Oakmark Loses Fund Manager

Oct. 30, 2003 — Stock picker Greg Jackson is leaving Oakmark Funds, where he has helped guide the four-year-old Oakmark Global Fund/I (OAKGX) to returns that have topped its peers since its inception.

Clyde McGregor, who helps oversee the Oakmark Equity & Income Fund/I (OAKBX), will replace Jackson. He joins Michael Welsh, who continues as co-manager of the $583 million Global fund. Welsh also helps run Oakmark International Fund/I (OAKIX) and Oakmark International Small Cap Fund/I (OAKEX).

Oakmark Global, which began operations in August 1999, gained 30.8% this year through September, versus 18.7% for the average global fund. For the three years ended last month, the Oakmark fund returned an average annualized 17.6%, compared to a 10.6% loss by similar funds. The portfolio carries a 5-Star rank by Standard & Poor’s.