The Oakmark Fund

Financial Highlights

For a share outstanding throughout each period

Six Months
Ended
March 31,
2000

Year Ended
September 30,
1999

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 $34.37 $33.54 $41.21 $32.39 $28.47 $25.21 $24.18 $17.11 $12.10 $10.00
Income From Investment Operations:
Net Investment Income (Loss) 0.25 0.44 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) (4.86) 2.43 (1.73) 10.67 4.70 4.66 1.76 7.15 5.04 2.11










Total From Investment Operations: (4.61) 2.87 (1.26) 11.03 5.04 4.96 2.03 7.32 5.01 2.10
Less Distributions:
Dividends (from net investment income) (0.26) (0.44) (0.40) (0.34) (0.28) (0.23) (0.23) (0.04) 0 0
Distributions (from capital gains) (4.74) (1.60) (6.01) (1.87) (0.84) (1.47) (0.77) (0.21) 0 0










Total Distributions (5.00) (2.04) (6.41) (2.21) (1.12) (1.70) (1.00) (0.25) 0 0










Net Asset Value, End of Period $24.76 $34.37 $33.54 $41.21 $32.39 $28.47 $25.21 $24.18 $17.11 $12.10




















Total Return (15.06)% 7.98% (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) $2,215.9 $4,772.8 $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 1.22%* 1.11% 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 1.56%* 1.02% 1.22% 1.19%* 1.13% 1.27% 1.19% 0.94% (0.24)% (0.66)%(c)*
Portfolio Turnover Rate 21% 13% 43% 17% 24% 18% 29% 18% 34% 0%

*Data has been annualized.

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

(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

Six Months
Ended
March 31, 2000 Class I

December 31,
1999
Through
March 31, 2000
Class II (a)

Year Ended
September 30, 1999

Year Ended
September 30, 1998

Eleven Months
Ended
September 30, 1997


Net Asset Value, Beginning of Period

$20.92

$18.42

$16.76

$16.34

$10.00

Income From Investment Operations:
Net Investment Income (Loss)

0.06

0.03

0.20

0.03

(0.01)

Net Gains or Losses on Securities (both realized and unrealized)

3.01

1.60

4.72

0.56

6.35






Total From Investment Operations:

3.07

1.63

4.92

0.59

6.34

Less Distributions:
Dividends (from net investment income)

(0.20)

0.00

(0.05)

0

0

Distributions (from capital gains)

(3.72)

0.00

(0.71)

(0.17)

0






Total Distributions

(3.92)

0.00

(0.76)

(0.17)

0






Net Asset Value, End of Period

$20.07

$20.05

$20.92

$16.76

$16.34











Total Return

16.52%

8.85%

30.07%

3.64%

69.16%*

Ratios/Supplemental Data:
Net Assets, End of Period ($million)

$1,497.7

$4.6

$1,638.9

$1,227.9

$514.2

Ratio of Expenses to Average Net Assets

1.18%*

1.36%*

1.16%

1.22%

1.12%*

Ratio of Net Income (Loss) to Average Net Assets

0.71%

.33%

0.98%

.17%

(0.11)%*

Portfolio Turnover Rate

27%

27%

67%

56%

37%

*Data has been annualized.

(a) The date which Class II shares were first sold to the public was December 31, 1999.

The Oakmark Small-Cap Fund

Financial Highlights

For a share outstanding throughout each period

 

Six Months
Ended
March 31,
2000

Year Ended
September 30,
1999

Year Ended
September 30,
1998

Eleven Months
Ended
September 30,
1997

Year Ended
October 31,
1996


Net Asset Value, Beginning of Period

$13.88

$12.63

$20.34

$13.19

$10.00

Income From Investment Operations:
Net Investment Income (Loss)

0.00

(0.16)

(0.12)

(0.01)

(0.02)

Net Gains or Losses on Securities (both realized and unrealized)

(0.49)

1.50

(4.73)

7.16

3.21






Total From Investment Operations:

(0.49)

1.34

(4.85)

7.15

3.19

Less Distributions:
Dividends (from net investment income)

0.00

0.00

0

0

0

Distributions (from capital gains)

0.00

(0.09)

(2.86)

0

0






Total Distributions

0.00

(0.09)

(2.86)

0

0






Net Asset Value, End of Period

$13.39

$13.88

$12.63

$20.34

$13.19











Total Return

(3.53)%

10.56%

(26.37)%

59.14%*

31.94%

Ratios/Supplemental Data:
Net Assets, End of Period ($million)

$255.8

$437.1

$618.0

$1,513.4

$218.4

Ratio of Expenses to Average Net Assets

1.50%*(a)

1.48%

1.45%

1.37%*

1.61%

Ratio of Net Income (Loss) to Average Net Assets

(0.46)%*(a)

(0.44)%

(0.40)%

(0.25)%*

(0.29)%

Portfolio Turnover Rate

13%

68%

34%

27%

23%

*Data has been annualized.

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

March 31,
2000


Ratio of Expenses to Average Net Assets

1.57%

Ratio of Net Income (Loss) to Average Net Assets

(0.53)%

 

The Oakmark Equity and Income Fund

Financial Highlights

For a share outstanding throughout each period

Six Months
Ended
March 31,
2000

Year Ended
September 30,
1999

Year Ended
September 30,
1998

Eleven Months
Ended
September 30,
1997

Year Ended
October 31,
1996


Net Asset Value, Beginning of Period

$15.68

$13.99

$14.49

$11.29

$10.00

Income From Investment Operations:
Net Investment Income (Loss)

0.22

0.43

0.29

0.21

0.10

Net Gains or Losses on Securities (both realized and unrealized)

0.95

1.68

0.04

3.24

1.19






Total From Investment Operations:

1.17

2.11

0.33

3.45

1.29

Less Distributions:
Dividends (from net investment income)

(0.45)

(0.21)

(0.24)

(0.12)

0

Distributions (from capital gains)

(1.36)

(0.21)

(0.59)

(0.13)

0






Total Distributions

(1.81)

(0.42)

(0.83)

(0.25)

0






Net Asset Value, End of Period

$15.04

15.68

13.99

$14.49

$11.29











Total Return

8.02%

15.32%

2.57%

34.01%*

12.91%

Ratios/Supplemental Data:
Net Assets, End of Period ($million)

$52.3

$60.3

$57.7

$33.5

$13.8

Ratio of Expenses to Average Net Assets

1.21%*

1.18%

1.31%

1.50%*(a)

2.50%(a)

Ratio of Net Income (Loss) to Average Net Assets

3.21%*

2.65%

2.39%

2.38%*(a)

1.21%(a)

Portfolio Turnover Rate

29%

81%

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 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 Global Fund

Financial Highlights

For a share outstanding throughout each period

Six Months Ended
March 31,
2000

Year Ended
September 30, 1999(a)


Net Asset Value, Beginning of Period

$9.18

$10.00

Income From Investment Operations:
Net Investment Income (Loss)

0.05

0.01

Net Gains or Losses on Securities (both realized and unrealized)

0.83

(0.83)



Total From Investment Operations:

0.88

(0.82)

Less Distributions:
Dividends (from net investment income)

(0.01)

0.00

Distributions (from capital gains)

0.00

0.00



Total Distributions

(0.01)

0.00

Net Asset Value, End of Period

$10.05

$9.18





Total Return

9.59%

(8.18%)

Ratios/Supplemental Data:
Net Assets, End of Period ($million)

$26.8

$24.0

Ratio of Expenses to Average Net Assets

1.75%*(b)

1.75%*(b)

Ratio of Net Income (Loss) to Average Net Assets

0.52%*(b)

0.98%*(b)

Portfolio Turnover Rate

96%

7%

*Data has been annualized

(a) The date which Fund shares were first offered for sale to the public was August 4, 1999.

(b) If the Fund had paid all of its expenses and there had been no expense reimbursement by the Adviser, ratios would have been as follows:

March 31,
2000

September 30,
1999


Ratio of Expenses to Average Net Assets

1.87%

2.22%

Ratio of Net Income (Loss) to Average Net Assets

0.40%

0.51%

 

The Oakmark International Fund

Financial Highlights

For a share outstanding throughout each period

  

Six Months
Ended
March 31, 2000
Class I

November 4,
1999
Through
March 31,
2000
Class II(b)

Year Ended
September 30,
1999

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

$13.95

$14.36

$10.42

$18.77

$14.92

$12.97

$14.50

$14.09

$9.80

$10.00

Income From Investment Operations:
Net Investment Income (Loss)

0.11

0.19

0.36

0.41

0.27

0.09

0.30

0.21

0.06

0.26

Net Gains or Losses on Securities (both realized and unrealized)

1.10

0.60

4.19

(5.32)

3.74

2.90

(0.77)

0.43

4.48

(0.46)











Total From Investment Operations:

1.21

0.79

4.55

(4.91)

4.01

2.99

(0.47)

0.64

4.54

(0.2)

Less Distributions:
Dividends (from net investment income)

(0.49)

(0.49)

(0.24)

(0.58)

(0.16)

0

0

(0.08)

(0.25)

0

Distributions (from capital gains)

0.00

0.00

(0.78)

(2.86)

0

(1.04)

(1.06)

(0.15)

0

0











Total Distributions

(0.49)

0.00

(1.02)

(3.44)

(0.16)

(1.04)

(1.06)

(0.23)

(0.25)

0











Net Asset Value, End of Period

$14.67

$14.66

$13.95

$10.42

$18.77

$14.92

$12.97

$14.50

$14.09

9.80





















Total Return

8.85%

2.02%

46.41%

(29.90)%

29.63%*

24.90%

(3.06)%

4.62%

47.49%

(22.81)%*

Ratios/Supplemental Data:
Net Assets, End of Period ($million)

$750.0

$0.1

$811.1

$756.1

$1,647.3

$1,172.8

$819.7

$1,286.0

$815.4

$23.5

Ratio of Expenses to Average Net Assets

1.30%*

1.69%*

1.29%

1.32%

1.26%*

1.32%

1.40%

1.37%

1.26%

2.04%*

Ratio of Net Income (Loss) to Average Net Assets

1.68%*

1.87%*

1.94%

1.95%

2.09%*

1.45%

1.40%

1.44%

1.55%

37.02%*

Portfolio Turnover Rate

35%

35%

54%

43%

61%

42%

26%

55%

21%

0%

*Data has been annualized.

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

(b) The date which Class II shares were first sold to the public was November 4, 1999.

The Oakmark International Small Cap Fund

Financial Highlights

For a share outstanding throughout each period

Six Months
Ended
March 31,
2000

Year Ended
September 30,
1999

Year Ended
September 30,
1998

Eleven Months
Ended
September 30,
1997

Year Ended
October 31,
1996


Net Asset Value, Beginning of Period

$12.64

$6.89

$12.20

$11.41

$10.00

Income From Investment Operations:

0.01

Net Investment Income (Loss)

0.20

0.18

0.13

0.04

Net Gains or Losses on Securities (both realized and unrealized)

(0.07)

5.75

(4.09)

1.10

1.37






Total From Investment Operations:

(0.06)

5.95

(3.91)

1.23

1.41

Less Distributions:
Dividends (from net investment income)

(0.11)

(0.20)

(0.06)

(0.08)

0

Distributions (from capital gains)

(0.59)

0.00

(1.34)

(0.36)

0






Total Distributions

(0.70)

(0.20)

(1.40)

(0.44)

0

Net Asset Value, End of Period

$11.88

$12.64

$6.89

$12.20

$11.41











Total Return

(0.34)%

88.02%

(35.20)%

12.07%*

14.15%

Ratios/Supplemental Data:
Net Assets, End of Period ($million)

$107.3

$155.4

$51.8

$66.0

$39.8

Ratio of Expenses to Average Net Assets

1.73%*

1.79%

1.96%

1.93%*

2.50%(a)

Ratio of Net Income (Loss) to Average Net Assets

1.33%*

2.31%

2.17%

1.23%*

0.65%(a)

Portfolio Turnover Rate

16%

126%

69%

63%

27%

*Data has been annualized.

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

October 31, 1996

Ratio of Expenses to Average Net Assets

2.65%

Ratio of Net Income (Loss) to Average Net Assets

0.50%

See accompanying notes to financial statements.