The Oakmark Fund Overview

How the Fund Invests | Top 10 Holdings | Portfolio Characteristics
Sector Distributions | Account Minimums | Portfolio Managers

How The Fund Invests

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

The Oakmark Fund, the firm's flagship fund launched in 1991, seeks capital appreciation by investing in big businesses, both mid and large cap, based in the U.S.

Top 10 Equities and Equivalents as of 6/30/2010

Security	Percent of Net Assets
Intel	2.31 %
Comcast	2.19 %
Tyco Electronics	2.14 %
Capital One Financial	2.11 %
Bristol-Myers Squibb	2.04 %
Medtronic	2.02 %
Texas Instruments	1.98 %
Best Buy	1.94 %
Tyco International	1.91 %
Bank of New York Mellon	1.90 %

Total Percentage in Top 10 Holdings	20.54 %
Total Number of Holdings	56
Assets Under Management	$3,238,885,464

(View the full list of equity holdings as of the most recent quarter-end.)

Portfolio Characteristics as of 6/30/2010

Current Price to Earnings Ratio (Current P/E)		17.9
Projected P/E		13.1
P/E of S&P 500 Index		15.1
P/E Relative to S&P 500 Index		119%
Median Market Cap		$25,807 M
Average Market Cap		$51,539 M
Weighted Average Market Cap		$53,860 M
Number of Holdings		56
Beta vs. S&P 500 Index		0.852
Standard Deviation		15.8%
Turnover Rate (as of 9/30/2009)		62%
Annual Operating Expenses (as of 9/30/2009) - Class I		1.23%
Redemption Fee (on shares held 90 days or less) - Class I		2%

Ticker		OAKMX
CUSIP		413838103
Total Net Assets		$3.2 B
Inception Date		8/5/1991

Account Minimums

Regular Account		$1,000
IRA Account (Roth/Traditional)		$1,000
Education Savings Account		$500
UGMA/UTMA Account		$1,000
Subsequent Investments		$100

Account Minimums with Automatic Investment Plan:
To Open an Account		$500
Monthly Investment		$100

Equity Sector Breakdowns as of 6/30/2010

Sector Percent of Net Assets

Consumer Discretionary 28.3 %

Information Technology 24.1 %

Financials 12.1 %

Health Care 11.7 %

Industrials 7.3 %

Consumer Staples 6.7 %

Energy 2.6 %

Portfolio Managers

Bill Nygren
Bill is a Portfolio Manager of the Oakmark fund, the Oakmark Select fund, and the Oakmark Global Select fund. He joined Harris Associates as an Investment Analyst in 1983 and later served as the firm's Director of Research from 1990 through March 1998. Previously, Bill was an analyst with Northwestern Mutual Life Insurance Company. Bill was named Morningstar's Domestic-Stock Manager of the Year for 2001. He has an M.S. in Finance from the University of Wisconsin-Madison Applied Security Analysis Program (1981) and a B.S. in Accounting from the University of Minnesota (1980). He has over twenty-nine years of investment experience and is a CFA charterholder�.

Kevin Grant
Kevin, who joined Harris Associates in 1988, is a Portfolio Manager of the Oakmark fund and an Investment Analyst with over nineteen years investment experience. Kevin has a B.S. degree from the University of Wisconsin-Madison (1987) and an M.B.A. from Loyola University (1991), and he is a CFA charterholder�.

Portfolio holdings are subject to change and are not intended as recommendations of individual stocks.

The Price-Earnings Ratio ("P/E") is the most common measure of how expensive a stock is.

Market Cap is the market price of an entire company, calculated by multiplying the number of shares outstanding by the price per share.

Beta is a quantitative measure of the volatility of a given stock, mutual fund, or portfolio, relative to the overall market, usually the S&P 500. A beta above 1 is generally more volatile than the overall market, while a beta below 1 is generally less volatile.

Standard Deviation is a statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns.

The S&P 500 Index is a broad market-weighted average of U.S. blue-chip companies. This index is unmanaged and investors cannot invest directly in this index.

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	Commentary on the Oakmark and Oakmark Select Funds

	Oakmark Fund Letter to Shareholders

	"Bull- and Bear-Market Stars" - from Morningstar Research

	"The Season's Just Started" - Barron's interview with Bill Nygren

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

For more information on The Oakmark Funds, including a prospectus which explains management fees and expenses and the special risks of investing in the Funds, please call 1-800-OAKMARK. Click here to view the prospectus on-line. Please read it carefully before investing. An investor should consider a fund�s investment objectives, risks, and charges and expenses carefully before investing. This and other information about the Funds are contained in the Funds' prospectus.

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 2010, Harris Associates Securities L.P., Distributor, Member FINRA.