Northern Emerging Markets Equity Index Fund NOEMX Strategy

The investment seeks to provide investment results approximating the overall performance of the MSCI Emerging Markets® Index. The fund will invest substantially all of its net assets in equity securities, in weightings that approximate the relative composition of the securities included in the index, in ADRs, EDRs, and GDRs representing such securities, and in MSCI Emerging Markets Index futures approved by the Commodity Futures Trading Commission. The index captures large and mid‑cap representation across 24 Emerging Markets countries, as determined by the index provider. It is non-diversified.