As David Herro wrote in his lead letter, it was a difficult quarter for global markets and the Oakmark International Fund (OAKIX) was not exempt. The Fund declined 38.1% for the quarter ended March 31 compared to the MSCI World ex U.S. Index, which lost 23.3%. Since the Fund's inception in September 1992, it has returned an average of 7.4% per year. The top contributor for the quarter was Olympus (OCPNF) (Japan), while the largest detractor was Glencore (GLCNF) (Switzerland). Over the course of the past six months, the top contributor was Ferguson (WOSCF)