Equity

Active M Emerging Markets Equity

Ticker:

NAV AS OF 09/21/23

NMMEX

$13.18
-$0.21

FUND LITERATURE

Fact Sheet

Holdings

Commentary

Multi-Manager Sub-Adviser Allocation

1Q23 Fund Performance Review

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Summary

The Active M Emerging Markets Equity Fund may be a good choice for those long-term investors looking to diversify their portfolio by pursuing the growth potential of emerging and frontier market equity securities. The Fund utilizes a "multi-manager" approach whereby the Fund's assets are allocated to one or more sub-advisers, in percentages determined at the discretion of the Fund's investment adviser. Each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities while seeking long-term capital appreciation. Any income received is incidental to the Fund's objective.

Fund Objective

The Fund seeks to provide long-term capital appreciation through a diversified portfolio of primarily emerging and frontier market equity securities. Any income received is incidental to this objective.

Fund Strategy

Invest at least 80% of net assets in equity securities of emerging and frontier markets — emerging and frontier markets are defined as markets in MSCI Emerging Markets Index and MSCI Frontier Markets Index.
Select complementary investment strategies from a broad universe of investment managers, where manager selection and allocations are determined using a multi-factor based screening and optimization approach, augmented with deep qualitative and fundamental due diligence.
Blend managers into a single fund in an effort to provide an attractive combination of risk/return.
Designed to deliver robust alpha and broad diversification, while maintaining factor neutral biases (such as size, value and momentum) across emerging markets equities.

Investor Profile

If you're a long-term investor looking to diversify your investments by pursuing the growth potential of emerging and frontier market equities, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.

Investing in emerging markets entails extra risk. The securities markets of emerging countries are less liquid, more volatility, and less regulated than the markets of more developed countries. This risk is magnified in frontier countries since they generally have smaller economies or less developed capital markets than traditional emerging markets.

Redemption Fee

2% on shares sold or exchanged within 30 days of purchase

Risk/Reward Potential

Sub-Adviser Allocations

Sub-Advisers and Allocations subject to change at any time.

SUB-ADVISER	TARGET ALLOCATION*	ROLE IN PORTFOLIO
Axiom Investors LLC	45%	Opportunistic bottom-up growth strategy seeks to identify high-quality companies exhibiting signs of improvement and/or acceleration in key business drivers.
Westwood Global Investments, LLC	30%	Value-oriented, opportunistic investment approach. The portfolio tends to exhibit a less benchmark-oriented approach to value investing.
Ashmore Investment Management Limited	25%	A top-down investment approach implemented through bottom-up fundamental security analysis. Larger market capitalization exposures allow for flexibility in executing their top-down views.

*Actual allocations may vary.

Important risk information can be found on the Portfolio tab.

Not FDIC insured | May lose value | No bank guarantee

View investment terms definitions

Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds carefully before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.