| THE OAKMARK FUND |
| Year Ended September 30, 2001 Class I |
April 5, 2001 through September 30, 2001 Class II(a) |
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 | $26.95 | $32.09 | $34.37 | $33.54 | $41.21 | $32.39 | $28.47 |
| Income From Investment Operations: | |||||||
| Net Investment Income (Loss) | 0.07 | 0.05 | 0.49 | 0.36 | 0.47 | 0.36 | 0.34 |
| Net Gains or Losses on Securities (both realized and unrealized) | 5.38 | (0.17) | (2.91) | 2.51 | (1.73) | 10.67 | 4.70 |
| Total From Investment Operations: | 5.45 | (0.12) | (2.42) | 2.87 | (1.26) | 11.03 | 5.04 |
| Less Distributions: | |||||||
| Dividends (from net investment income) | (0.39) | 0.00 | (0.26) | (0.44) | (0.40) | (0.34) | (0.28) |
| Distributions (from capital gains) | 0.00 | 0.00 | (4.73) | (1.60) | (6.01) | (1.87) | (0.84) |
| Total Distributions | (0.39) | 0.00 | (5.00) | (2.04) | (6.41) | (2.21) | (1.12) |
| Net Asset Value, End of Period | $32.01 | $31.97 | $26.95 | $34.37 | $33.54 | $41.21 | $32.39 |
| Total Return | 20.42% | (0.37)% | (7.55)% | 7.98% | (4.06)% | 39.24%* | 18.07% |
| Ratios/Supplemental Data: | |||||||
| Net Assets, End of Period ($million) | $3,109.1 | $0.1 | $2,038.7 | $4,772.8 | $6,924.0 | $6,614.9 | $3,933.9 |
| Ratio of Expenses to Average Net Assets | 1.15% | 1.32%* | 1.21% | 1.11% | 1.08% | 1.08%* | 1.18% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.73% | 0.46%* | 1.42% | 1.02% | 1.22% | 1.19%* | 1.13% |
| Portfolio Turnover Rate | 57% | 57% | 50% | 13% | 43% | 17% | 24% |
| * | Data has been annualized. |
| (a) | The date which Class II shares were first sold to the public was April 5, 2001. |
| (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 SELECT FUND |
| Year Ended September 30, 2001 Class I |
Year Ended September 30, 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) | 0.03 | 0.00 | 0.13 | 0.10 | 0.19 | 0.03 | (0.01) |
| Net Gains or Losses on Securities | |||||||
| (both realized and unrealized) | 5.17 | 5.10 | 4.32 | 2.88 | 4.73 | 0.56 | 6.35 |
| Total From Investment Operations: | 5.20 | 5.10 | 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) | 0.00 | 0.00 |
| Distributions (from capital gains) | (1.36) | (1.34) | (3.72) | 0.00 | (0.71) | (0.17) | 0.00 |
| Total Distributions | (1.45) | (1.40) | (3.91) | 0.00 | (0.76) | (0.17) | 0.00 |
| Net Asset Value, End of Period | $25.20 | $25.10 | $21.45 | $21.40 | $20.92 | $16.76 | $16.34 |
| Total Return | 25.75% | 25.28% | 24.53% | 16.18% | 30.07% | 3.64% | 69.16%* |
| Ratios/Supplemental Data: | |||||||
| Net Assets, End of Period ($million) | $4,161.4 | $35.4 | $1,772.0 | $6.8 | $1,638.9 | $1,227.9 | $514.2 |
| Ratio of Expenses to Average Net Assets | 1.08% | 1.40% | 1.17% | 1.41%* | 1.16% | 1.22% | 1.12%* |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.26% | (0.08)% | 0.76% | 0.59%* | 0.98% | 0.17% | (0.11)%* |
| Portfolio Turnover Rate | 21% | 21% | 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 October 31st fiscal year end resulted in an eleven-month fiscal year in 1997. |
| THE OAKMARK SMALL CAP FUND |
| Year Ended September 30, 2001 |
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 | $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) | (0.02) | 1.22 | 1.20 | (4.73) | 7.16 | 3.21 |
| Total From Investment Operations: | (0.02) | 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 | $14.57 | $15.10 | $13.88 | $12.63 | $20.34 | $13.19 |
| Total Return | 0.07% | 8.79% | 10.56% | (26.37)% | 59.14%* | 31.94% |
| Ratios/Supplemental Data: | ||||||
| Net Assets, End of Period ($million) | $264.6 | $248.7 | $437.1 | $618.0 | $1,513.4 | $218.4 |
| Ratio of Expenses to Average Net Assets | 1.27% | 1.50%(a) | 1.48% | 1.45% | 1.37%* | 1.61% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | (0.28)% | (0.41)%(a) | (0.44)% | (0.40)% | (0.25)%* | (0.29)% |
| Portfolio Turnover Rate | 47% | 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: | ||||||||
|
|||||||||
| (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 |
| Year Ended September 30, 2001 Class I |
Year Ended September 30, 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) | 0.08 | 0.07 | 0.35 | 0.30 | 0.39 | 0.29 | 0.21 | 0.10 |
| Net Gains or Losses on Securities (both realized and unrealized) | 2.11 | 2.08 | 2.28 | 0.68 | 1.72 | 0.04 | 3.24 | 1.19 |
| Total From Investment Operations: | 2.19 | 2.15 | 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 | $17.45 | $17.40 | $16.50 | $16.49 | $15.68 | $13.99 | $14.49 | $11.29 |
| Total Return | 14.40% | 14.07% | 18.51% | 6.32% | 15.32% | 2.57% | 34.01%* | 12.91% |
| Ratios/Supplemental Data: | ||||||||
| Net Assets, End of Period ($million) | $620.1 | $3.3 | $54.5 | $0.4 | $60.3 | $57.7 | $33.5 | $13.8 |
| Ratio of Expenses to Average Net Assets | 0.98% | 1.23% | 1.24% | 1.32%* | 1.18% | 1.31% | 1.50%*(b) | 2.50%(b) |
| Ratio of Net Investment Income (Loss) | ||||||||
| to Average Net Assets | 2.07% | 1.95% | 3.04% | 2.59%* | 2.65% | 2.39% | 2.38%*(b) | 1.21%(b) |
| Portfolio Turnover Rate | 124% | 124% | 87% | 87% | 81% | 46% | 53% | 66% |
| * | Data has been annualized. | ||||||||||||
| (a) | The date which Class II shares were first sold to the public was July 13, 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: | ||||||||||||
|
|||||||||||||
| (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. |
||||||||||||
| OAKMARK GLOBAL FUND |
| Year Ended September 30, 2001 |
Year Ended September 30, 2000 |
Period 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) | 0.03 | 0.11 | 0.01 |
| Net Gains or Losses on Securities (both realized and unrealized) | 0.12 | 1.63 | (0.83) |
| Total From Investment Operations: | 0.15 | 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 | $10.83 | $10.91 | $9.18 |
| Total Return | 1.37% | 18.97% | (8.20)% |
| Ratios/Supplemental Data: | |||
| Net Assets, End of Period ($million) | $48.2 | $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 | 0.00%(b) | 0.54%(b) | 0.98%*(b) |
| Portfolio Turnover Rate | 114% | 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: | ||||||||||||||||
|
|||||||||||||||||
| THE OAKMARK INTERNATIONAL FUND |
| Year Ended September 30, 2001 Class I |
Year Ended September 30, 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 |
Year Ended September 30, 1997(b) |
Year Ended October 31, 1996 |
|
| Net Asset Value, Beginning of Period | $15.40 | $15.37 | $13.95 | $14.36 | $10.42 | $18.77 | $14.92 | $12.97 |
| Income From Investment Operations: | ||||||||
| Net Investment Income (Loss) | 0.20 | 0.17 | 1.02 | 0.96 | (0.34) | 0.41 | 0.27 | 0.09 |
| Net Gains or Losses on Securities (both realized and unrealized) | (2.07) | (2.10) | 0.92 | 0.54 | 4.89 | (5.32) | 3.74 | 2.90 |
| Total From Investment Operations: | (1.87) | (1.93) | 1.94 | 1.50 | 4.55 | (4.91) | 4.01 | 2.99 |
| Less Distributions: | ||||||||
| Dividends (from net investment income) | (0.51) | (0.49) | (0.49) | (0.49) | (0.24) | (0.58) | (0.16) | 0.00 |
| Distributions (from capital gains) | (0.51) | (0.48) | 0.00 | 0.00 | (0.78) | (2.86) | 0.00 | (1.04) |
| Total Distributions | (1.02) | (0.97) | (0.49) | (0.49) | (1.02) | (3.44) | (0.16) | (1.04) |
| Net Asset Value, End of Period | $12.51 | $12.47 | $15.40 | $15.37 | $13.95 | $10.42 | $18.77 | $14.92 |
| Total Return | (13.10)% | (13.44)% | 14.27% | 10.79% | 46.41% | (29.90)% | 29.63%* | 24.90% |
| Ratios/Supplemental Data: | ||||||||
| Net Assets, End of Period ($million) | $738.5 | $1.9 | $782.4 | $0.1 | $811.1 | $756.1 | $1,647.3 | $1,172.8 |
| Ratio of Expenses to Average Net Assets | 1.30% | 1.64% | 1.30% | 1.50%* | 1.29% | 1.32% | 1.26%* | 1.32% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 1.40% | 0.62% | 1.87% | 1.98%* | 1.94% | 1.95% | 2.09%* | 1.45% |
| Portfolio Turnover Rate | 58% | 58% | 64% | 64% | 54% | 43% | 61% | 42% |
| * | Data has been annualized. |
| (a) | The date which Class II shares were first sold to the public was November 4, 1999. |
| (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. |
| OAKMARK INTERNATIONAL SMALL CAP FUND |
| Year Ended September 30, 2001 Class I |
January 9, 2001 through September 30, 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) | 0.13 | 0.15 | 0.23 | 0.24 | 0.18 | 0.13 | 0.04 |
| Net Gains or Losses on Securities (both realized and unrealized) | (0.81) | (0.91) | (0.66) | 5.71 | (4.09) | 1.10 | 1.37 |
| Total From Investment Operations: | (0.68) | (0.76) | (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 | $10.00 | $9.97 | $11.51 | $12.64 | $6.89 | $12.20 | $11.41 |
| Total Return | (6.18)% | (7.08)% | (3.44)% | 88.02% | (35.20)% | 12.07%* | 14.15% |
| Ratios/Supplemental Data: | |||||||
| Net Assets, End of Period ($million) | $118.9 | $0.0 | $90.3 | $155.4 | $51.8 | $66.0 | $39.8 |
| Ratio of Expenses to Average Net Assets | 1.74% | 1.97%* | 1.77% | 1.79% | 1.96% | 1.93%* | 2.50%(a) |
| Ratio of Net Investment Income | |||||||
(Loss) to Average Net Assets |
1.83% | 1.76%* | 1.99% | 2.31% | 2.17% | 1.23%* | 0.65%(a) |
| Portfolio Turnover Rate | 49% | 49% | 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: | ||||||||
|
|||||||||
| (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 to the public was January 9, 2001. | ||||||||
See accompanying notes to financial statements.