October 25, 2017 The Board of Trustees Harris Associates Investment Trust Chicago, IL 60606 Ladies and Gentlemen:
Exhibit 99.(1)(7)
October 25, 2017
The Board of Trustees
Xxxxxx Associates Investment Trust
000 X. Xxxxxx Xxxxx, Xxxxx 0000
Chicago, IL 60606
Ladies and Gentlemen:
This letter agreement is entered into between Xxxxxx Associates L.P. (the “Adviser”), and Xxxxxx Associates Investment Trust (the “Trust”) on behalf of each of Oakmark Fund, Oakmark Select Fund, Oakmark Equity and Income Fund, Oakmark Global Fund, Oakmark Global Select Fund, Oakmark International Fund and Oakmark International Small Cap Fund, each a series of the Trust (each, a “Fund”). In the interest of limiting the expenses of each of the following classes of series of the Trust referred to below (each, a “Fund Class”), we agree as follows:
1. Commencing January 29, 2018, the Adviser agrees through January 28, 2019 to reimburse each Fund Class to the extent, but only to the extent, that the annualized expenses of that Fund Class (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary charges such as litigation costs, but including fees paid to the Adviser), as a percentage of the average net assets of that Fund Class (the “Expense Ratio”), exceed the percentage set forth opposite the Fund Class below (each an “Expense Cap”):
|
Fund |
|
Investor |
|
Advisor |
|
Institutional |
|
Service |
|
|
Oakmark Fund |
|
1.50 |
% |
1.40 |
% |
1.30 |
% |
1.75 |
% |
|
Oakmark Select Fund |
|
1.50 |
% |
1.40 |
% |
1.30 |
% |
1.75 |
% |
|
Oakmark Equity and Income Fund |
|
1.00 |
% |
0.90 |
% |
0.80 |
% |
1.25 |
% |
|
Oakmark Global Fund |
|
1.75 |
% |
1.65 |
% |
1.55 |
% |
2.00 |
% |
|
Oakmark Global Select Fund |
|
1.75 |
% |
1.65 |
% |
1.55 |
% |
2.00 |
% |
|
Oakmark International Fund |
|
2.00 |
% |
1.90 |
% |
1.80 |
% |
2.25 |
% |
|
Oakmark International Small Cap Fund |
|
2.00 |
% |
1.90 |
% |
1.80 |
% |
2.25 |
% |
2. The amount of the expense reimbursement by the Adviser to any Fund Class (or any recoupment by a Fund Class to the Adviser) shall be computed on an annual, fiscal year basis, but accrued and paid monthly.
3. The Trust agrees that the Adviser shall be entitled to recoup from assets attributable to any Fund Class amounts reimbursed to that Fund Class, except to the extent that the Fund Class already has paid such recoupment to the Adviser or such recoupment would cause the Expense Ratio of the Fund Class for that fiscal year to exceed the Fund Class’ Expense Cap or to exceed any lower limit in effect at the time of recoupment. Any such repayment must be made within three years after the year in which the reimbursement occurred.
4. This letter agreement shall be binding upon any successors and assigns of the Adviser.
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Very truly yours, |
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XXXXXX ASSOCIATES L.P. |
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By: |
/s/ Xxxxxxx X. Xxxxx |
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Name: |
Xxxxxxx X. Xxxxx |
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Title: |
Chief Financial Officer |
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Accepted and Agreed to by: |
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XXXXXX ASSOCIATES INVESTMENT TRUST |
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on behalf of each Fund identified herein |
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By: |
/s/ Xxxxxx X. Xxxxxxx |
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Name: |
Xxxxxx X. Xxxxxxx |
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Title: |
President |
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