The Oakmark Equity and Income Fund to Slow Inflows

    CHICAGO, April 22 /PRNewswire/ -- Harris Associates L.P., adviser to The
 Oakmark Family of Funds, announced today that The Oakmark Equity and Income
 Fund (OAKBX) will close to certain broker-dealers and third-party
 intermediaries effective as of the close of business on May 7, 2004.
     This change will affect new investors; existing shareholders of the Fund
 may continue to purchase additional shares.  The Oakmark Equity and Income
 Fund will remain open to retirement plans and registered investment advisors
 with existing positions.  Investors may also open new accounts by purchasing
 shares directly from Oakmark.
     "We've experienced increasing asset flows over the last several months,
 and felt it prudent to slow inflows to retain investment flexibility," says
 Clyde McGregor, portfolio manager of Oakmark Equity and Income.  "We greatly
 appreciate the strong interest investors have expressed in our Fund.  We
 remain confident in our value investment process and comfortable with the
 level of assets in the Fund."
     "We're focused on protecting the integrity of the investment process and
 our long-term shareholders.  This step is consistent with decisions we've made
 in the past," says John Raitt, President and CEO of Harris Associates L.P.
 
     ABOUT THE OAKMARK EQUITY AND INCOME FUND:
     Oakmark Equity and Income, which was started in November 1995, is one of
 seven Oakmark funds and falls into the Balanced funds category.  It invests
 for income and preservation and growth of capital, and is designed for
 investors who seek the return potential of stocks yet want the cushion bonds
 may provide.  The Fund is primarily composed of U.S. equity and high-quality
 fixed income securities.
     The Fund, up 5.90% year-to-date through April 16, returned 31.35% for the
 1-year period ending March 31, 2004, 13.89% annually for the 5-year period,
 and 14.90% annually since its inception on November 1, 1995.  Oakmark Equity
 and Income had total assets of $6.7 billion as of March 31, 2004.  (Past
 performance does not guarantee future results.  The investment return and
 principal value vary, so that an investor may have a gain or loss when shares
 are sold.  Current performance may be lower or higher than the performance
 data quoted.  To obtain current month end performance data, call 1-800-OAKMARK
 or visit www.oakmark.com .)
 
     THE OAKMARK FUNDS INVESTMENT PHILOSOPHY:
     Each Oakmark fund abides by the same disciplined value philosophy and
 process.  Oakmark's investment team looks for: 1) companies that are trading
 at a large discount to estimated intrinsic business value -- what a rational
 businessperson would pay to own the entire company, 2) intrinsic value that is
 likely to grow as time passes, and 3) company managements whose interests are
 aligned with shareholders.
 
     ABOUT THE PORTFOLIO MANAGERS:
     Clyde McGregor co-manages The Oakmark Equity and Income Fund and The
 Oakmark Global Fund in addition to managing 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 an M.B.A. in
 Finance from the University of Wisconsin-Madison (1977) and a B.A. in
 Economics and Religion from Oberlin College (1974).  He has over twenty-five
 years of investment experience and is a CFA charterholder.
     Edward Studzinski co-manages The Oakmark Equity and Income Fund and The
 Oakmark Small Cap Fund, and is an Investment Analyst with Harris Associates.
 Prior to joining Harris Associates in 1995, he worked at the Mercantile
 National Bank of Indiana from 1986 to 1995 and was a Vice President and
 Investment Officer.  In addition, he previously was in private law practice
 and also worked for Arthur Young & Co.  Edward served on active duty as an
 officer in the Judge Advocate General's Corps of the U.S. Navy from 1974 to
 1978.  He has an A.B. from Boston College (1971), a J.D. from Duke University
 (1974), and an M.B.A. from Northwestern University (1985).  Edward has over
 eighteen years investment experience and is a CFA charterholder.
 
     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 Family of 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 over $50.6 billion as of March 31, 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 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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