Exhibit 13.3
XXXXXX ASSOCIATES INVESTMENT TRUST
Organizational Expenses Agreement
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XXXXXX ASSOCIATES INVESTMENT TRUST, a Massachusetts business trust
(the "Trust"), and Xxxxxx Associates L.P., a Delaware limited partnership (the
"Adviser"), in consideration for the engagement by the Adviser as the investment
adviser for each of the series of the Trust designated The Oakmark Small Cap
Fund, The Oakmark Balanced Fund and The Oakmark International Emerging Value
Fund (the "Funds") pursuant to separate agreements, hereby agree as follows:
1. Advancement of Expenses. The Adviser shall pay all of the
organizational expenses of each Fund, including but not limited to, registration
fees and fees for services rendered prior to the commencement of the initial
public offering of shares of the Fund, subject to the right to be reimbursed
pursuant to paragraph 2.
2. Reimbursement and Amortization of Expenses. Each Fund shall amortize
its organizational expenses on a straight-line basis over a period commencing on
the next business day after the net assets of the Fund first exceed $10 million
and ending five years after the Fund commences the initial public offering of
shares of the Fund; and the Fund shall reimburse the Adviser during the period
of such amortization by paying to the Adviser on the last business day of each
month an amount equal to the organizational expenses amortized by the Fund
during that month.
3. Limitation on Reimbursement. If a Fund should be liquidated during
such five-year period prior to the complete amortization of all organizational
expenses, neither the Fund nor the Trust shall have any duty to reimburse the
Adviser for organizational expenses of the Fund unamortized as of the time of
liquidation.
4. Obligation of the Trust. This agreement is executed by an officer of
the Trust on behalf of the Trust and not individually. The obligations of this
agreement are binding only upon the assets and property of the respective Funds
and the Trust and not upon the trustees, officers or shareholders of the Trust
individually. The Agreement and Declaration of Trust under which the Trust was
organized and operates is on file with the Secretary of the Commonwealth of
Massachusetts.
Dated July 6, 1995
XXXXXX ASSOCIATES INVESTMENT TRUST XXXXXX ASSOCIATES L.P.,
by XXXXXX ASSOCIATES, INC.
its General Partner
/s/ Xxxxxx Xxxxxxxxxxx /s/ Xxxxxx Xxxxxxxxxxx
By: _____________________________ By: ________________________________
