First Quarter Report
December 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

Footnotes

Oakmark Philosophy & Process

The Oakmark Glossary

Trustees and officers