The Oakmark International Fund Overview

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

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 International Fund generally invests in mid and large cap companies outside the U.S.

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

Security	Country	Percent of Net Assets
Credit Suisse Group	Switzerland	3.29 %
Daiwa Securities Group	Japan	3.29 %
Rohm	Japan	2.87 %
Toyota Motor	Japan	2.86 %
Allianz	Germany	2.85 %
Diageo	United Kingdom	2.81 %
BNP Paribas	France	2.75 %
Banco Santander	Spain	2.70 %
Richemont	Switzerland	2.63 %
UBS	Switzerland	2.63 %

Total Percentage in Top 10 Holdings		28.68 %
Total Number of Holdings		56
Assets Under Management		$4,693,430,640

(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)		16.9
Projected P/E		15.7
P/E of MSCI EAFE Index		16.4
P/E Relative to MSCI EAFE Index		103%
Median Market Cap		$10,379 M
Average Market Cap		$29,950 M
Weighted Average Market Cap		$34,005 M
Number of Holdings		56
Beta vs. MSCI EAFE Index		0.936
Standard Deviation		18.6%
Turnover Rate (as of 9/30/2009)		53%
Annual Operating Expenses (as of 9/30/2009) - Class I		1.17%
Redemption Fee (on shares held 90 days or less) - Class I		2%

Ticker		OAKIX
CUSIP		413838202
Total Net Assets		$4.7 B
Inception Date		9/30/1992

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 26.5 %

Financials 21.5 %

Industrials 15.9 %

Consumer Staples 13.3 %

Information Technology 10.0 %

Health Care 4.8 %

Materials 3.2 %

Geographic Distributions as of 6/30/2010
Untitled Document

Percent of Net Assets

EUROPE
66.7%

Switzerland

18.5%

United Kingdom

16.4%

France

13.0%

Germany

7.6%

Netherlands

3.6%

Spain

2.7%

Ireland

2.5%

Sweden

2.4%

ASIA
20.8%

Japan

18.3%

South Korea

2.5%

LATIN AMERICA
3.3%

Mexico

3.3%

AUSTRALASIA
2.9%

Australia

2.9%

NORTH AMERICA
1.4%

Canada

1.4%

MIDDLE EAST
0.2%

Israel

0.2%

Emerging Markets
5.8%

Emerging Markets consists of:
South Korea and Mexico

Portfolio Managers

David Herro
David is a Portfolio Manager of the Oakmark International fund, the Oakmark International Small Cap fund, the Oakmark Global Select fund, and is Chief Investment Officer of International Equities at Harris Associates. He was named Morningstar's International-Stock Fund Manager of the Year for 2006; and International-Stock Fund Manager of the Decade for 2000-2009. David has been managing international portfolios since 1986, previously managing an international portfolio for The State of Wisconsin Investment Board. He also served as a Portfolio Manager for international equity portfolios with The Principal Financial Group of Des Moines, Iowa. David, who joined Harris Associates in 1992, has a M.A. in Economics from the University of Wisconsin-Milwaukee (1985) and a B.S. in Business/Economics from the University of Wisconsin-Platteville (1983). He has over twenty-five years of investment experience and is a CFA charterholder�.

Rob Taylor
Robert Taylor is a Portfolio Manager of the Oakmark International fund, the Oakmark Global fund, Director of International Research, and Portfolio Manager of several international and global portfolios. He joined Harris Associates in 1994 and has over sixteen years of investment experience. Rob received his BBA from the University of Wisconsin-Madison (1994) and 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 MSCI EAFE (Europe, Australasia, Far East) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the international equity market performance of developed markets, excluding the US & Canada. This benchmark calculates reinvested dividends net of withholding taxes using Luxembourg tax rates. This index is unmanaged and investors cannot actually make investments in this index.

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.

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	Commentary on The Oakmark International and International Small Cap Funds

	Oakmark International Fund Letter to Shareholders

	David Herro's thoughts on Europe in the headlines

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

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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.