AMENDMENT TO
INVESTMENT ADVISORY AGREEMENT
FOR THE OAKMARK SELECT FUND
XXXXXX ASSOCIATES INVESTMENT TRUST,
a Massachusetts business trust registered under the
Investment Company Act of 1940 (the "1940 Act")
as an open-end diversifed management investment
company (the "Trust"), and XXXXXX ASSOCIATES
L.P. a Delaware limited partnership registered under
the Investment Advisers Act of 1940 as an
investment adviser (the "Adviser), agree that
paragraph 6 of the investment advisory agreement
between the parties for The Oakmark Fund (the
"Fund") dated October 22, 1996 is amended as of
the date of this amendment to read as follows:
6. Compensation of Adviser. For the
services to be rendered and the charges and
expenses to be assumed and to be paid by the
Adviser hereunder, the Trust shall pay out of
Fund assets to the Advisre a monthly fee, based
on the Fund's net assets of the last business day
of the preceding month, at the annual rate of
1.00% on the first $1 billion of net assets,
.95% on the next $500 million of net assets,
.90% on the next $500 million of net assets,
.80% on net assets in excess of $2.5 billion and
.75% on net assets in excess of $5 billion.
The fee for a month shall be paid as soon as
practicable after the last day of the month.
The fee payable hereunder shall be reduced
proportionately during any month in which
this agreement is not in effect for the entire
month.
Dated: September 17, 1998
XXXXXX ASSOCIATES INVESTMENT TRUST
By: /s/Xxxxxx X. Xxxxxxxxxxx
XXXXXX ASSOCIATES L.P.
By Xxxxxx Associates, Inc.
its general partner
By: /s/Xxxxxx X. Xxxx
