The investment objective of Harris Associates U.S. Equity Fund is long term growth of capital. The Fund invests primarily in larger U.S. companies. The Fund invests at least two-thirds of its total assets in equity securities of larger U.S. companies, defined for this Fund as companies having a market value of more than US$5 billion and domiciled or which exercise the preponderant part of their economic activities in the U.S. The Fund may invest up to one-third of its total assets in other securities than those described above including non-U.S. companies or companies with smaller market capitalization.