Exhibit (d)(17)
ASSUMPTION AGREEMENT
AGREEMENT made as of April 1, 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: /s/ Xxxxx Xxxxxxxx NORTHERN TRUST INVESTMENTS, INC.
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By /s/ Xxxx Xxxxxxxxxx
-------------------------------
(Authorized Officer)
Attest: /s/ Xxxxx Xxxxxxxx NORTHERN TRUST GLOBAL INVESTMENTS
--------------------- (EUROPE) LIMITED
By /s/ Xxxxxxxx X. Ring
-------------------------------
(Authorized Officer)
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