The Oakmark Fund

Financial Highlights

For a share outstanding throughout each period

	Year Ended September 30, 1998	Eleven Months Ended September 30, 1997	Year Ended October 31,					Period Ended October 31, 1991(a)
			1996	1995	1994	1993	1992
Net Asset Value, Beginning of Period	$ 41.21	$ 32.39	$ 28.47	$ 25.21	$ 24.18	$ 17.11	$12.10	$10.00
Income From Investment Operations:
Net Investment Income (Loss)	0.47	0.36	0.34	0.30	0.27	0.17	(0.03)	(0.01)
Net Gains or Losses on Securities (both realized and unrealized)	(1.73)	10.67	4.70	4.66	1.76	7.15	5.04	2.11
Total From Investment Operations:	(1.26)	11.03	5.04	4.96	2.03	7.32	5.01	2.10
Less Distributions:
Dividends (from net investment income)	(0.40)	(0.34)	(0.28)	(0.23)	(0.23)	(0.04)	—	—
Distributions (from capital gains)	(6.01)	(1.87)	(0.84)	(1.47)	(0.77)	(0.21)	—	—
Total Distributions	(6.41)	(2.21)	(1.12)	(1.70)	(1.00)	(0.25)	—	—
Net Asset Value, End of Period	$ 33.54	$ 41.21	$ 32.39	$ 28.47	$ 25.21	$ 24.18	$17.11	$12.10
Total Return	(4.06)%	39.24%*	18.07%	21.55%	8.77%	43.21%	41.40%	87.10%*
Ratios/Supplemental Data:
Net Assets, End of Period ($ million)	$6,924.0	$6,614.9	$3,933.9	$2,827.1	$1,677.3	$1,107.0	$114.7	$4.8
Ratio of Expenses to Average Net Assets	1.08%	1.08%*	1.18%	1.17%	1.22%	1.32%	1.70%	2.50%(b)*
Ratio of Net Income (Loss) to Average Net Assets	1.22%	1.19%(*)	1.13%	1.27%	1.19%	0.94%	(0.24)%	(0.66)%(c)*
Portfolio Turnover Rate	43%	17%	24%	18%	29%	18%	34%	0%

*Data has been annualized.

(a) From August 5, 1991, the date on which Fund shares were first offered for sale to the public.

(b) If the Fund had paid all of its expenses and there had been no reimbursement by the Adviser, this annualized ratio would have been 4.92% for the period.

(c) Computed giving effect to the Adviser's expense limitation undertaking.

The Oakmark Select Fund

Financial Highlights

For a share outstanding throughout the period

	Year Ended September 30, 1998	Eleven Months Ended September 30, 1997
Net Asset Value, Beginning of Period	$ 16.34	$10.00
Income From Investment Operations:
Net Investment Income (Loss)	0.03	(0.01)
Net Gains or Losses on Securities (both realized and unrealized)	0.56	6.35
Total From Investment Operations:	0.59	6.34
Less Distributions:
Dividends (from net investment income)	0.00	0.00
Distributions (from capital gains)	(0.17)	0.00
Total Distributions	(0.17)	0.00
Net Asset Value, End of Period	$ 16.76	$16.34
Total Return	3.64%	69.16%*
Ratios/Supplemental Data:
Net Assets, End of Period ($ million)	$1,227.9	$514.2
Ratio of Expenses to Average Net Assets (a)	1.22%	1.12%*
Ratio of Net Income (Loss) to Average Net Assets (a)	0.17%	(0.11)%*
Portfolio Turnover Rate	56%	37%

Notes

*Ratios have been annualized.

The Oakmark Small Cap Fund

Financial Highlights

For a share outstanding throughout each period

	Year Ended September 30, 1998	Eleven Months Ended September 30, 1997	Year Ended October 31, 1996
Net Asset Value, Beginning of Period	$20.34	$ 13.19	$10.00
Income From Investment Operations:
Net Investment Income (Loss)	(0.12)	(0.01)	(0.02)
Net Gains or Losses on Securities (both realized and unrealized)	(4.73)	7.16	3.21
Total From Investment Operations:	(4.85)	7.15	3.19
Less Distributions:
Dividends (from net investment income)	0.00	0.00	0.00
Distributions (from capital gains)	(2.86)	0.00	0.00
Total Distributions	(2.86)	0.00	0.00
Net Asset Value, End of Period	$12.63	$ 20.34	$13.19
Total Return	(26.37%)	59.14%*	31.94%
Ratios/Supplemental Data:
Net Assets, End of Period ($million)	$618.0	$1,513.4	$218.4
Ratio of Expenses to Average Net Assets	1.45%	1.37%(*)	1.61%
Ratio of Net Income (Loss) to Average Net Assets	(0.40%)	(0.25%)*	(0.29%)
Portfolio Turnover Rate	34%	27%	23%

*Data has been annualized.

The Oakmark Equity and Income Fund

Financial Highlights

For a share outstanding throughout each period

	Year Ended September 30, 1998	Eleven Months Ended September 30, 1997	Year Ended October 31, 1996
Net Asset Value, Beginning of Period	$14.49	$11.29	$10.00
Income From Investment Operations:
Net Investment Income (Loss)	0.29	0.21	0.10
Net Gains or Losses on Securities (both realized and unrealized)	0.04	3.24	1.19
Total From Investment Operations:	0.33	3.45	1.29
Less Distributions:
Dividends (from net investment income)	(0.24)	(0.12)	0.00
Distributions (from capital gains)	(0.59)	(0.13)	0.00
Total Distributions	(0.83)	(0.25)	0.00
Net Asset Value, End of Period	$13.99	$14.49	$11.29
Total Return	2.57%	34.01%(*)	12.91%
Ratios/Supplemental Data:
Net Assets, End of Period ($million)	$57.7	$33.5	$13.8
Ratio of Expenses to Average Net Assets	1.31%	1.50%*(a)	2.50%(a)
Ratio of Net Income (Loss) to Average Net Assets	2.39%	2.38%*(a)	1.21%(a)
Portfolio Turnover Rate	46%	53%	66%

*Data has been annualized

(a) If the fund had paid all of its expenses and there had been no expense reimbursement by the investment adviser, ratios would have been as follows:

	September 30, 1997	October 31, 1996
Ratio of Expenses to Average Net Assets	1.70%	2.64%
Ratio of Net Income (Loss) to Average Net Assets	2.18%	1.08%

The Oakmark International Fund

Financial Highlights

For a share outstanding throughout each period

	Year Ended September 30, 1998	Eleven Months Ended September 30, 1997	Year Ended October 31,				Period Ended October 31, 1992(a)
			1996	1995	1994	1993
Net Asset Value, Beginning of Period	$18.77	$ 14.92	$ 12.97	$14.50	$ 14.09	$ 9.80	$10.00
Income From Investment Operations:
Net Investment Income (Loss)	0.41	0.27	0.09	0.30	0.21	0.06	0.26
Net Gains or Losses on Securities (both realized and unrealized)	(5.32)	3.74	2.90	(0.77)	0.43	4.48	(0.46)
Total From Investment Operations:	(4.91)	4.01	2.99	(0.47)	0.64	4.54	(0.20)
Less Distributions:
Dividends (from net investment income)	(0.58)	(0.16)	0.00	0.00	(0.08)	(0.25)	—
Distributions (from capital gains)	(2.86)	0.00	(1.04)	(1.06)	(0.15)	—	—
Total Distributions	(3.44)	(0.16)	(1.04)	(1.06)	(0.23)	(0.25)	—
Net Asset Value, End of Period	$10.42	$ 18.77	$ 14.92	$12.97	$ 14.50	$ 14.09	9.80
Total Return	(29.90%)	29.63%*	24.90%	(3.06%)	4.62%	47.49%	(22.81%)*
Ratios/Supplemental Data:
Net Assets, End of Period ($million)	$756.1	$1,647.3	$1,172.8	$819.7	$1,286.0	$815.4	$23.5
Ratio of Expenses to Average Net Assets	1.32%	1.26%*	1.32%	1.40%	1.37%	1.26%	2.04%*
Ratio of Net Income (Loss) to Average Net Assets	1.95%	2.09%*	1.45%	1.40%	1.44%	1.55%	37.02%*
Portfolio Turnover Rate	43%	61%	42%	26%	55%	21%	0%

*Ratios have been annualized.

(a) From September 30, 1992, the date on which Fund shares were first offered for sale to the public.

The Oakmark International Small Cap Fund

Financial Highlights

For a share outstanding throughout each period

	Year Ended September 30, 1998	Eleven Months Ended September 30, 1997	Year Ended October 31, 1996
Net Asset Value, Beginning of Period	$12.20	$11.41	$10.00
Income From Investment Operations:
Net Investment Income (Loss)	0.18	0.13	0.04
Net Gains or Losses on Securities (both realized and unrealized)	(4.09)	1.10	1.37
Total From Investment Operations:	(3.91)	1.23	1.41
Less Distributions:
Dividends (from net investment income)	(0.06)	(0.08)	0.00
Distributions (from capital gains)	(1.34)	(0.36)	0.00
Total Distributions	(1.40)	(0.44)	0.00
Net Asset Value, End of Period	$6.89	$12.20	$11.41
Total Return	(35.20%)	12.07%*	14.15%
Ratios/Supplemental Data:
Net Assets, End of Period ($million)	$51.8	$66.0	$39.8
Ratio of Expenses to Average Net Assets	1.96%	1.93%*	2.50%(a)
Ratio of Net Income (Loss) to Average Net Assets	2.17%	1.23%*	0.65%(a)
Portfolio Turnover Rate	69%	63%	27%

Notes

*Ratios have been annualized.

(a) If the fund had paid all of its expenses and there had been no expense reimbursement by the investment advisor, the ratio of expenses to average net assets would have been 2.65% and the ratio of net income (loss) to average net assets would have been .50%.

See accompanying notes to financial statements.