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Commentary
Read previous commentaries in our Quarterly Reports

President's Letter - 12/31/2011

The Oakmark Fund
Managed by Bill Nygren, Kevin Grant
     Oakmark Fund Letter to Shareholders - 12/31/2011
     Commentary on the Oakmark and Oakmark Select Funds - 12/31/2011
     Oakmark Fund - Holdings - 12/31/2011

The Oakmark Select Fund
Managed by Bill Nygren, Henry Berghoef
     Commentary on the Oakmark and Oakmark Select Funds - 12/31/2011
     Oakmark Select Fund Letter to Shareholders - 12/31/2011
     Oakmark Select Fund - Holdings - 12/31/2011

The Oakmark Equity and Income Fund
Managed by Clyde McGregor
     Oakmark Equity and Income Fund Letter to Shareholders - 12/31/2011
     Oakmark Equity and Income Fund - Holdings - 12/31/2011

The Oakmark Global Fund
Managed by Clyde McGregor, Rob Taylor
     Oakmark Global Fund Letter to Shareholders - 12/31/2011
     Oakmark Global Fund - Holdings - 12/31/2011

The Oakmark Global Select Fund
Managed by Bill Nygren, David Herro
     Oakmark Global Select Fund Letter to Shareholders - 12/31/2011
     Oakmark Global Select Fund - Holdings - 12/31/2011

The Oakmark International Fund
Managed by David Herro, Rob Taylor
     Commentary on The Oakmark International and
International Small Cap Funds
 - 12/31/2011
     Oakmark International Fund Letter to Shareholders - 12/31/2011
     Oakmark International Fund - Holdings - 12/31/2011

The Oakmark International Small Cap Fund
Managed by David Herro, Michael Manelli
     Commentary on The Oakmark International and
International Small Cap Funds
 - 12/31/2011
     Oakmark International Small Cap Fund Letter to Shareholders - 12/31/2011
     Oakmark International Small Cap Fund - Holdings - 12/31/2011

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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.

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