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.

Harris Associates LP, the adviser to Oakmark Funds, said the Global fund will continue to invest in undervalued stocks.

Harris Associates said Wednesday that Jackson is leaving the firm to move back to Utah to be closer to his family.