Mr.
Vincent DiStefano
Division
of Investment Management
Securities
and Exchange Commission
100
F Street, N.E., Room 4700
Washington,
D.C. 20549
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1.
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Comment:
In Response 4 of the Earlier Correspondence, you stated that the
Trust would revise the first sentence of the second paragraph of the
“Common Stock Risk” sub-section under the section entitled “Principal
Investment Risks” for each Fund, other than Oakmark Select Fund and
Oakmark Global Select Fund, to clarify that the Fund is not concentrated
in a particular industry, but rather is concentrated in the number of
stocks in which it invests. Please further revise that sentence using a
word other than “concentrated,” given the staff’s interpretation of the
meaning of that word.
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Response:
The sentence has been revised as follows:
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The
Fund’s portfolio tends to be invested in a
relatively small number of stocks.
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2.
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Comment: In
Response 21 of the Earlier Correspondence, you declined to amend the
Trust’s registration statement in light of the staff’s position that a
fund must, under normal circumstances, invest at least 40% of its
portfolio in securities of non-U.S. companies in order to have the word
“global” in its name (the “Global Test”). The staff has considered your
response and again wishes to convey to you its position on the Global
Test.
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Response:
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We
take the staff’s position with respect to the Global Test very seriously
and are mindful of the staff’s desire to ensure that a fund’s name not be
misleading. However, for the following reasons, as described more fully in
the Earlier Correspondence, we continue to respectfully disagree that the
use of the term “global” in Oakmark Global Fund’s name requires that the
Fund must, under normal circumstances, invest at least 40% of its
portfolio in securities of non-U.S. companies. We base this
conclusion primarily on (1) the fact that the Securities and Exchange
Commission (the “Commission”) has never deemed the term “global” to be
subject to Section 35(d) of or Rule 35d-1 under the Investment Company Act
of 1940 (the “1940 Act”), and (2) our belief that the use of the term
“global” in the Fund’s name is not misleading in view of the detailed
disclosure that the Fund’s prospectus provides regarding the types of
companies in which the Fund may invest. Moreover, complying
with this request would require a substantial change in the management and
structure of the Fund’s portfolio, both of which would be inconsistent
with the Fund’s long-standing practice. Finally, our competitive analysis
indicates that the overwhelming majority of “global funds” do not meet the
Global Test, enjoy greater investment freedom, and may be able to achieve
greater performance success than the Fund. Consequently, the
Fund would be handicapped as it competes for investors when its
performance is compared to that of other funds that use the term “global”
in their name.
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D.J.
Gorman
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Ian
McPheron
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Janet
Reali
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Alan
P. Goldberg (firm)
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Paulita
A. Pike (firm)
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