Oakmark Select Fund Reopens Part Way

Nov. 9, 2004 -- The Oakmark Select Fund/I (OAKLX) will reopen to certain new shareholders on Wednesday after being closed for more than three years.

New investors will only be able to purchase shares in the fund directly from Oakmark. It will remain closed to new investments made through brokers, planners or other third parties. The fund stopped accepting new investors in May 2001.

The action is aimed at restoring "the balance between purchases and sales" of fund shares, Oakmark Select's portfolio manager, Bill Nygren, said in a statement. In the first three years the fund was closed, the desire of shareholders to add to their accounts was "fully offset" by the needs of investors to sell shares, Nygren said. "Over the past several months that no longer held true," he said.

Nygren added that the fund was managed in such a way that it did not pay capital gains distributions, and Oakmark wants "to prevent redemptions from creating a tax burden."

The portfolio is ranked 4 Stars by Standard & Poor's.

Contact Bob Keane with questions or comments at: .

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