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	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 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 (%)

Average Annual Total Returns for Periods Ended December 31, 2011

Average Annual Total Returns Oakmark Global Fund	Label	1 Year	5 Years	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.