Harris Associates Investment Trust
Oakmark Fund
Supplement
dated April 30, 2021 to each Fund’s Prospectus, Summary Prospectus, and Statement of Additional Information, each dated
Kevin G. Grant, portfolio manager of Oakmark Fund (the “Fund”) and Co-Chairman and analyst of the Adviser, has announced his decision to retire from his roles effective December 31, 2021. Mr. Grant will cease his portfolio management and advisory responsibilities and all references to Mr. Grant will be removed in the Oakmark Fund’s Summary Prospectus, Prospectus and Statement of Additional Information at that time. After Mr. Grant’s retirement, William C. Nygren and Michael A. Nicolas will continue as portfolio managers of the Oakmark Fund.
Effective on May 1, 2021:
(1) The fee table and expense example included in the Oakmark Bond Fund’s Summary Prospectus and Prospectus are hereby deleted and replaced with the following:
Advisor Class | Institutional Class | R6 Class | ||||||||||
Management fees | % | % | % | |||||||||
Distribution (12b-1) fees | ||||||||||||
Other expenses(1) | % | % | % | |||||||||
Total Annual Fund Operating Expenses | % | % | % | |||||||||
Less: Fee waivers and/or Expense reimbursements | % | % | % | |||||||||
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements(2) | | % | | % | % |
(1)
(2)
Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:
Advisor Class | Institutional Class | R6 Class | ||||||||||
1 Year | $ | $ | $ | |||||||||
3 Years |
(2) The table that appears on page 94 of the Prospectus is hereby deleted and replaced with the following:
The Adviser has contractually agreed to reimburse each Fund Class to the extent that its annual ordinary operating expenses of a class exceed the following percentages of the average daily net assets of that class:
Fund* | Investor Class | Advisor Class | Institutional Class | R6 Class | Service Class | |||||||||||||||
Oakmark Fund | 1.40 | % | 1.15 | % | 1.10 | % | 0.95 | % | 1.40 | % | ||||||||||
Select Fund | 1.50 | 1.25 | 1.20 | 1.05 | 1.50 | |||||||||||||||
Global Fund | 1.55 | 1.30 | 1.25 | 1.10 | 1.55 | |||||||||||||||
Global Select Fund | 1.55 | 1.30 | 1.25 | 1.10 | N/A | |||||||||||||||
International Fund | 1.55 | 1.30 | 1.25 | 1.10 | 1.55 | |||||||||||||||
International Small Cap Fund | 1.75 | 1.50 | 1.45 | 1.30 | 1.75 | |||||||||||||||
Equity and Income Fund | 1.25 | 1.00 | 0.95 | 0.80 | 1.25 | |||||||||||||||
Bond Fund | N/A | 0.54 | 0.52 | 0.44 | N/A |
* The agreement for each Fund is effective through January 27, 2022. The Adviser is entitled to recoup from assets attributable to any Fund class amounts reimbursed to that Fund class, except to the extent that the Fund class already has paid such recoupment to the Adviser or such recoupment would cause the annual ordinary operating expenses of a Fund class for that fiscal year to exceed the applicable limit shown above or to exceed any lower limit in effect at the time of recoupment. Any such repayment must be made within three years after the year in which the reimbursement occurred.
(3) The first paragraph in the “Expense Limitation Agreement” section of the Statement of Additional Information is hereby deleted in its entirety and replaced with the following:
Bond Fund Only. The Adviser has contractually agreed, through January 27, 2022, to reimburse each class of the Bond Fund to the extent that the annual ordinary operating expenses of that class exceed the following percentages of average net assets: 0.54% in the case of Advisor Class Shares; 0.52% in the case of Institutional Class Shares; and 0.44% in the case of R6 Class Shares.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Document and Entity Information |
Total |
---|---|
Prospectus: | |
Document Type | 497 |
Document Period End Date | Sep. 30, 2020 |
Entity Registrant Name | HARRIS ASSOCIATES INVESTMENT TRUST |
Entity Central Index Key | 0000872323 |
Entity Inv Company Type | N-1A |
Amendment Flag | false |
Document Creation Date | Apr. 30, 2021 |
Document Effective Date | Apr. 30, 2021 |
Prospectus Date | Dec. 15, 2020 |
Oakmark Bond Fund | R6 Class | |
Prospectus: | |
Trading Symbol | OAZCX |
Oakmark Bond Fund | Advisor Class | |
Prospectus: | |
Trading Symbol | OAYCX |
Oakmark Bond Fund | Institutional Class | |
Prospectus: | |
Trading Symbol | OANCX |
Total | |||||||||||||||||||||||||||||||||||||||
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Oakmark Bond Fund | |||||||||||||||||||||||||||||||||||||||
Oakmark Bond Fund | |||||||||||||||||||||||||||||||||||||||
Harris Associates Investment Trust Oakmark Bond Fund
Supplement dated April 30, 2021 to each Fund’s Prospectus, Summary Prospectus, and Statement of Additional Information, each dated December 15, 2020
Effective on May 1, 2021: | |||||||||||||||||||||||||||||||||||||||
(1) The fee table and expense example included in the Oakmark Bond Fund’s Summary Prospectus and Prospectus are hereby deleted and replaced with the following: | |||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||
Example. | |||||||||||||||||||||||||||||||||||||||
The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses were those reflected in the table, inclusive of any fee waivers and/or expense reimbursements.
Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be: | |||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. |
Label | Element | Value | ||||
---|---|---|---|---|---|---|
Oakmark Bond Fund | ||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Supplement to Prospectus [Text Block] | rr_SupplementToProspectusTextBlock | Harris Associates Investment Trust Oakmark Bond Fund
Supplement dated April 30, 2021 to each Fund’s Prospectus, Summary Prospectus, and Statement of Additional Information, each dated December 15, 2020
Effective on May 1, 2021: |
||||
Risk/Return [Heading] | rr_RiskReturnHeading | Oakmark Bond Fund | ||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | (1) The fee table and expense example included in the Oakmark Bond Fund’s Summary Prospectus and Prospectus are hereby deleted and replaced with the following: |
||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | Jan. 27, 2022 | ||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. | ||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses were those reflected in the table, inclusive of any fee waivers and/or expense reimbursements.
Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be: |
||||
Expense Example Closing [Text Block] | rr_ExpenseExampleClosingTextBlock | PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. |
||||
Oakmark Bond Fund | Advisor Class | ||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Management fees | rr_ManagementFeesOverAssets | 0.39% | ||||
Distribution (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other expenses | rr_OtherExpensesOverAssets | 1.91% | [1] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.30% | ||||
Less: Fee waivers and/or Expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | 1.76% | ||||
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements | rr_NetExpensesOverAssets | 0.54% | [2] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 55 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 549 | ||||
Oakmark Bond Fund | Institutional Class | ||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Management fees | rr_ManagementFeesOverAssets | 0.39% | ||||
Distribution (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other expenses | rr_OtherExpensesOverAssets | 2.43% | [1] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.82% | ||||
Less: Fee waivers and/or Expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | 2.30% | ||||
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements | rr_NetExpensesOverAssets | 0.52% | [2] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 53 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 655 | ||||
Oakmark Bond Fund | R6 Class | ||||||
Risk/Return: | rr_RiskReturnAbstract | |||||
Management fees | rr_ManagementFeesOverAssets | 0.39% | ||||
Distribution (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||
Other expenses | rr_OtherExpensesOverAssets | 2.43% | [1] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 2.82% | ||||
Less: Fee waivers and/or Expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | 2.38% | ||||
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements | rr_NetExpensesOverAssets | 0.44% | [2] | |||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 45 | ||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | $ 648 | ||||
|
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Prospectus Date | rr_ProspectusDate | Dec. 15, 2020 |
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