Northern Small Cap Core Fund

The fund is committed to investing a minimum of 80% of its net holdings in equity securities issued by smaller capitalization firms. For the purpose of this fund, these small-cap firms are generally defined as companies whose market valuation, at the time of purchase, falls within the range of those included in the Russell 2000® Index. A significant number of these companies tend to reinvest their earnings to finance both ongoing and prospective expansion, rather than distributing them to shareholders. Consequently, they typically offer minimal or no dividend payments.