SUPPLEMENT TO INVESTMENT ADVISORY AGREEMENT
September 27, 2001
Pictet International Management Limited
Cutlers Garden
0 Xxxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxx XX0X 0XX
Dear Sirs:
This letter is to confirm that the undersigned, Pictet Funds, 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 act as investment adviser to
the Pictet Global Water Fund (the "Fund") on the terms and conditions contained
in the Agreement and Supplement. The investment advisory fee for such services
to the Fund shall be at the annual rate of 1.00% 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, kindly
indicate your acceptance of this Supplement by signing and returning the
enclosed copy of this Supplement.
Very truly yours,
PICTET FUNDS
By:
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Authorized Signature
Accepted:
PICTET INTERNATIONAL MANAGEMENT LIMITED
By:
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Authorized Signature
