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, 2007, Position(s) 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, 60, Trustee, 1995 |
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Retired since 2007; 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”), prior thereto.
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| John R. Raitt, 52, Trustee and President, 2003 |
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President and Chief Executive Officer, HAI, Harris Associates L.P. (“HALP”) and Harris Associates Securities L.P. (“HASLP”) since 2003; Chief Operating Officer, HALP, prior thereto. |
Trustees who are not “interested persons”
| Gary N. Wilner, M.D., 67, Trustee and Chairman of the Board of Trustees, 1993 |
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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).
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| Michael J. Friduss, 64, Trustee, 1995 |
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Principal, MJ Friduss & Associates, Inc. (telecommunications consultants).
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| Thomas H. Hayden, 56, Trustee, 1995 |
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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.
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| Christine M. Maki, 46, Trustee, 1995 |
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Vice President–Tax, Hyatt Corporation (hotel management).
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| Allan J. Reich, 59, Trustee, 1993 |
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Partner, Seyfarth Shaw LLP (law firm), since 2003; Vice Chairman, D’Ancona & Pflaum LLC (law firm), prior thereto.
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| Steven S. Rogers, 50, Trustee, 2006 |
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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. (fire fighting and emergency equipment manufacturers).
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| Burton W. Ruder, 63, Trustee, 1995 |
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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, 58, Vice President and Portfolio Manager (The Oakmark Select Fund), 2000 |
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Director of Domestic Research, HALP, since 2003; Associate Director of Research, 2001 to 2002; Portfolio Manager and Analyst, HALP.
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| Chad M. Clark, 35, Vice President and Portfolio Manager (The Oakmark International Small Cap Fund), 2005 |
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Portfolio Manager, HALP, since 2001; International Analyst, HALP.
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| Richard J. Gorman, 41, Vice President, Chief Compliance Officer and Assistant Secretary, 2006 |
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Senior Special Counsel, Investment Management Regulation, United States Securities and Exchange Commission, prior thereto.
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| Kevin G. Grant, 43, Vice President and Portfolio Manager (The Oakmark Fund), 2000 |
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Portfolio Manager and Analyst, HALP.
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| David G. Herro, 46, Vice President and Portfolio Manager (The Oakmark Global Select Fund, The Oakmark International Fund and The Oakmark International Small Cap Fund), 1992 |
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Chief Investment Officer, HALP, since 2003; Portfolio Manager and Analyst, HALP.
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| John J. Kane, 36, Treasurer, 2005 |
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Assistant Treasurer, 1999 to 2005; Manager, Mutual Fund and Institutional Services, HALP.
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| Robert M. Levy, 57, Executive Vice President, 2004 |
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Chairman, HAI; Chief Investment Officer of Domestic Equity, HALP, since 2001; President and Chief Executive Officer, HAI, HALP and HASLP, 1997 to 2002; Portfolio Manager, HALP.
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| Clyde S. McGregor, 54, Vice President and Portfolio Manager (The Oakmark Equity and Income Fund and The Oakmark Global Fund), 1995 |
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Portfolio Manager, HALP.
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| William C. Nygren, 49, Vice President and Portfolio Manager (The Oakmark Fund, The Oakmark Select Fund and The Oakmark Global Select Fund), 1996 |
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Portfolio Manager and Analyst, HALP.
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| Vineeta D. Raketich, 36, Vice President, 2003 |
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Manager, International Operations and Client Relations, HALP, since 2003; Supervisor, Mutual Fund and Institutional Services, HALP, prior thereto.
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| Janet L. Reali,56, Vice President and Secretary, 2001 |
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Vice President, General Counsel and Secretary, HAI, HALP and HASLP, since 2001.
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| Kristi L. Rowsell, 41, Vice President and Principal Financial Officer, 2005 |
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Director, Chief Financial Officer and Treasurer, HAI; Chief Financial Officer, HALP and HASLP, prior thereto.
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| Edward A. Studzinski, 58, Vice President and Portfolio Manager (The Oakmark Equity and Income Fund), 2000 |
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Portfolio Manager and Analyst, HALP.
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| Robert A. Taylor, 35, Vice President and Portfolio Manager (The Oakmark Global Fund), 2005 Director of International Research, since 2004; |
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Portfolio Manager and Analyst, HALP.
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| Christopher P. Wright, 33, Vice President, 2005 |
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Director of Mutual Fund Operations, HALP, since 2004; Assistant Director of Mutual Fund Operations, HALP, prior thereto.
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| * |
Mr. Voss is a trustee who is deemed to be an “interested person” of the Trust as defined in the Investment Company Act of 1940, because he was a director of HAI, the general partner and manager of HALP, the investment adviser to the Funds. Mr. Raitt is a trustee who is deemed to be an “interested person” of the Trust 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 LLP
Chicago, Illinois
Independent Registered Public Accounting Firm
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.