First Quarter Report
December 31, 2001

Letters & Summary Information

Commentary from Bill Nygren

Oakmark Fund

Oakmark Select Fund

Oakmark Small Cap Fund

Oakmark Equity and Income

Oakmark Global Fund

Commentary from David Herro & Michael Welsh

Oakmark International Fund

Oakmark International Small Cap Fund

Footnotes

philo.gif (344 bytes)

gloss.gif (285 bytes)

Trustees & Officers