David Herro named Morningstar International Equity Fund Manager of the Year for 2006 1/3/2007 We are honored to announce that Morningstar has named David Herro — portfolio manager of The Oakmark International Fund, The Oakmark International Small Cap Fund, and The Oakmark Global Select Fund — International Equity Fund Manager of the Year for 2006. Morningstar Fund Managers of the Year   More information on The Oakmark Funds • Recent news articles • Invest in the Funds • Open an IRA • View the prospectus According to Morningstar, the Morningstar Manager of the Year award is presented to portfolio managers based on the managers' (i) "ability to generate exceptional returns;" (ii) "willingness to align their interests with shareholders;" and (iii) "courage to stay with their strategies in order to produce superior risk-adjusted returns in the end. The Oakmark International Fund is open to existing shareholders and investors who purchase directly from Oakmark. The Oakmark International Small Cap closed to new investors in May 2002. Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform growth stocks during given periods. 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. Because Oakmark Global Select is non-diversified, the performance of each holding will have a greater impact on the funds total return, and may make the funds returns more volatile than a more diversified fund.