Clyde McGregor, CFA
Harris Associates, LP
Two North LaSalle Street
Chicago, IL 60602

Clyde McGregor is the portfolio manager responsible for the segment of the Equity Fund’s assets allocated to Harris Associates, L.P. (Harris). McGregor is a portfolio manager at Harris and currently manages the Oakmark Equity and Income Fund and the Oakmark Global Fund. McGregor joined Harris in 1981 as an analyst with broad industry coverage across the market capitalization spectrum. He has 31 years of experience in the investment business, having spent four years as an investment officer at The Northern Trust Company prior to joining Harris. McGregor became a portfolio manager at Harris in the late 1980’s and is one of three voting members of the domestic Stock Selection Group that develops Harris’ domestic equity “approved list.”

McGregor is responsible for managing approximately 20% of the Equity Fund’s assets. McGregor considers businesses whose shares are trading at a 30% or greater discount from his assessment of their intrinsic value. This assessment is based on the price buyers have paid for similar companies in private transactions and/or Harris’ discounted cash flow analysis. To avoid value traps, McGregor wants to own companies that he expects will see their intrinsic value per share grow. In addition, his goal is to own businesses that “have vitality” and an ongoing reason to exist. Finally, he is looking to invest in companies run by management teams that treat shareholders as partners. McGregor will consider selling a stock as it approaches fair value; if there are other ideas that are significantly more compelling; if company fundamentals deteriorate without an adequate decline in valuations; or if he feels management is no longer acting in shareholders’ best interests.

References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.