SUPPLEMENT TO INVESTMENT ADVISORY AGREEMENT
PANORAMA TRUST
March 12, 1997
Pictet International Management Limited
Cutlers Garden
0 Xxxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxx XX0X 0XX
Dear Sirs:
This letter is to confirm that the undersigned, Panorama Trust, a
Massachusetts business trust (the "Trust"), and Pictet International Management
Limited (the "Adviser") have agreed that the Investment Advisory Agreement
between the Trust and the Adviser dated October 3,1995 (the "Agreement"), is
herewith amended to provide that the Adviser shall additionally act as
investment adviser to the Pictet Eastern European Fund (the "Fund") on the terms
and conditions contained in the Agreement and this Supplement. The investment
advisory fee for such services to the Fund shall be at the annual rate of 1.25%
of the average daily net assets of the Fund, computed at the end of each month
and payable within five (5) business days thereafter.
If the foregoing is in accordance with your understanding, please so
indicate by signing and returning to us the enclosed copy of this letter.
Very truly yours,
PANORAMA TRUST
By:
Authorized Signature
Accepted:
PICTET INTERNATIONAL MANAGEMENT LIMITED
By:
Authorized Signature
