The Oakmark International Small Cap 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 Small Cap Fund generally invests in small-capitalization companies located anywhere outside of the U.S. Many times, these companies are unknown to mainstream investors and receive little attention from Wall Street.

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

Security	Country	Percent of Net Assets
Julius Baer Group	Switzerland	3.54 %
Square Enix Holdings	Japan	3.26 %
Titan Cement	Greece	3.17 %
Interpump Group	Italy	3.05 %
MLP	Germany	3.00 %
Goodman Fielder	Australia	2.91 %
Primary Health Care	Australia	2.60 %
BBA Aviation	United Kingdom	2.58 %
Neopost	France	2.38 %
Sugi Holdings	Japan	2.26 %

Total Percentage in Top 10 Holdings		28.75 %
Total Number of Holdings		69
Assets Under Management		$977,357,005

(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		14.9
P/E of MSCI World ex U.S. Small Cap Index		25.0
P/E Relative to MSCI World ex U.S. Small Cap Index		72%
Median Market Cap		$1,128 M
Average Market Cap		$1,521 M
Weighted Average Market Cap		$1,582 M
Number of Holdings		67
Beta vs. MSCI World ex U.S. Small Cap Index		0.953
Standard Deviation		20.9%
Turnover Rate (as of 9/30/2009)		46%
Annual Operating Expenses (as of 9/30/2009) - Class I		1.54%
Redemption Fee (on shares held 90 days or less) - Class I		2%

Ticker		OAKEX
CUSIP		413838509
Total Net Assets		$977 M
Inception Date		11/1/1995

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

Industrials 30.7 %

Information Technology 16.6 %

Consumer Discretionary 15.4 %

Financials 11.2 %

Consumer Staples 9.3 %

Materials 7.7 %

Health Care 3.1 %

Geographic Distributions as of 6/30/2010
Untitled Document

Percent of Net Assets

EUROPE

61.0%

Switzerland

14.9%

United Kingdom

13.7%

Germany

8.9%

France

8.3%

Italy

6.0%

Greece

4.7%

Netherlands

2.1%

Norway

1.9%

Sweden

0.5%

ASIA
23.0%

Japan

19.8%

Malaysia

1.2%

Philippines

1.1%

South Korea

0.9%

AUSTRALASIA
7.9%

Australia

6.4%

New Zealand

1.5%

MIDDLE EAST
1.9%

Israel

1.9%

LATIN AMERICA
0.3%

Mexico

0.3%

Emerging Markets
3.5%

Emerging Markets consists of:
Malaysia, Philippines, 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�.

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 World ex U.S. Small Cap Index (Net) is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance, excluding the U.S. The MSCI Small Cap Indices target 40% of the eligible Small Cap universe within each industry group, within each country. MSCI defines the Small Cap universe as all listed securities that have a market capitalization in the range of USD200-1,500 million. 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.

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.

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.