THE VALUE OF A $10,000 INVESTMENT IN THE OAKMARK GLOBAL FUND FROM ITS INCEPTION (8/4/99) TO PRESENT (6/30/01) AS COMPARED TO THE MSCI WORLD INDEX14
6/30/01 NAV4 $13.00	Total Return Last 3 months*	Average Annual Total Return1 Through 6/30/01 From Fund Inception 8/4/99
The Oakmark Global Fund	15.76%	15.98%23
MSCI World Index w/inc.	2.52%	-5.57%
Lipper Global Fund Index15	3.22%	0.52%
*Not annualized.

Fellow Shareholders,

The Oakmark Global Fund increased 16% for the three-month period ending June 30, 2001. As with last quarter's results, we are pleased with these results especially when compared to the increase of 3% for both the MSCI World Index and the Lipper Global Fund Index.

For the twelve-month period ending June 30, 2001, The Oakmark Global Fund returned 28% compared to declines of 20% and 17% for the MSCI World Index and the Lipper Global Fund Index respectively. The 28% gain for the twelve-month period ending June 30, 2001, places The Oakmark Global Fund as the #1 performing global fund out of 260 funds according to Lipper Inc. and in the top 1% of funds classified by Morningstar as World Stock funds.¹⁶

Concentration Benefits

One of the primary drivers of The Oakmark Global Fund's strong investment performance is our concentrated investment philosophy. We define concentrated investing as placing a large portion of the Fund's assets in our best ideas and limiting our holdings to position sizes that can have a meaningful impact on the overall portfolio. When our current fiscal year began last October, The Oakmark Global Fund's four largest positions comprised 24% of the total assets in the fund. The top four positions were Nova Corporation: 6.9% of assets, ITT Educational: 6% of assets, Reynolds & Reynolds: 5.5% of assets, and Somerfield PLC: 5.2% of assets. Given their large weighting in the fund, we thought we would review how these positions have performed since the current fiscal year began.

Nova Corporation – Since September 30, 2000, Nova Corporation's stock price has appreciated 84%. In July of 2000, Nova Corporation experienced problems in one of their acquired merchant portfolios, which caused a significant decline in the company's stock price. After reviewing the situation, we felt the problems Nova was experiencing were temporary and viewed the stock price decline as an opportunity to make Nova the Fund's largest position. On May 7, 2001, Nova Corporation agreed to be acquired by US Bancorp for $31 per share or an 81% premium to the September 30, 2000 closing stock price.

ITT Educational Services – Since September 30, 2000, ITT Educational's stock price has appreciated 66%. In the fall of 2000, ITT Educational faced two issues: 1) The company changed its core curriculum to be more Information Technology oriented, which caused enrollment erosion in their old programs of study (Core Electronics and Computer Aided Design). 2) The Office of Inspector General (OIG) began an investigation into ITT's compensation practices for student recruiters. After extensive research, we concluded that ITT's new curriculum was exceptional and that the erosion in the older programs of study was a temporary issue while the company worked to add more Information Technology content to the older core programs. In addition, we found ITT's compensation practices to be in line with industry standards and felt the OIG investigation would not have a material impact on the company. Since September 30, 2000, both of ITT's issues have been resolved favorably and the stock price has responded accordingly.

Reynolds & Reynolds – Since September 30, 2000, Reynolds & Reynolds' stock price has appreciated 10.4%. In April of 2000, Reynolds decided to sell their slower growth forms business and focus exclusively on their computer services division. Given that REY was the dominant player in providing computer-based dealer management systems to automotive dealers, which have high recurring revenues and 19% operating margins, we felt that investors would begin to place a much higher valuation on the company. However, the economic slowdown has dampened Reynolds' growth prospects temporarily, causing investors to react more slowly than we had originally estimated in revaluing the business. We continue to like Reynolds' business and future prospects and the company remains one of the largest positions in the Fund.

Somerfield PLC – Since September 30, 2000, Somerfield's stock price has appreciated 58% in U.S. dollars. In April of 2000, John Von Spreckelsen and his team took over the management of the Somerfield. John's team quickly implemented basic retailing standards and stabilized Somerfield's market share, restored its financial health and brought the company back to profitability. Over the next few years, we expect John and his team to revitalize the store base and push Somerfield closer to industry-wide levels of profitability, and we expect the share price to continue to follow these improvements upward.

As you can see from the performance of our largest holdings over the past nine months, we believe we have some of the highest quality research analysts in the industry who continue to find these attractive ideas. It is important to note that the level of concentration in the Fund will vary depending upon the investment opportunities available. However, we always strive to have a large portion of the Fund's assets concentrated in the best ideas we see around the world. While we experienced solid performance over the past quarter and year, we continue to find many attractive investment ideas which we will highlight in the next quarterly letter.

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

July 10, 2001