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Commmentary
Read previous commentaries in our Quarterly Reports

President's Letter by John Raitt - 10/9/2008

The Oakmark Fund
Managed by Bill Nygren, Kevin Grant
     Oakmark Fund Letter to Shareholders - 9/30/2008
     Commentary on The Oakmark and Oakmark Select Funds - 9/30/2008
     Oakmark Fund - Holdings - 9/30/2008

The Oakmark Select Fund
Managed by Bill Nygren, Henry Berghoef
     Commentary on The Oakmark and Oakmark Select Funds - 9/30/2008
     Oakmark Select Fund Letter to Shareholders - 9/30/2008
     Oakmark Select Fund - Holdings - 9/30/2008

The Oakmark Equity and Income Fund
Managed by Clyde McGregor, Edward Studzinski
     Oakmark Equity and Income Fund Letter to Shareholders - 9/30/2008
     Oakmark Equity and Income Fund - Holdings - 9/30/2008

The Oakmark Global Fund
Managed by Clyde McGregor, Rob Taylor
     Oakmark Global Fund Letter to Shareholders - 9/30/2008
     Oakmark Global Fund - Holdings - 9/30/2008

The Oakmark Global Select Fund
Managed by Bill Nygren, David Herro
     Oakmark Global Select Fund Letter to Shareholders - 9/30/2008
     Oakmark Global Select Fund - Holdings - 9/30/2008

The Oakmark International Fund
Managed by David Herro
     Commentary on The Oakmark International and
International Small Cap Funds
 - 9/30/2008
     Oakmark International Fund Letter to Shareholders - 9/30/2008
     Oakmark International Fund - Holdings - 9/30/2008

The Oakmark International Small Cap Fund
Managed by David Herro, Chad Clark
     Oakmark International Small Cap Fund Letter to Shareholders - 9/30/2008
     Commentary on The Oakmark International and
International Small Cap Funds
 - 9/30/2008
     Oakmark International Small Cap Fund - Holdings - 9/30/2008

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For more information on The Oakmark Funds, including a prospectus which explains management fees and expenses and the special risks of investing in the Funds, please call 1-800-OAKMARK. Click here to view the prospectus on-line. Please read it carefully before investing. An investor should consider a fund’s investment objectives, risks, and charges and expenses carefully before investing. This and other information about the Funds are contained in the Funds' prospectus.

OAKMARK, OAKMARK FUNDS, OAKMARK INTERNATIONAL, and OAKMARK and tree design are trademarks owned or registered by Harris Associates L.P. in the U.S. and/or other countries.

Copyright 2008, Harris Associates Securities L.P., Distributor, Member FINRA.