The Oakmark International Fund just got pretty exclusive.

Harris Associates [profile], advisor to the fund, has closed the door to new investors at most third-party intermediaries, effective immediately. But existing shareholders may continue to purchase additional shares, according to the company.

"This change helps us protect existing shareholders as assets grow," said David Herro, portfolio manager of Oakmark International. "We are comfortable with the current level of assets in the Fund, and appreciate the confidence our shareholders have in us."

The Oakmark International Fund will reportedly remain open to all retirement plans and certain intermediary sponsored fee-based programs. Investors may also open new accounts by purchasing shares directly from Oakmark.

Here is the press release:

Company Press Release
The Oakmark International Fund To Slow Inflows

CHICAGO, Oct. 4, 2013 -- Harris Associates L.P., adviser to The Oakmark Funds, announced today that The Oakmark International Fund (OAKIX) will close to new investors at 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 International Fund will remain open to all retirement plans and certain intermediary sponsored fee-based programs. Investors may also open new accounts by purchasing shares directly from Oakmark.

"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 Fund, and appreciate the confidence our shareholders have in us."

"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 Kristi Rowsell, President of The Oakmark Funds.

ABOUT THE OAKMARK INTERNATIONAL FUND

Oakmark International, which started in September 1992, is a diversified equity portfolio of mid- and large-size international companies.� The Fund utilizes a disciplined, fundamental value investment approach.

The Oakmark International Fund, up 23.70% year-to-date through September 30, returned 40.79% for the 1-year period ending September 30, 2013, 14.42% annually for the 5-year period, 11.63% annually for the 10-year period, and 11.10% annually since its inception on September 30, 1992. Oakmark International had total assets of approximately $24 billion as of September 30.

For more information, including how to purchase shares directly from Oakmark, please visit www.oakmark.com.

ABOUT OAKMARK AND HARRIS ASSOCIATES L.P.

The Oakmark Funds are a $64 billion mutual fund family that utilizes a long-term value investment approach.

Oakmark's investment philosophy centers on the belief that superior long-term results are achieved through investing in companies priced at a significant discount to their true economic value, with strong growth prospects and owner-oriented management teams. More information about the Oakmark International Fund and other funds in the Oakmark family is available at www.oakmark.com.

Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the Adviser to The Oakmark Funds. Harris Associates also manages US, international and global portfolios for institutional and high-net-worth investors worldwide. Including Oakmark, assets under management at Harris Associates totaled approximately $106 billion as of September 30, 2013. More information about Harris Associates is available at www.harrisassoc.com.

SOURCE Harris Associates L.P.

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