Oakmark Select Fund Investor Class 

Focusing predominantly on common stocks of American businesses, this fund adopts a highly concentrated investment approach. Its portfolio usually comprises approximately twenty securities, although it can sometimes hold as few as twelve. This limited number of holdings implies that a significant percentage of the fund's overall assets may, at certain times, be dedicated to a particular sector or industry. It generally seeks out equity investments in companies with large or medium market capitalizations. Operating under a value-based philosophy for selecting equities, the fund is considered non-diversified.