Harris Associates L.P. Announces the Liquidation of The Oakmark Small Cap Fund
CHICAGO, Aug. 4 /PRNewswire/ -- The Oakmark Board of Trustees and Harris Associates L.P., adviser to The Oakmark Funds, announced today the decision to liquidate and close The Oakmark Small Cap Fund at the end of September, 2004. The Fund has stopped accepting new purchases, and currently the portfolio has a substantial majority of its assets in cash. In addition, the Fund will pay approximately $1.00 long-term capital gain distribution to shareholders of record on August 10, 2004. The NAV per share will be ex-dividend on August 11, 2004. "We are committed to delivering superior investment performance to shareholders in all of the Oakmark Funds. We haven't been able to accomplish this goal in the Small Cap Fund and, therefore, after careful deliberation, we have concluded that it is in the best interests of Fund shareholders to liquidate the Fund," says John Raitt, President of The Oakmark Funds and CEO of Harris Associates L.P. "This action reinforces our commitment to act with integrity and honesty in providing services to our clients and fellow shareholders." As of July 31, 2004, The Oakmark Small Cap Fund had approximately $350M in assets under management. "We are focused on ensuring that the liquidation process goes smoothly," adds Bob Levy, Chairman and CIO of Harris Associates L.P. "We appreciate the commitment and support from our fellow shareholders since the Fund's inception in November 1995. We hope shareholders continue to invest with us through other Oakmark funds for many years to come." OPTIONS FOR OAKMARK SMALL CAP SHAREHOLDERS: The Fund's liquidation is expected to be complete on or about September 28, 2004. There are two ways Fund shareholders may access their investment before the liquidation. A shareholder may transfer/exchange into ANY Oakmark fund (including The Oakmark Select Fund and The Oakmark International Small Cap Fund) or shareholders may redeem their shares. Beginning August 5, 2004, The Oakmark Small Cap Fund's redemption fee (2% on shares owned for 90 days or less) will be waived for shareholders. Shareholders of non-taxable accounts, such as an IRA, who do not exchange or redeem their shares prior to liquidation, will have their shares transferred into the Oakmark Units Money Market Portfolio. Shareholders of taxable accounts who do not exchange or redeem prior to liquidation will be sent a check for their account's value when liquidation occurs. Investors who own Fund shares through an intermediary or retirement plan should contact those companies for transaction information on their individual account. ABOUT HARRIS ASSOCIATES L.P.: Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the Adviser to The Oakmark Funds and manages separate accounts for institutional and high net worth investors. Harris Associates' investment philosophy is distinguished by a disciplined adherence to value investing. This philosophy has three basic tenets: to invest in companies at significant discounts to estimated business value, to invest in companies that consistently grow the value of their assets, and to invest in companies that have a shareholder-oriented management. Harris Associates' total assets under management were approximately $54 billion as of June 30, 2004. The Oakmark Funds are distributed by Harris Associates Securities L. P., member NASD. For more information including management fees and expenses and the special risks of investing, visit http://www.oakmark.com or call 1-800-OAKMARK for a prospectus. An investor should consider a fund's investment objectives, risks, and charges and expenses carefully before investing. This and other information are contained in the prospectus.
SOURCE Harris Associates L.P.
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