THE OAKMARK 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 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 for
the first time after attaining the age of 65. A majority of trustees then in
office may remove a trustee with or without cause. 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 Trust's officers. 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, 2006,
Positions Held with the Trust, Date First Elected or Appointed to Office,
Principal Occupations During the Past 5 Years. Other Directorships Held by
Trustee, if any.
Trustees who are "interested persons"*
| Peter S. Voss, 59, Trustee,
1995 |
| |
Chairman and Chief Executive Officer, IXIS
Asset Management Group; Chairman, President and Chief Executive Officer,
IXIS Asset Management US Corporation, formerly named IXIS Asset
Management North America, L.P. (investment management); Chairman of IXIS
Asset Management US, LLC; Member of the Supervisory Board, IXIS Asset
Management; Director, Harris Associates, Inc. ("HAI"). Chairman, AEW
Real Estate Income Fund (closed-end investment company); Chairman and
Chief Executive Officer, IXIS Advisor Funds (open-end investment company
with 14 portfolios).
|
| John R. Raitt, 51, 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. |
Trustees who are not "interested
persons"
| Gary N. Wilner, M.D., 66, Trustee and
Chairman of the Board of Trustees, 1993 |
| |
Retired since 2004; Senior Attending
Physician, Evanston Hospital; Medical Director of Cardiopulmonary Wellness
Program, Evanston Hospital Corporation, prior thereto. Chairman of the Board of
Directors, 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).
|
| Thomas H. Hayden, 55, Trustee, 1995 |
| |
Principal, TerraNova Market Strategies,
LLC (market research and strategic consulting practice), since July 2006;
President, Greenhouse Communications (advertising agency), 2004 to 2006;
Executive Vice President, Campbell Mithun (advertising and marketing
communication agency), prior thereto.
|
| Christine M. Maki, 45, Trustee, 1995 |
| |
Vice President–Tax, Hyatt Corporation
(hotel management).
|
| Allan J. Reich, 58, Trustee, 1993 |
| |
Partner, Seyfarth Shaw LLP (law firm),
since 2003; Vice Chairman, D'Ancona & Pflaum LLC (law firm), prior thereto.
|
| Steven S. Rogers, 49, Trustee, 2006 |
| |
Clinical Professor of Finance &
Management, Kellogg Graduate School of Management, Northwestern University,
since 1995; Entrepreneur-in-Residence, Ewing Marion Kauffman Foundation, since
1994. Director, SC Johnson Wax (manufacturer of household cleaning, personal
care and insecticide products), SuperValu, Inc. (supermarket retailer and food
distributor), AMCORE Financial, Inc. (bank holding company), and W.S. Darley
& Co.
|
| Marv R. Rotter, 60, Trustee, 1995 |
| |
Retired since 2004; Senior Advisor to
Chief Executive Officer, AXA Advisors, LLC (formerly named Rotter &
Associates), prior thereto.
|
| Burton W. Ruder, 62, Trustee, 1995 |
| |
President, The Academy Financial Group
(venture capital investment and transaction financing firm); Manager, Cedar
Green Associates (real estate management firm). |
Officers of the Trust
| Henry R. Berghoef, 57, Vice President and
Portfolio Manager (The Oakmark Select Fund), 2000 |
| |
Director of Domestic Research, HALP, since
2003; Associate Director of Research, 2001 to 2002; Portfolio Manager and
Analyst, HALP.
|
| Chad M. Clark, 34, Vice President and
Portfolio Manager (The Oakmark International Small Cap Fund), 2005 |
| |
Portfolio Manager, HALP, since 2001;
International Analyst, HALP.
|
| Richard J. Gorman, 40, Vice President,
Chief Compliance Officer and Assistant Secretary, HALP, 2006 |
| |
Senior Special Counsel, Investment
Management Regulation, United States Securities and Exchange Commission, prior
thereto.
|
| Kevin G. Grant, 42, Vice President and
Portfolio Manager (The Oakmark Fund), 2000 |
| |
Portfolio Manager and Analyst, HALP.
|
| David G. Herro, 45, Vice President and
Portfolio Manager (The Oakmark International Fund and The Oakmark International
Small Cap Fund), 1992 |
| |
Chief Investment Officer of International
Equity, HALP, since 2003; Portfolio Manager and Analyst, HALP.
|
| John J. Kane, 35, Treasurer, 2005 |
| |
Assistant Treasurer, 1999 to 2005;
Manager, Mutual Fund and Institutional Services, HALP.
|
| Robert M. Levy, 56, Executive
Vice President, 2004 |
| |
Chairman, HAI and Chief Investment Officer
of Domestic Equity, HALP, since 2001; President and Chief Executive
Officer, HAI, HALP and HASLP, 1997 to 2002; Portfolio Manager, HALP.
|
| Clyde S. McGregor, 53, Vice President and
Portfolio Manager (The Oakmark Equity and Income Fund and The Oakmark Global
Fund), 1995 |
| |
Portfolio Manager, HALP.
|
| William C. Nygren, 48, Vice President and
Portfolio Manager (The Oakmark Fund and The Oakmark Select Fund), 1996 |
| |
Portfolio Manager and Analyst, HALP.
|
| Vineeta D. Raketich, 35, Vice President,
2003 |
| |
Manager, International Operations and
Client Relations, HALP, since 2003; Supervisor, Mutual Fund and Institutional
Services, HALP, prior thereto.
|
| Janet L. Reali, 55, Vice President and
Secretary, 2001 |
| |
Vice President, General Counsel and
Secretary, HAI, HALP and HASLP.
|
| Kristi L. Rowsell, 40, Vice President and
Principal Financial Officer, 2005 |
| |
Director, Chief Financial Officer and
Treasurer, HAI; Chief Financial Officer, HALP and HASLP, prior thereto.
|
| Edward A. Studzinski, 57, Vice President
and Portfolio Manager (The Oakmark Equity and Income Fund), 2000 |
| |
Portfolio Manager and Analyst, HALP.
|
| Robert A. Taylor, 34, Vice President and
Portfolio Manager (The Oakmark Global Fund), 2005 |
| |
Director of International Research, since
2004; Portfolio Manager and Analyst, HALP.
|
| Christopher P. Wright, 32, Vice
President, 2005 |
| |
Director of Mutual Fund Operations, HALP,
since 2004; Assistant Director of Mutual Fund Operations, HALP, 2002 to 2004; Manager of Mutual
Fund Operations, HALP, prior thereto.
|
| * |
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 Chairman, President
and Chief Executive Officer of IXIS Asset Management US Corporation, formerly
named 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.
Other Information
Investment Adviser
Harris Associates L.P.
Two North LaSalle Street
Chicago, Illinois 60602-3790
Transfer Agent
Boston Financial Data Services, Inc.
Quincy, 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 617-483-3250
Website
oakmark.com
To obtain a prospectus, an application or periodic reports,
access our web site at oakmark.com, or call
1-800-OAKMARK (1-800-625-6275) or (617) 483-3250.
The Funds will file its complete schedule of portfolio holdings with the Securities and Exchange Commission
(the "SEC") for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available
on the SEC's website at www.sec.gov. The Funds' Forms N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.
A description of the policies and procedures the Funds use to determine how to vote proxies relating to
portfolio securities is available without charge, upon request, by calling toll-free 1-800-625-6275; on the Funds'
website at oakmark.com; and on the SEC's website at
www.sec.gov.
No later than August 31 of each year, information regarding how the Adviser, on behalf of the Funds, voted
proxies relating to the Funds' portfolio securities for the twelve months ended the preceding June 30 will be
available through a link on the Funds' website at oakmark.com and on the SEC's website at
www.sec.gov.
This report is submitted for the general information of the Funds' shareholders. The report is not authorized for
distribution to prospective investors in the Funds unless it is accompanied or preceded by the Funds' currently
effective prospectus.
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 Class I shares held for 90 days or
less from any Fund.