▇▇▇▇▇▇▇▇ INTERNATIONAL MANAGEMENT COMPANY, L.P.
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
August 30, 1991
▇▇▇▇▇▇▇▇, Ayer & Wood
Investment Trust
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
RE: Investment Advisory Agreement dated November 30, 1990 for ▇▇▇▇▇▇▇▇
International Fixed Income Fund
Dear Sir:
As we have previously discussed with you, it is contemplated that,
effective October 1, 1991, ▇▇▇▇▇▇▇▇, Ayer & Wood, Inc. ("▇▇▇▇▇▇▇▇") will assign
the above-mentioned agreement to ▇▇▇▇▇▇▇▇ International Management Company,
L.P., a Delaware limited partnership ("SIMCO"). ▇▇▇▇▇▇▇▇ controls and manages
SIMCO as its general partner and owns substantially all of its outstanding
partnership interests.
Please be so kind as to indicate your consent to the foregoing assignment
in the space provided below.
Very truly yours,
▇▇▇▇▇▇▇▇, ▇▇▇▇ & ▇▇▇▇, INC.
By: /s/ ▇. ▇▇▇▇ ▇▇▇▇▇▇▇
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▇. ▇▇▇▇ ▇▇▇▇▇▇▇
Managing Director
ACKNOWLEDGED AND ACCEPTED:
▇▇▇▇▇▇▇▇, AYER & WOOD INVESTMENT
TRUST
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇, President
The undersigned, ▇▇▇▇▇▇▇▇ International Management Company, L.P., hereby
assumes all of the obligations and duties of ▇▇▇▇▇▇▇▇, Ayer & Wood, Inc., under
the abo e-mentioned agreement.
▇▇▇▇▇▇▇▇ INTERNATIONAL
MANAGEMENT
BY: ▇▇▇▇▇▇▇▇, Ayer & Wood, Inc.
General Partner
By: /s/ ▇. ▇▇▇▇ ▇▇▇▇▇▇▇
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▇. ▇▇▇▇ ▇▇▇▇▇▇▇
Managing Director
