The board of trustees has overall responsibility for the conduct of the affairs of Harris Associates Investment Trust ("Trust"), and its seven series, The Oakmark Family of Funds. Each trustee serves until the next annual meeting of shareholders and until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. Each trustee must retire at the end of the calendar year in which the trustee attains the age of 72. The board of trustees may fill any vacancy on the board provided that after such appointment, at least two-thirds of the trustees have been elected by the shareholders. No person shall be appointed or elected to serve as a trustee after attaining the age of 65. The shareholders may remove a trustee by a vote of two-thirds of the outstanding shares of the Trust at any meeting of shareholders called for the purpose of removing such trustee.
The board of trustees elects or appoints the officers of the Trust. The president, any vice president, treasurer and secretary serves until the election and qualification of his or her successor, or until he or she dies, resigns, or is removed or disqualified. Each other officer shall serve at the pleasure of the board of trustees. The board of trustees may remove any officer at any time, with or without cause, by the vote of a majority of the trustees then in office.
The names and ages of the trustees and officers, the position each holds with the Trust, the date each was first elected to office, their principal business occupations during the last five years and other directorships held are shown below.
Name and Age at September 30, 2002, Positions Held with the Trust, Date First Elected or Appointed to Office, Principal Occupations During Past 5 Years, Other Directorships Held
Trustee who is an "interested person"*
Peter S. Voss, 55, Trustee, 1995
President and Chief Executive Officer, CDC IXIS Asset Management North America, L.P., formerly known as Nvest Companies, L.P. and its predecessor firms (investment management); Director, Harris Associates, Inc. ("HAI"). Chairman of the Board, AEW Real Estate Income Fund (an closed-end investment company); Chairman of the Board and Chief Executive Officer, CDC Nvest Funds (an open-end investment company—14 portfolios).
Trustees who are not "interested persons"
Victor A. Morgenstern, 59, Trustee and Chairman of the Board of Trustees, 1991
Chairman of the Board and Chief Executive Officer, Resolute Advisors (private investment management firm); Principal, Valor Equity Partners, LLC (private equity fund); formerly, Chairman of the Board, HAI, 1996-2000 and President and Chief Executive Officer, prior thereto; Chairman, Harris Partners, L.L.C., 1995-2000, Director, Bio-Sante Pharmaceuticals, Inc.
Michael J. Friduss, 60, Trustee, 1995
Principal, MJ Friduss & Associates, Inc. (telecommunications consultants). None.
Thomas H. Hayden, 51, Trustee, 1995
Executive Vice President, Campbell Mithun (advertising and marketing communication agency). None.
Christine M. Maki, 41, Trustee, 1996
Vice President—Tax, Hyatt Corporation (hotels and resorts). None.
Allan J. Reich, 54, Trustee, 1993
Vice Chairman of the law firm D'Ancona & Pflaum LLC. None.
Marv R. Rotter, 56, Trustee, 1996
Senior Advisor to President and CEO of AXA Advisors, LLC (formerly named Rotter & Associates), since 1999, and General Manager, prior thereto (financial services firm). None.
Burton W. Ruder, 58, Trustee, 1995
President, The Academy Financial Group (venture capital investment and transaction financing firm); Manager, Cedar Green Associates (real estate management firm). None.
Gary N. Wilner, M.D., 62, Trustee, 1993
Senior Attending Physician, Evanston Hospital; Medical Director—CardioPulmonary Wellness Program, Evanston Hospital Corporation. None.
Officers of the Trust
James P. Benson, 45, Vice President and Portfolio Manager (The Oakmark Small Cap Fund), 2000
Portfolio Manager and Analyst, Harris Associates L.P. ("HALP"), since 1997. None.
Henry R. Berghoef, 53, Vice President and Portfolio Manager (The Oakmark Select Fund), 2000
Associate Director of Research, Portfolio Manager and Analyst, HALP. None.
Kevin G. Grant, 38, Vice President and Portfolio Manager (The Oakmark Fund), 2000
Portfolio Manager and Analyst, HALP. None.
David G. Herro, 41, Vice President and Portfolio Manager (The Oakmark International Fund and The Oakmark International Small Cap Fund), 1992
Portfolio Manager and Analyst, HALP. None.
Gregory L. Jackson, 36, Vice President and Portfolio Manager (The Oakmark Global Fund), 2000
Portfolio Manager and Analyst, HALP, since July 1998; Portfolio Manager and Analyst, Yacktman Asset Management Inc., prior thereto. None.
John J. Kane, 31, Assistant Treasurer, 1999
Manager—Mutual Fund and Institutional Services, HALP. None.
Robert Levy, 52, President, 2001
Director, President and Chief Executive Officer, HAI, since 1997; Chief Executive Officer, Harris Associates Securities L.P. ("HASLP"), since 1995; Chairman of the Board and Chief Investment Officer, since 2001, Chief Executive Officer, since 1997 and President, since 1996, HALP. None.
Clyde S. McGregor, 49, Vice President and Portfolio Manager (The Oakmark Small Cap Fund and The Oakmark Equity and Income Fund), 1995
Portfolio Manager and Analyst, HALP. None.
Anita M. Nagler, 46, Vice President, 2001
Managing Director of Alternative & International Investing Group, HAI since 2001; formerly, Chief Operating Officer and Vice President, HAI, General Counsel, HALP, Chief Operating Officer and General Counsel, HASLP, 2000-2001; Chief Legal Officer, HASLP, prior thereto. None.
William C. Nygren, 43, Vice President and Portfolio Manager (The Oakmark Fund and The Oakmark Select Fund), 1996
Portfolio Manager and Analyst, HALP; formerly, Director of Research, HALP, 1990-1998. None.
John R. Raitt, 47, Vice President, 2002
Chief Operating Officer, HALP, since 2001; Director of Research, HALP since 1998; Associate Director of Research and Analyst, HALP, prior thereto. None.
Janet L. Reali, 51, Vice President and Secretary, 2001
Vice President, General Counsel and Secretary, HALP, since 2001; formerly, Senior Executive Vice President, General Counsel and Secretary, Everen Capital Corp. and Everen Securities, Inc. 1995-1999 (broker/dealer). None.
Ann W. Regan, 54, Vice President—Shareholder Operations and Assistant Secretary, 1996
Director of Mutual Fund Operations, HALP. None.
Kristi L. Rowsell, 36, Treasurer, 2000
Director, Chief Financial Officer and Treasurer, HAI; Chief Financial Officer, HALP and HASLP, since 1999; Assistant Treasurer, HALP, prior thereto. None.
Edward A. Studzinski, 53, Vice President and Portfolio Manager (The Oakmark Equity and Income Fund), 2000
Portfolio Manager and Analyst, HALP. None.
Michael J. Welsh, 39, Vice President and Portfolio Manager (The Oakmark Global Fund, The Oakmark International Fund and The Oakmark International Small Cap Fund), 1997
Portfolio Manager and Analyst, HALP. None.
*Mr. Voss is a trustee who is an "interested person" of the Funds as defined in the Investment Company Act of 1940, because he is a director of HAI, the general partner and manager of HALP, the investment adviser to the Funds. Mr. Voss is also the President and Chief Executive Officer of CDC IXIS Asset Management North America, L.P. the parent company of HALP.
The business address of the officers and trustees is Two North LaSalle Street, #500, Chicago, Illinois 60602.
The Statement of Additional Information (SAI) contains further information about the trustees an disavailable without charge upon your request by calling 1-800-625-6275.
Other Information
Investment Adviser
Harris Associates L.P.
Two North LaSalle Street
Chicago, Illinois 60602-3790
Transfer Agent
CDC IXIS Asset Management Services, Inc.
Attention: The Oakmark Family of Funds
P.O. Box 8510
Boston, Massachusetts 02266-8510
Legal Counsel
Bell, Boyd & Lloyd LLC
Chicago, Illinois
Independent Auditors
Deloitte & Touche LLP
Chicago, Illinois
For More Information:
Please call 1-800-OAKMARK
(1-800-625-6275)
or 617-449-6274
Website
www.oakmark.com
24-hour NAV hotline
1-800-GROWOAK (1-800-476-9625)
This report, including the audited financial statements contained herein, is submitted for the general information of the shareholders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless it is accompanied or preceded by a currently effective prospectus of the Funds. No sales charge to the shareholder or to the new investor is made in offering the shares of the Funds.