John R. Raitt, President and CEO of Harris Associates L.P., named President Of The Oakmark Funds

Dec 30, 2003, 00:00 ET from Harris Associates L.P.

    CHICAGO, Dec. 30 /PRNewswire/ -- Harris Associates L.P., investment
 adviser to The Oakmark Funds, announced today that John Raitt has been elected
 President of The Oakmark Funds, effective January 1, 2004.
     Raitt, 49, is President and Chief Executive Officer of Harris Associates.
 Previously, he served as the firm's Director of Research for five years and
 was a research analyst. Raitt also held the additional title of Chief
 Operating Officer from September 2001 to December 2002. He has been with
 Harris Associates since 1986.
     Completing a transition that began earlier in the year, Raitt will succeed
 Robert Levy, who currently serves as Chairman and Chief Investment Officer of
 Harris Associates. This change allows Levy to focus his involvement on
 day-to-day investment responsibilities, and in leading the firm's investment
     John Raitt is a Partner, President and the Chief Executive Officer for
 Harris Associates, and President of The Oakmark Funds. He joined Harris
 Associates in 1986 where he served as a research analyst, became Director of
 Research in early 1998. Prior to joining Harris Associates, John was an
 Investment Officer at The Northwestern Mutual Life Insurance Company
 responsible for private equity and fixed income investments. He has a B.A. in
 Economics from Williams College (1978), a M.B.A. from Northwestern University
 (1980). John has over twenty-three years investment experience and is a CFA
     Robert Levy is a Partner, Chairman and Chief Investment Officer of Harris
 Associates. He is also a Portfolio Manager for both individual and
 institutional portfolios. He received a Bachelor of Arts degree from
 Vanderbilt University in 1972 and earned his Master of Business Administration
 degree from the Wharton School of Business, University of Pennsylvania in
 1974. Bob has over twenty-seven years investment experience and is a CFA
     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. As of November 30,
 2003, total assets under management were over $43 billion.
     Harris Associates' fundamental 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.
     To learn more, visit or . The Oakmark
 Funds are distributed by Harris Associates Securities L.P., member NASD. For
 more information, visit for a prospectus, which should be read
 carefully before investing.

SOURCE Harris Associates L.P.