Exhibit (g)(29)
NORTHERN FUNDS
FORM OF
ADDENDUM NO. 8 TO THE FOREIGN CUSTODY AGREEMENT
This Addendum No. 8, dated as of the ____ day of_______, 2006, is entered
into between NORTHERN FUNDS (the "Trust"), a Delaware statutory trust, and THE
NORTHERN TRUST COMPANY ("Northern"), an Illinois state bank.
WHEREAS, the Trust and Northern have entered into a Foreign Custody
Agreement dated April 1, 1994, as amended to date (the "Agreement"), pursuant to
which the Trust has appointed Northern to act as custodian to the Trust for its
International Growth Equity Fund, Global Fixed Income Fund, International Equity
Index Fund and Emerging Markets Equity Fund; and
WHEREAS, the Trust is establishing the Multi-Manager International Equity
Fund (the "New Fund"), and it desires to retain Northern to act as custodian
therefor under the Agreement, and Northern is willing to so act.
NOW THEREFORE, the parties hereto, intending to be legally bound, hereby
agree as follows:
1. Appointment. The Trust hereby appoints Northern custodian to the Trust
for the New Fund for the period and terms set forth in the Agreement.
Northern hereby accepts such appointment and agrees to render the
services set forth in the Agreement for the compensation therein
provided.
2. Capitalized Terms. From and after the date hereof, the term "Funds" as
used in the Agreement shall be deemed to include the New Fund.
Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to them in the Agreement.
3. Cash Balance Compensation. Northern shall compensate the New Fund for
uninvested U.S. dollar cash balances ("Cash Balances") maintained with
Northern at the end of each day in accordance with this paragraph
("Cash Balance Compensation"). Cash Balance Compensation with respect
to the New Fund's uninvested Cash Balances shall be determined at the
end of each day based on an annual rate equal to 96% of the previous
calendar month's average 90-day Treasury ▇▇▇▇ interest rate. The
amount of the New Fund's accumulated Cash Balance Compensation shall
be paid monthly in the form of reductions to the custody fees
otherwise allocable to the New Fund under the Agreement for such
month. In the event that the New Fund's Cash Balance Compensation for
any month exceeds the custody fees payable by the New Fund under the
Agreement for such month, the New Fund's excess Cash Balance
Compensation may be carried forward and credited
against future custody fees, provided that no excess Cash
Balance Compensation may be carried forward beyond the end of any
fiscal year.
4. Miscellaneous. The initial term of the Agreement with respect to the
New Fund shall continue, unless sooner terminated in accordance with
the Agreement, until March 31, 2007. Except to the extent supplemented
hereby, the Agreement shall remain unchanged and in full force and
effect, and is hereby ratified and confirmed in all respects as
supplemented hereby.
IN WITNESS WHEREOF, the undersigned have executed this Addendum as of the
date and year first above written.
NORTHERN FUNDS
Attest: By:
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Name:
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Title:
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THE NORTHERN TRUST COMPANY
Attest: By:
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Name:
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Title:
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