Company Press Release

CHICAGO, Nov 03, 2008 /PRNewswire via COMTEX/ -- Harris Associates L.P. announced today that the Oakmark Equity & Income Fund will re-open to all investors effective immediately. The Oakmark Equity & Income Fund, which was launched on November 1, 1995, closed to most new investors on May 7, 2004.

"Recent market volatility has dramatically increased the number of interesting investment opportunities for our consideration. At the same time, the volatility has discouraged many investors, including Fund shareholders, resulting in increased outflows just when the opportunity set is expanding," says Clyde McGregor, co-portfolio manager of Oakmark Equity & Income Fund. Co-portfolio manager Edward Studzinski adds, "By restoring the equilibrium between purchases and sales, we hope to retain greater portfolio flexibility for Fund shareholders while enhancing our ability to invest opportunistically in this period of heightened market volatility."

For more information about the Oakmark Equity & Income Fund, please visit http://oakmark.com. Prospective investors can purchase shares directly from Oakmark by visiting http://oakmark.com or calling 1-800-OAKMARK (625-6275).

ABOUT OAKMARK EQUITY & INCOME FUND:

Oakmark's investment philosophy is centered in the belief that superior, long-term results are achieved by investing in companies that can be purchased at a significant discount to their true economic value, where business values grow with time and where management teams seek to maximize long-term business value.

Oakmark Equity & Income Fund invests primarily in a diversified portfolio of U.S. equity and fixed-income securities. The Fund is intended to present a balanced investment program between growth and income by investing approximately 50-75% of its total assets in common stock, including securities convertible into common stock, and up to 50% of its assets in U.S. government securities and highly-rated, investment grade debt. The Fund may invest up to 20% of its assets in unrated or lower-rated debt securities, sometimes called junk bonds. The Fund may also invest up to 35% of its total assets in securities of non-U.S. companies.

ABOUT THE OAKMARK FUNDS AND HARRIS ASSOCIATES L.P.:

The Oakmark Funds are a $20 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 http://oakmark.com or call 1-800-OAKMARK (625-6275) 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.


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