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.