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Multi-Manager Global Listed Infrastructure

as of 12/31/17

Fund Commentary

The global listed infrastructure market posted another positive quarterly gain, returning 1.86%, as measured by the S&P Global Listed Infrastructure Index. Gross Domestic Product (GDP) sensitive industries such as airports, rail and toll roads were once again the primarily drivers of investment results during the quarter. Toll roads returned over 7% during the quarter, as traffic and cash flow growth has been positive globally. Towers were another strong performer during the quarter, as industry sentiment improved following the news Sprint and T-Mobile called off merger efforts. In contrast, satellites, ports and water utilities detracted. From a regional perspective, Continental Europe and Asia Pacific performed well. Conversely, emerging markets and North America detracted.

The Multi-Manager Global Listed Infrastructure Fund returned -0.16% during the quarter, compared with the S&P Global Listed Infrastructure return of 1.86%. Holding back investment results was stock selection in electric utilities, energy pipelines and satellites. In contract, stock selection was additive in rail, towers and water utilities. Sub-adviser Lazard contributed to investment results due to stock selection within airports, rail and toll roads, while sub-adviser Maple-Brown detracted due to stock selection decisions in energy and electric utilities. For the full year 2017, the Fund gained a strong 22.21% outperforming the Index's return of 20.13%.

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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