Semi-Annual Report
March 31, 2007

Letters & Summary Information

Commentary from Bill Nygren

Oakmark Fund

Oakmark Select Fund

Oakmark Equity and Income

Oakmark Global Fund

Oakmark Global Select Fund

Commentary from David Herro & Michael Welsh

Oakmark International Fund

Oakmark International Small Cap Fund

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Notes to Financial Statements

Financial Highlights

Footnotes

Oakmark Philosophy & Process

The Oakmark Glossary