Chicago Funds Announce Closings
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Friday, December 12, 2003

Chicago Funds Announce Closings

To slow inflows, the Oakmark International Fund and the Oakmark Global Fund will close to broker-dealers and third party intermediaries.

A spokesperson for Harris Associates, the advisor of the Oakmark Fund Family, told the that the change will only affect new investors; existing shareholders may continue to purchase new shares. New investors will have to contact the Oakmark fund directly.

However, the funds will remain open to new participants of existing retirement plans held through intermediaries. Financial advisors wit exisiting relationships with the funds will also be ableto continue to purchase shares.

Additionally, two percent redemption fees will be added to the Oakmark Fund and the Oakmark Equity and Income Fund for shares held less than 90 days effective January 1. Redemption fees have applied to the family's five other funds since 1999.

Fund officials said their decision to add fees was deliberate; in a statement, the company said 'a redemption fee makes 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.

Oakmark International is a portfolio of undervalued mid-and large size international companies. Oakmark Global is an all-cap fund investing in companies around the world.

David Herro is the co-porfolio manager of the Oakmark International and Oakmark International Small Cap Funds. He is also cio of international equities at Harris Associates. Clyde McGregor co-manages the Oakmark Equity and Income and Oakmark Global funds.

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