The Oakmark International Fund and The Oakmark Global Fund to Slow Inflows -- Separately, 2% Redemption Fee Added to The Oakmark Fund and The Oakmark

Equity and Income Fund --



    CHICAGO, Dec. 10 /PRNewswire/ -- Harris Associates L.P., Adviser to The
 Oakmark Family of Funds, announced today that The Oakmark International Fund
 and The Oakmark Global Fund will close to certain broker-dealers and third-
 party intermediaries effective as of the close of business on Monday,
 December 15, 2003.
     This change will affect new investors only; existing shareholders of the
 Funds may continue to purchase additional shares. In addition, the Funds will
 remain open to new participants of existing retirement plans held through
 intermediaries, and financial advisors with existing positions may also
 continue to purchase shares. Other interested investors may open new accounts
 by purchasing shares directly from Oakmark.
     "As a result of the Funds' strong performance and significant cash
 inflows, we are limiting the number of new investors. Slowing asset growth
 allows us to maintain our investment flexibility," states John Raitt,
 President and CEO of Harris Associates L.P. "Our decision is consistent with
 steps we've taken in the past regarding asset growth in other Funds in our
 family."
     "This change helps us protect existing shareholders as assets grow," says
 David Herro, portfolio manager of Oakmark International. "We are comfortable
 with the current level of assets in the Funds, and appreciate the confidence
 our shareholders have in us."
     Separately, as of the end of January 2004, The Oakmark Fund and The
 Oakmark Equity and Income Fund will impose a 2% redemption fee on shares held
 90 days or less -- the same fee as that imposed on the other five Oakmark
 Funds in August 1999. "While we had not imposed a redemption fee on these two
 funds because they are less susceptible to successful market timing, this
 change makes our redemption fee policy consistent across our fund family, and
 we believe it is in the best interest of our long-term shareholders," says
 Raitt.
     When newly issued shares of any Oakmark Funds are sold within 90 days of
 purchase, 2% of the proceeds will be paid back to the funds in the form of a
 redemption fee. Shares held longer than 90 days will not be charged this fee.
 The goal of a redemption fee at Oakmark is two-fold. First, a redemption fee
 makes the funds less attractive to frequent traders who may disrupt the daily
 management of the funds. Second, a redemption fee charges short-term holders
 directly for the costs they impose upon the funds and long-term shareholders.
 
     ABOUT THE OAKMARK INTERNATIONAL AND GLOBAL FUNDS:
     Oakmark International, which was started in September 1992, is a
 diversified portfolio of undervalued mid- and large-size international
 companies. Oakmark Global is an all-cap Fund investing in companies around the
 world including the U.S. Both Funds utilize the same disciplined value
 investment approach.
     The Oakmark International Fund, up 29.84% year-to-date through
 November 30, returned 29.97% for the 1-year period ending September 30, 2003,
 13.21% annually for the 5-year period, and 10.62% annually since its inception
 on September 30, 1992. Oakmark International had total assets of approximately
 $3.1 billion as of October 31.
     The Oakmark Global Fund, up 41.95% year-to-date through November 30,
 returned 50.27% for the 1-year period ending September 30, 2003, and 14.83%
 since inception on August 4, 1999. The Global Fund had total assets over
 $905 million as of October 31.
 
     THE OAKMARK FUNDS INVESTMENT PHILOSOPHY:
     Each Oakmark fund abides by the same disciplined value philosophy and
 process: to invest in companies the portfolio managers believe are trading at
 significant discounts to underlying business value, with companies that grow
 value over time, and that have shareholder-oriented management teams.
 
     ABOUT THE PORTFOLIO MANAGERS:
     David Herro is a co-portfolio manager of Oakmark International and Oakmark
 International Small Cap Funds, and is Chief Investment Officer of
 International Equities at Harris Associates. David has been managing
 international portfolios since 1986, previously managing a $700 million
 international portfolio for The State of Wisconsin Investment Board. He also
 served as a Portfolio Manager for international equity portfolios with The
 Principal Financial Group of Des Moines, Iowa. David, who joined Harris
 Associates in 1992, has a M.A. in Economics from the University of Wisconsin-
 Milwaukee (1985) and a B.S. in Business/Economics from the University of
 Wisconsin-Platteville (1983). He has over eighteen years of investment
 experience, is a CFA charterholder, and is a member of the Financial Analysts
 Federation.
     Clyde McGregor co-manages the Oakmark Equity and Income and Oakmark Global
 Funds, in addition to 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 a 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.
     Michael Welsh is a co-portfolio manager for Oakmark International, Oakmark
 International Small Cap, and Oakmark Global Funds, and is Director of
 International Research for Harris Associates. Prior to joining Harris
 Associates in 1992, Michael was a Senior Associate with Coopers & Lybrand in
 their Valuation Services group and a Valuation Services Consultant with Price
 Waterhouse. He has a M.B.A. in Finance from Northwestern University (1993) and
 a B.S. in Accounting from the University of Kansas (1985). Michael has sixteen
 years of investment experience. He is a CFA charterholder and holds the
 distinctions of Certified Public Accountant.
 
     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' total assets under management were over $41 billion as of
 October 31, 2003. 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 in the funds, visit
 www.oakmark.com or call 1-800-OAKMARK for a prospectus, which should be read
 carefully before investing.
 
 

SOURCE Harris Associates L.P.

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