for you.
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 shares sold or exchanged within 30 days of purchase
Fund Objective: Total Return
Redemption Fee: 2% on shares sold or exchanged within 30 days of purchase
|     |
Managers and Allocations subject to change at any time.
|
SUB-ADVISER |
TARGET ALLOCATION | ROLE IN PORTFOLIO |
| Neuberger Berman Fixed Income LLC | 40% | Traditional high-yield strategy focusing on credit selection within the benchmark sectors. |
| Loomis, Sayles & Company, L.P. | 30% | 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. |
| DDJ Capital Management, LLC | 30% | A concentrated bottom-up oriented strategy that specifically focuses on the middle market segment of the high yield universe in addition to leveraged loans. |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 After Expense Reimbursement" exceed 1.00%. The contractual limitation may not be terminated before July 31, 2013 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
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 After Expense Reimbursement" exceed 1.00%. The contractual limitation may not be terminated before July 31, 2013 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 Ratio | Net Expense Ratio‡ | |
| Multi-Manager High Yield Opportunity (NMHYX) | 1.17% | 0.90% |
| ‡Includes contractual expense reimbursements that, if not extended, will end on July 31, 2013. |
||
| 2012 | 2011 | 2010 | |||
| Multi-Manager High Yield Opportunity | 16.65% | 1.41% | 12.81% | ||
| BofA Merrill Lynch High Yield Master II Constrained Index | 15.55% | 4.37% | 15.05% | ||
| Morningstar Category Avg. High Yield Bond | 14.67% | 2.83% | 14.24% | ||
| Performance quoted represents past performance and does not guarantee future results. | |||||
| Number of Holdings | 576 |
| Average Duration† | 4.0 YRS |
| Average Maturity | 5.4 YRS |
| Weighted Average Coupon | 7.00% |
| Yield to Maturity | 5.80% |
| Income** | $0.0514 |
| Dividend Schedule | Monthly |
| Dividend Income Last Quarter | $0.1471 |
| Capital Gain Income Last Quarter | N/A |
| Benchmark | BofA Merrill Lynch High Yield Master II Constrained Index |
| Morningstar Category | High Yield Bond |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
