▇▇▇▇▇▇▇▇, ▇▇▇▇ & ▇▇▇▇ INVESTMENT TRUST
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
March 14, 1997
Investors Bank & Trust Company
▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Re: Master Administration Agreement (the "Agreement")
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Ladies and Gentlemen:
Attached is an amendment to Appendix A (the "Amendment") to the Agreement
between ▇▇▇▇▇▇▇▇, Ayer & Wood Investment Trust (the "Trust") and you. The Trust
proposes that the Agreement be amended to include three additional series of the
Trust named in the Amendment in bold.
Please indicate your acceptance of the foregoing by executing the four originals
of this letter agreement, returning two to the Trust and retaining two for your
records.
Very truly yours,
▇▇▇▇▇▇▇▇, ▇▇▇▇ & ▇▇▇▇ Investors Bank & Trust Company
Investment Trust
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇
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Name: ▇▇. ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Name: ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇
Title: Secretary Title:
APPENDIX A
(Revised March 14, 1997)
MASTER ADMINISTRATION AGREEMENT
between
▇▇▇▇▇▇▇▇, AYER & WOOD INVESTMENT TRUST
and
INVESTORS BANK & TRUST COMPANY
Standish Massachusetts Intermediate Tax Exempt Bond Fund
▇▇▇▇▇▇▇▇ Intermediate Tax Exempt Bond Fund
▇▇▇▇▇▇▇▇ International Fixed Income Fund
▇▇▇▇▇▇▇▇ Fixed Income Fund
▇▇▇▇▇▇▇▇ Short-Term Asset Reserve Fund
▇▇▇▇▇▇▇▇ Equity Fund
▇▇▇▇▇▇▇▇ Small Capitalization Equity Fund
▇▇▇▇▇▇▇▇ Securitized Fund
▇▇▇▇▇▇▇▇ Global Fixed Income Fund
▇▇▇▇▇▇▇▇ Controlled Maturity Fund
▇▇▇▇▇▇▇▇ Fixed Income Fund II
▇▇▇▇▇▇▇▇ International Equity fund
▇▇▇▇▇▇▇▇ Tax-Sensitive Equity Fund
▇▇▇▇▇▇▇▇ Small Cap Tax-Sensitive Equity Fund
▇▇▇▇▇▇▇▇ Equity Asset Fund
▇▇▇▇▇▇▇▇ Global Fixed Income Asset Fund
▇▇▇▇▇▇▇▇ Fixed Income Asset Fund
▇▇▇▇▇▇▇▇ Small Capitalization Equity Asset Fund
▇▇▇▇▇▇▇▇ Small Capitalization Equity Fund II
▇▇▇▇▇▇▇▇ Small Capitalization Equity Asset Fund II
▇▇▇▇▇▇▇▇ Diversified Income Fund
▇▇▇▇▇▇▇▇ Diversified Income Asset Fund