Northern Active M Emerging Market Equity Fund (Northern Active M Emerging Mark) fond

The fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of issuers domiciled in emerging and frontier markets. The adviser 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 advisers. The fund's sub-advisers may also consider emerging and frontier markets as classified by the World Bank, International Finance Corporation or the United Nations and other similar agencies.