Northern Small Cap Index Fund (Northern Small Cap Index Fd) fond

The fund will invest substantially all (and at least 80%) of its net assets in the equity securities included in the Russell 2000® Index, in weightings that approximate the relative composition of securities contained in the Russell 2000 Index, and in index futures approved by the Commodity Futures Trading Commission. The index measures the performance of the small-cap segment of the U.S. equity universe. It is non-diversified.