Company Press Release

CHICAGO, May 8, 2012 /PRNewswire/ -- Henry R. Berghoef, CFA, will step down as co-manager of the Oakmark Select Fund (OAKLX) and will retire from Harris Associates L.P., the fund's advisor, effective July 31, 2012.

Mr. Berghoef, 63, has worked in the investment industry for more than a quarter-century after spending 10 years in various positions with the federal government. He joined Harris Associates as an investment analyst in 1994 and was director of U.S. research from 2003 to 2011. He has co-managed Oakmark Select since 2000.

"I'm grateful and proud to have been a part of the outstanding investment team at Harris Associates and the Oakmark Funds for the past 18 years," Mr. Berghoef says. "I thank my colleagues and will miss them, but have every confidence the firm's great value tradition and service to our clients will continue."

William C. Nygren, CFA, will continue as portfolio manager of Oakmark Select. Mr. Nygren has managed or co-managed the fund since its inception in November 1996.

"Over his years of service, Henry has made extraordinary contributions as an analyst, Director of Research, Select fund co-manager and member of the Harris management committee," Mr. Nygren says. "There is not a truer gentleman in this industry. All of us at Harris join in wishing Henry a happy, healthy retirement."

"Henry has been a valuable member of the Oakmark team from the day that he arrived," says Kristi L. Rowsell, president of The Oakmark Funds. "He has been a dedicated mentor to our research analysts for years, so Oakmark and Harris Associates will continue to benefit from the knowledge he gained during his exceptional career in the investment field."

A co-manager for the Oakmark Select Fund is expected to be named within the next year. Other members of the Harris Associates team of investment analysts will assume Mr. Berghoef's research responsibilities.

"We have often commented on the depth of our research team( )and cited it as a competitive advantage relative to competing funds," Mr. Nygren says. "That means my challenge is not finding someone capable, but deciding which of many capable candidates to name."

ABOUT THE PORTFOLIO MANAGER

William C. Nygren, CFA, is a portfolio manager for the Oakmark Select Fund, Oakmark Fund and the Oakmark Global Select Fund. Prior to joining Harris Associates in 1983, he was an investment analyst with Northwestern Mutual Life Insurance Co. Mr. Nygren earned a bachelor's degree in accounting from the University of Minnesota and a master's in finance from the University of Wisconsin.

ABOUT OAKMARK AND HARRIS ASSOCIATES

The Oakmark Funds, with $42 billion in assets under management as of March 31, 2012, utilizes a long-term value approach. Oakmark's investment philosophy is centered on the belief that superior long-term results are achieved through investing in quality companies that are priced at a significant discount to their true economic value, with strong growth prospects and owner-oriented management teams.

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. Including Oakmark, assets under management at Harris Associates totaled nearly $75 billion as of March 31, 2012.