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International Equity Index

as of 9/30/17

Fund Commentary

For the third quarter of 2017, the MSCI EAFE® Index returned 5.40%. International equities outperformed the U.S equity market as represented by the S&P 500® Index, which returned 4.48%. The Fund returned 5.12% for the period.

The top-performing sectors during the quarter were energy and materials, returning 13.58% and 11.06%, respectively. Consumer staples and health care were the bottom-performing sectors with returns of 0.87% and 0.92%, respectively. The top-performing countries were Norway and Italy, returning 19.28% and 13.85%. Israel and New Zealand were the bottom-performing countries, with returns of -12.65% and 0.24%.

During the third quarter, developed markets continued their strong performance, led by Europe and Japan. Strong economic growth there has been supported by low global interest rates, modest inflation and stable labor markets. Manufacturing and industrial production in Japan and the eurozone continued to indicate economic improvements and imply future growth. Geopolitical events, including the aggressive moves and unpredictability of North Korea, have not deterred global investors nor significantly changed the risk profile of global equity markets. Oil rose above $50 to end the quarter, but investors remained focused on the global growth story.

Not FDIC insured | May lose value | No bank guarantee

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Please carefully read the prospectus and summary prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds before investing. Call 800-595-9111 to obtain a prospectus and summary prospectus, which contains this and other information about the funds.

©2017 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.