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	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 (%)

Average Annual Total Returns for Periods Ended December 31, 2011

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