THE OAKMARK FUND

Financial Highlights–Class I

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 Year Ended
September 30,
2001		 Year Ended
September 30,
2000		 Year Ended
September 30,
1999
Net Asset Value, Beginning of Period

$33.85

$28.08

$32.01

$26.95

$34.37

$33.54
Income (Loss) From Investment Operations:

 

 

 

 

 

 
Net Investment Income

0.09

0.13

0.12

0.07

0.49

0.36
Net Gains (Losses) on Securities (both realized and unrealized)

4.28

5.75

(3.85)

5.38

(2.91)

2.51
Total From Investment Operations:

4.37

5.88

(3.73)

5.45

(2.42)

2.87
Less Distributions:

 

 

 

 

 

 
Dividends (from net investment income)

(0.14)

(0.11)

(0.20)

(0.39)

(0.26)

(0.44)
Distributions (from capital gains)

0.00

0.00

0.00

0.00

(4.74)

(1.60)
Total Distributions

(0.14)

(0.11)

(0.20)

(0.39)

(5.00)

(2.04)
Redemption Fee Per Share

0.00(a)

—

—

—

—

—
Net Asset Value, End of Period

$38.08

$33.85

$28.08

$32.01

$26.95

$34.37
Total Return

12.95%

20.99%

(11.77)%

20.42%

(7.55)%

7.98%
Ratios/Supplemental Data:

 

 

 

 

 

 
Net Assets, End of Period ($million)

$5,801.8

$4,769.4

$3,300.9

$3,109.1

$2,038.7

$4,772.8
Ratio of Expenses to Average Net Assets

1.07%*

1.14%

1.17%

1.15%

1.21%

1.11%
Ratio of Net Investment Income to Average Net Assets

0.53%*

0.48%

0.38%

0.73%

1.42%

1.02%
Portfolio Turnover Rate

8%

21%

44%

57%

50%

13%

Financial Highlights–Class II

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 April 5, 2001
through
September 30,
2001 (b)
Net Asset Value, Beginning of Period

$33.68

$28.04

$31.97

$32.09
Income (Loss) From Investment Operations:

 

 

 

 
Net Investment Income

0.04

0.05

0.16

0.05
Net Gains (Losses) on Securities (both realized and unrealized)

4.25

5.69

(3.92)

(0.17)
Total From Investment Operations:

4.29

5.74

(3.76)

(0.12)
Less Distributions:

 

 

 

 
Dividends (from net investment income)

(0.05)

(0.10)

(0.17)

0.00
Distributions (from capital gains)

0.00

0.00

0.00

0.00
Total Distributions

(0.05)

(0.10)

(0.17)

0.00
Net Asset Value, End of Period

$37.92

$33.68

$28.04

$31.97
Total Return

12.75%

20.52%

(11.85)%

(0.37)%
Ratios/Supplemental Data:

 

 

 

 
Net Assets, End of Period ($million)

$39.2

$21.1

$7.7

$0.1
Ratio of Expenses to Average Net Assets

1.42%*

1.53%

1.44%

1.32%*
Ratio of Net Investment Income to Average Net Assets

0.16%*

0.06%

0.35%

0.46%*
Portfolio Turnover Rate

8%

21%

44%

57%
* Data has been annualized.
(a) Rounds to less than $0.01 per share.
(b) The date on which Class II shares were first sold to the public was April 5, 2001.

  

THE OAKMARK SELECT FUND

Financial Highlights–Class I

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 Year Ended
September 30,
2001		 Year Ended
September 30,
2000		 Year Ended
September 30,
1999
Net Asset Value, Beginning of Period

$27.55

$21.67

$25.20

$21.45

$20.92

$16.76
Income (Loss) From Investment Operations:

 

 

 

 

 

 
Net Investment Income

0.09

0.05

0.02

0.03

0.13

0.19
Net Gains (Losses) on Securities (both realized and unrealized)

3.83

5.85

(3.50)

5.17

4.32

4.73
Total From Investment Operations:

3.92

5.90

(3.48)

5.20

4.45

4.92
Less Distributions:

 

 

 

 

 

 
Dividends (from net investment income)

(0.10)

(0.02)

(0.05)

(0.09)

(0.20)

(0.05)
Distributions (from capital gains)

0.00

0.00

0.00

(1.36)

(3.72)

(0.71)
Total Distributions

(0.10)

(0.02)

(0.05)

(1.45)

(3.92)

(0.76)
Redemption Fee Per Share

0.00(a)

—

—

—

—

—
Net Asset Value, End of Period

$31.37

$27.55

$21.67

$25.20

$21.45

$20.92
Total Return

14.26%

27.25%

(13.85)%

25.75%

24.53%

30.07%
Ratios/Supplemental Data:

 

 

 

 

 

 
Net Assets, End of Period ($million)

$5,696.4

$4,993.0

$3,717.6

$4,161.4

$1,772.0

$1,638.9
Ratio of Expenses to Average Net Assets

1.00%*

1.02%

1.07%

1.08%

1.17%

1.16%
Ratio of Net Investment Income to Average Net Assets

0.59%*

0.23%

0.09%

0.26%

0.76%

0.98%
Portfolio Turnover Rate

8%

20%

32%

21%

69%

67%

Financial Highlights–Class II

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 Year Ended
September 30,
2001		 December 31, 1999
through
September 30,
2000 (b)
Net Asset Value, Beginning of Period

$27.37

$21.56

$25.10

$21.40

$18.42
Income From Investment Operations:

 

 

 

 

 
Net Investment Income (Loss)

0.06

0.00(c)

(0.04)

0.00

0.10
Net Gains or Losses on Securities (both realized and unrealized)

3.81

5.81

(3.50)

5.10

2.88
Total From Investment Operations:

3.87

5.81

(3.54)

5.10

2.98
Less Distributions:

 

 

 

 

 
Dividends (from net investment income)

(0.04)

0.00

0.00

(0.06)

0.00
Distributions (from capital gains)

0.00

0.00

0.00

(1.34)

0.00
Total Distributions

(0.04)

0.00

0.00

(1.40)

0.00
Net Asset Value, End of Period

$31.20

$27.37

$21.56

$25.10

$21.40
Total Return

14.13%

26.95%

(14.10)%

25.28%

16.18%
Ratios/Supplemental Data:

 

 

 

 

 
Net Assets, End of Period ($million)

$108.4

$93.1

$64.4

$35.4

$6.8
Ratio of Expenses to Average Net Assets

1.25%*

1.29%

1.36%

1.40%

1.41%*
Ratio of Net Investment Income (Loss) to Average Net Assets

0.34%*

(0.04)%

(0.19)%

(0.08)%

0.59%*
Portfolio Turnover Rate

8%

20%

32%

21%

69%
* Data has been annualized.
(a) Rounds to less than $0.01 per share.
(b) The date on which Class II shares were first sold to the public was December 31, 1999.
(c) Amount rounds to less than $(0.01) per share.

  

THE OAKMARK SMALL CAP FUND

Financial Highlights–Class I

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 Year Ended
September 30,
2001		 Year Ended
September 30,
2000		 Year Ended
September 30,
1999
Net Asset Value, Beginning of Period $17.18 $14.10 $14.57 $15.10 $13.88 $12.63
Income (Loss) From Investment Operations:            
Net Investment Income (Loss) (0.05) (0.12) (0.11) 0.00 0.00 0.14
Net Gains (Losses) on Securities (both realized and unrealized) 3.27 3.20 (0.36) (0.02) 1.22 1.20
Total From Investment Operations: 3.22 3.08 (0.47) (0.02) 1.22 1.34
Less Distributions:            
Dividends (from net investment income) 0.00 0.00 0.00 0.00 0.00 0.00
Distributions (from capital gains) 0.00 0.00 0.00 (0.51) 0.00 (0.09)
Total Distributions 0.00 0.00 0.00 (0.51) 0.00 (0.09)
Redemption Fee Per Share 0.00(a) — — — — —
Net Asset Value, End of Period $20.40 $17.18 $14.10 $14.57 $15.10 $13.88
Total Return 18.74% 21.84% (3.23)% 0.07% 8.79% 10.56%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $394.1 $350.3 $356.9 $264.6 $248.7 $437.1
Ratio of Expenses to Average Net Assets 1.26%* 1.36% 1.33% 1.27% 1.50%(b) 1.48%
Ratio of Net Investment Loss to Average Net Assets (0.51)%* (0.69)% (0.67)% (0.28)% (0.41)%(b) (0.44)%
Portfolio Turnover Rate 21% 13% 22% 47% 28% 68%
* Data has been annualized.
(a) Rounds to less than $0.01 per share.
(b) If the Fund had paid all of its expenses and there had been no expense reimbursement by the Advisers, 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)%

Financial Highlights–Class II

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 April 10, 2002
through
September 30,
2002 (a)
Net Asset Value, Beginning of Period

$17.10

$14.09

$19.71
Income (Loss) From Investment Operations:

 

 

 
Net Investment Loss

(0.06)

(0.16)

(0.20)(b)
Net Gains (Losses) on Securities (both realized and unrealized)

3.22

3.17

(5.42)
Total From Investment Operations:

3.16

3.01

(5.62)
Net Asset Value, End of Period

$20.26

$17.10

$14.09
Total Return

18.48%

21.36%

(28.51)%
Ratios/Supplemental Data:

 

 

 
Net Assets, End of Period ($million)

$1.1

$0.8

$0.5
Ratio of Expenses to Average Net Assets

1.60%*

1.75%(c)

1.48%*
Ratio of Net Investment Loss to Average Net Assets

(0.84)%*

(1.08)%(c)

(0.85)%*
Portfolio Turnover Rate

21%

13%

22%
* Data has been annualized.
(a) The date on which Class II shares were first sold to the public was April 10, 2002.
(b) Computed using average shares outstanding throughout the period.
(c) 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,
2003
Ratio of Expenses to Average Net Assets 1.85%
Ratio of Net Income (Loss) to Average Net Assets (1.18)%

  

THE OAKMARK EQUITY AND INCOME FUND

Financial Highlights–Class I

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 Year Ended
September 30,
2001		 Year Ended
September 30,
2000		 Year Ended
September 30,
1999
Net Asset Value, Beginning of Period

$20.30

$17.18

$17.45

$16.50

$15.68

$13.99
Income (Loss) From Investment Operations:

 

 

 

 

 

 
Net Investment Income

0.05

0.17

0.33(b)

0.08

0.35

0.39
Net Gains (Losses) on Securities (both realized and unrealized)

2.73

3.19

(0.40)

2.11

2.28

1.72
Total From Investment Operations:

2.78

3.36

(0.07)

2.19

2.63

2.11
Less Distributions:

 

 

 

 

 

 
Dividends (from net investment income)

(0.14)

(0.24)

(0.16)

(0.24)

(0.45)

(0.21)
Distributions (from capital gains)

0.00

0.00

(0.04)

(1.00)

(1.36)

(0.21)
Total Distributions

(0.14)

(0.24)

(0.20)

(1.24)

(1.81)

(0.42)
Redemption Fee Per Share

0.00(a)

—

—

—

—

—
Net Asset Value, End of Period

$22.94

$20.30

$17.18

$17.45

$16.50

$15.68
Total Return

13.75%

19.75%

(0.47)%

14.40%

18.51%

15.32%
Ratios/Supplemental Data:

 

 

 

 

 

 
Net Assets, End of Period ($million)

$6,313.3

$4,138.0

$2,241.9

$620.1

$54.5

$60.3
Ratio of Expenses to Average Net Assets

0.92%*

0.93%

0.96%

0.98%

1.24%

1.18%
Ratio of Net Investment Income to Average Net Assets

0.53%*

1.07%

1.71%

2.07%

3.04%

2.65%
Portfolio Turnover Rate

8%

48%

73%

124%

87%

81%

Financial Highlights–Class II

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 Year Ended
September 30,
2001		 July 13, 2000
through
September 30,
2000 (c)
Net Asset Value, Beginning of Period

$20.24

$17.15

$17.40

$16.49

$15.51
Income (Loss) From Investment Operations:

 

 

 

 

 
Net Investment Income

0.03

0.16

0.30(b)

0.07

0.30
Net Gains (Losses) on Securities (both realized and unrealized)

2.71

3.15

(0.40)

2.08

0.68
Total From Investment Operations:

2.74

3.31

(0.10)

2.15

0.98
Less Distributions:

 

 

 

 

 
Dividends (from net investment income)

(0.11)

(0.22)

(0.11)

(0.24)

0.00
Distributions (from capital gains)

0.00

0.00

(0.04)

(1.00)

0.00
Total Distributions

(0.11)

(0.22)

(0.15)

(1.24)

0.00
Net Asset Value, End of Period

$22.87

$20.24

$17.15

$17.40

$16.49
Total Return

13.56%

19.46%

(0.60)%

14.07%

6.32%
Ratios/Supplemental Data:

 

 

 

 

 
Net Assets, End of Period ($million)

$387.9

$246.6

$118.7

$3.3

$0.4
Ratio of Expenses to Average Net Assets

1.17%*

1.17%

1.20%

1.23%

1.32%*
Ratio of Net Investment Income to Average Net Assets

0.28%*

0.84%

1.50%

1.95%

2.59%*
Portfolio Turnover Rate

8%

48%

73%

124%

87%
* Data has been annualized.
(a) Rounds to less than $0.01 per share.
(b) Computed using average shares outstanding throughout the period.
(c) The date on which Class II shares were first sold to the public was July 13, 2000.

  

THE OAKMARK GLOBAL FUND

Financial Highlights–Class I

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 Year Ended
September 30,
2001		 Year Ended
September 30,
2000		 August 4, 1999
through
September 30,
1999 (a)
Net Asset Value, Beginning of Period

$16.98

$11.30

$10.83

$10.91

$9.18

$10.00
Income (Loss) From Investment Operations:

 

 

 

 

 

 
Net Investment Income (Loss)

(0.02)

0.01

0.00(b)(e)

0.03

0.11

0.01
Net Gains (Losses) on Securities (both realized and unrealized)

3.12

5.67

0.76(f)

0.12

1.63

(0.83)
Total From Investment Operations:

3.10

5.68

0.76

0.15

1.74

(0.82)
Less Distributions:

 

 

 

 

 

 
Dividends (from net investment income)

0.00(b)

0.00

0.00

(0.17)

(0.01)

0.00
Distributions (from capital gains)

(0.05)

0.00

(0.29)

(0.06)

0.00

0.00
Total Distributions

(0.05)

0.00

(0.29)

(0.23)

(0.01)

0.00
Redemption Fee Per Share

0.00(c)

—

—

—

—

—
Net Asset Value, End of Period

$20.03

$16.98

$11.30

$10.83

$10.91

$9.18
Total Return

18.31%

50.27%

6.84%

1.37%

18.97%

(8.20)%
Ratios/Supplemental Data:

 

 

 

 

 

 
Net Assets, End of Period ($million)

$1,338.3

$704.8

$175.6

$48.2

$27.2

$24.0
Ratio of Expenses to Average Net Assets

1.23%*

1.28%

1.55%

1.75%(g)

1.75%(g)

1.75%*(g)
Ratio of Net Investment Income (Loss) to

 

 

 

 

 

 
Average Net Assets

(0.29)%*

0.00%(d)

(0.01)%

0.00%(g)

0.54%(g)

0.98%*(g)
Portfolio Turnover Rate

7%

42%

86%

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) Amount rounds to less than $(0.01) per share.
(c) Rounds to less than $0.01 per share.
(d) Rounds to less than 0.01%.
(e) Computed using average shares outstanding throughout the period.
(f) The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain/loss for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.
(g) If the Fund had paid all of its expenses and there had been no expense reimbursement by the Advisers, ratios would have been as follows:
 
  September 30,
2001		 September 30,
2000		 September 30,
1999
Ratio of Expenses to Average Net Assets 1.80% 1.96% 2.22%*
Ratio of Net Income (Loss) to Average Net Assets (0.05)% 0.34% 0.51%*

Financial Highlights–Class II

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 October 10, 2001
through
September 30,
2002 (a)
Net Asset Value, Beginning of Period

$16.84

$11.24

$11.25
Income (Loss) From Investment Operations:

 

 

 
Net Investment Income (Loss)

(0.02)

0.02

(0.03)
Net Gains (Losses) on Securities (both realized and unrealized)

3.07

5.58

0.31(c)
Total From Investment Operations:

3.05

5.60

0.28
Less Distributions:

 

 

 
Dividends (from net investment income)

0.00(b)

0.00

0.00
Distributions (from capital gains)

(0.05)

0.00

(0.29)
Total Distributions

(0.05)

0.00

(0.29)
Net Asset Value, End of Period

$19.84

$16.84

$11.24
Total Return

18.16%

49.82%

2.31%
Ratios/Supplemental Data:

 

 

 
Net Assets, End of Period ($million)

$18.1

$5.8

$0.6
Ratio of Expenses to Average Net Assets

1.44%*

1.46%

1.86%*
Ratio of Net Investment Loss to Average Net Assets

(0.45)%*

(0.01)%

(0.26)%*
Portfolio Turnover Rate

7%

42%

86%
* Data has been annualized.
(a) The date on which Class II shares were first sold to the public was October 10, 2001.
(b) Rounds to less than $(0.01) per share.
(c) The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain/loss for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

  

THE OAKMARK INTERNATIONAL FUND

Financial Highlights–Class I

For a share outstanding throughout each period

  Period Ended
March 31,
2004
(Unaudited)		 Year Ended
September 30,
2003		 Year Ended
September 30,
2002		 Year Ended
September 30,
2001		 Year Ended
September 30,
2000		 Year Ended
September 30,
1999
Net Asset Value, Beginning of Period

$15.67

$12.17

$12.51

$15.40

$13.95

$10.42
Income (Loss) From Investment Operations:

 

 

 

 

 

 
Net Investment Income (Loss)

(0.02)

0.11

0.14

0.20

1.02

(0.34)
Net Gains (Losses) on Securities (both realized and unrealized)

3.13

3.52

(0.31)

(2.07)

0.92

4.89
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