Northwest Specialty High Yield Bond Fund re-opens



    TORONTO, Feb. 5 /CNW/ - Northwest Funds ("Northwest") is pleased to
announce that Northwest Specialty High Yield Bond Fund will re-open to new
subscriptions effective February 7, 2008. Northwest Specialty High Yield Bond
Fund has been closed to new subscriptions since January 22, 2005.
    The accelerated growth of the Fund combined with a limited number of
quality issues within the Canadian high yield market led to the closure in
2005.
    "We closed the Fund two years ago in an effort to protect unitholders
from a dilution in performance," said Michael Butler, President and C.O.O. of
Northwest & Ethical Investments L.P.
    Since then the Fund has performed well in challenging markets.
    Over time, Portfolio Sub-Advisor Aviva Capital Management ("Aviva") has
gradually increased the portfolio's global high yield exposure, making the
reopening of the Fund possible.
    "Aviva's deep understanding of the high yield sector and proven
track-record in all market conditions gives us great confidence that investors
are not only protected but in a good position to prosper going forward,"
continued Butler.
    Aviva prides itself on security selection and avoidance of defaults,
traits that will surely benefit investors in the coming months. Since June
2007 the yield spread between corporate bonds and 10-year U.S. treasuries have
increased to over 700 basis points largely due to fears of a liquidity crisis
in the financial markets. Despite these short term fears, historical analysis
suggests that the beginning of wide spread levels usually lead to robust
returns in subsequent years.
    Said Butler, "We believe that the Northwest Specialty High Yield Bond
Fund has a very bright future for investors with patience, and Aviva is the
perfect manager to lead us there."

    Northwest & Ethical Investments L.P.

    Northwest & Ethical Investments Limited Partnership is a national
investment firm with approximately $5.5 billion in assets under management.
Northwest & Ethical Investments L.P. is owned 50% by the Provincial Credit
Union Centrals and 50% by Desjardins Group.




For further information:

For further information: For media interviews with Michael Butler
contact: Paul Saunders, Marketing Director, Northwest Mutual Funds, (416)
594-6633 ext. 210, psaunders@northwestfunds.com

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NORTHWEST MUTUAL FUNDS INC.

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