-----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, PO95ZA/kJH9dCiKJPGPCdERuEYdcOJ+FVxLNt6zvkaROG37HDY3eEEMytiAxH9mK VC/U8v0LsV7sjbkkMrYFqw== 0001047469-06-002613.txt : 20060228 0001047469-06-002613.hdr.sgml : 20060228 20060228170850 ACCESSION NUMBER: 0001047469-06-002613 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060228 DATE AS OF CHANGE: 20060228 EFFECTIVENESS DATE: 20060228 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: 06651995 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 0000872323 S000002758 Oakmark Fund C000007554 Class I OAKMX C000007555 Class II OARMX 0000872323 S000002759 Oakmark Select C000007556 Class I OAKLX C000007557 Class II OARLX 0000872323 S000002760 Oakmark Equity and Income C000007558 Class I OAKBX C000007559 Class II OARBX 0000872323 S000002761 Oakmark Global C000007560 Class I OAKGX C000007561 Class II OARGX 0000872323 S000002762 Oakmark International C000007562 Class I OAKIX C000007563 Class II OARIX 0000872323 S000002763 Oakmark International Small Cap C000007564 Class I OAKEX C000007565 Class II OAREX N-Q 1 a2166593zn-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: 09/30/05 Date of reporting period: 12/31/05 ITEM 1. SCHEDULE OF INVESTMENTS. THE OAKMARK FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2005 (UNAUDITED)
NAME SHARES HELD MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Common Stocks--94.4% APPAREL RETAIL--4.0% The Gap, Inc. 7,066,700 124,656,588 Limited Brands 5,528,047 123,551,850 ----------------- 248,208,438 BROADCASTING & CABLE TV--7.7% Liberty Media Corporation, Class A (a) 16,199,400 127,489,278 The DIRECTV Group, Inc. (a) 8,400,000 118,608,000 Comcast Corporation, Special Class A (a) 4,325,000 111,109,250 EchoStar Communications Corporation, Class A (a) 3,275,000 88,981,750 Discovery Holding Company, Class A (a) 1,569,940 23,784,591 ----------------- 469,972,869 DEPARTMENT STORES--2.0% Kohl's Corporation (a) 2,500,000 121,500,000 HOME IMPROVEMENT RETAIL--2.4% The Home Depot, Inc. 3,581,500 144,979,120 HOMEBUILDING--1.9% Pulte Homes, Inc. 2,900,000 114,144,000 HOUSEHOLD APPLIANCES--2.0% The Black & Decker Corporation 1,450,000 126,092,000 HOUSEWARES & SPECIALTIES--2.0% Fortune Brands, Inc. 1,600,000 124,832,000 LEISURE PRODUCTS--1.0% Mattel, Inc. 3,874,300 61,291,426 MOTORCYCLE MANUFACTURERS--2.1% Harley-Davidson, Inc. 2,500,000 128,725,000 MOVIES & ENTERTAINMENT--7.0% Viacom, Inc., Class B (a) 4,579,490 149,291,374 Time Warner, Inc. 8,297,700 144,711,888 The Walt Disney Company 5,650,000 135,430,500 ----------------- 429,433,762 PUBLISHING--2.5% Gannett Co., Inc. 1,534,500 92,944,665 Knight-Ridder, Inc. 916,000 57,982,800 ----------------- 150,927,465 RESTAURANTS--5.3% McDonald's Corporation 5,200,000 175,344,000
1 Yum! Brands, Inc. 3,274,000 153,485,120 ----------------- 328,829,120 SPECIALIZED CONSUMER SERVICES--2.4% H&R Block, Inc. 5,958,600 146,283,630 BREWERS--3.5% Anheuser-Busch Companies, Inc. 3,000,000 128,880,000 InBev NV (b) 2,000,000 87,067,683 ----------------- 215,947,683 DISTILLERS & VINTNERS--1.9% Diageo plc (c) 2,021,000 117,824,300 HYPERMARKETS & SUPER CENTERS--2.2% Wal-Mart Stores, Inc. 2,850,000 133,380,000 PACKAGED FOODS & MEATS--3.2% General Mills, Inc. 2,406,000 118,663,920 H.J. Heinz Company 2,310,000 77,893,200 ----------------- 196,557,120 SOFT DRINKS--1.1% Coca-Cola Enterprises, Inc. 3,500,000 67,095,000 INTEGRATED OIL & GAS--1.6% ConocoPhillips 1,670,670 97,199,581 OIL & GAS EXPLORATION & PRODUCTION--1.6% Burlington Resources, Inc. 1,142,200 98,457,640 ASSET MANAGEMENT & CUSTODY BANKS--1.3% The Bank of New York Company, Inc. 2,500,000 79,625,000 DIVERSIFIED BANKS--2.0% U.S. Bancorp 4,100,000 122,549,000 LIFE & HEALTH INSURANCE--1.9% AFLAC Incorporated 2,467,000 114,518,140 OTHER DIVERSIFIED FINANCIAL SERVICES--4.4% Citigroup, Inc. 2,850,000 138,310,500 JP Morgan Chase & Co. 3,400,000 134,946,000 ----------------- 273,256,500 THRIFTS & MORTGAGE FINANCE--5.1% Washington Mutual, Inc. 4,737,300 206,072,550 MGIC Investment Corporation 1,590,600 104,693,292 ----------------- 310,765,842 HEALTH CARE EQUIPMENT--2.0% Baxter International, Inc. 3,200,000 120,480,000 PHARMACEUTICALS--3.6% Bristol-Myers Squibb Company 4,850,000 111,453,000
2 Abbott Laboratories 2,787,300 109,903,239 ----------------- 221,356,239 AEROSPACE & DEFENSE--3.5% Raytheon Company 3,000,000 120,450,000 Honeywell International, Inc. 2,550,000 94,987,500 ----------------- 215,437,500 BUILDING PRODUCTS--2.1% Masco Corporation 4,333,600 130,831,384 INDUSTRIAL CONGLOMERATES--1.2% Tyco International Ltd. 2,558,000 73,823,880 COMPUTER HARDWARE--3.4% Hewlett-Packard Company 3,875,000 110,941,250 Sun Microsystems, Inc. (a) 23,370,000 97,920,300 ----------------- 208,861,550 DATA PROCESSING & OUTSOURCED SERVICES--2.3% First Data Corporation 3,250,000 139,782,500 OFFICE ELECTRONICS--1.4% Xerox Corporation (a) 5,972,400 87,495,660 SEMICONDUCTORS--2.8% Texas Instruments Incorporated 3,000,000 96,210,000 Intel Corp. 3,000,000 74,880,000 ----------------- 171,090,000 TOTAL COMMON STOCKS (COST: $4,513,698,410) 5,791,553,349
NAME PAR VALUE MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Short Term Investments--5.6% U.S. GOVERNMENT AGENCIES--1.6% Federal Home Loan Bank, 4.02% due 1/4/2006 50,000,000 49,977,667 Federal Home Loan Mortgage Corporation, 4.17% due 1/10/2006 50,000,000 49,942,083 ----------------- TOTAL U.S. GOVERNMENT AGENCIES (COST: $99,919,750) 99,919,750
3 REPURCHASE AGREEMENTS--4.0% IBT Repurchase Agreement, 3.55% dated 12/30/2005 due 1/3/2006,repurchase price of $240,594,864, collateralized by Government National Mortgage Association bonds, with a rate of 4.00%, with maturities from 10/20/2032-2/20/2033, and with a market value plus accrued interest of $37,653,395. Small Business Administration Bonds, with rates of 6.125%-7.60%, with maturities from 1/25/2017-11/25/2030, and with an aggregate market value plus accrued interest of $214,871,605 240,500,000 240,500,000 IBT Repurchase Agreement, 3.02% dated 12/30/2005 due 1/3/2006, repurchase price $1,712,359, collateralized by a Small Business Administration Bond, with a rate of 7.375%, with a maturity date of 1/25/2016, and with a market value plus accrued interest of $1,797,373 1,711,784 1,711,784 ----------------- TOTAL REPURCHASE AGREEMENTS (COST: $242,211,784) 242,211,784 TOTAL SHORT TERM INVESTMENTS (COST: $342,131,534) 342,131,534 Total Investments (Cost $4,855,829,944)--100.0% $ 6,133,684,883 Other Assets In Excess Of Other Liabilities--0.0% 1,267,505 ----------------- TOTAL NET ASSETS--100% $ 6,134,952,388 =================
(a) Non-income producing security. (b) Represents a foreign domiciled corporation. (c) Represents an American Depository Receipt. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 4 THE OAKMARK SELECT FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2005 (UNAUDITED)
NAME SHARES HELD MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Common Stocks--91.6% APPAREL RETAIL--6.4% Limited Brands 9,580,981 214,134,925 The Gap, Inc. 10,519,500 185,563,980 ----------------- 399,698,905 BROADCASTING & CABLE TV--5.9% Liberty Media Corporation, Class A (a) 30,785,700 242,283,459 Discovery Holding Company, Class A (a) 8,376,900 126,910,035 ----------------- 369,193,494 LEISURE PRODUCTS--2.5% Mattel, Inc. 9,670,900 152,993,638 MOVIES & ENTERTAINMENT--8.4% Time Warner, Inc. 16,240,000 283,225,600 Viacom, Inc., Class B (a) 7,350,000 239,610,000 ----------------- 522,835,600 PUBLISHING--2.7% Knight-Ridder, Inc. 2,606,500 164,991,450 RESTAURANTS--11.4% Yum! Brands, Inc. 9,207,000 431,624,160 McDonald's Corporation 8,300,000 279,876,000 ----------------- 711,500,160 SPECIALIZED CONSUMER SERVICES--6.5% H&R Block, Inc. (b) 16,519,600 405,556,180 OIL & GAS EXPLORATION & PRODUCTION--4.5% Burlington Resources, Inc. 3,203,600 276,150,320 OTHER DIVERSIFIED FINANCIAL SERVICES--4.3% JP Morgan Chase & Co. 6,750,000 267,907,500 SPECIALIZED FINANCE--2.5% Moody's Corporation 2,559,200 157,186,064 THRIFTS & MORTGAGE FINANCE--15.5% Washington Mutual, Inc. 22,217,400 966,456,900 HEALTH CARE SERVICES--3.3% IMS Health Incorporated 8,303,441 206,921,750 PHARMACEUTICALS--4.1% Bristol-Myers Squibb Company 10,990,200 252,554,796
1 DIVERSIFIED COMMERCIAL AND PROFESSIONAL SERVICES--4.2% The Dun & Bradstreet Corporation (a) (b) 3,934,900 263,480,904 DATA PROCESSING & OUTSOURCED SERVICES--5.4% First Data Corporation 7,815,400 336,140,354 OFFICE ELECTRONICS--4.0% Xerox Corporation (a) 16,746,400 245,334,760 TOTAL COMMON STOCKS (COST: $3,839,532,646) 5,698,902,775
NAME PAR VALUE MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Short Term Investments--8.9% U.S. GOVERNMENT AGENCIES--4.0% Fannie Mae, 4.16% due 1/19/2006 75,000,000 74,835,333 Federal Home Loan Bank, 4.02% due 1/4/2006 50,000,000 49,977,667 Federal Home Loan Mortgage Corporation, 4.17%-4.20% 125,000,000 124,679,583 due 1/10/2006 - 1/30/2006 TOTAL U.S. GOVERNMENT AGENCIES (COST: $249,492,583) 249,492,583 REPURCHASE AGREEMENTS--4.9% IBT Repurchase Agreement, 3.55% dated 12/30/2005 due 1/3/2006,repurchase price $305,120,306, collaterized by a Government National Mortgage Association Bond, with a rate of 4.500%, with a maturity of 8/20/2032, and with an aggregate market value plus accrued interest of $11,230,056, Small Business Administration Bonds, with rates of 6.125%-7.625%, with maturities from 9/25/2016-8/25/2030, and with an aggregate market value plus accrued interest of $309,019,944 305,000,000 305,000,000 IBT Repurchase Agreement, 3.02% dated 12/30/2005 due 1/3/2006,repurchase price $973,480, collaterized by a Small Business Administration Bond, with a rate of 6.375%, with a maturity date of 12/25/2026, and with a market value plus accrued interest of $1,021,810 973,153 973,153 ----------------- TOTAL REPURCHASE AGREEMENTS (COST: $305,973,153) 305,973,153 TOTAL SHORT TERM INVESTMENTS (COST: $555,465,736) 555,465,736 Total Investments (Cost $4,394,998,382)--100.5% $ 6,254,368,511 Other Liabilities In Excess Of Other Assets--(0.5%) (32,431,869) ----------------- TOTAL NET ASSETS--100% $ 6,221,936,642 =================
2 (a) Non-income producing security. (b) See footnote number two in the Notes to the Schedules of Investments regarding investments in affiliated issuers. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 3 THE OAKMARK EQUITY AND INCOME FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2005 (UNAUDITED)
NAME SHARES HELD MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Equity and Equivalents--60.5% Common Stocks--60.5% APPAREL RETAIL--1.7% The TJX Companies, Inc. 7,240,000 168,185,200 BROADCASTING & CABLE TV--4.9% EchoStar Communications Corporation, Class A (a) 8,250,000 224,152,500 The E.W. Scripps Company, Class A 3,013,800 144,722,676 The DIRECTV Group, Inc. (a) 8,026,722 113,337,315 Clear Channel Communications, Inc. 300,000 9,435,000 ----------------- 491,647,491 HOMEBUILDING--0.1% Pulte Homes, Inc. 200,000 7,872,000 LEISURE PRODUCTS--0.4% Brunswick Corp. 1,000,000 40,660,000 MOVIES & ENTERTAINMENT--1.0% News Corporation, Class B 6,200,000 102,982,000 PUBLISHING--1.4% The Washington Post Company, Class B 192,200 147,033,000 RESTAURANTS--1.0% McDonald's Corporation 3,000,000 101,160,000 BREWERS--0.4% InBev NV 1,000,000 43,533,841 DISTILLERS & VINTNERS--2.4% Diageo plc (b) 4,100,000 239,030,000 HYPERMARKETS & SUPER CENTERS--1.6% Costco Wholesale Corporation 3,200,000 158,304,000 PACKAGED FOODS & MEATS--4.0% Nestle SA (b) 3,900,000 291,610,800 Smithfield Foods, Inc. (a) 2,100,000 64,260,000 Dean Foods Company (a) 550,000 20,713,000 Sanderson Farms, Inc. 675,000 20,607,750 TreeHouse Foods, Inc. (a) 325,000 6,084,000 ----------------- 403,275,550 PERSONAL PRODUCTS--1.3% Avon Products, Inc. 4,520,000 129,046,000
1 TOBACCO--1.2% UST, Inc. 3,000,000 122,490,000 INTEGRATED OIL & GAS--1.1% ConocoPhillips 2,000,000 116,360,000 OIL & GAS EXPLORATION & PRODUCTION--12.2% XTO Energy, Inc. 10,561,338 464,065,192 Burlington Resources, Inc. 5,000,000 431,000,000 EnCana Corp. (c) 5,000,000 225,800,000 St. Mary Land & Exploration Company (d) 2,900,000 106,749,000 Cabot Oil & Gas Corporation 75,000 3,382,500 ----------------- 1,230,996,692 INVESTMENT BANKING & BROKERAGE--1.8% Morgan Stanley 3,200,000 181,568,000 PROPERTY & CASUALTY INSURANCE--4.5% SAFECO Corporation 4,000,000 226,000,000 The Progressive Corporation 1,050,000 122,619,000 MBIA, Inc. 1,850,000 111,296,000 ----------------- 459,915,000 REAL ESTATE INVESTMENT TRUSTS--0.1% Plum Creek Timber Company, Inc. 397,344 14,324,251 BIOTECHNOLOGY--2.1% MedImmune, Inc. (a) 6,000,000 210,120,000 HEALTH CARE EQUIPMENT--1.8% Hospira, Inc. (a) 2,287,700 97,867,806 Varian, Inc. (a)(d) 1,649,400 65,629,626 CONMED Corporation (a) 770,100 18,220,566 ----------------- 181,717,998 HEALTH CARE SERVICES--2.7% Caremark Rx, Inc. (a) 5,301,300 274,554,327 AEROSPACE & DEFENSE--6.5% General Dynamics Corporation 2,166,200 247,055,110 Raytheon Company 3,599,700 144,527,955 Alliant Techsystems, Inc. (a) 1,325,000 100,925,250 Rockwell Collins, Inc. 2,105,700 97,851,879 Honeywell International, Inc. 1,889,500 70,383,875 ----------------- 660,744,069 COMMERCIAL PRINTING--1.7% R.R. Donnelley & Sons Company 4,909,500 167,953,995 HUMAN RESOURCE & EMPLOYMENT SERVICES--0.3% Watson Wyatt & Company Holdings 1,236,100 34,487,190 INDUSTRIAL CONGLOMERATES--1.5% Tyco International Ltd. 5,300,000 152,958,000
2 APPLICATION SOFTWARE--0.5% Mentor Graphics Corporation (a) 3,640,000 37,637,600 The Reynolds and Reynolds Company, Class A 614,000 17,234,980 ----------------- 54,872,580 DATA PROCESSING & OUTSOURCED SERVICES--1.2% Ceridian Corporation (a) 4,800,000 119,280,000 INTERNET SOFTWARE & SERVICES--0.9% Jupiter Telecommunications Co., Ltd. (a)(c) 110,499 88,193,010 PAPER PRODUCTS--0.2% Schweitzer-Mauduit International, Inc. 700,000 17,346,000 TOTAL COMMON STOCKS (COST: $4,516,948,291) 6,120,610,194 TOTAL EQUITY AND EQUIVALENTS (COST: $4,516,948,291) 6,120,610,194
NAME PAR VALUE MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Fixed Income--35.0% Corporate Bonds--0.3% AUTOMOBILE MANUFACTURERS--0.0% Toyota Motor Credit Corp., Series B, (MTN), 4.75% due 4/20/2009 5,000,000 4,972,250 PUBLISHING--0.1% PRIMEDIA, Inc., 8.00% due 5/15/2013 7,000,000 5,923,750 PAPER PACKAGING--0.2% Sealed Air Corporation, 144A, 5.625% due (e) 7/15/2013 20,000,000 19,853,120 TOTAL CORPORATE BONDS (COST: $32,227,438) 30,749,120 Government and Agency Securities--34.7% CANADIAN GOVERNMENT BONDS--6.3% Canada Government, 3.25% due 12/1/2006 CAD 250,000,000 213,970,746 Canada Government, 3.00% due 6/1/2007 CAD 250,000,000 212,643,579 Canada Government, 2.75% due 12/1/2007 CAD 250,000,000 210,755,001 ----------------- 637,369,326 NORWEGIAN GOVERNMENT BONDS--0.1% Norway Government, 6.75% due 1/15/2007 NOK 50,000,000 7,705,015 SWEDISH GOVERNMENT BONDS--0.1% Kingdom of Sweden, 3.50% due 4/20/2006 SEK 50,000,000 6,324,676
3 U.S. GOVERNMENT NOTES--20.6% United States Treasury Notes, 6.00% due 8/15/2009 500,000,000 526,953,000 United States Treasury Notes, 4.125% due (f) 8/15/2008 500,000,000 497,246,000 United States Treasury Notes, 4.125% due 8/15/2010 500,000,000 495,078,000 United States Treasury Notes, 3.375% due 1/15/2007, Inflation Indexed 267,768,690 269,735,183 United States Treasury Notes, 4.25% due (f) 10/31/2007 250,000,000 249,267,500 United States Treasury Notes, 4.25% due 11/30/2007 50,000,000 49,853,500 ----------------- 2,088,133,183 U.S. GOVERNMENT AGENCIES--7.6% Fannie Mae, 5.25% due 4/15/2007 50,000,000 50,292,550 Federal Home Loan Mortgage Corporation, 3.75% due 11/15/2006 50,000,000 49,584,250 Fannie Mae, 3.875% due 5/15/2007 50,000,000 49,415,600 Federal Home Loan Mortgage Corporation, 4.00% due 8/17/2007 50,000,000 49,415,200 Federal Home Loan Bank, 4.125% due 4/18/2008 50,000,000 49,372,950 Federal Home Loan Bank, 3.625% due 6/20/2007 50,000,000 49,211,600 Federal Home Loan Bank, 3.875% due 8/22/2008 50,000,000 48,956,850 Federal Home Loan Bank, 5.00% due 12/20/2011 34,555,000 34,084,292 Fannie Mae, 4.25% due 7/15/2007 25,000,000 24,813,775 Federal Home Loan Bank, 2.875% due 9/15/2006 25,000,000 24,692,575 Federal Home Loan Mortgage Corporation, 3.75% due 4/15/2007 25,000,000 24,685,300 Fannie Mae, 4.25% due 5/15/2009 25,000,000 24,629,450 Federal Home Loan Bank, 2.625% due 10/16/2006 25,000,000 24,602,175 Federal Home Loan Bank, 2.75% due 12/15/2006 25,000,000 24,537,125 Fannie Mae, 3.25% due 11/15/2007 25,000,000 24,338,875 Fannie Mae, 3.625% due 12/28/2009 24,435,000 24,054,449 Federal Home Loan Mortgage Corporation, 3.625% due 3/24/2008 20,000,000 19,929,620 Federal Home Loan Mortgage Corporation, 5.00% due 10/18/2010 20,000,000 19,921,880 Federal Home Loan Bank, 2.50% due 4/20/2009 20,000,000 19,870,820 Fannie Mae, 2.60% due 4/28/2009 18,800,000 18,675,281 Fannie Mae, 3.50% due 2/8/2010 15,315,000 15,297,541 Fannie Mae, 4.25% due 2/19/2010 12,888,000 12,583,689 Fannie Mae, 3.125% due 11/30/2009 12,697,000 12,573,382 Federal Home Loan Mortgage Corporation, 3.00% due 11/17/2006 10,000,000 9,852,910 Fannie Mae, 3.00% due 10/6/2009 10,000,000 9,828,270 Fannie Mae, 3.375% due 3/3/2008 9,300,000 9,230,743
4 Fannie Mae, 3.50% due 10/14/2010 7,550,000 7,455,248 Federal Home Loan Bank, 3.00% due 8/17/2007 7,500,000 7,413,728 Fannie Mae, 4.00% due 4/13/2009 5,000,000 4,984,490 Federal Home Loan Bank, 4.30% due 8/16/2010 5,000,000 4,968,035 Federal Home Loan Bank, 4.52% due 8/26/2009 4,825,000 4,755,380 Federal Home Loan Bank, 2.25% due 2/22/2007 4,000,000 3,970,396 Fannie Mae, 5.125% due 5/4/2012 4,013,000 3,968,953 Federal Home Loan Bank, 3.00% due 2/24/2010 3,000,000 2,992,935 Fannie Mae, 3.75% due 6/23/2009 2,820,000 2,804,938 Federal Home Loan Mortgage Corporation, 3.125% due 9/15/2010 2,500,000 2,492,148 Federal Home Loan Bank, 2.40% due 3/9/2009 2,000,000 1,989,466 Federal Home Loan Mortgage Corporation, 3.00% due 1/13/2009 1,000,000 999,545 ----------------- 773,246,414 TOTAL GOVERNMENT AND AGENCY SECURITIES (COST: $3,516,858,764) 3,512,778,614 TOTAL FIXED INCOME (COST: $3,549,086,202) 3,543,527,734
NAME PAR VALUE MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Short Term Investments--4.3% U.S. GOVERNMENT AGENCIES--0.5% Federal Home Loan Bank, 4.17% due 1/4/2006 50,000,000 49,976,833 TOTAL U.S. GOVERNMENT AGENCIES (COST: $49,976,833) 49,976,833 REPURCHASE AGREEMENTS--3.8% IBT Repurchase Agreement, 3.55% dated 12/30/2005 due 1/3/2006, repurchase price of $383,151,072, collateralized by Small Business Administration Bonds, with rates of 6.375%-7.825%, with maturities from 8/25/2014- 4/25/2030, and with an aggregate market value plus accrued interest of $402,150,000 383,000,000 383,000,000 IBT Repurchase Agreement, 3.02% dated 12/30/2005 due 1/3/2006, repurchase price of $1,459,275, collateralized by a Small Business Administration Bond, with a rate of 7.575%, with a maturity date of 9/25/2015, and with a market value plus accrued interest of $1,531,724 1,458,785 1,458,785 ----------------- TOTAL REPURCHASE AGREEMENTS (COST: $384,458,785) 384,458,785 TOTAL SHORT TERM INVESTMENTS (COST: $434,435,618) 434,435,618 Total Investments (Cost $8,500,470,111)--99.8% $ 10,098,573,546 Other Assets In Excess Of Other Liabilities--0.2% 19,471,515 ----------------- TOTAL NET ASSETS--100% $ 10,118,045,061 =================
5 (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 investments in 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. (f) All or a portion of security out on loan. Key to abbreviations: MTN: Medium Term Note CAD: Canadian Dollar NOK: Norwegian Krone SEK: Swedish Krona SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 6 THE OAKMARK GLOBAL FUND GLOBAL DIVERSIFICATION--DECEMBER 31, 2005 (UNAUDITED)
% OF FUND EQUITY MARKET VALUE ----------------------------------------------------------------------------------------- EUROPE 42.4% Switzerland 12.8% Great Britain 10.7% * Germany 5.3% * France 4.7% * Netherlands 4.4% * Ireland 3.2% * Italy 1.3% UNITED STATES 37.5% PACIFIC RIM 17.5% Japan 11.4% Korea 3.8% Australia 2.3% OTHER 2.6% Bermuda 2.6%
* Euro currency countries comprise 18.9% of the Fund. THE OAKMARK GLOBAL FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2005 (UNAUDITED)
NAME DESCRIPTION SHARES HELD MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Common Stocks--99.0% APPAREL RETAIL--2.2% The TJX Companies, Inc. (United Discount Apparel & Home States) Fashion Retailer 1,900,000 44,137,000 APPAREL, ACCESSORIES & LUXURY GOODS--0.4% Jewelry Manufacturer & Bulgari S.p.A. (Italy) Retailer 740,000 8,261,840 AUTOMOBILE MANUFACTURERS--2.7% Bayerische Motoren Werke (BMW) AG Luxury Automobile (Germany) Manufacturer 1,257,000 55,138,742 BROADCASTING & CABLE TV--2.2% Discovery Holding Company, Class A Media Management & (United States) (a) Network Services 1,779,335 26,956,925 Liberty Media Corporation, Class A Broadcast Services & (United States) (a) Programming 2,356,000 18,541,720 ---------------- 45,498,645 HOUSEHOLD APPLIANCES--2.9% Tool & Equipment Snap-on Incorporated (United States) Manufacturer 1,576,000 59,194,560 LEISURE PRODUCTS--1.2% Leisure & Recreation Brunswick Corp. (United States) Products Manufacturer 600,000 24,396,000 MOTORCYCLE MANUFACTURERS--2.6% Harley-Davidson, Inc. (United States) Motorcycle Manufacturer 1,037,000 53,395,130 MOVIES & ENTERTAINMENT--6.3% Worldwide Entertainment & Viacom, Inc., Class B (United States) (a) Publishing Company 1,670,000 54,442,000 Music, Games, Television, Vivendi Universal SA (France) Film, & Telecommunications 1,430,500 44,813,727 Filmed Entertainment & Time Warner, Inc. (United States) Television Networks 1,600,000 27,904,000 ---------------- 127,159,727 PUBLISHING--2.7% Trinity Mirror plc (Great Britain) Newspaper Publishing 2,372,800 23,392,846 The Washington Post Company, Class Newspaper & Magazine B (United States) Publishing 22,100 16,906,500 Publishing & Broadcast Tribune Company (United States) Services 484,500 14,660,970 ---------------- 54,960,316
1 DISTILLERS & VINTNERS--4.0% Beverages, Wines, & Spirits Diageo plc (Great Britain) Manufacturer 5,517,500 79,979,659 HOUSEHOLD PRODUCTS--2.6% Consumer Chemical Products Henkel KGaA (Germany) Manufacturer 558,000 51,886,988 PACKAGED FOODS & MEATS--4.9% Food & Beverage Nestle SA (Switzerland) Manufacturer 257,000 76,865,297 Beverage & Confectionary Cadbury Schweppes plc (Great Britain) Manufacturer 2,423,000 22,908,065 ---------------- 99,773,362 SOFT DRINKS--1.0% Lotte Chilsung Beverage Co., Ltd. Soft Drinks, Juices & Sports (Korea) Drinks Manufacturer 20,880 20,330,799 OIL & GAS EXPLORATION & PRODUCTION--5.4% Burlington Resources, Inc. (United Oil & Natural Gas States) Exploration & Production 1,260,000 108,612,000 ASSET MANAGEMENT & CUSTODY BANKS--3.7% Julius Baer Holding AG-B (Switzerland) Asset Management 1,062,375 75,271,775 DIVERSIFIED BANKS--6.0% Bank of Ireland (Ireland) Commercial Bank 4,029,000 63,490,491 Australia and New Zealand Banking Group Limited (Australia) Commercial Bank 2,260,000 39,704,861 Banco Popolare di Verona e Novara Scrl (Italy) Commercial Bank 863,600 17,473,828 ---------------- 120,669,180 DIVERSIFIED CAPITAL MARKETS--0.5% Investment Services & Credit Suisse Group (Switzerland) Insurance 190,700 9,723,668 INVESTMENT BANKING & BROKERAGE--1.2% Daiwa Securities Group, Inc. (Japan) Stock Broker 2,062,000 23,383,325 SPECIALIZED FINANCE--2.1% Euronext NV (Netherlands) Stock Exchange 827,000 43,081,573 HEALTH CARE SERVICES--2.4% Laboratory Corporation of America Medical Laboratory & Testing Holdings (United States) (a) Services 920,000 49,542,000 HEALTH CARE SUPPLIES--0.3% Protective Rubber & Plastics Ansell Limited (Australia) Products 840,966 6,816,641 PHARMACEUTICALS--10.1% Takeda Pharmaceutical Company Pharmaceuticals & Food Limited (Japan) Supplements 1,281,000 69,319,593
2 GlaxoSmithKline plc (Great Britain) Pharmaceuticals 2,614,200 66,073,590 Novartis AG (Switzerland) Pharmaceuticals 899,600 47,273,501 Santen Pharmaceutical Co., Ltd. (Japan) Pharmaceuticals 781,000 21,595,081 ---------------- 204,261,765 AEROSPACE & DEFENSE--1.0% Alliant Techsystems, Inc. (United Propulsion Systems & States) (a) Munitions 269,087 20,496,357 DIVERSIFIED COMMERCIAL AND PROFESSIONAL SERVICES--3.1% Equifax Inc. (United States) Credit Reporting & Collection 1,005,600 38,232,912 Software Engineering Meitec Corporation (Japan) Services 760,000 24,624,258 ---------------- 62,857,170 ENVIRONMENTAL & FACILITIES SERVICES--2.2% Waste Management, Inc. (United States) Waste Management Services 1,500,000 45,525,000 HUMAN RESOURCE & EMPLOYMENT SERVICES--1.1% Michael Page International plc (Great Recruitment Consultancy Britain) Services 4,815,400 22,369,868 INDUSTRIAL CONGLOMERATES--2.6% Diversified Manufacturing & Tyco International Ltd. (Bermuda) Services 1,804,000 52,063,440 COMPUTER HARDWARE--2.8% Technology Products & Dell Inc. (United States) (a) Services 1,877,000 56,291,230 DATA PROCESSING & OUTSOURCED SERVICES--4.5% Electronic Debit Payment eFunds Corporation (United States) (a) Services 2,237,100 52,437,624 Ceridian Corporation (United States) (a) Data Management Services 1,538,000 38,219,300 ---------------- 90,656,924 OFFICE ELECTRONICS--2.5% Mailroom Equipment Neopost SA (France) Supplier 494,750 49,613,809 SEMICONDUCTORS--2.4% Integrated Circuits & Semi- Conductor Devices Rohm Company Limited (Japan) Manufacturer 442,000 48,098,897 DIVERSIFIED CHEMICALS--2.3% Akzo Nobel N.V. (Netherlands) Chemical Producer 992,300 45,994,735 SPECIALTY CHEMICALS--2.3% Lonza Group AG, Registered Shares (Switzerland) Industrial Organic Chemicals 408,400 24,988,858 Fragrance & Flavor Givaudan (Switzerland) Compound Manufacturer 32,800 22,228,615 ---------------- 47,217,473
3 WIRELESS TELECOMMUNICATION SERVICES--4.8% SK Telecom Co., Ltd. (Korea) Mobile Telecommunications 300,000 53,895,782 NTT DoCoMo, Inc. (Japan) Mobile Telecommunications 26,400 40,305,343 SK Telecom Co., Ltd. (Korea) (b) Mobile Telecommunications 55,000 1,115,950 ---------------- 95,317,075 TOTAL COMMON STOCKS (COST: $1,523,612,954) 2,001,976,673
NAME DESCRIPTION PAR VALUE MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- SHORT TERM INVESTMENTS--0.8% REPURCHASE AGREEMENTS--0.8% IBT Repurchase Agreement, 3.55% dated 12/30/2005 due 1/3/2006,repurchase price $14,505,719, collateralized by Small Business Administration Bonds, with rates of 6.875%-7.625%, with maturities from 6/25/2016-3/25/2028, and with an aggregate market value plus accrued interest of $15,225,000 14,500,000 14,500,000 IBT Repurchase Agreement, 3.02% dated 12/30/2005 due 1/3/2006,repurchase price $2,221,087, collateralized by a Small Business Administration Bond, with a rate of 7.375%, with a maturity date of 12/25/2014, and a market value plus accrued interest of $2,331,359 2,220,342 2,220,342 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $16,720,342) 16,720,342 TOTAL SHORT TERM INVESTMENTS (COST: $16,720,342) 16,720,342 Total Investments (Cost $1,540,333,296)--99.8% $ 2,018,697,015 Other Assets In Excess Of Other Liabilities--0.2% 4,326,016 ---------------- TOTAL NET ASSETS--100% $ 2,023,023,031 ================
(a) Non-income producing security. (b) Represents an American Depository Receipt. 4 SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 5 THE OAKMARK INTERNATIONAL FUND INTERNATIONAL DIVERSIFICATION--DECEMBER 31, 2005 (UNAUDITED)
% OF FUND EQUITY MARKET VALUE - ---------------------------------------------------------------------------------------------- EUROPE 71.8% Great Britain 25.4% Switzerland 15.2% * France 9.4% * Germany 8.6% * Netherlands 7.6% * Ireland 2.9% * Italy 2.3% * Spain 0.3% * Belgium 0.1% PACIFIC RIM 27.3% Japan 14.1% Korea 7.6% Australia 2.2% Singapore 1.3% Taiwan 1.2% Hong Kong 0.9% OTHER 0.5% Israel 0.5% LATIN AMERICA 0.4% Mexico 0.4%
* Euro currency countries comprise 31.2% of the Fund. SCHEDULE OF INVESTMENTS--DECEMBER 31, 2005 (UNAUDITED)
NAME DESCRIPTION SHARES HELD MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Common Stocks--96.5% ADVERTISING--2.2% Advertising & Media Publicis Groupe (France) Services 3,965,400 138,028,159 APPAREL RETAIL--0.9% Giordano International Limited (Hong Pacific Rim Clothing Retailer Kong) (b) & Manufacturer 94,892,300 53,237,057 APPAREL, ACCESSORIES & LUXURY GOODS--2.0% Swatch Group AG, Bearer Shares (Switzerland) Watch Manufacturer 845,300 125,444,064 Swatch Group AG, Registered Shares (Switzerland) Watch Manufacturer 24,700 747,203 ---------------- 126,191,267 AUTOMOBILE MANUFACTURERS--5.0% Bayerische Motoren Werke (BMW) AG Luxury Automobile (Germany) Manufacturer 4,408,500 193,380,384 Automobile & Motorcycle Honda Motor Co., Ltd. (Japan) Manufacturer 2,025,000 115,591,603 ---------------- 308,971,987 BROADCASTING & CABLE TV--3.4% British Sky Broadcasting Group plc Television Production & (Great Britain) Broadcasting 15,912,000 135,928,749 Television Production & Societe Television Francaise 1 (France) Broadcasting 1,157,000 32,108,819 Television Production & Grupo Televisa S.A. (Mexico) (c) Broadcasting 294,500 23,707,250 Television Production & Gestevision Telecinco SA (Spain) Broadcasting 669,500 16,899,394 ---------------- 208,644,212 CONSUMER ELECTRONICS--0.9% Koninklijke (Royal) Philips Electronics N.V. (Netherlands) Electronics Manufacturer 1,787,000 55,537,615 MOVIES & ENTERTAINMENT--1.4% Music, Games, Television, Vivendi Universal SA (France) Film, & Telecommunications 2,789,300 87,381,285 PUBLISHING--2.2% Trinity Mirror plc (Great Britain) Newspaper Publishing 9,241,000 91,104,723 Johnston Press plc (Great Britain) Newspaper Publisher 5,792,600 46,393,862 ---------------- 137,498,585 SPECIALTY STORES--2.4% Signet Group plc (Great Britain) Jewelry Retailer 80,549,000 148,982,726
1 TEXTILES--0.3% Wool, Textile Production & Chargeurs SA (France) (b) Trading 790,182 16,839,648 BREWERS--1.6% Heineken Holding NV (Netherlands) Brewer 2,594,600 76,243,979 Heineken NV (Netherlands) Brewer 497,500 15,773,825 InBev NV (Belgium) Brewer 132,000 5,746,467 ---------------- 97,764,271 DISTILLERS & VINTNERS--3.3% Beverages, Wines, & Spirits Diageo plc (Great Britain) Manufacturer 12,570,000 182,210,116 Wines, Spirits, & Fruit Juice Pernod-Ricard SA (France) Manufacturer 157,000 27,398,734 ---------------- 209,608,850 HOUSEHOLD PRODUCTS--3.4% Consumer Chemical Products Henkel KGaA (Germany) Manufacturer 1,228,200 114,207,165 Toiletry Product Uni-Charm Corporation (Japan) Manufacturer 1,871,000 84,107,718 Household & Chemical KAO Corp. (Japan) Products Manufacturer 575,000 15,411,366 ---------------- 213,726,249 HYPERMARKETS & SUPER CENTERS--0.8% Metro AG (Germany) Food Retailer 978,700 47,276,260 PACKAGED FOODS & MEATS--4.7% Food & Beverage Nestle SA (Switzerland) Manufacturer 575,100 172,004,795 Beverage & Confectionary Cadbury Schweppes plc (Great Britain) Manufacturer 12,390,400 117,144,073 ---------------- 289,148,868 PERSONAL PRODUCTS--1.3% Health & Beauty Aid L'Oreal SA (France) Manufacturer 1,077,000 80,077,169 SOFT DRINKS--1.4% Lotte Chilsung Beverage Co., Ltd. Soft Drinks, Juices & Sports (Korea) (b) Drinks Manufacturer 86,800 84,516,923 TOBACCO--1.1% Tobacco Products KT&G Corporation (Korea) Manufacturer 1,559,000 69,710,124 INTEGRATED OIL & GAS--1.6% Oil & Natural Gas BP p.l.c. (Great Britain) Exploration & Production 6,294,100 67,033,452 Oil & Natural Gas Total SA (France) Exploration & Production 126,000 31,655,508 ---------------- 98,688,960
2 DIVERSIFIED BANKS--14.8% Bank of Ireland (Ireland) Commercial Bank 10,968,500 172,845,731 Australia and New Zealand Banking Group Limited (Australia) Commercial Bank 7,348,800 129,107,558 Kookmin Bank (Korea) Commercial Banking 1,561,500 118,565,509 Lloyds TSB Group plc (Great Britain) Commercial Bank 12,952,600 108,865,136 BNP Paribas SA (France) Commercial Banking 1,156,000 93,546,968 UniCredito Italiano S.p.A. (Italy) Banking Services 11,291,000 77,761,536 Chinatrust Financial Holding Co. (Taiwan) Commercial Banking 93,805,606 74,298,074 United Overseas Bank Limited, Foreign Shares (Singapore) Commercial Banking 8,395,368 73,707,792 Banco Popolare di Verona e Novara Scrl (Italy) Commercial Bank 2,938,400 59,454,720 ---------------- 908,153,024 DIVERSIFIED CAPITAL MARKETS--2.1% Investment Services & Credit Suisse Group (Switzerland) Insurance 2,507,000 127,830,289 INVESTMENT BANKING & BROKERAGE--1.6% Daiwa Securities Group, Inc. (Japan) Stock Broker 8,995,000 102,004,368 REAL ESTATE MANAGEMENT & DEVELOPMENT--0.0% United Overseas Land Limited (Singapore) Real Estate Investor 839,536 1,267,167 REINSURANCE--0.4% Hannover Rueckversicherung AG (Germany) Reinsurance 626,400 22,196,875 SPECIALIZED FINANCE--4.8% Euronext NV (Netherlands) Stock Exchange 3,094,600 161,209,473 Deutsche Boerse AG (Germany) Electronic Trading Systems 1,328,000 136,097,042 ---------------- 297,306,515 PHARMACEUTICALS--9.4% GlaxoSmithKline plc (Great Britain) Pharmaceuticals 8,470,000 214,078,229 Novartis AG (Switzerland) Pharmaceuticals 3,089,000 162,325,304 Takeda Pharmaceutical Company Pharmaceuticals & Food Limited (Japan) Supplements 2,876,800 155,674,165 Sanofi-Aventis (France) Pharmaceuticals 588,508 51,560,539 ---------------- 583,638,237 DIVERSIFIED COMMERCIAL AND PROFESSIONAL SERVICES--1.3% Software Engineering Meitec Corporation (Japan) (b) Services 2,483,800 80,475,963 ENVIRONMENTAL & FACILITIES SERVICES--0.2% Rentokil Initial plc (Great Britain) Global Business Services 3,400,000 9,564,537 HUMAN RESOURCE & EMPLOYMENT SERVICES--1.8% Michael Page International plc (Great Recruitment Consultancy Britain) (b) Services 23,641,000 109,823,911
3 INDUSTRIAL MACHINERY--1.2% Enodis plc (Great Britain) (a)(b) Food Processing Equipment 33,585,320 74,831,863 MARINE PORTS & SERVICES--1.9% Associated British Ports Holdings plc (Great Britain) Port Operator 11,623,000 117,387,982 ELECTRONIC EQUIPMENT MANUFACTURERS--0.5% Orbotech, Ltd. (Israel) (a) Optical Inspection Systems 1,237,700 29,667,669 SEMICONDUCTORS--1.9% Integrated Circuits & Semi- Conductor Devices Rohm Company Limited (Japan) Manufacturer 1,095,700 119,235,208 DIVERSIFIED CHEMICALS--2.4% Akzo Nobel N.V. (Netherlands) Chemical Producer 3,182,200 147,500,197 FERTILIZERS & AGRICULTURAL CHEMICALS--1.9% Syngenta AG (Switzerland) (a) Crop Protection Products 932,400 116,017,808 SPECIALTY CHEMICALS--3.3% Fragrance & Flavor Givaudan (Switzerland) Compound Manufacturer 155,700 105,518,151 Lonza Group AG, Registered Shares (Switzerland) Industrial Organic Chemicals 1,629,000 99,673,973 ---------------- 205,192,124 WIRELESS TELECOMMUNICATION SERVICES--7.1% SK Telecom Co., Ltd. (Korea) Mobile Telecommunications 1,010,500 181,538,958 NTT DoCoMo, Inc. (Japan) Mobile Telecommunications 110,900 169,312,977 Vodafone Group Plc (Great Britain) Mobile Telecommunications 36,699,000 79,243,793 Vodafone Group Plc (Great Britain) (c) Mobile Telecommunications 606,000 13,010,820 SK Telecom Co., Ltd. (Korea) (c) Mobile Telecommunications 43,500 882,615 ---------------- 443,989,163 TOTAL COMMON STOCKS (COST: $4,471,319,216) 5,967,913,115
NAME DESCRIPTION PAR VALUE MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Short Term Investments--3.6% U.S. GOVERNMENT AGENCIES--1.0% Fannie Mae, 4.15%-4.16% due 1/12/2006 - 1/19/2006 40,000,000 39,928,422 Federal Home Loan Bank, 4.17% due 1/4/2006 20,000,000 19,990,734 TOTAL U.S. GOVERNMENT AGENCIES (COST: $59,919,156) 59,919,156
4 REPURCHASE AGREEMENTS--2.6% IBT Repurchase Agreement, 3.55% dated 12/30/2005 due 1/3/2006,repurchase price of $159,062,717, collateralized by Small Business Administration Bonds, with rates of 6.125%-7.375%, with maturities from 10/25/2017-11/25/2030, and with an aggregate market value plus accrued interest of $166,950,000 159,000,000 159,000,000 IBT Repurchase Agreement, 3.02% dated 12/30/2005 due 1/3/2006,repurchase price $1,220,076, collateralized by a Small Business Administration Bond, with a rate of 6.625%, with a maturity date of 1/25/2027, and with a market value plus accrued interest of $1,280,650 1,219,667 1,219,667 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $160,219,667) 160,219,667 TOTAL SHORT TERM INVESTMENTS (COST: $220,138,823) 220,138,823 Total Investments (Cost $4,691,458,039)--100.1% $ 6,188,051,938 Foreign Currencies (Cost $3,303,803)--0.0% $ 3,348,338 Other Liabilities In Excess Of Other Assets--(0.1%) (7,814,837) ---------------- TOTAL NET ASSETS--100% $ 6,183,585,439 ================
(a) Non-income producing security. (b) See footnote number two in the Notes to the Schedules of Investments regarding investments in affiliated issuers. (c) Represents an American Depository Receipt. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 5 THE OAKMARK INTERNATIONAL SMALL CAP FUND INTERNATIONAL DIVERSIFICATION--DECEMBER 31, 2005 (UNAUDITED)
% OF FUND EQUITY MARKET VALUE - --------------------------------------------------------------------------------------------- EUROPE 73.8% Great Britain 28.2% Switzerland 15.8% * Germany 7.3% * France 5.2% * Spain 4.6% * Italy 3.9% Sweden 2.2% Norway 2.0% * Finland 1.6% Turkey 1.5% Denmark 1.2% * Greece 0.3% PACIFIC RIM 24.9% Japan 10.9% Korea 5.0% Australia 3.3% New Zealand 1.9% Hong Kong 1.6% Malaysia 1.5% Philippines 0.4% Singapore 0.3% OTHER 1.3% Israel 1.3%
* Euro currency countries comprise 22.9% of the Fund. THE OAKMARK INTERNATIONAL SMALL CAP FUND SCHEDULE OF INVESTMENTS--DECEMBER 31, 2005 (UNAUDITED)
NAME DESCRIPTION SHARES HELD MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Common Stocks--97.2% ADVERTISING--1.2% Asatsu-DK, Inc. (Japan) Advertising Services Provider 400,200 12,729,008 APPAREL RETAIL--7.3% Matalan plc (Great Britain) Clothing Retailer 12,568,000 39,571,687 Sportswear & Sports JJB Sports plc (Great Britain) (b) Equipment Retailer 12,033,000 36,386,187 ---------------- 75,957,874 APPAREL, ACCESSORIES & LUXURY GOODS--0.8% Jewelry Manufacturer & Bulgari S.p.A. (Italy) Retailer 784,900 8,763,133 AUTO PARTS & EQUIPMENT--1.4% Auto Parts & Equipment Kongsberg Automotive ASA (Norway) (a) Manufacturer 2,087,800 14,919,269 BROADCASTING & CABLE TV--4.2% Sogecable SA (Spain) (a) Cable Television Services 529,500 21,226,886 Film Producer & Sports Media Prima Berhad (Malaysia) (a) (b) Promoter 33,237,400 14,950,015 Television Entertainment M6 Metropole Television (France) Channel Owner & Operator 297,700 8,247,609 ---------------- 44,424,510 HOME IMPROVEMENT RETAIL--4.1% Carpetright plc (Great Britain) Carpet Retailer 2,246,000 42,701,126 PHOTOGRAPHIC PRODUCTS--1.5% Vitec Group plc (Great Britain) (b) Photo Equipment & Supplies 2,383,907 15,381,117 PUBLISHING--3.9% Educational Information Daekyo Co., Ltd. (Korea) Service Provider 321,900 25,176,893 TV Broadcasting & Tamedia AG (Switzerland) Publishing 166,004 15,728,689 ---------------- 40,905,582 BREWERS--0.7% Kook Soon Dang Brewery Co., Ltd. (Korea) Wine & Spirits Manufacturer 446,500 7,290,248 DISTILLERS & VINTNERS--1.3% Beverages, Wines, & Spirits Baron De Ley, S.A. (Spain) (a) Manufacturer 265,657 13,068,497
1 PACKAGED FOODS & MEATS--2.7% Candy & Snacks Lotte Confectionery Co., Ltd. (Korea) Manufacturer 15,334 18,202,942 Robert Wiseman Dairies plc (Great Britain) Milk Processor & Distributor 959,000 4,768,522 Alaska Milk Corporation (Philippines) (b) Milk Producer 56,360,000 3,613,502 ---------------- 26,584,966 ASSET MANAGEMENT & CUSTODY BANKS--6.7% Julius Baer Holding AG-B (Switzerland) Asset Management 591,500 41,909,170 MLP AG (Germany) Asset Management 1,353,700 28,079,534 ---------------- 69,988,704 INSURANCE BROKERS--3.6% Benfield Group Ltd. Common Stock (Great Britain) Reinsurance Service Provider 5,979,543 37,037,170 MULTI-SECTOR HOLDINGS--2.9% Pargesa Holding AG, Class B (Switzerland) Diversified Operations 357,800 30,551,872 OTHER DIVERSIFIED FINANCIAL SERVICES--1.5% Ichiyoshi Securities Co., Ltd. (Japan) Stock Broker 872,300 15,611,137 REAL ESTATE MANAGEMENT & DEVELOPMENT--1.9% Countrywide PLC (Great Britain) Real Estate Service Provider 2,693,000 19,448,869 SPECIALIZED FINANCE--0.3% Athens Stock Exchange S.A. (Greece) Exchange Services 293,000 3,108,200 HEALTH CARE SUPPLIES--2.4% Healthcare Products & Coloplast A/S, Class B (Denmark) Services Provider 203,000 12,594,491 Protective Rubber & Plastics Ansell Limited (Australia) Products 1,507,384 12,218,444 ---------------- 24,812,935 PHARMACEUTICALS--1.9% Santen Pharmaceutical Co., Ltd. (Japan) Pharmaceuticals 709,000 19,604,241 AIR FREIGHT & LOGISTICS--1.8% Mainfreight Limited (New Zealand) (b) Logistics Services 7,596,017 18,933,718 COMMERCIAL PRINTING--1.2% De La Rue Plc (Great Britain) Commercial Printing 1,566,190 12,597,761 DIVERSIFIED COMMERCIAL AND PROFESSIONAL SERVICES--2.2% Prosegur, Compania de Seguridad SA Security & Transportation (Spain) Services 552,800 12,644,700 Intrum Justitia AB (Sweden) (a) Diversified Financial Services 1,157,443 10,674,292 ---------------- 23,318,992
2 ELECTRICAL COMPONENTS & EQUIPMENT--1.3% Pfeiffer Vacuum Technology AG (Germany) Vacuum Pump Manufacturer 254,000 13,884,395 Electrical Systems Carbone Lorraine SA (France) Manufacturer 4,980 227,588 ---------------- 14,111,983 INDUSTRIAL CONGLOMERATES--2.9% Dogan Sirketler Grubu Holdings A.S. (Turkey) (a) Diversified Holding Company 4,637,511 15,109,255 Automotive Pump Rheinmetall AG (Germany) Manufacturer 185,600 11,703,412 Haw Par Corporation Limited (Singapore) Diversified Operations 1,029,687 3,188,844 ---------------- 30,001,511 INDUSTRIAL MACHINERY--12.4% Electronic Instrument Halma plc (Great Britain) Producer 10,734,000 34,720,561 Interpump Group S.p.A. (Italy) (b) Pump & Piston Manufacturer 4,709,000 30,596,810 Elevator & Escalator Schindler Holding AG (Switzerland) Manufacturer 64,200 25,381,963 Textile Equipment Saurer AG (Switzerland) (a) Manufacturer 298,853 19,900,790 Filtration & Separation Alfa Laval AB (Sweden) Equipment 551,900 11,951,452 Industrial Fastener LISI (France) Manufacturer 127,600 6,949,313 ---------------- 129,500,889 OFFICE SERVICES & SUPPLIES--0.8% Domino Printing Sciences plc (Great Britain) Printing Equipment 1,809,000 8,061,310 COMMUNICATION EQUIPMENT--0.5% Develops & Markets Tandberg ASA (Norway) Communication Equipments 920,300 5,634,963 COMPUTER HARDWARE--2.0% Banking Machine Wincor Nixdorf AG (Germany) Manufacturer 194,500 20,579,969 COMPUTER STORAGE & PERIPHERALS--1.1% Manufacturing Process Lectra (France) (b) Systems 2,186,404 11,752,212 DATA PROCESSING & OUTSOURCED SERVICES--2.1% Baycorp Advantage Limited (Australia) Credit Reference Services 8,662,000 21,285,934 ELECTRONIC EQUIPMENT MANUFACTURERS--5.2% Digital Camera Motors Mabuchi Motor Co., Ltd. (Japan) Manufacturer 466,500 25,916,667 Atmospheric Observation Vaisala Oyj, Class A (Finland) Equipment 559,600 15,900,922
3 Orbotech, Ltd. (Israel) (a) Optical Inspection Systems 536,500 12,859,905 ---------------- 54,677,494 HOME ENTERTAINMENT SOFTWARE--1.2% Square Enix Co., Ltd. (Japan) Entertainment Software 447,900 12,574,631 IT CONSULTING & OTHER SERVICES--2.3% Business & Technology Morse plc (Great Britain) (b) Solutions 12,474,000 20,496,344 Systems Consulting & Alten (France) (a) Engineering 113,316 3,394,260 ---------------- 23,890,604 OFFICE ELECTRONICS--2.1% Mailroom Equipment Neopost SA (France) Supplier 220,700 22,131,921 INDUSTRIAL GASES--2.3% Taiyo Ink Mfg. Co., Ltd. (Japan) Manufacturer of Resist Inks 502,300 24,369,432 SPECIALTY CHEMICALS--3.9% Gurit-Heberlein AG (Switzerland) (b) Chemical Producer 26,700 26,415,525 Croda International plc (Great Britain) Chemical Producer 1,859,600 14,749,855 ---------------- 41,165,380 ALTERNATIVE CARRIERS--1.6% Asia Satellite Telecommunications Holdings Limited (Hong Kong) Satellite Operator 9,383,500 16,640,308 TOTAL COMMON STOCKS (COST: $766,351,991) 1,014,117,470
NAME DESCRIPTION PAR VALUE MARKET VALUE - ---------------------------------------------------------------------------------------------------------------------------------- Short Term Investments--2.1% REPURCHASE AGREEMENTS--2.1% IBT Repurchase Agreement, 3.55% dated 12/30/2005 due 1/3/2006,repurchase price $19,007,494, collateralized by Small Business Administration Bonds, with rates of 6.580%-7.125%, with maturities from 6/25/2016-1/25/2028, and with an aggregate market value plus accrued interest of $19,950,000 19,000,000 19,000,000
4 IBT Repurchase Agreement, 3.02% dated 12/30/2005 due 1/3/2006,repurchase price $2,385,487, collateralized by a Small Business Administration Bond, with a rate of 7.375%, with a maturity date of 8/25/2016, and with a market value plus accrued interest of $2,503,921 2,384,687 2,384,687 ---------------- TOTAL REPURCHASE AGREEMENTS (COST: $21,384,687) 21,384,687 TOTAL SHORT TERM INVESTMENTS (COST: $21,384,687) 21,384,687 Total Investments (Cost $787,736,678)--99.3% $ 1,035,502,157 Foreign Currencies (Cost $1,904,466)--0.2% $ 1,923,951 Other Assets In Excess Of Other Liabilities--0.5% 5,699,179 ---------------- TOTAL NET ASSETS--100% $ 1,043,125,287 ================
(a) Non-income producing security. (b) See footnote number two in the Notes to the Schedules of Investments regarding investments in affiliated issuers. SEE ACCOMPANYING NOTES TO THE SCHEDULES OF INVESTMENTS. 5 THE OAKMARK 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 -- The Funds' share prices or net asset values ("NAV") are calculated as of the close of regular session trading (usually 4:00 pm Eastern time) on the New York Stock Exchange ("NYSE") on any day on which the NYSE is open for trading. Domestic equity 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. Foreign equity securities traded on securities exchanges shall be valued at, depending on local convention or regulation, the last sales price, last bid or asked price, the mean between the last bid and asked prices, an official closing price, or shall be based on a pricing composite as of the close of the regular trading hours on the appropriate exchange or other designated time. 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 sales price on the day of valuation, or lacking any reported sales that day, at the mean of the most recent bid and asked quotations, or if the mean is not available, at the most recent bid quotation. Securities for which quotations are not readily available or securities that may have been affected by a significant event occurring between the close of a foreign market and the close of the NYSE are valued at fair values, determined by or under the direction of the pricing committee established by the Board of Trustees. A significant event may include the performance of U.S. markets since the close of foreign markets. 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, 2005, the Funds held no securities for which quotations were not readily available, and no securities that were believed to be affected by a significant event prior to the computation of the NAV. FOREIGN CURRENCY TRANSLATIONS -- Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at current exchange rates obtained by a recognized bank, dealer, or independent pricing service on the day of valuation. 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. Forward foreign currency contracts are valued at the current day's interpolated foreign exchange rates. 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 and unrealized gains and losses from securities. Net realized gains and 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. 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, 2005, Global and Int'l Small Cap held the following outstanding forward foreign currency contracts: GLOBAL
VALUATION AT UNREALIZED CONTRACT AMOUNT SETTLEMENT DATE 12/31/05 APPRECIATION ------------------------------------------------------------------------- FOREIGN CURRENCY BOUGHT: British Pound Sterling 4,300,000 4/18/06 $ 7,399,474 $ (165,301) British Pound Sterling 8,100,000 4/18/06 13,938,543 (241,884) British Pound Sterling 8,400,000 4/18/06 14,454,786 (145,338) ------------- --------------- $ 35,792,803 $ (552,523) ------------- --------------- FOREIGN CURRENCY SOLD: British Pound Sterling 20,800,000 4/18/06 35,792,803 590,557 ------------- --------------- $ 35,792,803 $ 590,557 ============= =============== Total $ 0 $ 38,034 ============= ===============
INT'L SMALL CAP
VALUATION AT UNREALIZED CONTRACT AMOUNT SETTLEMENT DATE 12/31/05 APPRECIATION ------------------------------------------------------------------------- FOREIGN CURRENCY BOUGHT: British Pound Sterling 8,100,000 1/18/06 $ 13,935,631 $ (240,989) British Pound Sterling 5,500,000 1/18/06 9,462,465 (94,775) British Pound Sterling 11,000,000 5/17/06 18,934,988 (420,062) ------------- --------------- $ 42,333,084 $ (755,826) ------------- --------------- FOREIGN CURRENCY SOLD: British Pound Sterling 13,600,000 1/18/06 $ 23,398,096 $ 1,925,104 British Pound Sterling 11,000,000 5/17/06 18,934,988 1,283,012 ------------- --------------- $ 42,333,084 $ 3,208,116 ============= =============== Total $ 0 $ 2,452,290 ============= ===============
RESTRICTED SECURITIES - The following investments, the sales of which are restricted to qualified institutional buyers, have been valued according to the securities valuation procedures for debt obligations and money market instruments (as stated in the Security Valuation section) since their acquisition dates. These securities are priced using market quotations and there are no unrestricted securities with the same maturity dates and yields for this issuer. At December 31, 2005, the Oakmark Equity & Income Fund held the following restricted securities:
PERCENTAGE QUANTITY SECURITY NAME ACQUISITION DATE CARRYING VALUE COST MARKET VALUE OF TNA 3,000,000 Sealed Air Corporation, 144A, 5.625% due 7/15/2013 6/27/2003 99.2656 100.68 2,977,968 0.03% 5,000,000 Sealed Air Corporation, 144A, 5.625% due 7/15/2013 8/20/2003 99.2656 96.41 4,963,280 0.05% 300,000 Sealed Air Corporation, 144A, 5.625% due 7/15/2013 8/21/2003 99.2656 96.79 297,797 0.00% 11,700,000 Sealed Air Corporation, 144A, 5.625% due 7/15/2013 4/6/2004 99.2656 103.31 11,614,075 0.12% ------------------------ Totals 19,853,120 0.20%
2. INVESTMENTS IN AFFILIATED ISSUERS An affiliated issuer, as defined under the Investment Company Act of 1940, is one in which a Fund's holdings of an issuer represents 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, 2005, is set forth below: SUMMARY OF INVESTMENTS IN AFFILIATED COMPANIES THE OAKMARK SELECT FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES (COST) PROCEEDS INCOME 2005 - ------------------------------------------------------------------------------------------------------------------------ H&R Block, Inc. 16,519,600 $ 0 $ 0 $ 2,064,950 $ 405,556,180 The Dun & Bradstreet Corporation + 3,934,900 0 0 0 263,480,904 ------------- ------------- ------------- ------------- TOTALS $ 0 $ 0 $ 2,064,950 $ 669,037,084
SUMMARY OF INVESTMENTS IN AFFILIATED COMPANIES THE OAKMARK EQUITY AND INCOME FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES (COST) PROCEEDS INCOME 2005 - ------------------------------------------------------------------------------------------------------------------------ St. Mary Land & Exploration Company 2,900,000 $ 0 $ 0 $ 145,000 $ 106,749,000 Varian, Inc. + 1,649,400 0 0 0 65,629,626 ------------- ------------- ------------- ------------- TOTALS $ 0 $ 0 $ 145,000 $ 172,378,626
SUMMARY OF INVESTMENTS IN AFFILIATED COMPANIES THE OAKMARK INTERNATIONAL FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES (COST) PROCEEDS INCOME 2005 - ------------------------------------------------------------------------------------------------------------------------ Chargeurs SA 790,182 $ 0 $ 0 $ 0 $ 16,839,648 Enodis plc + 33,585,320 0 0 0 74,831,863 Giordano International Limited 94,892,300 19,641,182 0 0 53,237,057 Lotte Chilsung Beverage Co., Ltd. 86,800 2,279,987 0 0 84,516,923 Meitec Corporation 2,483,800 0 0 32,871 80,475,963 Michael Page International plc 23,641,000 0 2,941,325 0 109,823,911 ------------- ------------- ------------- ------------- TOTALS $ 21,921,169 $ 2,941,325 $ 30,570 $ 419,725,365
SUMMARY OF INVESTMENTS IN AFFILIATED COMPANIES THE OAKMARK INT'L SMALL CAP FUND
MARKET VALUE PURCHASES SALES DIVIDEND DECEMBER 31, AFFILIATES SHARES (COST) PROCEEDS INCOME 2005 - ------------------------------------------------------------------------------------------------------------------------ Alaska Milk Corporation 56,360,000 $ 0 $ 0 $ 78,350 $ 3,613,502 Gurit-Heberlein AG 26,700 0 5,895,445 0 26,415,525 Interpump Group S.p.A 4,709,000 0 0 3,897,265 30,596,810 JJB Sports plc 12,033,000 8,613,107 0 590,831 36,386,187 Lectra 2,186,404 0 0 0 11,752,212 Mainfreight Limited 7,596,017 1,384,418 1,099,139 293,965 18,933,718 Media Prima Berhad 33,237,400 4,899,074 0 0 14,950,015 Morse plc 12,474,000 0 0 572,497 20,496,344 Vitec Group plc 2,383,907 0 0 0 15,381,117 ------------- ------------- ------------- ------------- TOTALS $ 14,896,599 $ 6,994,584 $ 5,432,908 $ 178,525,430
+ Non-income producing security. 3. FEDERAL INCOME TAXES At December 31, 2005 , 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 $ 4,855,829,944 $ 1,348,940,781 $ 71,085,842 $ 1,277,854,939 Select 4,394,998,382 1,936,968,979 77,598,850 1,859,370,129 Equity and Income 8,500,470,111 1,687,830,295 89,726,860 1,598,103,435 Global 1,540,333,296 494,728,110 16,364,391 478,363,719 International 4,691,458,039 1,530,097,417 33,503,518 1,496,593,899 Int'l Small Cap 787,736,678 269,820,857 22,055,378 247,765,479
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, 2006 -------------------------------------------------- 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, 2006 -------------------------------------------------- By: /s/ Kristi L. Rowsell -------------------------------------------------- Kristi L. Rowsell Principal Financial Officer Date: February 28, 2006 -------------------------------------------------- EX-99.CERT 2 a2166593zex-99_cert.txt EX-99.CERT Exhibit 99.Cert Exhibit (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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) 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 (d) 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, 2006 /s/ John R. Raitt - -------------------------------------- John R. Raitt Principal Executive Officer Exhibit (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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) 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 (d) 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, 2006 /s/ Kristi L. Rowsell - ------------------------------------------------- Kristi L. Rowsell Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----