THE OAKMARK GLOBAL SELECT FUND Report from Bill Nygren and David Herro, Portfolio Managers

THE VALUE OF A $10,000 INVESTMENT IN THE OAKMARK GLOBAL SELECT FUND FROM ITS INCEPTION (10/2/06) TO PRESENT (3/31/07) AS COMPARED TO THE MSCI WORLD INDEX11
	Total Return (as of 3/31/07)
	Last 3 Months*	Since Inception (10/2/06)
Oakmark Global Select Fund (Class I)	3.71%	11.92%
MSCI World	2.50%	11.07%
Lipper Global Fund Index12	2.53%	11.21%
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
Expense Ratio as of 10/2/06 was 1.75%. The performance data quoted represents past performance. The above performance information for the Fund does not reflect the imposition of a 2% redemption fee on shares held for 90 days or less to deter market timers. If reflected, the fee would reduce the performance quoted. Past performance does not guarantee future results. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Average annual total return measures annualized change, while total return measures aggregate change. To obtain most recent month-end performance data, visit oakmark.com.
* Not annualized

The Oakmark Global Select Fund returned 4% for the quarter ending March 31, 2007, which compares favorably to the MSCI World Index return of 3%.

Impact Players

The foreign holdings outperformed domestic this quarter. All of the top five contributors were foreign stocks. Nikko Cordial was added to the portfolio mid-quarter while it was trading near its 52-week low. Nikko Cordial ended the quarter as the largest contributor to return due to its recent rebound in price. We encourage you to read the thorough discussion of Nikko Cordial in the lead International letter. The second largest contributor to return was DaimlerChrysler, which recovered after management began exploring sale or divestiture possibilities for the Chrysler division. Rounding out the top three is Schroders plc, a UK-based investment management company, which was up 16% during the quarter. Schroders reported better than expected earnings, which forced investors who had long ignored it to take a second look at this solid business selling at a discounted price.

The largest detractors to performance for the Fund were U.S.-based Washington Mutual Inc. and Time Warner Inc. Washington Mutual has had a positive impact on our other Funds over the many years we have owned it. However, this is not the case in every quarter, including this most recent one. Washington Mutual’s price was negatively affected by investors’ concerns about the subprime mortgage market. We maintain our positive, long-term outlook on the stock and believe it has a very favorable risk-return profile. Rounding out the bottom three detractors was Japan based Rohm Co. The 9% decline in share price was largely due to general weakness in the semiconductor industry.

Portfolio Composition

During the quarter we sold our entire positions in Vodafone Group plc and Daiwa Securities as more attractive investment opportunities arose. Nikko Cordial Corp. and Sprint Corp. were added during the quarter. We believe that both are great businesses selling at discounted prices that will be good long-term performers for the Fund.

As long-term value investors, we continue to focus on finding attractive, under-valued companies trading at a discount with management teams focused on building shareholder value.

Global Diversification—March 31, 2007 (Unaudited)

Schedule of Investments—March 31, 2007 (Unaudited)