Oakmark Select - Update

I wish I had better news to report, but The Oakmark Select Fund’s investment losses have continued since I last corresponded with you in September. Given this weak performance, I thought that reviewing why we own what we own might be helpful since many of you use year end as a time to re-evaluate your investments. I’d like to address our holdings by categorizing them into four groups. Be aware that new information could cause us to quickly change our opinion on any stock.