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HARRIS ASSOCIATES L.P.'S OAKMARK FUND MARKS FIRST ANNIVERSARY IN FIRST PLACE

 HARRIS ASSOCIATES L.P.'S OAKMARK FUND
 MARKS FIRST ANNIVERSARY IN FIRST PLACE
 CHICAGO, Aug. 4 /PRNewswire/ -- Harris Associates Investment Trust's Oakmark Fund, launched on Aug. 5, 1991, with one investor, $100,000 in assets, and a price of $10, celebrates its first anniversary this week with more than 5,500 investors, $50 million in assets and ranked as the nation's top-performing mutual growth fund.
 That original $100,000 investment is worth more than $150,000 today, including reinvested dividends and capital gains. Shares in the no- load, open-end equity fund closed at $15.91 on July 31, the last day of Oakmark's fiscal third quarter.
 Through mid-year, Oakmark rated first in Lipper Analytical Services' ranking of growth funds, with a total return of 17 percent. That compared to a 4.7 percent gain in the Dow Jones Industrial Average, a 2.2 percent drop in the value of the S&P 500 in the first half of the year, and a 1.2 percent decline in the Value Line Composite Index (excluding dividends).
 "We have exceeded even our own expectations. Performance has been exceptional and our assets are growing very manageably," said Robert J. Sanborn, the fund's portfolio manager. He attributes Oakmark's success to its owner-oriented value investment philosophy and the strength of the research and resources of its investment adviser, Harris Associates L.P.
 Harris Associates is a value-oriented investment counseling firm that manages more than $2l?ion in assets for individuals, trusts, retirement funds and institutions. It also specializes in managing private partnerships.
 "Our investment philosophy is simple," said Sanborn. "We're responsible bargain hunters. We invest in stocks that are selling at a significant discount to their long-term underlying value and where management thinks and acts like an owner."
 There are many value investors these days, Sanborn said, but not all of them add the critical second dimension of owner orientation. "The secret is not just to buy stocks at a discount to value, but also stocks in which management has the incentive to grow and realize value," he said.
 One of Oakmark's first major buys was Liberty Media, a cable systems and
programming company spun-off from Tele-Communications Inc. The company, not well-known on Wall Street, was known and respected by Harris Associates, and Liberty Media management owned 30 percent of the company. Oakmark initially bought the stock at $240 a share, which today is worth over $1,000 after a 20-1 split.
 "Management is still increasing its ownership, and we're still investing in the company," said Sanborn. In fact, Liberty Media is Oakmark's largest holding, accounting for more than 11 percent of its assets.
 "We're not reluctant to take big positions and put our money on the line with our convictions," said Sanborn, who, unlike nearly a third of fund managers today, has placed his personal savings in the fund.
 "Just as we like to invest in companies in which management has significant share holdings, our clients like to see us invest in our products and ideas," said Victor A. Morgenstern, president of Harris Associates.
 Driven by value and not limited to any particular industry or sector, Oakmark has an eclectic mix of companies large and small in its portfolio, including Northland Cranberries (the nation's largest producer), Rauch Industries, a $20 million manufacturer of Christmas ornaments, and such better-known names as Eli Lilly and USAir.
 Consistent with its Harris Associates heritage, there is also a bit of the contrarian in the mix. Since the beginning of the year, Oakmark has made Martin Marietta its second-largest holding, despite Wall Street's aversion to defense companies.
 We met with management when others weren't interested, and liked what we saw," said Sanborn. "They will generate free cash flow over the next five years equal to 40 percent of market capitalization, and they're using some of that to buy in shares."
 The Oakmark Fund is a series of Harris Associates Investment Trust. The fund invests primarily in common stocks and securities convertible to common stocks, but may also invest in other securities suited to its objective of long-term capital appreciation. The fund is a no-load, open-end mutual fund with a minimum investment requirement of $1,000. For information, call 1-800-GROWOAK.
 -0- 8/4/92
 /CONTACT: Robert Sanborn, 312-621-0375, or Edie Sue Sutker, 312-621-0574, both of Harris Associates L.P./ CO: Harris Associates L.P. ST: Illinois IN: FIN SU:


AH -- NY049 -- 6700 08/04/92 13:33 EDT
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Date:Aug 4, 1992
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