Fund Facts  

Inception Date: Nov 19, 2008
Ticker Symbol: NMMEX
Morningstar Category:Diversified Emerging Mkts
As of Sep 30, 2016
Fund Net Assets ($millions) $891

Documents for Fund or Underlying Fund(s)  



The investment seeks to provide long-term capital appreciation.

Principal Investment Strategies  

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. It 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.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.


Performance & Expenses

Standard Performance As of Sep 30, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Northern Active M Em Mkts Eqa8.85%16.95%15.59%-1.09%3.63%N/A11.87%
MSCI Emerging Markets Index (Net)a,b9.03%16.02%16.78%-0.56%3.03%3.95%N/A
Morningstar Diversified Emerging Mktsa,c7.60%14.34%15.24%-0.36%3.68%3.49%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total annual fund operating expensesa1.23%
Fee waiver and/or expense reimbursement0.13%
Total Expenses1.10%

A contractual expense waiver exists for this fund and will expire on 07-31-2017.


a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index of equity securities that is designed to measure the equity market performance of emerging markets. The net version of this index reinvests dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

c. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.


Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Dec 17, 2015Dec 17, 2015$0.646962000
Dec 18, 2014Dec 18, 2014$0.194559000

Morningstar Information

Morningstar RatingTM   As of Sep 30, 2016
Period Stars Category Size
Overall 3 Stars602
3-Year 3 Stars602
5-Year 3 Stars435
10-Year N/A N/A

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Sep 30, 2016
Equity Stylebox
Large Blend
Allocation of Assets As of Jun 30, 2016
Type of Asset Percent
Fixed Income0%

Due to rounding, percentages shown may not add up to 100%.



Allocation of Assets As of Jun 30, 2016
Asset ClassPercent
Domestic Stock1.6%
Foreign Stock96.0%
Domestic Bond0.0%
Foreign Bond0.0%

Due to rounding, percentages shown may not add up to 100%.

Equity Sector As of Jun 30, 2016
Financial Services20.7%
Consumer Cyclical12.2%
Basic Materials9.9%
Consumer Defensive6.3%
Communication Services6.3%
Real Estate3.5%

Exposure reflects equity securities only and will sum to the equity exposure of the fund.

Top Ten Country Exposure As of Jun 30, 2016
South Korea14.0%
South Africa7.0%
United Arab Emirates2.2%
Top Ten Holdings As of Jun 30, 2016
Holding NamePercent
Samsung Electronics Co Ltd6.0%
Taiwan Semiconductor Manufacturing Co Ltd4.3%
China Mobile Ltd3.7%
Tencent Holdings Ltd2.5%
Tata Consultancy Services Ltd2.3%
Itau Unibanco Holding SA ADR2.1%
Taiwan Semiconductor Manufacturing Co Ltd ADR1.9%
Hon Hai Precision Industry Co Ltd1.9%
Emaar Properties PJSC1.9%
Shinhan Financial Group Co Ltd1.9%


Portfolio Statistics As of Sep 30, 2016
Standard Deviation15.6216.51

Trading Restrictions

Redemption Fee  
Holding PeriodFee
30 days2.0%



Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing, or visiting


Effective June 17, 2016, the Northern Multi-Manager Emerging Markets Equity Fund is now known as the Northern Active M Emerging Markets Equity Fund.

The source for this information is Morningstar, Inc. Copyright © 2016 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.