0001104659-12-009697.txt : 20120214 0001104659-12-009697.hdr.sgml : 20120214 20120214153122 ACCESSION NUMBER: 0001104659-12-009697 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 EFFECTIVENESS DATE: 20120214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARRIS ASSOCIATES INVESTMENT TRUST CENTRAL INDEX KEY: 0000872323 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-38953 FILM NUMBER: 12608806 BUSINESS ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: TWO N LASALLE ST STE 500 CITY: CHICAGO STATE: IL ZIP: 60602-3790 BUSINESS PHONE: 8004769625 MAIL ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: TWO NORTH LASALLE STREET STE 500 CITY: CHICAGO STATE: IL ZIP: 60602-3790 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARRIS ASSOCIATES INVESTMENT TRUST CENTRAL INDEX KEY: 0000872323 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06279 FILM NUMBER: 12608807 BUSINESS ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: TWO N LASALLE ST STE 500 CITY: CHICAGO STATE: IL ZIP: 60602-3790 BUSINESS PHONE: 8004769625 MAIL ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: TWO NORTH LASALLE STREET STE 500 CITY: CHICAGO STATE: IL ZIP: 60602-3790 0000872323 S000002758 Oakmark Fund C000007554 Class I OAKMX C000007555 Class II OARMX 0000872323 S000002759 Oakmark Select C000007556 Class I OAKLX C000007557 Class II OARLX 0000872323 S000002760 Oakmark Equity and Income C000007558 Class I OAKBX C000007559 Class II OARBX 0000872323 S000002761 Oakmark Global C000007560 Class I OAKGX C000007561 Class II OARGX 0000872323 S000002762 Oakmark International C000007562 Class I OAKIX C000007563 Class II OARIX 0000872323 S000002763 Oakmark International Small Cap C000007564 Class I OAKEX C000007565 Class II OAREX 0000872323 S000013607 Oakmark Global Select C000036890 Class I OAKWX C000036891 Class II OARWX 485BPOS 1 a12-2854_13485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on February 14, 2012

Securities Act registration no. 33-38953

Investment Company Act file no. 811-06279

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933   x

 

Post-Effective Amendment No. 43 x

 

and

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940   x

 

Amendment No.  45 x

 


 

HARRIS ASSOCIATES INVESTMENT TRUST

(Registrant)

 

Two North La Salle Street, Suite 500

Chicago, Illinois 60602-3790

 

Telephone number 312/621-0600

 

Janet L. Reali

 

Paulita A. Pike

Harris Associates L.P.

 

K&L Gates LLP

Two North La Salle Street, #500

 

70 West Madison Street, #3100

Chicago, Illinois 60602

 

Chicago, Illinois 60602

(Agents for service)

 


 

 

It is proposed that this filing will become effective:

 

 

x    immediately upon filing pursuant to rule 485(b)

 

 

o    on                            pursuant to rule 485(b)

 

 

o    60 days after filing pursuant to rule 485(a)(1)

 

 

o    on                            pursuant to rule 485(a)(1)

 

 

o    75 days after filing pursuant to rule 485(a)(2)

 

 

o    on                            pursuant to rule 485(a)(2)

 

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this post-effective amendment pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago and State of Illinois on February 14, 2012.

 

 

 

HARRIS ASSOCIATES INVESTMENT TRUST

 

 

 

 

 

 

 

 

By

/s/ Kristi L. Rowsell

 

 

 

Kristi L. Rowsell, President

 

Pursuant to the requirements of the Securities Act of 1933, this post-effective amendment to the registration statement has been signed below by the following persons in the capacities and on the date indicated.

 

 

Signature

 

Title

 

Date

 

 

 

 

 

/s/ Michael J. Friduss*

 

Trustee

 

 

Michael J. Friduss

 

 

 

 

 

 

 

 

 

/s/ Thomas H. Hayden*

 

Trustee

 

 

Thomas H. Hayden

 

 

 

 

 

 

 

 

 

/s/ Christine M. Maki*

 

Trustee

 

 

Christine M. Maki

 

 

 

 

 

 

 

 

 

/s/ Allan J. Reich*

 

Trustee

 

 

Allan J. Reich

 

 

 

 

 

 

 

 

 

/s/ Steven S. Rogers*

 

Trustee

 

February 14, 2012

Steven S. Rogers

 

 

 

 

 

 

 

 

 

/s/ Burton W. Ruder*

 

Trustee

 

 

Burton W. Ruder

 

 

 

 

 

 

 

 

 

/s/ Peter S. Voss*

 

Trustee

 

 

Peter S. Voss

 

 

 

 

 

 

 

 

 

/s/ Gary N. Wilner*

 

Trustee

 

 

Gary N. Wilner

 

 

 

 

 

 

 

 

 

/s/ Kristi L. Rowsell

 

Trustee and President (Principal Executive Officer)

 

 

Kristi L. Rowsell

 

 

 

 

 

 

 

 

 

/s/ Thomas E. Herman

 

Principal Financial Officer

 

 

Thomas E. Herman

 

 

 

 

 

By

/s/ Janet L. Reali

 

 

 

Janet L. Reali

 

 

 

Secretary

 

 

 

* Janet L. Reali signs this document on behalf of the individuals noted pursuant to the powers of attorney filed on January 28, 2010 as exhibit(q) to Post-effective Amendment no. 39 on Form N-1A (File No. 33-38953) and incorporated by reference herein.

 



 

Index of Exhibits

 

Exhibit

 

 

Number

 

Exhibits

 

 

 

EX-101.INS

 

XBRL Instance Document

 

 

 

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

 

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

 

 

 

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

 

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

 

 

 

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 


EX-101.INS 2 ck0000872323-20110930.xml XBRL INSTANCE DOCUMENT HARRIS ASSOCIATES INVESTMENT TRUST 2012-01-27 2012-01-27 2011-09-30 485BPOS 0000872323 false 2012-01-27 A non-diversified fund may be subject to greater risk than a diversified fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of a non-diversified fund's shares. Lack of broad diversification also may cause a non-diversified fund to be more susceptible to economic, political or regulatory events than a diversified fund. A non-diversification strategy may increase the Fund's volatility. <div style="display:none">~ http://www.oakmark.com/role/PerformanceTableData_S000013607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.oakmark.com/role/ShareholderFeesData_S000013607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Example. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be: In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.49 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts. Class I Shares Total Returns for Years Ended December 31 (%) PERFORMANCE INFORMATION <tt>The Morgan Stanley Capital International (MSCI) World Index is an unmanaged<br />index that includes countries throughout the world, in proportion to world stock<br />market capitalization. All returns reflect reinvested dividends. <br /><br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their shares through tax-deferred arrangements, such as 401(k) plans,<br />qualified plans, education savings accounts or individual retirement accounts.<br />In some cases, the after-tax returns may exceed the return before taxes due to<br />an assumed tax benefit from any losses on a sale of Fund shares at the end of<br />the measurement period. After-tax returns are shown only for Class I shares.<br />After-tax returns for Class II shares will vary from returns shown for Class I.</tt> The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with those of a broad measure of market performance. <tt>The Fund invests primarily in common stocks of U.S. and non-U.S. companies. The<br />Fund invests in the securities of companies located in at least three countries.<br />The Fund is non-diversified, which means that it may invest a greater portion of<br />its assets in a more limited number of issuers than a diversified fund. The Fund<br />could own as few as twelve securities, but generally will have approximately<br />twenty securities in its portfolio. Typically, the Fund will invest at least 40%<br />of its total assets in securities of non-U.S. companies (unless Harris<br />Associates L.P., the Fund's investment adviser (the "Adviser"), deems market<br />conditions and/or company valuations less favorable to non-U.S. companies, in<br />which case the Fund will invest at least 30% of its total assets in securities<br />of non-U.S. companies). There are no geographic limits on the Fund's non-U.S.<br />investments, and the Fund may invest in securities of companies located in<br />developed or emerging markets. The Fund may invest in the securities of large-,<br />mid-, and small-capitalization companies.<br /> <br />The Fund uses a value investment philosophy in selecting equity securities. This<br />investment philosophy is based upon the belief that, over time, a company's<br />stock price converges with the company's intrinsic or true business value. By<br />"true business value," we mean an estimate of the price a knowledgeable buyer<br />would pay to acquire the entire business. We believe that investing in<br />securities priced significantly below their true business value presents the<br />best opportunity to achieve the Fund's investment objective.<br /> <br />The Adviser uses this value philosophy to identify companies that it believes<br />have discounted stock prices compared to the companies' true business values. In<br />assessing such companies, the Adviser looks for the following characteristics,<br />although not all of the companies selected will have these attributes: (1) free<br />cash flows and intelligent investment of excess cash; (2) earnings that are<br />growing and are reasonably predictable; and (3) high level of manager ownership.<br /> <br />Key Tenets of the Oakmark Investment Philosophy:<br /> <br />1. Buy businesses that are trading at a significant discount to the Adviser's<br />estimate of the company's intrinsic value. At the time the Adviser buys a<br />company, the Adviser wants the company's stock to be inexpensive relative to<br />what it believes the entire business is worth.<br /> <br />2. Invest with companies expected to grow shareholder value over time. Value<br />investors can sometimes fall into the trap of buying a stock that is inexpensive<br />for a reason-because the company just does not grow. The Adviser looks for good<br />quality, growing businesses with positive free cash flow and intelligent<br />investment of cash.<br /> <br />3. Invest with management teams that think and act as owners. The Adviser seeks<br />out companies with management teams that understand the dynamics of per share<br />value growth and are focused on achieving such growth. Stock ownership and<br />incentives that align managements' interests with those of shareholders are key<br />components of this analysis.<br /> <br />In making its investment decisions, the Adviser uses a "bottom-up" approach<br />focused on individual companies, rather than focusing on specific economic<br />factors or specific industries. In order to select investments that meet the<br />criteria described above, the Adviser uses independent, in-house research to<br />analyze each company. As part of this selection process, the Adviser's analysts<br />typically visit companies and conduct other research on the companies and their<br />industries.<br /> <br />Once the Adviser determines that a stock is selling at a significant discount<br />and that the company has the additional qualities mentioned above, the Adviser<br />may consider buying that stock for the Fund. The Adviser usually sells a stock<br />when the price approaches its estimated worth. This means the Adviser sets<br />specific "buy" and "sell" targets for each stock held by the Fund. The Adviser<br />also monitors each holding and adjusts those price targets as warranted to<br />reflect changes in a company's fundamentals.</tt> OAKMARK GLOBAL SELECT FUND Average Annual Total Returns for Periods Ended December 31, 2011 <tt>Since 2007, the highest and lowest quarterly returns for the Fund's Class I Shares were: <br />&#x2022; Highest quarterly return: 26.6%, during the quarter ended June 30, 2009 <br />&#x2022; Lowest quarterly return: -16.3%, during the quarter ended December 31, 2008</tt> Portfolio Turnover <tt>As an investor in the Fund, you should have a long-term perspective and be able<br />to tolerate potentially wide fluctuations in the value of your Fund shares. Your<br />investment in the Fund is subject to risks, including the possibility that the<br />value of the Fund's portfolio holdings may fluctuate in response to events<br />specific to the companies in which the Fund invests, as well as economic,<br />political or social events in the U.S. or abroad. As a result, when you redeem<br />your Fund shares, they may be worth more or less than you paid for them.<br /> <br />Although the Fund makes every effort to achieve its objective, it cannot<br />guarantee it will attain that objective. The principal risks of investing in the<br />Fund are:<br /> <br />Market Risk. The Fund is subject to market risk-the risk that securities markets<br />and individual securities will increase or decrease in value. Market risk<br />applies to every market and every security. Security prices may fluctuate widely<br />over short or extended periods in response to market or economic news and<br />conditions, and securities markets also tend to move in cycles. If there is a<br />general decline in the securities markets, it is possible your investment may<br />lose value regardless of the individual results of the companies in which the<br />Fund invests. The magnitude of up and down price or market fluctuations over<br />time is sometimes referred to as "volatility," which, at times, can be<br />significant. In addition, different asset classes and geographic markets may<br />experience periods of significant correlation with each other. As a result of<br />this correlation, the securities and markets in which the Fund invests may<br />experience volatility due to market, economic, political or social events and<br />conditions that may not readily appear to directly relate to such securities,<br />the securities' issuer or the markets in which they trade.<br /> <br />Common Stock Risk. Common stocks are subject to greater fluctuations in market<br />value than other asset classes as a result of such factors as a company's<br />business performance, investor perceptions, stock market trends and general<br />economic conditions. The rights of common stockholders are subordinate to all<br />other claims on a company's assets including debt holders and preferred<br />stockholders; therefore, the Fund could lose money if a company in which it<br />invests becomes financially distressed.<br /> <br />Small and Mid Cap Securities Risk. Investments in small and mid cap companies<br />may be riskier than investments in larger, more established companies. The<br />securities of smaller companies may trade less frequently and in smaller<br />volumes, and as a result, may be less liquid than securities of larger<br />companies. In addition, smaller companies may be more vulnerable to economic,<br />market and industry changes. As a result, share price changes may be more sudden<br />or erratic than the prices of other equity securities, especially over the short<br />term. Because smaller companies may have limited product lines, markets or<br />financial resources or may depend on a few key employees, they may be more<br />susceptible to particular economic events or competitive factors than large<br />capitalization companies.<br /> <br />Value Style Risk. Investing in "value" stocks presents the risk that the stocks<br />may never reach what the Adviser believes are their full market values, either<br />because the market fails to recognize what the Adviser considers to be the<br />companies' true business values or because the Adviser misjudged those values.<br />In addition, value stocks may fall out of favor with investors and underperform<br />growth stocks during given periods.<br /> <br />Non-U.S. Securities Risk. Investments in securities issued by entities based<br />outside the United States involve risks relating to political, social and<br />economic developments abroad, as well as risks resulting from the differences<br />between the regulations to which U.S. and non-U.S. issuers and markets are<br />subject. These risks may result in the Fund experiencing rapid and extreme value<br />changes due to currency controls; different accounting, auditing, financial<br />reporting, and legal standards and practices; political and diplomatic changes<br />and developments; expropriation; changes in tax policy; a lack of available<br />public information regarding non-U.S. issuers; greater market volatility; a lack<br />of sufficient market liquidity; differing securities market structures; higher<br />transaction costs; and various administrative difficulties, such as delays in<br />clearing and settling portfolio transactions or in receiving payment of<br />dividends. These risks may be heightened in connection with investments in<br />issuers located in developing and emerging countries, and in issuers in more<br />developed countries that conduct substantial business in such developing and<br />emerging countries. Fluctuations in the exchange rates between currencies may<br />negatively affect an investment in non-U.S. securities. Investments in<br />securities issued by entities domiciled in the United States also may be subject<br />to many of these risks. The Fund may hedge its exposure to foreign currencies.<br />Although hedging may be used to protect the Fund from adverse currency<br />movements, the use of such hedges may reduce or eliminate the potentially<br />positive effect of currency revaluations on the Fund's total return, and there<br />is no guarantee that the Fund's hedging strategy will be successful.<br /> <br />Non-Diversification Risk. A non-diversified fund may be subject to greater risk<br />than a diversified fund because changes in the financial condition or market<br />assessment of a single issuer may cause greater fluctuation in the value of a<br />non-diversified fund's shares. Lack of broad diversification also may cause a<br />non-diversified fund to be more susceptible to economic, political or regulatory<br />events than a diversified fund. A non-diversification strategy may increase the<br />Fund's volatility.<br /> <br />Your investment in the Fund is not a deposit in a bank and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency. You may lose money by investing in the Fund. The likelihood of loss may<br />be greater if you invest for a shorter period of time.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I. PRINCIPAL INVESTMENT STRATEGY oakmark.com <tt>The Fund's past performance (before and after taxes), as provided by the bar<br />chart and performance table that follow, is not an indication of how the Fund<br />will perform in the future. This information can help you evaluate the potential<br />risk and reward of investing in the Fund by showing changes in the performance<br />of the Fund's Class I Shares from year to year. The information illustrates the<br />volatility of the Fund's historical returns and shows how the Fund's annual<br />average returns compare with those of a broad measure of market performance.<br />Updated performance information is available at oakmark.com or by calling<br />1-800-OAKMARK.</tt> <tt>Below are the fees and expenses that you would pay if you buy and hold shares of<br />the Fund.</tt> <div style="display:none">~ http://www.oakmark.com/role/OperatingExpensesData_S000013607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-800-OAKMARK Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in <br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 49% <br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.oakmark.com/role/ExpenseExample_S000013607Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.oakmark.com/role/BarChartData_S000013607Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Oakmark Global Select Fund seeks long-term capital appreciation.</tt> <tt>The Example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The example assumes<br />that you invest $10,000 for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> OARWX 0.00 1779 -0.02 813 0.0049 0.0100 152 471 0.00 0.0149 0.00 0.00 OAKWX 0.0281 2006-10-02 0.00 2008-12-31 -0.163 0.1106 1500 -0.02 681 -0.0116 0.266 -0.0587 0.0024 -0.3249 0.0100 0.5358 0.0139 Global Select Fund - Class I Return before taxes 126 2009-06-30 393 0.00 0.0124 0.00 -0.0587 Lowest quarterly return: Highest quarterly return: 0.00 0.0219 2006-10-02 -0.0382 0.0097 Global Select Fund - Class I Return after taxes on distributions and sale of Fund shares 0.0235 2006-10-02 -0.0587 0.0092 Global Select Fund - Class I Return after taxes on distributions -0.0078 2006-10-02 -0.0554 -0.0237 MSCI World Index (does not reflect the deduction of fees, expenses or taxes) <div style="display:none">~ http://www.oakmark.com/role/PerformanceTableData_S000002763Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.oakmark.com/role/ShareholderFeesData_S000002763Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Example. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE You may lose money by investing in the Fund. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be: In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.46 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts. Class I Shares Total Returns for Years Ended December 31 (%) PERFORMANCE INFORMATION <tt>The Morgan Stanley Capital International (MSCI) World ex U.S. Small Cap Index is<br />an unmanaged index that measures the equity market performance of small cap<br />companies in developed markets excluding the U.S. The Index is a free<br />float-adjusted market capitalization index.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their shares through tax-deferred arrangements, such as 401(k) plans,<br />qualified plans, education savings accounts or individual retirement accounts.<br />In some cases, the after-tax returns may exceed the return before taxes due to<br />an assumed tax benefit from any losses on a sale of Fund shares at the end of<br />the measurement period. After-tax returns are shown only for Class I shares.<br />After-tax returns for Class II shares will vary from returns shown for Class I.</tt> The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with a broad measure of market performance. <tt>The Fund invests primarily in a diversified portfolio of common stocks of<br />non-U.S. companies. Under normal market conditions, the Fund invests at least<br />80% of its net assets (plus any borrowings for investment purposes) in the<br />stocks of "small cap companies." A small cap company is one whose market<br />capitalization is less than $5 billion at the time of investment.<br /> <br />The Fund may invest in non-U.S. markets throughout the world, including emerging<br />markets. Ordinarily, the Fund will invest in the securities of at least five<br />countries outside the U.S. There are no geographic limits on the Fund's non-U.S.<br />investments.<br /> <br />The Fund uses a value investment philosophy in selecting equity securities. This<br />investment philosophy is based upon the belief that, over time, a company's<br />stock price converges with the company's intrinsic or true business value. By<br />"true business value," we mean an estimate of the price a knowledgeable buyer<br />would pay to acquire the entire business. We believe that investing in<br />securities priced significantly below their true business value presents the<br />best opportunity to achieve the Fund's investment objective.<br /> <br />The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this<br />value philosophy to identify companies that it believes have discounted stock<br />prices compared to the companies' true business values. In assessing such<br />companies, the Adviser looks for the following characteristics, although not all<br />of the companies selected will have these attributes: (1) free cash flows and<br />intelligent investment of excess cash; (2) earnings that are growing and are<br />reasonably predictable; and (3) high level of manager ownership.<br /> <br />Key Tenets of the Oakmark Investment Philosophy:<br /> <br />1. Buy businesses that are trading at a significant discount to the Adviser's<br />estimate of the company's intrinsic value. At the time the Adviser buys a<br />company, the Adviser wants the company's stock to be inexpensive relative to<br />what it believes the entire business is worth.<br /> <br />2. Invest with companies expected to grow shareholder value over time. Value<br />investors can sometimes fall into the trap of buying a stock that is inexpensive<br />for a reason-because the company just does not grow. The Adviser looks for good<br />quality, growing businesses with positive free cash flow and intelligent<br />investment of cash.<br /> <br />3. Invest with management teams that think and act as owners. The Adviser seeks<br />out companies with management teams that understand the dynamics of per share<br />value growth and are focused on achieving such growth. Stock ownership and<br />incentives that align managements' interests with those of shareholders are key<br />components of this analysis.<br /> <br />In making its investment decisions, the Adviser uses a "bottom-up" approach<br />focused on individual companies, rather than focusing on specific economic<br />factors or specific industries. In order to select investments that meet the<br />criteria described above, the Adviser uses independent, in-house research to<br />analyze each company. As part of this selection process, the Adviser's analysts<br />typically visit companies and conduct other research on the companies and their<br />industries.<br /> <br />Once the Adviser determines that a stock is selling at a significant discount<br />and that the company has the additional qualities mentioned above, the Adviser<br />may consider buying that stock for the Fund. The Adviser usually sells a stock<br />when the price approaches its estimated worth. This means the Adviser sets<br />specific "buy" and "sell" targets for each stock held by the Fund. The Adviser<br />also monitors each holding and adjusts those price targets as warranted to<br />reflect changes in a company's fundamentals.<br /> <br />The Adviser believes that holding a relatively small number of stocks allows its<br />"best ideas" to have a meaningful impact on the Fund's performance. Therefore,<br />the Fund's portfolio typically holds thirty to seventy stocks rather than<br />hundreds.</tt> OAKMARK INTERNATIONAL SMALL CAP FUND Average Annual Total Returns for Periods Ended December 31, 2011 <tt>Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were: <br />&#x2022; Highest quarterly return: 43.7%, during the quarter ended June 30, 2009 <br />&#x2022; Lowest quarterly return: -27.3%, during the&#xA0;&#xA0;quarter ended December 31, 2008</tt> Portfolio Turnover <tt>As an investor in the Fund, you should have a long-term perspective and be able<br />to tolerate potentially wide fluctuations in the value of your Fund shares. Your<br />investment in the Fund is subject to risks, including the possibility that the<br />value of the Fund's portfolio holdings may fluctuate in response to events<br />specific to the companies in which the Fund invests, as well as economic,<br />political or social events in the U.S. or abroad. As a result, when you redeem<br />your Fund shares, they may be worth more or less than you paid for them.<br /> <br />Although the Fund makes every effort to achieve its objective, it cannot<br />guarantee it will attain that objective. The principal risks of investing in the<br />Fund are:<br /> <br />Market Risk. The Fund is subject to market risk-the risk that securities markets<br />and individual securities will increase or decrease in value. Market risk<br />applies to every market and every security. Security prices may fluctuate widely<br />over short or extended periods in response to market or economic news and<br />conditions, and securities markets also tend to move in cycles. If there is a<br />general decline in the securities markets, it is possible your investment may<br />lose value regardless of the individual results of the companies in which the<br />Fund invests. The magnitude of up and down price or market fluctuations over<br />time is sometimes referred to as "volatility," which, at times, can be<br />significant. In addition, different asset classes and geographic markets may<br />experience periods of significant correlation with each other. As a result of<br />this correlation, the securities and markets in which the Fund invests may<br />experience volatility due to market, economic, political or social events and<br />conditions that may not readily appear to directly relate to such securities,<br />the securities' issuer or the markets in which they trade.<br /> <br />Common Stock Risk. Common stocks are subject to greater fluctuations in market<br />value than other asset classes as a result of such factors as a company's<br />business performance, investor perceptions, stock market trends and general<br />economic conditions. The rights of common stockholders are subordinate to all<br />other claims on a company's assets including debt holders and preferred<br />stockholders; therefore, the Fund could lose money if a company in which it <br />invests becomes financially distressed.<br /> <br />Focused Portfolio Risk. The Fund's portfolio tends to be invested in a<br />relatively small number of stocks. As a result, the appreciation or depreciation<br />of any one security held by the Fund will have a greater impact on the Fund's<br />net asset value than it would if the Fund invested in a larger number of<br />securities. Although that strategy has the potential to generate attractive<br />returns over time, it also increases the Fund's volatility.<br /> <br />Value Style Risk. Investing in "value" stocks presents the risk that the stocks<br />may never reach what the Adviser believes are their full market values, either<br />because the market fails to recognize what the Adviser considers to be the<br />companies' true business values or because the Adviser misjudged those values.<br />In addition, value stocks may fall out of favor with investors and underperform<br />growth stocks during given periods.<br /> <br />Non-U.S. Securities Risk. Investments in securities issued by entities based<br />outside the United States involve risks relating to political, social and<br />economic developments abroad, as well as risks resulting from the differences<br />between the regulations to which U.S. and non-U.S. issuers and markets are<br />subject. These risks may result in the Fund experiencing rapid and extreme value<br />changes due to currency controls; different accounting, auditing, financial<br />reporting, and legal standards and practices; political and diplomatic changes<br />and developments; expropriation; changes in tax policy; a lack of available<br />public information regarding non-U.S. issuers; greater market volatility; a lack<br />of sufficient market liquidity; differing securities market structures; higher<br />transaction costs; and various administrative difficulties, such as delays in<br />clearing and settling portfolio transactions or in receiving payment of<br />dividends. These risks may be heightened in connection with investments in<br />issuers located in developing and emerging countries, and in issuers in more<br />developed countries that conduct substantial business in such developing and<br />emerging countries. Fluctuations in the exchange rates between currencies may<br />negatively affect an investment in non-U.S. securities. The Fund may hedge its<br />exposure to foreign currencies. Although hedging may be used to protect the Fund<br />from adverse currency movements, the use of such hedges may reduce or eliminate<br />the potentially positive effect of currency revaluations on the Fund's total<br />return, and there is no guarantee that the Fund's hedging strategy will be<br />successful.<br /> <br />Small Cap Securities Risk. Investments in small cap companies may be riskier<br />than investments in larger, more established companies. The securities of<br />smaller companies may trade less frequently and in smaller volumes, and as a<br />result, may be less liquid than securities of larger companies. In addition,<br />smaller companies may be more vulnerable to economic, market and industry<br />changes. As a result, share price changes may be more sudden or erratic than the<br />prices of other equity securities, especially over the short term. Because<br />smaller companies may have limited product lines, markets or financial resources<br />or may depend on a few key employees, they may be more susceptible to particular<br />economic events or competitive factors than large capitalization companies.<br /> <br />Your investment in the Fund is not a deposit in a bank and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency. You may lose money by investing in the Fund. The likelihood of loss may<br />be greater if you invest for a shorter period of time.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I. PRINCIPAL INVESTMENT STRATEGY oakmark.com <tt>The Fund's past performance (before and after taxes), as provided by the bar<br />chart and performance table that follow, is not an indication of how the Fund<br />will perform in the future. This information can help you evaluate the potential<br />risk and reward of investing in the Fund by showing changes in the performance<br />of the Fund's Class I Shares from year to year. The information illustrates the<br />volatility of the Fund's historical returns and shows how the Fund's annual<br />average returns compare with a broad measure of market performance. Updated<br />performance information is available at oakmark.com or by calling 1-800-OAKMARK.</tt> <tt>Below are the fees and expenses that you would pay if you buy and hold shares of<br />the Fund.</tt> <div style="display:none">~ http://www.oakmark.com/role/OperatingExpensesData_S000002763Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-800-OAKMARK Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher&#xA0;&#xA0;transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 46% <br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.oakmark.com/role/ExpenseExample_S000002763Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.oakmark.com/role/BarChartData_S000002763Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Oakmark International Small Cap Fund seeks long-term capital appreciation.</tt> <tt>The Example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The Example assumes<br />that you invest $10,000 for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> OAREX 0.00 2030 -0.02 933 -0.1672 0.0057 0.0115 -0.0352 International Small Cap Fund - Class II Return before taxes 175 542 0.00 0.0974 0.0172 0.00 0.00 OAKEX 0.00 2008-12-31 -0.0512 -0.273 0.2895 0.2153 1657 -0.02 755 -0.0833 0.437 -0.1644 0.0023 -0.4571 0.0115 0.6745 -0.0328 0.2126 International Small Cap Fund - Class I Return before taxes 140 2009-06-30 437 0.5241 0.00 0.0995 0.0138 0.3490 0.00 -0.1644 Lowest quarterly return: Highest quarterly return: 0.00 -0.1055 -0.0282 International Small Cap Fund - Class I Return after taxes on distributions and sale of Fund shares 0.0877 -0.1634 -0.0453 International Small Cap Fund - Class I Return after taxes on distributions 0.0854 -0.1221 -0.0409 MSCI World ex U.S. Small Cap Index 0.0514 <div style="display:none">~ http://www.oakmark.com/role/PerformanceTableData_S000002762Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.oakmark.com/role/ShareholderFeesData_S000002762Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Example. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be: In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.45 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts. Class I Shares Total Returns for Years Ended December 31 (%) PERFORMANCE INFORMATION <tt>The Morgan Stanley Capital International (MSCI) World ex U.S. Index is an<br />unmanaged index that includes countries throughout the world, in proportion to<br />world stock market capitalization, but excludes U.S. companies. All returns<br />reflect reinvested dividends.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes.&#xA0;&#xA0;Actual after-tax returns depend on an investor's tax situation and may differ<br />from those shown. After-tax returns shown are not relevant to investors who hold<br />their shares through tax-deferred arrangements, such as 401(k) plans, qualified<br />plans, education savings accounts or individual retirement accounts. In some<br />cases, the after-tax returns may exceed the return before taxes due to an<br />assumed tax benefit from any losses on a sale of Fund shares at the end of the<br />measurement period. After-tax returns are shown only for Class I shares.<br />After-tax returns for Class II shares will vary from returns shown for Class I.</tt> The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with those of a broad measure of market performance. <tt>The Fund invests primarily in a diversified portfolio of common stocks of<br />non-U.S. companies. The Fund may invest in non-U.S. markets throughout the<br />world, including emerging markets. Ordinarily, the Fund will invest in the<br />securities of at least five countries outside the U.S. There are no geographic<br />limits on the Fund's non-U.S. investments. The Fund may invest in securities of<br />large-, mid-, and small-capitalization companies.<br /> <br />The Fund uses a value investment philosophy in selecting equity securities. This<br />investment philosophy is based upon the belief that, over time, a company's<br />stock price converges with the company's intrinsic or true business value. By<br />"true business value," we mean an estimate of the price a knowledgeable buyer<br />would pay to acquire the entire business. We believe that investing in<br />securities priced significantly below their true business value presents the<br />best opportunity to achieve the Fund's investment objective.<br /> <br />The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this<br />value philosophy to identify companies that it believes have discounted stock<br />prices compared to the companies' true business values. In assessing such<br />companies, the Adviser looks for the following characteristics, although not all<br />of the companies selected will have these attributes: (1) free cash flows and<br />intelligent investment of excess cash; (2) earnings that are growing and are<br />reasonably predictable; and (3) high level of manager ownership.<br /> <br />Key Tenets of the Oakmark Investment Philosophy:<br /> <br />1. Buy businesses that are trading at a significant discount to the Adviser's<br />estimate of the company's intrinsic value. At the time the Adviser buys a<br />company, the Adviser wants the company's stock to be inexpensive relative to<br />what it believes the entire business is worth.<br /> <br />2. Invest with companies expected to grow shareholder value over time. Value<br />investors can sometimes fall into the trap of buying a stock that is inexpensive<br />for a reason-because the company just does not grow. The Adviser looks for good<br />quality, growing businesses with positive free cash flow and intelligent<br />investment of cash.<br /> <br />3. Invest with management teams that think and act as owners. The Adviser seeks<br />out companies with management teams that understand the dynamics of per share<br />value growth and are focused on achieving such growth. Stock ownership and<br />incentives that align managements' interests with those of shareholders are key<br />components of this analysis.<br /> <br />In making its investment decisions, the Adviser uses a "bottom-up" approach<br />focused on individual companies, rather than focusing on specific economic<br />factors or specific industries. In order to select investments that meet the<br />criteria described above, the Adviser uses independent, in-house research to <br />analyze each company. As part of this selection process, the Adviser's analysts <br />typically visit companies and conduct other research on the companies and their <br />industries.<br /> <br />Once the Adviser determines that a stock is selling at a significant discount<br />and that the company has the additional qualities mentioned above, the Adviser<br />may consider buying that stock for the Fund. The Adviser usually sells a stock<br />when the price approaches its estimated worth. This means the Adviser sets<br />specific "buy" and "sell" targets for each stock held by the Fund. The Adviser<br />also monitors each holding and adjusts those price targets as warranted to<br />reflect changes in a company's fundamentals.<br /> <br />The Adviser believes that holding a relatively small number of stocks allows its<br />"best ideas" to have a meaningful impact on the Fund's performance. Therefore,<br />the Fund's portfolio typically holds thirty to sixty stocks rather than<br />hundreds.</tt> OAKMARK INTERNATIONAL FUND Average Annual Total Returns for Periods Ended December 31, 2011 <tt>Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were: <br />&#x2022; Highest quarterly return: 33.2%, during the quarter ended June 30, 2009 <br />&#x2022; Lowest quarterly return: -22.9%, during the quarter ended September 30, 2002</tt> Portfolio Turnover <tt>As an investor in the Fund, you should have a long-term perspective and be able<br />to tolerate potentially wide fluctuations in the value of your Fund shares. Your<br />investment in the Fund is subject to risks, including the possibility that the<br />value of the Fund's portfolio holdings may fluctuate in response to events<br />specific to the companies in which the Fund invests, as well as economic,<br />political or social events in the U.S. or abroad. As a result, when you redeem<br />your Fund shares, they may be worth more or less than you paid for them.<br /> <br />Although the Fund makes every effort to achieve its objective, it cannot<br />guarantee it will attain that objective. The principal risks of investing in the<br />Fund are:<br /> <br />Market Risk. The Fund is subject to market risk-the risk that securities markets<br />and individual securities will increase or decrease in value. Market risk<br />applies to every market and every security. Security prices may fluctuate widely<br />over short or extended periods in response to market or economic news and<br />conditions, and securities markets also tend to move in cycles. If there is a<br />general decline in the securities markets, it is possible your investment may<br />lose value regardless of the individual results of the companies in which the<br />Fund invests. The magnitude of up and down price or market fluctuations over<br />time is sometimes referred to as "volatility," which, at times, can be<br />significant. In addition, different asset classes and geographic markets may<br />experience periods of significant correlation with each other. As a result of<br />this correlation, the securities and markets in which the Fund invests may<br />experience volatility due to market, economic, political or social events and<br />conditions that may not readily appear to directly relate to such securities,<br />the securities' issuer or the markets in which they trade.<br /> <br />Common Stock Risk. Common stocks are subject to greater fluctuations in market<br />value than other asset classes as a result of such factors as a company's<br />business performance, investor perceptions, stock market trends and general<br />economic conditions. The rights of common stockholders are subordinate to all<br />other claims on a company's assets including debt holders and preferred<br />stockholders; therefore, the Fund could lose money if a company in which it<br />invests becomes financially distressed.<br /> <br />Focused Portfolio Risk. The Fund's portfolio tends to be invested in a<br />relatively small number of stocks. As a result, the appreciation or depreciation<br />of any one security held by the Fund will have a greater impact on the Fund's<br />net asset value than it would if the Fund invested in a larger number of<br />securities. Although that strategy has the potential to generate attractive<br />returns over time, it also increases the Fund's volatility.<br /> <br />Small and Mid Cap Securities Risk. Investments in small and mid cap companies<br />may be riskier than investments in larger, more established companies. The<br />securities of smaller companies may trade less frequently and in smaller<br />volumes, and as a result, may be less liquid than securities of larger<br />companies. In addition, smaller companies may be more vulnerable to economic,<br />market and industry changes. As a result, share price changes may be more sudden<br />or erratic than the prices of other equity securities, especially over the short<br />term. Because smaller companies may have limited product lines, markets or<br />financial resources or may depend on a few key employees, they may be more<br />susceptible to particular economic events or competitive factors than large<br />capitalization companies.<br /> <br />Value Style Risk. Investing in "value" stocks presents the risk that the stocks<br />may never reach what the Adviser believes are their full market values, either<br />because the market fails to recognize what the Adviser considers to be the<br />companies' true business values or because the Adviser misjudged those values.<br />In addition, value stocks may fall out of favor with investors and underperform<br />growth stocks during given periods.<br /> <br />Non-U.S. Securities Risk. Investments in securities issued by entities based<br />outside the United States involve risks relating to political, social and<br />economic developments abroad, as well as risks resulting from the differences<br />between the regulations to which U.S. and non-U.S. issuers and markets are<br />subject. These risks may result in the Fund experiencing rapid and extreme value<br />changes due to currency controls; different accounting, auditing, financial<br />reporting, and legal standards and practices; political and diplomatic changes<br />and developments; expropriation; changes in tax policy; a lack of available<br />public information regarding non-U.S. issuers; greater market volatility; a lack<br />of sufficient market liquidity; differing securities market structures; higher<br />transaction costs; and various administrative difficulties, such as delays in<br />clearing and settling portfolio transactions or in receiving payment of<br />dividends. These risks may be heightened in connection with investments in<br />issuers located in developing and emerging countries, and in issuers in more<br />developed countries that conduct substantial business in such developing and<br />emerging countries. Fluctuations in the exchange rates between currencies may<br />negatively affect an investment in non-U.S. securities. The Fund may hedge its<br />exposure to foreign currencies. Although hedging may be used to protect the Fund<br />from adverse currency movements, the use of such hedges may reduce or eliminate<br />the potentially positive effect of currency revaluations on the Fund's total<br />return, and there is no guarantee that the Fund's hedging strategy will be<br />successful.<br /> <br />Your investment in the Fund is not a deposit in a bank and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency. You may lose money by investing in the Fund. The likelihood of loss may<br />be greater if you invest for a shorter period of time.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I. PRINCIPAL INVESTMENT STRATEGY oakmark.com <tt>The Fund's past performance (before and after taxes), as provided by the bar<br />chart and performance table that follow, is not an indication of how the Fund<br />will perform in the future. This information can help you evaluate the potential<br />risk and reward of investing in the Fund by showing changes in the performance<br />of the Fund's Class I Shares from year to year. The information illustrates the<br />volatility of the Fund's historical returns and shows how the Fund's annual<br />average returns compare with those of a broad measure of market performance.<br />Updated performance information is available at oakmark.com or by calling<br />1-800-OAKMARK.</tt> <tt>Below are the fees and expenses that you would pay if you buy and hold shares of<br />the Fund.</tt> <div style="display:none">~ http://www.oakmark.com/role/OperatingExpensesData_S000002762Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-800-OAKMARK Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in <br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 45% <br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.oakmark.com/role/ExpenseExample_S000002762Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.oakmark.com/role/BarChartData_S000002762Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Oakmark International Fund seeks long-term capital appreciation.</tt> <tt>The Example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The example assumes<br />that you invest $10,000 for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> OARIX 0.00 1735 -0.02 792 -0.1438 0.0055 0.0090 -0.0206 International Fund - Class II Return before taxes 148 459 0.00 0.0710 0.0145 0.00 0.00 OAKIX 0.00 2002-09-30 -0.0846 -0.229 0.1909 0.1622 1294 -0.02 585 -0.0051 0.332 -0.1407 0.0016 -0.4106 0.0090 0.5630 -0.0175 0.1412 International Fund - Class I Return before taxes 108 2009-06-30 337 0.3804 0.00 0.0746 0.0106 0.3060 0.00 -0.1407 Lowest quarterly return: Highest quarterly return: 0.00 -0.0891 -0.0152 International Fund - Class I Return after taxes on distributions and sale of Fund shares 0.0658 -0.1406 -0.0268 International Fund - Class I Return after taxes on distributions 0.0660 -0.1221 -0.0409 MSCI World ex U.S. Index (does not reflect the deduction of fees, expenses or taxes) 0.0514 <div style="display:none">~ http://www.oakmark.com/role/PerformanceTableData_S000002761Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.oakmark.com/role/ShareholderFeesData_S000002761Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Example. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be: In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown only for Class I shares. 0.29 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts. Class I Shares Total Returns for Years Ended December 31 (%) PERFORMANCE INFORMATION <tt>The Morgan Stanley Capital International (MSCI) World Index is an unmanaged<br />index that includes countries throughout the world, in proportion to world stock<br />market capitalization. All returns reflect reinvested dividends.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may differ<br />from those shown. After-tax returns shown are not relevant to investors who hold<br />their shares through tax-deferred arrangements, such as 401(k) plans, qualified<br />plans, education savings accounts or individual retirement accounts. In some<br />cases, the after-tax returns may exceed the return before taxes due to an<br />assumed tax benefit from any losses on a sale of Fund shares at the end of the<br />measurement period. After-tax returns are shown only for Class I shares.<br />After-tax returns for Class II shares will vary from returns shown for Class I.</tt> The information illustrates the volatility of the Fund's historical returns and shows how the Fund's average annual returns compare with those of a broad measure of market performance. <tt>The Fund invests primarily in a diversified portfolio of common stocks of U.S.<br />and non-U.S. companies. The Fund invests in the securities of companies located<br />in at least three countries. Typically, the Fund invests between 25-75% of its<br />total assets in securities of U.S. companies and between 25-75% of its total<br />assets in securities of non-U.S. companies. There are no geographic limits on<br />the Fund's non-U.S. investments, and the Fund may invest in securities of<br />companies located in developed or emerging markets. The Fund may invest in the<br />securities of large-, mid-, and small-capitalization companies.<br /> <br />The Fund uses a value investment philosophy in selecting equity securities. This<br />investment philosophy is based upon the belief that, over time, a company's<br />stock price converges with the company's intrinsic or true business value. By<br />"true business value," we mean an estimate of the price a knowledgeable buyer<br />would pay to acquire the entire business. We believe that investing in<br />securities priced significantly below their true business value presents the<br />best opportunity to achieve the Fund's investment objective.<br /> <br />The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this<br />value philosophy to identify companies that it believes have discounted stock<br />prices compared to the companies' true business values. In assessing such<br />companies, the Adviser looks for the following characteristics, although not all<br />of the companies selected will have these attributes: (1) free cash flows and<br />intelligent investment of excess cash; (2) earnings that are growing and are<br />reasonably predictable; and (3) high level of manager ownership.<br /> <br />Key Tenets of the Oakmark Investment Philosophy:<br /> <br />1. Buy businesses that are trading at a significant discount to the Adviser's<br />estimate of the company's intrinsic value. At the time the Adviser buys a<br />company, the Adviser wants the company's stock to be inexpensive relative to<br />what it believes the entire business is worth.<br /> <br />2. Invest with companies expected to grow shareholder value over time. Value<br />investors can sometimes fall into the trap of buying a stock that is inexpensive<br />for a reason-because the company just does not grow. The Adviser looks for good<br />quality, growing businesses with positive free cash flow and intelligent<br />investment of cash.<br /> <br />3. Invest with management teams that think and act as owners. The Adviser seeks<br />out companies with management teams that understand the dynamics of per share<br />value growth and are focused on achieving such growth. Stock ownership and<br />incentives that align managements' interests with those of shareholders are key<br />components of this analysis.<br /> <br />In making its investment decisions, the Adviser uses a "bottom-up" approach<br />focused on individual companies, rather than focusing on specific economic<br />factors or specific industries. In order to select investments that meet the<br />criteria described above, the Adviser uses independent, in-house research to<br />analyze each company. As part of this selection process, the Adviser's analysts<br />typically visit companies and conduct other research on the companies and their<br />industries.<br /> <br />Once the Adviser determines that a stock is selling at a significant discount<br />and that the company has the additional qualities mentioned above, the Adviser<br />may consider buying that stock for the Fund. The Adviser usually sells a stock<br />when the price approaches its estimated worth. This means the Adviser sets<br />specific "buy" and "sell" targets for each stock held by the Fund. The Adviser<br />also monitors each holding and adjusts those price targets as warranted to<br />reflect changes in a company's fundamentals.<br /> <br />The Adviser believes that holding a relatively small number of stocks allows its<br />"best ideas" to have a meaningful impact on the Fund's performance. Therefore,<br />the Fund's portfolio typically holds thirty to sixty stocks rather than<br />hundreds.</tt> OAKMARK GLOBAL FUND Average Annual Total Returns for Periods Ended December 31, 2011 <tt>Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were: <br />&#x2022; Highest quarterly return: 33.5%, during the quarter ended June 30, 2003 <br />&#x2022; Lowest quarterly return: -24.1%, during the quarter ended December 31, 2008</tt> Portfolio Turnover <tt>As an investor in the Fund, you should have a long-term perspective and be able<br />to tolerate potentially wide fluctuations in the value of your Fund shares. Your<br />investment in the Fund is subject to risks, including the possibility that the<br />value of the Fund's portfolio holdings may fluctuate in response to events<br />specific to the companies in which the Fund invests, as well as economic,<br />political or social events in the U.S. or abroad. As a result, when you redeem<br />your Fund shares, they may be worth more or less than you paid for them.<br /> <br />Although the Fund makes every effort to achieve its objective, it cannot<br />guarantee it will attain that objective. The principal risks of investing in the<br />Fund are:<br /> <br />Market Risk. The Fund is subject to market risk-the risk that securities markets<br />and individual securities will increase or decrease in value. Market risk<br />applies to every market and every security. Security prices may fluctuate widely<br />over short or extended periods in response to market or economic news and<br />conditions, and securities markets also tend to move in cycles. If there is a<br />general decline in the securities markets, it is possible your investment may<br />lose value regardless of the individual results of the companies in which the<br />Fund invests. The magnitude of up and down price or market fluctuations over<br />time is sometimes referred to as "volatility," which, at times, can be<br />significant. In addition, different asset classes and geographic markets may<br />experience periods of significant correlation with each other. As a result of<br />this correlation, the securities and markets in which the Fund invests may<br />experience volatility due to market, economic, political or social events and<br />conditions that may not readily appear to directly relate to such securities,<br />the securities' issuer or the markets in which they trade.<br /> <br />Common Stock Risk. Common stocks are subject to greater fluctuations in market<br />value than other asset classes as a result of such factors as a company's<br />business performance, investor perceptions, stock market trends and general<br />economic conditions. The rights of common stockholders are subordinate to all<br />other claims on a company's assets including debt holders and preferred<br />stockholders; therefore, the Fund could lose money if a company in which it<br />invests becomes financially distressed.<br /> <br />Focused Portfolio Risk. The Fund's portfolio tends to be invested in a<br />relatively small number of stocks. As a result, the appreciation or depreciation<br />of any one security held by the Fund will have a greater impact on the Fund's<br />net asset value than it would if the Fund invested in a larger number of<br />securities. Although that strategy has the potential to generate attractive<br />returns over time, it also increases the Fund's volatility.<br /> <br />Small and Mid Cap Securities Risk. Investments in small and mid cap companies<br />may be riskier than investments in larger, more established companies. The<br />securities of smaller companies may trade less frequently and in smaller<br />volumes, and as a result, may be less liquid than securities of larger<br />companies. In addition, smaller companies may be more vulnerable to economic,<br />market and industry changes. As a result, share price changes may be more sudden<br />or erratic than the prices of other equity securities, especially over the short<br />term. Because smaller companies may have limited product lines, markets or<br />financial resources or may depend on a few key employees, they may be more<br />susceptible to particular economic events or competitive factors than large<br />capitalization companies.<br /> <br />Value Style Risk. Investing in "value" stocks presents the risk that the stocks<br />may never reach what the Adviser believes are their full market values, either<br />because the market fails to recognize what the Adviser considers to be the<br />companies' true business values or because the Adviser misjudged those values.<br />In addition, value stocks may fall out of favor with investors and underperform<br />growth stocks during given periods.<br /> <br />Non-U.S. Securities Risk. Investments in securities issued by entities based<br />outside the United States involve risks relating to political, social and<br />economic developments abroad, as well as risks resulting from the differences<br />between the regulations to which U.S. and non-U.S. issuers and markets are<br />subject. These risks may result in the Fund experiencing rapid and extreme value<br />changes due to currency controls; different accounting, auditing, financial<br />reporting, and legal standards and practices; political and diplomatic changes<br />and developments; expropriation; changes in tax policy; a lack of available<br />public information regarding non-U.S. issuers; greater market volatility; a lack<br />of sufficient market liquidity; differing securities market structures; higher<br />transaction costs; and various administrative difficulties, such as delays in<br />clearing and settling portfolio transactions or in receiving payment of<br />dividends. These risks may be heightened in connection with investments in<br />issuers located in developing and emerging countries, and in issuers in more<br />developed countries that conduct substantial business in such developing and<br />emerging countries. Fluctuations in the exchange rates between currencies may<br />negatively affect an investment in non-U.S. securities. Investments in<br />securities issued by entities domiciled in the United States also may be subject<br />to many of these risks. The Fund may hedge its exposure to foreign currencies.<br />Although hedging may be used to protect the Fund from adverse currency<br />movements, the use of such hedges may reduce or eliminate the potentially<br />positive effect of currency revaluations on the Fund's total return, and there<br />is no guarantee that the Fund's hedging strategy will be successful.<br /> <br />Your investment in the Fund is not a deposit in a bank and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency. You may lose money by investing in the Fund. The likelihood of loss may<br />be greater if you invest for a shorter period of time.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I. PRINCIPAL INVESTMENT STRATEGY oakmark.com <tt>The Fund's past performance (before and after taxes), as provided by the bar<br />chart and performance table that follow, is not an indication of how the Fund<br />will perform in the future. This information can help you evaluate the potential<br />risk and reward of investing in the Fund by showing changes in the performance<br />of the Fund's Class I Shares from year to year. The information illustrates the<br />volatility of the Fund's historical returns and shows how the Fund's average<br />annual returns compare with those of a broad measure of market performance.<br />Updated performance information is available at oakmark.com or by calling<br />1-800-OAKMARK.</tt> <tt>Below are the fees and expenses that you would pay if you buy and hold shares of<br />the Fund.</tt> <div style="display:none">~ http://www.oakmark.com/role/OperatingExpensesData_S000002761Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-800-OAKMARK Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br /> shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 29%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.oakmark.com/role/ExpenseExample_S000002761Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.oakmark.com/role/BarChartData_S000002761Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Oakmark Global Fund seeks long-term capital appreciation.</tt> <tt>The Example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The Example assumes<br />that you invest $10,000 for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> OARGX 0.00 1845 -0.02 845 -0.1205 0.0055 0.0100 -0.0156 Global Fund - Class II Return before taxes 158 490 0.00 0.0798 0.0155 0.00 0.00 OAKGX 0.00 2008-12-31 -0.0211 -0.241 0.1563 0.1574 1409 -0.02 638 0.0733 0.335 -0.1165 0.0016 -0.3878 0.0100 0.4019 -0.0119 0.1323 Global Fund - Class I Return before taxes 118 2003-06-30 368 0.4898 0.00 0.0837 0.0116 0.2418 0.00 -0.1165 Lowest quarterly return: Highest quarterly return: 0.00 -0.0758 -0.0096 Global Fund - Class I Return after taxes on distributions and sale of Fund shares 0.0748 -0.1165 -0.0166 Global Fund - Class I Return after taxes on distributions 0.0780 -0.0554 -0.0237 MSCI World Index (does not reflect the deduction of fees, expenses or taxes) 0.0362 <div style="display:none">~ http://www.oakmark.com/role/PerformanceTableData_S000002760Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.oakmark.com/role/ShareholderFeesData_S000002760Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Example. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE You may lose money by investing in the Fund. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be: In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.47 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts. Class I Shares Total Returns for Years Ended December 31 (%) PERFORMANCE INFORMATION <tt>Lipper Balanced Fund Index is an index of thirty balanced funds. All returns<br />reflect reinvested dividends.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their shares through tax-deferred arrangements, such as 401(k) plans,<br />qualified plans, education savings accounts or individual retirement accounts.<br />In some cases, the after-tax returns may exceed the return before taxes due to<br />an assumed tax benefit from any losses on a sale of Fund shares at the end of<br />the measurement period. After-tax returns are shown only for Class I shares.<br />After-tax returns for Class II shares will vary from returns shown for Class I.</tt> The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with those of a broad measure of market performance. <tt>The Fund invests primarily in a diversified portfolio of U.S. equity and debt<br />securities (although the Fund may invest up to 35% of its total assets in equity<br />and debt securities of non-U.S. issuers). The Fund is intended to present a<br />balanced investment program between growth and income by investing approximately<br />40-75% of its total assets in common stock, including securities convertible<br />into common stock, and up to 60% of its assets in U.S. government securities and<br />debt securities rated at time of purchase within the two highest grades assigned<br />by Moody's Investors Service, Inc. or by Standard &amp; Poor's Corporation Ratings<br />Group, a division of The McGraw-Hill Companies. The Fund also may invest up to<br />20% of its assets in unrated or lower rated debt securities, sometimes called<br />junk bonds. The types of equity securities in which the Fund may invest include<br />common and preferred stocks and warrants or other similar rights and convertible<br />securities. The types of debt securities in which the Fund may invest include<br />debt securities of both governmental and corporate issuers. The Fund may invest<br />in the securities of large-, mid-, and small-capitalization companies.<br /> <br />The Fund uses a value investment philosophy in selecting equity securities. This<br />investment philosophy is based upon the belief that, over time, a company's<br />stock price converges with the company's intrinsic or true business value. By<br />"true business value," we mean an estimate of the price a knowledgeable buyer<br />would pay to acquire the entire business. We believe that investing in<br />securities priced significantly below their true business value presents the<br />best opportunity to achieve the Fund's investment objective.<br /> <br />The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this<br />value philosophy to identify companies that it believes have discounted stock<br />prices compared to the companies' true business values. In assessing such<br />companies, the Adviser looks for the following characteristics, although not all<br />of the companies selected will have these attributes: (1) free cash flows and<br />intelligent investment of excess cash; (2) earnings that are growing and are<br />reasonably predictable; and (3) high level of manager ownership.<br /> <br />Key Tenets of the Oakmark Investment Philosophy-Equity Portion of the Fund:<br /> <br />1. Buy businesses that are trading at a significant discount to the Adviser's<br />estimate of the company's intrinsic value. At the time the Adviser buys a<br />company, the Adviser wants the company's stock to be inexpensive relative to<br />what it believes the entire business is worth.<br /> <br />2. Invest with companies expected to grow shareholder value over time. Value<br />investors can sometimes fall into the trap of buying a stock that is inexpensive<br />for a reason-because the company just does not grow. The Adviser looks for good<br />quality, growing businesses with positive free cash flow and intelligent<br />investment of cash.<br /> <br />3. Invest with management teams that think and act as owners. The Adviser seeks<br />out companies with management teams that understand the dynamics of per share<br />value growth and are focused on achieving such growth. Stock ownership and<br />incentives that align managements' interests with those of shareholders are key<br />components of this analysis.<br /> <br />In making its investment decisions, the Adviser uses a "bottom-up" approach<br />focused on individual companies, rather than focusing on specific economic<br />factors or specific industries. In order to select investments that meet the<br />criteria described above, the Adviser uses independent, in-house research to<br />analyze each company. As part of this selection process, the Adviser's analysts<br />typically visit companies and conduct other research on the companies and their<br />industries.<br /> <br />Once the Adviser determines that a stock is selling at a significant discount<br />and that the company has the additional qualities mentioned above, the Adviser<br />may consider buying that stock for the Fund. The Adviser usually sells a stock<br />when the price approaches its estimated worth. This means the Adviser sets<br />specific "buy" and "sell" targets for each stock held by the Fund. The Adviser<br />also monitors each holding and adjusts those price targets as warranted to<br />reflect changes in a company's fundamentals.<br /> <br />The Adviser believes that holding a relatively small number of stocks allows its<br />"best ideas" to have a meaningful impact on the Fund's performance. Therefore,<br />the Fund's portfolio typically holds thirty to sixty stocks rather than<br />hundreds.</tt> OAKMARK EQUITY AND INCOME FUND Average Annual Total Returns for Periods Ended December 31, 2011 <tt>Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were: <br />&#x2022; Highest quarterly return: 13.2%, during the quarter ended June 30, 2003 <br />&#x2022; Lowest quarterly return: -12.8%, during the quarter ended Septebmer 30, 2011</tt> Portfolio Turnover <tt>As an investor in the Fund, you should have a long-term perspective and be able<br />to tolerate potentially wide fluctuations in the value of your Fund shares. Your<br />investment in the Fund is subject to risks, including the possibility that the<br />value of the Fund's portfolio holdings may fluctuate in response to events<br />specific to the companies in which the Fund invests, as well as economic,<br />political or social events in the U.S. or abroad. As a result, when you redeem<br />your Fund shares, they may be worth more or less than you paid for them.<br /> <br />Although the Fund makes every effort to achieve its objective, it cannot<br />guarantee it will attain that objective. The principal risks of investing in the<br />Fund are:<br /> <br />Market Risk. The Fund is subject to market risk-the risk that securities markets<br />and individual securities will increase or decrease in value. Market risk<br />applies to every market and every security. Security prices may fluctuate widely<br />over short or extended periods in response to market or economic news and conditions, <br />and securities markets also tend to move in cycles. If there is a general decline <br />in the securities markets, it is possible your investment may lose value regardless<br />of the individual results of the companies in which the Fund invests. The<br />magnitude of up and down price or market fluctuations over time is sometimes<br />referred to as "volatility," which, at times, can be significant. In addition,<br />different asset classes and geographic markets may experience periods of<br />significant correlation with each other. As a result of this correlation, the<br />securities and markets in which the Fund invests may experience volatility due<br />to market, economic, political or social events and conditions that may not<br />readily appear to directly relate to such securities, the securities' issuer or<br />the markets in which they trade.<br /> <br />Common Stock Risk. Common stocks are subject to greater fluctuations in market<br />value than other asset classes as a result of such factors as a company's<br />business performance, investor perceptions, stock market trends and general<br />economic conditions. The rights of common stockholders are subordinate to all<br />other claims on a company's assets including debt holders and preferred<br />stockholders; therefore, the Fund could lose money if a company in which it<br />invests becomes financially distressed.<br /> <br />Focused Portfolio Risk. The Fund's portfolio tends to be invested in a<br />relatively small number of stocks. As a result, the appreciation or depreciation<br />of any one security held by the Fund will have a greater impact on the Fund's<br />net asset value than it would if the Fund invested in a larger number of<br />securities. Although that strategy has the potential to generate attractive<br />returns over time, it also increases the Fund's volatility.<br /> <br />Small and Mid Cap Securities Risk. Investments in small and mid cap companies<br />may be riskier than investments in larger, more established companies. The<br />securities of smaller companies may trade less frequently and in smaller<br />volumes, and as a result, may be less liquid than securities of larger<br />companies. In addition, smaller companies may be more vulnerable to economic,<br />market and industry changes. As a result, share price changes may be more sudden<br />or erratic than the prices of other equity securities, especially over the short<br />term. Because smaller companies may have limited product lines, markets or<br />financial resources or may depend on a few key employees, they may be more<br />susceptible to particular economic events or competitive factors than large<br />capitalization companies.<br /> <br />Value Style Risk. Investing in "value" stocks presents the risk that the stocks<br />may never reach what the Adviser believes are their full market values, either<br />because the market fails to recognize what the Adviser considers to be the<br />companies' true business values or because the Adviser misjudged those values.<br />In addition, value stocks may fall out of favor with investors and underperform<br />growth stocks during given periods.<br /> <br />Debt Securities Risk. Debt securities are subject to credit risk, interest rate<br />risk and liquidity risk. Credit risk is the risk the issuer or guarantor of a<br />debt security will be unable or unwilling to make timely payments of interest or<br />principal or to otherwise honor its obligations. Interest rate risk is the risk<br />of losses due to changes in interest rates. In general, the prices of debt<br />securities rise when interest rates fall, and the prices fall when interest<br />rates rise. Liquidity risk is the risk a particular security may be difficult to <br />purchase or sell and that the Fund may be unable to sell illiquid securities <br />at an advantageous time or price. The Fund's investments in <br />government-sponsored entity securities also exhibit these risks, although the<br />degree of such risks may vary significantly among the different<br />government-sponsored entity securities. Some securities issued or guaranteed by<br />U.S. government agencies or instrumentalities are not backed by the full faith<br />and credit of the U.S. and may only be supported by the right of the agency or<br />instrumentality to borrow from the U.S. Treasury. There can be no assurance that<br />the U.S. government will always provide financial support to those agencies or<br />instrumentalities. Foreign sovereign debt instruments are subject to the risk<br />that a governmental entity may delay or refuse to pay interest or repay<br />principal on its sovereign debt. There is no legal process for collecting<br />sovereign debt that a government does not pay, nor are there bankruptcy<br />proceedings through which all or part of the sovereign debt that a government<br />entity has not repaid may be collected.<br /> <br />Inflation-Indexed Securities Risk. The principal value of an investment is not<br />protected or otherwise guaranteed by virtue of the Fund's investments in<br />inflation-indexed bonds. If the index measuring inflation falls, the principal<br />value of inflation-indexed bonds will be adjusted downward, and consequently the<br />interest payable on these securities (calculated with respect to a smaller<br />principal amount) will be reduced.<br /> <br />Repayment of the original bond principal upon maturity (as adjusted for<br />inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds.<br />For bonds that do not provide a similar guarantee, the adjusted principal value<br />of the bond repaid at maturity may be less than the original principal value.<br /> <br />The value of inflation-indexed bonds is expected to change in response to<br />changes in real interest rates. Real interest rates are tied to the relationship<br />between nominal interest rates and the rate of inflation. If nominal interest<br />rates increase at a faster rate than inflation, real interest rates may rise,<br />leading to a decrease in value of inflation indexed bonds. Short-term increases<br />in inflation may lead to a decline in value. Any increase in the principal<br />amount of an inflation-indexed bond will be considered taxable ordinary income,<br />even though investors do not receive their principal until maturity.<br /> <br />Periodic adjustments for inflation to the principal amount of an<br />inflation-indexed bond may give rise to original issue discount, which will be<br />includable in the Fund's gross income. Due to original issue discount, the Fund<br />may be required to make annual distributions to shareholders that exceed the<br />cash received, which may cause the Fund to liquidate certain investments when it<br />is not advantageous to do so. Also, if the principal value of an<br />inflation-indexed bond is adjusted downward due to deflation, amounts previously<br />distributed in the taxable year may be characterized in some circumstances as a<br />return of capital.<br /> <br />Non-U.S. Securities Risk. Investments in securities issued by entities based<br />outside the United States involve risks relating to political, social and<br />economic developments abroad, as well as risks resulting from the differences<br />between the regulations to which U.S. and non-U.S. issuers and markets are<br />subject. These risks may result in the Fund experiencing rapid and extreme value<br />changes due to currency controls; different accounting, auditing, financial<br />reporting, and legal standards and practices; political and diplomatic changes <br />and developments; expropriation; changes in tax policy; a lack of available <br />public information regarding non-U.S. issuers; greater market volatility; a lack of <br />sufficient market liquidity; differing securities market structures; higher <br />transaction costs; and various administrative difficulties, such as delays in <br />clearing and settling portfolio transactions or in receiving payment of dividends. <br />These risks may be heightened in connection with investments in issuers located <br />in developing and emerging countries, and in issuers in more developed countries<br />that conduct substantial business in such developing and emerging countries.<br />Fluctuations in the exchange rates between currencies may negatively affect an<br />investment in non-U.S. securities. Investments in securities issued by entities<br />domiciled in the United States also may be subject to many of these risks.<br /> <br />Your investment in the Fund is not a deposit in a bank and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency. You may lose money by investing in the Fund. The likelihood of loss may<br />be greater if you invest for a shorter period of time.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I. PRINCIPAL INVESTMENT STRATEGY oakmark.com <tt>The Fund's past performance (before and after taxes), as provided by the bar<br />chart and performance table that follow, is not an indication of how the Fund<br />will perform in the future. This information can help you evaluate the potential<br />risk and reward of investing in the Fund by showing changes in the performance<br />of the Fund's Class I Shares from year to year. The information illustrates the<br />volatility of the Fund's historical returns and shows how the Fund's annual<br />average returns compare with those of a broad measure of market performance.<br />Updated performance information is available at oakmark.com or by calling<br />1-800-OAKMARK.</tt> <tt>Below are the fees and expenses that you would pay if you buy and hold shares of<br />the Fund.</tt> <div style="display:none">~ http://www.oakmark.com/role/OperatingExpensesData_S000002760Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-800-OAKMARK Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<br />During the most recent fiscal year, the Fund's portfolio turnover rate was 47%<br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.oakmark.com/role/ExpenseExample_S000002760Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.oakmark.com/role/BarChartData_S000002760Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Oakmark Equity and Income Fund seeks income and preservation and growth of<br />capital.</tt> <tt> The Example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The Example assumes<br />that you invest $10,000 for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same. </tt> OARBX 0.00 1329 0.00 601 0.0027 0.0042 0.0067 0.0404 Equity and Income Fund - Class II Return before taxes 111 347 0.00 0.0678 0.0109 0.00 0.00 OAKBX 0.00 2011-09-30 -0.0214 -0.128 0.1036 0.0950 954 0.00 428 0.1197 0.132 0.0064 0.0010 -0.1618 0.0067 0.1984 0.0439 0.086 Equity and Income Fund - Class I Return before taxes 79 2003-06-30 246 0.2321 0.00 0.0710 0.0077 0.1082 0.00 0.0064 Lowest quarterly return: Highest quarterly return: 0.00 0.0099 0.0363 Equity and Income Fund - Class I Return after taxes on distributions and sale of Fund shares 0.0606 0.0015 0.0377 Equity and Income Fund - Class I Return after taxes on distributions 0.0648 0.0074 0.0180 Lipper Balanced Fund Index (does not reflect the deduction of fees, expenses or taxes) 0.0413 A non-diversified fund may be subject to greater risk than a diversified fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of a non-diversified fund's shares. Lack of broad diversification also may cause a non-diversified fund to be more susceptible to economic, political or regulatory events than a diversified fund. A non-diversification strategy may increase the Fund's volatility. <div style="display:none">~ http://www.oakmark.com/role/PerformanceTableData_S000002759Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.oakmark.com/role/ShareholderFeesData_S000002759Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Example. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be: In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.16 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts. Class I Shares Total Returns for Years Ended December 31 (%) PERFORMANCE INFORMATION <tt>The S&amp;P 500 Index is a widely quoted, unmanaged, market-weighted stock market<br />index that includes 500 of the largest companies publicly traded in the U.S. All<br />returns reflect reinvested dividends.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their shares through tax-deferred arrangements, such as 401(k) plans,<br />qualified plans, education savings accounts or individual retirement accounts.<br />In some cases, the after-tax returns may exceed the return before taxes due to<br />an assumed tax benefit from any losses on a sale of Fund shares at the end of<br />the measurement period. After-tax returns are shown only for Class I shares.<br />After-tax returns for Class II shares will vary from returns shown for Class I.</tt> The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with those of a broad measure of market performance. <tt>The Fund invests primarily in common stocks of U.S. companies. The Fund is<br />non-diversified, which means that it may invest a greater portion of its assets<br />in a more limited number of issuers than a diversified fund. The Fund could own<br />as few as twelve securities, but generally will have approximately twenty<br />securities in its portfolio. The Fund may invest in the securities of large-,<br />mid-, and small-capitalization companies.<br /> <br />The Fund uses a value investment philosophy in selecting equity securities. This<br />investment philosophy is based upon the belief that, over time, a company's<br />stock price converges with the company's intrinsic or true business value. By<br />"true business value," we mean an estimate of the price a knowledgeable buyer<br />would pay to acquire the entire business. We believe that investing in<br />securities priced significantly below their true business value presents the<br />best opportunity to achieve the Fund's investment objective.<br /> <br />The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this<br />value philosophy to identify companies that it believes have discounted stock<br />prices compared to the companies' true business values. In assessing such<br />companies, the Adviser looks for the following characteristics, although not all<br />of the companies selected will have these attributes: (1) free cash flows and<br />intelligent investment of excess cash; (2) earnings that are growing and are<br />reasonably predictable; and (3) high level of manager ownership.<br /> <br />Key Tenets of the Oakmark Investment Philosophy:<br /> <br />1. Buy businesses that are trading at a significant discount to the Adviser's<br />estimate of the company's intrinsic value. At the time the Adviser buys a<br />company, the Adviser wants the company's stock to be inexpensive relative to<br />what it believes the entire business is worth.<br /> <br />2. Invest with companies expected to grow shareholder value over time. Value<br />investors can sometimes fall into the trap of buying a stock that is inexpensive<br />for a reason-because the company just does not grow. The Adviser looks for good<br />quality, growing businesses with positive free cash flow and intelligent<br />investment of cash.<br /> <br />3. Invest with management teams that think and act as owners. The Adviser seeks<br />out companies with management teams that understand the dynamics of per share<br />value growth and are focused on achieving such growth. Stock ownership and<br />incentives that align managements' interests with those of shareholders are key<br />components of this analysis.<br /> <br />In making its investment decisions, the Adviser uses a "bottom-up" approach<br />focused on individual companies, rather than focusing on specific economic<br />factors or specific industries. In order to select investments that meet the<br />criteria described above, the Adviser uses independent, in-house research to<br />analyze each company. As part of this selection process, the Adviser's analysts <br />typically visit companies and conduct other research on the companies and their <br />industries.<br /> <br />Once the Adviser determines that a stock is selling at a significant discount<br />and that the company has the additional qualities mentioned above, the Adviser<br />may consider buying that stock for the Fund. The Adviser usually sells a stock<br />when the price approaches its estimated worth. This means the Adviser sets<br />specific "buy" and "sell" targets for each stock held by the Fund. The Adviser<br />also monitors each holding and adjusts those price targets as warranted to<br />reflect changes in a company's fundamentals.</tt> OAKMARK SELECT FUND Average Annual Total Returns for Periods Ended December 31, 2011 <tt>Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were: <br />&#x2022; Highest quarterly return: 25.7%, during the quarter ended June 30, 2009 <br />&#x2022; Lowest quarterly return: -20.2%, during the quarter ended December 31, 2008</tt> Portfolio Turnover <tt>As an investor in the Fund, you should have a long-term perspective and be able<br />to tolerate potentially wide fluctuations in the value of your Fund shares. Your<br />investment in the Fund is subject to risks, including the possibility that the<br />value of the Fund's portfolio holdings may fluctuate in response to events<br />specific to the companies in which the Fund invests, as well as economic,<br />political or social events in the U.S. or abroad. As a result, when you redeem<br />your Fund shares, they may be worth more or less than you paid for them.<br /> <br />Although the Fund makes every effort to achieve its objective, it cannot<br />guarantee it will attain that objective. The principal risks of investing in the<br />Fund are:<br /> <br />Market Risk. The Fund is subject to market risk-the risk that securities markets<br />and individual securities will increase or decrease in value. Market risk<br />applies to every market and every security. Security prices may fluctuate widely<br />over short or extended periods in response to market or economic news and<br />conditions, and securities markets also tend to move in cycles. If there is a<br />general decline in the securities markets, it is possible your investment may<br />lose value regardless of the individual results of the companies in which the<br />Fund invests. The magnitude of up and down price or market fluctuations over<br />time is sometimes referred to as "volatility," which, at times, can be<br />significant. In addition, different asset classes and geographic markets may<br />experience periods of significant correlation with each other. As a result of<br />this correlation, the securities and markets in which the Fund invests may<br />experience volatility due to market, economic, political or social events and<br />conditions that may not readily appear to directly relate to such securities,<br />the securities' issuer or the markets in which they trade.<br /> <br />Common Stock Risk. Common stocks are subject to greater fluctuations in market<br />value than other asset classes as a result of such factors as a company's<br />business performance, investor perceptions, stock market trends and general<br />economic conditions. The rights of common stockholders are subordinate to all<br />other claims on a company's assets including debt holders and preferred<br />stockholders; therefore, the Fund could lose money if a company in which it<br />invests becomes financially distressed.<br /> <br />Small and Mid Cap Securities Risk. Investments in small and mid cap companies<br />may be riskier than investments in larger, more established companies. The<br />securities of smaller companies may trade less frequently and in smaller<br />volumes, and as a result, may be less liquid than securities of larger<br />companies. In addition, smaller companies may be more vulnerable to economic,<br />market and industry changes. As a result, share price changes may be more sudden<br />or erratic than the prices of other equity securities, especially over the short <br />term. Because smaller companies may have limited product lines, markets or <br />financial resources or may depend on a few key employees, they may be more <br />susceptible to particular economic events or competitive factors than large <br />capitalization companies.<br /> <br />Value Style Risk. Investing in "value" stocks presents the risk that the stocks<br />may never reach what the Adviser believes are their full market values, either<br />because the market fails to recognize what the Adviser considers to be the<br />companies' true business values or because the Adviser misjudged those values.<br />In addition, value stocks may fall out of favor with investors and underperform<br />growth stocks during given periods.<br /> <br />Non-Diversification Risk. A non-diversified fund may be subject to greater risk<br />than a diversified fund because changes in the financial condition or market<br />assessment of a single issuer may cause greater fluctuation in the value of a<br />non-diversified fund's shares. Lack of broad diversification also may cause a<br />non-diversified fund to be more susceptible to economic, political or regulatory<br />events than a diversified fund. A non-diversification strategy may increase the<br />Fund's volatility.<br /> <br />Your investment in the Fund is not a deposit in a bank and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency. You may lose money by investing in the Fund. The likelihood of loss may<br />be greater if you invest for a shorter period of time.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I. PRINCIPAL INVESTMENT STRATEGY oakmark.com <tt>The Fund's past performance (before and after taxes), as provided by the bar<br />chart and performance table that follow, is not an indication of how the Fund<br />will perform in the future. This information can help you evaluate the potential<br />risk and reward of investing in the Fund by showing changes in the performance<br />of the Fund's Class I Shares from year to year. The information illustrates the<br />volatility of the Fund's historical returns and shows how the Fund's annual<br />average returns compare with those of a broad measure of market performance.<br />Updated performance information is available at oakmark.com or by calling<br />1-800-OAKMARK.</tt> <tt>Below are the fees and expenses that you would pay if you buy and hold shares of<br />the Fund.</tt> <div style="display:none">~ http://www.oakmark.com/role/OperatingExpensesData_S000002759Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-800-OAKMARK Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected in <br />Annual Fund Operating Expenses or in the Example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 16% <br />of the average value of its portfolio.</tt> <div style="display:none">~ http://www.oakmark.com/role/ExpenseExample_S000002759Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.oakmark.com/role/BarChartData_S000002759Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Oakmark Select Fund seeks long-term capital appreciation.</tt> <tt>The Example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The Example assumes<br />that you invest $10,000 for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> OARLX 0.00 1657 0.00 755 0.0182 0.0044 0.0094 -0.0092 Select Fund - Class II Return before taxes 140 437 0.00 0.0334 0.0138 0.00 0.00 OAKLX 0.00 2008-12-31 -0.1247 -0.202 0.0973 0.1324 1306 0.00 590 -0.1404 0.257 0.0215 0.0013 -0.3622 0.0094 0.5246 -0.0067 0.0484 Select Fund - Class I Return before taxes 109 2009-06-30 340 0.29 0.00 0.0362 0.0107 0.136 0.00 0.0215 Lowest quarterly return: Highest quarterly return: 0.00 0.0144 -0.0061 Select Fund - Class I Return after taxes on distributions and sale of Fund shares 0.0311 0.0212 -0.0109 Select Fund - Class I Return after taxes on distributions 0.0312 0.0211 -0.0025 S&P 500 (does not reflect the deduction of fees, expenses or taxes) 0.0292 <div style="display:none">~ http://www.oakmark.com/role/PerformanceTableData_S000002758Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.oakmark.com/role/ShareholderFeesData_S000002758Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Example. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. INVESTMENT OBJECTIVE The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future. You may lose money by investing in the Fund. PRINCIPAL INVESTMENT RISKS Shareholder Fees (fees paid directly from your investment) Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be: In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.18 Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts. Class I Shares Total Returns for Years Ended December 31 (%) PERFORMANCE INFORMATION <tt>The S&amp;P 500 Index is a widely quoted, unmanaged, market-weighted stock market<br />index that includes 500 of the largest companies publicly traded in the U.S. All<br />returns reflect reinvested dividends.<br /> <br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local<br />taxes. Actual after-tax returns depend on an investor's tax situation and may<br />differ from those shown. After-tax returns shown are not relevant to investors<br />who hold their shares through tax-deferred arrangements, such as 401(k) plans,<br />qualified plans, education savings accounts or individual retirement accounts.<br />In some cases, the after-tax returns may exceed the return before taxes due to<br />an assumed tax benefit from any losses on a sale of Fund shares at the end of<br />the measurement period. After-tax returns are shown only for Class I shares.<br />After-tax returns for Class II shares will vary from returns shown for Class I.</tt> The information illustrates the volatility of the Fund's historical returns and shows how the Fund's average annual returns compare with those of a broad measure of market performance. <tt>The Fund invests primarily in a diversified portfolio of common stocks of U.S.<br />companies. The Fund may invest in the securities of large-, mid-, and<br />small-capitalization companies. The Fund uses a value investment philosophy in<br />selecting equity securities. This investment philosophy is based upon the belief<br />that, over time, a company's stock price converges with the company's intrinsic<br />or true business value. By "true business value," we mean an estimate of the<br />price a knowledgeable buyer would pay to acquire the entire business. We believe<br />that investing in securities priced significantly below their true business<br />value presents the best opportunity to achieve the Fund's investment objective.<br /> <br />The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this<br />value philosophy to identify companies that it believes have discounted stock<br />prices compared to the companies' true business values. In assessing such<br />companies, the Adviser looks for the following characteristics, although not all<br />of the companies selected will have these attributes: (1) free cash flows and<br />intelligent investment of excess cash; (2) earnings that are growing and are<br />reasonably predictable; and (3) high level of manager ownership.<br /> <br />Key Tenets of the Oakmark Investment Philosophy:<br /> <br />1. Buy businesses that are trading at a significant discount to the Adviser's<br />estimate of the company's intrinsic value. At the time the Adviser buys a<br />company, the Adviser wants the company's stock to be inexpensive relative to<br />what it believes the entire business is worth.<br /> <br />2. Invest with companies expected to grow shareholder value over time. Value<br />investors can sometimes fall into the trap of buying a stock that is inexpensive<br />for a reason-because the company just does not grow. The Adviser looks for good<br />quality, growing businesses with positive free cash flow and intelligent<br />investment of cash.<br /> <br />3. Invest with management teams that think and act as owners. The Adviser seeks<br />out companies with management teams that understand the dynamics of per share<br />value growth and are focused on achieving such growth. Stock ownership and<br />incentives that align managements' interests with those of shareholders are key<br />components of this analysis.<br /> <br />In making its investment decisions, the Adviser uses a "bottom-up" approach<br />focused on individual companies, rather than focusing on specific economic<br />factors or specific industries. In order to select investments that meet the<br />criteria described above, the Adviser uses independent, in-house research to<br />analyze each company. As part of this selection process, the Adviser's analysts<br />typically visit companies and conduct other research on the companies and their<br />industries.<br /> <br />Once the Adviser determines that a stock is selling at a significant discount<br />and that the company has the additional qualities mentioned above, the Adviser<br />may consider buying that stock for the Fund. The Adviser usually sells a stock <br />when the price approaches its estimated worth. This means the Adviser sets <br />specific "buy" and "sell" targets for each stock held by the Fund. The Adviser <br />also monitors each holding and adjusts those price targets as warranted to reflect<br />changes in a company's fundamentals.<br /> <br />The Adviser believes that holding a relatively small number of stocks allows its<br />"best ideas" to have a meaningful impact on the Fund's performance. Therefore,<br />the Fund's portfolio typically holds thirty to sixty stocks rather than<br />hundreds.</tt> OAKMARK FUND Average Annual Total Returns for Periods Ended December 31, 2011 <tt>Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were: <br />&#x2022; Highest quarterly return: 23.2%, during the quarter ended June 30, 2009 <br />&#x2022; Lowest quarterly return: -23.0%, during the quarter ended December 31, 2008</tt> Portfolio Turnover <tt>As an investor in the Fund, you should have a long-term perspective and be able<br />to tolerate potentially wide fluctuations in the value of your Fund shares. Your<br />investment in the Fund is subject to risks, including the possibility that the<br />value of the Fund's portfolio holdings may fluctuate in response to events<br />specific to the companies in which the Fund invests, as well as economic,<br />political or social events in the U.S. or abroad. As a result, when you redeem<br />your Fund shares, they may be worth more or less than you paid for them.<br /> <br />Although the Fund makes every effort to achieve its objective, it cannot<br />guarantee it will attain that objective. The principal risks of investing in the<br />Fund are:<br /> <br />Market Risk. The Fund is subject to market risk-the risk that securities markets<br />and individual securities will increase or decrease in value. Market risk<br />applies to every market and every security. Security prices may fluctuate widely<br />over short or extended periods in response to market or economic news and<br />conditions, and securities markets also tend to move in cycles. If there is a<br />general decline in the securities markets, it is possible your investment may<br />lose value regardless of the individual results of the companies in which the<br />Fund invests. The magnitude of up and down price or market fluctuations over<br />time is sometimes referred to as "volatility," which, at times, can be<br />significant. In addition, different asset classes and geographic markets may<br />experience periods of significant correlation with each other. As a result of<br />this correlation, the securities and markets in which the Fund invests may<br />experience volatility due to market, economic, political or social events and<br />conditions that may not readily appear to directly relate to such securities,<br />the securities' issuer or the markets in which they trade.<br /> <br />Common Stock Risk. Common stocks are subject to greater fluctuations in market<br />value than other asset classes as a result of such factors as a company's<br />business performance, investor perceptions, stock market trends and general<br />economic conditions. The rights of common stockholders are subordinate to all<br />other claims on a company's assets including debt holders and preferred<br />stockholders; therefore, the Fund could lose money if a company in which it<br />invests becomes financially distressed.<br /> <br />Focused Portfolio Risk. The Fund's portfolio tends to be invested in a<br />relatively small number of stocks. As a result, the appreciation or depreciation<br />of any one security held by the Fund will have a greater impact on the Fund's<br />net asset value than it would if the Fund invested in a larger number of<br />securities. Although that strategy has the potential to generate attractive<br />returns over time, it also increases the Fund's volatility.<br /> <br />Small and Mid Cap Securities Risk. Investments in small and mid cap companies<br />may be riskier than investments in larger, more established companies. The<br />securities of smaller companies may trade less frequently and in smaller<br />volumes, and as a result, may be less liquid than securities of larger<br />companies. In addition, smaller companies may be more vulnerable to economic,<br />market and industry changes. As a result, share price changes may be more sudden<br />or erratic than the prices of other equity securities, especially over the short<br />term. Because smaller companies may have limited product lines, markets or<br />financial resources or may depend on a few key employees, they may be more<br />susceptible to particular economic events or competitive factors than large<br />capitalization companies.<br /> <br />Value Style Risk. Investing in "value" stocks presents the risk that the stocks<br />may never reach what the Adviser believes are their full market values, either<br />because the market fails to recognize what the Adviser considers to be the<br />companies' true business values or because the Adviser misjudged those values.<br />In addition, value stocks may fall out of favor with investors and underperform<br />growth stocks during given periods.<br /> <br />Your investment in the Fund is not a deposit in a bank and is not insured or<br />guaranteed by the Federal Deposit Insurance Corporation or any other government<br />agency. You may lose money by investing in the Fund. The likelihood of loss may<br />be greater if you invest for a shorter period of time.</tt> FEES AND EXPENSES OF THE FUND After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I. PRINCIPAL INVESTMENT STRATEGY oakmark.com <tt>The Fund's past performance (before and after taxes), as provided by the bar<br />chart and performance table that follow, is not an indication of how the Fund<br />will perform in the future. This information can help you evaluate the potential<br />risk and reward of investing in the Fund by showing changes in the performance<br />of the Fund's Class I Shares from year to year. The information illustrates the<br />volatility of the Fund's historical returns and shows how the Fund's average<br />annual returns compare with those of a broad measure of market performance.<br />Updated performance information is available at oakmark.com or by calling<br />1-800-OAKMARK.</tt> <tt>Below are the fees and expenses that you would pay if you buy and hold shares of<br />the Fund.</tt> <div style="display:none">~ http://www.oakmark.com/role/OperatingExpensesData_S000002758Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 1-800-OAKMARK Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate may<br />indicate higher transaction costs and may result in higher taxes when Fund <br />shares are held in a taxable account. These costs, which are not reflected <br />in Annual Fund Operating Expenses or in the Example, affect the Fund's <br />performance. During the most recent fiscal year, the Fund's portfolio turnover <br />rate was 18% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.oakmark.com/role/ExpenseExample_S000002758Member column primary compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * ~</div> <div style="display:none">~ http://www.oakmark.com/role/BarChartData_S000002758Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>Oakmark Fund seeks long-term capital appreciation.</tt> <tt>The Example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The Example assumes<br />that you invest $10,000 for the time periods indicated and then redeem all of<br />your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same.</tt> OARMX 0.00 1735 0.00 792 0.0145 0.0053 0.0092 0.0112 Oakmark Fund - Class II Return before taxes 148 459 0.00 0.0383 0.0145 0.00 0.00 OAKMX 0.00 2008-12-31 -0.1441 -0.230 0.1173 0.1218 1271 0.00 574 -0.0364 0.232 0.0182 0.0012 -0.3261 0.0092 0.4477 0.0144 -0.0131 Oakmark Fund - Class I Return before taxes 106 2009-06-30 331 0.253 0.00 0.0415 0.0104 0.1826 0.00 0.0182 Lowest quarterly return: Highest quarterly return: 0.00 0.0135 0.0115 Oakmark Fund - Class I Return after taxes on distributions and sale of Fund shares 0.0355 0.0169 0.0094 Oakmark Fund - Class I Return after taxes on distributions 0.0377 0.0211 -0.0025 S&P 500 (does not reflect the deduction of fees, expenses or taxes) 0.0292 0000872323 ck0000872323:SummaryS000002758Memberck0000872323:S000002758Memberck0000872323:RRINDEX00001Member 2012-01-27 2012-01-27 0000872323 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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Jan. 27, 2012
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading OAKMARK INTERNATIONAL SMALL CAP FUND
Investment Objective, Heading rr_ObjectiveHeading INVESTMENT OBJECTIVE
investment Objective, Primary rr_ObjectivePrimaryTextBlock Oakmark International Small Cap Fund seeks long-term capital appreciation.
Expense, Heading rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense, Narrative rr_ExpenseNarrativeTextBlock Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher  transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 46%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 46.00%
Expense Example, Heading rr_ExpenseExampleHeading Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Investment Strategy, Heading rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified portfolio of common stocks of
non-U.S. companies. Under normal market conditions, the Fund invests at least
80% of its net assets (plus any borrowings for investment purposes) in the
stocks of "small cap companies." A small cap company is one whose market
capitalization is less than $5 billion at the time of investment.

The Fund may invest in non-U.S. markets throughout the world, including emerging
markets. Ordinarily, the Fund will invest in the securities of at least five
countries outside the U.S. There are no geographic limits on the Fund's non-U.S.
investments.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to seventy stocks rather than
hundreds.
Risk, Heading rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk, Narrative rr_RiskNarrativeTextBlock As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack
of sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of
dividends. These risks may be heightened in connection with investments in
issuers located in developing and emerging countries, and in issuers in more
developed countries that conduct substantial business in such developing and
emerging countries. Fluctuations in the exchange rates between currencies may
negatively affect an investment in non-U.S. securities. The Fund may hedge its
exposure to foreign currencies. Although hedging may be used to protect the Fund
from adverse currency movements, the use of such hedges may reduce or eliminate
the potentially positive effect of currency revaluations on the Fund's total
return, and there is no guarantee that the Fund's hedging strategy will be
successful.

Small Cap Securities Risk. Investments in small cap companies may be riskier
than investments in larger, more established companies. The securities of
smaller companies may trade less frequently and in smaller volumes, and as a
result, may be less liquid than securities of larger companies. In addition,
smaller companies may be more vulnerable to economic, market and industry
changes. As a result, share price changes may be more sudden or erratic than the
prices of other equity securities, especially over the short term. Because
smaller companies may have limited product lines, markets or financial resources
or may depend on a few key employees, they may be more susceptible to particular
economic events or competitive factors than large capitalization companies.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
Risk, Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance, Narrative rr_PerformanceNarrativeTextBlock The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with a broad measure of market performance. Updated
performance information is available at oakmark.com or by calling 1-800-OAKMARK.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with a broad measure of market performance.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-OAKMARK
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress oakmark.com
Bar Chart, Heading rr_BarChartHeading Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart, Narrative rr_BarChartNarrativeTextBlock Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 43.7%, during the quarter ended June 30, 2009
• Lowest quarterly return: -27.3%, during the  quarter ended December 31, 2008
Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts.
Performance Table, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I.
Performance Table, Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Performance Table, Closing rr_PerformanceTableClosingTextBlock The Morgan Stanley Capital International (MSCI) World ex U.S. Small Cap Index is
an unmanaged index that measures the equity market performance of small cap
companies in developed markets excluding the U.S. The Index is a free
float-adjusted market capitalization index.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
Average Annual Returns, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2011
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund | MSCI World ex U.S. Small Cap Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel MSCI World ex U.S. Small Cap Index
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (12.21%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (4.09%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.14%
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 1.15%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.23%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.38%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 140
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 437
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 755
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,657
Annual Return 2002 rr_AnnualReturn2002 (5.12%)
Annual Return 2003 rr_AnnualReturn2003 52.41%
Annual Return 2004 rr_AnnualReturn2004 28.95%
Annual Return 2005 rr_AnnualReturn2005 21.26%
Annual Return 2006 rr_AnnualReturn2006 34.90%
Annual Return 2007 rr_AnnualReturn2007 (8.33%)
Annual Return 2008 rr_AnnualReturn2008 (45.71%)
Annual Return 2009 rr_AnnualReturn2009 67.45%
Annual Return 2010 rr_AnnualReturn2010 21.53%
Annual Return 2011 rr_AnnualReturn2011 (16.44%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 43.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.30%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel International Small Cap Fund - Class I Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (16.44%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (3.28%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.95%
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund | Class I | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel International Small Cap Fund - Class I Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (16.34%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (4.53%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.54%
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund | Class I | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel International Small Cap Fund - Class I Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (10.55%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (2.82%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.77%
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 1.15%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.57%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.72%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 175
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 542
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 933
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 2,030
Average Annual Returns, Label rr_AverageAnnualReturnLabel International Small Cap Fund - Class II Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (16.72%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (3.52%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.74%
XML 12 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund
OAKMARK INTERNATIONAL FUND
INVESTMENT OBJECTIVE
Oakmark International Fund seeks long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Oakmark International Fund
Class I
Class II
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) none none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) 2.00% 2.00%
Exchange fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Oakmark International Fund
Class I
Class II
Management fees 0.90% 0.90%
Distribution (12b-1) Fees none none
Other expenses 0.16% 0.55%
Total Annual Fund Operating Expenses 1.06% 1.45%
Example.
The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Expense Example Oakmark International Fund (USD $)
Class I
Class II
Expense Example, With Redemption, 1 Year
108 148
Expense Example, With Redemption, 3 Years
337 459
Expense Example, With Redemption, 5 Years
585 792
Expense Example, With Redemption, 10 Years
1,294 1,735
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 45%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY
The Fund invests primarily in a diversified portfolio of common stocks of
non-U.S. companies. The Fund may invest in non-U.S. markets throughout the
world, including emerging markets. Ordinarily, the Fund will invest in the
securities of at least five countries outside the U.S. There are no geographic
limits on the Fund's non-U.S. investments. The Fund may invest in securities of
large-, mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to sixty stocks rather than
hundreds.
PRINCIPAL INVESTMENT RISKS
As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack
of sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of
dividends. These risks may be heightened in connection with investments in
issuers located in developing and emerging countries, and in issuers in more
developed countries that conduct substantial business in such developing and
emerging countries. Fluctuations in the exchange rates between currencies may
negatively affect an investment in non-U.S. securities. The Fund may hedge its
exposure to foreign currencies. Although hedging may be used to protect the Fund
from adverse currency movements, the use of such hedges may reduce or eliminate
the potentially positive effect of currency revaluations on the Fund's total
return, and there is no guarantee that the Fund's hedging strategy will be
successful.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
PERFORMANCE INFORMATION
The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 33.2%, during the quarter ended June 30, 2009
• Lowest quarterly return: -22.9%, during the quarter ended September 30, 2002
Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns Oakmark International Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Class I
International Fund - Class I Return before taxes (14.07%) (1.75%) 7.46%
Class I After Taxes on Distributions
International Fund - Class I Return after taxes on distributions (14.06%) (2.68%) 6.60%
Class I After Taxes on Distributions and Sales
International Fund - Class I Return after taxes on distributions and sale of Fund shares (8.91%) (1.52%) 6.58%
Class II
International Fund - Class II Return before taxes (14.38%) (2.06%) 7.10%
MSCI World ex U.S. Index
MSCI World ex U.S. Index (does not reflect the deduction of fees, expenses or taxes) (12.21%) (4.09%) 5.14%
The Morgan Stanley Capital International (MSCI) World ex U.S. Index is an
unmanaged index that includes countries throughout the world, in proportion to
world stock market capitalization, but excludes U.S. companies. All returns
reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes.  Actual after-tax returns depend on an investor's tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their shares through tax-deferred arrangements, such as 401(k) plans, qualified
plans, education savings accounts or individual retirement accounts. In some
cases, the after-tax returns may exceed the return before taxes due to an
assumed tax benefit from any losses on a sale of Fund shares at the end of the
measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
XML 13 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund
OAKMARK SELECT FUND
INVESTMENT OBJECTIVE
Oakmark Select Fund seeks long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Oakmark Select Fund
Class I
Class II
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) none none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) none none
Exchange fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Oakmark Select Fund
Class I
Class II
Management fees 0.94% 0.94%
Distribution (12b-1) Fees none none
Other expenses 0.13% 0.44%
Total Annual Fund Operating Expenses 1.07% 1.38%
Example.
The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Expense Example Oakmark Select Fund (USD $)
Class I
Class II
Expense Example, With Redemption, 1 Year
109 140
Expense Example, With Redemption, 3 Years
340 437
Expense Example, With Redemption, 5 Years
590 755
Expense Example, With Redemption, 10 Years
1,306 1,657
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 16%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY
The Fund invests primarily in common stocks of U.S. companies. The Fund is
non-diversified, which means that it may invest a greater portion of its assets
in a more limited number of issuers than a diversified fund. The Fund could own
as few as twelve securities, but generally will have approximately twenty
securities in its portfolio. The Fund may invest in the securities of large-,
mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.
PRINCIPAL INVESTMENT RISKS
As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-Diversification Risk. A non-diversified fund may be subject to greater risk
than a diversified fund because changes in the financial condition or market
assessment of a single issuer may cause greater fluctuation in the value of a
non-diversified fund's shares. Lack of broad diversification also may cause a
non-diversified fund to be more susceptible to economic, political or regulatory
events than a diversified fund. A non-diversification strategy may increase the
Fund's volatility.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
PERFORMANCE INFORMATION
The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 25.7%, during the quarter ended June 30, 2009
• Lowest quarterly return: -20.2%, during the quarter ended December 31, 2008
Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns Oakmark Select Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Class I
Select Fund - Class I Return before taxes 2.15% (0.67%) 3.62%
Class I After Taxes on Distributions
Select Fund - Class I Return after taxes on distributions 2.12% (1.09%) 3.12%
Class I After Taxes on Distributions and Sales
Select Fund - Class I Return after taxes on distributions and sale of Fund shares 1.44% (0.61%) 3.11%
Class II
Select Fund - Class II Return before taxes 1.82% (0.92%) 3.34%
S&P 500
S&P 500 (does not reflect the deduction of fees, expenses or taxes) 2.11% (0.25%) 2.92%
The S&P 500 Index is a widely quoted, unmanaged, market-weighted stock market
index that includes 500 of the largest companies publicly traded in the U.S. All
returns reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Jan. 27, 2012
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading OAKMARK INTERNATIONAL FUND
Investment Objective, Heading rr_ObjectiveHeading INVESTMENT OBJECTIVE
investment Objective, Primary rr_ObjectivePrimaryTextBlock Oakmark International Fund seeks long-term capital appreciation.
Expense, Heading rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense, Narrative rr_ExpenseNarrativeTextBlock Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 45%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 45.00%
Expense Example, Heading rr_ExpenseExampleHeading Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Investment Strategy, Heading rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified portfolio of common stocks of
non-U.S. companies. The Fund may invest in non-U.S. markets throughout the
world, including emerging markets. Ordinarily, the Fund will invest in the
securities of at least five countries outside the U.S. There are no geographic
limits on the Fund's non-U.S. investments. The Fund may invest in securities of
large-, mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to sixty stocks rather than
hundreds.
Risk, Heading rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk, Narrative rr_RiskNarrativeTextBlock As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack
of sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of
dividends. These risks may be heightened in connection with investments in
issuers located in developing and emerging countries, and in issuers in more
developed countries that conduct substantial business in such developing and
emerging countries. Fluctuations in the exchange rates between currencies may
negatively affect an investment in non-U.S. securities. The Fund may hedge its
exposure to foreign currencies. Although hedging may be used to protect the Fund
from adverse currency movements, the use of such hedges may reduce or eliminate
the potentially positive effect of currency revaluations on the Fund's total
return, and there is no guarantee that the Fund's hedging strategy will be
successful.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
Risk, Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance, Narrative rr_PerformanceNarrativeTextBlock The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with those of a broad measure of market performance.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-OAKMARK
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress oakmark.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart, Narrative rr_BarChartNarrativeTextBlock Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 33.2%, during the quarter ended June 30, 2009
• Lowest quarterly return: -22.9%, during the quarter ended September 30, 2002
Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts.
Performance Table, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I.
Performance Table, Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Performance Table, Closing rr_PerformanceTableClosingTextBlock The Morgan Stanley Capital International (MSCI) World ex U.S. Index is an
unmanaged index that includes countries throughout the world, in proportion to
world stock market capitalization, but excludes U.S. companies. All returns
reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes.  Actual after-tax returns depend on an investor's tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their shares through tax-deferred arrangements, such as 401(k) plans, qualified
plans, education savings accounts or individual retirement accounts. In some
cases, the after-tax returns may exceed the return before taxes due to an
assumed tax benefit from any losses on a sale of Fund shares at the end of the
measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
Average Annual Returns, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2011
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund | MSCI World ex U.S. Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel MSCI World ex U.S. Index (does not reflect the deduction of fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (12.21%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (4.09%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.14%
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.16%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.06%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 108
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 337
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 585
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,294
Annual Return 2002 rr_AnnualReturn2002 (8.46%)
Annual Return 2003 rr_AnnualReturn2003 38.04%
Annual Return 2004 rr_AnnualReturn2004 19.09%
Annual Return 2005 rr_AnnualReturn2005 14.12%
Annual Return 2006 rr_AnnualReturn2006 30.60%
Annual Return 2007 rr_AnnualReturn2007 (0.51%)
Annual Return 2008 rr_AnnualReturn2008 (41.06%)
Annual Return 2009 rr_AnnualReturn2009 56.30%
Annual Return 2010 rr_AnnualReturn2010 16.22%
Annual Return 2011 rr_AnnualReturn2011 (14.07%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 33.20%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2002
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.90%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel International Fund - Class I Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (14.07%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (1.75%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.46%
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund | Class I | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel International Fund - Class I Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (14.06%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (2.68%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.60%
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund | Class I | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel International Fund - Class I Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (8.91%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (1.52%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.58%
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.55%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.45%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 148
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 459
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 792
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,735
Average Annual Returns, Label rr_AverageAnnualReturnLabel International Fund - Class II Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (14.38%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (2.06%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.10%

XML 16 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Jan. 27, 2012
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading OAKMARK GLOBAL FUND
Investment Objective, Heading rr_ObjectiveHeading INVESTMENT OBJECTIVE
investment Objective, Primary rr_ObjectivePrimaryTextBlock Oakmark Global Fund seeks long-term capital appreciation.
Expense, Heading rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense, Narrative rr_ExpenseNarrativeTextBlock Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 29%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 29.00%
Expense Example, Heading rr_ExpenseExampleHeading Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Investment Strategy, Heading rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified portfolio of common stocks of U.S.
and non-U.S. companies. The Fund invests in the securities of companies located
in at least three countries. Typically, the Fund invests between 25-75% of its
total assets in securities of U.S. companies and between 25-75% of its total
assets in securities of non-U.S. companies. There are no geographic limits on
the Fund's non-U.S. investments, and the Fund may invest in securities of
companies located in developed or emerging markets. The Fund may invest in the
securities of large-, mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to sixty stocks rather than
hundreds.
Risk, Heading rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk, Narrative rr_RiskNarrativeTextBlock As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack
of sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of
dividends. These risks may be heightened in connection with investments in
issuers located in developing and emerging countries, and in issuers in more
developed countries that conduct substantial business in such developing and
emerging countries. Fluctuations in the exchange rates between currencies may
negatively affect an investment in non-U.S. securities. Investments in
securities issued by entities domiciled in the United States also may be subject
to many of these risks. The Fund may hedge its exposure to foreign currencies.
Although hedging may be used to protect the Fund from adverse currency
movements, the use of such hedges may reduce or eliminate the potentially
positive effect of currency revaluations on the Fund's total return, and there
is no guarantee that the Fund's hedging strategy will be successful.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
Risk, Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance, Narrative rr_PerformanceNarrativeTextBlock The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's average
annual returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The information illustrates the volatility of the Fund's historical returns and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-OAKMARK
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress oakmark.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart, Narrative rr_BarChartNarrativeTextBlock Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 33.5%, during the quarter ended June 30, 2003
• Lowest quarterly return: -24.1%, during the quarter ended December 31, 2008
Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts.
Performance Table, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I.
Performance Table, Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown only for Class I shares.
Performance Table, Closing rr_PerformanceTableClosingTextBlock The Morgan Stanley Capital International (MSCI) World Index is an unmanaged
index that includes countries throughout the world, in proportion to world stock
market capitalization. All returns reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their shares through tax-deferred arrangements, such as 401(k) plans, qualified
plans, education savings accounts or individual retirement accounts. In some
cases, the after-tax returns may exceed the return before taxes due to an
assumed tax benefit from any losses on a sale of Fund shares at the end of the
measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
Average Annual Returns, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2011
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund | MSCI World Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel MSCI World Index (does not reflect the deduction of fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (5.54%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (2.37%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.62%
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.16%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.16%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 118
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 368
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 638
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,409
Annual Return 2002 rr_AnnualReturn2002 (2.11%)
Annual Return 2003 rr_AnnualReturn2003 48.98%
Annual Return 2004 rr_AnnualReturn2004 15.63%
Annual Return 2005 rr_AnnualReturn2005 13.23%
Annual Return 2006 rr_AnnualReturn2006 24.18%
Annual Return 2007 rr_AnnualReturn2007 7.33%
Annual Return 2008 rr_AnnualReturn2008 (38.78%)
Annual Return 2009 rr_AnnualReturn2009 40.19%
Annual Return 2010 rr_AnnualReturn2010 15.74%
Annual Return 2011 rr_AnnualReturn2011 (11.65%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 33.50%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (24.10%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel Global Fund - Class I Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (11.65%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (1.19%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.37%
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund | Class I | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Global Fund - Class I Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (11.65%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (1.66%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.80%
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund | Class I | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Global Fund - Class I Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (7.58%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (0.96%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.48%
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.55%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.55%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 158
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 490
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 845
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,845
Average Annual Returns, Label rr_AverageAnnualReturnLabel Global Fund - Class II Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (12.05%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (1.56%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.98%
XML 17 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund
OAKMARK INTERNATIONAL SMALL CAP FUND
INVESTMENT OBJECTIVE
Oakmark International Small Cap Fund seeks long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Oakmark International Small Cap Fund
Class I
Class II
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) none none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) 2.00% 2.00%
Exchange fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Oakmark International Small Cap Fund
Class I
Class II
Management fees 1.15% 1.15%
Distribution (12b-1) Fees none none
Other expenses 0.23% 0.57%
Total Annual Fund Operating Expenses 1.38% 1.72%
Example.
The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Expense Example Oakmark International Small Cap Fund (USD $)
Class I
Class II
Expense Example, With Redemption, 1 Year
140 175
Expense Example, With Redemption, 3 Years
437 542
Expense Example, With Redemption, 5 Years
755 933
Expense Example, With Redemption, 10 Years
1,657 2,030
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher  transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 46%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY
The Fund invests primarily in a diversified portfolio of common stocks of
non-U.S. companies. Under normal market conditions, the Fund invests at least
80% of its net assets (plus any borrowings for investment purposes) in the
stocks of "small cap companies." A small cap company is one whose market
capitalization is less than $5 billion at the time of investment.

The Fund may invest in non-U.S. markets throughout the world, including emerging
markets. Ordinarily, the Fund will invest in the securities of at least five
countries outside the U.S. There are no geographic limits on the Fund's non-U.S.
investments.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to seventy stocks rather than
hundreds.
PRINCIPAL INVESTMENT RISKS
As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack
of sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of
dividends. These risks may be heightened in connection with investments in
issuers located in developing and emerging countries, and in issuers in more
developed countries that conduct substantial business in such developing and
emerging countries. Fluctuations in the exchange rates between currencies may
negatively affect an investment in non-U.S. securities. The Fund may hedge its
exposure to foreign currencies. Although hedging may be used to protect the Fund
from adverse currency movements, the use of such hedges may reduce or eliminate
the potentially positive effect of currency revaluations on the Fund's total
return, and there is no guarantee that the Fund's hedging strategy will be
successful.

Small Cap Securities Risk. Investments in small cap companies may be riskier
than investments in larger, more established companies. The securities of
smaller companies may trade less frequently and in smaller volumes, and as a
result, may be less liquid than securities of larger companies. In addition,
smaller companies may be more vulnerable to economic, market and industry
changes. As a result, share price changes may be more sudden or erratic than the
prices of other equity securities, especially over the short term. Because
smaller companies may have limited product lines, markets or financial resources
or may depend on a few key employees, they may be more susceptible to particular
economic events or competitive factors than large capitalization companies.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
PERFORMANCE INFORMATION
The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with a broad measure of market performance. Updated
performance information is available at oakmark.com or by calling 1-800-OAKMARK.
Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 43.7%, during the quarter ended June 30, 2009
• Lowest quarterly return: -27.3%, during the  quarter ended December 31, 2008
Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns Oakmark International Small Cap Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Class I
International Small Cap Fund - Class I Return before taxes (16.44%) (3.28%) 9.95%
Class I After Taxes on Distributions
International Small Cap Fund - Class I Return after taxes on distributions (16.34%) (4.53%) 8.54%
Class I After Taxes on Distributions and Sales
International Small Cap Fund - Class I Return after taxes on distributions and sale of Fund shares (10.55%) (2.82%) 8.77%
Class II
International Small Cap Fund - Class II Return before taxes (16.72%) (3.52%) 9.74%
MSCI World ex U.S. Small Cap Index
MSCI World ex U.S. Small Cap Index (12.21%) (4.09%) 5.14%
The Morgan Stanley Capital International (MSCI) World ex U.S. Small Cap Index is
an unmanaged index that measures the equity market performance of small cap
companies in developed markets excluding the U.S. The Index is a free
float-adjusted market capitalization index.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
XML 18 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund
OAKMARK GLOBAL SELECT FUND
INVESTMENT OBJECTIVE
Oakmark Global Select Fund seeks long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Oakmark Global Select Fund
Class I
Class II
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) none none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) 2.00% 2.00%
Exchange fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Oakmark Global Select Fund
Class I
Class II
Management fees 1.00% 1.00%
Distribution (12b-1) Fees none none
Other expenses 0.24% 0.49%
Total Annual Fund Operating Expenses 1.24% 1.49%
Example.
The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Expense Example Oakmark Global Select Fund (USD $)
Class I
Class II
Expense Example, With Redemption, 1 Year
126 152
Expense Example, With Redemption, 3 Years
393 471
Expense Example, With Redemption, 5 Years
681 813
Expense Example, With Redemption, 10 Years
1,500 1,779
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 49%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY
The Fund invests primarily in common stocks of U.S. and non-U.S. companies. The
Fund invests in the securities of companies located in at least three countries.
The Fund is non-diversified, which means that it may invest a greater portion of
its assets in a more limited number of issuers than a diversified fund. The Fund
could own as few as twelve securities, but generally will have approximately
twenty securities in its portfolio. Typically, the Fund will invest at least 40%
of its total assets in securities of non-U.S. companies (unless Harris
Associates L.P., the Fund's investment adviser (the "Adviser"), deems market
conditions and/or company valuations less favorable to non-U.S. companies, in
which case the Fund will invest at least 30% of its total assets in securities
of non-U.S. companies). There are no geographic limits on the Fund's non-U.S.
investments, and the Fund may invest in securities of companies located in
developed or emerging markets. The Fund may invest in the securities of large-,
mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Adviser uses this value philosophy to identify companies that it believes
have discounted stock prices compared to the companies' true business values. In
assessing such companies, the Adviser looks for the following characteristics,
although not all of the companies selected will have these attributes: (1) free
cash flows and intelligent investment of excess cash; (2) earnings that are
growing and are reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.
PRINCIPAL INVESTMENT RISKS
As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack
of sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of
dividends. These risks may be heightened in connection with investments in
issuers located in developing and emerging countries, and in issuers in more
developed countries that conduct substantial business in such developing and
emerging countries. Fluctuations in the exchange rates between currencies may
negatively affect an investment in non-U.S. securities. Investments in
securities issued by entities domiciled in the United States also may be subject
to many of these risks. The Fund may hedge its exposure to foreign currencies.
Although hedging may be used to protect the Fund from adverse currency
movements, the use of such hedges may reduce or eliminate the potentially
positive effect of currency revaluations on the Fund's total return, and there
is no guarantee that the Fund's hedging strategy will be successful.

Non-Diversification Risk. A non-diversified fund may be subject to greater risk
than a diversified fund because changes in the financial condition or market
assessment of a single issuer may cause greater fluctuation in the value of a
non-diversified fund's shares. Lack of broad diversification also may cause a
non-diversified fund to be more susceptible to economic, political or regulatory
events than a diversified fund. A non-diversification strategy may increase the
Fund's volatility.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
PERFORMANCE INFORMATION
The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Since 2007, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 26.6%, during the quarter ended June 30, 2009
• Lowest quarterly return: -16.3%, during the quarter ended December 31, 2008
Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns Oakmark Global Select Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, Since Inception
Average Annual Returns, Inception Date
Class I
Global Select Fund - Class I Return before taxes (5.87%) 1.39% 2.81% Oct. 02, 2006
Class I After Taxes on Distributions
Global Select Fund - Class I Return after taxes on distributions (5.87%) 0.92% 2.35% Oct. 02, 2006
Class I After Taxes on Distributions and Sales
Global Select Fund - Class I Return after taxes on distributions and sale of Fund shares (3.82%) 0.97% 2.19% Oct. 02, 2006
MSCI World Index
MSCI World Index (does not reflect the deduction of fees, expenses or taxes) (5.54%) (2.37%) (0.78%) Oct. 02, 2006
The Morgan Stanley Capital International (MSCI) World Index is an unmanaged
index that includes countries throughout the world, in proportion to world stock
market capitalization. All returns reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
XML 19 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Jan. 27, 2012
Oakmark Fund (Prospectus Summary) | Oakmark Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading OAKMARK FUND
Investment Objective, Heading rr_ObjectiveHeading INVESTMENT OBJECTIVE
investment Objective, Primary rr_ObjectivePrimaryTextBlock Oakmark Fund seeks long-term capital appreciation.
Expense, Heading rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense, Narrative rr_ExpenseNarrativeTextBlock Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. During the most recent fiscal year, the Fund's portfolio turnover
rate was 18% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 18.00%
Expense Example, Heading rr_ExpenseExampleHeading Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Investment Strategy, Heading rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified portfolio of common stocks of U.S.
companies. The Fund may invest in the securities of large-, mid-, and
small-capitalization companies. The Fund uses a value investment philosophy in
selecting equity securities. This investment philosophy is based upon the belief
that, over time, a company's stock price converges with the company's intrinsic
or true business value. By "true business value," we mean an estimate of the
price a knowledgeable buyer would pay to acquire the entire business. We believe
that investing in securities priced significantly below their true business
value presents the best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to reflect
changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to sixty stocks rather than
hundreds.
Risk, Heading rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk, Narrative rr_RiskNarrativeTextBlock As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
Risk, Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance, Narrative rr_PerformanceNarrativeTextBlock The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's average
annual returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The information illustrates the volatility of the Fund's historical returns and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-OAKMARK
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress oakmark.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart, Narrative rr_BarChartNarrativeTextBlock Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 23.2%, during the quarter ended June 30, 2009
• Lowest quarterly return: -23.0%, during the quarter ended December 31, 2008
Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts.
Performance Table, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I.
Performance Table, Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Performance Table, Closing rr_PerformanceTableClosingTextBlock The S&P 500 Index is a widely quoted, unmanaged, market-weighted stock market
index that includes 500 of the largest companies publicly traded in the U.S. All
returns reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
Average Annual Returns, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2011
Oakmark Fund (Prospectus Summary) | Oakmark Fund | S&P 500
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel S&P 500 (does not reflect the deduction of fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.11%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (0.25%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.92%
Oakmark Fund (Prospectus Summary) | Oakmark Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption none
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.92%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.12%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.04%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 106
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 331
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 574
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,271
Annual Return 2002 rr_AnnualReturn2002 (14.41%)
Annual Return 2003 rr_AnnualReturn2003 25.30%
Annual Return 2004 rr_AnnualReturn2004 11.73%
Annual Return 2005 rr_AnnualReturn2005 (1.31%)
Annual Return 2006 rr_AnnualReturn2006 18.26%
Annual Return 2007 rr_AnnualReturn2007 (3.64%)
Annual Return 2008 rr_AnnualReturn2008 (32.61%)
Annual Return 2009 rr_AnnualReturn2009 44.77%
Annual Return 2010 rr_AnnualReturn2010 12.18%
Annual Return 2011 rr_AnnualReturn2011 1.82%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 23.20%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.00%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel Oakmark Fund - Class I Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.82%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.44%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.15%
Oakmark Fund (Prospectus Summary) | Oakmark Fund | Class I | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Oakmark Fund - Class I Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.69%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.94%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.77%
Oakmark Fund (Prospectus Summary) | Oakmark Fund | Class I | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Oakmark Fund - Class I Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.35%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.15%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.55%
Oakmark Fund (Prospectus Summary) | Oakmark Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption none
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.92%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.53%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.45%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 148
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 459
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 792
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,735
Average Annual Returns, Label rr_AverageAnnualReturnLabel Oakmark Fund - Class II Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.45%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.12%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.83%
XML 20 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Oakmark Fund (Prospectus Summary) | Oakmark Fund
OAKMARK FUND
INVESTMENT OBJECTIVE
Oakmark Fund seeks long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Oakmark Fund
Class I
Class II
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) none none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) none none
Exchange fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Oakmark Fund
Class I
Class II
Management fees 0.92% 0.92%
Distribution (12b-1) Fees none none
Other expenses 0.12% 0.53%
Total Annual Fund Operating Expenses 1.04% 1.45%
Example.
The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Expense Example Oakmark Fund (USD $)
Class I
Class II
Expense Example, With Redemption, 1 Year
106 148
Expense Example, With Redemption, 3 Years
331 459
Expense Example, With Redemption, 5 Years
574 792
Expense Example, With Redemption, 10 Years
1,271 1,735
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected
in Annual Fund Operating Expenses or in the Example, affect the Fund's
performance. During the most recent fiscal year, the Fund's portfolio turnover
rate was 18% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY
The Fund invests primarily in a diversified portfolio of common stocks of U.S.
companies. The Fund may invest in the securities of large-, mid-, and
small-capitalization companies. The Fund uses a value investment philosophy in
selecting equity securities. This investment philosophy is based upon the belief
that, over time, a company's stock price converges with the company's intrinsic
or true business value. By "true business value," we mean an estimate of the
price a knowledgeable buyer would pay to acquire the entire business. We believe
that investing in securities priced significantly below their true business
value presents the best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to reflect
changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to sixty stocks rather than
hundreds.
PRINCIPAL INVESTMENT RISKS
As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
PERFORMANCE INFORMATION
The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's average
annual returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 23.2%, during the quarter ended June 30, 2009
• Lowest quarterly return: -23.0%, during the quarter ended December 31, 2008
Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns Oakmark Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Class I
Oakmark Fund - Class I Return before taxes 1.82% 1.44% 4.15%
Class I After Taxes on Distributions
Oakmark Fund - Class I Return after taxes on distributions 1.69% 0.94% 3.77%
Class I After Taxes on Distributions and Sales
Oakmark Fund - Class I Return after taxes on distributions and sale of Fund shares 1.35% 1.15% 3.55%
Class II
Oakmark Fund - Class II Return before taxes 1.45% 1.12% 3.83%
S&P 500
S&P 500 (does not reflect the deduction of fees, expenses or taxes) 2.11% (0.25%) 2.92%
The S&P 500 Index is a widely quoted, unmanaged, market-weighted stock market
index that includes 500 of the largest companies publicly traded in the U.S. All
returns reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
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Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Jan. 27, 2012
Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading OAKMARK EQUITY AND INCOME FUND
Investment Objective, Heading rr_ObjectiveHeading INVESTMENT OBJECTIVE
investment Objective, Primary rr_ObjectivePrimaryTextBlock Oakmark Equity and Income Fund seeks income and preservation and growth of
capital.
Expense, Heading rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense, Narrative rr_ExpenseNarrativeTextBlock Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 47%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 47.00%
Expense Example, Heading rr_ExpenseExampleHeading Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Investment Strategy, Heading rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified portfolio of U.S. equity and debt
securities (although the Fund may invest up to 35% of its total assets in equity
and debt securities of non-U.S. issuers). The Fund is intended to present a
balanced investment program between growth and income by investing approximately
40-75% of its total assets in common stock, including securities convertible
into common stock, and up to 60% of its assets in U.S. government securities and
debt securities rated at time of purchase within the two highest grades assigned
by Moody's Investors Service, Inc. or by Standard & Poor's Corporation Ratings
Group, a division of The McGraw-Hill Companies. The Fund also may invest up to
20% of its assets in unrated or lower rated debt securities, sometimes called
junk bonds. The types of equity securities in which the Fund may invest include
common and preferred stocks and warrants or other similar rights and convertible
securities. The types of debt securities in which the Fund may invest include
debt securities of both governmental and corporate issuers. The Fund may invest
in the securities of large-, mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy-Equity Portion of the Fund:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to sixty stocks rather than
hundreds.
Risk, Heading rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk, Narrative rr_RiskNarrativeTextBlock As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and conditions,
and securities markets also tend to move in cycles. If there is a general decline
in the securities markets, it is possible your investment may lose value regardless
of the individual results of the companies in which the Fund invests. The
magnitude of up and down price or market fluctuations over time is sometimes
referred to as "volatility," which, at times, can be significant. In addition,
different asset classes and geographic markets may experience periods of
significant correlation with each other. As a result of this correlation, the
securities and markets in which the Fund invests may experience volatility due
to market, economic, political or social events and conditions that may not
readily appear to directly relate to such securities, the securities' issuer or
the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Debt Securities Risk. Debt securities are subject to credit risk, interest rate
risk and liquidity risk. Credit risk is the risk the issuer or guarantor of a
debt security will be unable or unwilling to make timely payments of interest or
principal or to otherwise honor its obligations. Interest rate risk is the risk
of losses due to changes in interest rates. In general, the prices of debt
securities rise when interest rates fall, and the prices fall when interest
rates rise. Liquidity risk is the risk a particular security may be difficult to
purchase or sell and that the Fund may be unable to sell illiquid securities
at an advantageous time or price. The Fund's investments in
government-sponsored entity securities also exhibit these risks, although the
degree of such risks may vary significantly among the different
government-sponsored entity securities. Some securities issued or guaranteed by
U.S. government agencies or instrumentalities are not backed by the full faith
and credit of the U.S. and may only be supported by the right of the agency or
instrumentality to borrow from the U.S. Treasury. There can be no assurance that
the U.S. government will always provide financial support to those agencies or
instrumentalities. Foreign sovereign debt instruments are subject to the risk
that a governmental entity may delay or refuse to pay interest or repay
principal on its sovereign debt. There is no legal process for collecting
sovereign debt that a government does not pay, nor are there bankruptcy
proceedings through which all or part of the sovereign debt that a government
entity has not repaid may be collected.

Inflation-Indexed Securities Risk. The principal value of an investment is not
protected or otherwise guaranteed by virtue of the Fund's investments in
inflation-indexed bonds. If the index measuring inflation falls, the principal
value of inflation-indexed bonds will be adjusted downward, and consequently the
interest payable on these securities (calculated with respect to a smaller
principal amount) will be reduced.

Repayment of the original bond principal upon maturity (as adjusted for
inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds.
For bonds that do not provide a similar guarantee, the adjusted principal value
of the bond repaid at maturity may be less than the original principal value.

The value of inflation-indexed bonds is expected to change in response to
changes in real interest rates. Real interest rates are tied to the relationship
between nominal interest rates and the rate of inflation. If nominal interest
rates increase at a faster rate than inflation, real interest rates may rise,
leading to a decrease in value of inflation indexed bonds. Short-term increases
in inflation may lead to a decline in value. Any increase in the principal
amount of an inflation-indexed bond will be considered taxable ordinary income,
even though investors do not receive their principal until maturity.

Periodic adjustments for inflation to the principal amount of an
inflation-indexed bond may give rise to original issue discount, which will be
includable in the Fund's gross income. Due to original issue discount, the Fund
may be required to make annual distributions to shareholders that exceed the
cash received, which may cause the Fund to liquidate certain investments when it
is not advantageous to do so. Also, if the principal value of an
inflation-indexed bond is adjusted downward due to deflation, amounts previously
distributed in the taxable year may be characterized in some circumstances as a
return of capital.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack of
sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of dividends.
These risks may be heightened in connection with investments in issuers located
in developing and emerging countries, and in issuers in more developed countries
that conduct substantial business in such developing and emerging countries.
Fluctuations in the exchange rates between currencies may negatively affect an
investment in non-U.S. securities. Investments in securities issued by entities
domiciled in the United States also may be subject to many of these risks.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
Risk, Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance, Narrative rr_PerformanceNarrativeTextBlock The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with those of a broad measure of market performance.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-OAKMARK
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress oakmark.com
Bar Chart, Heading rr_BarChartHeading Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart, Narrative rr_BarChartNarrativeTextBlock Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 13.2%, during the quarter ended June 30, 2003
• Lowest quarterly return: -12.8%, during the quarter ended Septebmer 30, 2011
Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts.
Performance Table, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I.
Performance Table, Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Performance Table, Closing rr_PerformanceTableClosingTextBlock Lipper Balanced Fund Index is an index of thirty balanced funds. All returns
reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
Average Annual Returns, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2011
Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund | Lipper Balanced Fund Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Lipper Balanced Fund Index (does not reflect the deduction of fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.74%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.80%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 4.13%
Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption none
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.67%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.10%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.77%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 79
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 246
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 428
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 954
Annual Return 2002 rr_AnnualReturn2002 (2.14%)
Annual Return 2003 rr_AnnualReturn2003 23.21%
Annual Return 2004 rr_AnnualReturn2004 10.36%
Annual Return 2005 rr_AnnualReturn2005 8.60%
Annual Return 2006 rr_AnnualReturn2006 10.82%
Annual Return 2007 rr_AnnualReturn2007 11.97%
Annual Return 2008 rr_AnnualReturn2008 (16.18%)
Annual Return 2009 rr_AnnualReturn2009 19.84%
Annual Return 2010 rr_AnnualReturn2010 9.50%
Annual Return 2011 rr_AnnualReturn2011 0.64%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.20%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (12.80%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel Equity and Income Fund - Class I Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.64%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.39%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.10%
Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund | Class I | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Equity and Income Fund - Class I Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.15%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.77%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.48%
Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund | Class I | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Equity and Income Fund - Class I Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.99%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.63%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.06%
Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption none
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.67%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.42%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.09%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 111
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 347
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 601
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,329
Average Annual Returns, Label rr_AverageAnnualReturnLabel Equity and Income Fund - Class II Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 0.27%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.04%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.78%
XML 24 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Jan. 27, 2012
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading OAKMARK GLOBAL SELECT FUND
Investment Objective, Heading rr_ObjectiveHeading INVESTMENT OBJECTIVE
investment Objective, Primary rr_ObjectivePrimaryTextBlock Oakmark Global Select Fund seeks long-term capital appreciation.
Expense, Heading rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense, Narrative rr_ExpenseNarrativeTextBlock Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 49%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 49.00%
Expense Example, Heading rr_ExpenseExampleHeading Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Investment Strategy, Heading rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock The Fund invests primarily in common stocks of U.S. and non-U.S. companies. The
Fund invests in the securities of companies located in at least three countries.
The Fund is non-diversified, which means that it may invest a greater portion of
its assets in a more limited number of issuers than a diversified fund. The Fund
could own as few as twelve securities, but generally will have approximately
twenty securities in its portfolio. Typically, the Fund will invest at least 40%
of its total assets in securities of non-U.S. companies (unless Harris
Associates L.P., the Fund's investment adviser (the "Adviser"), deems market
conditions and/or company valuations less favorable to non-U.S. companies, in
which case the Fund will invest at least 30% of its total assets in securities
of non-U.S. companies). There are no geographic limits on the Fund's non-U.S.
investments, and the Fund may invest in securities of companies located in
developed or emerging markets. The Fund may invest in the securities of large-,
mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Adviser uses this value philosophy to identify companies that it believes
have discounted stock prices compared to the companies' true business values. In
assessing such companies, the Adviser looks for the following characteristics,
although not all of the companies selected will have these attributes: (1) free
cash flows and intelligent investment of excess cash; (2) earnings that are
growing and are reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.
Risk, Heading rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk, Narrative rr_RiskNarrativeTextBlock As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack
of sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of
dividends. These risks may be heightened in connection with investments in
issuers located in developing and emerging countries, and in issuers in more
developed countries that conduct substantial business in such developing and
emerging countries. Fluctuations in the exchange rates between currencies may
negatively affect an investment in non-U.S. securities. Investments in
securities issued by entities domiciled in the United States also may be subject
to many of these risks. The Fund may hedge its exposure to foreign currencies.
Although hedging may be used to protect the Fund from adverse currency
movements, the use of such hedges may reduce or eliminate the potentially
positive effect of currency revaluations on the Fund's total return, and there
is no guarantee that the Fund's hedging strategy will be successful.

Non-Diversification Risk. A non-diversified fund may be subject to greater risk
than a diversified fund because changes in the financial condition or market
assessment of a single issuer may cause greater fluctuation in the value of a
non-diversified fund's shares. Lack of broad diversification also may cause a
non-diversified fund to be more susceptible to economic, political or regulatory
events than a diversified fund. A non-diversification strategy may increase the
Fund's volatility.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
Risk, Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Nondiversified Status rr_RiskNondiversifiedStatus A non-diversified fund may be subject to greater risk than a diversified fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of a non-diversified fund's shares. Lack of broad diversification also may cause a non-diversified fund to be more susceptible to economic, political or regulatory events than a diversified fund. A non-diversification strategy may increase the Fund's volatility.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance, Narrative rr_PerformanceNarrativeTextBlock The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with those of a broad measure of market performance.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-OAKMARK
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress oakmark.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart, Narrative rr_BarChartNarrativeTextBlock Since 2007, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 26.6%, during the quarter ended June 30, 2009
• Lowest quarterly return: -16.3%, during the quarter ended December 31, 2008
Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts.
Performance Table, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I.
Performance Table, Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Performance Table, Closing rr_PerformanceTableClosingTextBlock The Morgan Stanley Capital International (MSCI) World Index is an unmanaged
index that includes countries throughout the world, in proportion to world stock
market capitalization. All returns reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
Average Annual Returns, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2011
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund | MSCI World Index
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel MSCI World Index (does not reflect the deduction of fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (5.54%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (2.37%)
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception (0.78%)
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 02, 2006
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.24%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.24%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 126
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 393
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 681
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,500
Annual Return 2007 rr_AnnualReturn2007 (1.16%)
Annual Return 2008 rr_AnnualReturn2008 (32.49%)
Annual Return 2009 rr_AnnualReturn2009 53.58%
Annual Return 2010 rr_AnnualReturn2010 11.06%
Annual Return 2011 rr_AnnualReturn2011 (5.87%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 26.60%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (16.30%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel Global Select Fund - Class I Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (5.87%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 1.39%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.81%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 02, 2006
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund | Class I | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Global Select Fund - Class I Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (5.87%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.92%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.35%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 02, 2006
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund | Class I | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Global Select Fund - Class I Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 (3.82%)
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 0.97%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 2.19%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Oct. 02, 2006
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 1.00%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.49%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.49%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 152
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 471
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 813
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,779
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XML 26 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 30, 2011
Registrant Name dei_EntityRegistrantName HARRIS ASSOCIATES INVESTMENT TRUST
Central Index Key dei_EntityCentralIndexKey 0000872323
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Jan. 27, 2012
Document Effective Date dei_DocumentEffectiveDate Jan. 27, 2012
Oakmark Fund (Prospectus Summary) | Oakmark Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OAKMX
Oakmark Fund (Prospectus Summary) | Oakmark Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OARMX
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OAKLX
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OARLX
Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OAKBX
Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OARBX
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OAKGX
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OARGX
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OAKWX
Oakmark Global Select Fund (Prospectus Summary) | Oakmark Global Select Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OARWX
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OAKIX
Oakmark International Fund (Prospectus Summary) | Oakmark International Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OARIX
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OAKEX
Oakmark International Small Cap Fund (Prospectus Summary) | Oakmark International Small Cap Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol OAREX
XML 27 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Oakmark Global Fund (Prospectus Summary) | Oakmark Global Fund
OAKMARK GLOBAL FUND
INVESTMENT OBJECTIVE
Oakmark Global Fund seeks long-term capital appreciation.
FEES AND EXPENSES OF THE FUND
Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Oakmark Global Fund
Class I
Class II
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) none none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) 2.00% 2.00%
Exchange fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Oakmark Global Fund
Class I
Class II
Management fees 1.00% 1.00%
Distribution (12b-1) Fees none none
Other expenses 0.16% 0.55%
Total Annual Fund Operating Expenses 1.16% 1.55%
Example.
The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Expense Example Oakmark Global Fund (USD $)
Class I
Class II
Expense Example, With Redemption, 1 Year
118 158
Expense Example, With Redemption, 3 Years
368 490
Expense Example, With Redemption, 5 Years
638 845
Expense Example, With Redemption, 10 Years
1,409 1,845
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 29%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY
The Fund invests primarily in a diversified portfolio of common stocks of U.S.
and non-U.S. companies. The Fund invests in the securities of companies located
in at least three countries. Typically, the Fund invests between 25-75% of its
total assets in securities of U.S. companies and between 25-75% of its total
assets in securities of non-U.S. companies. There are no geographic limits on
the Fund's non-U.S. investments, and the Fund may invest in securities of
companies located in developed or emerging markets. The Fund may invest in the
securities of large-, mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to sixty stocks rather than
hundreds.
PRINCIPAL INVESTMENT RISKS
As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack
of sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of
dividends. These risks may be heightened in connection with investments in
issuers located in developing and emerging countries, and in issuers in more
developed countries that conduct substantial business in such developing and
emerging countries. Fluctuations in the exchange rates between currencies may
negatively affect an investment in non-U.S. securities. Investments in
securities issued by entities domiciled in the United States also may be subject
to many of these risks. The Fund may hedge its exposure to foreign currencies.
Although hedging may be used to protect the Fund from adverse currency
movements, the use of such hedges may reduce or eliminate the potentially
positive effect of currency revaluations on the Fund's total return, and there
is no guarantee that the Fund's hedging strategy will be successful.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
PERFORMANCE INFORMATION
The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's average
annual returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 33.5%, during the quarter ended June 30, 2003
• Lowest quarterly return: -24.1%, during the quarter ended December 31, 2008
Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns Oakmark Global Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Class I
Global Fund - Class I Return before taxes (11.65%) (1.19%) 8.37%
Class I After Taxes on Distributions
Global Fund - Class I Return after taxes on distributions (11.65%) (1.66%) 7.80%
Class I After Taxes on Distributions and Sales
Global Fund - Class I Return after taxes on distributions and sale of Fund shares (7.58%) (0.96%) 7.48%
Class II
Global Fund - Class II Return before taxes (12.05%) (1.56%) 7.98%
MSCI World Index
MSCI World Index (does not reflect the deduction of fees, expenses or taxes) (5.54%) (2.37%) 3.62%
The Morgan Stanley Capital International (MSCI) World Index is an unmanaged
index that includes countries throughout the world, in proportion to world stock
market capitalization. All returns reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who hold
their shares through tax-deferred arrangements, such as 401(k) plans, qualified
plans, education savings accounts or individual retirement accounts. In some
cases, the after-tax returns may exceed the return before taxes due to an
assumed tax benefit from any losses on a sale of Fund shares at the end of the
measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
XML 28 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk Return [Abstract] rr_RiskReturnAbstract  
ProspectusDate rr_ProspectusDate Jan. 27, 2012
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading OAKMARK SELECT FUND
Investment Objective, Heading rr_ObjectiveHeading INVESTMENT OBJECTIVE
investment Objective, Primary rr_ObjectivePrimaryTextBlock Oakmark Select Fund seeks long-term capital appreciation.
Expense, Heading rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense, Narrative rr_ExpenseNarrativeTextBlock Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees, Caption rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses, Caption rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover, Heading rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 16%
of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
Expense Example, Heading rr_ExpenseExampleHeading Example.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Expense Example, By Year, Caption rr_ExpenseExampleByYearCaption Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Investment Strategy, Heading rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock The Fund invests primarily in common stocks of U.S. companies. The Fund is
non-diversified, which means that it may invest a greater portion of its assets
in a more limited number of issuers than a diversified fund. The Fund could own
as few as twelve securities, but generally will have approximately twenty
securities in its portfolio. The Fund may invest in the securities of large-,
mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.
Risk, Heading rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk, Narrative rr_RiskNarrativeTextBlock As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and
conditions, and securities markets also tend to move in cycles. If there is a
general decline in the securities markets, it is possible your investment may
lose value regardless of the individual results of the companies in which the
Fund invests. The magnitude of up and down price or market fluctuations over
time is sometimes referred to as "volatility," which, at times, can be
significant. In addition, different asset classes and geographic markets may
experience periods of significant correlation with each other. As a result of
this correlation, the securities and markets in which the Fund invests may
experience volatility due to market, economic, political or social events and
conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Non-Diversification Risk. A non-diversified fund may be subject to greater risk
than a diversified fund because changes in the financial condition or market
assessment of a single issuer may cause greater fluctuation in the value of a
non-diversified fund's shares. Lack of broad diversification also may cause a
non-diversified fund to be more susceptible to economic, political or regulatory
events than a diversified fund. A non-diversification strategy may increase the
Fund's volatility.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
Risk, Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Nondiversified Status rr_RiskNondiversifiedStatus A non-diversified fund may be subject to greater risk than a diversified fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of a non-diversified fund's shares. Lack of broad diversification also may cause a non-diversified fund to be more susceptible to economic, political or regulatory events than a diversified fund. A non-diversification strategy may increase the Fund's volatility.
Risk, Not Insured Depository Institution rr_RiskNotInsuredDepositoryInstitution Your investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading PERFORMANCE INFORMATION
Performance, Narrative rr_PerformanceNarrativeTextBlock The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The information illustrates the volatility of the Fund's historical returns and shows how the Fund's annual average returns compare with those of a broad measure of market performance.
Performance, Availability Phone Number rr_PerformanceAvailabilityPhone 1-800-OAKMARK
Performance, Availability Website Address rr_PerformanceAvailabilityWebSiteAddress oakmark.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes), as provided by the bar chart and performance table that follow, is not an indication of how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart, Narrative rr_BarChartNarrativeTextBlock Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 25.7%, during the quarter ended June 30, 2009
• Lowest quarterly return: -20.2%, during the quarter ended December 31, 2008
Performance Table, Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table, Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans, qualified plans, education savings accounts or individual retirement accounts.
Performance Table, One Class of after Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class I shares. After-tax returns for Class II shares will vary from returns shown for Class I.
Performance Table, Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
Performance Table, Closing rr_PerformanceTableClosingTextBlock The S&P 500 Index is a widely quoted, unmanaged, market-weighted stock market
index that includes 500 of the largest companies publicly traded in the U.S. All
returns reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
Average Annual Returns, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2011
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund | S&P 500
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel S&P 500 (does not reflect the deduction of fees, expenses or taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.11%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (0.25%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 2.92%
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund | Class I
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption none
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.94%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.13%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.07%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 109
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 340
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 590
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,306
Annual Return 2002 rr_AnnualReturn2002 (12.47%)
Annual Return 2003 rr_AnnualReturn2003 29.00%
Annual Return 2004 rr_AnnualReturn2004 9.73%
Annual Return 2005 rr_AnnualReturn2005 4.84%
Annual Return 2006 rr_AnnualReturn2006 13.60%
Annual Return 2007 rr_AnnualReturn2007 (14.04%)
Annual Return 2008 rr_AnnualReturn2008 (36.22%)
Annual Return 2009 rr_AnnualReturn2009 52.46%
Annual Return 2010 rr_AnnualReturn2010 13.24%
Annual Return 2011 rr_AnnualReturn2011 2.15%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 25.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.20%)
Average Annual Returns, Label rr_AverageAnnualReturnLabel Select Fund - Class I Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.15%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (0.67%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.62%
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund | Class I | After Taxes on Distributions
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Select Fund - Class I Return after taxes on distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 2.12%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (1.09%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.12%
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund | Class I | After Taxes on Distributions and Sales
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Average Annual Returns, Label rr_AverageAnnualReturnLabel Select Fund - Class I Return after taxes on distributions and sale of Fund shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.44%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (0.61%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.11%
Oakmark Select Fund (Prospectus Summary) | Oakmark Select Fund | Class II
 
Risk Return [Abstract] rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) rr_RedemptionFeeOverRedemption none
Exchange fee rr_ExchangeFeeOverRedemption none
Management fees rr_ManagementFeesOverAssets 0.94%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.44%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.38%
Expense Example, With Redemption, 1 Year rr_ExpenseExampleYear01 140
Expense Example, With Redemption, 3 Years rr_ExpenseExampleYear03 437
Expense Example, With Redemption, 5 Years rr_ExpenseExampleYear05 755
Expense Example, With Redemption, 10 Years rr_ExpenseExampleYear10 1,657
Average Annual Returns, Label rr_AverageAnnualReturnLabel Select Fund - Class II Return before taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 1.82%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 (0.92%)
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.34%
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Oakmark Equity and Income Fund (Prospectus Summary) | Oakmark Equity and Income Fund
OAKMARK EQUITY AND INCOME FUND
INVESTMENT OBJECTIVE
Oakmark Equity and Income Fund seeks income and preservation and growth of
capital.
FEES AND EXPENSES OF THE FUND
Below are the fees and expenses that you would pay if you buy and hold shares of
the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees Oakmark Equity and Income Fund
Class I
Class II
Maximum sales charge (load) imposed on purchases none none
Maximum deferred sales charge (load) none none
Redemption fee (as a percentage of amount redeemed on shares held for 90 days or less) none none
Exchange fee none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses Oakmark Equity and Income Fund
Class I
Class II
Management fees 0.67% 0.67%
Distribution (12b-1) Fees none none
Other expenses 0.10% 0.42%
Total Annual Fund Operating Expenses 0.77% 1.09%
Example.
The Example is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same.
Although your actual returns and costs may be higher or lower, based on these assumptions your expenses would be:
Expense Example Oakmark Equity and Income Fund (USD $)
Class I
Class II
Expense Example, With Redemption, 1 Year
79 111
Expense Example, With Redemption, 3 Years
246 347
Expense Example, With Redemption, 5 Years
428 601
Expense Example, With Redemption, 10 Years
954 1,329
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
Annual Fund Operating Expenses or in the Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 47%
of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGY
The Fund invests primarily in a diversified portfolio of U.S. equity and debt
securities (although the Fund may invest up to 35% of its total assets in equity
and debt securities of non-U.S. issuers). The Fund is intended to present a
balanced investment program between growth and income by investing approximately
40-75% of its total assets in common stock, including securities convertible
into common stock, and up to 60% of its assets in U.S. government securities and
debt securities rated at time of purchase within the two highest grades assigned
by Moody's Investors Service, Inc. or by Standard & Poor's Corporation Ratings
Group, a division of The McGraw-Hill Companies. The Fund also may invest up to
20% of its assets in unrated or lower rated debt securities, sometimes called
junk bonds. The types of equity securities in which the Fund may invest include
common and preferred stocks and warrants or other similar rights and convertible
securities. The types of debt securities in which the Fund may invest include
debt securities of both governmental and corporate issuers. The Fund may invest
in the securities of large-, mid-, and small-capitalization companies.

The Fund uses a value investment philosophy in selecting equity securities. This
investment philosophy is based upon the belief that, over time, a company's
stock price converges with the company's intrinsic or true business value. By
"true business value," we mean an estimate of the price a knowledgeable buyer
would pay to acquire the entire business. We believe that investing in
securities priced significantly below their true business value presents the
best opportunity to achieve the Fund's investment objective.

The Fund's investment adviser, Harris Associates L.P. (the "Adviser"), uses this
value philosophy to identify companies that it believes have discounted stock
prices compared to the companies' true business values. In assessing such
companies, the Adviser looks for the following characteristics, although not all
of the companies selected will have these attributes: (1) free cash flows and
intelligent investment of excess cash; (2) earnings that are growing and are
reasonably predictable; and (3) high level of manager ownership.

Key Tenets of the Oakmark Investment Philosophy-Equity Portion of the Fund:

1. Buy businesses that are trading at a significant discount to the Adviser's
estimate of the company's intrinsic value. At the time the Adviser buys a
company, the Adviser wants the company's stock to be inexpensive relative to
what it believes the entire business is worth.

2. Invest with companies expected to grow shareholder value over time. Value
investors can sometimes fall into the trap of buying a stock that is inexpensive
for a reason-because the company just does not grow. The Adviser looks for good
quality, growing businesses with positive free cash flow and intelligent
investment of cash.

3. Invest with management teams that think and act as owners. The Adviser seeks
out companies with management teams that understand the dynamics of per share
value growth and are focused on achieving such growth. Stock ownership and
incentives that align managements' interests with those of shareholders are key
components of this analysis.

In making its investment decisions, the Adviser uses a "bottom-up" approach
focused on individual companies, rather than focusing on specific economic
factors or specific industries. In order to select investments that meet the
criteria described above, the Adviser uses independent, in-house research to
analyze each company. As part of this selection process, the Adviser's analysts
typically visit companies and conduct other research on the companies and their
industries.

Once the Adviser determines that a stock is selling at a significant discount
and that the company has the additional qualities mentioned above, the Adviser
may consider buying that stock for the Fund. The Adviser usually sells a stock
when the price approaches its estimated worth. This means the Adviser sets
specific "buy" and "sell" targets for each stock held by the Fund. The Adviser
also monitors each holding and adjusts those price targets as warranted to
reflect changes in a company's fundamentals.

The Adviser believes that holding a relatively small number of stocks allows its
"best ideas" to have a meaningful impact on the Fund's performance. Therefore,
the Fund's portfolio typically holds thirty to sixty stocks rather than
hundreds.
PRINCIPAL INVESTMENT RISKS
As an investor in the Fund, you should have a long-term perspective and be able
to tolerate potentially wide fluctuations in the value of your Fund shares. Your
investment in the Fund is subject to risks, including the possibility that the
value of the Fund's portfolio holdings may fluctuate in response to events
specific to the companies in which the Fund invests, as well as economic,
political or social events in the U.S. or abroad. As a result, when you redeem
your Fund shares, they may be worth more or less than you paid for them.

Although the Fund makes every effort to achieve its objective, it cannot
guarantee it will attain that objective. The principal risks of investing in the
Fund are:

Market Risk. The Fund is subject to market risk-the risk that securities markets
and individual securities will increase or decrease in value. Market risk
applies to every market and every security. Security prices may fluctuate widely
over short or extended periods in response to market or economic news and conditions,
and securities markets also tend to move in cycles. If there is a general decline
in the securities markets, it is possible your investment may lose value regardless
of the individual results of the companies in which the Fund invests. The
magnitude of up and down price or market fluctuations over time is sometimes
referred to as "volatility," which, at times, can be significant. In addition,
different asset classes and geographic markets may experience periods of
significant correlation with each other. As a result of this correlation, the
securities and markets in which the Fund invests may experience volatility due
to market, economic, political or social events and conditions that may not
readily appear to directly relate to such securities, the securities' issuer or
the markets in which they trade.

Common Stock Risk. Common stocks are subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company's
business performance, investor perceptions, stock market trends and general
economic conditions. The rights of common stockholders are subordinate to all
other claims on a company's assets including debt holders and preferred
stockholders; therefore, the Fund could lose money if a company in which it
invests becomes financially distressed.

Focused Portfolio Risk. The Fund's portfolio tends to be invested in a
relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held by the Fund will have a greater impact on the Fund's
net asset value than it would if the Fund invested in a larger number of
securities. Although that strategy has the potential to generate attractive
returns over time, it also increases the Fund's volatility.

Small and Mid Cap Securities Risk. Investments in small and mid cap companies
may be riskier than investments in larger, more established companies. The
securities of smaller companies may trade less frequently and in smaller
volumes, and as a result, may be less liquid than securities of larger
companies. In addition, smaller companies may be more vulnerable to economic,
market and industry changes. As a result, share price changes may be more sudden
or erratic than the prices of other equity securities, especially over the short
term. Because smaller companies may have limited product lines, markets or
financial resources or may depend on a few key employees, they may be more
susceptible to particular economic events or competitive factors than large
capitalization companies.

Value Style Risk. Investing in "value" stocks presents the risk that the stocks
may never reach what the Adviser believes are their full market values, either
because the market fails to recognize what the Adviser considers to be the
companies' true business values or because the Adviser misjudged those values.
In addition, value stocks may fall out of favor with investors and underperform
growth stocks during given periods.

Debt Securities Risk. Debt securities are subject to credit risk, interest rate
risk and liquidity risk. Credit risk is the risk the issuer or guarantor of a
debt security will be unable or unwilling to make timely payments of interest or
principal or to otherwise honor its obligations. Interest rate risk is the risk
of losses due to changes in interest rates. In general, the prices of debt
securities rise when interest rates fall, and the prices fall when interest
rates rise. Liquidity risk is the risk a particular security may be difficult to
purchase or sell and that the Fund may be unable to sell illiquid securities
at an advantageous time or price. The Fund's investments in
government-sponsored entity securities also exhibit these risks, although the
degree of such risks may vary significantly among the different
government-sponsored entity securities. Some securities issued or guaranteed by
U.S. government agencies or instrumentalities are not backed by the full faith
and credit of the U.S. and may only be supported by the right of the agency or
instrumentality to borrow from the U.S. Treasury. There can be no assurance that
the U.S. government will always provide financial support to those agencies or
instrumentalities. Foreign sovereign debt instruments are subject to the risk
that a governmental entity may delay or refuse to pay interest or repay
principal on its sovereign debt. There is no legal process for collecting
sovereign debt that a government does not pay, nor are there bankruptcy
proceedings through which all or part of the sovereign debt that a government
entity has not repaid may be collected.

Inflation-Indexed Securities Risk. The principal value of an investment is not
protected or otherwise guaranteed by virtue of the Fund's investments in
inflation-indexed bonds. If the index measuring inflation falls, the principal
value of inflation-indexed bonds will be adjusted downward, and consequently the
interest payable on these securities (calculated with respect to a smaller
principal amount) will be reduced.

Repayment of the original bond principal upon maturity (as adjusted for
inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds.
For bonds that do not provide a similar guarantee, the adjusted principal value
of the bond repaid at maturity may be less than the original principal value.

The value of inflation-indexed bonds is expected to change in response to
changes in real interest rates. Real interest rates are tied to the relationship
between nominal interest rates and the rate of inflation. If nominal interest
rates increase at a faster rate than inflation, real interest rates may rise,
leading to a decrease in value of inflation indexed bonds. Short-term increases
in inflation may lead to a decline in value. Any increase in the principal
amount of an inflation-indexed bond will be considered taxable ordinary income,
even though investors do not receive their principal until maturity.

Periodic adjustments for inflation to the principal amount of an
inflation-indexed bond may give rise to original issue discount, which will be
includable in the Fund's gross income. Due to original issue discount, the Fund
may be required to make annual distributions to shareholders that exceed the
cash received, which may cause the Fund to liquidate certain investments when it
is not advantageous to do so. Also, if the principal value of an
inflation-indexed bond is adjusted downward due to deflation, amounts previously
distributed in the taxable year may be characterized in some circumstances as a
return of capital.

Non-U.S. Securities Risk. Investments in securities issued by entities based
outside the United States involve risks relating to political, social and
economic developments abroad, as well as risks resulting from the differences
between the regulations to which U.S. and non-U.S. issuers and markets are
subject. These risks may result in the Fund experiencing rapid and extreme value
changes due to currency controls; different accounting, auditing, financial
reporting, and legal standards and practices; political and diplomatic changes
and developments; expropriation; changes in tax policy; a lack of available
public information regarding non-U.S. issuers; greater market volatility; a lack of
sufficient market liquidity; differing securities market structures; higher
transaction costs; and various administrative difficulties, such as delays in
clearing and settling portfolio transactions or in receiving payment of dividends.
These risks may be heightened in connection with investments in issuers located
in developing and emerging countries, and in issuers in more developed countries
that conduct substantial business in such developing and emerging countries.
Fluctuations in the exchange rates between currencies may negatively affect an
investment in non-U.S. securities. Investments in securities issued by entities
domiciled in the United States also may be subject to many of these risks.

Your investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. You may lose money by investing in the Fund. The likelihood of loss may
be greater if you invest for a shorter period of time.
PERFORMANCE INFORMATION
The Fund's past performance (before and after taxes), as provided by the bar
chart and performance table that follow, is not an indication of how the Fund
will perform in the future. This information can help you evaluate the potential
risk and reward of investing in the Fund by showing changes in the performance
of the Fund's Class I Shares from year to year. The information illustrates the
volatility of the Fund's historical returns and shows how the Fund's annual
average returns compare with those of a broad measure of market performance.
Updated performance information is available at oakmark.com or by calling
1-800-OAKMARK.
Since 2002, the highest and lowest quarterly returns for the Fund's Class I Shares were:
• Highest quarterly return: 13.2%, during the quarter ended June 30, 2003
• Lowest quarterly return: -12.8%, during the quarter ended Septebmer 30, 2011
Class I Shares Total Returns for Years Ended December 31 (%)
Bar Chart
Average Annual Total Returns for Periods Ended December 31, 2011
Average Annual Total Returns Oakmark Equity and Income Fund
Average Annual Returns, Label
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Class I
Equity and Income Fund - Class I Return before taxes 0.64% 4.39% 7.10%
Class I After Taxes on Distributions
Equity and Income Fund - Class I Return after taxes on distributions 0.15% 3.77% 6.48%
Class I After Taxes on Distributions and Sales
Equity and Income Fund - Class I Return after taxes on distributions and sale of Fund shares 0.99% 3.63% 6.06%
Class II
Equity and Income Fund - Class II Return before taxes 0.27% 4.04% 6.78%
Lipper Balanced Fund Index
Lipper Balanced Fund Index (does not reflect the deduction of fees, expenses or taxes) 0.74% 1.80% 4.13%
Lipper Balanced Fund Index is an index of thirty balanced funds. All returns
reflect reinvested dividends.

After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. Actual after-tax returns depend on an investor's tax situation and may
differ from those shown. After-tax returns shown are not relevant to investors
who hold their shares through tax-deferred arrangements, such as 401(k) plans,
qualified plans, education savings accounts or individual retirement accounts.
In some cases, the after-tax returns may exceed the return before taxes due to
an assumed tax benefit from any losses on a sale of Fund shares at the end of
the measurement period. After-tax returns are shown only for Class I shares.
After-tax returns for Class II shares will vary from returns shown for Class I.
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