Exhibit d(4)
SUPPLEMENT TO INVESTMENT ADVISORY AGREEMENT
PICTET FUNDS
July 1, 2000
Pictet International Management Limited
Cutlers Garden
5 Devonshire Square
London, England EC2M 4LD
Dear Sirs:
This letter is to confirm that the undersigned, Pictet Funds, a
Massachusetts business trust (formerly known as Panorama 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 European Equity 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 0.75% 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,
PICTET FUNDS
By: /s/Jean G. Pilloud
Authorized Signature
Accepted:
PICTET INTERNATIONAL MANAGEMENT LIMITED
By: /s/Rod Hearn
Authorized Signature
