The Oakmark Equity and Income Fund to Slow Inflows

CHICAGO, May 12 /PRNewswire/ -- Harris Associates L.P., adviser to The Oakmark Funds, announced today that The Oakmark Equity and Income Fund (OAKBX) will close to most third-party intermediaries effective immediately.

This change will only affect new investors; existing shareholders of the Fund may continue to purchase additional shares. The Oakmark Equity and Income Fund will remain open to all retirement plans and to certain investment advisors with existing positions. Investors may also open new accounts by purchasing shares directly from Oakmark.

"The Oakmark Equity and Income Fund is designed to be the most conservative fund in our line-up.  Currently, we believe many fixed income opportunities offer very low risk-adjusted returns and little margin of safety.  As a result, we feel it is prudent to partially close the Fund to slow the rate of inflows and retain maximum investment flexibility," said Edward Studzinski, portfolio manager of The Oakmark Equity and Income Fund.

"As fiduciaries, we're focused on protecting the integrity of our investment process and our long-term shareholders. This step is consistent with decisions we've made in the past," said John Raitt, President and CEO of The Oakmark Funds.

ABOUT THE OAKMARK EQUITY AND INCOME FUND

The Oakmark Equity and Income Fund, which was started in November 1995, is one of seven Oakmark funds. The Fund's objective is to invest 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.

For more information about The Oakmark Funds, please visit oakmark.com. Prospective investors can purchase shares directly from Oakmark by visiting oakmark.com or through numerous financial intermediaries' mutual fund platforms.

ABOUT THE OAKMARK FUNDS INVESTMENT PHILOSOPHY

Each Oakmark fund abides by the same disciplined value investment philosophy and process. Oakmark's investment team looks for: 1) companies that are trading at a large discount to estimated intrinsic business value; 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, 57, 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 thirty-two years of investment experience and is a CFA charterholder®.

Edward Studzinski, 60, co-manages The Oakmark Equity and Income 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 twenty-four years investment experience and is a CFA charterholder®.

ABOUT THE OAKMARK FUNDS AND HARRIS ASSOCIATES L.P.

The Oakmark Funds are a $33 billion mutual fund family that utilizes a long-term value investment approach. Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the Adviser to The Oakmark Funds and manages domestic, international and global portfolios for institutional and high net worth investors worldwide. The Oakmark Funds are distributed by Harris Associates Securities L.P., member FINRA. For more information including management fees and expenses and the special risks of investing, visit 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.

Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.

The Oakmark Equity and Income Fund invests in medium- and lower-quality debt securities that have higher yield potential but present greater investment and credit risk than higher-quality securities, which may result in greater share price volatility. An economic downturn could severely disrupt the market in medium or lower grade debt securities and adversely affect the value of outstanding bonds and the ability of the issuers to repay principal and interest.

Harris Associates Securities L.P., Distributor, Member FINRA.



SOURCE Harris Associates L.P.



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