Exhibit 13.2
THE OAKMARK INTERNATIONAL FUND
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 the series of the Trust designated The Oakmark International Fund
(the "Fund") pursuant to a separate agreement, hereby agree as follows:
1. Advancement of Expenses. The Adviser shall pay all of the
organizational expenses of the Fund, including but not limited to initial
franchise taxes, 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. The Fund shall amortize
the organizational expenses over a period of 60 months beginning with the month
following the month in which 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 the Fund should be liquidated during
such 60-month 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 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 Fund 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: September 8, 1992
XXXXXX ASSOCIATES XXXXXX ASSOCIATES L.P.,
INVESTMENT TRUST by XXXXXX ASSOCIATES, INC.
its General Partner
By: /s/ Xxxxxx X. Xxxxxxxxxxx By: /s/ Xxxxxx X. Xxxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxxx Xxxxxx X. Xxxxxxxxxxx
President President
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