The Oakmark Fund

Financial Highlights

For a share outstanding throughout each period

 

Period Ended March 31, 2001

Year Ended
September 30,
2000

Year Ended
September 30,
1999

Year Ended
September 30,
1998

Eleven Months
Ended
September 30,
1997(d)

Year Ended October 31,

Period Ended
October 31,
1991(a)

1996 1995 1994 1993 1992
Net Asset Value, Beginning of Period $26.95 $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) 0.00 0.49 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) 5.64 (2.91) 2.43 (1.73) 10.67 4.70 4.66 1.76 7.15 5.04 2.11
Total From Investment Operations: 5.64 (2.42) 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) (0.39) (0.26) (0.44) (0.40) (0.34) (0.28) (0.23) (0.23) (0.04) 0 0
Distributions (from capital gains) 0.00 (4.74) (1.60) (6.01) (1.87) (0.84) (1.47) (0.77) (0.21) 0 0
Total Distributions (0.39) (5.00) (2.04) (6.41) (2.21) (1.12) (1.70) (1.00) (0.25) 0 0
Net Asset Value, End of Period $32.20 $26.95 $34.37 $33.54 $41.21 $32.39 $28.47 $25.21 $24.18 $17.11 $12.10
Total Return 21.13% (7.55)% 7.98% (4.06)% 39.24%* 18.07% 21.55% 8.77% 43.21% 41.40% 87.10%*
Ratios/Supplemental Data:
Net Assets, End of Period ($million) $2,529.1 $2,038.7 $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 1.16%* 1.21% 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 0.86%* 1.42% 1.02% 1.22% 1.19%* 1.13% 1.27% 1.19% 0.94% (0.24)% (0.66)%(c)*
Portfolio Turnover Rate 29% 50% 13% 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.
(d) A move to a September 30th fiscal year end from an October 31st fiscal year end resulted in an eleven-month fiscal year in 1997.
The Oakmark Select Fund

Financial Highlights

For a share outstanding throughout each period

 

Period Ended
March 31, 2001
Class I		 Period Ended
March 31, 2001
Class II

Year Ended
September 30, 2000 Class I

December 31,
1999
Through
September 30, 2000
Class II (a)

Year Ended
September 30, 1999

Year Ended
September 30, 1998

Eleven Months
Ended
September 30, 1997(b)
Net Asset Value, Beginning of Period $21.45 $21.40

$20.92

$18.42

$16.76

$16.34

$10.00

Income From Investment Operations:
Net Investment Income (Loss) 0.02 (0.01)

0.13

0.10

0.20

0.03

(0.01)

Net Gains or Losses on Securities (both realized and unrealized) 3.96 3.94

4.32

2.88

4.72

0.56

6.35

Total From Investment Operations: 3.98 3.93

4.45

2.98

4.92

0.59

6.34

Less Distributions:
Dividends (from net investment income) (0.09) (0.06)

(0.20)

0.00

(0.05)

0

0
Distributions (from capital gains) (1.36) (1.34)

(3.72)

0.00

(0.71)

(0.17)

0
Total Distributions (1.45) (1.40)

(3.91)

0.00

(0.76)

(0.17)

0
Net Asset Value, End of Period $23.98 $23.93

$21.45

$21.40

$20.92

$16.76

$16.34

Total Return 19.66% 19.44%

24.53%

21.57%*

30.07%

3.64%

69.16%*

Ratios/Supplemental Data:
Net Assets, End of Period ($million) $3,071.1 $18.3

$1,772.0

$6.8

$1,638.9

$1,227.9

$514.2

Ratio of Expenses to Average Net Assets 1.09%* 1.39%*

1.17%

1.41%*

1.16%

1.22%

1.12%*

Ratio of Net Income (Loss) to Average Net Assets 0.39%* 0.05%*

0.76%

0.59%*

0.98%

.17%

(0.11)%*

Portfolio Turnover Rate 17% 17%

69%

69%

67%

56%

37%

* Data has been annualized.
(a) The date which Class II shares were first sold to the public was December 31, 1999.
(b) A move to a September 30th fiscal year end from an October31st fiscal year end resulted in an eleven-month fiscal year in 1997.
The Oakmark Small Cap Fund

Financial Highlights

For a share outstanding throughout each period

Period Ended
March 31,
2001		 Year Ended
September 30,
2000		 Year Ended
September 30,
1999		 Eleven Months
Year Ended
September 30,
1998		 Ended
September 30,
1997(b)		 Year Ended
October 31,
1996
Net Asset Value, Beginning of Period $ 15.10 $ 13.88 $ 12.63 $ 20.34 $13.19 $ 10.00
Income From Investment Operations:
Net Investment Income (Loss) 0.00 0.00 0.14 (0.12) (0.01) (0.02)
Net Gains or Losses on Securities (both realized and unrealized) (0.19) 1.22 1.20 (4.73) 7.16 3.21
Total From Investment Operations: (0.19) 1.22 1.34 (4.85) 7.15 3.19
Less Distributions:
Dividends (from net investment income) 0.00 0.00 0.00 0.00 0.00 0.00
Distributions (from capital gains) (0.51) 0.00 (0.09) (2.86) 0.00 0.00
Total Distributions (0.51) 0.00 (0.09) (2.86) 0.00 0.00
Net Asset Value, End of Period $ 14.40 $ 15.10 $ 13.88 $ 12.63 $20.34 $ 13.19
Total Return (1.10)% 8.79% 10.56% (26.37)% 59.14%* 31.94%
Ratios/Supplemental Data:
Net Assets, End of Period ($million) $231.1 $248.7 $437.1 $618.0 $1,513.4 $218.4
Ratio of Expenses to Average Net Assets 1.31%* 1.50%(a) 1.48% 1.45% 1.37%* 1.61%
Ratio of Net Investment Income (Loss) to Average Net Assets (0.13)%* (0.41)%(a) (0.44)% (0.40)% (0.25)%* (0.29)%
Portfolio Turnover Rate 19% 28% 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:
September 30,
2000
Ratio of Expenses to Average Net Assets 1.59%
Ratio of Net Income (Loss) to Average Net Assets (0.50)%
(b) A move to a September 30th fiscal year end from an October 31st fiscal year end resulted in an eleven-month fiscal year in 1997.
The Oakmark Equity and Income Fund

Financial Highlights

For a share outstanding throughout each period

Period Ended
March 31,
2001
Class I		 Period Ended
March 31,
2001
Class II		 Year Ended
September 30,
2000
Class I		 July 13, 2000
through
September 30, 2000
Class II(a)		 Year Ended
September 30,
1999		 Year Ended
September 30,
1998		 Eleven Months
Ended
September 30,
1997(c)		 Year
Ended
October 31,
1996
Net Asset Value, Beginning of Period $ 16.50 $16.49 $15.68 $15.51 $13.99 $14.49 $11.29 $10.00
Income From Investment Operations:
Net Investment Income (Loss) 0.13 0.07 0.35 0.30 0.39 0.29 0.21 0.10
Net Gains or Losses on Securities (both realized and unrealized) 1.23 1.27 2.28 0.68 1.72 0.04 3.24 1.19
Total From Investment Operations: 1.36 1.34 2.63 0.98 2.11 0.33 3.45 1.29
Less Distributions:
Dividends (from net investment income) (0.24) (0.24) (0.45) 0.00 (0.21) (0.24) (0.12) 0.00
Distributions (from capital gains) (1.00) (1.00) (1.36) 0.00 (0.21) (0.59) (0.13) 0.00
Total Distributions (1.24) (1.24) (1.81) 0.00 (0.42) (0.83) (0.25) 0.00
Net Asset Value, End of Period $ 16.62 $16.59 $16.50 $16.49 $15.68 $13.99 $14.49 $11.29
Total Return 8.96% 8.76% 18.51% 30.34%* 15.32% 2.57% 34.01%* 12.91%
Ratios/Supplemental Data:
Net Assets, End of Period ($million) $161.1 $ 0.9 $54.5 $ 0.4 $60.3 $57.7 $33.5 $13.8
Ratio of Expenses to Average Net Assets 1.00%*(b) 1.25%*(b) 1.25% 1.32%* 1.18% 1.31% 1.50%*(b) 2.50%(b)
Ratio of Net Investment Income
(Loss) to Average Net Assets 3.10%*(b) 2.91%*(b) 3.04% 2.59%* 2.65% 2.39% 2.38%*(b) 1.21%(b)
Portfolio Turnover Rate 51% 51% 87% 87% 81% 46% 53% 66%
* Data has been annualized.
(a) The date which Class II shares were first sold to the public was July13, 2000.
(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, 2001
Class I		 March 31, 2001
Class II		 September 30,
1997		 October 31,
1996
Ratio of Expenses to Average Net Assets 1.09% 1.33% 1.70% 2.64%
Ratio of Net Income (Loss) to Average Net Assets 3.02% 2.83% 2.18% 1.08%
(c) A move to a September 30th fiscal year end from an October 31st fiscal year end resulted in an eleven-month fiscal year in 1997.
The Oakmark Global Fund

Financial Highlights

For a share outstanding throughout each period

Period Ended
March 31, 2001		 Year Ended
September 30, 2000		 Year Ended
September 30, 1999(a)
Net Asset Value, Beginning of Period $10.91 $ 9.18 $10.00
Income From Investment Operations:
Net Investment Income (Loss) 0.06 0.11 0.01
Net Gains or Losses on Securities (both realized and unrealized) 0.49 1.63 (0.83)
Total From Investment Operations: 0.55 1.74 (0.82)
Less Distributions:
Dividends (from net investment income) (0.17) (0.01) 0.00
Distributions (from capital gains) (0.06) 0.00 0.00
Total Distributions (0.23) (0.01) 0.00
Net Asset Value, End of Period $11.23 $10.91 $ 9.18
Total Return 5.11% 18.97% (51.60)%*
Ratios/Supplemental Data:
Net Assets, End of Period ($million) $37.3 $27.2 $24.0
Ratio of Expenses to Average Net Assets 1.75%*(b) 1.75%(b) 1.75%*(b)
Ratio of Net Investment Income (Loss) to Average Net Assets 0.50%*(b) 0.54%(b) 0.98%*(b)
Portfolio Turnover Rate 37% 147% 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,
2001		 September 30,
2000		 September 30,
1999
Ratio of Expenses to Average Net Assets 1.88% 1.96% 2.22%
Ratio of Net Income (Loss) to Average Net Assets 0.37% 0.34% 0.51%

 

The Oakmark International Fund

Financial Highlights

For a share outstanding throughout each period

Period Ended
March 31,
2001
Class I		 Period Ended
March 31,
2001
Class II		 Year Ended
September 30,
2000
Class I		 November 4,
1999
through
September 30,
2000
Class II(a)		 Year Ended
September 30,
1999		 Year Ended
September 30,
1998		 Eleven
Months
Ended
September 30,
1997(c)		 Year Ended October 31,
 Period
Ended
October 31,
1992(b)
1996 1995 1994 1993
Net Asset Value, Beginning of Period $ 15.40 $15.37 $ 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) 0.09 0.07 1.02 0.96 (0.34) 0.41 0.27 0.09 0.30 0.21 0.06 0.26
Net Gains or Losses on Securities (both realized and unrealized) (0.37) (0.38) 0.92 0.53 4.89 (5.32) 3.74 2.90 (0.77) 0.43 4.48 (0.46)
Total From Investment Operations: (0.28) (0.31) 1.94 1.50 4.55 (4.91) 4.01 2.99 (0.47) 0.64 4.54 (0.2)
Less Distributions:
Dividends (from net investment income) (0.51) (0.49) (0.49) (0.49) (0.24) (0.58) (0.16) 0.00 0.00 (0.08) (0.25) 0.00
Distributions (from capital gains) (0.50) (0.48) 0.00 0.00 (0.78) (2.86) 0.00 (1.04) (1.06) (0.15) 0.00 0.00
Total Distributions (1.01) (0.97) (0.49) (0.49) (1.02) (3.44) (0.16) (1.04) (1.06) (0.23) (0.25) 0.00
Net Asset Value, End of Period $ 14.11 $14.09 $ 15.40 $15.37 $ 13.95 $ 10.42 $18.77 $14.92 $12.97 $14.50 $14.09 $9.80
Total Return (1.99)% (2.20)% 14.27% 11.77%* 46.41% (29.90)% 29.63%* 24.90% (3.06)% 4.62% 47.49% (22.81)%*
Ratios/Supplemental Data:%
Net Assets, End of Period ($million) $780.8 $ 0.2 $782.4 $ 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 1.31%* 1.58%* 1.30% 1.50%* 1.29% 1.32% 1.26%* 1.32% 1.40% 1.37% 1.26% 2.04%*
Ratio of Net Investment Income (Loss) to Average Net Assets 1.28%* 1.33%* 1.87% 1.98%* 1.94% 1.95% 2.09%* 1.45% 1.40% 1.44% 1.55% 37.02%*
Portfolio Turnover Rate 36% 36% 64% 64% 54% 43% 61% 42% 26% 55% 21% 0%
* Data has been annualized.
(a) The date which Class II shares were first sold to the public was November 4, 1999.
(b) The date which Fund shares were first offered for sale to the public was September 30, 1992.
(c) A move to a September 30t h fiscal year end from an October 31st fiscal year end resulted in an eleven-month fiscal year in 1997.
The Oakmark International Small Cap Fund

Financial Highlights

For a share outstanding throughout each period

Period Ended
March 31, 2001
Class I		 Period Ended
March 31, 2001
Class II(c)		 Year Ended
September 30,
2000		 Year Ended
September 30,
1999		 Year Ended
September 30,
1998		 Eleven Months
Ended
September 30,
1997(b)		 Year Ended
October 31,
1996
Net Asset Value, Beginning of Period $11.51 $10.73 $12.64 $6.89 $12.20 $11.41 $10.00
Income From Investment Operations:
Net Investment Income (Loss) 0.03 0.07 0.23 0.24 0.18 0.13 0.04
Net Gains or Losses on Securities (both realized and unrealized) 0.18 0.08 (0.66) 5.71 (4.09) 1.10 1.37
Total From Investment Operations: 0.21 0.15 (0.43) 5.95 (3.91) 1.23 1.41
Less Distributions:
Dividends (from net investment income) (0.34) 0.00 (0.11) (0.20) (0.06) (0.08) 0.00
Distributions (from capital gains) (0.49) 0.00 (0.59) 0.00 (1.34) (0.36) 0.00
Total Distributions (0.83) 0.00 (0.70) (0.20) (1.40) (0.44) 0.00
Net Asset Value, End of Period $10.89 $10.88 $11.51 $12.64 $ 6.89 $12.20 $11.41
Total Return 2.18% 1.40% (3.44)% 88.02% (35.20)% 12.07%* 14.15%
Ratios/Supplemental Data:
Net Assets, End of Period ($million) $96.7 $ 0.0 $90.3 $155.4 $51.8 $66.0 $39.8
Ratio of Expenses to Average Net Assets 1.80%* 1.84%* 1.77% 1.79% 1.96% 1.93%* 2.50%(a)
Ratio of Net Investment Income (Loss)
to Average Net Assets 0.92%* 1.19%* 1.99% 2.31% 2.17% 1.23%* 0.65%(a)
Portfolio Turnover Rate 33% 33% 40% 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%
(b) A move to a September 30th fiscal year end from an October 31st fiscal year end resulted in an eleven-month fiscal year in 1997.
(c) The date which Class II shares were first sold tot he public was January 9, 2001.