EXHIBIT 5.10
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 diversified 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 SELECT 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
Adviser a monthly fee, based on the Fund's net assets as 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, .85% on net
assets in excess of $500 million, .80% on net assets in excess of $2.5
billion, and .75% on the net assets in excess of $5 billion. The fee
for a month shall be paid as soon as practicable after the last day of
that 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 Xxxx