<PAGE> PAGE 1
000 B000000 09/30/98
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 GIROCREDIT BANK AKTIENGELLSCHAFTDERSPARKASSEN
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 SEOUL BANK
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, SHENZHEN 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 2894
020 A000002 GOLDMAN SACHS & COMPANY
020 B000002 13-5108880
020 C000002 1902
020 A000003 SMITH BARNEY INC.
020 B000003 13-1912900
020 C000003 1256
020 A000004 MERRIL LYNCH
020 B000004 13-5674085
020 C000004 625
020 A000005 BEAR STEARNS
020 B000005 13-3299429
020 C000005 620
020 A000006 FIRST BOSTON
020 B000006 13-5659485
020 C000006 491
020 A000007 SANFORD BERNSTEIN
020 B000007 13-2625874
020 C000007 469
020 A000008 DONALDSON, LUFKIN, JENRETTE
020 B000008 13-2741729
020 C000008 432
020 A000009 ABN AMRO
020 B000009 37-1303980
020 C000009 365
020 A000010 WBS AG WARBURG DILLEN REED
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020 C000010 360
021 000000 16685
022 A000001 STATE STREET
<PAGE> PAGE 8
022 B000001 04-1867445
022 C000001 56663341
022 D000001 0
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022 B000002 13-1500700
022 C000002 32996049
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022 C000004 4274950
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022 C000005 476373
022 D000005 412899
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022 C000006 595212
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022 C000008 78249
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022 B000010 13-1912900
022 C000010 97685
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023 C000000 138478573
023 D000000 957058
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026 C000000 N
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<PAGE> PAGE 9
029 00AA00 N
030 A00AA00 0
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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
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077 A000000 Y
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084 A00AA00 N
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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
<PAGE> PAGE 12
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 500
066 A000100 Y
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066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
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069 000100 N
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070 E020100 N
070 F010100 N
070 F020100 N
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070 G020100 N
070 H010100 N
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070 I010100 N
070 I020100 N
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<PAGE> PAGE 13
070 Q010100 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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025 D000307 0
025 D000308 0
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028 A020300 0
028 A030300 56842
028 A040300 0
028 B010300 16263
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028 C030300 100617
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028 E020300 97806
028 E030300 125649
028 E040300 0
<PAGE> PAGE 19
028 F010300 20672
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028 G010300 100374
028 G020300 97806
028 G030300 566931
028 G040300 0
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
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048 B010300 500000
048 B020300 1.150
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048 I010300 0
048 I020300 0.000
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048 K010300 2500000
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050 000300 N
051 000300 N
052 000300 N
053 A000300 N
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056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
<PAGE> PAGE 20
060 A000300 Y
060 B000300 Y
061 000300 500
066 A000300 Y
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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
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070 A020300 Y
070 B010300 Y
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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 Y
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
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070 R020300 Y
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<PAGE> PAGE 21
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<PAGE> PAGE 22
074 L000300 1566
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<PAGE> PAGE 23
028 F010400 1839
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050 000400 N
051 000400 N
052 000400 N
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057 000400 N
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<PAGE> PAGE 24
066 C000400 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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SIGNATURE KRISTI L. ROWSELL
TITLE ASSISTANT TREASURER
AMENDMENT TO
INVESTMENT ADVISORY AGREEMENT
FOR THE OAKMARK FUND
HARRIS ASSOCIATES INVESTMENT TRUST,
a Massachusetts business trust registered under the
Investment Company Act of 1940 (the "1940 Act")
as an open-end diversifed 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 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 charges and
expenses to be assumed and to be paid by the
Adviser hereunder, the Trust shall pay out of
Fund assets to the Advisre a monthly fee, based
on the Fund's net assets of the last business day
of the preceding month, at the annual rate of
1.00% on the first $2.5 billion of net assets,
.95% on the next $1.25 billion of net assets,
.90% on the next $1.25 billion of net assets,
.85% on net assets in excess of $5 billion and
.80% on net assets in excess of $10 billion.
The fee for a month shall be paid as soon as
practicable after the last day of the 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 17, 1998
HARRIS ASSOCIATES INVESTMENT TRUST
By: /s/Victor A. Morgenstern
HARRIS ASSOCIATES L.P.
By Harris Associates, Inc.
its general partner
By: /s/Robert M. Levy
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 diversifed 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 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 Advisre a monthly fee, based
on the Fund's net assets 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,
.80% on net assets in excess of $2.5 billion and
.75% on net assets in excess of $5 billion.
The fee for a month shall be paid as soon as
practicable after the last day of the 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 17, 1998
HARRIS ASSOCIATES INVESTMENT TRUST
By: /s/Victor A. Morgenstern
HARRIS ASSOCIATES L.P.
By Harris Associates, Inc.
its general partner
By: /s/Robert M. Levy
To the Board of Trustees of the
Harris Associates Investment Trust:
In planning and performing our audit of the financial statements
of the HARRIS ASSOCIATES INVESTMENT TRUST,
comprised of The Oakmark Fund, The Oakmark Select Fund,
The Oakmark Small Cap Fund, The Oakmark Equity and
Income Fund, The Oakmark International Fund and The
Oakmark International Small Cap Fund ("the Funds"), for the
year ended September 30, 1998, we considered its internal
control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is
a condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1998.
This report is intended solely for the information and use of
management and Board of Trustees of Harris Associates Investment
Trust and the Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Chicago, Illinois
October 21, 1998
