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	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 September 30,
2011

Class I Shares Total Returns for Years Ended December 31 (%)

Average Annual Total Returns for Periods Ended December 31, 2011

Average Annual Total Returns Oakmark Equity and Income Fund	Label	1 Year	5 Years	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.