NOTES TO FINANCIAL STATEMENTS
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1. SIGNIFICANT ACCOUNTING POLICIES The following are the significant accounting policies of The
Oakmark Fund ("Oakmark"), The Oakmark Select Fund ("Select"), The Oakmark Small Cap Fund ("Small
Cap"), The Oakmark Equity and Income Fund ("Equity and Income"), The Oakmark International Fund
("International"), and The Oakmark International Small Cap Fund ("Int'l Small Cap") collectively referred to as
"the Funds", each a series of the Harris Associates Investment Trust (a Massachusetts business trust). These
policies are in conformity with generally accepted accounting principles ("GAAP"). The presentation of financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ from those estimates and
assumptions.
SECURITY VALUATION--
Investments are stated at current value. Securities traded on securities exchanges and securities traded on the
NASDAQ National Market are valued at the last sales price on the day of valuation, or if lacking any reported
sales that day, at the most recent bid quotation. Over-the-counter securities not so traded are valued at the most
recent bid quotation. Money market instruments having a maturity of 60 days or less from the date of valuation
are valued on an amortized cost basis which approximates market value. Securities for which quotations are not
readily available are valued at a fair value as determined by the Trustees.
FOREIGN CURRENCY TRANSLATIONS--
Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S.
dollars using the mean of the bid and offer prices of such currencies at the time of valuation. Purchases and sales
of investments and dividend and interest in