EXHIBIT (d)(17)
[FORM OF]
ASSUMPTION AGREEMENT
AGREEMENT made as of __________ __, 2002 between NORTHERN TRUST INVESTMENTS,
INC. ("NTI") and NORTHERN TRUST GLOBAL INVESTMENTS (EUROPE) LIMITED ("NTGIE"),
each a wholly-owned direct or indirect subsidiary of THE NORTHERN TRUST COMPANY.
WHEREAS, Northern Funds is registered as an open-end management
investment company under the Investment Company Act of 1940, as amended (the
"1940 Act");
WHEREAS, NTI currently serves as investment adviser to the Fixed Income
Fund (the "Fund") of Northern Funds pursuant to an Investment Advisory and
Ancillary Services Agreement dated July 31, 2000, as amended, and an Assumption
Agreement between NTI and Northern dated January 1, 2001 (together the
"Investment Advisory Agreement"); and
WHEREAS, the parties desire to have NTI and NTGIE act jointly as
investment advisers with respect to the Fund pursuant to the Investment Advisory
Agreement.
NOW, THEREFORE, the parties hereto, intending to be legally bound,
agree as follows:
1. NTGIE hereby assumes jointly with NTI all rights and obligations of
NTI under the Investment Advisory Agreement with respect to the Fund, and NTGIE
and NTI shall hereafter act jointly as investment advisers with respect to the
Fund pursuant to the Investment Advisory Agreement and shall be jointly
responsible for all of the services provided to the Fund thereunder.
2. NTI and NTGIE hereby represent that (i) the management personnel of
NTI responsible for providing investment advisory services to the Funds under
the Investment Advisory Agreement, including the portfolio managers and the
supervisory personnel, will continue to provide the same services for that Fund,
and (ii) NTI and NTGIE remain wholly-owned direct or indirect subsidiaries of
Northern are part of the Northern Trust Global Investments business unit of
Northern Trust Corporation, which integrates the firm's portfolio management,
research and trading for clients. Consequently, NTI and NTGIE believe that the
assumption does not involve a change in actual control or actual management with
respect to the investment adviser for the Funds.
3. The parties hereby agree that this Assumption Agreement shall be
attached to and made a part of the Investment Advisory Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed by their officers designated below as of the day and year first
above written.
Attest: NORTHERN TRUST INVESTMENTS, INC.
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By
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(Authorized Officer)
Attest: NORTHERN TRUST GLOBAL INVESTMENTS
------------------------------- (EUROPE) LIMITED
By
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(Authorized Officer)
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