THE OAKMARK FAMILY OF FUNDS

This material must be preceded or accompanied by a prospectus. To order a prospectus, which explains management fees and expenses and the special risks of investing in the funds, visit www.oakmark.com or call 1-800-OAKMARK. Please read the prospectus carefully before investing.

The discussion of investments and investment strategy of the funds represents the investments of the funds and the views of fund managers and Harris Associates L.P., the funds' investment adviser, at the time of this report and are subject to change without notice.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than original cost.

Investing in value stocks presents the risk that value stocks may fall out of favor with investors and under perform growth stocks during given periods.

Because the Oakmark Select Fund is non-diversified, the performance of each holding will have a greater impact on the Fund's total return, and may make the Fund's return more volatile than a more diversified fund.

Investing in foreign securities presents risks which 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.

¹	The S&P 500 Index is a broad market-weighted average of U.S. blue-chip companies.
²	The NASDAQ Composite Index is a market value weighted index of all common stocks listed on NASDAQ.
³	The MSCI World Index is made up of 20 country sub-indexes, including the stock exchanges of the U.S., Europe, Canada, Australia and New Zealand and the Far East. This index is unmanaged and investors cannot actually make investments in this index.
⁴	The MSCI EAFE Index is the Morgan Stanley Europe, Australia, and Far East Index, which is an unmanaged, market-value weighted index designed to measure the overall condition of overseas markets.
⁵	During the year ended December 31, 2000, Initial Public Offerings ("IPOs") contributed .59% to the performance of The Oakmark Small Cap Fund. During the period from March 10, 2000 to December 31, 2000, IPOs contributed .19% to the performance of The Oakmark Small Cap Fund. As the IPO environment changes and the total assets of the Fund grow, the impact of IPOs on performance is expected to diminish.
⁶	During the year ended December 31, 2000, Initial Public Offerings ("IPOs") contributed 1.14% to the performance of The Oakmark Equity and Income Fund. During the period from March 10, 2000 to December 31, 2000, IPOs contributed .56% to the performance of The Oakmark Equity and Income Fund. As the IPO environment changes and the total assets of the Fund grow, the impact of IPOs on performance is expected to diminish.
⁷	During the year ended December 31, 2000, Initial Public Offerings ("IPOs") contributed 4.18% to the performance of The Oakmark Global Fund. During the period from March 10, 2000 to December 31, 2000, IPOs contributed 2.62% to the performance of The Oakmark Global Fund. Since inception on August 4, 1999, IPOs contributed an annualized 5.07% to the performance of The Oakmark Global Fund. As the IPO environment changes and the total assets of the Fund grow, the impact of IPOs on performance is expected to diminish.
⁸	The Price-Earnings Ratio ("P/E") is the most common measure of how expensive a stock is.
⁹	NAV stands for Net Asset Value. NAV is the dollar value of a single mutual fund share, based on the value of the underlying assets of the fund minus its liabilities divided by the number of shares outstanding.
¹⁰	Total return includes change in share prices and in each case includes reinvestment of any dividends and capital gain distributions.
¹¹	The Dow Jones Industrial Average is an unmanaged index that includes only 30 big companies.
¹²	The Lipper Large Cap Value Fund Index measures the performance of the 30 largest U.S. large-cap value funds tracked by Lipper.
¹³	EPS refers to Earnings Per Share and is calculated by dividing total earnings by the number of shares outstanding.
¹⁴	The S&P MidCap 400 is an unmanaged broad market-weighted index of 400 stocks that are in the next tier down from the S&P 500 and that are chosen for market size, liquidity, and industry group representation.
¹⁵	The Lipper Mid Cap Value Fund Index measures the performance of the 30 largest U.S. mid-cap value funds tracked by Lipper.
¹⁶	The performance information for this Fund does not reflect the imposition of a 2% redemption fee on shares held by an investor less than 90 days. The purpose of this redemption fee is to deter market timers.
¹⁷	The Russell 2000 Index is an unmanaged, market-weighted index, with dividends reinvested, of 2,000 small companies, formed by taking the largest 3,000 small companies and eliminating the largest 1,000 of those companies.
¹⁸	The Lipper Small Cap Value Fund Index measures the performance of the 30 largest U.S. small-cap value funds tracked by Lipper.
¹⁹	The S&P Small Cap 600 Index measures the performance of selected U.S. stocks with small market capitalizations.
²⁰	The Lipper Balanced Fund Index measures the performance of the 30 largest U.S. balanced funds.
²¹	The Lehman Govt./Corp. Bond Index is an unmanaged index that includes the Lehman Government and Lehman Corporate indices.
²²	The SEC refers to the Securities Exchange Commission.
²³	The Lipper Global Fund Index measures the performance of the 30 largest mutual funds that invest in securities throughout the world.
²⁴	For the one-year period ended December 31, 2000, The Oakmark Global Fund was ranked in the top 2% of funds classified by Morningstar as World Stock funds on a non-risk adjusted basis. For the one-year period, there were 285 funds in the World Stock funds category. The Oakmark Global Fund does not have a Morningstar star rating because it has not been in existence for three years.
²⁵	EBITDA refers to Earnings Before the deduction of payments for Interest, Taxes, Depreciation and Amortization and is a measure of operating income.
²⁶	The MSCI World Ex U.S. Index is an unmanaged index made up of 19 country sub-indexes, excluding the U.S.
²⁷	The Lipper International Fund Index measures the performance of the 30 largest mutual funds that invest in securities whose primary markets are outside the U.S.
²⁸	For the one-year period ended December 31, 2000, The Oakmark International Fund was ranked in the top 1% of funds classified by Morningstar as Foreign Stock funds on a non-risk adjusted basis. For the one-year period, there were 710 funds in the Foreign Stock funds category. For the three-year and five-year periods ended December 31, 2000, The Oakmark International Fund was ranked in the top 20% and 15% respectively of 1,281 and 773 funds classified by Morningstar as Foreign Stock funds on a non-risk adjusted basis. The Oakmark International Fund has a 4-star rating for three-years ended 12/31/00 and a 4-star rating for five-years ended 12/31/00, measured against the performance of the 1,281 and 773 funds in Morningstar's Foreign Stock funds category during those periods. Morningstar proprietary "star" ratings reflect historical risk-adjusted performance as of 12/31/00. The ratings are subject to change every month. Morningstar ratings are calculated from a fund's 3-, 5- and 10-year average annual returns (if applicable) in excess of 90-day T-bill returns with appropriate fee adjustments, and a risk factor that reflects fund performance below 90-day T-bill returns. The top 10% of the funds in an investment class receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star.
²⁹	The Lipper International Small Cap Average includes 79 mutual funds that invest in small cap securities whose primary marketsare outside the U.S.
³⁰	The Micropal Equity International Small Cap Index is an unmanaged, unweighted index comprised of all funds within the international small company fund sector.