Harris Associates Investment Trust N-CSRCertified annual shareholder report (management investment company)

One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements." Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "estimate", "may", "will", "expect", "believe",

We understand that periods of challenged performance like that in 2022 can cause investors to worry about their investments. During these periods of heightened uncertainty, shareholders often respond to their worries by reducing or liquidating their holdings. At Oakmark, we know it takes courage to do the opposite—remain disciplined and stick to the plan.

Our experience has taught us to lean into our investment process during difficult times. Our disciplined process, philosophy and experience guide us to push through the clouds of short-term macro events to identify businesses that have had their share prices unfairly penalized. In our experience, times of market turmoil present companies that meet our rigorous criteria at discounted levels that offer attractive investment opportunities on a risk-to-reward basis.

While we generally find that we hold stocks for around five years, periods of heightened stock price volatility often provide us an opportunity to reposition the Funds' portfolios for future outperformance. To this end, our idea generation is on pace for a record year, evidencing our belief that there are great buying opportunities in the equity markets right now. We remain optimistic about the positioning, strength and depth of opportunity set as we continue to find high-quality businesses trading at bargain prices.

The regulated markets have also been particularly active this year. Regulators have implemented and proposed new regulations that govern and impact the Funds. Our operations, technology, legal and compliance teams are all working hand-in-glove with our shareholder servicing teams to ensure we are responding appropriately to these new regulatory requirements and are able to provide accu-

Oakmark Funds Update

At long last, value bested growth in the U.S., international and global equity markets during the one-year period ending September 30, 2022. However, there was nowhere to hide from capital depreciation as nearly all asset classes declined as global markets were hit hard by the convergence of three risks: war in Ukraine, inflation-induced interest rate increases and economic uncertainty. In general, the Oakmark Funds underperformed their indexes as our preference for attractively valued financials, consumer discretionary and communication services companies were shunned due to economic uncertainty. As we can track the Funds' portfolios' market value versus our estimate of intrinsic value, the Funds' portfolios are trading at valuations nearing March 2009 at the bottom of the Global Financial Crisis and March 2020 during the Covid-19 pandemic low. History tells us that when the Funds reach a price-to-value ratio under 55%, there is strong outperformance to come, supporting our core belief: equities become less risky as they become more attractively priced (https://oakmark.com/news-insights/david-herro-market-commentary-3q22/). Said another way, because of the pain of falling equity prices that we have recently experienced, we believe the opportunity for gain is higher and the exposure to risk is lower.

Fund Anniversary

On September 30, 2022, we gathered as a firm to celebrate the 30^th anniversary of the Oakmark International Fund. Portfolio Manager David Herro presided over a firm lunch and shared details about the history of the Fund, early challenges and the importance of maintaining conviction despite short-term market turmoil. As of September 30, 2022, the Fund has returned 7.63% on an annualized basis since inception versus a MSCI World ex U.S. Index return of 5.11% for the same time period. Congratulations to Portfolio Managers David Herro and Mike Manelli for their faithful stewardship on behalf of our shareholders.

Personal Investment in the Oakmark Funds

Each year, we share our level of personal investments in the Oakmark Funds as a further demonstration of our belief in our investment philosophy. We want you to know that we stand beside you as fellow investors and that we, too, experience the same performance, tax consequences and client service as you do. We are proud to report that as of September 30, 2022, the value of Oakmark Funds owned by Harris Associates employees, our families, the Funds' officers and trustees was more than $650 million. This level of

"People who exit the stock market to avoid a decline are odds-on favorites to miss the next rally."

-Peter Lynch, Fidelity Magellan Fund manager (1977-1990)

Last week I received an email from a shareholder who retired a decade ago. She said that the market decline was really getting to her and that for the first time since she retired, she's worried about running out of money. As I started to write my "stay the course" response, I thought this is the very issue most of our shareholders are facing today.

Why are so many people now worried that they could run out of money? The S&P 500¹ is down 24% this year. Bonds are faring even worse, with the U.S. Treasury 20-year bond losing 30% year to date. That means asset allocation between stocks and bonds didn't matter much this year. A portfolio for a retiree—often something like 60% stocks and 40% bonds—could have lost even more than an all-equity portfolio, depending on the bonds' maturities. Further, assuming they were using that portfolio to meet living expenses, its value could easily be down 30%. Finally, factor in 8% inflation, the highest in over 40 years, and many portfolios have lost over 35% of their purchasing power. No wonder logical people are wondering how much more of this they can take.

So, what now?

Asset Allocation

This past year has been highly unusual with long bonds losing more of their value than stocks have. In the past 30 years, there have been six years when the S&P 500 was down, with the average loss being 15%. The average return of the Bloomberg 20-year+ Government Bond Index² during those six years was plus 13%, including the only year it was negative, losing 2%. It is an understatement to call 2022 an outlier. Normally, bonds are less volatile than stocks and further, the two are not highly correlated with one another. For example, when investors worry about an economic slowdown, bonds typically rise in price while equities fall and vice versa when anticipating economic recoveries. So, holding bonds along with equities usually results in a less volatile portfolio.

What was different this year? Interest rates started the year at close to zero. Throughout most of history, long government bonds have yielded slightly more than inflation. Because interest rates were well below that for some time, we frequently wrote that we believed long bonds were overvalued and didn't think they would reduce risk in balanced portfolios. But for several years before 2022, portfolios invested in both very long duration bonds and very high P/E³ stocks (effectively very long duration, too) performed as if they were very low risk. The bonds usually went down in value when investors embraced the risk of equities and went up when investors wanted to sell risk,

hear, especially from professionals, is to get more cautious after the market has fallen.

The tendency of good periods following bad and vice versa is part of the reason why the long-term risk-return characteristics of equities have been so favorable. The table below shows the average 1-, 5-, 10- and 20-year total returns for the S&P 500 for the past 77 years and the best and worst returns for each period.

There are two things I'd like to direct your attention to. First, the power of compounding. A 12% return in one year isn't life changing, but stay invested for 20 years and, on average, you've grown your capital nearly ninefold. Second, notice that the lowest number on the chart is the worst one-year return, a 39% loss. As the time extends, not only do the average results improve, but the worst losses also get smaller. In fact, the worst 20-year result has been a gain of 155%. The fact that risk decreases with time is also apparent in the annualized standard deviations, which are lowest for the longest holding periods. That means the annual returns are not independent of each other, but rather, are mean reverting. And that's good to know after a year like this year.

That's why we encourage buying stocks only for investors who can leave their money in the market for multiple years. If you expect to cash in your stocks in just a year, you expose yourself to a loss that is multiples of your expected gain. If you can wait five years to cash in, your expected gain is multiples of the worst historical loss. And if you can wait 20 years, there has never been an outcome worse than doubling your investment. We say you shouldn't buy stocks if you expect to sell within five years. And we also discourage market timing. Most investors tend to throw in the towel after large losses and go all in after large gains. History says the opposite has produced better results.

Our Advice

A lot of capital has been erased in 2022 as both stocks and bonds experienced bear markets, and the purchasing power of portfolios has been eroded by high inflation. We estimate that, just in the United States, so far in 2022 stocks have lost $14 trillion of value, bonds lost another $8 trillion and inflation has taken another $6 trillion. The combined reduction in purchasing power of $28 trillion is truly worthy of using the word "unprecedented." I hope the Fed considers that number as it attempts to balance slowing inflation and slowing the economy.

To the retiree who wrote to me: you are right to be concerned about your portfolio losses, but how you deal with that concern will influence how permanent your loss becomes. Our advice is pretty old-fashioned:

1)  If you wake up at night thinking about your investment portfolio, you should reduce your risk.

2)  Defer discretionary spending until markets have recovered.

3)  Don't listen to media pundits' advice on market timing.

4)  Asset allocation matters, and investing in both stocks and bonds helps control risk.

5)  Market volatility creates an opportunity to rebalance to your target asset allocation.

6)  When valuation spreads are above normal, look to add value by stock picking.

7)  Investors hurt themselves by selling after declines and buying after increases. Do the opposite.

We've already experienced the duration and magnitude of the average bear market. Obviously, that's no guarantee it won't continue. But remember that equities have historically been the best-performing asset class despite the occasional painful bear market. We see no reason that should change.

*  This information is related to the Investor Class. Please visit Oakmark.com for information related to the Advisor, Institutional and R6 Classes.

^  The Expense Ratio is from the Fund's prospectus dated January 28, 2022, as amended August 1, 2022 and October 1, 2022. The Gross and Net Expense Ratios for the year ended September 30, 2022 can be found in the Financial Highlights section of this report.

The Oakmark Fund returned –1.9% during the third quarter, outperforming the S&P 500 Index's return of –4.9%. For the fiscal year ending September 30, the Oakmark Fund declined –17.7%, underperforming the –15.5% decline for the S&P 500 Index.¹ At Oakmark, our job is to take advantage of dislocations between a company's share price and our estimate of its long-term business value. Market drawdowns and heightened volatility enhance our ability to uncover undervalued securities, creating an actionable environment for those of us who invest with a long time horizon. The companies we invest in will inevitably experience recessions, but even a few years of below trend earnings will typically result in a rather modest impact to long-term business value. Indeed, these periods often sow the seeds of future outperformance.

Our highest contributing securities for the third quarter were Netflix and Pinterest, and our largest detractors were Ally Financial and Charter Communications. From a sector perspective, our strongest contributors were energy and health care, and our biggest detractors were communication services and financials. Netflix remains the global leader in streamed entertainment and is run by a highly accomplished management team. Progress is being made on its ad-supported offering as well as its efforts to reduce password sharing, both of which should enhance growth. We believe the shares remain attractive based on our estimate of normal operating margins. Pinterest also performed well this quarter. We remain optimistic about the company's opportunity to improve monetization and believe the company's new CEO, Bill Ready, is well equipped to help realize its potential.

As for the detractors, fears of a recession have weighed heavily on consumer finance companies, like Ally Financial, due to concerns about deteriorating credit quality and used car price declines. Bad debt expense is likely to rise from the unusually low levels we've been experiencing, but we believe the company is well-positioned to absorb this normalization. With Ally's shares trading for just 4x consensus EPS⁷, we believe investors' fears are already heavily discounted into Ally's share price, creating an attractive risk/reward proposition. Charter is also trading like a bank stock due to concerns about broadband subscriber growth and competition. With the stock trading for a high-single-digit P/E³ on next year's consensus earnings forecasts, we believe the market's assumptions are overly punitive. Charter remains the dominant broadband provider in 60% of its footprint, and we expect continued operating profit growth even in a tougher competitive and macro environment.

For the fiscal year ending September 30, our highest contributing securities were EOG Resources and ConocoPhillips, while our biggest detractors were Ally Financial and Meta Platforms. From a sector perspective, our strongest contributors were energy and consumer staples, and our biggest detractors were financials and communication services.

Warner Bros. Discovery was created through the merger of Discovery, Inc., and WarnerMedia earlier this year. The combination created one of the largest media companies in the U.S. with a massive back catalog of valuable content from the Warner Bros. Studio, HBO, and the Discovery and Turner television networks. The company is on pace to earn around $1.50 per share this year despite directing much of its content catalog toward its streaming services HBO Max and discovery+, which are collectively generating significant losses. We believe that this content catalog will be profitably monetized over time—whether through the company's own streaming services or through licensing content to other platforms. Either path will significantly bolster earnings from current levels. Meanwhile, the combination will also allow for significant cost reductions across the cable network and streaming businesses, thereby further boosting profits. Warner Bros. shares are currently trading at just a mid-single digit multiple of our estimate of underlying earnings power after accounting for these factors. We believe that is far too cheap given the quality of its content assets.

We take into consideration tax efficiency of the Fund to help maximize after-tax returns. We anticipate that our capital gains distribution will be zero this year. We thank you, our fellow shareholders, for your investment and continued support of the Oakmark Fund.

(a)  Non-income producing security

(b)  The rate shown represents the annualized yield at the time of purchase; not a coupon rate.

*  This information is related to the Investor Class. Please visit Oakmark.com for information related to the Advisor, Institutional and R6 Classes.

^  The Expense Ratio is from the Fund's prospectus dated January 28, 2022, as amended August 1, 2022 and October 1, 2022. The Gross and Net Expense Ratios for the year ended September 30, 2022 can be found in the Financial Highlights section of this report.

The Oakmark Select Fund decreased 23.6% for the fiscal year ended September 30, 2022, underperforming the S&P 500¹, which was down 15.5% over the same period. The Oakmark Select Fund declined 5.9% in the third quarter of 2022, roughly in line with the S&P 500. If you were paying attention to markets during the waning summer months, the quarter may have felt a lot worse than a 6% loss and for good reason. By mid-August, the Oakmark Select Fund and the S&P 500 were both up nearly 15% quarter to date, but both gave up those gains and then some over the following six weeks. This is the second-largest intra-quarter gain the S&P 500 has surrendered to end with a loss in its history. Rather than try to time the market, which, in our opinion, is a fool's errand, we used the significant volatility during the quarter to reposition the portfolio as discussed several paragraphs below.

The largest detractors from performance during the fiscal year were Charter Communications (–57%), Meta Platforms (–60%) and Alphabet (–28%). The largest contributors to performance were EOG Resources (+50%), APA (+62%) and Constellation Brands (+17%).

The largest detractors from performance during the quarter were Charter Communications (–33%), Alphabet (–12%) and Lithia Motors (–22%). Charter has suffered from dramatic multiple compressions as broadband subscriber growth has slowed. The fundamentals have been largely consistent with our expectations, so we used this opportunity to increase our position in Charter by more than 25% during the quarter.

As if we need another reminder of just how volatile markets can be, Netflix (+35%), which was our largest detractor last quarter, became the largest positive contributor to performance during the third quarter, followed by First Citizens Bancshares (+22%) and Booking Holdings (+9%).

As discussed last quarter, business values are far more stable than stock prices. In volatile markets like this, you can expect increased portfolio activity. We purchased four new companies in the quarter and sold out of three. Let's start with the purchases in alphabetical order.

KKR is one of the largest alternative asset managers in the world, managing $491 billion in assets across various investment vehicles. Approximately 80% of the company's assets under management (AUM) are held under capital commitments of eight years or longer. This creates a highly stable management fee stream that has grown for 20 consecutive years. KKR's AUM has been growing at double-digit rates as the company has drawn on its established brand and relationships to expand into new strategies and geographies. Over the past decade, KKR

We believe that is far too cheap given the quality of its content assets.

Wells Fargo has been a long-time holding in the Oakmark Fund. Despite the positives of higher interest rates and the company making good progress on reducing expenses and regulatory consent orders, Wells Fargo shares have fallen one-third from their highs earlier this year to roughly 6.5x our estimate of normalized earnings power, and the stock ended the quarter at ~1x next year's tangible book value. We find this is far too cheap for a strong banking franchise capable of tangible returns in the low-to-mid teens across business cycles.

We sold our positions in Bank of America, Booking Holdings and General Electric during the third quarter. Though all of these names remain undervalued and are still held in the Oakmark Fund, we chose to deploy proceeds into the aforementioned companies that were even more undervalued, in our view.

Taxes: We are nearing that time of the year again. As you know, we take into consideration tax efficiency of the Fund to help maximize after-tax returns. We are happy to report that we do not anticipate paying a capital gains distribution this year.

Thank you, our fellow shareholders, for your investment and continued support of the Oakmark Select Fund.

*  This information is related to the Investor Class. Please visit Oakmark.com for information related to the Advisor, Institutional and R6 Classes.

^  The Expense Ratio is from the Fund's prospectus dated January 28, 2022, as amended August 1, 2022 and October 1, 2022. The Gross and Net Expense Ratios for the year ended September 30, 2022 can be found in the Financial Highlights section of this report.

Why Global?

For what seems like forever, we have been writing about U.S. stocks' superior performance. The numbers for the past decade are striking: the S&P 500¹ has outperformed the MSCI All Country World ex U.S. Index (Net)¹¹ by 8.7% per year over this 10-year period. Early this year, it looked like international markets might begin to reduce this disparity, but then the Ukraine war began, Europe experienced energy challenges, China continued Covid-19-related lockdowns and the change in U.S. Federal Reserve policy caused most foreign currencies to deteriorate in dollar terms. So, one can easily ask, "Why should a U.S. investor own any international equities at all?"

In fact, we think that the results of the past decade make the case for global investing stronger than ever. First, although international equities have lagged behind U.S. equities for quite some time, international stocks have dominated during other periods. For the decade ending in 1986, international stocks substantially outperformed the U.S. despite fighting some of the same currency headwinds that we see today. Also, in the first seven years of the new millennium, international issues enjoyed significant outperformance. Second, international markets offer investing opportunities that are not readily available in the U.S., from commodities to luxury products. Third, international countries have produced great companies and management teams. Fourth, the valuations for international equities are far cheaper than for U.S. companies, even after a period of lackluster earnings growth. Many Americans have noted the appreciated value of the U.S. dollar and traveled abroad to take advantage of this development. The same currency advantage is available to U.S. investors today.

We believe that the Global Fund's diversification is a key attribute. Although our portfolio is diversified, we limit the number of holdings in the Fund so that it represents what we believe to be a "best of" portfolio. For several years, we have kept the asset allocation of the Global Fund evenly divided between international and U.S. holdings. In hindsight, this proved to be ill-advised given the return differences. But with recent price and currency movements, international investments are both inexpensive in their home markets and compelling to U.S. investors because they offer the possibility of currency appreciation. Although it is impossible to predict exactly when the tides will

the U.S., U.K. and Germany detracted most. The issuers that contributed most were Naspers (South Africa), Glencore, Bayer, NOV (U.S.) and Humana. The largest detractors were Alphabet, General Motors, TE Connectivity (Switzerland), Liberty Broadband and Credit Suisse (Switzerland).

September 30 ends the Fund's fiscal year. For that 12-month period, South Africa, Australia and Japan contributed most to returns while the U.S., U.K. and Germany led the detractors. Glencore led the positive contributors followed by Humana, Naspers, NOV and Incitec Pivot (Australia). General Motors, Alphabet, Liberty Broadband, Credit Suisse and Prosus detracted most from returns.

Transaction Activity

We initiated one new holding in the quarter and eliminated three positions. We purchased shares of Warner Bros. Discovery, which was created through the merger of Discovery, Inc. and WarnerMedia earlier this year. The combination created one of the largest media companies in the U.S. with a massive back catalog of valuable content from the Warner Bros. Studio, HBO, and the Discovery and Turner television networks. The company is on pace to earn around $1.50 per share this year despite directing much of its content catalog today toward its streaming services HBO Max and discovery+, which are collectively generating significant losses. We believe that this content catalog will be profitably monetized over time—whether through the company's own streaming services or through licensing content to other platforms. Either path will significantly bolster earnings from current levels. Meanwhile, the combination will also allow for significant cost reductions across the cable network and streaming businesses, thereby further boosting profits. Warner Bros. shares are currently trading at just a mid-single digit multiple of our estimate of underlying power after accounting for these factors. We believe that is far too cheap for this quality content business.

Our sales were Continental, Humana, Liberty Global and Richemont. The sales of Continental and Liberty Global produced losses and were part of our effort to manage the Fund in a tax-efficient manner. We used the sales proceeds to reinvest in more attractive portfolio holdings, in our view. We eliminated the Humana and Richemont holdings as they approached their respective sell targets. We still believe both to be attractive businesses that benefit from favorable demographics and we would happily return to them should their valuations become more compelling. The U.S. allocation remained at approximately 49% of the portfolio with 47% internationally invested and the remainder held in reserves.

In closing, we note that the Fund did not have currency hedges in place at quarter's end. We defensively hedge a portion of the Fund's exposure to currencies when we believe they are overvalued versus the U.S. dollar, but we do not find any such overvaluation currently. As always, we thank you for being our partners in the Oakmark Global Fund. We invite you to send us your comments or questions.