The Oakmark Family of Funds managed by Harris Associates of Chicago is adding a two percent redemption fee to discourage short-term trading for some of its mutual funds. The redemption fee will kick in on August 16 on shares redeemed on five of the fund family's funds within 90 days of their purchase.

The new redemption fee will affect the $1.8 billion Oakmark Select Fund, the $508 million Oakmark Small Cap Fund, the $906 million Oakmark International Fund and the $143 million Oakmark International Small Cap Fund. A brand new fund, The Oakmark Global Fund, that went live August 4, was launched with this same 2 percent redemption fee firmly in place.

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