THE OAKMARK FAMILY OF FUNDS
Trustees and Officers
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, 2003, Positions Held with the Trust, Date First
Elected or Appointed to Office, Principal Occupations During Past 5 Years, Other
Directorships Held
Trustees who are "interested persons"*
| Peter S. Voss, 57, 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 (a closed-end
investment company); Chairman of the Board and Chief Executive Officer, CDC Nvest Funds
(an open-end investment company—14 portfolios).
|
| John R. Raitt, 48, Trustee and Executive Vice
President, 2003 |
|
President and Chief Executive Officer, HAI, Harris
Associates Securities L.P. ("HASLP") and Harris Associates L.P.
("HALP"), since 2003, Chief Operating Officer, HALP, since 2001; Director of
Research, HALP since 1998; Associate Director of Research and Analyst, HALP, prior
thereto. None. |
Trustees who are not "interested persons"
| Victor A. Morgenstern, 61, Trustee and Chairman
of the Board of Trustees, 1991 |
|
Chairman of the Board and Chief Executive Officer, Resolute
Advisors (private investment management firm); Chairman and 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. (early stage pharmaceutical company).
|
| Michael J. Friduss, 61, Trustee, 1995 |
|
Principal, MJ Friduss & Associates, Inc.
(telecommunications consultants). None.
|
| Thomas H. Hayden, 52, Trustee, 1995 |
|
Executive Vice President, Campbell Mithun (advertising and
marketing communication agency). None.
|
| Christine M. Maki, 42, Trustee, 1995 |
|
Vice President—Tax, Hyatt Corporation (hotels and
resorts). Director, Illinois CPA Society. None.
|
| Allan J. Reich, 55, Trustee, 1993 |
|
Partner of the law firm, Seyfarth Shaw LLP (formerly
D'Ancona & Pflaum LLC). None.
|
| Marv R. Rotter, 58, Trustee, 1996 |
|
Senior Advisor to President and CEO of AXA Advisors, LLC
(formerly named Rotter & Associates), since 1999, and President, prior thereto
(financial services firm). None.
|
| Burton W. Ruder, 59, 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. Director,
North America Scientific, Inc. |
Officers of the Trust
| James P. Benson, 46, Vice President and
Portfolio Manager (The Oakmark Small Cap Fund), 2000 |
|
Portfolio Manager and Analyst, HALP, since 1997. None.
|
| Henry R. Berghoef, 54, Vice President and
Portfolio Manager (The Oakmark Select Fund), 2000 |
|
Associate Director of Research, Portfolio Manager and
Analyst, HALP. None.
|
| Kevin G. Grant, 39, Vice President and Portfolio
Manager (The Oakmark Fund), 2000 |
|
Portfolio Manager and Analyst, HALP. None.
|
| David G. Herro, 42, 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, 37, 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, 32, Assistant Treasurer, 1999 |
|
Manager—Mutual Fund and Institutional Services, HALP.
None.
|
| Robert Levy, 53, President, 2001 |
|
Chairman, HAI, Chief Investment Officer, HALP, since 2001;
President and Chief Executive Officer, HAI, HALP and HASLP, 1997-2002; Portfolio Manager,
HALP. None.
|
| Clyde S. McGregor, 50, Vice President and
Portfolio Manager (The Oakmark Equity and Income Fund), 1995 |
|
Portfolio Manager and Analyst, HALP. None.
|
| William C. Nygren, 44, 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.
|
| Vineeta D. Raketich, 32, Vice President, 2003 |
|
Manager, International Operations & Client Relations,
HALP since 2003; Supervisor, Mutual Fund & Institutional Services, HALP, prior
thereto. None.
|
| Janet L. Reali, 52, 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, 55, Vice
President—Shareholder Operations and Assistant Secretary, 1996 |
|
Director of Mutual Fund Operations, HALP. None.
|
| Kristi L. Rowsell, 37, 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, 54, Vice President and
Portfolio Manager (The Oakmark Small Cap Fund and The Oakmark Equity and Income Fund),
2000 |
|
Portfolio Manager and Analyst, HALP. None.
|
| Michael J. Welsh, 40, 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. Mr. Raitt is a trustee who is
an "interested person" of the Funds because he is the President and Chief
Executive Officer of HAI, HASLP (the Funds' distributor) and 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 and is available 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.
Boston, Massachusetts
Legal Counsel
Bell, Boyd & Lloyd LLC
Chicago, Illinois
Independent Auditors
Deloitte & Touche LLP
Chicago, Illinois
Contact Us
Please call 1-800-OAKMARK
(1-800-625-6275)
or 617-449-6274
Website
www.oakmark.com
To obtain a prospectus, an application or periodic reports,
access our web site at www.oakmark.com, or call
1-800-OAKMARK (1-800-625-6275) or (617) 449-6274.
This report 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, however, a shareholder may incur a 2% redemption fee on an exchange
or redemption of shares held 90 days or less from any Fund except The Oakmark Fund or The
Oakmark Equity and Income Fund.