<PAGE> PAGE 1
000 A000000 03/31/98
000 C000000 0000872323
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 HARRIS ASSOCIATES INVESTMENT TRUST
001 B000000 811-06279
001 C000000 3126210600
002 A000000 TWO NORTH LASALLE STREET
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60602
002 D020000 3790
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 THE OAKMARK FUND
007 C030100 N
007 C010200 2
007 C020200 THE OAKMARK INTERNATIONAL FUND
007 C030200 N
007 C010300 3
007 C020300 THE OAKMARK SMALL CAP FUND
007 C030300 N
007 C010400 4
007 C020400 THE OAKMARK EQUITY AND INCOME FUND
007 C030400 N
007 C010500 5
007 C020500 THE OAKMARK INTERNATIONAL SMALL CAP FUND
007 C030500 N
007 C010600 6
007 C020600 THE OAKMARK SELECT FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 HARRIS ASSOCIATES L.P.
008 B00AA01 A
008 C00AA01 801-50333
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60602
<PAGE> PAGE 2
008 D04AA01 3790
012 A00AA01 STATE STREET BANK & TRUST
012 B00AA01 85-05003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02266
012 C04AA01 8510
013 A00AA01 ARTHUR ANDERSON LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60603
014 A00AA01 HARRIS ASSOCIATES SECURITIES L.P.
014 B00AA01 8-19988
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8510
015 E01AA01 X
015 A00AA02 CITIBANK, N.A., ARGENTINA
015 B00AA02 S
015 C01AA02 BUENOS AIRES
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
015 C01AA03 SYDNEY
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 ERSTE BANK
015 B00AA04 S
015 C01AA04 VIENNA
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 GENERALE BANK
015 B00AA05 S
015 C01AA05 BRUSSELS
015 D01AA05 BELGIUM
015 E04AA05 X
015 A00AA06 CITIBANK, N.A., BRAZIL
015 B00AA06 S
015 C01AA06 SAO PAULO
015 D01AA06 BRAZIL
015 E04AA06 X
015 A00AA07 CANADA TRUSTCO MORTGAGE CO.
015 B00AA07 S
015 C01AA07 TORONTO
015 D01AA07 CANADA
015 E04AA07 X
015 A00AA08 CITIBANK, N.A., CHILE
<PAGE> PAGE 3
015 B00AA08 S
015 C01AA08 SANTIAGO
015 D01AA08 CHILE
015 E04AA08 X
015 A00AA09 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA09 S
015 C01AA09 PRAGUE
015 D01AA09 CZECK REPUBLIC
015 E04AA09 X
015 A00AA10 BANQUE PARIBAS
015 B00AA10 S
015 C01AA10 PARIS
015 D01AA10 FRANCE
015 E04AA10 X
015 A00AA11 DEN DANSKE BANK, COPENHAGEN
015 B00AA11 S
015 C01AA11 COPENHAGEN
015 D01AA11 DENMARK
015 E04AA11 X
015 A00AA12 MERITA BANK LIMITED
015 B00AA12 S
015 C01AA12 HELSINKI
015 D01AA12 FINLAND
015 E04AA12 X
015 A00AA13 DRESDNER BANK AG
015 B00AA13 S
015 C01AA13 FRANKFURT
015 D01AA13 GERMANY
015 E04AA13 X
015 A00AA14 NATIONAL BANK OF GREECE
015 B00AA14 S
015 C01AA14 ATHENS
015 D01AA14 GREECE
015 E04AA14 X
015 A00AA15 STANDARD CHARTERED BANK HONG KONG BRANCH
015 B00AA15 S
015 C01AA15 HONG KONG
015 D01AA15 HONG KONG
015 E04AA15 X
015 A00AA16 CITIBANK BUDAPEST RT
015 B00AA16 S
015 C01AA16 BUDAPEST
015 D01AA16 HUNGARY
015 E04AA16 X
015 A00AA17 DEUTSCHE BANK AG-BOMBAY
015 B00AA17 S
015 C01AA17 BOMBAY
015 D01AA17 INDIA
015 E04AA17 X
015 A00AA18 STANDARD CHARTERED BANK
015 B00AA18 S
<PAGE> PAGE 4
015 C01AA18 JAKARTA
015 D01AA18 INDONESIA
015 E04AA18 X
015 A00AA19 BANK OF IRELAND
015 B00AA19 S
015 C01AA19 DUBLIN
015 D01AA19 IRELAND
015 E04AA19 X
015 A00AA20 BANQUE PARIBAS
015 B00AA20 S
015 C01AA20 MILAN
015 D01AA20 ITALY
015 E04AA20 X
015 A00AA21 THE DAIWA BANK, LTD.
015 B00AA21 S
015 C01AA21 TOKYO
015 D01AA21 JAPAN
015 E04AA21 X
015 A00AA22 HONGKONG AND SHANGHAI BANKING CORP LTD -SEOUL
015 B00AA22 S
015 C01AA22 SEOUL
015 D01AA22 KOREA
015 E04AA22 X
015 A00AA23 STANDARD CHARTERED BANK
015 B00AA23 S
015 C01AA23 KUALA LUMPUR
015 D01AA23 MALAYSIA
015 E04AA23 X
015 A00AA24 CITIBANK, N.A. MEXICO
015 B00AA24 S
015 C01AA24 MEXICO CITY
015 D01AA24 MEXICO
015 E04AA24 X
015 A00AA25 MEES PIERSON N.V.
015 B00AA25 S
015 C01AA25 AMERSTERDAM
015 D01AA25 NETHERLANDS
015 E04AA25 X
015 A00AA26 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B00AA26 S
015 C01AA26 WELLINGTON
015 D01AA26 NEW ZEALAND
015 E04AA26 X
015 A00AA27 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA27 S
015 C01AA27 OSLO
015 D01AA27 NORWAY
015 E04AA27 X
015 A00AA28 DEUTSCHE BANK AG, PAKISTAN
015 B00AA28 S
015 C01AA28 KARACHI
<PAGE> PAGE 5
015 D01AA28 PAKISTAN
015 E04AA28 X
015 A00AA29 STANDARD CHARTERED BANK
015 B00AA29 S
015 C01AA29 MANILA
015 D01AA29 PHILIPPINES
015 E04AA29 X
015 A00AA30 CITIBANK POLAND S.A.
015 B00AA30 S
015 C01AA30 WARSAW
015 D01AA30 POLAND
015 E04AA30 X
015 A00AA31 BANCO COMERCIAL PORTUGUES
015 B00AA31 S
015 C01AA31 LISBON
015 D01AA31 PORTUGAL
015 E04AA31 X
015 A00AA32 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA32 S
015 C01AA32 SINGAPORE
015 D01AA32 SINGAPORE
015 E04AA32 X
015 A00AA33 BANCO SANTANDER, S.A.
015 B00AA33 S
015 C01AA33 MADRID
015 D01AA33 SPAIN
015 E04AA33 X
015 A00AA34 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA34 S
015 C01AA34 COLOMBO
015 D01AA34 SRI LANKA
015 E04AA34 X
015 A00AA35 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA35 S
015 C01AA35 STOCKHOLM
015 D01AA35 SWEDEN
015 E04AA35 X
015 A00AA36 UNION BANK OF SWITZERLAND
015 B00AA36 S
015 C01AA36 ZURICH
015 D01AA36 SWITZERLAND
015 E04AA36 X
015 A00AA37 CENTRAL TRUST OF CHINA
015 B00AA37 S
015 C01AA37 TAIPEI
015 D01AA37 TAIWAN
015 E04AA37 X
015 A00AA38 STANDARD CHARTERED BANK
015 B00AA38 S
015 C01AA38 BANGKOK
015 D01AA38 THAILAND
<PAGE> PAGE 6
015 E04AA38 X
015 A00AA39 CITIBANK, N.A., TURKEY
015 B00AA39 S
015 C01AA39 ISTANBUL
015 D01AA39 TURKEY
015 E04AA39 X
015 A00AA40 STATE STREET BANK & TRUST CO., LONDON BRANCH
015 B00AA40 S
015 C01AA40 LONDON
015 D01AA40 UNITED KINGDOM
015 E04AA40 X
015 A00AA41 CITIBANK, N.A. URUGUAY
015 B00AA41 S
015 C01AA41 MONTEVIDEO
015 D01AA41 URUGUAY
015 E04AA41 X
015 A00AA42 CITIBANK, N.A., VENEZUELA
015 B00AA42 S
015 C01AA42 CARACAS
015 D01AA42 VENEZUELA
015 E04AA42 X
015 A00AA43 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B00AA43 S
015 C01AA43 BOGOTA
015 D01AA43 COLUMBIA
015 E04AA43 X
015 A00AA44 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA44 S
015 C01AA44 BOMBAY
015 D01AA44 INDIA
015 E04AA44 X
015 A00AA45 BANK HAPOALIM B.M.
015 B00AA45 S
015 C01AA45 TEL AVIV
015 D01AA45 ISRAEL
015 E04AA45 X
015 A00AA46 THE FUJI BANK LIMITED
015 B00AA46 S
015 C01AA46 TOKYO
015 D01AA46 JAPAN
015 E04AA46 X
015 A00AA47 CITIBIANK, N.A., LIMA PERU BRANCH
015 B00AA47 S
015 C01AA47 LIMA
015 D01AA47 PERU
015 E04AA47 X
015 A00AA48 THE HONGKONG & SHANGHAI BANK, SHANGHAI BRANCH
015 B00AA48 S
015 C01AA48 SHANGHAI
015 D01AA48 CHINA
015 E04AA48 X
<PAGE> PAGE 7
015 A00AA49 THE HONGKONG & SHANGHAI BANK, SHENZHN BRANCH
015 B00AA49 S
015 C01AA49 SHENZHEN
015 D01AA49 CHINA
015 E04AA49 X
015 A00AA50 THE SUMITOMO TRUST & BANKING CO., LTD
015 B00AA50 S
015 C01AA50 TOKYO
015 D01AA50 JAPAN
015 E04AA50 X
015 A00AA51 THE FUJI BANK, LIMITED
015 B00AA51 S
015 C01AA51 TOKYO
015 D01AA51 JAPAN
015 E04AA51 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 6
019 C00AA00 THEOAKMARK
020 A000001 HARRIS ASSOCIATES SECURITIES L.P.
020 B000001 36-3482833
020 C000001 1154
020 A000002 GOLDMAN SACHS & COMPANY
020 B000002 13-5108880
020 C000002 785
020 A000003 SMITH BARNEY INC.
020 B000003 13-1912900
020 C000003 690
020 A000004 BEAR STEARNS
020 B000004 13-3299429
020 C000004 467
020 A000005 MERRILL LYNCH
020 B000005 13-5674085
020 C000005 325
020 A000006 BOSTON INSTITUTIONAL
020 B000006 04-2479358
020 C000006 255
020 A000007 SALOMON BROTHERS, INC.
020 B000007 13-3082694
020 C000007 230
020 A000008 FIRST BOSTON
020 B000008 13-5659485
020 C000008 228
020 A000009 SANFORD BERNSTEIN
020 B000009 13-2625874
020 C000009 218
020 A000010 LEHMAN BROTHERS
020 B000010 13-2518466
020 C000010 188
021 000000 8189
022 A000001 STATE STREET
<PAGE> PAGE 8
022 B000001 04-1867445
022 C000001 28522499
022 D000001 0
022 A000002 GENERAL ELECTRIC CAPITAL
022 B000002 13-1500700
022 C000002 13847600
022 D000002 0
022 A000003 AMERICAN EXPRESS CREDIT CORP
022 B000003 11-1988350
022 C000003 2649252
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022 A000004 FORD MOTOR CREDIT
022 B000004 36-0549190
022 C000004 2427700
022 D000004 0
022 A000005 GOLDMAN SACHS & CO
022 B000005 13-5108880
022 C000005 287375
022 D000005 259086
022 A000006 SPEAR LEEDS
022 B000006 13-1388477
022 C000006 397092
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022 A000007 GRIFFIN, KUBIK, STEVENS & THOMPSON INC.
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022 C000007 200000
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022 A000008 LEHMAN
022 B000008 13-2518466
022 C000008 3040
022 D000008 86868
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022 C000010 38804
022 D000010 511
023 C000000 48780285
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026 C000000 N
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026 H000000 N
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<PAGE> PAGE 9
029 00AA00 N
030 A00AA00 0
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031 A00AA00 0
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042 E00AA00 0
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054 B00AA00 Y
054 C00AA00 Y
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054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
062 A00AA00 N
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062 E00AA00 0.0
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062 G00AA00 0.0
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<PAGE> PAGE 10
062 Q00AA00 0.0
062 R00AA00 0.0
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077 A000000 Y
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085 A00AA00 Y
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086 C010000 0
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<PAGE> PAGE 11
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050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
<PAGE> PAGE 12
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 500
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
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070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
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070 J020100 N
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<PAGE> PAGE 13
070 Q020100 N
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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028 A010300 101175
028 A020300 0
028 A030300 0
028 A040300 112663
028 B010300 51035
028 B020300 58840
028 B030300 0
028 B040300 43017
028 C010300 46395
028 C020300 0
028 C030300 0
028 C040300 54130
028 D010300 50518
028 D020300 0
028 D030300 0
028 D040300 79992
028 E010300 39109
028 E020300 0
028 E030300 0
028 E040300 99940
028 F010300 28212
<PAGE> PAGE 19
028 F020300 0
028 F030300 0
028 F040300 93055
028 G010300 316443
028 G020300 58840
028 G030300 0
028 G040300 482797
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
041 000300 N
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 1000000
048 A020300 1.250
048 B010300 500000
048 B020300 1.150
048 C010300 500000
048 C020300 1.100
048 D010300 500000
048 D020300 1.050
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 2500000
048 K020300 1.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
<PAGE> PAGE 20
060 B000300 Y
061 000300 500
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 Y
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 197955
071 B000300 321256
<PAGE> PAGE 21
071 C000300 1364572
071 D000300 15
072 A000300 6
072 B000300 2107
072 C000300 4819
072 D000300 0
072 E000300 203
072 F000300 8830
072 G000300 0
072 H000300 0
072 I000300 843
072 J000300 101
072 K000300 0
072 L000300 159
072 M000300 9
072 N000300 18
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 10
072 S000300 9
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 -14
072 X000300 9965
072 Y000300 0
072 Z000300 -2836
072AA000300 49516
072BB000300 0
072CC010300 38609
072CC020300 0
072DD010300 0
072DD020300 0
072EE000300 62209
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.8412
073 C000300 0.0000
074 A000300 1
074 B000300 15244
074 C000300 59998
074 D000300 0
074 E000300 0
074 F000300 1358585
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1229
074 K000300 0
074 L000300 2344
<PAGE> PAGE 22
074 M000300 144537
074 N000300 1581938
074 O000300 3242
074 P000300 1421
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 148313
074 S000300 0
074 T000300 1428962
074 U010300 68714
074 U020300 0
074 V010300 20.80
074 V020300 0.00
074 W000300 0.0000
074 X000300 35549
074 Y000300 0
075 A000300 0
075 B000300 1445955
076 000300 0.00
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 3155
028 A020400 0
028 A030400 0
028 A040400 1055
028 B010400 2223
028 B020400 1964
028 B030400 0
028 B040400 620
028 C010400 5036
028 C020400 0
028 C030400 0
028 C040400 688
028 D010400 4652
028 D020400 0
028 D030400 0
028 D040400 2884
028 E010400 3641
028 E020400 0
028 E030400 0
028 E040400 1581
028 F010400 5144
<PAGE> PAGE 23
028 F020400 0
028 F030400 0
028 F040400 1306
028 G010400 23851
028 G020400 1964
028 G030400 0
028 G040400 8134
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.750
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 500
066 A000400 Y
066 B000400 N
066 C000400 N
<PAGE> PAGE 24
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 Y
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 17310
071 B000400 3419
071 C000400 39014
071 D000400 9
072 A000400 6
072 B000400 442
072 C000400 331
<PAGE> PAGE 25
072 D000400 0
072 E000400 3
072 F000400 147
072 G000400 0
072 H000400 0
072 I000400 44
072 J000400 24
072 K000400 0
072 L000400 8
072 M000400 5
072 N000400 18
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 10
072 S000400 5
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 2
072 X000400 264
072 Y000400 0
072 Z000400 512
072AA000400 691
072BB000400 0
072CC010400 3184
072CC020400 0
072DD010400 594
072DD020400 0
072EE000400 1481
073 A010400 0.2359
073 A020400 0.0000
073 B000400 0.5882
073 C000400 0.0000
074 A000400 1
074 B000400 729
074 C000400 3000
074 D000400 15369
074 E000400 3049
074 F000400 31776
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
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074 L000400 628
074 M000400 3371
074 N000400 57922
074 O000400 972
074 P000400 30
074 Q000400 0
<PAGE> PAGE 26
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 3465
074 S000400 0
074 T000400 53455
074 U010400 3577
074 U020400 0
074 V010400 14.95
074 V020400 0.00
074 W000400 0.0000
074 X000400 2958
074 Y000400 0
075 A000400 0
075 B000400 41288
076 000400 0.00
024 000500 Y
025 A000501 ICHIYOSHI SECURITIES
025 B000501 foreign
025 C000501 E
025 D000501 1312
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 6087
028 A020500 0
028 A030500 0
028 A040500 5108
028 B010500 3400
028 B020500 7423
028 B030500 0
028 B040500 2666
028 C010500 5131
028 C020500 0
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028 C040500 6050
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028 D030500 0
028 D040500 4023
028 E010500 16961
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028 E040500 4113
028 F010500 13551
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028 F030500 0
<PAGE> PAGE 27
028 F040500 5365
028 G010500 53050
028 G020500 7423
028 G030500 0
028 G040500 27325
028 H000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
041 000500 N
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.250
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
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048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 N
055 B000500 Y
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 500
<PAGE> PAGE 28
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 Y
070 O010500 Y
070 O020500 Y
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 39687
071 B000500 20230
071 C000500 58895
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<PAGE> PAGE 29
072 A000500 6
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072 C000500 909
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073 C000500 0.0000
074 A000500 13
074 B000500 2001
074 C000500 6000
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<PAGE> PAGE 30
074 O000500 721
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024 000600 N
025 D000601 0
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028 A010600 32129
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028 E020600 0
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028 E040600 22413
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028 F030600 0
<PAGE> PAGE 31
028 F040600 0
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028 G020600 0
028 G030600 0
028 G040600 89317
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.000
048 A010600 1000000
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048 B010600 500000
048 B020600 0.950
048 C010600 500000
048 C020600 0.900
048 D010600 500000
048 D020600 0.850
048 E010600 0
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048 F010600 0
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048 G010600 0
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048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 2500000
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049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
055 A000600 N
055 B000600 Y
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 N
060 B000600 N
061 000600 1000
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 Y
066 E000600 N
<PAGE> PAGE 32
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 Y
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 725843
071 B000600 35816
071 C000600 886673
071 D000600 4
072 A000600 6
072 B000600 2306
072 C000600 4205
072 D000600 0
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<PAGE> PAGE 33
072 F000600 4350
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072 I000600 666
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072 X000600 5446
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072DD010600 0
072DD020600 0
072EE000600 6882
073 A010600 0.0000
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073 C000600 0.0000
074 A000600 1
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074 C000600 74816
074 D000600 0
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074 F000600 1402514
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<PAGE> PAGE 34
074 R030600 0
074 R040600 104318
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076 000600 0.00
SIGNATURE KRISTI L. ROWSELL
TITLE ASSISTANT TREASURER
<PAGE>
AMENDMENT TO
INVESTMENT ADVISORY AGREEMENT
FOR THE OAKMARK SELECT FUND
HARRIS ASSOCIATES INVESTMENT TRUST, a Massachusetts
business
trust registered under the Investment Company Act of 1940 (the 1940
Act )
as an open-end diversified management investment company
(the Trust ), and HARRIS ASSOCIATES L.P., a Delaware limited
partnership registered under the Investment Advisers Act of 1940 as
an investment adviser (the Adviser ), agree that paragraph 6 of the
investment advisory agreement between the parties for The Oakmark
Select Fund (the Fund ) dated October 22, 1996 is amended as of the
date of this amendment to read as follows:
6. Compensation of Adviser. For the services to be rendered and the
charges and expenses to be assumed and to be paid by the Adviser
hereunder, the Trust shall pay out of Fund assets to the Adviser a
monthly fee, based on the Fund s net assets as of the last business day
of the preceding month, at the annual rate of 1.00% on the first
$1 billion of net assets, .95% on the next $500 million of net assets,
.90% on the next $500 million of net assets, .85% on the next
$500 million of net assets and .80% on net assets in excess of
2.5 billion. The fee for a month shall be paid as soon as practicable
after thelast day of that month. The fee payable hereunder shall be
reduced proportionately during any month in which this agreement is
not in effect for the entire month.
Dated: September 9, 1997
HARRIS ASSOCIATES INVESTMENT TRUST
By: /s/ Victor A. Morgenstern
HARRIS ASSOCIATES L.P.
by Harris Associates, Inc.
its General Partner
By: /s/ Robert Levy
INVESTMENT ADVISORY AGREEMENT
FOR
THE OAKMARK SELECT FUND
HARRIS ASSOCIATES INVESTMENT TRUST, a Massachusetts
business trust registered under the Investment Company Act of 1940
(the 1940 Act ) as an open-end diversified management investment
company (the Trust ), and HARRIS ASSOCIATES L.P., a Delaware
limited partnership registered under the Investment Advisers Act of
1940 as an investment adviser (the Adviser ), agree as follows:
1. Appointment of Adviser. The Trust appoints the Adviser to act as
manager and investment adviser to The Oakmark Select Fund (the
Fund ), a series of the Trust, for the period and on the terms herein
set forth. The Adviser accepts such appointment and agrees to render
the services herein set forth, for the compensation herein provided.
2. Services of Adviser.
(a) The Adviser shall manage the investment and reinvestment of the
assets of the Fund, subject to the supervision of the board of trustees of
the Trust, for the period and on the terms set forth in this agreement.
The Adviser shall give due consideration to the investment policies and
restrictions and the other statements concerning the Fund in the Trust s
Agreement and Declaration of Trust, bylaws and registration statements
under the 1940 Act and the Securities Act of 1933 (the 1933 Act ),
and to the provisions of the Internal Revenue Code applicable to the
Trust as a regulated investment company. The Adviser shall be
deemed for all purposes to be an independent contractor and not an
agent of the Trust or the Fund, and unless otherwise expressly provided
or authorized, shall have no authority to act or represent the Trust or
the Fund in any way.
(b) The Adviser shall place all orders for the purchase and sale of
portfolio securities for the account of the Fund with brokers or dealers
selected by the Adviser, although the Fund will pay the actual
brokerage commissions on portfolio transactions in accordance with
Paragraph 4. In executing portfolio transactions and selecting brokers
or dealers, the Adviser will use its best efforts to seek on behalf of the
Fund the best overall terms available for any transaction. The Adviser
shall consider all factors it deems relevant, including the breadth of the
market in the security, the price of the security, the financial condition
and execution capability of the broker or dealer, and the reasonableness
of the commission, if any (for the specific transaction and on a
continuing basis).
(c) To the extent contemplated by the Trust s registration statement
under the 1933 Act, in evaluating the best overall terms available, and
inselecting the broker or dealer to execute a particular transaction, the
Adviser may also consider the brokerage and research services (as
those terms are defined in Section 28(e) of the Securities Exchange Act
of 1934) provided to the Fund and/or other accounts over
which the Adviser or an affiliate of the Adviser exercises investment
discretion. Consistent with the Rules of Fair Practice of the National
Association of Securities Dealers, Inc. and subject to seeking the most
favorable combination of net price and execution available, the
Adviser may consider sales of shares of the Fund as a factor in the
selection of broker-dealers to execute portfolio transactions for the
Fund. The Adviser is authorized to pay to a broker or dealer who
provides such brokerage and research services a commission for
executing a portfolio transaction for the Fund which is in excess of the
amount of commission another broker or dealer would have
charged for effecting that transaction if, but only if, the Adviser
determines in good faith that such commission was reasonable in
relation to the valueof the brokerage and research services provided by
such broker or dealer, viewed in terms of that particular transaction or
in terms of all of the accounts over which investment discretion is so
exercised.
3. Services other than as Adviser. The Adviser (or an affiliate of the
Adviser) may act as broker for the Trust in connection with the
purchase or sale of securities by or to the Trust if and to the extent
permitted by procedures adopted from time to time by the board of
trustees of the Trust. Such brokerage services are not within the scope
of the duties of the Adviser under this agreement, and, within the limits
permitted by law and the trustees, the Adviser (or an affiliate of the
Adviser) may receive brokerage commissions, fees or other
remuneration from the Trust for such services in addition to its fee for
services as Adviser. Within the limits permitted by law, the Adviser
may receive compensation from the Trust for other services performed
by or for the Trust which are not within the scope of the duties of the
Adviser under this agreement.
4. Expenses to be paid by Adviser. The Adviser shall furnish to the
Trust, its own expense, such office space and all office facilities,
equipment and personnel necessary to render the services set forth in
paragraph 2 above. The Adviser shall also assume and pay all
expenses incurred by it related to the placement of securities orders,
and all expenses of marketing shares of the Trust.
5. Expenses to be paid by the Trust. The Trust shall pay all expenses
not expressly assumed by the Adviser, including but not limited to: all
charges of depositories, custodians and other agencies for the
safekeeping and servicing of its cash, securities and other property and
of its transfer agents, fund accounting agents, registrars and its
dividend disbursing and redemption agents, if any; all charges of
legal counsel and of independent auditors; all compensation of trustees
other than those affiliated with the Adviser and all expenses incurred in
connection with their services to the Trust; all costs of borrowing
money; all expenses of publication of notices and reports to its
shareholders and to governmental bodies or regulatory
agencies; all expenses of proxy solicitations of the Trust or its board of
trustees with respect to the Fund; all expenses of shareholder meetings;
all expenses of typesetting of the Fund s prospectus and of printing and
mailing copies of the prospectus furnished to each then-existing
shareholder or beneficial owner; all taxes and fees payable to federal,
state or other governmental agencies, domestic or foreign; all stamp or
other transfer taxes; all expenses of printing and mailing certificates for
shares of the Trust; all expenses of bond and insurance coverage
required by law or deemed advisable by the Trust s board of trustees;
all expenses of maintaining the registration of shares of the Trust under
the 1933 Act and of qualifying and maintaining qualification of shares
of the Trust under the securities laws of such United States jurisdictions
as the Trust may from time to time reasonably designate and all
expenses of maintaining the registration of the Trust under the 1940
Act; and all fees, dues and other expenses related to membership of the
Trust in any trade association or other investment company
organization. In addition to the payment of expenses, the Trust shall
also pay all brokers'commissions and other charges relating to the
purchase and sale of portfoliosecurities.
6. Compensation of Adviser. For the services to be rendered and the
charges and expenses to be assumed and to be paid by the Adviser
hereunder, the Trust shall pay out of Fund assets to the Adviser a
monthly fee, based on the Fund s net assets as of the last business day
of the preceding month, at the annual rate of 1.00% of net assets. The
fee for a month shall be paid as soon as practicable after the last day of
that month. The fee payable hereunder shall be reduced
proportionately during any month in which this agreement is not in
effect for the entire month.
7. Limitation of expenses of the Fund. The total expenses of the
Fund, exclusive of taxes, interest and extraordinary litigation expenses,
but including fees paid to the Adviser, shall not in any fiscal year of
the Trust exceed the most restrictive limits prescribed by any state in
which Fund shares are then being offered for sale, and the
Adviser agrees to reimburse the Fund for any sums expended for such
expenses in excess of that amount. Brokers commissions and other
charges relating to the purchase and sale of portfolio securities shall not
be regarded as expenses.
8. Services of Adviser not exclusive. The services of the Adviser to
the Trust hereunder are not exclusive, and the Adviser shall be free to
render similar services to others so long as its services under this
agreement are not impaired by such other activities.
9. Liability of Adviser. The Adviser shall not be liable to the Trust or
its shareholders for any loss suffered by the Trust or its shareholders
from or as a consequence of any act or omission of the Adviser, or of
any of the partners,
employees or agents of the Adviser, in connection with or pursuant to
this agreement, except by reason of willful misfeasance, bad faith or
gross negligence on the part of the Adviser in the performance of its
duties or by reason of reckless disregard by the Adviser of its
obligations and duties under this agreement.
10. Liability of Trust. The obligations of the Trust hereunder shall
not be binding upon any of the trustees, shareholders, nominees,
officers, agents or employees of the Trust, personally, but shall bind
only the assets and property of the Trust as provided in the Agreement
and Declaration of Trust of the Trust.
11. Use of Adviser s name. The Trust may use the name Harris
Associates Investment Trust, or any other name derived from the
name Harris Associates, and the name Oakmark only for so long
as this agreement or any extension, renewal or amendment hereof
remains in effect, including any similar agreement with
any organization which shall have succeeded to the business of the
Adviser as investment adviser. At such time as this agreement or any
extension, renewal or amendment hereof, or such other similar
agreement shall no longer be in effect, the Trust will (by amendment of
its Agreement and Declaration of Trust, if necessary) cease to use any
name derived from the name Harris Associates, any name similar
thereto or any other name indicating that it is advised by or otherwise
connected with the Adviser, or with any organization which shall have
succeeded to the Adviser s business as investment adviser, and shall
cease to use the name Oakmark or any name derived from the name
Oakmark. The consent of the Adviser to the use of such names by
the Trust shall not prevent the Adviser s permitting any other
enterprise, including another investment company, to use
such name or names.
12. Duration and renewal.
(a) Unless terminated as provided in section 13, this agreement shall
continue in effect until September 30, 1997, and thereafter from year to
year only so long as such continuance is specifically approved at least
annually (a) by a majority of those trustees who are not interested
persons of the Trust or of the Adviser, voting in person at a meeting
called for the purpose of voting on such approval, and (b) by
either the board of trustees of the Trust or a vote of the holders of a
majority of the outstanding shares of the Fund (which term as used
throughout this agreement shall be construed in accordance with the
definition of vote of a majority of the outstanding voting securities of
a company in section 2(a)(42) of the 1940 Act).
(b) Any approval of this agreement by the holders of a majority of the
outstanding shares of the Fund shall be effective to continue this
agreement notwithstanding that it has not been approved by the vote of
a majority of the outstanding shares of the Trust, unless such approval
shall be required by any other applicable law or otherwise.
13. Termination. This agreement may be terminated at any time,
without payment of any penalty, by the board of trustees of the Trust,
or by a vote of the holders of a majority of the outstanding shares of
the Fund, upon 60 days written notice to the Adviser. This agreement
may be terminated by the Adviser at any time upon 60 days written
notice to the Trust. This agreement shall terminate automatically in the
event of its assignment (as defined in section 2(a)(4) of the 1940 Act).
14. Amendment. This agreement may not be amended without the
affirmative vote (a) of a majority of those trustees who are not
interested persons (as defined in Section 2(a)(19) of the 1940 Act) of
the Trust and (b) of the holders of a majority of the outstanding shares
of the Fund.
Dated: October 22, 1996
HARRIS ASSOCIATES INVESTMENT TRUST
By: /s/ Victor A. Morgenstern
HARRIS ASSOCIATES L.P.
by Harris Associates, Inc.
its General Partner
By: /s/ Victor A. Morgenstern
AMENDMENT TO
INVESTMENT ADVISORY AGREEMENT
FOR THE OAKMARK SMALL CAP FUND
HARRIS ASSOCIATES INVESTMENT TRUST, a Massachusetts
business trust registered under the Investment Company Act of 1940
(the 1940 Act ) asan open-end diversified management investment
company (the Trust ), and HARRIS ASSOCIATES L.P., a Delaware
limited partnership registered under the Investment Advisers Act of
1940 as an investment adviser (the Adviser ), agree that paragraph 6
of the investment advisory agreement between the parties for The
Oakmark Small Cap Fund (the Fund ) dated August 30, 1996 is
amended as of the date of this amendment to read as follows:
6. Compensation of Adviser. For the services to be rendered and the
chargesand expenses to be assumed and to be paid by the Adviser
hereunder, the Trustshall pay out of Fund assets to the Adviser a
monthly fee, based on the Fund s net assets as of the last business day
of the preceding month, at the annual rate of 1.25% on the first
$1 billion of net assets, 1.15% on the next $500 million of net assets,
1.10% on the next $500 million of net assets, 1.05% on the next
$500 million of net assets and 1.00% on net assets in excess of $2.5
billion. The fee for a month shall be paid as soon as practicable after
the last day of that month. The fee payable hereunder shall be reduced
proportionately during any month in which this agreement is not in
effect for the entire month.
Dated: September 9, 1997
HARRIS ASSOCIATES INVESTMENT TRUST
By: /s/ Victor A. Morgenstern
HARRIS ASSOCIATES L.P.
by Harris Associates, Inc.
its General Partner
By: /s/ Robert Levy
INVESTMENT ADVISORY AGREEMENT
FOR THE OAKMARK SMALL CAP FUND
HARRIS ASSOCIATES INVESTMENT TRUST, a Massachusetts
business trust registered under the Investment Company Act of 1940
(the 1940 Act ) as an open-end diversified management investment
company (the Trust ), and HARRIS ASSOCIATES L.P., a Delaware
limited partnership registered under the Investment Advisers Act of
1940 as an investment adviser (the Adviser ), agree as follows:
1. Appointment of Adviser. The Trust appoints the Adviser to act as
manager and investment adviser to The Oakmark Small Cap Fund (the
Fund ), a series of the Trust, for the period and on the terms herein
set forth. The Adviser accepts such appointment and agrees to render
the services herein set forth, for the compensation herein provided.
2. Services of Adviser.
(a) The Adviser shall manage the investment and reinvestment of the
assets of the Fund, subject to the supervision of the board of trustees of
the Trust, for the period and on the terms set forth in this agreement.
The Adviser shall give due consideration to the investment policies and
restrictions and the other statements concerning the Fund in the Trust s
Agreement and Declaration of Trust, bylaws and registration statements
under the 1940 Act and the Securities Act of 1933 (the 1933 Act ),
and to the provisions of the Internal Revenue Code applicable to the
Trust as a regulated investment company. The Adviser shall be
deemed for all purposes to be an independent contractor and not an
agent of the Trust or the Fund, and unless otherwise expressly provided
or authorized, shall have no authority to act or represent the Trust or
the Fund in any way.
(b) The Adviser shall place all orders for the purchase and sale of
portfolio securities for the account of the Fund with brokers or dealers
selected by the Adviser, although the Fund will pay the actual
brokerage commissions on portfolio transactions in accordance with
Paragraph 4. In executing portfolio transactions and selecting
brokers or dealers, the Adviser will use its best efforts to seek on
behalf of the Fund the best overall terms available for any transaction.
The Adviser shall consider all factors it deems relevant, including the
breadth of the market in the security, the price of the security, the
financial condition and execution capability of the broker or
dealer, and the reasonableness of the commission, if any (for the
specific transaction and on a continuing basis).
(c) To the extent contemplated by the Trust s registration statement
under the 1933 Act, in evaluating the best overall terms available, and
in selecting the broker or dealer to execute a particular transaction, the
Adviser may also consider the brokerage and research services (as
those terms are defined in Section 28(e) of the Securities Exchange Act
of 1934) provided to the Fund and/or other accounts over which the
Adviser or an affiliate of the Adviser exercises investment discretion.
Consistent with the Rules of Fair Practice of the National Association
of Securities Dealers, Inc. and subject to seeking the most favorable
combination of net price and execution available, the Adviser may
consider sales of shares of the Fund as a factor in the selection of
broker-dealers to execute portfolio transactions for the Fund. The
Adviser is authorized to pay to a broker or dealer who provides such
brokerage and research services a commission for executing a portfolio
transaction for the Fund which is in excess of the amount of
commission another broker or dealer would have charged for effecting
that transaction if, but only if, the Adviser determines in good
faith that such commission was reasonable in relation to the value of
the brokerage and research services provided by such broker or dealer,
viewed in terms of that particular transaction or in terms of all of the
accounts over which investment discretion is so exercised.
3. Services other than as Adviser. The Adviser (or an affiliate of the
Adviser) may act as broker for the Trust in connection with the
purchase or sale of securities by or to the Trust if and to the extent
permitted by procedures adopted from time to time by the board of
trustees of the Trust. Such brokerage services are not within the scope
of the duties of the Adviser under this agreement, and, within the limits
permitted by law and the trustees, the Adviser (or an affiliate of the
Adviser) may receive
brokerage commissions, fees or other remuneration from the Trust for
such services
in addition to its fee for services as Adviser. Within the limits
permitted by law, the Adviser may receive compensation from the
Trust for other services performed by or for the Trust which are not
within the scope of the duties of the Adviser under this agreement.
4. Expenses to be paid by Adviser. The Adviser shall furnish to the
Trust, at its own expense, such office space and all office facilities,
equipment and personnel necessary to render the services set forth in
paragraph 2 above. The Adviser shall also assume and pay all
expenses incurred by it related to the placement of securities
orders, and all expenses of marketing shares of the Trust.
5. Expenses to be paid by the Trust. The Trust shall pay all expenses
not expressly assumed by the Adviser, including but not limited to: all
charges of depositories, custodians and other agencies for the
safekeeping and servicing of its cash, securities and other property and
of its transfer agents, fund accounting agents, registrars and its
dividend disbursing and redemption agents, if any; all charges of legal
counsel and of independent auditors; all compensation of trustees other
than those affiliated with the Adviser and all expenses incurred in
connection with their services to the Trust; all costs of borrowing
money; all expenses of publication of notices and reports to its
shareholders and to governmental bodies or regulatory agencies; all
expenses of proxy solicitations of the Trust or its board of trustees with
respect to the Fund; all expenses of shareholder meetings; all expenses
of typesetting of the Fund s prospectus and of printing and mailing
copies of the prospectus furnished to each then-existing shareholder
or beneficial owner; all taxes and fees payable to federal, state or other
governmental agencies, domestic or foreign; all stamp or other transfer
taxes; all expenses of printing and mailing certificates for shares of the
Trust; all expenses of bond and insurance coverage required by law or
deemed advisable by the Trust s board of trustees; all expenses of
maintaining the registration of shares of the Trust under the 1933 Act
and of qualifying and maintaining qualification of shares of the Trust
under the securities laws of such United States jurisdictions as the Trust
may from time to time reasonably designate and all expenses of
maintaining the registration of the Trust under the 1940 Act; and all
fees, dues and other expenses related to membership of the Trust in any
trade association or other investment company organization. In
addition to the payment of expenses, the Trust shall also pay all
brokers commissions and other charges relating to the purchase and
sale of portfolio securities.
6. Compensation of Adviser. For the services to be rendered and the
charges and expenses to be assumed and to be paid by the Adviser
hereunder, the Trust shall pay out of Fund assets to the Adviser a
monthly fee, based on the Fund s net assets as of the last business day
of the preceding month, at the annual rate of 1.25% of net assets. The
fee for a month shall be paid as soon as practicable after the last day of
that month. The fee payable hereunder shall be reduced
proportionately during any month in which this agreement is not in
effect for the entire month.
7. Limitation of expenses of the Fund. The total expenses of the
Fund, exclusive of taxes, interest and extraordinary litigation expenses,
but including fees paid to the Adviser, shall not in any fiscal year of
the Trust exceed the most restrictive limits prescribed by any state in
which Fund shares are then being offered for sale, and the
Adviser agrees to reimburse the Fund for any sums expended for such
expenses in excess of that amount. Brokers commissions and other
charges relating to the purchase and sale of portfolio securities shall not
be regarded as expenses.
8. Services of Adviser not exclusive. The services of the Adviser to
the Trust hereunder are not exclusive, and the Adviser shall be free to
render similar services to others so long as its services under this
agreement are not impaired by such other activities.
9. Liability of Adviser. The Adviser shall not be liable to the Trust or
its shareholders for any loss suffered by the Trust or its shareholders
from or as a consequence of any act or omission of the Adviser, or of
any of the partners, employees or agents of the Adviser, in connection
with or pursuant to this agreement, except by reason of willful
misfeasance, bad faith or gross negligence on the part of the Adviser in
the performance of its duties or by reason of reckless disregard by the
Adviser of its obligations and duties under this agreement.
10. Liability of Trust. The obligations of the Trust hereunder shall
not be binding upon any of the trustees, shareholders, nominees,
officers, agents or employees of the Trust, personally, but shall bind
only the assets and property of the Trust as provided in the Agreement
and Declaration of Trust of the Trust.
11. Use of Adviser s name. The Trust may use the name Harris
Associates Investment Trust, or any other name derived from the
name Harris Associates, and the name Oakmark only for so long
as this agreement or any extension, renewal or amendment hereof
remains in effect, including any similar agreement with any
organization which shall have succeeded to the business of the Adviser
as investment adviser. At such time as this agreement or any
extension, renewal or amendment hereof, or such other similar
agreement shall no longer be in effect, the Trust will (by amendment of
its Agreement and Declaration of Trust, if necessary) cease to use any
name derived from the name Harris Associates, any name similar
thereto or any other name indicating that it is advised by or otherwise
connected with the Adviser, or with any organization which shall have
succeeded to the Adviser s business as investment adviser, and shall
cease to use the name Oakmark or any name derived from the name
Oakmark. The consent of the Adviser to the use of such names by
the Trust shall not prevent the Adviser s permitting any other
enterprise, including another investment company, to use such name or
names.
12. Duration and renewal.
(a) Unless terminated as provided in section 13, this agreement shall
continue in effect until September 30, 1997, and thereafter from year to
year only so long as such continuance is specifically approved at least
annually (a) by a majority of those trustees who are not interested
persons of the Trust or of the Adviser, voting in person at a meeting
called for the purpose of voting on such approval, and (b) by
either the board of trustees of the Trust or a vote of the holders of a
majority of the outstanding shares of the Fund (which term as used
throughout this agreement shall be construed in accordance with the
definition of vote of a majority of the outstanding voting securities of
a company in section 2(a)(42) of the 1940 Act).
(b) Any approval of this agreement by the holders of a majority of the
outstanding shares of the Fund shall be effective to continue this
agreement notwithstanding that it has not been approved by the vote of
a majority of the outstanding shares of the Trust, unless such approval
shall be required by any other applicable law or otherwise.
13. Termination. This agreement may be terminated at any time,
without payment of any penalty, by the board of trustees of the Trust,
or by a vote of the holders of a majority of the outstanding shares of
the Fund, upon 60 days written notice to the Adviser. This agreement
may be terminated by the Adviser at any time upon 60
days written notice to the Trust. This agreement shall terminate
automatically in the event of its assignment (as defined in section
2(a)(4) of the 1940 Act).
14. Amendment. This agreement may not be amended without the
affirmative vote (a) of a majority of those trustees who are not
interested persons (as defined in Section 2(a)(19) of the 1940 Act) of
the Trust and (b) of the holders of a majority of the outstanding shares
of the Fund.
Dated: August 30, 1996
HARRIS ASSOCIATES INVESTMENT TRUST
By: /s/ Victor A. Morgenstern
HARRIS ASSOCIATES L.P.
by Harris Associates, Inc.
its General Partner
By:/s/ Victor A. Morgenstern
