The board of trustees has overall responsibility for the conduct of the affairs of Harris Associates Investment Trust ("Trust"), and its six series, The Oakmark 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, 2005, Positions Held with the Trust, Date First Elected or Appointed to Office, Principal Occupations During the Past 5 Years. Other Directorships Held.
| Trustees who are "interested persons"* |
| Peter S. Voss, 58, Trustee, 1995 Chairman and Chief Executive Officer, IXIS Asset Management Group; President and Chief Executive Officer, IXIS Asset Management North America, L.P., formerly named CDC IXIS Asset Management North America, L.P. (investment management); Chairman of the Management Board, IXIS Asset Management; Director, Harris Associates, Inc. ("HAI"). Chairman, AEW Real Estate IncomeFund (closed-end investment company); Chairman and Chief Executive Officer, CDC Nvest Funds (open-end investment company—14 portfolios). |
| John R. Raitt, 50, Trustee and President,
2003 President and Chief Executive Officer, HAI, Harris Associates L.P. ("HALP") and Harris Associates Securities L.P.("HASLP") since 2003; Chief Operating Officer, HALP 2001-2002; Director of Research, HALP, prior thereto. None. |
| Trustees who are not "interested persons" |
| Gary N. Wilner, M.D.,64, Trustee and Chairman
of the Board of Trustees, 1993 Retired, since 2004; Senior Attending Physician, Evanston Hospital; Medical Director—Cardiopulmonary Wellness Program, Evanston Hospital Corporation, prior thereto. Director, North American Scientific, Inc. (developer of radioisotopic products for the treatment and diagnosis of disease). |
| Michael J. Friduss, 63, Trustee, 1995 Principal, MJ Friduss & Associates, Inc. (telecommunications consultants). None. |
| Thomas H. Hayden, 54, Trustee, 1995 President, Greenhouse Communications (advertising agency), since 2004; Executive Vice President, Campbell Mithun, (advertising and marketing communication agency), prior thereto. None. |
| Christine M. Maki, 44, Trustee, 1995 Vice President—Tax, Hyatt Corporation (hotel management). None. |
| Allan J. Reich, 57, Trustee, 1993 Partner, Seyfarth Shaw LLP (law firm), since 2003; Vice Chairman of the law firm D'Ancona & Pflaum LLC, prior thereto. None. |
| Marv R. Rotter, 59, Trustee, 1995 Retired since 2004; Senior Advisor to Chief Executive Officer, AXA Advisors, LLC (formerly named Rotter & Associates) prior thereto. None. |
| Burton W. Ruder, 61, Trustee,
1995 President, The Academy Financial Group (venture capital investment and transaction financing firm); Manager, Cedar Green Associates (real estate management firm). None. |
| Officers of the Trust |
| Henry R. Berghoef, 56, Vice President and Portfolio
Manager (The Oakmark Select Fund), 2000 Director of Domestic Research, HALP, since 2003; Associate Director of Research, 2001-2002; Portfolio Manager and Analyst, HALP. None. |
| Chad M. Clark, 33, Vice President and Portfolio Manager (The Oakmark International Small Cap Fund), 2005 Portfolio Manager, HALP, since 2001; International Analyst, HALP. None. |
| Kevin G. Grant, 41, Vice President and Portfolio Manager (The Oakmark Fund), 2000 Portfolio Manager and Analyst, HALP. None. |
| David G. Herro, 44, Vice President and Portfolio Manager (The Oakmark International Fund and The Oakmark International Small Cap Fund), 1992 Chief Investment Officer of International Equity, since 2003; Portfolio Manager and Analyst, HALP. None. |
| John J. Kane, 34, Treasurer, 2005 Assistant Treasurer, 1999-2005; Manager—Mutual Fund and Institutional Services, HALP. None. |
| Robert M. Levy, 55, Executive Vice President,
2004 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, 52, Vice President and Portfolio Manager (The Oakmark Equity and Income Fund and The Oakmark Global Fund), 1995 Portfolio Manager, HALP. None. |
| William C. Nygren, 46, Vice President and Portfolio Manager (The Oakmark Fund and The Oakmark Select Fund), 1996 Portfolio Manager and Analyst, HALP. None. |
| Vineeta D. Raketich, 34, Vice President, 2003 Manager, International Operations and Client Relations, HALP, since 2003; Supervisor, Mutual Fund and Institutional Services, HALP, prior thereto. None. |
| Janet L. Reali, 54, Vice President and Secretary,
2001 Vice President, General Counsel and Secretary, HAI, HALP and HASLP, since 2001; Senior Executive Vice President, General Counsel and Secretary, Everen Capital Corp. and Everen Securities, Inc. (broker/dealer), 1995-1999. None. |
| Ann W. Regan, 57, Vice President and Assistant Secretary, 1996, Chief Compliance Officer of the Trust and Director of Mutual Fund Compliance, HALP, since 2004 Director of Mutual Fund Operations, HALP, prior thereto. None. |
| Kristi L. Rowsell, 39, Vice President, 2005 Treasurer, 1997-2005; Director, Chief Financial Officer and Treasurer, HAI; Chief Financial Officer, HALP and HASLP, since 1999. None. |
| Edward A. Studzinski, 56, Vice President and Portfolio Manager (The Oakmark Equity and Income Fund), 2000 Portfolio Manager and Analyst, HALP. None. |
| Michael J. Welsh, 42, Vice President and Portfolio Manager (The Oakmark Global Fund and The Oakmark International Fund), 1997 Director of International Research, since 2003; Portfolio Manager and Analyst, HALP. None. |
| Christopher P. Wright, 31, Vice President, 2005 Director of Mutual Fund Operations, HALP, since 2004; Assistant Director of Mutual Fund Operations, HALP, prior thereto. None. |
| * Mr. Voss is a trustee who is an "interested person" of the Funds as defined in the Investment Company 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 Chairman, President and Chief Executive Officer of IXIS Asset Management North America, L.P., formerly 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 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. |