Chicago, Illinois
October 27, 2003
Independent Auditors' Report
To the Board of Trustees and Shareholders of
Harris Associates Investment Trust:
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Harris Associates Investment Trust comprising The Oakmark Fund, The Oakmark Select Fund, The Oakmark Small Cap Fund, The Oakmark Equity and Income Fund, The Oakmark Global Fund, The Oakmark International Fund, and The Oakmark International Small Cap Fund (collectively, the "Funds") as of September 30, 2003, the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The Funds' financial highlights for the periods ended prior to September 30, 2002, were audited by other auditors who have ceased operations. Those auditors expressed an unqualified opinion on those financial highlights in their report dated October 26, 2001.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2003, by correspondence with the Funds' custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2003, the results of their operations for the year then ended, and the changes in their net assets and their financial highlights for each of the two years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
Chicago, Illinois
October 27, 2003
Federal Tax Information (Unaudited)
International and Int'l Small Cap paid qualifying foreign taxes of $5,707,195 and $1,334,360 and earned $48,996,094 and $10,763,639 foreign source income during the year ended September 30, 2003, respectively. Pursuant to Section 853 of the Internal Revenue Code, International and Int'l Small Cap designated $0.04829 and $0.03839 per share as foreign taxes paid and $0.41455 and $0.30964 per share as income earned from foreign sources for the year ended September 30, 2003, respectively.
The funds intend to designate the maximum amount of qualified dividend income allowed.