THE OAKMARK FAMILY OF FUNDS

Trustees and Officers


Trustees
    Victor A. Morgenstern—Chairman
    
Michael J. Friduss
    Thomas H. Hayden
    Christine M. Maki
    John R. Raitt
    Allan J. Reich
    Marv Rotter
    Burron W. Ruder
    Peter S. Voss
    Gary Wilner, M.D.

Officers
    Robert M. Levy—President
    
John R. Raitt(a)—Executive Vice President
    
James P. Benson—Vice President
    
Henry R. Berghoef—Vice President
    
Kevin G. Grant—Vice President
    
David G. Herro—Vice President
    Clyde S. McGregor—Vice President
    
William C. Nygren—Vice President
    Vineeta Raketich—Vice President
    
Janet L. Reali—Vice President and Secretary
    
Ann W. Regan—Vice President—
    Shareholder Operations and Assistant Secretary
    
Edward A. Studzinski—Vice President
    
Michael J. Welsh—Vice President
    
Kristi L. Rowsell—Treasurer
    
John J. Kane—Assistant Treasurer

Other Information

Investment Adviser
    Harris Associates L.P.
    Two North LaSalle Street
    Chicago, Illinois 60602-3790

Transfer Agent
    
CDC IXIS Asset Management Services,
    Boston, Massachusetts

Legal Counsel
    Bell, Boyd & Lloyd LLC
    Chicago, Illinois

Independent Auditors
    Deloitte & Touche LLP
    Chicago, Illinois

For More Information:
    Please call 1-800-OAKMARK
    (1-800-625-6275)
    or 617-449-6274

Website
    www.oakmark.com

(a) John R. Raitt succeeded Robert M. Levy as President of The Oakmark Funds on January 1, 2004.

To obtain a prospectus, an application or periodic reports, access our web site at www.oakmark.com, or call 1-800-OAKMARK (1-800-625-6275) or (617) 449-6274.

This report is submitted for the general information of the shareholders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless it is accompanied or preceded by a currently effective prospectus of the Funds.

No sales charge to the shareholder or to the new investor is made in offering the shares of the Funds, however, a shareholder may incur a 2% redemption fee on an exchange or redemption of shares held 90 days or less from any Fund except The Oakmark Fund or The Oakmark Equity and Income Fund.