0001104659-20-019214.txt : 20200212 0001104659-20-019214.hdr.sgml : 20200212 20200212160549 ACCESSION NUMBER: 0001104659-20-019214 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 36 FILED AS OF DATE: 20200212 DATE AS OF CHANGE: 20200212 EFFECTIVENESS DATE: 20200212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARRIS ASSOCIATES INVESTMENT TRUST CENTRAL INDEX KEY: 0000872323 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-38953 FILM NUMBER: 20604080 BUSINESS ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: 111 S. WACKER DRIVE, SUITE 4600 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 8004769625 MAIL ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: 111 S. WACKER DRIVE, SUITE 4600 CITY: CHICAGO STATE: IL ZIP: 60606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARRIS ASSOCIATES INVESTMENT TRUST CENTRAL INDEX KEY: 0000872323 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06279 FILM NUMBER: 20604079 BUSINESS ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: 111 S. WACKER DRIVE, SUITE 4600 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 8004769625 MAIL ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: 111 S. WACKER DRIVE, SUITE 4600 CITY: CHICAGO STATE: IL ZIP: 60606 0000872323 S000002758 Oakmark Fund C000007554 Investor Class OAKMX C000007555 Service Class OARMX C000174795 Advisor Class OAYMX C000174796 Institutional Class OANMX 0000872323 S000002759 Oakmark Select Fund C000007556 Investor Class OAKLX C000007557 Service Class OARLX C000174797 Advisor Class OAYLX C000174798 Institutional Class OANLX 0000872323 S000002760 Oakmark Equity and Income Fund C000007558 Investor Class OAKBX C000007559 Service Class OARBX C000174799 Advisor Class OAYBX C000174800 Institutional Class OANBX 0000872323 S000002761 Oakmark Global Fund C000007560 Investor Class OAKGX C000007561 Service Class OARGX C000174801 Advisor Class OAYGX C000174802 Institutional Class OANGX 0000872323 S000002762 Oakmark International Fund C000007562 Investor Class OAKIX C000007563 Service Class OARIX C000174803 Institutional Class OANIX C000174804 Advisor Class OAYIX 0000872323 S000002763 Oakmark International Small Cap Fund C000007564 Investor Class OAKEX C000007565 Service Class OAREX C000174805 Advisor Class OAYEX C000174806 Institutional Class OANEX 0000872323 S000013607 Oakmark Global Select Fund C000036890 Investor Class OAKWX C000036891 Service Class OARWX C000174807 Advisor Class OAYWX C000174808 Institutional Class OANWX 485BPOS 1 a20-5448_12485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

As filed with the Securities and Exchange Commission on February 12, 2020

 

1933 Act Registration No. 33-38953

1940 Act Registration No. 811-06279

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

 

Pre-Effective Amendment No.        o

Post-Effective Amendment No. 61 x

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

 

Amendment No. 63                          x

 

(Check appropriate box or boxes)

 

HARRIS ASSOCIATES INVESTMENT TRUST

(Exact Name of Registrant as Specified in Charter)

 

111 S. Wacker Drive, Suite 4600

Chicago, Illinois 60606-4319

(Address of Principal Executive Offices)

 

Registrant’s Telephone Number, including Area Code: (312) 646-3600

 

Rana J. Wright

Harris Associates L.P.

111 S. Wacker Drive, Suite 4600

Chicago, Illinois 60606

(Name and Address of Agent for Service)

 

With copies to:

 

Ndenisarya M. Bregasi, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C.  20006-1600

 


 

Approximate Date of Proposed Public Offering: Continuous

 

It is proposed that this filing will become effective (check appropriate box):

 

x immediately upon filing pursuant to paragraph (b)

o on         pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on        pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on         pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

o this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 


 

This amendment is being filed solely to submit in interactive data format exhibits containing risk/return summary information that is identical to the risk/return summary information contained in the Registrant’s prospectus for the following classes of the following funds, which was filed with the Securities and Exchange Commission in Post-Effective Amendment No. 60 to the Registrant’s registration statement on January 27, 2020:

 

Investor Class, Advisor Class, Institutional Class and Service Class Shares of Oakmark Fund, Oakmark Select Fund, Oakmark Equity and Income Fund, Oakmark Global Fund, Oakmark Global Select Fund, Oakmark International Fund and Oakmark International Small Cap Fund.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirement for effectiveness of this registration statement under rule 485(b) under the 1933 Act and has duly caused this Post-Effective Amendment No. 61 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago and State of Illinois on February 12, 2020.

 

 

HARRIS ASSOCIATES INVESTMENT TRUST

 

 

 

By:

/s/ Kristi L. Rowsell

 

Name:

Kristi L. Rowsell

 

Title:

President

 

Pursuant to the requirements of the 1933 Act, Post-Effective Amendment No. 61 has been signed below by the following persons in the capacities indicated below on February 12, 2020.

 

Signature

 

Title

 

 

 

/s/ Thomas H. Hayden

 

Trustee

Thomas H. Hayden*

 

 

 

 

 

/s/ Hugh T. Hurley, III

 

Trustee

Hugh T. Hurley, III*

 

 

 

 

 

/s/ Patricia Louie

 

Trustee

Patricia Louie*

 

 

 

 

 

/s/ Christine M. Maki

 

Trustee

Christine M. Maki*

 

 

 

 

 

/s/Laurence C. Morse, Ph.D

 

Trustee

Laurence C. Morse, Ph.D*

 

 

 

 

 

/s/ Mindy M. Posoff

 

Trustee

Mindy M. Posoff*

 

 

 

 

 

/s/ Allan J. Reich

 

Trustee and Chair of the Board of Trustees

Allan J. Reich*

 

 

 

 

 

/s/ Steven S. Rogers

 

Trustee

Steven S. Rogers*

 

 

 

 

 

/s/ Kristi L. Rowsell

 

Trustee and President (Principal Executive Officer)

Kristi L. Rowsell

 

 

 

 

 

/s/ Zachary D. Weber

 

Principal Financial Officer

Zachary D. Weber

 

 

 

 

 

* By:

/s/ Kristi L. Rowsell

 

 

 

Kristi L. Rowsell

 

 

 

*Attorney in Fact, pursuant to a power of attorney, filed with Post-Effective Amendment No. 60 to the Registrant’s Registration Statement on Form N-1A, File No. 33-38953, on January 27, 2020.

 


 

EXHIBIT INDEX

 

Exhibit Number

 

Description

 

 

 

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

 


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(the "Adviser") has contractually agreed to waive 0.043% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser. Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.074% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser. Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.099% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser. Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.059% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser. "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.066% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser. Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.052% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser. false 2020-01-27 2020-01-28 2019-09-30 485BPOS 0000872323 N-1A 2020-01-28 HARRIS ASSOCIATES INVESTMENT TRUST Oakmark Fund OANMX OAYMX OARMX OAKMX INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Oakmark Fund seeks long-term capital appreciation.</font></p> FEES AND EXPENSES OF THE FUND <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.</font></p> 0.0073 0.0073 0.0073 0.0073 0.0000 0.0000 0.0000 0.0000 0.0019 0.0009 0.0001 0.0046 0.0092 0.0082 0.0074 0.0119 -0.0004 -0.0004 -0.0004 -0.0004 0.0088 0.0078 0.0070 0.0115 ~ http://www.harris.com/20200127/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact ck0000872323_S000002758Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) None. 2021-01-27 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example. <p style="margin:11pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 were those reflected in the table.</font></p> <br/><p style="margin:0pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:</font></p> 90 80 72 117 281 249 224 365 488 433 391 632 1085 966 874 1395 ~ http://www.harris.com/20200127/role/ScheduleExpenseExample20002 column dei_LegalEntityAxis compact ck0000872323_S000002758Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 51% of the average value of its portfolio.</font></p> 0.51 PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund invests primarily in a diversified portfolio of common stocks of U.S. companies. The Fund generally invests in the securities of larger capitalization companies. The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.</font></p> <br/><p style="margin:6pt 0pt 2pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 10px;"><b><i>Key Tenets of the Oakmark Value Investment Philosophy:</i></b></font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">1.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">. 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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">2.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with companies expected to grow shareholder value over time.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason&#8212;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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">3.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with management teams that think and act as owners.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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. To facilitate its selection of 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund may also use options, including, but not limited to, buying and selling (writing) put and call options on individual stocks, when such use is desirable because of tax or other considerations. </font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry.</font></p> PRINCIPAL INVESTMENT RISKS <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. As a result, when you redeem your Fund shares, they may be worth more or less than you paid for them.</font></p> <br/><p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although the Fund makes every effort to achieve its investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund is subject to market risk&#8212;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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Focused Portfolio Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund's portfolio tends to be invested in a relatively small number of stocks&#8212;thirty to sixty rather than hundreds. 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 and may lead to greater losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Common Stock Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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; </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">therefore, the Fund could lose money if a company in which it invests becomes financially distressed.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Sector or Industry Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Capitalization Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investing primarily in issuers in one market capitalization category (large) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Value Style Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Options Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. If a strategy is applied at an inappropriate time or market conditions or trends are judged incorrectly, the use of options may lower the Fund's return. There can be no guarantee that the use of options will increase the Fund's return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> 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 PERFORMANCE INFORMATION <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Oakmark.com</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> or by calling 1-800-OAKMARK (625-6275).</font></p> Investor Class Shares Total Returns for Years Ended December 31 (%) 0.1218 0.0182 0.2097 0.3729 0.1151 -0.0395 0.1835 0.2114 -0.1273 0.2698 ~ http://www.harris.com/20200127/role/ScheduleAnnualTotalReturnsBarChart20003 column dei_LegalEntityAxis compact ck0000872323_S000002758Member row primary compact * ~ Highest quarterly return: 0.144 2012-03-31 Lowest quarterly return: -0.173 2018-12-31 <p><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Highest quarterly return: 14.4%, during the quarter ended March 31, 2012<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Lowest quarterly return: -17.3%, during the quarter ended December 31, 2018</font></p> 0.2698 0.0882 0.1243 0.2463 0.0763 0.1143 0.1761 0.0684 0.1024 0.2709 0.0000 0.0000 0.2719 0.0000 0.0000 0.2665 0.0850 0.1209 0.3149 0.1170 0.1356 ~ http://www.harris.com/20200127/role/ScheduleAverageAnnualReturnsTransposed20004 column dei_LegalEntityAxis compact ck0000872323_S000002758Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:11pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 Investor Class Shares. After-tax returns for Service Class Shares, Institutional Class Shares, and Advisor Class Shares will vary from returns shown for Investor Class Shares.</font></p> Oakmark.com 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. The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. Average Annual Total Returns for Periods Ended December 31, 2019 After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Institutional Class Shares, and Advisor Class Shares will vary from returns shown for Investor Class Shares. 1-800-OAKMARK (625-6275) 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. 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. (does not reflect the deduction of fees, expenses or taxes) Oakmark Select Fund OANLX OAYLX OARLX OAKLX INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Oakmark Select Fund seeks long-term capital appreciation.</font></p> FEES AND EXPENSES OF THE FUND <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.</font></p> 0.0088 0.0088 0.0088 0.0088 0.0000 0.0000 0.0000 0.0000 0.0019 0.0005 0.0001 0.0042 0.0107 0.0093 0.0089 0.0130 -0.0007 -0.0007 -0.0007 -0.0007 0.0100 0.0086 0.0082 0.0123 ~ http://www.harris.com/20200127/role/ScheduleAnnualFundOperatingExpenses20007 column dei_LegalEntityAxis compact ck0000872323_S000002759Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) None. 2021-01-27 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example. <p style="margin:11pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 were those reflected in the table.</font></p> <br/><p style="margin:0pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:</font></p> 102 88 84 126 319 276 263 392 554 479 457 678 1228 1066 1017 1494 ~ http://www.harris.com/20200127/role/ScheduleExpenseExample20008 column dei_LegalEntityAxis compact ck0000872323_S000002759Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> 0.45 PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry. The Fund generally invests in the securities of large- and mid-capitalization companies.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.</font></p> <br/><p style="margin:6pt 0pt 2pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 10px;"><b><i>Key Tenets of the Oakmark Value Investment Philosophy:</i></b></font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">1.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">. 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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">2.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with companies expected to grow shareholder value over time.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason&#8212;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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">3.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with management teams that think and act as owners.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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. To facilitate its selection of 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund may also use options, including, but not limited to, buying and selling (writing) put and call options on individual stocks, when such use is desirable because of tax or other considerations.</font></p> PRINCIPAL INVESTMENT RISKS <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. As a result, when you redeem your Fund shares, they may be worth more or less than you paid for them.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although the Fund makes every effort to achieve its investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Non-Diversification Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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 and may lead to greater losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund is subject to market risk&#8212;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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Common Stock Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Sector or Industry Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Capitalization Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investing primarily in issuers in one market capitalization category (large and medium) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Value Style Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Options Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. If a strategy is applied at an inappropriate time or market conditions or trends are judged incorrectly, the use of options may lower the Fund's return. There can be no guarantee that the use of options will increase the Fund's return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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 and may lead to greater losses. 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 PERFORMANCE INFORMATION <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Oakmark.com</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> or by calling 1-800-OAKMARK (625-6275).</font></p> Investor Class Shares Total Returns for Years Ended December 31 (%) 0.1324 0.0215 0.2174 0.3652 0.1539 -0.0358 0.1531 0.1572 -0.2488 0.2769 ~ http://www.harris.com/20200127/role/ScheduleAnnualTotalReturnsBarChart20009 column dei_LegalEntityAxis compact ck0000872323_S000002759Member row primary compact * ~ Highest quarterly return: 0.156 2012-03-31 Lowest quarterly return: -0.217 2018-12-31 <p><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Highest quarterly return: 15.6%, during the quarter ended March 31, 2012<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Lowest quarterly return: -21.7%, during the quarter ended December 31, 2018</font></p> 0.2769 0.0430 0.1060 0.2748 0.0358 0.0961 0.1653 0.0328 0.0866 0.2782 0.0000 0.0000 0.2787 0.0000 0.0000 0.2740 0.0400 0.1027 0.3149 0.1170 0.1356 ~ http://www.harris.com/20200127/role/ScheduleAverageAnnualReturnsTransposed20010 column dei_LegalEntityAxis compact ck0000872323_S000002759Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:11pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.</font></p> Average Annual Total Returns for Periods Ended December 31, 2019 After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares. 1-800-OAKMARK (625-6275) 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. Oakmark.com 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. 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. The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. 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. (does not reflect the deduction of fees, expenses or taxes) Oakmark Equity and Income Fund OANBX OAYBX OARBX OAKBX INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Oakmark Equity and Income Fund seeks income and preservation and growth of capital.</font></p> FEES AND EXPENSES OF THE FUND <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.</font></p> 0.0071 0.0071 0.0071 0.0071 0.0000 0.0000 0.0000 0.0000 0.0020 0.0007 0.0002 0.0044 0.0091 0.0078 0.0073 0.0115 -0.0010 -0.0010 -0.0010 -0.0010 0.0081 0.0068 0.0063 0.0105 ~ http://www.harris.com/20200127/role/ScheduleAnnualFundOperatingExpenses20013 column dei_LegalEntityAxis compact ck0000872323_S000002760Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) None. 2021-01-27 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example. <p style="margin:11pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 were those reflected in the table.</font></p> <br/><p style="margin:0pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:</font></p> 82 70 64 107 258 219 200 335 448 380 349 581 999 850 781 1287 ~ http://www.harris.com/20200127/role/ScheduleExpenseExample20014 column dei_LegalEntityAxis compact ck0000872323_S000002760Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 11% of the average value of its portfolio.</font></p> 0.11 PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 total assets in debt securities issued by the U.S. government or any of its agencies or instrumentalities (including agency mortgage-backed securities), non U.S. governments, and corporate entities rated at the time of purchase within the two highest ratings assigned by Moody's Investors Service, Inc. or by S&amp;P Global Ratings, a division of S&amp;P Global. The Fund may invest up to 20% of its total assets in unrated or below investment grade rated debt securities, commonly called junk bonds. The Fund may invest in the securities of large-, mid-, and small-capitalization companies.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of these attributes: (1) free cash flows and intelligent investment of excess cash; (2) earnings </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">that are growing and are reasonably predictable; and (3) high level of company management ownership.</font></p> <br/><p style="margin:6pt 0pt 2pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 10px;"><b><i>Key Tenets of the Oakmark Value Investment Philosophy:</i></b></font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">1.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">2.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with companies expected to grow shareholder value over time.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason&#8212;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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">3.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with management teams that think and act as owners.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">In making its equity investment decisions, the Adviser uses a "bottom-up" approach focused on individual companies, rather than focusing on specific economic factors or specific industries. To facilitate its selection of 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The proportion of the Fund held in debt securities will vary in light of the Adviser's view of the attractiveness of debt securities. In times when the Adviser believes equities provide above average absolute value, the proportion of the Fund allocated to debt securities will decline. In selecting debt securities, the Adviser considers many factors, including among other things, quality, yield-to-maturity, liquidity, current yield and call risk. The Adviser believes the role of fixed income investments in the Fund is to help buffer the volatility of the Fund's equity portfolio and generate income.</font></p> PRINCIPAL INVESTMENT RISKS <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. As a result, when you redeem your Fund shares, they may be worth more or less than you paid for them.</font></p> <br/><p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although the Fund makes every effort to achieve its investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund is subject to market risk&#8212;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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Focused Portfolio Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund's portfolio tends to be invested in a relatively small number of stocks&#8212;thirty to sixty rather than hundreds. 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 and may lead to greater losses.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Non-U.S. Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investments in securities issued by entities based outside the United States may 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 </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> <br/><p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Investments in securities issued by entities domiciled in the United States also may be subject to many of these risks.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Debt Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Debt securities are subject to credit risk, call risk, interest rate risk and liquidity risk.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Credit Risk.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Call Risk.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Upon the issuer's desire to call a security, or under other circumstances where a security is called, including when interest rates are low and issuers opt to repay the obligation underlying a "callable security" early, the Fund may have to reinvest the proceeds in an investment offering a lower yield and may not benefit from any increase in value that might otherwise result from declining interest rates.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Interest Rate Risk.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund's yield and share price will fluctuate in response to changes in interest rates and there is a risk of loss 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. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Liquidity Risk.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Liquidity risk is the risk a particular security may be difficult to purchase or sell and that the Fund may be unable to sell such security at an advantageous time or price and may be forced to sell a security at a discount to the Adviser's estimated value of such a security.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>U.S. Government Securities Risk.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Some securities issued or guaranteed by U.S. government agencies or instrumentalities are not backed by the full faith and credit of the United States 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Sovereign Debt Risk.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Sovereign debt instruments, including U.S. and non-U.S. debt instruments, are subject to the risk that a governmental entity may delay, refuse, or be unable to pay interest or repay principal on its debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the size of the governmental entity's debt position in relation to the economy, its policy toward international lenders or the failure to put in place economic reforms required by multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> <br/><p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Lower-Rated Debt Securities Risk.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Below investment grade securities (commonly called junk bonds) are regarded as having predominately speculative characteristics with respect to the issuer's continuing ability to pay principal and interest and carry a greater risk that the issuer of such securities will default in the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Common Stock Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Sector or Industry Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Capitalization Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Value Style Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Convertible Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock's price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock's price is low relative to the conversion price. The general market risks of debt securities that are common to </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly called junk bonds). To the extent the Fund invests in convertible securities issued by mid- or small-cap companies, it will be subject to the risks of investing in such companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Mortgage-Backed Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> In addition to being subject to the risks associated with investments in fixed-income securities generally (e.g., credit, liquidity and valuation risks), the values of mortgage-backed securities are influenced by the factors affecting the assets underlying the securities. The value of these securities may be significantly affected by changes in interest rates. These securities are also subject to the risk of default on the underlying mortgages, which may increase particularly during periods of market downturn. An unexpectedly high rate of defaults on the underlying assets will decrease the security's value. If borrowers pay back principal on mortgage-backed securities, before (prepayment) or after (extension) the market anticipates such payments, shortening or lengthening their duration, the Fund's performance could be impacted. In general, a mortgage-backed security might be called or otherwise converted, prepaid or redeemed before maturity due to an excess in cash flow to the issuer or due to a decline in interest rates. In the event there is a prepayment, the Fund would need to reinvest the proceeds, possibly in an investment offering a lower yield or interest rate. On the other hand, in general, slower payoffs or extension may occur if market interest rates rise, which has the effect of increasing the duration or interest rate risk of the impacted securities.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> 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 PERFORMANCE INFORMATION <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's annual average returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Oakmark.com</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> or by calling 1-800-OAKMARK (625-6275).</font></p> Investor Class Shares Total Returns for Years Ended December 31 (%) 0.0950 0.0064 0.0905 0.2425 0.0693 -0.0460 0.1097 0.1446 -0.0833 0.1931 ~ http://www.harris.com/20200127/role/ScheduleAnnualTotalReturnsBarChart20015 column dei_LegalEntityAxis compact ck0000872323_S000002760Member row primary compact * ~ Highest quarterly return: 0.090 2011-12-31 Lowest quarterly return: -0.128 2011-09-30 <p><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Highest quarterly return: 9.0%, during the quarter ended December 31, 2011<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Lowest quarterly return: -12.8%, during the quarter ended September 30, 2011</font></p> 0.1931 0.0579 0.0778 0.1686 0.0399 0.0632 0.1304 0.0431 0.0612 0.1943 0.0000 0.0000 0.1950 0.0000 0.0000 0.1899 0.0549 0.0746 0.1944 0.0676 0.0812 0.3149 0.1170 0.1356 0.0971 0.0323 0.0396 ~ http://www.harris.com/20200127/role/ScheduleAverageAnnualReturnsTransposed20016 column dei_LegalEntityAxis compact ck0000872323_S000002760Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin: 11pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Lipper Balanced Fund Index measures the equal weighted performance of the 30 largest U.S. balanced funds as defined by Lipper. This index is unmanaged and investors cannot invest directly in this index. The S&amp;P 500 Total Return Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index. The Barclays U.S.&#160;Government / Credit Index measures the non-securitized component of the U.S. Aggregate Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. This index is unmanaged and investors cannot invest directly in this 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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.</font></p> Average Annual Total Returns for Periods Ended December 31, 2019 After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares. 1-800-OAKMARK (625-6275) 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. Oakmark.com 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. 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. The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's annual average returns compare with those of a broad measure of market performance. The Lipper Balanced Fund Index measures the equal weighted performance of the 30 largest U.S. balanced funds as defined by Lipper. This index is unmanaged and investors cannot invest directly in this index. The S&P 500 Total Return Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index. The Barclays U.S. Government / Credit Index measures the non-securitized component of the U.S. Aggregate Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. This index is unmanaged and investors cannot invest directly in this 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. (does not reflect the deduction of fees, expenses or taxes) Oakmark Global Fund OANGX OAYGX OARGX OAKGX INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Oakmark Global Fund seeks long-term capital appreciation.</font></p> FEES AND EXPENSES OF THE FUND <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.</font></p> 0.0101 0.0101 0.0101 0.0101 0.0000 0.0000 0.0000 0.0000 0.0022 0.0009 0.0005 0.0046 0.0123 0.0110 0.0106 0.0147 -0.0006 -0.0006 -0.0006 -0.0006 0.0117 0.0104 0.0100 0.0141 ~ http://www.harris.com/20200127/role/ScheduleAnnualFundOperatingExpenses20019 column dei_LegalEntityAxis compact ck0000872323_S000002761Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) None. 2021-01-27 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example. <p style="margin:11pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 were those reflected in the table.</font></p> <br/><p style="margin:0pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:</font></p> 120 107 102 144 373 332 317 446 645 577 550 771 1424 1277 1220 1691 ~ http://www.harris.com/20200127/role/ScheduleExpenseExample20020 column dei_LegalEntityAxis compact ck0000872323_S000002761Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 20% of the average value of its portfolio.</font></p> 0.20 PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. The Fund may invest in the securities of large-, mid-, and small-capitalization companies.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">following characteristics, although the companies selected may not have all of 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 company management ownership.</font></p> <br/><p style="margin:6pt 0pt 2pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 10px;"><b><i>Key Tenets of the Oakmark Value Investment Philosophy:</i></b></font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">1.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">2.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with companies expected to grow shareholder value over time.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason&#8212;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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">3.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with management teams that think and act as owners.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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. To facilitate its selection of 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.</font></p> PRINCIPAL INVESTMENT RISKS <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">companies in which the Fund invests, as well as economic, political or social events in the United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. As a result, when you redeem your Fund shares, they may be worth more or less than you paid for them.</font></p> <br/><p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although the Fund makes every effort to achieve its investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund is subject to market risk&#8212;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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Focused Portfolio Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund's portfolio tends to be invested in a relatively small number of stocks&#8212;thirty to sixty rather than hundreds. 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 and may lead to greater losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Non-U.S. Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investments in securities issued by entities based outside the United States may 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 </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Emerging Markets Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The risks of investing in non-U.S. securities may be heightened for securities of issuers located in e1merging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Common Stock Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Region, Sector or Industry Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Capitalization Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Value Style Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investing in "value" stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values, either because </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">the market fails to recognize what the Adviser considers to be the companies' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> 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 PERFORMANCE INFORMATION <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Oakmark.com</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> or by calling 1-800-OAKMARK (625-6275).</font></p> Investor Class Shares Total Returns for Years Ended December 31 (%) 0.1574 -0.1165 0.2016 0.3412 0.0370 -0.0438 0.0465 0.2708 -0.1897 0.2960 ~ http://www.harris.com/20200127/role/ScheduleAnnualTotalReturnsBarChart20021 column dei_LegalEntityAxis compact ck0000872323_S000002761Member row primary compact * ~ Highest quarterly return: 0.158 2012-03-31 Lowest quarterly return: -0.183 2011-09-30 <p><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Highest quarterly return: 15.8%, during the quarter ended March 31, 2012<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Lowest quarterly return: -18.3%, during the quarter ended September 30, 2011</font></p> 0.2960 0.0596 0.0860 0.2862 0.0465 0.0759 0.1844 0.0456 0.0691 0.2978 0.0000 0.0000 0.2983 0.0000 0.0000 0.2932 0.0564 0.0824 0.2767 0.0874 0.0947 ~ http://www.harris.com/20200127/role/ScheduleAverageAnnualReturnsTransposed20022 column dei_LegalEntityAxis compact ck0000872323_S000002761Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:11pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.</font></p> Average Annual Total Returns for Periods Ended December 31, 2019 After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares. 1-800-OAKMARK (625-6275) 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. Oakmark.com 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. 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. The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. 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. (does not reflect the deduction of fees, expenses or taxes) Oakmark Global Select Fund OANWX OAYWX OARWX OAKWX INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Oakmark Global Select Fund seeks long-term capital appreciation.</font></p> FEES AND EXPENSES OF THE FUND <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.</font></p> 0.0101 0.0101 0.0101 0.0101 0.0000 0.0000 0.0000 0.0000 0.0024 0.0013 0.0007 0.0049 0.0125 0.0114 0.0108 0.0150 -0.0007 -0.0007 -0.0007 -0.0007 0.0118 0.0107 0.0101 0.0143 ~ http://www.harris.com/20200127/role/ScheduleAnnualFundOperatingExpenses20025 column dei_LegalEntityAxis compact ck0000872323_S000013607Member row primary compact * ~ "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary. Shareholder Fees (fees paid directly from your investment) None. 2021-01-27 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example. <p style="margin:11pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 were those reflected in the table.</font></p> <br/><p style="margin:0pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:</font></p> 121 109 103 146 376 341 321 453 651 592 556 783 1435 1309 1233 1716 ~ http://www.harris.com/20200127/role/ScheduleExpenseExample20026 column dei_LegalEntityAxis compact ck0000872323_S000013607Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 21% of the average value of its portfolio.</font></p> 0.21 PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry. Typically, the Fund will invest at least 40% of its total assets in securities of non-U.S. companies (unless 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). In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. The Fund generally invests in the securities of larger capitalization companies.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.</font></p> <br/><p style="margin:6pt 0pt 2pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 10px;"><b><i>Key Tenets of the Oakmark Value Investment Philosophy:</i></b></font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">1.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">2.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with companies expected to grow shareholder value over time.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason&#8212;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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">3.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with management teams that think and act as owners.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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. To facilitate its selection of 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.</font></p> PRINCIPAL INVESTMENT RISKS <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">in the United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. As a result, when you redeem your Fund shares, they may be worth more or less than you paid for them.</font></p> <br/><p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although the Fund makes every effort to achieve its investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Non-Diversification Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund is subject to market risk&#8212;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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Non-U.S. Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investments in securities issued by entities based outside the United States may 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 </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Emerging Markets Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Common Stock Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Region, Sector or Industry Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Capitalization Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investing primarily in issuers in one market capitalization category (large) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Value Style Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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 PERFORMANCE INFORMATION <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Oakmark.com</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> or by calling 1-800-OAKMARK (625-6275).</font></p> Investor Class Shares Total Returns for Years Ended December 31 (%) 0.1106 -0.0587 0.2395 0.3380 0.0257 0.0185 0.0993 0.2118 -0.2119 0.2980 ~ http://www.harris.com/20200127/role/ScheduleAnnualTotalReturnsBarChart20027 column dei_LegalEntityAxis compact ck0000872323_S000013607Member row primary compact * ~ Highest quarterly return: 0.186 2012-03-31 Lowest quarterly return: -0.181 2018-12-31 <p><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Highest quarterly return: 18.6%, during the quarter ended March 31, 2012<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Lowest quarterly return: -18.1%, during the quarter ended December 31, 2018</font></p> 0.2980 0.0678 0.0946 0.2956 0.0597 0.0880 0.1802 0.0530 0.0773 0.2995 0.0000 0.0000 0.2994 0.0000 0.0000 0.2767 0.0874 0.0947 ~ http://www.harris.com/20200127/role/ScheduleAverageAnnualReturnsTransposed20028 column dei_LegalEntityAxis compact ck0000872323_S000013607Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:11pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.</font></p> Average Annual Total Returns for Periods Ended December 31, 2019 After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares. 1-800-OAKMARK (625-6275) 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. Oakmark.com 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. 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. The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. 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. (does not reflect the deduction of fees, expenses or taxes) Oakmark International Fund OAYIX OANIX OARIX OAKIX INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Oakmark International Fund seeks long-term capital appreciation.</font></p> FEES AND EXPENSES OF THE FUND <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.</font></p> 0.0083 0.0083 0.0083 0.0083 0.0000 0.0000 0.0000 0.0000 0.0020 0.0012 0.0003 0.0046 0.0103 0.0095 0.0086 0.0129 -0.0005 -0.0005 -0.0005 -0.0005 0.0098 0.0090 0.0081 0.0124 ~ http://www.harris.com/20200127/role/ScheduleAnnualFundOperatingExpenses20031 column dei_LegalEntityAxis compact ck0000872323_S000002762Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) None. 2021-01-27 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example. <p style="margin:11pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 were those reflected in the table.</font></p> <br/><p style="margin:0pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:</font></p> 100 92 83 126 313 286 259 394 543 496 449 682 1205 1103 1001 1501 ~ http://www.harris.com/20200127/role/ScheduleExpenseExample20032 column dei_LegalEntityAxis compact ck0000872323_S000002762Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 35% of the average value of its portfolio.</font></p> 0.35 PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund invests primarily in a diversified portfolio of common stocks of non-U.S. companies. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. The Fund considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Ordinarily, the Fund will invest in the securities of at least five countries outside of the United States. 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of these attributes: (1) free cash flows and intelligent investment of excess cash; (2) earnings </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">that are growing and are reasonably predictable; and (3) high level of company management ownership.</font></p> <br/><p style="margin:6pt 0pt 2pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 10px;"><b><i>Key Tenets of the Oakmark Value Investment Philosophy:</i></b></font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">1.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">2.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with companies expected to grow shareholder value over time.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason&#8212;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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">3.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with management teams that think and act as owners.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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. To facilitate its selection of 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.</font></p> PRINCIPAL INVESTMENT RISKS <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 United States or abroad and the Adviser's evaluation of those events, and the </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">success of the Adviser in implementing the Fund's investment strategy. As a result, when you redeem your Fund shares, they may be worth more or less than you paid for them.</font></p> <br/><p style="margin:6pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although the Fund makes every effort to achieve its investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund is subject to market risk&#8212;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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Focused Portfolio Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund's portfolio tends to be invested in a relatively small number of stocks&#8212;thirty to sixty rather than hundreds. 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 and may lead to greater losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Non-U.S. Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investments in securities issued by entities based outside the United States may 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 </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Liquidity Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Trading markets or a particular investment in which the Fund is invested, including securities of issuers located outside the United States, may become less liquid or even illiquid. Illiquid investments can be more difficult to purchase or sell at an advantageous price or time, and there is a greater risk that they may not be sold for the price at which the Fund is carrying them. This risk may be heightened with investments in issuers located in developing and emerging countries. The inability to sell an investment can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Emerging Markets Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Common Stock Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Region, Sector or Industry Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Capitalization Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger companies.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Value Style Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> 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 PERFORMANCE INFORMATION <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Oakmark.com</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> or by calling 1-800-OAKMARK (625-6275).</font></p> Investor Class Shares Total Returns for Years Ended December 31 (%) 0.1622 -0.1407 0.2922 0.2934 -0.0541 -0.0383 0.0791 0.2975 -0.2343 0.2421 ~ http://www.harris.com/20200127/role/ScheduleAnnualTotalReturnsBarChart20033 column dei_LegalEntityAxis compact ck0000872323_S000002762Member row primary compact * ~ Highest quarterly return: 0.168 2012-03-31 Lowest quarterly return: -0.204 2011-09-30 <p><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Highest quarterly return: 16.8%, during the quarter ended March 31, 2012<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Lowest quarterly return: -20.4%, during the quarter ended September 30, 2011</font></p> 0.2421 0.0507 0.0730 0.2397 0.0439 0.0667 0.1500 0.0405 0.0596 0.2433 0.0000 0.0000 0.2443 0.0000 0.0000 0.2392 0.0476 0.0695 0.2249 0.0542 0.0532 ~ http://www.harris.com/20200127/role/ScheduleAverageAnnualReturnsTransposed20034 column dei_LegalEntityAxis compact ck0000872323_S000002762Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:11pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.</font></p> Average Annual Total Returns for Periods Ended December 31, 2019 After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares. 1-800-OAKMARK (625-6275) 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. Oakmark.com 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. 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. The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. 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. (does not reflect the deduction of fees, expenses or taxes) Oakmark International Small Cap Fund OANEX OAYEX OAREX OAKEX INVESTMENT OBJECTIVE <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Oakmark International Small Cap Fund seeks long-term capital appreciation.</font></p> FEES AND EXPENSES OF THE FUND <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.</font></p> 0.0117 0.0117 0.0117 0.0117 0.0000 0.0000 0.0000 0.0000 0.0021 0.0009 0.0006 0.0041 0.0138 0.0126 0.0123 0.0158 ~ http://www.harris.com/20200127/role/ScheduleAnnualFundOperatingExpenses20037 column dei_LegalEntityAxis compact ck0000872323_S000002763Member row primary compact * ~ Shareholder Fees (fees paid directly from your investment) None. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example. <p style="margin:11pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 were those reflected in the table.</font></p> <br/><p style="margin:0pt 0pt 11pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:</font></p> 141 128 126 161 438 400 392 500 757 692 678 862 1661 1523 1493 1882 ~ http://www.harris.com/20200127/role/ScheduleExpenseExample20038 column dei_LegalEntityAxis compact ck0000872323_S000002763Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 39% of the average value of its portfolio.</font></p> 0.39 PRINCIPAL INVESTMENT STRATEGY <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund invests primarily in a diversified portfolio of common stocks of non-U.S. companies. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 no greater than the largest market capitalization of any company included in the S&amp;P EPAC (Europe Pacific Asia Composite) Small Cap Index ($16.85 billion as of December 31, 2019).</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund may invest in non-U.S. markets throughout the world, including emerging markets. The Fund considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Ordinarily, the Fund will invest in the securities of at least five countries outside the United States. There are no geographic limits on the Fund's non-U.S. investments.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.</font></p> <br/><p style="margin:6pt 0pt 2pt 0pt; text-align: left;"><font style="font-family: Arial, Helvetica; font-size: 10px;"><b><i>Key Tenets of the Oakmark Value Investment Philosophy:</i></b></font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">1.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Buy businesses that are trading at a significant discount to the Adviser's estimate of the company's intrinsic value.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">2.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with companies expected to grow shareholder value over time.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Value investors can sometimes fall into the trap of buying a stock that is inexpensive for a reason&#8212;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.</font></p> <br/><p style="margin:0pt 0pt 3pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">3.&#160;&#160;</font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><i>Invest with management teams that think and act as owners.</i></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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. To facilitate its selection of 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.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Once the Adviser identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.</font></p> <br/><p style="margin:6pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.</font></p> PRINCIPAL INVESTMENT RISKS <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. As a result, when you redeem your Fund shares, they may be worth more or less than you paid for them.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Although the Fund makes every effort to achieve its investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund is subject to market risk&#8212;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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Small Cap Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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. Therefore, when purchasing and selling smaller cap securities, the Fund may experience higher transactional costs due to the length of time that might be needed to purchase or sell such securities. Additionally, if the Fund is forced to sell securities to meet redemption requests or other cash needs, it may be forced to dispose of those securities under disadvantageous circumstances and at a loss. Smaller companies also 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Focused Portfolio Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The Fund's portfolio tends to be invested in a relatively small number of stocks&#8212;thirty to seventy rather than hundreds. 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 and may lead to greater losses.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Non-U.S. Securities Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investments in securities issued by entities based outside the United States may involve risks relating to political, social and economic </font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Liquidity Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Trading markets or a particular investment in which the Fund is invested, including securities of smaller companies and securities of issuers located outside the United States, may become less liquid or even illiquid. Illiquid investments can be more difficult to purchase or sell at an advantageous price or time, and there is a greater risk that they may not be sold for the price at which the Fund is carrying them. 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. This risk may be heightened with investments in issuers located in developing and emerging countries. The inability to sell an investment can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Emerging Markets Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Common Stock Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Region, Sector or Industry Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Market Capitalization Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> Investing primarily in issuers in one market capitalization category carries the risk that due to current market conditions, that category may be out of favor with investors.</font></p> <br/><p style="margin:0pt 0pt 6pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"><b>Value Style Risk.</b></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;"> 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.</font></p> <br/><p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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.</font></p> 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 PERFORMANCE INFORMATION <p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).</font></p> Investor Class Shares Total Returns for Years Ended December 31 (%) 0.2153 -0.1644 0.1839 0.2768 -0.0772 0.0074 0.0630 0.2608 -0.2373 0.3190 ~ http://www.harris.com/20200127/role/ScheduleAnnualTotalReturnsBarChart20039 column dei_LegalEntityAxis compact ck0000872323_S000002763Member row primary compact * ~ Highest quarterly return: 0.198 2012-03-31 Lowest quarterly return: -0.199 2011-09-30 <p><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Highest quarterly return: 19.8%, during the quarter ended March 31, 2012<br/></font><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">&#8226; Lowest quarterly return: -19.9%, during the quarter ended September 30, 2011</font></p> 0.3190 0.0632 0.0676 0.3195 0.0547 0.0606 0.1904 0.0494 0.0544 0.3205 0.0000 0.0000 0.3201 0.0000 0.0000 0.3153 0.0602 0.0645 0.2541 0.0817 0.0804 ~ http://www.harris.com/20200127/role/ScheduleAverageAnnualReturnsTransposed20040 column dei_LegalEntityAxis compact ck0000872323_S000002763Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <p style="margin:11pt 0pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times; font-size: 10px;">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 foreign tax credits or any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.</font></p> Average Annual Total Returns for Periods Ended December 31, 2019 After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares. 1-800-OAKMARK (625-6275) 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. Oakmark.com In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from foreign tax credits or any losses on a sale of Fund shares at the end of the measurement period. 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. The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. 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. 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Schedule - Average Annual Returns {Transposed} link:presentationLink link:definitionLink link:calculationLink 020005 - Disclosure - Risk/Return Detail Data {Elements} - Oakmark Fund link:presentationLink link:definitionLink link:calculationLink 020011 - Disclosure - Risk/Return Detail Data {Elements} - Oakmark Select Fund link:presentationLink link:definitionLink link:calculationLink 020017 - Disclosure - Risk/Return Detail Data {Elements} - Oakmark Equity and Income Fund link:presentationLink link:definitionLink link:calculationLink 020023 - Disclosure - Risk/Return Detail Data {Elements} - Oakmark Global Fund link:presentationLink link:definitionLink link:calculationLink 020029 - Disclosure - Risk/Return Detail Data {Elements} - Oakmark Global Select Fund link:presentationLink link:definitionLink link:calculationLink 020035 - Disclosure - Risk/Return Detail Data {Elements} - Oakmark International Fund link:presentationLink link:definitionLink link:calculationLink 020041 - Disclosure - 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Total
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) 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
Investor Class
Advisor Class
Institutional Class
Service Class
Management fees 1.01% 1.01% 1.01% 1.01%
Distribution (12b-1) fees none none none none
Other expenses 0.24% 0.13% 0.07% 0.49% [1]
Total Annual Fund Operating Expenses 1.25% 1.14% 1.08% 1.50%
Less: Fee waivers and/or expense reimbursements [2] 0.07% 0.07% 0.07% 0.07%
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements 1.18% 1.07% 1.01% 1.43%
[1] "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary.
[2] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.066% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Expense Example - Oakmark Global Select Fund - USD ($)
Investor Class
Advisor Class
Institutional Class
Service Class
1 Year $ 121 $ 109 $ 103 $ 146
3 Years 376 341 321 453
5 Years 651 592 556 783
10 Years $ 1,435 $ 1,309 $ 1,233 $ 1,716
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 21% 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 and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry. Typically, the Fund will invest at least 40% of its total assets in securities of non-U.S. companies (unless 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). In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. The Fund generally invests in the securities of larger capitalization companies.


The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


Non-Diversification Risk. A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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.


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Emerging Markets Risk. The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.


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.


Region, Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments 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 bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 18.6%, during the quarter ended March 31, 2012
• Lowest quarterly return: -18.1%, during the quarter ended December 31, 2018

Average Annual Total Returns for Periods Ended December 31, 2019
Average Annual Returns - Oakmark Global Select Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Investor Class 29.80% 6.78% 9.46%
Advisor Class 29.95% none none
Institutional Class 29.94% none none
After Taxes on Distributions | Investor Class 29.56% 5.97% 8.80%
After Taxes on Distributions and Sale of Fund Shares | Investor Class 18.02% 5.30% 7.73%
MSCI World Index (Net) (does not reflect the deduction of fees, expenses or taxes) 27.67% 8.74% 9.47%

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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

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Label Element Value
Oakmark International Small Cap Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Oakmark International Small Cap Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Oakmark International Small Cap Fund seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None.
Operating Expenses Caption [Text] 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 [Text Block] 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 39% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 39.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] 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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests primarily in a diversified portfolio of common stocks of non-U.S. companies. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 no greater than the largest market capitalization of any company included in the S&P EPAC (Europe Pacific Asia Composite) Small Cap Index ($16.85 billion as of December 31, 2019).


The Fund may invest in non-U.S. markets throughout the world, including emerging markets. The Fund considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Ordinarily, the Fund will invest in the securities of at least five countries outside the United States. 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 value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.

Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] 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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


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. Therefore, when purchasing and selling smaller cap securities, the Fund may experience higher transactional costs due to the length of time that might be needed to purchase or sell such securities. Additionally, if the Fund is forced to sell securities to meet redemption requests or other cash needs, it may be forced to dispose of those securities under disadvantageous circumstances and at a loss. Smaller companies also 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.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to seventy rather than hundreds. 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 and may lead to greater losses.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Liquidity Risk. Trading markets or a particular investment in which the Fund is invested, including securities of smaller companies and securities of issuers located outside the United States, may become less liquid or even illiquid. Illiquid investments can be more difficult to purchase or sell at an advantageous price or time, and there is a greater risk that they may not be sold for the price at which the Fund is carrying them. 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. This risk may be heightened with investments in issuers located in developing and emerging countries. The inability to sell an investment can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.


Emerging Markets Risk. The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.


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.


Region, Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category carries the risk that due to current market conditions, that category may be out of favor with investors.


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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments 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 [Text] rr_RiskLoseMoney You may lose money by investing in the Fund
RIsk Not Insured [Text] rr_RiskNotInsured 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 [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-OAKMARK (625-6275)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress Oakmark.com
Performance Past Does Not Indicate Future [Text] 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 Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 19.8%, during the quarter ended March 31, 2012
• Lowest quarterly return: -19.9%, during the quarter ended September 30, 2011

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 19.80%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.90%)
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 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 [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.
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 foreign tax credits or any losses on a sale of Fund shares at the end of the measurement period.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

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 foreign tax credits or any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

Average Annual Return, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2019
Oakmark International Small Cap Fund | MSCI World ex U.S. Small Cap Index (Net)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 25.41%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.17%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.04%
Oakmark International Small Cap Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.17%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.21%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.38%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 141
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 438
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 757
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,661
Annual Return 2010 rr_AnnualReturn2010 21.53%
Annual Return 2011 rr_AnnualReturn2011 (16.44%)
Annual Return 2012 rr_AnnualReturn2012 18.39%
Annual Return 2013 rr_AnnualReturn2013 27.68%
Annual Return 2014 rr_AnnualReturn2014 (7.72%)
Annual Return 2015 rr_AnnualReturn2015 0.74%
Annual Return 2016 rr_AnnualReturn2016 6.30%
Annual Return 2017 rr_AnnualReturn2017 26.08%
Annual Return 2018 rr_AnnualReturn2018 (23.73%)
Annual Return 2019 rr_AnnualReturn2019 31.90%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 31.90%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.32%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.76%
Oakmark International Small Cap Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 31.95%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.47%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.06%
Oakmark International Small Cap Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.04%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.94%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.44%
Oakmark International Small Cap Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.17%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.26%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 128
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 400
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 692
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,523
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 32.05%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark International Small Cap Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.17%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.23%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 126
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 392
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 678
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,493
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 32.01%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark International Small Cap Fund | Service Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.17%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.41%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.58%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 161
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 500
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 862
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,882
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 31.53%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.02%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.45%
XML 14 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Oakmark Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Oakmark Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Oakmark Fund seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jan. 27, 2021
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] 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 51% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 51.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] 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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests primarily in a diversified portfolio of common stocks of U.S. companies. The Fund generally invests in the securities of larger capitalization companies. The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.


The Fund may also use options, including, but not limited to, buying and selling (writing) put and call options on individual stocks, when such use is desirable because of tax or other considerations.


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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry.

Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] 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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to sixty rather than hundreds. 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 and may lead to greater losses.


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.


Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.


Options Risk. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. If a strategy is applied at an inappropriate time or market conditions or trends are judged incorrectly, the use of options may lower the Fund's return. There can be no guarantee that the use of options will increase the Fund's return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.


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 [Text] rr_RiskLoseMoney You may lose money by investing in the Fund
RIsk Not Insured [Text] rr_RiskNotInsured 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 [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-OAKMARK (625-6275)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress Oakmark.com
Performance Past Does Not Indicate Future [Text] 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 Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 14.4%, during the quarter ended March 31, 2012
• Lowest quarterly return: -17.3%, during the quarter ended December 31, 2018

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.40%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (17.30%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (does not reflect the deduction of fees, expenses or taxes)
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 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 [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Institutional Class Shares, and Advisor Class Shares will vary from returns shown for Investor Class Shares.
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 [Text Block] rr_PerformanceTableClosingTextBlock

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 Investor Class Shares. After-tax returns for Service Class Shares, Institutional Class Shares, and Advisor Class Shares will vary from returns shown for Investor Class Shares.

Average Annual Return, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2019
Oakmark Fund | S&P 500 Index (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 31.49%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.70%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 13.56%
Oakmark Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.73%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.19%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.92%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.88%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 90
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 281
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 488
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,085
Annual Return 2010 rr_AnnualReturn2010 12.18%
Annual Return 2011 rr_AnnualReturn2011 1.82%
Annual Return 2012 rr_AnnualReturn2012 20.97%
Annual Return 2013 rr_AnnualReturn2013 37.29%
Annual Return 2014 rr_AnnualReturn2014 11.51%
Annual Return 2015 rr_AnnualReturn2015 (3.95%)
Annual Return 2016 rr_AnnualReturn2016 18.35%
Annual Return 2017 rr_AnnualReturn2017 21.14%
Annual Return 2018 rr_AnnualReturn2018 (12.73%)
Annual Return 2019 rr_AnnualReturn2019 26.98%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.98%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.82%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 12.43%
Oakmark Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.63%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 7.63%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 11.43%
Oakmark Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 17.61%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.84%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 10.24%
Oakmark Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.73%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.82%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.78%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 80
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 249
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 433
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 966
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.09%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.73%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.74%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.70%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 72
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 224
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 391
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 874
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.19%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Fund | Service Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.73%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.19%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.04% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.15%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 117
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 365
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 632
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,395
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 26.65%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.50%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 12.09%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.043% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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Label Element Value
Oakmark International Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Oakmark International Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Oakmark International Fund seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jan. 27, 2021
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] 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 35% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 35.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] 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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund invests primarily in a diversified portfolio of common stocks of non-U.S. companies. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. The Fund considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Ordinarily, the Fund will invest in the securities of at least five countries outside of the United States. 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 value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.

Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] 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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to sixty rather than hundreds. 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 and may lead to greater losses.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Liquidity Risk. Trading markets or a particular investment in which the Fund is invested, including securities of issuers located outside the United States, may become less liquid or even illiquid. Illiquid investments can be more difficult to purchase or sell at an advantageous price or time, and there is a greater risk that they may not be sold for the price at which the Fund is carrying them. This risk may be heightened with investments in issuers located in developing and emerging countries. The inability to sell an investment can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.


Emerging Markets Risk. The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.


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.


Region, Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments 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 [Text] rr_RiskLoseMoney You may lose money by investing in the Fund
RIsk Not Insured [Text] rr_RiskNotInsured 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 [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-OAKMARK (625-6275)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress Oakmark.com
Performance Past Does Not Indicate Future [Text] 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 Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 16.8%, during the quarter ended March 31, 2012
• Lowest quarterly return: -20.4%, during the quarter ended September 30, 2011

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.80%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (20.40%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (does not reflect the deduction of fees, expenses or taxes)
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 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 [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.
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 [Text Block] rr_PerformanceTableClosingTextBlock

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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

Average Annual Return, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2019
Oakmark International Fund | MSCI World ex U.S. Index (Net) (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 22.49%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.42%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.32%
Oakmark International Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.83%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.20%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.03%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.05% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.98%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 100
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 313
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 543
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,205
Annual Return 2010 rr_AnnualReturn2010 16.22%
Annual Return 2011 rr_AnnualReturn2011 (14.07%)
Annual Return 2012 rr_AnnualReturn2012 29.22%
Annual Return 2013 rr_AnnualReturn2013 29.34%
Annual Return 2014 rr_AnnualReturn2014 (5.41%)
Annual Return 2015 rr_AnnualReturn2015 (3.83%)
Annual Return 2016 rr_AnnualReturn2016 7.91%
Annual Return 2017 rr_AnnualReturn2017 29.75%
Annual Return 2018 rr_AnnualReturn2018 (23.43%)
Annual Return 2019 rr_AnnualReturn2019 24.21%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.21%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.07%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.30%
Oakmark International Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 23.97%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.39%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.67%
Oakmark International Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 15.00%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.05%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 5.96%
Oakmark International Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.83%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.12%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.95%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.05% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.90%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 92
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 286
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 496
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,103
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.33%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark International Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.83%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.86%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.05% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.81%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 83
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 259
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 449
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,001
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 24.43%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark International Fund | Service Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.83%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.29%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.05% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.24%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 126
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 394
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 682
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,501
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 23.92%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.76%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.95%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.052% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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Total
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) 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
Investor Class
Advisor Class
Institutional Class
Service Class
Management fees 0.71% 0.71% 0.71% 0.71%
Distribution (12b-1) fees none none none none
Other expenses 0.20% 0.07% 0.02% 0.44%
Total Annual Fund Operating Expenses 0.91% 0.78% 0.73% 1.15%
Less: Fee waivers and/or expense reimbursements [1] 0.10% 0.10% 0.10% 0.10%
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements 0.81% 0.68% 0.63% 1.05%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.099% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Expense Example - Oakmark Equity and Income Fund - USD ($)
Investor Class
Advisor Class
Institutional Class
Service Class
1 Year $ 82 $ 70 $ 64 $ 107
3 Years 258 219 200 335
5 Years 448 380 349 581
10 Years $ 999 $ 850 $ 781 $ 1,287
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 11% 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 total assets in debt securities issued by the U.S. government or any of its agencies or instrumentalities (including agency mortgage-backed securities), non U.S. governments, and corporate entities rated at the time of purchase within the two highest ratings assigned by Moody's Investors Service, Inc. or by S&P Global Ratings, a division of S&P Global. The Fund may invest up to 20% of its total assets in unrated or below investment grade rated debt securities, commonly called junk bonds. 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 value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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 equity investment decisions, the Adviser uses a "bottom-up" approach focused on individual companies, rather than focusing on specific economic factors or specific industries. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry.


The proportion of the Fund held in debt securities will vary in light of the Adviser's view of the attractiveness of debt securities. In times when the Adviser believes equities provide above average absolute value, the proportion of the Fund allocated to debt securities will decline. In selecting debt securities, the Adviser considers many factors, including among other things, quality, yield-to-maturity, liquidity, current yield and call risk. The Adviser believes the role of fixed income investments in the Fund is to help buffer the volatility of the Fund's equity portfolio and generate income.

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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to sixty rather than hundreds. 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 and may lead to greater losses.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Debt Securities Risk. Debt securities are subject to credit risk, call risk, interest rate risk and liquidity risk.


Credit 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.


Call Risk. Upon the issuer's desire to call a security, or under other circumstances where a security is called, including when interest rates are low and issuers opt to repay the obligation underlying a "callable security" early, the Fund may have to reinvest the proceeds in an investment offering a lower yield and may not benefit from any increase in value that might otherwise result from declining interest rates.


Interest Rate Risk. The Fund's yield and share price will fluctuate in response to changes in interest rates and there is a risk of loss 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. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates.


Liquidity Risk. Liquidity risk is the risk a particular security may be difficult to purchase or sell and that the Fund may be unable to sell such security at an advantageous time or price and may be forced to sell a security at a discount to the Adviser's estimated value of such a security.


U.S. Government Securities Risk. Some securities issued or guaranteed by U.S. government agencies or instrumentalities are not backed by the full faith and credit of the United States 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.


Sovereign Debt Risk. Sovereign debt instruments, including U.S. and non-U.S. debt instruments, are subject to the risk that a governmental entity may delay, refuse, or be unable to pay interest or repay principal on its debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the size of the governmental entity's debt position in relation to the economy, its policy toward international lenders or the failure to put in place economic reforms required by multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. 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.


Lower-Rated Debt Securities Risk. Below investment grade securities (commonly called junk bonds) are regarded as having predominately speculative characteristics with respect to the issuer's continuing ability to pay principal and interest and carry a greater risk that the issuer of such securities will default in the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.


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.


Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.


Convertible Securities Risk. The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock's price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock's price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly called junk bonds). To the extent the Fund invests in convertible securities issued by mid- or small-cap companies, it will be subject to the risks of investing in such companies.


Mortgage-Backed Securities Risk. In addition to being subject to the risks associated with investments in fixed-income securities generally (e.g., credit, liquidity and valuation risks), the values of mortgage-backed securities are influenced by the factors affecting the assets underlying the securities. The value of these securities may be significantly affected by changes in interest rates. These securities are also subject to the risk of default on the underlying mortgages, which may increase particularly during periods of market downturn. An unexpectedly high rate of defaults on the underlying assets will decrease the security's value. If borrowers pay back principal on mortgage-backed securities, before (prepayment) or after (extension) the market anticipates such payments, shortening or lengthening their duration, the Fund's performance could be impacted. In general, a mortgage-backed security might be called or otherwise converted, prepaid or redeemed before maturity due to an excess in cash flow to the issuer or due to a decline in interest rates. In the event there is a prepayment, the Fund would need to reinvest the proceeds, possibly in an investment offering a lower yield or interest rate. On the other hand, in general, slower payoffs or extension may occur if market interest rates rise, which has the effect of increasing the duration or interest rate risk of the impacted securities.


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 bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's annual average returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 9.0%, during the quarter ended December 31, 2011
• Lowest quarterly return: -12.8%, during the quarter ended September 30, 2011

Average Annual Total Returns for Periods Ended December 31, 2019
Average Annual Returns - Oakmark Equity and Income Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Investor Class 19.31% 5.79% 7.78%
Advisor Class 19.43% none none
Institutional Class 19.50% none none
Service Class 18.99% 5.49% 7.46%
After Taxes on Distributions | Investor Class 16.86% 3.99% 6.32%
After Taxes on Distributions and Sale of Fund Shares | Investor Class 13.04% 4.31% 6.12%
Lipper Balanced Funds Index (does not reflect the deduction of fees, expenses or taxes) 19.44% 6.76% 8.12%
S&P 500 Index (does not reflect the deduction of fees, expenses or taxes) 31.49% 11.70% 13.56%
Barclays U.S. Government/Credit Index (does not reflect the deduction of fees, expenses or taxes) 9.71% 3.23% 3.96%

The Lipper Balanced Fund Index measures the equal weighted performance of the 30 largest U.S. balanced funds as defined by Lipper. This index is unmanaged and investors cannot invest directly in this index. The S&P 500 Total Return Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index. The Barclays U.S. Government / Credit Index measures the non-securitized component of the U.S. Aggregate Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. This index is unmanaged and investors cannot invest directly in this 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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

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Total
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) 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
Investor Class
Advisor Class
Institutional Class
Service Class
Management fees 0.83% 0.83% 0.83% 0.83%
Distribution (12b-1) fees none none none none
Other expenses 0.20% 0.12% 0.03% 0.46%
Total Annual Fund Operating Expenses 1.03% 0.95% 0.86% 1.29%
Less: Fee waivers and/or expense reimbursements [1] 0.05% 0.05% 0.05% 0.05%
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements 0.98% 0.90% 0.81% 1.24%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.052% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Expense Example - Oakmark International Fund - USD ($)
Investor Class
Advisor Class
Institutional Class
Service Class
1 Year $ 100 $ 92 $ 83 $ 126
3 Years 313 286 259 394
5 Years 543 496 449 682
10 Years $ 1,205 $ 1,103 $ 1,001 $ 1,501
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 35% 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. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. The Fund may invest in non-U.S. markets throughout the world, including emerging markets. The Fund considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Ordinarily, the Fund will invest in the securities of at least five countries outside of the United States. 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 value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.

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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to sixty rather than hundreds. 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 and may lead to greater losses.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Liquidity Risk. Trading markets or a particular investment in which the Fund is invested, including securities of issuers located outside the United States, may become less liquid or even illiquid. Illiquid investments can be more difficult to purchase or sell at an advantageous price or time, and there is a greater risk that they may not be sold for the price at which the Fund is carrying them. This risk may be heightened with investments in issuers located in developing and emerging countries. The inability to sell an investment can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.


Emerging Markets Risk. The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.


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.


Region, Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments 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 bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 16.8%, during the quarter ended March 31, 2012
• Lowest quarterly return: -20.4%, during the quarter ended September 30, 2011

Average Annual Total Returns for Periods Ended December 31, 2019
Average Annual Returns - Oakmark International Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Investor Class 24.21% 5.07% 7.30%
Advisor Class 24.33% none none
Institutional Class 24.43% none none
Service Class 23.92% 4.76% 6.95%
After Taxes on Distributions | Investor Class 23.97% 4.39% 6.67%
After Taxes on Distributions and Sale of Fund Shares | Investor Class 15.00% 4.05% 5.96%
MSCI World ex U.S. Index (Net) (does not reflect the deduction of fees, expenses or taxes) 22.49% 5.42% 5.32%

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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

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Total
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) 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
Investor Class
Advisor Class
Institutional Class
Service Class
Management fees 0.73% 0.73% 0.73% 0.73%
Distribution (12b-1) fees none none none none
Other expenses 0.19% 0.09% 0.01% 0.46%
Total Annual Fund Operating Expenses 0.92% 0.82% 0.74% 1.19%
Less: Fee waivers and/or expense reimbursements [1] 0.04% 0.04% 0.04% 0.04%
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements 0.88% 0.78% 0.70% 1.15%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.043% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Expense Example - Oakmark Fund - USD ($)
Investor Class
Advisor Class
Institutional Class
Service Class
1 Year $ 90 $ 80 $ 72 $ 117
3 Years 281 249 224 365
5 Years 488 433 391 632
10 Years $ 1,085 $ 966 $ 874 $ 1,395
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 51% 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 generally invests in the securities of larger capitalization companies. The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.


The Fund may also use options, including, but not limited to, buying and selling (writing) put and call options on individual stocks, when such use is desirable because of tax or other considerations.


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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry.

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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to sixty rather than hundreds. 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 and may lead to greater losses.


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.


Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.


Options Risk. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. If a strategy is applied at an inappropriate time or market conditions or trends are judged incorrectly, the use of options may lower the Fund's return. There can be no guarantee that the use of options will increase the Fund's return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.


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 bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 14.4%, during the quarter ended March 31, 2012
• Lowest quarterly return: -17.3%, during the quarter ended December 31, 2018

Average Annual Total Returns for Periods Ended December 31, 2019
Average Annual Returns - Oakmark Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Investor Class 26.98% 8.82% 12.43%
Advisor Class 27.09% none none
Institutional Class 27.19% none none
Service Class 26.65% 8.50% 12.09%
After Taxes on Distributions | Investor Class 24.63% 7.63% 11.43%
After Taxes on Distributions and Sale of Fund Shares | Investor Class 17.61% 6.84% 10.24%
S&P 500 Index (does not reflect the deduction of fees, expenses or taxes) 31.49% 11.70% 13.56%

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 Investor Class Shares. After-tax returns for Service Class Shares, Institutional Class Shares, and Advisor Class Shares will vary from returns shown for Investor Class Shares.

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Label Element Value
Oakmark Equity and Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Oakmark Equity and Income Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] 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 [Text Block] rr_ExpenseNarrativeTextBlock

Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jan. 27, 2021
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] 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 11% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 11.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] 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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] 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 total assets in debt securities issued by the U.S. government or any of its agencies or instrumentalities (including agency mortgage-backed securities), non U.S. governments, and corporate entities rated at the time of purchase within the two highest ratings assigned by Moody's Investors Service, Inc. or by S&P Global Ratings, a division of S&P Global. The Fund may invest up to 20% of its total assets in unrated or below investment grade rated debt securities, commonly called junk bonds. 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 value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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 equity investment decisions, the Adviser uses a "bottom-up" approach focused on individual companies, rather than focusing on specific economic factors or specific industries. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry.


The proportion of the Fund held in debt securities will vary in light of the Adviser's view of the attractiveness of debt securities. In times when the Adviser believes equities provide above average absolute value, the proportion of the Fund allocated to debt securities will decline. In selecting debt securities, the Adviser considers many factors, including among other things, quality, yield-to-maturity, liquidity, current yield and call risk. The Adviser believes the role of fixed income investments in the Fund is to help buffer the volatility of the Fund's equity portfolio and generate income.

Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] 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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to sixty rather than hundreds. 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 and may lead to greater losses.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Debt Securities Risk. Debt securities are subject to credit risk, call risk, interest rate risk and liquidity risk.


Credit 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.


Call Risk. Upon the issuer's desire to call a security, or under other circumstances where a security is called, including when interest rates are low and issuers opt to repay the obligation underlying a "callable security" early, the Fund may have to reinvest the proceeds in an investment offering a lower yield and may not benefit from any increase in value that might otherwise result from declining interest rates.


Interest Rate Risk. The Fund's yield and share price will fluctuate in response to changes in interest rates and there is a risk of loss 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. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates.


Liquidity Risk. Liquidity risk is the risk a particular security may be difficult to purchase or sell and that the Fund may be unable to sell such security at an advantageous time or price and may be forced to sell a security at a discount to the Adviser's estimated value of such a security.


U.S. Government Securities Risk. Some securities issued or guaranteed by U.S. government agencies or instrumentalities are not backed by the full faith and credit of the United States 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.


Sovereign Debt Risk. Sovereign debt instruments, including U.S. and non-U.S. debt instruments, are subject to the risk that a governmental entity may delay, refuse, or be unable to pay interest or repay principal on its debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the size of the governmental entity's debt position in relation to the economy, its policy toward international lenders or the failure to put in place economic reforms required by multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. 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.


Lower-Rated Debt Securities Risk. Below investment grade securities (commonly called junk bonds) are regarded as having predominately speculative characteristics with respect to the issuer's continuing ability to pay principal and interest and carry a greater risk that the issuer of such securities will default in the timely payment of principal and interest. Issuers of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.


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.


Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.


Convertible Securities Risk. The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock's price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock's price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly called junk bonds). To the extent the Fund invests in convertible securities issued by mid- or small-cap companies, it will be subject to the risks of investing in such companies.


Mortgage-Backed Securities Risk. In addition to being subject to the risks associated with investments in fixed-income securities generally (e.g., credit, liquidity and valuation risks), the values of mortgage-backed securities are influenced by the factors affecting the assets underlying the securities. The value of these securities may be significantly affected by changes in interest rates. These securities are also subject to the risk of default on the underlying mortgages, which may increase particularly during periods of market downturn. An unexpectedly high rate of defaults on the underlying assets will decrease the security's value. If borrowers pay back principal on mortgage-backed securities, before (prepayment) or after (extension) the market anticipates such payments, shortening or lengthening their duration, the Fund's performance could be impacted. In general, a mortgage-backed security might be called or otherwise converted, prepaid or redeemed before maturity due to an excess in cash flow to the issuer or due to a decline in interest rates. In the event there is a prepayment, the Fund would need to reinvest the proceeds, possibly in an investment offering a lower yield or interest rate. On the other hand, in general, slower payoffs or extension may occur if market interest rates rise, which has the effect of increasing the duration or interest rate risk of the impacted securities.


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 [Text] rr_RiskLoseMoney You may lose money by investing in the Fund
RIsk Not Insured [Text] rr_RiskNotInsured 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 [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's annual average returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's annual average returns compare with those of a broad measure of market performance.
Performance Additional Market Index [Text] rr_PerformanceAdditionalMarketIndex The Lipper Balanced Fund Index measures the equal weighted performance of the 30 largest U.S. balanced funds as defined by Lipper. This index is unmanaged and investors cannot invest directly in this index. The S&P 500 Total Return Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index. The Barclays U.S. Government / Credit Index measures the non-securitized component of the U.S. Aggregate Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. This index is unmanaged and investors cannot invest directly in this index.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-OAKMARK (625-6275)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress Oakmark.com
Performance Past Does Not Indicate Future [Text] 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 Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 9.0%, during the quarter ended December 31, 2011
• Lowest quarterly return: -12.8%, during the quarter ended September 30, 2011

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 9.00%
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%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (does not reflect the deduction of fees, expenses or taxes)
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 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 [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.
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 [Text Block] rr_PerformanceTableClosingTextBlock

The Lipper Balanced Fund Index measures the equal weighted performance of the 30 largest U.S. balanced funds as defined by Lipper. This index is unmanaged and investors cannot invest directly in this index. The S&P 500 Total Return Index is a float-adjusted, capitalization-weighted index of 500 U.S. large-capitalization stocks representing all major industries. It is a widely recognized index of broad U.S. equity market performance. Returns reflect the reinvestment of dividends. This index is unmanaged and investors cannot invest directly in this index. The Barclays U.S. Government / Credit Index measures the non-securitized component of the U.S. Aggregate Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities. This index is unmanaged and investors cannot invest directly in this 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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

Average Annual Return, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2019
Oakmark Equity and Income Fund | Lipper Balanced Funds Index (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.44%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.76%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.12%
Oakmark Equity and Income Fund | S&P 500 Index (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 31.49%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.70%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 13.56%
Oakmark Equity and Income Fund | Barclays U.S. Government/Credit Index (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 9.71%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.23%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 3.96%
Oakmark Equity and Income Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.71%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.20%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.91%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.10% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.81%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 82
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 258
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 448
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 999
Annual Return 2010 rr_AnnualReturn2010 9.50%
Annual Return 2011 rr_AnnualReturn2011 0.64%
Annual Return 2012 rr_AnnualReturn2012 9.05%
Annual Return 2013 rr_AnnualReturn2013 24.25%
Annual Return 2014 rr_AnnualReturn2014 6.93%
Annual Return 2015 rr_AnnualReturn2015 (4.60%)
Annual Return 2016 rr_AnnualReturn2016 10.97%
Annual Return 2017 rr_AnnualReturn2017 14.46%
Annual Return 2018 rr_AnnualReturn2018 (8.33%)
Annual Return 2019 rr_AnnualReturn2019 19.31%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.31%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.79%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.78%
Oakmark Equity and Income Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.86%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.99%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.32%
Oakmark Equity and Income Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 13.04%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.31%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.12%
Oakmark Equity and Income Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.71%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.07%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.78%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.10% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.68%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 70
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 219
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 380
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 850
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.43%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Equity and Income Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.71%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.73%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.10% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.63%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 64
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 200
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 349
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 781
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.50%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Equity and Income Fund | Service Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.71%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.44%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.15%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.10% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.05%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 107
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 335
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 581
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,287
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.99%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.49%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.46%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.099% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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Label Element Value
Oakmark Select Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Oakmark Select Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Oakmark Select Fund seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jan. 27, 2021
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] 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 [Text Block] 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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] 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 and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry. The Fund generally invests in the securities of large- and mid-capitalization companies.


The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.


The Fund may also use options, including, but not limited to, buying and selling (writing) put and call options on individual stocks, when such use is desirable because of tax or other considerations.

Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] 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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


Non-Diversification Risk. A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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 and may lead to greater losses.


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


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.


Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large and medium) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.


Options Risk. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. If a strategy is applied at an inappropriate time or market conditions or trends are judged incorrectly, the use of options may lower the Fund's return. There can be no guarantee that the use of options will increase the Fund's return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.


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 [Text] rr_RiskLoseMoney You may lose money by investing in the Fund
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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 and may lead to greater losses.
RIsk Not Insured [Text] rr_RiskNotInsured 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 [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-OAKMARK (625-6275)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress Oakmark.com
Performance Past Does Not Indicate Future [Text] 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 Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 15.6%, during the quarter ended March 31, 2012
• Lowest quarterly return: -21.7%, during the quarter ended December 31, 2018

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.60%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.70%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (does not reflect the deduction of fees, expenses or taxes)
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 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 [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.
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 [Text Block] rr_PerformanceTableClosingTextBlock

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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

Average Annual Return, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2019
Oakmark Select Fund | S&P 500 Index (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 31.49%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 11.70%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 13.56%
Oakmark Select Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.88%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.19%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.07%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 319
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 554
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,228
Annual Return 2010 rr_AnnualReturn2010 13.24%
Annual Return 2011 rr_AnnualReturn2011 2.15%
Annual Return 2012 rr_AnnualReturn2012 21.74%
Annual Return 2013 rr_AnnualReturn2013 36.52%
Annual Return 2014 rr_AnnualReturn2014 15.39%
Annual Return 2015 rr_AnnualReturn2015 (3.58%)
Annual Return 2016 rr_AnnualReturn2016 15.31%
Annual Return 2017 rr_AnnualReturn2017 15.72%
Annual Return 2018 rr_AnnualReturn2018 (24.88%)
Annual Return 2019 rr_AnnualReturn2019 27.69%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.69%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.30%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 10.60%
Oakmark Select Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.48%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.58%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.61%
Oakmark Select Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 16.53%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 3.28%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.66%
Oakmark Select Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.88%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.93%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.86%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 88
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 276
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 479
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,066
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.82%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Select Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.88%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.89%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 0.82%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 84
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 263
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 457
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,017
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.87%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Select Fund | Service Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 0.88%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.42%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.23%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 126
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 392
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 678
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,494
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.40%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.00%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 10.27%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.074% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.

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Total
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) 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
Investor Class
Advisor Class
Institutional Class
Service Class
Management fees 0.88% 0.88% 0.88% 0.88%
Distribution (12b-1) fees none none none none
Other expenses 0.19% 0.05% 0.01% 0.42%
Total Annual Fund Operating Expenses 1.07% 0.93% 0.89% 1.30%
Less: Fee waivers and/or expense reimbursements [1] 0.07% 0.07% 0.07% 0.07%
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements 1.00% 0.86% 0.82% 1.23%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.074% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Expense Example - Oakmark Select Fund - USD ($)
Investor Class
Advisor Class
Institutional Class
Service Class
1 Year $ 102 $ 88 $ 84 $ 126
3 Years 319 276 263 392
5 Years 554 479 457 678
10 Years $ 1,228 $ 1,066 $ 1,017 $ 1,494
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 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 and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular sector or industry. The Fund generally invests in the securities of large- and mid-capitalization companies.


The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.


The Fund may also use options, including, but not limited to, buying and selling (writing) put and call options on individual stocks, when such use is desirable because of tax or other considerations.

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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


Non-Diversification Risk. A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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 and may lead to greater losses.


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


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.


Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular sector or industry, changes affecting that sector or industry, or the perception of that sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large and medium) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments during given periods.


Options Risk. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. If a strategy is applied at an inappropriate time or market conditions or trends are judged incorrectly, the use of options may lower the Fund's return. There can be no guarantee that the use of options will increase the Fund's return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options.


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 bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 15.6%, during the quarter ended March 31, 2012
• Lowest quarterly return: -21.7%, during the quarter ended December 31, 2018

Average Annual Total Returns for Periods Ended December 31, 2019
Average Annual Returns - Oakmark Select Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Investor Class 27.69% 4.30% 10.60%
Advisor Class 27.82% none none
Institutional Class 27.87% none none
Service Class 27.40% 4.00% 10.27%
After Taxes on Distributions | Investor Class 27.48% 3.58% 9.61%
After Taxes on Distributions and Sale of Fund Shares | Investor Class 16.53% 3.28% 8.66%
S&P 500 Index (does not reflect the deduction of fees, expenses or taxes) 31.49% 11.70% 13.56%

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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

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Total
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) 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
Investor Class
Advisor Class
Institutional Class
Service Class
Management fees 1.17% 1.17% 1.17% 1.17%
Distribution (12b-1) fees none none none none
Other expenses 0.21% 0.09% 0.06% 0.41%
Total Annual Fund Operating Expenses 1.38% 1.26% 1.23% 1.58%
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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Expense Example - Oakmark International Small Cap Fund - USD ($)
Investor Class
Advisor Class
Institutional Class
Service Class
1 Year $ 141 $ 128 $ 126 $ 161
3 Years 438 400 392 500
5 Years 757 692 678 862
10 Years $ 1,661 $ 1,523 $ 1,493 $ 1,882
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 39% 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. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 no greater than the largest market capitalization of any company included in the S&P EPAC (Europe Pacific Asia Composite) Small Cap Index ($16.85 billion as of December 31, 2019).


The Fund may invest in non-U.S. markets throughout the world, including emerging markets. The Fund considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. Ordinarily, the Fund will invest in the securities of at least five countries outside the United States. 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 value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.

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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


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. Therefore, when purchasing and selling smaller cap securities, the Fund may experience higher transactional costs due to the length of time that might be needed to purchase or sell such securities. Additionally, if the Fund is forced to sell securities to meet redemption requests or other cash needs, it may be forced to dispose of those securities under disadvantageous circumstances and at a loss. Smaller companies also 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.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to seventy rather than hundreds. 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 and may lead to greater losses.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Liquidity Risk. Trading markets or a particular investment in which the Fund is invested, including securities of smaller companies and securities of issuers located outside the United States, may become less liquid or even illiquid. Illiquid investments can be more difficult to purchase or sell at an advantageous price or time, and there is a greater risk that they may not be sold for the price at which the Fund is carrying them. 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. This risk may be heightened with investments in issuers located in developing and emerging countries. The inability to sell an investment can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.


Emerging Markets Risk. The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.


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.


Region, Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category carries the risk that due to current market conditions, that category may be out of favor with investors.


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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments 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 bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 19.8%, during the quarter ended March 31, 2012
• Lowest quarterly return: -19.9%, during the quarter ended September 30, 2011

Average Annual Total Returns for Periods Ended December 31, 2019
Average Annual Returns - Oakmark International Small Cap Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Investor Class 31.90% 6.32% 6.76%
Advisor Class 32.05% none none
Institutional Class 32.01% none none
Service Class 31.53% 6.02% 6.45%
After Taxes on Distributions | Investor Class 31.95% 5.47% 6.06%
After Taxes on Distributions and Sale of Fund Shares | Investor Class 19.04% 4.94% 5.44%
MSCI World ex U.S. Small Cap Index (Net) 25.41% 8.17% 8.04%

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 foreign tax credits or any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

XML 29 R25.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Oakmark Global Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Oakmark Global Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Oakmark Global Fund seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jan. 27, 2021
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] 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 20% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 20.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] 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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] 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. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. 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 value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.

Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] 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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to sixty rather than hundreds. 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 and may lead to greater losses.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Emerging Markets Risk. The risks of investing in non-U.S. securities may be heightened for securities of issuers located in e1merging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.


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.


Region, Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments 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 [Text] rr_RiskLoseMoney You may lose money by investing in the Fund
RIsk Not Insured [Text] rr_RiskNotInsured 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 [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-OAKMARK (625-6275)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress Oakmark.com
Performance Past Does Not Indicate Future [Text] 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 Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 15.8%, during the quarter ended March 31, 2012
• Lowest quarterly return: -18.3%, during the quarter ended September 30, 2011

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.80%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (18.30%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (does not reflect the deduction of fees, expenses or taxes)
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 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 [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.
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 [Text Block] rr_PerformanceTableClosingTextBlock

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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

Average Annual Return, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2019
Oakmark Global Fund | MSCI World Index (Net) (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.67%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.74%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.47%
Oakmark Global Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.01%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.22%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.23%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.06% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.17%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 120
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 373
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 645
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,424
Annual Return 2010 rr_AnnualReturn2010 15.74%
Annual Return 2011 rr_AnnualReturn2011 (11.65%)
Annual Return 2012 rr_AnnualReturn2012 20.16%
Annual Return 2013 rr_AnnualReturn2013 34.12%
Annual Return 2014 rr_AnnualReturn2014 3.70%
Annual Return 2015 rr_AnnualReturn2015 (4.38%)
Annual Return 2016 rr_AnnualReturn2016 4.65%
Annual Return 2017 rr_AnnualReturn2017 27.08%
Annual Return 2018 rr_AnnualReturn2018 (18.97%)
Annual Return 2019 rr_AnnualReturn2019 29.60%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.60%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.96%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.60%
Oakmark Global Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 28.62%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.65%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.59%
Oakmark Global Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.44%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 4.56%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 6.91%
Oakmark Global Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.01%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.10%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.06% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.04%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 107
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 332
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 577
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,277
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.78%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Global Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.01%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.06%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.06% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.00%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 102
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 317
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 550
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,220
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.83%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Global Fund | Service Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.01%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.46%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.47%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.06% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.41%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 144
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 446
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 771
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,691
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.32%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.64%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.24%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.059% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
XML 30 R44.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2020
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Total
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) 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
Investor Class
Advisor Class
Institutional Class
Service Class
Management fees 1.01% 1.01% 1.01% 1.01%
Distribution (12b-1) fees none none none none
Other expenses 0.22% 0.09% 0.05% 0.46%
Total Annual Fund Operating Expenses 1.23% 1.10% 1.06% 1.47%
Less: Fee waivers and/or expense reimbursements [1] 0.06% 0.06% 0.06% 0.06%
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements 1.17% 1.04% 1.00% 1.41%
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.059% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Expense Example - Oakmark Global Fund - USD ($)
Investor Class
Advisor Class
Institutional Class
Service Class
1 Year $ 120 $ 107 $ 102 $ 144
3 Years 373 332 317 446
5 Years 645 577 550 771
10 Years $ 1,424 $ 1,277 $ 1,220 $ 1,691
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 20% 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. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. 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 value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these 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, and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry.

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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Focused Portfolio Risk. The Fund's portfolio tends to be invested in a relatively small number of stocks—thirty to sixty rather than hundreds. 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 and may lead to greater losses.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Emerging Markets Risk. The risks of investing in non-U.S. securities may be heightened for securities of issuers located in e1merging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.


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.


Region, Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large, medium or small) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller companies. Smaller companies may be more volatile due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. In addition, there is typically less publicly available information about such companies, and their stocks may have a more limited trading market than stocks of larger 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments 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 bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 15.8%, during the quarter ended March 31, 2012
• Lowest quarterly return: -18.3%, during the quarter ended September 30, 2011

Average Annual Total Returns for Periods Ended December 31, 2019
Average Annual Returns - Oakmark Global Fund
Average Annual Returns, 1 Year
Average Annual Returns, 5 Years
Average Annual Returns, 10 Years
Investor Class 29.60% 5.96% 8.60%
Advisor Class 29.78% none none
Institutional Class 29.83% none none
Service Class 29.32% 5.64% 8.24%
After Taxes on Distributions | Investor Class 28.62% 4.65% 7.59%
After Taxes on Distributions and Sale of Fund Shares | Investor Class 18.44% 4.56% 6.91%
MSCI World Index (Net) (does not reflect the deduction of fees, expenses or taxes) 27.67% 8.74% 9.47%

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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

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Label Element Value
Oakmark Global Select Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Oakmark Global Select Fund
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

Oakmark Global Select Fund seeks long-term capital appreciation.

Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Below are the fees and expenses that you would pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) None.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jan. 27, 2021
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] 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 21% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 21.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example.
Expense Example Narrative [Text Block] 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 were those reflected in the table.


Although your actual returns and expenses may be higher or lower, based on these assumptions your expenses would be:

Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGY
Strategy Narrative [Text Block] 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 and as a result, a higher percentage of the Fund's total assets may at times be invested in a particular region, sector or industry. Typically, the Fund will invest at least 40% of its total assets in securities of non-U.S. companies (unless 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). In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. 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 considers emerging markets to be markets located in countries classified as emerging or frontier markets by MSCI, and are generally located in the AsiaPacific region, Eastern Europe, the Middle East, Central and South America, and Africa. The Fund generally invests in the securities of larger capitalization companies.


The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a company's stock price converges with the Adviser's estimate of the company's intrinsic value. By "intrinsic value," the Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Adviser believes that investing in securities priced significantly below what it believes is a company's intrinsic value presents the best opportunity to achieve the Fund's investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount.


The Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Adviser believes are the companies' intrinsic values. In assessing such companies, the Adviser looks for the following characteristics, although the companies selected may not have all of 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 company management ownership.


Key Tenets of the Oakmark Value 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. To facilitate its selection of 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 identifies a stock that it believes is selling at a significant discount to the Adviser's estimated intrinsic value and that the company has one or more of 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 intrinsic value. This means the Adviser sets specific "buy" and "sell" targets for each stock the Fund holds. The Adviser monitors each portfolio holding and adjusts these price targets as warranted to reflect changes in a company's fundamentals.

Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS
Risk Narrative [Text Block] 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 United States or abroad and the Adviser's evaluation of those events, and the success of the Adviser in implementing the Fund's investment strategy. 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 investment objective, it cannot guarantee it will attain that investment objective. The following principal investment risks can significantly affect the Fund's performance:


Non-Diversification Risk. A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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.


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 adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value and public perceptions concerning these developments, and adverse investor sentiment. In addition, securities markets 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. In addition, some companies may have substantial foreign operations or holdings and may involve additional risks relating to those markets, including but not limited to political, economic, regulatory, or other conditions in foreign countries, as well as currency exchange rates.


Non-U.S. Securities Risk. Investments in securities issued by entities based outside the United States may 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.


Emerging Markets Risk. The risks of investing in non-U.S. securities may be heightened for securities of issuers located in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in non-U.S. securities, emerging markets are more susceptible to governmental interference, local taxes being imposed on foreign investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets.


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.


Region, Sector or Industry Risk. If the Fund has invested a higher percentage of its total assets in a particular region, sector or industry, changes affecting that region, sector or industry, or the perception of that region, sector or industry, may have a significant impact on the performance of the Fund's overall portfolio. Individual regions, sectors or industries may be more volatile, and may perform differently, than the broader market.


Market Capitalization Risk. Investing primarily in issuers in one market capitalization category (large) carries the risk that due to current market conditions, that category may be out of favor with investors. Larger, more established companies may be unable to respond quickly to new competitive challenges or opportunities or attain the high growth rate of successful smaller 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' intrinsic values or because the Adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform other investments 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 [Text] rr_RiskLoseMoney You may lose money by investing in the Fund
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus A non-diversified fund (generally, a fund that may invest in a limited number of issuers) 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 [Text] rr_RiskNotInsured 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 [Text Block] rr_PerformanceNarrativeTextBlock

The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. 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. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance. The Fund's Advisor Class and Institutional Class each commenced operations on November 30, 2016. Updated performance information is available on Oakmark.com or by calling 1-800-OAKMARK (625-6275).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and performance table below can help you evaluate the potential risk and reward of investing in the Fund by showing changes in the performance of the Fund's Investor Class Shares from year to year. The performance table illustrates the volatility of the Fund's historical returns over various lengths of time and shows how the Fund's average annual returns compare with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-OAKMARK (625-6275)
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress Oakmark.com
Performance Past Does Not Indicate Future [Text] 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 Investor Class Shares Total Returns for Years Ended December 31 (%)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Since 2010, the highest and lowest quarterly returns for the Fund's Investor Class Shares were:
• Highest quarterly return: 18.6%, during the quarter ended March 31, 2012
• Lowest quarterly return: -18.1%, during the quarter ended December 31, 2018

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest quarterly return:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.60%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest quarterly return:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2018
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (18.10%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (does not reflect the deduction of fees, expenses or taxes)
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 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 [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.
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 [Text Block] rr_PerformanceTableClosingTextBlock

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 Investor Class Shares. After-tax returns for Service Class Shares, Advisor Class Shares, and Institutional Class Shares will vary from returns shown for Investor Class Shares.

Average Annual Return, Caption rr_AverageAnnualReturnCaption Average Annual Total Returns for Periods Ended December 31, 2019
Oakmark Global Select Fund | MSCI World Index (Net) (does not reflect the deduction of fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 27.67%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 8.74%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.47%
Oakmark Global Select Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.01%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.24%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.25%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.18%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 121
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 376
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 651
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,435
Annual Return 2010 rr_AnnualReturn2010 11.06%
Annual Return 2011 rr_AnnualReturn2011 (5.87%)
Annual Return 2012 rr_AnnualReturn2012 23.95%
Annual Return 2013 rr_AnnualReturn2013 33.80%
Annual Return 2014 rr_AnnualReturn2014 2.57%
Annual Return 2015 rr_AnnualReturn2015 1.85%
Annual Return 2016 rr_AnnualReturn2016 9.93%
Annual Return 2017 rr_AnnualReturn2017 21.18%
Annual Return 2018 rr_AnnualReturn2018 (21.19%)
Annual Return 2019 rr_AnnualReturn2019 29.80%
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.80%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 6.78%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 9.46%
Oakmark Global Select Fund | Investor Class | After Taxes on Distributions  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.56%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.97%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 8.80%
Oakmark Global Select Fund | Investor Class | After Taxes on Distributions and Sale of Fund Shares  
Risk/Return: rr_RiskReturnAbstract  
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 18.02%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 5.30%
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 7.73%
Oakmark Global Select Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.01%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.13%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.14%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.07%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 109
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 341
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 592
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,309
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.95%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Global Select Fund | Institutional Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.01%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.07%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.08%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.01%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 103
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 321
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 556
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,233
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 29.94%
Average Annual Returns, 5 Years rr_AverageAnnualReturnYear05 none
Average Annual Returns, 10 Years rr_AverageAnnualReturnYear10 none
Oakmark Global Select Fund | Service Class  
Risk/Return: rr_RiskReturnAbstract  
Management fees rr_ManagementFeesOverAssets 1.01%
Distribution (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.49% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.50%
Less: Fee waivers and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets 0.07% [1]
Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements rr_NetExpensesOverAssets 1.43%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 146
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 453
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 783
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,716
[1] Harris Associates L.P. (the "Adviser") has contractually agreed to waive 0.066% of its management fee otherwise payable to it by the Fund through January 27, 2021. This arrangement may only be modified or amended with approval from the Fund and the Adviser.
[2] "Other expenses" are based on estimated amounts for the current fiscal year; actual expenses may vary.
XML 38 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Document and Entity Information
Total
Prospectus:  
Document Type 485BPOS
Document Period End Date Sep. 30, 2019
Registrant Name HARRIS ASSOCIATES INVESTMENT TRUST
Entity Central Index Key 0000872323
Entity Inv Company Type N-1A
Amendment Flag false
Document Creation Date Jan. 27, 2020
Document Effective Date Jan. 28, 2020
Prospectus Date Jan. 28, 2020
Oakmark Fund | Institutional Class  
Prospectus:  
Trading Symbol OANMX
Oakmark Fund | Advisor Class  
Prospectus:  
Trading Symbol OAYMX
Oakmark Fund | Service Class  
Prospectus:  
Trading Symbol OARMX
Oakmark Fund | Investor Class  
Prospectus:  
Trading Symbol OAKMX
Oakmark Select Fund | Institutional Class  
Prospectus:  
Trading Symbol OANLX
Oakmark Select Fund | Advisor Class  
Prospectus:  
Trading Symbol OAYLX
Oakmark Select Fund | Service Class  
Prospectus:  
Trading Symbol OARLX
Oakmark Select Fund | Investor Class  
Prospectus:  
Trading Symbol OAKLX
Oakmark Equity and Income Fund | Institutional Class  
Prospectus:  
Trading Symbol OANBX
Oakmark Equity and Income Fund | Advisor Class  
Prospectus:  
Trading Symbol OAYBX
Oakmark Equity and Income Fund | Service Class  
Prospectus:  
Trading Symbol OARBX
Oakmark Equity and Income Fund | Investor Class  
Prospectus:  
Trading Symbol OAKBX
Oakmark Global Fund | Institutional Class  
Prospectus:  
Trading Symbol OANGX
Oakmark Global Fund | Advisor Class  
Prospectus:  
Trading Symbol OAYGX
Oakmark Global Fund | Service Class  
Prospectus:  
Trading Symbol OARGX
Oakmark Global Fund | Investor Class  
Prospectus:  
Trading Symbol OAKGX
Oakmark Global Select Fund | Institutional Class  
Prospectus:  
Trading Symbol OANWX
Oakmark Global Select Fund | Advisor Class  
Prospectus:  
Trading Symbol OAYWX
Oakmark Global Select Fund | Service Class  
Prospectus:  
Trading Symbol OARWX
Oakmark Global Select Fund | Investor Class  
Prospectus:  
Trading Symbol OAKWX
Oakmark International Fund | Advisor Class  
Prospectus:  
Trading Symbol OAYIX
Oakmark International Fund | Institutional Class  
Prospectus:  
Trading Symbol OANIX
Oakmark International Fund | Service Class  
Prospectus:  
Trading Symbol OARIX
Oakmark International Fund | Investor Class  
Prospectus:  
Trading Symbol OAKIX
Oakmark International Small Cap Fund | Institutional Class  
Prospectus:  
Trading Symbol OANEX
Oakmark International Small Cap Fund | Advisor Class  
Prospectus:  
Trading Symbol OAYEX
Oakmark International Small Cap Fund | Service Class  
Prospectus:  
Trading Symbol OAREX
Oakmark International Small Cap Fund | Investor Class  
Prospectus:  
Trading Symbol OAKEX