THE VALUE OF A $10,000 INVESTMENT IN THE OAKMARK GLOBAL FUND FROM ITS INCEPTION (8/4/99) TO PRESENT (9/30/00) AS COMPARED TO THE MSCI WORLD INDEX
9/30/00 NAV $10.91	Total Return Last 3 mos.	Average Annual Total Return* Through 9/30/00 From Fund Inception 8/4/99
The Oakmark Global Fund	5.2%	7.8%
MSCI World Index w/inc.**	-5.0%	5.9%
Lipper Global Fund Index**	-3.5%	15.2%
*Total return includes change in share prices and in each case includes reinvestment of any dividends and capital gain distributions. **Each of the three indexes or averages is an unmanaged group of stocks whose composition is different from the Fund. The MSCI World Index includes 22 country sub-indexes. The Lipper Global Fund Index includes 30 mutual funds that invest in securities throughout the world. Past performance is no guarantee of future results.

Fellow Shareholders,

For the three-month period ending September 30, 2000, The Oakmark Global Fund achieved a return of 5.2%. This compares favorably to the -5.0% decline in the MSCI World Index and the -3.5% decline in the Lipper Global Fund Index. For the past twelve months, the Fund returned 19.0% compared with the 8.2% and the 19.2% returned by the MSCI World Index and the Lipper Global Fund Index, respectively. We are happy with the solid performance of the Fund during this time of exceptional market turbulence, both here and abroad.

During the past quarter, the Fund completed its first full year in operation. We wish to thank all of you for the trust you have placed in us, and every one at Harris Associates, for their dedication to and enthusiasm for The Oakmark Global Fund. We look forward to searching the world for the most attractive value opportunities for many years.

Growth and Value

Over the past few quarters (and continuing into the current quarter in which we are writing this letter) the tech-heavy NASDAQ has seen substantial drops in many of its most turbo-charged constituents. We must admit that, like other value investors, we take a good bit of pleasure in seeing the share prices of many momentum market darlings crash and burn. But our pleasure is more than mere schadenfreude (the German term that refers to a feeling of happiness at another's misfortune). We are actually hoping to be able to pick through some of the wreckage and pick up some excellent businesses at reasonable prices.

We believe several of our current holdings have the growth prospects and sizzle of NASDAQ stocks but trade in the market at value prices. Companies in your portfolio like Nova Corp, Reynolds & Reynolds, First Data in the United States, and Telemig in Brazil have prospects for profit growth which far outstrip that of the NASDAQ composite, yet they trade at fractions of the index's current, albeit lowered, valuation. It is the best possible scenario for us to be able to buy quality companies growing faster than the market at prices below market averages.

In fact, dogmatic cleaving of the market into two camps, "value" and "growth," has always made us somewhat uncomfortable. Our philosophy of value investing is about finding companies trading at significant discounts to underlying business value. Our estimate of the growth rate is a critical component to determining underlying business value. We have nothing against growth - far from it. The difficulty in is developing a reasonable level of confidence in the sustainability of a fast growth rate for many "growth" companies. To us, where some growth investors fail is by mindlessly projecting growth rates for businesses that may not have defendable franchises, or by ignoring the inevitable competition that is attracted to high economic returns, or even by ignoring simple truths like the law of large numbers and reversion to the mean.

The focus on price is what sets value investors apart. For us, such measures as book value or current earnings may or may not be relevant to determining business value. A long-term disciplined value investing process is much more than robotically buying companies that are cheap on stated earnings.

First Data ("FDC" ) is an example of a perfect combination of a quality, high-return business with a faster-than-average growth rate trading at a value price. Currently FDC trades around 8.5 times 2001 operating profit, and we have a high level of confidence that their annual growth rate over the next three years will be in the mid-teens percent. What gives us the confidence in the rapid growth rate? The defensibility of their position in payment processing and the inexorable expansion of electronic payments for transactions (fueled further by the Internet). FDC has an unassailable low-cost position in high-volume transaction processing. Their economies of scale are difficult to replicate making it nearly impossible for a competitor to economically take business away from them.

Looking Forward

Global equity markets are currently providing exceptional value opportunities, even more so than when we started the Fund last August. We believe the current portfolio represents excellent long-term appreciation potential.

Thank you for your continued confidence and support.

Michael J. Welsh, CFA, CPA

Portfolio Manager
102521.2142@compuserve.com

Gregory L. Jackson

Portfolio Manager
gjackson@oakmark.com

October 10, 2000