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Oakmark Fund decreased 2.1% during the third quarter, which compares to a 1.7% gain for the S&P 500. For the fiscal year ending September 30, the Oakmark Fund decreased 5.7%, lagging behind a 4.3% gain for the S&P 500. As large shareholders of the Fund, we are never pleased with short-term underperformance, but because of it, the portfolio is now selling for an atypically large discount to our estimate of intrinsic value. We are confident that our disciplined investment process has allowed us to identify businesses with attractive risk-adjusted return potential and that the gap