Funds Overview

OAKMARK FUNDS
Overview | Performance | NAV | Distributions | Prospectuses

Each fund applies the same value investment philosophy and process to different market segments, sectors, size companies, or geographic regions to achieve specified goals.

Fund Name	Symbol	Inception Date	Investment Objective	Description
The Oakmark Fund	OAKMX	8/5/1991	Long-term capital appreciation	Invests in mid- and large-cap companies based in the U.S.; typically holds 40-50 securities.
The Oakmark Select Fund	OAKLX	11/1/1996	Long-term capital appreciation	Through a concentrated portfolio (approximately 20 companies), invests in mid- and large-cap companies based in the U.S.
The Oakmark Equity and Income Fund	OAKBX	11/1/1995	Seeks income and preservation and growth of capital	Offers the return potential of stocks mixed with fixed income exposure
The Oakmark Global Fund	OAKGX	8/4/1999	Long-term capital appreciation	Invests in domestic and international securities
The Oakmark Global Select Fund	OAKWX	10/2/2006	Long-term capital appreciation	Through a concentrated portfolio (approximately 20 companies), invests in domestic and international securities.
The Oakmark International Fund	OAKIX	9/30/1992	Long-term capital appreciation	Invests in mid- and large-cap companies outside the U.S.
The Oakmark International Small Cap Fund	OAKEX	11/1/1995	Long-term capital appreciation	Invests in small capitalization companies located outside of the U.S.

NOTE: The Oakmark Equity and Income Fund closed to certain new investors as of 5/13/10.

The Oakmark Equity and Income Fund invests in medium- and lower-quality debt securities that have higher yield potential but present greater investment and credit risk than higher-quality securities. These risks may result in greater share price volatility. An economic downturn could severely disrupt the market in medium or lower grade debt securities and adversely affect the value of outstanding bonds and the ability of the issuers to repay principal and interest.

Investing in foreign securities presents risks that in some way may be greater than U.S. investments. Those risks include: currency fluctuation; different regulation, accounting standards, trading practices and levels of available information; generally higher transaction costs; and political risks.

Because The Oakmark Select and Oakmark Global Select Funds are non-diversified, the performance of each holding will have a greater impact on the Funds' total return, and may make the Funds' return's more volatile than a more diversified fund.

The stocks of smaller companies often involve more risk than the stocks of larger companies. Stocks of small companies tend to be more volatile and have a smaller public market than stocks of larger companies. Small companies may have a shorter history of operations than larger companies, may not have as great an ability to raise additional capital and may have a less diversified product line, making them more susceptible to market pressure.

Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods.

Before investing in any Oakmark Fund, you should carefully consider the Fund's investment objectives, risks, management fees and other expenses. This and other important information is contained in a Fund's prospectus and summary prospectus. Please read the prospectus and summary prospectus carefully before investing. For more information, please call 1-800-OAKMARK (1-800-625-6275).

OAKMARK, OAKMARK FUNDS, OAKMARK INTERNATIONAL, and OAKMARK and tree design are trademarks owned or registered by Harris Associates L.P. in the U.S. and/or other countries.

Copyright 2011, Harris Associates Securities L.P., Distributor, Member FINRA.