Harris Associates L.P. Announces Portfolio Manager Changes for The Oakmark International and Oakmark Global Funds

Sep 29, 2005, 01:00 ET from Harris Associates L.P.

    CHICAGO, Ill., Sept. 29 /PRNewswire/ -- Michael Welsh, co-portfolio
 manager for The Oakmark International and Oakmark Global Funds, is retiring
 from Harris Associates and will leave the firm in January 2006. He will step
 down as a co-portfolio manager of the Funds on September 30, 2005. David Herro
 will remain portfolio manager of The Oakmark International Fund. Robert Taylor
 will become the co-portfolio manager of The Oakmark Global Fund, joining co-
 manager Clyde McGregor. The members of Harris Associates' International
 investment team will assume Michael's other portfolio management and research
     "It has been a great experience working with Michael throughout the years.
 He has made a valuable contribution and will be missed," says David Herro,
 Portfolio Manager and Chief Investment Officer of Harris Associates
 International Equities. "We continue to focus on the needs of our investors
 and are fortunate to have a strong and talented investment team on which to
 rely. With Rob's experience managing other global accounts, he was the clear
 choice to assume portfolio management responsibilities for The Oakmark Global
     The Oakmark International Fund and The Oakmark Global Fund will continue
 to be managed using the same value approach employed since each Funds'
 inception: investing in companies that are trading at a significant discount
 to their estimated intrinsic value, that demonstrate the potential to grow
 per-share business value over time, and possess company management whose
 interests are aligned with shareholders.
     For more information about The Oakmark Funds, including Fund information,
 news articles, ratings and rankings, and manager commentary, please visit
 http://oakmark.com .
     David Herro is Portfolio Manager of The Oakmark International Fund, The
 Oakmark International Small Cap Fund, and is Chief Investment Officer of
 International Equities at Harris Associates. David has managed international
 portfolios since 1986, previously managing an international portfolio for The
 State of Wisconsin Investment Board. He also served as a Portfolio Manager for
 international equity portfolios with The Principal Financial Group of Des
 Moines, Iowa. David, who joined Harris Associates in 1992, has an M.A. in
 Economics from the University of Wisconsin-Milwaukee (1985) and a B.S. in
 Business/Economics from the University of Wisconsin-Platteville (1983). He has
 twenty years investment experience and is a CFA charterholder(R).
     Robert Taylor, Director of International Research and Portfolio Manager of
 several international and global portfolios, joined Harris Associates in 1994
 and has over ten years of investment experience. Rob received his BBA from the
 University of Wisconsin-Madison (1994) and is a CFA charterholder(R).
     Clyde McGregor is Portfolio Manager of The Oakmark Equity and Income Fund,
 The Oakmark Global Fund, and a number of separate accounts for Harris
 Associates. Prior to joining Harris Associates in 1981, he was an analyst and
 portfolio manager with The Northern Trust Company. Clyde has a B.A. in
 Economics and Religion from Oberlin College (1974) and an M.B.A. in Finance
 from the University of Wisconsin-Madison (1977). He has over twenty-seven
 years of investment experience and is a CFA charterholder(R).
     Harris Associates, adviser to The Oakmark Funds, was founded in 1976 by
 experienced investment professionals to provide investment advice to wealthy
 individuals and institutions. Harris Associates' investing philosophy is
 employed through a disciplined adherence to a value approach and is based on
 three tenets: to invest in companies trading at a significant discount to
 estimated intrinsic business value, with companies that consistently grow
 value over time, and that have shareholder-oriented management teams. The
 Oakmark Funds were introduced in August 1991 to bring the Harris Associates'
 value philosophy to a direct mutual fund investment vehicle. As of 6/30/05,
 Harris Associates' total assets under management were over $60 Billion.
     The Oakmark Funds are distributed by Harris Associates Securities L.P.,
 member NASD. For more information on The Oakmark Funds, including a
 prospectus, which explains management fees and expenses and the special risks
 of investing in the Funds, please call 1-800-OAKMARK. Please read it carefully
 before investing. An investor should consider a fund's investment objectives,
 risks, and charges and expenses carefully before investing. This and other
 information about the funds are contained in the fund's prospectus.

SOURCE Harris Associates L.P.