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Northern Engage360TM

as of 12/31/17

Fund Commentary

Synchronized global growth bolstered equity markets in 2017, as the MSCI All Country World Index rose 5.7% in the fourth quarter and closed the year up 24.0%. Emerging markets outpaced developed, as the MSCI Emerging Markets Index gained 7.4% in the quarter versus 5.5% for the MSCI World Index and for the full year 2017, the returns were 37.3% versus 22.4%, respectively. Japan was the strongest market during the fourth quarter, up 8.5%, while Europe ex-UK was up a mere 0.9%. On a sector basis, information technology led in the quarter, rising 8.2% while utilities were slightly negative.

Since its inception on November 20, 2017, the Northern Engage360TM Fund's return of 2.70% underperformed its MSCI All Country World benchmark return of 3.33%. On a regional basis, the Fund was negatively impacted by stock selection in Japan, particularly in telecommunication services, and from having an underweight to emerging markets. On the positive side, stock selection within the Europe ex-UK region was strong, especially in the Netherlands. The Fund's information technology holdings kept pace with the strong performance of the sector while the negative returns in utilities had little relative impact on the Fund as it had an approximate equal weight to the sector.

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.

©2018 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.