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 (9/30/07) AS COMPARED TO THE MSCI WORLD INDEX10 (UNAUDITED)
	Total Return (as of 9/30/07)
(Unaudited)	Last 3 Months*	Since Inception (10/2/06)
Oakmark Global Select Fund (Class I)	-3.65%	16.23%
MSCI World	2.36%	21.10%
Lipper Global Fund Index11	1.80%	21.00%
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 9/30/07was 1.31%. 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 ended September30, 2007, which compares unfavorably to the MSCI World Index return of 2%.

Impact Players

Schroders plc, a UK-based asset management group, was the quarter's largest contributor, returning 11%. Even though the group's UK and Japanese institutional products experienced significant outflows, the company's revenue still increased because new assets flowed into higher fee based products. Strong retail business growth in Asia and the UK produced solid results. U.S.-based Intel Corp, a global computer products manufacturer, was another top contributor, returning 9% for the quarter. Intel management remains focused on regaining market dominance. Management has shortened the new product cycle time from four years to two years as well as initiated a cost-cutting program that eliminated $2B in spending this year and is anticipated to eliminate another $1B next year. Stronger than expected demand for Intel's core chip products, combined with the company's expansion into other computing areas, should increase future revenues. Finally, McDonalds Corp. returned 7% during the quarter due to continued strong global earnings growth as well as a 50% increase in their dividend.

The largest detractor from performance for the quarter was Swiss-based Adecco S.A., a personnel and temporary employment company. Please refer to the Oakmark International letter for information pertaining to Adecco's price weakness. Washington Mutual and Home Depot also significantly detracted from the Fund's performance. During the quarter consumer companies, including retailers and consumer finance companies, performed poorly, mostly due to weakness in the U.S. housing market.

Portfolio Composition

Despite short-term price fluctuations and volatility there were no names added to or removed from the Fund. We maintain our positive outlook on the Fund's composition, and we believe that these companies will solidly contribute in the future.

We would like to reiterate that we are long-term value investors and that we believe we are very well positioned for the medium and long-term. While performance may lag in the short-term, we maintain our conviction that investing in under-valued businesses with management teams focused on building shareholder value is the best strategy for providing positive, long-term results for our shareholders. Thank you for your continued confidence and support.

Global Diversification—September 30, 2007 (Unaudited)

Schedule of Investments—September 30, 2007

See accompanying Notes to Financial Statements.