-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IFufhYoCdkrBHJi9rM/vdADBK7RLmwNHMqausTCBEpZMPjPTQw5Qi7bAm4TGE8hY muUqDoDMkJZFbpdTkJyxOA== 0001047469-05-004975.txt : 20050228 0001047469-05-004975.hdr.sgml : 20050228 20050228162616 ACCESSION NUMBER: 0001047469-05-004975 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050228 DATE AS OF CHANGE: 20050228 EFFECTIVENESS DATE: 20050228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARRIS ASSOCIATES INVESTMENT TRUST CENTRAL INDEX KEY: 0000872323 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06279 FILM NUMBER: 05645906 BUSINESS ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: TWO N LASALLE ST STE 500 CITY: CHICAGO STATE: IL ZIP: 60602-3790 BUSINESS PHONE: 8004769625 MAIL ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: TWO NORTH LASALLE STREET STE 500 CITY: CHICAGO STATE: IL ZIP: 60602-3790 N-Q 1 a2150224zn-q.txt N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-06279 Harris Associates Investment Trust (Exact name of Registrant as specified in charter) Two North LaSalle Street, Suite 500 Chicago, Illinois 60602-3790 (Address of principal executive offices) (Zip Code) John R. Raitt Cameron S. Avery Harris Associates L.P. Bell, Boyd & Lloyd LLC Two North LaSalle Street, #500 Three First National Plaza, #3100 Chicago, Illinois 60602 Chicago, Illinois 60602 (Name and address of agents for service) Registrant's telephone number, including area code: (312) 621-0600 Date of fiscal year end: 09/30/04 Date of reporting period: 12/31/04 ITEM 1. SCHEDULE OF INVESTMENTS. THE OAKMARK FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2004 (UNAUDITED)
NAME SHARES HELD MARKET VALUE - ------------------------------------------------------------------------------------------------------------ COMMON STOCKS--90.9% APPAREL RETAIL--4.0% The Gap, Inc. 7,066,700 $ 149,248,704 Limited Brands 6,000,047 138,121,082 ---------------- 287,369,786 BROADCASTING & CABLE TV--7.7% Liberty Media Corporation, Class A (a) 16,199,400 $ 177,869,412 Comcast Corporation, Special Class A (a) 4,725,000 155,169,000 The DIRECTV Group, Inc. (a) 6,800,000 113,832,000 EchoStar Communications Corporation, Class A 3,175,000 105,537,000 ---------------- 552,407,412 DEPARTMENT STORES--1.8% Kohl's Corporation (a) 2,650,500 $ 130,325,085 HOME IMPROVEMENT RETAIL--2.1% The Home Depot, Inc. 3,581,500 $ 153,073,310 HOMEBUILDING--1.3% Pulte Homes, Inc. 1,500,000 $ 95,700,000 HOUSEHOLD APPLIANCES--2.1% The Black & Decker Corporation 1,722,200 $ 152,121,926 HOUSEWARES & SPECIALTIES--1.9% Fortune Brands, Inc. 1,745,600 $ 134,725,408 LEISURE PRODUCTS--1.0% Mattel, Inc. 3,874,300 $ 75,510,107 MOTORCYCLE MANUFACTURERS--1.7% Harley-Davidson, Inc. 1,962,500 $ 119,221,875 MOVIES & ENTERTAINMENT--6.5% Time Warner Inc. (a) 8,997,700 $ 174,915,288 The Walt Disney Company 5,950,000 165,410,000 Viacom Inc., Class B 3,629,490 132,077,141 ---------------- 472,402,429 PUBLISHING--2.6% Gannett Co., Inc. 1,555,500 $ 127,084,350 Knight-Ridder, Inc. 916,000 61,317,040 ---------------- 188,401,390 RESTAURANTS--4.9% McDonald's Corporation 5,700,000 $ 182,742,000 Yum! Brands, Inc. 3,674,000 173,339,320 ---------------- 356,081,320
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NAME SHARES HELD MARKET VALUE - ------------------------------------------------------------------------------------------------------------ COMMON STOCKS--90.9% (CONT.) SPECIALTY STORES--0.9% Toys 'R' Us, Inc. (a)(b) 3,125,000 $ 63,968,750 BREWERS--2.1% Anheuser-Busch Companies, Inc. 2,950,000 $ 149,653,500 DISTILLERS & VINTNERS--1.8% Diageo plc (c) 2,221,000 $ 128,551,480 HYPERMARKETS & SUPER CENTERS--2.1% Wal-Mart Stores, Inc. 2,800,000 $ 147,896,000 PACKAGED FOODS & MEATS--4.3% General Mills, Inc. 2,506,000 $ 124,573,260 Kraft Foods Inc., Class A 2,645,000 94,188,450 H.J. Heinz Company 2,310,000 90,066,900 ---------------- 308,828,610 SOFT DRINKS--1.0% Coca-Cola Enterprises, Inc. 3,500,000 $ 72,975,000 INTEGRATED OIL & GAS--1.7% ConocoPhillips 1,435,335 $ 124,630,138 OIL & GAS EXPLORATION & PRODUCTION--1.5% Burlington Resources Inc. 2,442,200 $ 106,235,700 ASSET MANAGEMENT & CUSTODY BANKS--1.2% The Bank of New York Company, Inc. 2,500,000 $ 83,550,000 DIVERSIFIED BANKS--1.9% U.S. Bancorp 4,300,000 $ 134,676,000 LIFE & HEALTH INSURANCE--1.5% AFLAC Incorporated 2,767,000 $ 110,237,280 OTHER DIVERSIFIED FINANCIAL SERVICES--3.7% Citigroup Inc. 3,100,000 $ 149,358,000 JP Morgan Chase & Co. 3,000,000 117,030,000 ---------------- 266,388,000 THRIFTS & MORTGAGE FINANCE--6.4% Washington Mutual, Inc. 4,687,300 $ 198,179,044 Fannie Mae 2,095,000 149,184,950 MGIC Investment Corporation 1,640,600 113,053,746 ---------------- 460,417,740 HEALTH CARE DISTRIBUTORS--1.0% AmerisourceBergen Corp 1,200,000 $ 70,416,000
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SHARES HELD/ NAME PAR VALUE MARKET VALUE - ------------------------------------------------------------------------------------------------------------ COMMON STOCKS--90.9% (CONT.) HEALTH CARE EQUIPMENT--2.1% Baxter International Inc. 4,300,000 $ 148,522,000 PHARMACEUTICALS--3.7% Abbott Laboratories 3,087,300 $ 144,022,545 Bristol-Myers Squibb Company 4,905,400 125,676,348 ---------------- 269,698,893 AEROSPACE & DEFENSE--3.1% Raytheon Company 3,000,000 $ 116,490,000 Honeywell International, Inc. 3,050,000 108,000,500 ---------------- 224,490,500 BUILDING PRODUCTS--2.1% Masco Corporation 4,233,600 $ 154,653,408 DIVERSIFIED COMMERCIAL SERVICES--2.1% H&R Block, Inc. (b) 3,029,300 $ 148,435,700 ENVIRONMENTAL SERVICES--1.4% Waste Management, Inc. 3,474,300 $ 104,020,542 COMPUTER HARDWARE--1.8% Sun Microsystems, Inc. (a) 24,370,000 $ 131,110,600 DATA PROCESSING & OUTSOURCED SERVICES--4.5% First Data Corporation 3,615,000 $ 153,782,100 SunGard Data Systems, Inc. (a) 3,203,700 90,760,821 Automatic Data Processing, Inc. 1,800,000 79,830,000 ---------------- 324,372,921 OFFICE ELECTRONICS--1.4% Xerox Corporation (a) 5,972,400 $ 101,590,524 TOTAL COMMON STOCKS (COST: $4,901,257,934) 6,552,659,334 SHORT TERM INVESTMENTS--9.3% U.S. GOVERNMENT BILLS--6.2% United States Treasury Bills, 1.72% - 2.215% due 1/6/2005 - 4/7/2005 $ 450,000,000 $ 448,589,195 TOTAL U.S. GOVERNMENT BILLS (COST: $448,521,726) 448,589,195
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NAME PAR VALUE MARKET VALUE - ------------------------------------------------------------------------------------------------------------ SHORT TERM INVESTMENTS--9.3% (CONT.) REPURCHASE AGREEMENTS--3.1% IBT Repurchase Agreement, 1.75% dated 12/31/2004 due 1/3/2005, repurchase price $1,233,731 collateralized by a U.S. Government Agency Security with a market value plus accrued interest of $1,295,229 $ 1,233,551 $ 1,233,551 IBT Repurchase Agreement, 1.55% dated 12/31/2004 due 1/3/2005, repurchase price $223,528,869 collateralized by U.S. Government Agency Securities with an aggregate market value plus accrued interest of $234,675,000 223,500,000 223,500,000 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $224,733,551) 224,733,551 TOTAL SHORT TERM INVESTMENTS (COST: $673,255,277) 673,322,746 Total Investments (Cost $5,574,513,211)--100.2% $ 7,225,982,080 Other Liabilities In Excess Of Other Assets--(0.2)% (12,284,515) ---------------- TOTAL NET ASSETS--100% $ 7,213,697,565 ================
(a) Non-income producing security. (b) See footnote number two in the Notes to the Schedules of Investments regarding transactions in securities of affiliated issuers. (c) Represents an American Depository Receipt. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 4 THE OAKMARK SELECT FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2004 (UNAUDITED)
NAME SHARES HELD MARKET VALUE - ------------------------------------------------------------------------------------------------------------ COMMON STOCKS--92.1% APPAREL RETAIL--7.3% Limited Brands 9,280,981 $ 213,648,183 The Gap, Inc. 10,060,000 212,467,200 ---------------- 426,115,383 BROADCASTING & CABLE TV--2.4% Liberty Media Corporation, Class A (a) 12,750,000 $ 139,995,000 LEISURE PRODUCTS--3.3% Mattel, Inc. 9,735,700 $ 189,748,793 MOVIES & ENTERTAINMENT--5.1% Time Warner Inc. (a) 15,240,000 $ 296,265,600 PUBLISHING--3.0% Knight-Ridder, Inc. 2,606,500 $ 174,479,110 RESTAURANTS--10.8% Yum! Brands, Inc. 9,207,000 $ 434,386,260 McDonald's Corporation 6,000,000 192,360,000 ---------------- 626,746,260 SPECIALTY STORES--6.5% Toys 'R' Us, Inc. (a)(b) 10,544,600 $ 215,847,962 Office Depot, Inc. (a) 9,104,600 158,055,856 ---------------- 373,903,818 OIL & GAS EXPLORATION & PRODUCTION--3.8% Burlington Resources Inc. 5,103,600 $ 222,006,600 ASSET MANAGEMENT & CUSTODY BANKS--1.4% Janus Capital Group, Inc. 4,831,200 $ 81,212,472 SPECIALIZED FINANCE--4.2% Moody's Corporation 2,823,600 $ 245,229,660 THRIFTS & MORTGAGE FINANCE--16.3% Washington Mutual, Inc. 22,417,400 $ 947,807,672 HEALTH CARE SERVICES--3.3% IMS Health Incorporated 8,303,441 $ 192,722,865 PHARMACEUTICALS--3.1% Bristol-Myers Squibb Company 6,990,200 $ 179,088,924 DIVERSIFIED COMMERCIAL SERVICES--11.0% H&R Block, Inc. (b) 8,259,800 $ 404,730,200 The Dun & Bradstreet Corporation (a)(b) 3,934,900 234,716,785 ---------------- 639,446,985
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SHARES HELD/ NAME PAR VALUE MARKET VALUE - ------------------------------------------------------------------------------------------------------------ COMMON STOCKS--92.1% (CONT.) DATA PROCESSING & OUTSOURCED SERVICES--5.7% First Data Corporation 7,815,400 $ 332,467,116 OFFICE ELECTRONICS--4.9% Xerox Corporation (a) 16,746,400 $ 284,856,264 TOTAL COMMON STOCKS (COST: $3,238,189,077) 5,352,092,522 SHORT TERM INVESTMENTS--7.9% U.S. GOVERNMENT BILLS--4.5% United States Treasury Bills, 1.695% - 2.125% due 1/6/2005 - 3/24/2005 $ 260,000,000 $ 259,449,400 TOTAL U.S. GOVERNMENT BILLS (COST: $259,427,613) 259,449,400 REPURCHASE AGREEMENTS--3.4% IBT Repurchase Agreement, 1.75% dated 12/31/2004 due 1/3/2005, repurchase price $2,353,004 collateralized by a U.S. Government Agency Security with a market value plus accrued interest of $2,470,294 $ 2,352,661 $ 2,352,661 IBT Repurchase Agreement, 1.55% dated 12/31/2004 due 1/3/2005, repurchase price $196,025,317 collateralized by U.S. Government Agency Securities with an aggregate market value plus accrued interest of $205,800,000 196,000,000 196,000,000 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $198,352,661) 198,352,661 TOTAL SHORT TERM INVESTMENTS (COST: $457,780,274) 457,802,061 Total Investments (Cost $3,695,969,351)--100.0% $ 5,809,894,583 Other Assets In Excess Of Other Liabilities--0.0% 1,870,222 ---------------- TOTAL NET ASSETS--100% $ 5,811,764,805 ================
(a) Non-income producing security. (b) See footnote number two in the Notes to the Schedules of Investments regarding transactions in securities of affiliated issuers. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 6 THE OAKMARK EQUITY AND INCOME FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2004 (UNAUDITED)
NAME SHARES HELD MARKET VALUE - ------------------------------------------------------------------------------------------------------------ EQUITY AND EQUIVALENTS--59.8% COMMON STOCKS--59.8% APPAREL RETAIL--2.1% The TJX Companies, Inc. 7,240,000 $ 181,941,200 AUTO PARTS & EQUIPMENT--1.5% Delphi Corporation 14,871,300 $ 134,139,126 BROADCASTING & CABLE TV--2.5% The DIRECTV Group, Inc. (a) 8,026,722 $ 134,367,326 EchoStar Communications Corporation, Class A 2,500,000 83,100,000 ---------------- 217,467,326 HOUSEHOLD APPLIANCES--0.5% The Stanley Works 962,100 $ 47,133,279 MOVIES & ENTERTAINMENT--1.1% Fox Entertainment Group, Inc., Class A (a) 1,750,000 $ 54,705,000 Viacom Inc., Class B 1,187,300 43,205,847 ---------------- 97,910,847 PUBLISHING--0.7% Tribune Company 1,500,000 $ 63,210,000 RESTAURANTS--1.7% Darden Restaurants, Inc. 2,850,000 $ 79,059,000 McDonald's Corporation 2,000,000 64,120,000 ---------------- 143,179,000 SPECIALTY STORES--0.4% Office Depot, Inc. (a) 2,230,000 $ 38,712,800 DISTILLERS & VINTNERS--2.7% Diageo plc (b) 4,100,000 $ 237,308,000 HYPERMARKETS & SUPER CENTERS--1.8% Costco Wholesale Corporation 3,200,000 $ 154,912,000 PACKAGED FOODS & MEATS--3.6% Nestle SA (b) 3,500,000 $ 228,333,000 Dean Foods Company (a) 2,500,000 82,375,000 CoolBrands International, Inc. (a)(c) 150,000 1,140,000 ---------------- 311,848,000 TOBACCO--1.1% UST Inc. 2,000,000 $ 96,220,000
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NAME SHARES HELD MARKET VALUE - ------------------------------------------------------------------------------------------------------------ EQUITY AND EQUIVALENTS--59.8% (CONT.) INTEGRATED OIL & GAS--1.5% ConocoPhillips 1,500,000 $ 130,245,000 OIL & GAS EXPLORATION & PRODUCTION--8.0% Burlington Resources Inc. 7,150,000 $ 311,025,000 XTO Energy, Inc. 7,699,416 272,405,338 St. Mary Land & Exploration Company (d) 1,450,000 60,523,000 Cabot Oil & Gas Corporation 1,125,000 49,781,250 ---------------- 693,734,588 OTHER DIVERSIFIED FINANCIAL SERVICES--1.9% Citigroup Inc. 3,400,000 $ 163,812,000 PROPERTY & CASUALTY INSURANCE--3.5% SAFECO Corporation 4,000,000 $ 208,960,000 MBIA Inc. 900,000 56,952,000 The Progressive Corporation 500,000 42,420,000 ---------------- 308,332,000 REAL ESTATE INVESTMENT TRUSTS--1.2% Plum Creek Timber Company, Inc. 2,657,044 $ 102,136,771 REINSURANCE--0.6% RenaissanceRe Holdings Ltd. (c) 1,000,000 $ 52,080,000 BIOTECHNOLOGY--1.9% MedImmune, Inc. (a) 5,000,000 $ 135,550,000 Techne Corporation (a) 750,000 29,175,000 ---------------- 164,725,000 HEALTH CARE EQUIPMENT--2.4% Hospira, Inc. (a) 3,750,000 $ 125,625,000 Varian Inc. (a) 1,649,400 67,641,894 CONMED Corporation (a) 570,100 16,202,243 ---------------- 209,469,137 HEALTH CARE SERVICES--2.4% Caremark Rx, Inc. (a) 5,250,000 $ 207,007,500 PHARMACEUTICALS--2.1% Abbott Laboratories 4,000,000 $ 186,600,000
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SHARES HELD/ NAME PAR VALUE MARKET VALUE - ------------------------------------------------------------------------------------------------------------ EQUITY AND EQUIVALENTS--59.8% (CONT.) AEROSPACE & DEFENSE--6.5% General Dynamics Corporation 2,060,300 $ 215,507,380 Raytheon Company 3,599,700 139,776,351 Rockwell Collins, Inc. 3,107,900 122,575,576 Honeywell International, Inc. 1,889,500 66,907,195 Alliant Techsystems, Inc. (a) 300,000 19,614,000 ---------------- 564,380,502 COMMERCIAL PRINTING--2.0% R.R. Donnelley & Sons Company 4,909,500 $ 173,256,255 DIVERSIFIED COMMERCIAL SERVICES--0.9% ChoicePoint Inc. (a) 1,500,000 $ 68,985,000 Watson Wyatt & Company Holdings 237,000 6,387,150 ---------------- 75,372,150 APPLICATION SOFTWARE--1.2% Mentor Graphics Corporation (a)(d) 3,640,000 $ 55,655,600 The Reynolds and Reynolds Company, Class A 1,715,100 45,467,301 ---------------- 101,122,901 COMPUTER STORAGE & PERIPHERALS--0.4% Imation Corp. 1,215,000 $ 38,673,450 DATA PROCESSING & OUTSOURCED SERVICES--3.4% First Data Corporation 4,850,000 $ 206,319,000 Ceridian Corporation (a) 4,800,000 87,744,000 ---------------- 294,063,000 PAPER PRODUCTS--0.2% Schweitzer-Mauduit International, Inc. 400,000 $ 13,580,000 TOTAL COMMON STOCKS (COST: $4,055,235,424) 5,202,571,832 TOTAL EQUITY AND EQUIVALENTS (COST: $4,055,235,424) 5,202,571,832 FIXED INCOME--32.7% CORPORATE BONDS--1.6% BROADCASTING & CABLE TV--0.4% Cablevision Systems New York Group, 144A, 8.00% due 4/15/2012 (e) 20,000,000 $ 21,350,000 Liberty Media Corporation, 8.25% due 2/1/2030, Debenture 12,900,000 14,668,087 ---------------- 36,018,087 MOVIES & ENTERTAINMENT--0.6% Time Warner Inc., 5.625% due 5/1/2005 50,000,000 $ 50,460,450
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NAME PAR VALUE MARKET VALUE - ------------------------------------------------------------------------------------------------------------ FIXED INCOME--32.7% (CONT.) PUBLISHING--0.1% PRIMEDIA Inc., 8.00% due 5/15/2013 10,000,000 $ 10,287,500 HEALTH CARE DISTRIBUTORS--0.2% Omnicare, Inc., 6.125% due 6/1/2013 20,000,000 $ 20,100,000 PAPER PACKAGING--0.3% Sealed Air Corporation, 144A, 5.625% due 7/15/2013 (e) 20,000,000 $ 20,690,360 MULTI-UTILITIES & UNREGULATED POWER--0.0% Midland Funding Corporation, 11.75% due 7/23/2005 172,075 $ 178,669 TOTAL CORPORATE BONDS (COST: $133,386,305) 137,735,066 GOVERNMENT AND AGENCY SECURITIES--31.1% CANADIAN GOVERNMENT BONDS--1.3% Canada Government, 3.00% due 12/1/2005 CAD 125,000,000 $ 104,479,167 Province of Alberta, 7.25% due 10/28/2005 CAD 10,000,000 8,621,700 ---------------- 113,100,867 NORWEGIAN GOVERNMENT BONDS--0.1% Norway Government, 6.75% due 1/15/2007 NOK 25,000,000 $ 4,466,631 SWEDISH GOVERNMENT BONDS--0.1% Kingdom of Sweden, 3.50% due 4/20/2006 SEK 50,000,000 $ 7,637,154 U.S. GOVERNMENT NOTES--27.4% United States Treasury Notes, 3.375% due 11/15/2008 500,000,000 $ 498,652,500 United States Treasury Notes, 3.00% due 11/15/2007 500,000,000 496,914,000 United States Treasury Notes, 5.00% due 8/15/2011 400,000,000 425,828,000 United States Treasury Notes, 4.00% due 2/15/2014 400,000,000 394,484,400 United States Treasury Notes, 3.375% due 1/15/2007, Inflation Indexed 256,601,100 271,766,738 United States Treasury Notes, 3.50% due 11/15/2009 200,000,000 199,062,400 United States Treasury Notes, 4.00% due 11/15/2012 100,000,000 99,832,000 ---------------- 2,386,540,038 U.S. GOVERNMENT AGENCIES--2.2% Federal Home Loan Bank, 5.00% due 12/20/2011 34,555,000 $ 34,740,837 Federal Home Loan Mortgage Corporation, 2.75% due 9/8/2009 32,490,000 32,492,794 Fannie Mae, 4.25% due 2/19/2010 12,888,000 12,879,275 Fannie Mae, 3.125% due 11/30/2009 12,697,000 12,702,460
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NAME PAR VALUE MARKET VALUE - ------------------------------------------------------------------------------------------------------------ FIXED INCOME--32.7% (CONT.) U.S. GOVERNMENT AGENCIES--2.2% (CONT.) Federal Home Loan Mortgage Corporation, 3.00% due 8/17/2009 10,000,000 $ 10,017,620 Federal Home Loan Mortgage Corporation, 2.00% due 4/27/2007 10,000,000 9,977,270 Federal Home Loan Mortgage Corporation, 2.375% due 9/27/2007 10,000,000 9,971,690 Federal Home Loan Mortgage Corporation, 3.00% due 11/17/2006 10,000,000 9,958,230 Fannie Mae, 3.00% due 10/6/2009 10,000,000 9,937,390 Federal Home Loan Mortgage Corporation, 3.50% due 9/28/2012 8,660,000 8,585,810 Fannie Mae, 3.50% due 10/14/2010 7,550,000 7,531,268 Fannie Mae, 2.25% due 12/30/2008 6,975,000 6,836,783 Federal Home Loan Bank, 3.00% due 12/30/2009 5,000,000 5,063,685 Federal Home Loan Mortgage Corporation, 3.00% due 1/7/2011 4,900,000 4,899,990 Federal Home Loan Bank, 4.52% due 8/26/2009 4,825,000 4,867,523 Fannie Mae, 5.125% due 5/4/2012 4,013,000 4,034,385 Federal Home Loan Bank, 2.25% due 2/22/2007 4,000,000 3,997,816 Federal Home Loan Bank, 3.125% due 7/10/2009 4,000,000 3,880,252 Fannie Mae, 4.125% due 9/14/2012 2,300,000 2,301,799 ---------------- 194,676,877 TOTAL GOVERNMENT AND AGENCY SECURITIES (COST: $2,689,766,977) 2,706,421,567 TOTAL FIXED INCOME (COST: $2,823,153,282) 2,844,156,633 SHORT TERM INVESTMENTS--7.4% U.S. GOVERNMENT BILLS--4.0% United States Treasury Bills, 1.84% - 2.04% due 1/6/2005 - 2/17/2005 $ 350,000,000 $ 349,583,292 TOTAL U.S. GOVERNMENT BILLS (COST: $349,583,292) 349,583,292 REPURCHASE AGREEMENTS--3.4% IBT Repurchase Agreement, 1.75% dated 12/31/2004 due 1/3/2005, repurchase price $1,494,214 collateralized by a U.S. Government Agency Security with a market value plus accrued interest of $1,568,696 $ 1,493,996 $ 1,493,996
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NAME PAR VALUE MARKET VALUE - ------------------------------------------------------------------------------------------------------------ SHORT TERM INVESTMENTS--7.4% (CONT.) IBT Repurchase Agreement, 1.55% dated 12/31/2004 due 1/3/2005, repurchase price $293,537,910 collateralized by U.S. Government Agency Securities with an aggregate market value plus accrued interest of $308,175,000 $ 293,500,000 $ 293,500,000 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $294,993,996) 294,993,996 TOTAL SHORT TERM INVESTMENTS (COST: $644,577,288) 644,577,288 Total Investments (Cost $7,522,965,994)--99.9% $ 8,691,305,753 Other Assets In Excess Of Other Liabilities--0.1% 12,796,012 ---------------- TOTAL NET ASSETS--100% $ 8,704,101,765 ================
(a) Non-income producing security. (b) Represents an American Depository Receipt. (c) Represents a foreign domiciled corporation. (d) See footnote number two in the Notes to the Schedules of Investments regarding transactions in securities of affiliated issuers. (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Key to abbreviations: CAD: Canadian Dollar NOK: Norwegian Krone SEK: Swedish Krona SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 12 THE OAKMARK GLOBAL FUND GLOBAL DIVERSIFICATION--DECEMBER 31, 2004 (UNAUDITED) [CHART]
% OF FUND EQUITY MARKET VALUE ------------------- EUROPE 48.5% Great Britain 13.0% Switzerland 12.1% * France 6.5% * Netherlands 6.4% * Ireland 4.4% * Italy 3.3% * Germany 2.8% UNITED STATES 34.2% PACIFIC RIM 13.9% Japan 7.6% Australia 3.4% Korea 2.9% LATIN AMERICA 2.8% Mexico 2.8% OTHER 0.6% Israel 0.6%
* Euro currency countries comprise 23.4% of the Fund. 13 THE OAKMARK GLOBAL FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2004 (UNAUDITED)
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.2% APPAREL RETAIL--2.4% The TJX Companies, Inc. Discount Apparel & (United States) Home Fashion Retailer 1,501,000 $ 37,720,130 APPAREL, ACCESSORIES & LUXURY GOODS--2.0% Bulgari S.p.A. (Italy) Jewelry Manufacturer & Retailer 2,557,100 $ 31,531,701 BROADCASTING & CABLE TV--3.6% Grupo Televisa S.A. Television Production & (Mexico) (b) Broadcasting 496,500 $ 30,038,250 Liberty Media Corporation, Class A Broadcast Services & (United States) (a) Programming 2,356,000 25,868,880 ---------------- 55,907,130 HOUSEHOLD APPLIANCES--1.6% Snap-on Incorporated (United States) Tool & Equipment Manufacturer 728,000 $ 25,014,080 MOTORCYCLE MANUFACTURERS--0.1% Ducati Motor Holding S.p.A. (Italy) (a) Motorcycle Manufacturer 1,790,000 $ 2,133,438 MOVIES & ENTERTAINMENT--3.9% Vivendi Universal SA (France) (a) Multimedia 1,430,500 $ 45,583,397 Time Warner Inc. Motion Picture Production, (United States) (a) Distribution, & Other Services 833,000 16,193,520 ---------------- 61,776,917 PUBLISHING--2.7% Tribune Company (United States) Publishing & Broadcast Services 1,003,000 $ 42,266,420 DISTILLERS & VINTNERS--5.0% Diageo plc (Great Britain) Beverages, Wines, & Spirits Manufacturer 5,517,500 $ 78,644,856 HOUSEHOLD PRODUCTS--2.7% Henkel KGaA (Germany) Consumer Chemical Products Manufacturer 513,800 $ 42,440,049
14
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.2% (CONT.) PACKAGED FOODS & MEATS--6.6% Nestle SA (Switzerland) Food & Beverage Manufacturer 238,500 $ 62,237,402 Cadbury Schweppes plc Beverage & Confectionary (Great Britain) Manufacturer 4,383,000 40,780,484 ---------------- 103,017,886 SOFT DRINKS--0.8% Lotte Chilsung Beverage Soft Drinks, Juices & Co., Ltd. (Korea) (c) Sports Drinks Manufacturer 13,430 $ 12,454,405 OIL & GAS EXPLORATION & PRODUCTION--3.5% Burlington Resources Inc. Oil & Natural Gas Exploration & (United States) Production 1,260,000 $ 54,810,000 ASSET MANAGEMENT & CUSTODY BANKS--2.5% Julius Baer Holding Ltd., Zurich (Switzerland) Asset Management 129,300 $ 38,816,653 DIVERSIFIED BANKS--7.7% Bank of Ireland (Ireland) Commercial Bank 4,029,000 $ 66,952,864 Australia and New Zealand Banking Group Limited (Australia) Commercial Bank 2,260,000 36,407,732 Banco Popolare di Verona e Novara Scrl (Italy) Commercial Bank 863,600 17,525,888 ---------------- 120,886,484 DIVERSIFIED CAPITAL MARKETS--0.5% Credit Suisse Group (Switzerland) (a) Investment Services & Insurance 190,700 $ 7,995,667 INVESTMENT BANKING & BROKERAGE--1.0% Daiwa Securities Group Inc. (Japan) Stock Broker 2,062,000 $ 14,896,808 SPECIALIZED FINANCE--3.5% Euronext NV (Netherlands) (c) Stock Exchange 1,814,000 $ 55,293,765 THRIFTS & MORTGAGE FINANCE--1.1% Washington Mutual, Inc. (United States) Thrift 415,000 $ 17,546,200
15
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.2% (CONT.) HEALTH CARE DISTRIBUTORS--2.3% Cardinal Health, Inc. (United States) Wholesale Drug Distributor 607,500 $ 35,326,124 HEALTH CARE SERVICES--2.8% Laboratory Corporation of America Holdings Medical Laboratory & (United States) (a) Testing Services 892,000 $ 44,439,440 HEALTH CARE SUPPLIES--1.0% Ansell Limited (Australia) Protective Rubber & Plastics Products 2,265,966 $ 15,831,924 PHARMACEUTICALS--10.8% Takeda Pharmaceutical Company Limited Pharmaceuticals & Food (Japan) Supplements 1,281,000 $ 64,531,485 GlaxoSmithKline plc (Great Britain) Pharmaceuticals 2,614,200 61,284,293 Novartis AG (Switzerland) Pharmaceuticals 394,000 19,802,816 Sanofi-Aventis (France) Pharmaceuticals 187,185 14,930,838 Santen Pharmaceutical Co., Ltd. (Japan) Pharmaceuticals 346,800 7,584,028 ---------------- 168,133,460 AIRPORT SERVICES--0.8% Grupo Aeroportuario del Sureste S.A. de C.V. (Mexico) (b)(c) Airport Operator 463,000 $ 12,663,050 DIVERSIFIED COMMERCIAL SERVICES--4.2% Equifax Inc. (United States) Credit Reporting & Collection 1,367,000 $ 38,412,700 Meitec Corporation (Japan) (c) Software Engineering Services 760,000 28,343,259 ---------------- 66,755,959 EMPLOYMENT SERVICES--1.1% Michael Page International plc (Great Britain) (c) Recruitment Consultancy Services 4,815,400 $ 17,274,804 ENVIRONMENTAL SERVICES--2.2% Waste Management, Inc. (United States) Waste Management Services 1,175,000 $ 35,179,500
16
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.2% (CONT.) OFFICE SERVICES & SUPPLIES--0.4% United Stationers Inc. (United States) (a) Business Products Distributor 150,000 $ 6,930,000 DATA PROCESSING & OUTSOURCED SERVICES--9.1% First Data Corporation (United States) Data Processing & Management 1,495,750 $ 63,629,205 eFunds Corporation (United States) (a) Electronic Debit Payment Services 2,239,000 53,758,390 Ceridian Corporation (United States) (a) Data Management Services 1,348,000 24,641,440 ---------------- 142,029,035 ELECTRONIC EQUIPMENT MANUFACTURERS--0.6% Orbotech, Ltd. (Israel) (a)(c) Optical Inspection Systems 412,700 $ 8,736,859 OFFICE ELECTRONICS--2.4% Neopost SA (France) Mailroom Equipment Supplier 494,750 $ 38,389,958 DIVERSIFIED CHEMICALS--2.7% Akzo Nobel N.V. (Netherlands) Chemical Producer 992,300 $ 42,240,761 SPECIALTY CHEMICALS--3.6% Lonza Group AG, Registered Shares (Switzerland) (c) Industrial Organic Chemicals 710,400 $ 39,880,356 Givaudan (Switzerland) Fragrance & Flavor Compound Manufacturer 25,300 16,621,815 ---------------- 56,502,171 WIRELESS TELECOMMUNICATION SERVICES--2.0% SK Telecom Co., Ltd. (Korea) Mobile Telecommunications 168,000 $ 31,970,634 TOTAL COMMON STOCKS (COST: $1,151,858,660) 1,525,556,268
17
NAME PAR VALUE MARKET VALUE - ----------------------------------------------------------------------------------------------------- SHORT TERM INVESTMENTS--3.0% REPURCHASE AGREEMENTS--3.0% IBT Repurchase Agreement, 1.75% dated 12/31/2004 due 1/3/2005, repurchase price $1,619,087 collateralized by a U.S. Government Agency Security with a market value plus accrued interest of $1,699,794 $ 1,618,851 $ 1,618,851 IBT Repurchase Agreement, 1.55% dated 12/31/2004 due 1/3/2005, repurchase price $46,005,942 collateralized by U.S. Government Agency Securities with an aggregate market value plus accrued interest of $48,300,000 46,000,000 46,000,000 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $47,618,851) 47,618,851 TOTAL SHORT TERM INVESTMENTS (COST: $47,618,851) 47,618,851 Total Investments (Cost $1,199,477,511)--100.2% $ 1,573,175,119 Other Liabilities In Excess Of Other Assets--(0.2)% (3,864,527) ---------------- TOTAL NET ASSETS--100% $ 1,569,310,592 ================
(a) Non-income producing security. (b) Represents an American Depository Receipt. (c) See footnote number two in the Notes to the Schedules of Investments regarding transactions in securities of affiliated issuers. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 18 THE OAKMARK INTERNATIONAL FUND INTERNATIONAL DIVERSIFICATION--DECEMBER 31, 2004 (UNAUDITED) [CHART]
% OF FUND EQUITY MARKET VALUE ------------------- EUROPE 78.4% Great Britain 25.9% Switzerland 16.0% * France 11.7% * Germany 8.2% * Netherlands 7.7% * Italy 3.9% * Ireland 3.6% * Finland 1.4% PACIFIC RIM 19.3% Japan 7.2% Korea 5.8% Australia 4.0% Singapore 1.5% Hong Kong 0.8% LATIN AMERICA 1.8% Mexico 1.8% OTHER 0.5% Israel 0.5%
* Euro currency countries comprise 36.5% of the Fund. 19 THE OAKMARK INTERNATIONAL FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2004 (UNAUDITED)
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.1% ADVERTISING--4.2% Publicis Groupe (France) Advertising & Media Services 3,685,800 $ 119,249,332 Aegis Group plc (Great Britain) Media Services 43,844,900 90,841,020 ---------------- 210,090,352 APPAREL RETAIL--0.8% Giordano International Pacific Rim Clothing Retailer & Limited (Hong Kong) Manufacturer 61,424,300 $ 38,524,529 APPAREL, ACCESSORIES & LUXURY GOODS--1.7% Swatch Group AG, Bearer Shares (Switzerland) Watch Manufacturer 570,300 $ 83,490,259 Swatch Group AG, Registered Shares (Switzerland) Watch Manufacturer 24,700 732,301 ---------------- 84,222,560 AUTOMOBILE MANUFACTURERS--3.1% Bayerische Motoren Werke (BMW) AG (Germany) Luxury Automobile Manufacturer 3,431,500 $ 154,546,044 BROADCASTING & CABLE TV--2.3% Grupo Televisa S.A. Television Production & (Mexico) (b) Broadcasting 1,356,800 $ 82,086,400 British Sky Broadcasting Group plc Television Production & (Great Britain) Broadcasting 3,019,700 32,556,618 ---------------- 114,643,018 MOVIES & ENTERTAINMENT--2.1% Vivendi Universal SA (France) (a) Multimedia 3,260,300 $ 103,890,632 PUBLISHING--1.5% John Fairfax Holdings Limited (Australia) Newspaper Publisher 20,630,899 $ 73,444,350 SPECIALTY STORES--2.2% Signet Group plc (Great Britain) Jewelry Retailer 52,812,500 $ 111,447,050 TEXTILES--0.7% Chargeurs SA (France) (c) Wool, Textile Production & Trading 790,182 $ 33,283,159
20
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.1% (CONT.) TIRES & RUBBER--1.1% Compagnie Generale des Etablissements Michelin (France) Tire Manufacturer 884,300 $ 56,608,990 BREWERS--1.7% Heineken Holding NV, Class A (Netherlands) Brewer 2,323,500 $ 70,130,752 Heineken NV (Netherlands) Brewer 497,500 16,554,895 ---------------- 86,685,647 DISTILLERS & VINTNERS--4.3% Diageo plc (Great Britain) Beverages, Wines, & Spirits Manufacturer 12,023,000 $ 171,372,379 Pernod-Ricard SA (France) Manufactures Wines, Spirits, & Fruit Juices 299,000 45,712,072 ---------------- 217,084,451 HOUSEHOLD PRODUCTS--2.1% Henkel KGaA (Germany) Consumer Chemical Products Manufacturer 1,251,000 $ 103,333,012 PACKAGED FOODS & MEATS--5.6% Nestle SA (Switzerland) Food & Beverage Manufacturer 575,100 $ 150,074,339 Cadbury Schweppes plc Beverage & Confectionary (Great Britain) Manufacturer 14,165,200 131,796,421 ---------------- 281,870,760 PERSONAL PRODUCTS--0.9% L'Oreal SA (France) Health & Beauty Aid Manufacturer 600,800 $ 45,518,601 SOFT DRINKS--1.6% Lotte Chilsung Beverage Soft Drinks, Juices & Sports Drinks Co., Ltd. (Korea) (c) Manufacturer 83,400 $ 77,341,577 INTEGRATED OIL & GAS--1.6% BP p.l.c. (Great Britain) Oil & Natural Gas Exploration & Production 6,294,100 $ 61,338,975 Total SA (France) Oil & Natural Gas Exploration & Production 100,000 21,799,759 ---------------- 83,138,734
21
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.1% (CONT.) DIVERSIFIED BANKS--16.5% Bank of Ireland (Ireland) Commercial Bank 10,462,900 $ 173,869,726 Australia and New Zealand Banking Group Limited (Australia) Commercial Bank 7,348,800 118,386,346 Lloyds TSB Group plc (Great Britain) Commercial Bank 12,347,600 112,042,518 BNP Paribas SA (France) Commercial Banking 1,156,000 83,583,557 Kookmin Bank (Korea) (a) Commercial Banking 1,955,068 76,487,881 UniCredito Italiano S.p.A. (Italy) Banking Services 12,956,700 74,348,220 United Overseas Bank Limited, Foreign Shares (Singapore) Commercial Banking 8,395,368 70,985,895 Banco Popolare di Verona e Novara Scrl (Italy) Commercial Bank 2,938,400 59,631,854 Sanpaolo IMI S.p.A. (Italy) Banking Services 3,933,600 56,562,926 ---------------- 825,898,923 DIVERSIFIED CAPITAL MARKETS--2.0% Credit Suisse Group (Switzerland) (a) Investment Services & Insurance 2,408,600 $ 100,987,746 INVESTMENT BANKING & BROKERAGE--1.0% Daiwa Securities Group Inc. (Japan) Stock Broker 6,799,000 $ 49,119,008 REINSURANCE--0.3% Hannover Rueckversicherung AG (Germany) Reinsurance 390,800 $ 15,241,518 SPECIALIZED FINANCE--5.5% Euronext NV (Netherlands) (c) Stock Exchange 5,012,500 $ 152,789,413 Deutsche Boerse AG (Germany) Electronic Trading Systems 2,030,500 121,968,143 ---------------- 274,757,556 HEALTH CARE EQUIPMENT--1.4% Olympus Corporation (Japan) Optical Equipment Manufacturer 3,251,000 $ 69,349,165
22
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.1% (CONT.) PHARMACEUTICALS--10.3% GlaxoSmithKline plc (Great Britain) Pharmaceuticals 7,688,600 $ 180,242,681 Takeda Pharmaceutical Company Limited Pharmaceuticals & Food (Japan) Supplements 2,776,200 139,853,480 Novartis AG (Switzerland) Pharmaceuticals 2,693,900 135,397,983 Sanofi-Aventis (France) Pharmaceuticals 721,008 57,511,304 ---------------- 513,005,448 AIRPORT SERVICES--0.1% Grupo Aeroportuario del Sureste S.A. de C.V. (Mexico) (b)(c) Airport Operator 205,700 $ 5,625,895 DIVERSIFIED COMMERCIAL SERVICES--1.8% Meitec Corporation (Japan) (c) Software Engineering Services 2,424,800 $ 90,429,913 EMPLOYMENT SERVICES--1.9% Michael Page International plc (Great Britain) (c) Recruitment Consultancy Services 25,698,900 $ 92,192,440 INDUSTRIAL CONGLOMERATES--0.0% Haw Par Corporation Limited (Singapore) Healthcare & Leisure Products 58,338 $ 184,082 INDUSTRIAL MACHINERY--2.8% Enodis plc (Great Britain) (a)(c) Food Processing Equipment 33,585,320 $ 71,195,236 Metso Corporation (Finland) Paper & Pulp Machinery 4,339,200 68,634,745 ---------------- 139,829,981 MARINE PORTS & SERVICES--2.2% Associated British Ports Holdings plc (Great Britain) Port Operator 12,131,399 $ 110,546,160 ELECTRONIC EQUIPMENT MANUFACTURERS--0.5% Orbotech, Ltd. (Israel) (a)(c) Optical Inspection Systems 1,237,700 $ 26,202,109 DIVERSIFIED CHEMICALS--2.7% Akzo Nobel N.V. (Netherlands) Chemical Producer 3,107,200 $ 132,268,964 FERTILIZERS & AGRICULTURAL CHEMICALS--1.6% Syngenta AG (Switzerland) (a) Crop Protection Products 738,500 $ 78,251,656
23
SHARES HELD/ NAME DESCRIPTION PAR VALUE MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--97.1% (CONT.) SPECIALTY CHEMICALS--4.6% Lonza Group AG, Registered Shares (Switzerland) (c) Industrial Organic Chemicals 2,267,700 $ 127,303,890 Givaudan (Switzerland) Fragrance & Flavor Compound Manufacturer 151,100 99,270,997 ---------------- 226,574,887 WIRELESS TELECOMMUNICATION SERVICES--4.4% SK Telecom Co., Ltd. (Korea) Mobile Telecommunications 672,600 $ 127,996,716 Vodafone Group Plc (Great Britain) Mobile Telecommunications 27,049,500 73,297,112 Vodafone Group Plc (Great Britain) (b) Mobile Telecommunications 606,000 16,592,280 ---------------- 217,886,108 TOTAL COMMON STOCKS (COST: $3,510,280,488) 4,844,025,025 SHORT TERM INVESTMENTS--3.6% U.S. GOVERNMENT BILLS--0.6% United States Treasury Bill, 2.04% due 1/6/2005 $ 30,000,000 $ 29,991,500 TOTAL U.S. GOVERNMENT BILLS (COST: $29,991,500) 29,991,500 REPURCHASE AGREEMENTS--3.0% IBT Repurchase Agreement, 1.75% dated 12/31/2004 due 1/3/2005, repurchase price $1,325,953 collateralized by a U.S. Government Agency Security with a market value plus accrued interest of $1,392,048 $ 1,325,760 $ 1,325,760 IBT Repurchase Agreement, 1.55% dated 12/31/2004 due 1/3/2005, repurchase price $149,519,310 collateralized by U.S. Government Agency Securities with an aggregate market value plus accrued interest of $156,975,000 149,500,000 149,500,000 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $150,825,760) 150,825,760 TOTAL SHORT TERM INVESTMENTS (COST: $180,817,260) 180,817,260 Total Investments (Cost $3,691,097,748)--100.7% $ 5,024,842,285 Other Liabilities In Excess Of Other Assets--(0.7)% (36,753,194) ---------------- TOTAL NET ASSETS--100% $ 4,988,089,091 ================
(a) Non-income producing security. (b) Represents an American Depository Receipt. (c) See footnote number two in the Notes to the Schedules of Investments regarding transactions in securities of affiliated issuers. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 24 THE OAKMARK INTERNATIONAL SMALL CAP FUND INTERNATIONAL DIVERSIFICATION--DECEMBER 31, 2004 (UNAUDITED) [CHART]
% OF FUND EQUITY MARKET VALUE ------------------- EUROPE 72.2% Switzerland 17.9% * France 12.4% Great Britain 11.0% * Italy 8.5% Denmark 6.3% * Spain 4.0% * Finland 3.7% * Germany 3.6% Turkey 2.5% Sweden 1.9% * Greece 0.4% PACIFIC RIM 25.1% Japan 9.3% Korea 6.0% Australia 4.2% New Zealand 3.2% Hong Kong 1.7% Thailand 0.4% Philippines 0.3% LATIN AMERICA 2.6% Mexico 2.6% OTHER 0.1% Israel 0.1%
* Euro currency countries comprise 32.6% of the Fund. 25 THE OAKMARK INTERNATIONAL SMALL CAP FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2004 (UNAUDITED)
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--95.2% ADVERTISING--2.5% Asatsu-DK, Inc. (Japan) Advertising Services Provider 459,700 $ 12,947,716 G2R Inc. (Korea) Advertising & Marketing Services 485,330 8,321,684 ---------------- 21,269,400 APPAREL, ACCESSORIES & LUXURY GOODS--2.3% Bulgari S.p.A. (Italy) Jewelry Manufacturer & Retailer 1,615,900 $ 19,925,727 HOME FURNISHINGS--0.5% Royal Doulton plc (Great Britain) (a)(b) Tableware & Giftware 18,373,000 $ 4,097,436 HOME IMPROVEMENT RETAIL--2.5% Carpetright plc (Great Britain) Carpet Retailer 987,400 $ 21,594,201 MOTORCYCLE MANUFACTURERS--0.4% Ducati Motor Holding S.p.A. (Italy) (a) Motorcycle Manufacturer 3,015,650 $ 3,594,247 PHOTOGRAPHIC PRODUCTS--1.3% Vitec Group plc (Great Britain) Photo Equipment & Supplies 1,956,607 $ 10,735,167 PUBLISHING--1.9% Tamedia AG (Switzerland) (a) Publishing & TV Broadcasting 143,661 $ 13,231,354 Matichon Public Company Limited, Foreign Shares (Thailand) (b) Newspaper Publisher 2,039,500 3,672,506 ---------------- 16,903,860 AGRICULTURAL PRODUCTS--2.2% Geest plc (Great Britain) Fresh Produce Distributor 1,562,400 $ 19,122,826 BREWERS--4.1% Davide Campari - Milano Soft Drinks, Wines, & Spirits S.p.A. (Italy) Producer 301,500 $ 19,325,242 Kook Soon Dang Brewery Co., Ltd. (Korea) Wine & Spirits Manufacturer 843,176 10,425,669 Hite Brewery Co., Ltd. (Korea) Brewer 68,000 5,616,306 ---------------- 35,367,217
26
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--95.2% (CONT.) DISTILLERS & VINTNERS--2.0% Baron de Ley, S.A. (Spain) (a) Wines & Spirits Manufacturer 337,037 $ 17,373,887 PACKAGED FOODS & MEATS--0.5% Alaska Milk Corporation (Philippines) (b) Milk Producer 49,394,000 $ 2,596,210 Lotte Confectionery Co., Ltd. (Korea) Candy & Snacks Manufacturer 1,880 1,440,147 ---------------- 4,036,357 ASSET MANAGEMENT & CUSTODY BANKS--3.4% Julius Baer Holding Ltd., Zurich (Switzerland) Asset Management 97,500 $ 29,270,098 DIVERSIFIED BANKS--1.9% Jyske Bank-Registered (Denmark) (a) Commercial Banking 444,800 $ 16,711,283 MULTI-SECTOR HOLDINGS--2.7% Pargesa Holding AG (Switzerland) Diversified Operations 5,754 $ 20,188,588 Eurazeo (France) Investment Company 39,500 3,330,229 ---------------- 23,518,817 OTHER DIVERSIFIED FINANCIAL SERVICES--1.5% Ichiyoshi Securities Co., Ltd. (Japan) Stock Broker 1,428,700 $ 13,292,503 REGIONAL BANKS--1.5% Pusan Bank (Korea) Commercial Banking 1,033,500 $ 7,936,945 Daegu Bank (Korea) Commercial Banking 739,400 5,142,658 ---------------- 13,079,603 SPECIALIZED FINANCE--0.4% Athens Stock Exchange S.A. (Greece) (a) Exchange Services 293,000 $ 3,028,715 HEALTH CARE EQUIPMENT--0.0% Golden Meditech Company Limited (China) Medical Instruments & Supplies 296,000 $ 74,640
27
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--95.2% (CONT.) HEALTH CARE SUPPLIES--2.7% Ansell Limited (Australia) Protective Rubber & Plastics Products 1,733,684 $ 12,112,959 Coloplast A/S, Class B Healthcare Products & Services (Denmark) Provider 203,000 11,125,468 ---------------- 23,238,427 PHARMACEUTICALS--2.7% Santen Pharmaceutical Co., Ltd. (Japan) Pharmaceuticals 1,072,400 $ 23,451,879 AIR FREIGHT & LOGISTICS--1.7% Mainfreight Limited (New Zealand) (b) Logistics Services 8,935,381 $ 14,436,113 AIRPORT SERVICES--5.3% Kobenhavns Lufthavne A/S (Copenhagen Airports A/S - CPH) (Denmark) Airport Management & Operations 113,600 $ 24,095,494 Grupo Aeroportuario del Sureste S.A. de C.V. (Mexico) (b)(c) Airport Operator 785,300 21,477,955 ---------------- 45,573,449 CONSTRUCTION & ENGINEERING--1.2% Tae Young Corp. (Korea) Heavy Construction 283,560 $ 10,271,928 CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.2% Vossloh AG (Germany) Railroad Equipment Manufacturer 29,000 $ 1,430,007 DIVERSIFIED COMMERCIAL SERVICES--2.2% Prosegur, Compania de Seguridad SA (Spain) Security & Transportation Services 800,700 $ 15,728,025 Konami Sports Corporation (Japan) Fitness Centers 149,400 3,165,069 ---------------- 18,893,094 ELECTRICAL COMPONENTS & EQUIPMENT--3.7% Pfeiffer Vacuum Technology AG (Germany) Vacuum Pump Manufacturer 423,840 $ 18,973,685 Carbone Lorraine SA (France) (a) Electrical Systems Manufacturer 236,666 12,520,921 ---------------- 31,494,606
28
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--95.2% (CONT.) EMPLOYMENT SERVICES--1.0% DIS Deutscher Industrie Service AG (Germany) Recruitment Consultancy Services 227,000 $ 8,899,375 INDUSTRIAL CONGLOMERATES--2.4% Dogan Sirketler Grubu Holding A.S. (Turkey) (a)(d) Diversified Holding Company 9,859,711,000 $ 20,911,264 INDUSTRIAL MACHINERY--14.2% Saurer AG (Switzerland) (a) Textile Equipment Manufacturer 478,400 $ 28,115,258 Interpump Group S.p.A. (Italy) (b) Pump & Piston Manufacturer 4,700,000 27,116,214 Schindler Holding AG (Switzerland) Elevator & Escalator Manufacturer 64,200 26,748,827 Kone Oyj, Class B (Finland) Elevators 187,800 14,544,254 Alfa Laval AB (Sweden) Filtration & Separation Equipment 807,500 13,061,821 LISI (France) Industrial Fastener Manufacturer 162,413 9,553,134 Munters AB (Sweden) Cooling & Moisture Control Systems 77,400 2,329,291 NSC Groupe (France) Textile Equipment Manufacturer 12,316 1,004,942 ---------------- 122,473,741 OFFICE SERVICES & SUPPLIES--0.6% Societe BIC SA (France) Consumer & Office Supplies 101,800 $ 5,109,581 Domino Printing Sciences plc (Great Britain) Printing Equipment 70,000 344,449 ---------------- 5,454,030 COMPUTER STORAGE & PERIPHERALS--1.4% Lectra (France) Manufacturing Process Systems 1,813,100 $ 12,297,804 DATA PROCESSING & OUTSOURCED SERVICES--2.6% Baycorp Advantage Limited (Australia) (a) Credit Reference Services 9,342,300 $ 22,513,000 ELECTRONIC EQUIPMENT MANUFACTURERS--1.9% Vaisala Oyj, Class A (Finland) Atmospheric Observation Equipment 627,000 $ 15,480,135 Orbotech, Ltd. (Israel) (a) (b) Optical Inspection Systems 29,000 613,930 ---------------- 16,094,065
29
NAME DESCRIPTION SHARES HELD MARKET VALUE - ----------------------------------------------------------------------------------------------------- COMMON STOCKS--95.2% (CONT.) HOME ENTERTAINMENT SOFTWARE--1.5% Square Enix Co., Ltd. (Japan) Entertainment Software 436,800 $ 12,921,058 IT CONSULTING & OTHER SERVICES--4.1% Morse plc (Great Britain) (b) Business & Technology Solutions 10,026,500 $ 18,465,444 Alten (France) (a) Systems Consulting & Engineering 456,041 10,145,736 Sopra Group (France) Computer Engineering 111,930 6,714,305 ---------------- 35,325,485 OFFICE ELECTRONICS--3.3% Neopost SA (France) Mailroom Equipment Supplier 366,200 $ 28,415,164 CONSTRUCTION MATERIALS--1.3% Fletcher Building Limited (New Zealand) Building Materials Manufacturer 2,414,400 $ 11,476,829 INDUSTRIAL GASES--1.3% Taiyo Ink Mfg. Co., Ltd. (Japan) Manufacturer of Resist Inks 291,300 $ 10,806,795 SPECIALTY CHEMICALS--6.7% Gurit-Heberlein AG (Switzerland) (b) Chemical Producer 36,075 $ 29,396,671 Croda International plc (Great Britain) Chemical Producer 2,573,600 15,848,394 Financiere Marc de Lacharriere SA Chemical Storage & Diversified (Fimalac) (France) Operations 266,932 12,746,152 Financiere Marc de Lacharriere SA (Fimalac), Chemical Storage & Diversified Warrants (France) (a) Operations 31,866 148,271 ---------------- 58,139,488 ALTERNATIVE CARRIERS--1.6% Asia Satellite Telecommunications Holdings Limited (Hong Kong) Satellite Operator 7,305,000 $ 13,909,273 TOTAL COMMON STOCKS (COST: $541,803,259) 821,422,858
30
NAME PAR VALUE MARKET VALUE - ----------------------------------------------------------------------------------------------------- SHORT TERM INVESTMENTS--5.4% U.S. GOVERNMENT BILLS--2.3% United States Treasury Bills, 1.64% - 1.69% due 1/20/2005 - 1/27/2005 $ 20,000,000 $ 19,979,139 TOTAL U.S. GOVERNMENT BILLS (COST: $19,979,139) 19,979,139 REPURCHASE AGREEMENTS--3.1% IBT Repurchase Agreement, 1.75% dated 12/31/2004 due 1/3/2005, repurchase price $1,489,554 collateralized by a U.S. Government Agency Security with a market value plus accrued interest of $1,563,804 $ 1,489,337 $ 1,489,337 IBT Repurchase Agreement, 1.55% dated 12/31/2004 due 1/3/2005, repurchase price $25,003,229 collateralized by U.S. Government Agency Securities with an aggregate market value plus accrued interest of $26,250,000 25,000,000 25,000,000 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $26,489,337) 26,489,337 TOTAL SHORT TERM INVESTMENTS (COST: $46,468,476) 46,468,476 Total Investments (Cost $588,271,735)--100.6% $ 867,891,334 Foreign Currencies (Cost $258,837)--0.0% $ 257,769 Other Liabilities In Excess Of Other Assets--(0.6)% (5,260,372) ---------------- TOTAL NET ASSETS--100% $ 862,888,731 ================
(a) Non-income producing security. (b) See footnote number two in the Notes to the Schedules of Investments regarding transactions in securities of affiliated issuers. (c) Represents an American Depository Receipt. (d) Effective January 1, 2005, the Republic of Turkey converted to the new Turkish Lira (currency code TRY). TRY is the equivalent to 1,000,000 of the former Turkish Lira (TRL). For Oakmark International Small Cap, its holdings in Dogan Sirketler Grubu Holdings A.S. (currently stated in TRL) became equivalent to 9,859,711 shares under the TRY. The currency re-denomination had no impact on the cost and market value of this security. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 31 THE OAKMARK FAMILY OF FUNDS NOTES TO THE SCHEDULES OF INVESTMENTS (UNAUDITED) 1. SIGNIFICANT ACCOUNTING POLICIES Harris Associates Investment Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an investment company organized as a Massachusetts business trust. The Trust consists of the following series (each individually referred to as "a Fund" or collectively as "the Funds"): The Oakmark Fund ("Oakmark"), The Oakmark Select Fund ("Select"), The Oakmark Equity and Income Fund ("Equity and Income"), The Oakmark Global Fund ("Global"), The Oakmark International Fund ("International"), and The Oakmark International Small Cap Fund ("Int'l Small Cap"). SECURITY VALUATION-- Securities traded on securities exchanges and over-the-counter securities are valued at the last sales price on the day of valuation, or lacking any reported sales that day, at the most recent bid quotation. Securities traded on the NASDAQ National Market are valued at the NASDAQ Official Closing Price ("NOCP"), or lacking an NOCP, at the most recent bid quotation on the NASDAQ National Market. Debt obligations and money market instruments maturing in more than 60 days from the date of purchase are valued at the latest bid quotation. Debt obligations and money market instruments maturing in less than 61 days from the date of purchase are valued on an amortized cost basis which approximates market value. Options are valued at the last reported sale price on the day of valuation, or lacking any reported sales that day, at the mean of the most recent bid and ask quotations. Securities traded in foreign markets are valued using prices reported by local foreign markets. Securities for which quotations are not readily available, or securities which may have been affected by a significant event after the price was determined, and other assets are valued at a fair value as determined by or under the direction of pricing committee established by the Board of Trustees. The Funds' net asset values are determined at the time of the close of the New York Stock Exchange. The pricing committee will evaluate movements in the U.S. markets after the close of foreign markets and may adjust security prices to reflect changes in reaction to U.S. markets as determined by a third party model. At, December 31, 2004, the Funds held no securities for which quotations were not readily available, and no securities which may have been affected by a significant event prior to the computation of NAV. FOREIGN CURRENCY TRANSLATIONS-- Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the mean of the bid and offer prices of such currencies at the time net asset value is determined. Purchases and sales of investments and dividend and interest income are converted at the prevailing rate of exchange on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized gain or loss from securities. Net realized gains or losses on foreign currency transactions arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually received or paid, and the realized gains or losses resulting from portfolio and transaction hedges. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities, other than investments in securities at fiscal year end, resulting from changes in exchange rates. FORWARD FOREIGN CURRENCY CONTRACTS-- The Funds' currency transactions are limited to transaction hedging and portfolio hedging involving either specific transactions or portfolio positions. The contractual amounts of forward foreign exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. Risks arise from the possible inability of counter parties to meet the terms of their contracts and from movements in currency values. At December 31, 2004, Global, International and Int'l Small Cap held the following outstanding forward foreign currency contracts: 32 THE OAKMARK GLOBAL FUND
CONTRACT SETTLEMENT VALUATION UNREALIZED AMOUNT DATE AT 12/31/04 DEPRECIATION - -------------------------------------------------------------------------------------------------------- FOREIGN CURRENCY SOLD: British Pound Sterling 47,900,000 July 2005 $ 90,952,178 $ (4,267,548) Swiss Franc 73,000,000 November 2005 65,184,444 (2,220,842) ---------------- --------------- $ 156,136,622 $ (6,488,390) ================ ===============
THE OAKMARK INTERNATIONAL FUND
UNREALIZED CONTRACT SETTLEMENT VALUATION APPRECIATION/ AMOUNT DATE AT 12/31/04 DEPRECIATION - -------------------------------------------------------------------------------------------------------- FOREIGN CURRENCY SOLD: British Pound Sterling 142,000,000 July 2005 $ 269,650,901 $ (13,639,101) British Pound Sterling 140,000,000 July 2005 265,831,002 (12,473,002) British Pound Sterling 65,000,000 November 2005 122,781,243 (2,869,243) British Pound Sterling 64,500,000 December 2005 121,800,804 774,996 British Pound Sterling 42,600,000 December 2005 80,439,903 934,617 Swiss Franc 302,000,000 November 2005 269,667,151 (9,187,593) Swiss Franc 174,000,000 November 2005 155,380,339 (4,926,383) Swiss Franc 129,400,000 November 2005 115,587,182 (2,643,130) Swiss Franc 88,700,000 December 2005 79,302,155 (141,067) ---------------- --------------- $ 1,480,440,680 $ (44,169,906) ================ ===============
THE OAKMARK INTERNATIONAL SMALL CAP FUND
UNREALIZED CONTRACT SETTLEMENT VALUATION APPRECIATION/ AMOUNT DATE AT 12/31/04 DEPRECIATION - -------------------------------------------------------------------------------------------------------- FOREIGN CURRENCY SOLD: British Pound Sterling 11,200,000 July 2005 $ 21,268,240 $ (1,075,760) British Pound Sterling 11,400,000 July 2005 21,646,239 (1,015,659) British Pound Sterling 4,700,000 November 2005 8,878,028 (207,468) British Pound Sterling 4,600,000 December 2005 8,686,569 55,271 British Pound Sterling 1,100,000 December 2005 2,077,087 24,133 Swiss Franc 53,500,000 November 2005 47,772,161 (1,627,603) Swiss Franc 30,800,000 November 2005 27,504,106 (872,026) Swiss Franc 23,700,000 November 2005 21,170,141 (484,097) Swiss Franc 16,800,000 December 2005 15,020,025 (26,718) ---------------- --------------- $ 174,022,596 $ (5,229,927) ================ ===============
RESTRICTED SECURITIES The following investments, the sales of which are restricted to qualified institutional buyers, have been valued according to the security valuation procedures for debt obligations and money market instruments (as stated above) since their acquisition dates. There are no unrestricted securities with the same maturity dates and yields for these issuers. These securities are priced using market quotations and are not expressed as a discount to the carrying value of a comparable unrestricted security.
Acquisition Carrying Market Percentage Quantity Security Name Date Value Cost Value of TNA - -------- ------------- ---- ----- ---- ----- ------ 10,000,000 Cablevision Systems New York Group, 144A, 8.00% due 4/15/2012 3/31/2004 106.75 100.25 10,675,000 0.12% 10,000,000 Cablevision Systems New York Group, 144A, 8.00% due 4/15/2012 4/1/2004 106.75 100.25 10,675,000 0.12% ---------------------- 21,350,000 0.24% 3,000,000 Sealed Air Corporation, 144A, 5.625% due 7/15/2023 6/27/2003 103.4518 100.68 3,103,554 0.04% 5,000,000 Sealed Air Corporation, 144A, 5.625% due 7/15/2023 8/20/2003 103.4518 96.41 5,172,590 0.06% 300,000 Sealed Air Corporation, 144A, 5.625% due 7/15/2023 8/21/2003 103.4518 96.79 310,355 0.00% 11,700,000 Sealed Air Corporation, 144A, 5.625% due 7/15/2023 4/6/2004 103.4518 103.31 12,103,861 0.14% ---------------------- 20,690,360 0.24% Aggregate Totals: 42,040,360 0.48%
33 2. TRANSACTIONS WITH AFFILIATES An affiliated issuer, as defined under the Investment Company Act of 1940, is one in which the Trust's holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of each Fund's investments in securities of these issuers for the the quarter ended December 31, 2004, is set forth below: SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES THE OAKMARK FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES HELD (COST) PROCEEDS INCOME 2004 ------------------------------------------------------------------------------------------------------------------------ H&R Block, Inc. 3,029,300 $ 0 $ 0 $ 666,446 $ 148,435,700 Toys 'R' Us, Inc.+ 3,125,000 0 0 0 63,968,750 -------------- -------------- -------------- -------------- TOTALS $ 0 $ 0 $ 666,446 $ 212,404,450 ============== ============== ============== ==============
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES THE OAKMARK SELECT FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES HELD (COST) PROCEEDS INCOME 2004 ------------------------------------------------------------------------------------------------------------------------ H&R Block, Inc. 8,259,800 $ 0 $ 9,870,356 $ 1,847,296 $ 404,730,200 The Dun & Bradstreet Corporation + 3,934,900 0 0 0 234,716,785 Toys 'R' Us, Inc.+ 10,544,600 0 26,756,508 0 215,847,962 -------------- -------------- -------------- -------------- TOTALS $ 0 $ 36,626,864 $ 1,847,296 $ 855,294,947 ============== ============== ============== ==============
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES THE OAKMARK EQUITY AND INCOME FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES HELD (COST) PROCEEDS INCOME 2004 ------------------------------------------------------------------------------------------------------------------------ Mentor Graphics Corporation*+ 3,640,000 $ 0 $ 0 $ 0 $ 55,655,600 St. Mary Land & Exploration Company 1,450,000 0 0 72,500 60,523,000 -------------- -------------- -------------- -------------- TOTALS $ 0 $ 0 $ 72,500 $ 116,178,600 ============== ============== ============== ==============
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES THE OAKMARK GLOBAL FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES HELD (COST) PROCEEDS INCOME 2004 ------------------------------------------------------------------------------------------------------------------------ Euronext NV 1,814,000 $ 0 $ 0 $ 0 $ 55,293,765 Grupo Aeroportuario del Sureste S.A. de C.V. ** 463,000 0 0 0 12,663,050 Lonza group AG, Registered Shares 710,400 0 0 0 39,880,356 Lotte Chilsung Beverage Co., Ltd. 13,430 0 0 0 12,454,405 Meitec Corporation 760,000 0 0 10,259 28,343,259 Michael Page International plc 4,815,400 0 0 0 17,274,804 Orbotech, Ltd. + 412,700 0 0 0 8,736,859 -------------- -------------- -------------- -------------- TOTALS $ 0 $ 0 $ 10,259 $ 176,646,498 ============== ============== ============== ==============
34 SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES THE OAKMARK INTERNATIONAL FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES HELD (COST) PROCEEDS INCOME 2004 ------------------------------------------------------------------------------------------------------------------------ Chargeurs SA 790,182 $ 0 $ 0 $ 0 $ 33,283,159 Enodis plc + 33,585,320 0 0 0 71,195,236 Euronext NV 5,012,500 2,015,107 0 0 152,789,413 Grupo Aeroportuario del Sureste S.A. de C.V. ** 205,700 0 991,093 0 5,625,895 Orbotech, Ltd. + 1,237,700 0 0 0 26,202,109 Lonza Group AG, Registered Shares 2,267,700 0 0 0 127,303,890 Lotte Chilsung Beverage Co., Ltd. 83,400 0 0 0 77,341,577 Meitec Corporation 2,424,800 12,954,016 0 27,705 90,429,913 Michael Page International plc 25,698,900 6,582,096 0 0 92,192,440 -------------- -------------- -------------- -------------- TOTALS $ 21,551,219 $ 991,093 $ 27,705 $ 676,363,632 ============== ============== ============== ==============
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES THE OAKMARK INT'L SMALL CAP FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES HELD (COST) PROCEEDS INCOME 2004 ------------------------------------------------------------------------------------------------------------------------ Alaska Milk Corporation 49,394,000 $ 0 $ 0 $ 65,947 $ 2,596,210 Grupo Aeroportuario del Sureste S.A. de C.V. ** 785,300 0 13,037,770 0 21,477,955 Gurit-Heberlein 36,075 0 0 0 29,396,671 Interpump Group S.p.A 4,700,000 4,582,499 0 0 27,116,214 Mainfreight Limited 8,935,381 0 0 223,957 14,436,113 Matichon Public Company Limited, Foreign Shares 2,039,500 0 0 0 3,672,506 Morse plc 10,026,500 1,035,861 0 450,359 18,465,444 Orbotech, Ltd. + 29,000 565,381 0 0 613,930 Royal Doulton plc + 18,373,000 0 901,850 0 4,097,436 -------------- -------------- -------------- -------------- TOTALS $ 6,183,741 $ 13,939,620 $ 740,263 $ 121,872,479 ============== ============== ============== ==============
* Due to an increase in issuer's shares, the issuer is no longer an affiliated security. ** Due to transactions during the quarter, the issuer is no longer an affiliated security. + Non-income producing security. 3. FEDERAL INCOME TAXES At December 31, 2004 , the cost of securities and the unrealized appreciation (depreciation) in the value of investments owned by the Funds, as computed on a Federal income tax basis, were as follows:
COST OF INVESTMENTS NET UNREALIZED FOR FEDERAL INCOME GROSS UNREALIZED GROSS UNREALIZED APPRECIATION FUND TAX PURPOSES APPRECIATION (DEPRECIATION) (DEPRECIATION) -------------------------------------------------------------------------------------------------------- Oakmark $ 5,574,513,211 $ 1,657,149,062 $ (5,680,193) $ 1,651,468,869 Select 3,695,969,351 2,113,925,232 0 2,113,925,232 Equity and Income 7,522,965,994 1,180,730,124 (12,390,365) 1,168,339,759 Global 1,199,477,511 374,943,376 (1,245,768) 373,697,608 International 3,691,097,748 1,333,955,786 (211,249) 1,333,744,537 Int'l Small Cap 588,271,735 285,994,096 (6,374,497) 279,619,599
35 ITEM 2. CONTROLS AND PROCEDURES. (a) The Registrant's principal executive and principal financial officers have concluded, based on an evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the "Disclosure Controls"), within 90 days prior to the filing of this report, the Disclosure Controls are effectively designed to ensure that information required to be disclosed by the Registrant in this report is recorded, processed, summarized and reported, including ensuring that information required to be disclosed in this report is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. (b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2), attached hereto as Exhibits (a)(1) and (a)(2) SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Harris Associates Investment Trust By: /s/ John R. Raitt ------------------------ John R. Raitt Principal Executive Officer Date: February 28, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ John R. Raitt ------------------------ John R. Raitt Principal Executive Officer Date: February 28, 2005 By: /s/ Kristi L. Rowsell ------------------------ Kristi L. Rowsell Principal Financial Officer Date: February 28, 2005 EX-99.CERT 2 a2150224zex-99_cert.txt EXHIBIT 99.CERT 99.CERT Exh. (a)(1) I, John R. Raitt, certify that: 1. I have reviewed this report on Form N-Q of Harris Associates Investment Trust (the "Registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; 4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the Registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, which has no consolidated subsidiaries, is made known to us by others within the Registrant, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (c) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees: (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. Date: February 28, 2005 /s/ John R. Raitt - ------------------------ John R. Raitt Principal Executive Officer Exh. (a)(2) I, Kristi L. Rowsell, certify that: 1. I have reviewed this report on Form N-Q of Harris Associates Investment Trust (the "Registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed; 4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the Registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, which has no consolidated subsidiaries, is made known to us by others within the Registrant, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (c) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and 5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees: (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. Date: February 28, 2005 /s/ Kristi L. Rowsell - --------------------------- Kristi L. Rowsell Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----