Harris Associates U.S. Value Equity Fund

• The Fund invests primarily in large equity securities of U.S. companies and may be more volatile due to concentration risks. • The Fund is subject to equities and foreign exchange risks. • The Fund may hold equities having a value bias which may continue to be underpriced by the market for sustained periods of time. • The Fund may use financial derivative instruments ("FDI") for hedging, efficient portfolio management and investment purposes which may involve counterparty/credit, liquidity, valuation, volatility and over-the-counter transaction risks. In adverse circumstances, the Fund may suffer significant losses in relation to use of FDI. • This investment involves risks and investors may suffer substantial or total loss of their investment fund. • Investor should not invest in the Fund solely based on the information provided in this webpage and should read the prospectus for details, including the risk factors.