Edward Studzinski has expanded his role as an investment analyst and co-portfolio manager of the Oakmark Equity and Income fund, a position he has held since March 2000, to include co-managing the Oakmark Small Cap fund. He will be working with James Benson, who has managed the Small Cap fund since 1999.

"We are pleased that Ed Studzinski has agreed to accept significant additional responsibilities as co-portfolio manager of the Oakmark Small Cap fund. He has worked closely with Jim and has contributed meaningfully to the portfolio since its inception. Ed's experience should prove invaluable to the fund," said Robert Levy, president of The Oakmark Funds and chairman and investment chief of Harris Associates.

The Fund will continue its same management style, investing in small-cap companies that are trading at lower levels from where analysis deems their intrinsic value. The fund will also seek out stocks that demonstrate potential to grow in business value, and that have management whose interests are comparable to those of the shareholders.

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