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Global Real Estate Index

as of 9/30/17

Fund Commentary

During the third quarter, the FTSE® EPRA®/NAREIT® Global Index returned 3.15%, underperforming the broader global equity market represented by the MSCI World Index, which returned 4.97%. The Fund returned 3.21% for the period.

The top-performing countries during the quarter were China and Brazil, returning 32.19% and 23.54%, respectively. Turkey and the United Arab Emirates were the bottom performers for the quarter with returns of -7.07% and -5.84%, respectively.

Global equity returns remained strong during the period. U.S. stocks continued to rally, with the S&P 500® Index posting all-time highs, and volatility at all-time lows. Market participants shrugged off geopolitical turmoil and a series of devastating hurricanes in the United States, focusing instead on continued global growth. The third quarter also saw the Federal Reserve announce that it would soon begin to unwind its balance sheet, while continuing to gradually increase short-term rates. These announcements, coupled with talk of U.S. tax changes, led to an increase in inflation expectations and interest rates, which on balance benefited stocks. Additionally, developed ex-U.S. 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.

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.

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