The Oakmark Select Fund Closes to New Investors

Apr 23, 2001, 01:00 ET from Harris Associates L. P.

    CHICAGO, April 23 /PRNewswire Interactive News Release/ -- Harris
 Associates L. P. announced today that The Oakmark Select Fund will close to
 new investors on May 4, 2001.
     "In deciding to close the Fund to new investors, we are honoring the
 promise made when we first launched the Fund, specifically, to own no more
 than 20 stocks, and to have the ability to make mid cap stocks a meaningful
 percentage of the Fund when appropriate.  By limiting asset inflows, we
 believe we will retain this flexibility for the benefit of our existing
 shareholders," says Bill Nygren, portfolio manager of The Oakmark Select Fund
 and The Oakmark Fund.
     The closing of the Fund affects new investors only; existing shareholders
 may continue to purchase additional shares and reinvest dividends and capital
 gains.
     "We appreciate the support our shareholders have given us since the Fund's
 launch in 1996, and believe that investors will continue to benefit from
 including our value funds in their portfolios," says Bill.  "New investors who
 were considering The Oakmark Select Fund might look to The Oakmark Fund as an
 alternative.  We use the same value approach with The Oakmark Fund,
 constructing a diversified portfolio of large companies."
     The Oakmark Fund, up 10.64% year to date through April 20, returned 31.85%
 for the 1-year period ending March 31, 2001, 10.64% annually for the 5-year
 period, and 20.45% annually since its inception on August 5, 1991.  The
 Oakmark Fund had total assets of $2.53 billion as of March 31, 2001.
     The Oakmark Select Fund, up 13.49% year to date through April 20, returned
 27.89% for the 1-year period ending March 31, 2001, and 30.88% annually since
 inception on November 1, 1996.  The Fund had total assets of $3.089 billion as
 of March 31, 2001, and is one of seven mutual funds in The Oakmark Family.
 Each fund abides by the same disciplined value philosophy and process:  to
 invest in companies the portfolio managers believe are trading at a
 significant discount to underlying business value, companies that consistently
 grow value over time, and that have shareholder-oriented management teams.
     Harris Associates L. P., a Chicago-based investment management firm
 founded in 1976, serves as the Adviser to The Oakmark Family of Funds.  Harris
 Associates also manages separate accounts for institutional and high net worth
 investors, and offers alternative investment products to qualified investors.
 Harris Associates total assets under management were $13.9 billion as of
 March 31, 2001.  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.
 
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                http://tbutton.prnewswire.com/prn/11690X27784813
 
 

SOURCE Harris Associates L. P.
    CHICAGO, April 23 /PRNewswire Interactive News Release/ -- Harris
 Associates L. P. announced today that The Oakmark Select Fund will close to
 new investors on May 4, 2001.
     "In deciding to close the Fund to new investors, we are honoring the
 promise made when we first launched the Fund, specifically, to own no more
 than 20 stocks, and to have the ability to make mid cap stocks a meaningful
 percentage of the Fund when appropriate.  By limiting asset inflows, we
 believe we will retain this flexibility for the benefit of our existing
 shareholders," says Bill Nygren, portfolio manager of The Oakmark Select Fund
 and The Oakmark Fund.
     The closing of the Fund affects new investors only; existing shareholders
 may continue to purchase additional shares and reinvest dividends and capital
 gains.
     "We appreciate the support our shareholders have given us since the Fund's
 launch in 1996, and believe that investors will continue to benefit from
 including our value funds in their portfolios," says Bill.  "New investors who
 were considering The Oakmark Select Fund might look to The Oakmark Fund as an
 alternative.  We use the same value approach with The Oakmark Fund,
 constructing a diversified portfolio of large companies."
     The Oakmark Fund, up 10.64% year to date through April 20, returned 31.85%
 for the 1-year period ending March 31, 2001, 10.64% annually for the 5-year
 period, and 20.45% annually since its inception on August 5, 1991.  The
 Oakmark Fund had total assets of $2.53 billion as of March 31, 2001.
     The Oakmark Select Fund, up 13.49% year to date through April 20, returned
 27.89% for the 1-year period ending March 31, 2001, and 30.88% annually since
 inception on November 1, 1996.  The Fund had total assets of $3.089 billion as
 of March 31, 2001, and is one of seven mutual funds in The Oakmark Family.
 Each fund abides by the same disciplined value philosophy and process:  to
 invest in companies the portfolio managers believe are trading at a
 significant discount to underlying business value, companies that consistently
 grow value over time, and that have shareholder-oriented management teams.
     Harris Associates L. P., a Chicago-based investment management firm
 founded in 1976, serves as the Adviser to The Oakmark Family of Funds.  Harris
 Associates also manages separate accounts for institutional and high net worth
 investors, and offers alternative investment products to qualified investors.
 Harris Associates total assets under management were $13.9 billion as of
 March 31, 2001.  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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X27784813
 
 SOURCE  Harris Associates L. P.