NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
The following are the significant accounting policies of The Oakmark Fund ("the Fund"), a series of the Harris
Associates Investment Trust (a Massachusetts business trust).
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.
Security transactions and investment income--
Security transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend
income is recorded on the ex-dividend date. Interest income and expenses are recorded on the accrual basis.
Fund shares are sold and redeemed on a continuing basis at net asset value. Net asset value per share is
determined daily as of the closing of regular trading on the New York Stock Exchange on each day the Exchange
is open for trading by dividing the total value of the Fund's investments and other assets, less liabilities, by the
number of Fund shares outstanding.
Federal income taxes, dividends and distributions to shareholders--
No provision is made for Federal income taxes since the Fund elects to be taxed as a "regulated investment
company" and make such distributions to its shareholders as to be relieved of all Federal income taxes under
provisions of current Federal tax law.
2. TRANSACTIONS WITH AFFILIATES
The Fund has an investment advisory agreement with Harris Associates L.P. (Adviser). For management services
and facilities furn