| THE OAKMARK FUND |
| Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
Year Ended September 30, 2002 |
Year Ended September 30, 2001 |
Year Ended September 30, 2000 |
|
| |
|||||
| Net Asset Value, Beginning of Period | $33.85 | $28.08 | $32.01 | $26.95 | $34.37 |
| Income (Loss) From Investment Operations: | |||||
| Net Investment Income | 0.16 | 0.13 | 0.12 | 0.07 | 0.49 |
| Net Gains (Losses) (both realized and unrealized) | 4.81 | 5.75 | (3.85) | 5.38 | (2.91) |
| |
|
|
|
|
|
| Total From Investment Operations: | 4.97 | 5.88 | (3.73) | 5.45 | (2.42) |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.14) | (0.11) | (0.20) | (0.39) | (0.26) |
| Distributions (from capital gains) | 0.00 | 0.00 | 0.00 | 0.00 | (4.74) |
| |
|
|
|
|
|
| Total Distributions | (0.14) | (0.11) | (0.20) | (0.39) | (5.00) |
| |
|
|
|
|
|
| Redemption fee per share | 0.00(a) | — | — | — | — |
| Net Asset Value, End of Period | $38.68 | $33.85 | $28.08 | $32.01 | $26.95 |
| |
|
|
|
|
|
| Total Return | 14.73% | 20.99% | (11.77)% | 20.42% | (7.55)% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $6,474.0 | $4,769.4 | $3,300.9 | $3,109.1 | $2,038.7 |
| Ratio of Expenses to Average Net Assets | 1.05% | 1.14% | 1.17% | 1.15% | 1.21% |
| Ratio of Net Investment Income to Average Net Assets | 0.47% | 0.48% | 0.38% | 0.73% | 1.42% |
| Portfolio Turnover Rate | 19% | 21% | 44% | 57% | 50% |
| Year Ended September 30, 2004 |
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(c) | 0.05 | 0.16 | 0.05 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 4.78 | 5.69 | (3.92) | (0.17) |
| |
|
|
|
|
| Total From Investment Operations: | 4.82 | 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 | $38.45 | $33.68 | $28.04 | $31.97 |
| |
|
|
|
|
| Total Return | 14.32% | 20.52% | (11.85)% | (0.37)% |
| Ratios/Supplemental Data: | ||||
| Net Assets, End of Period ($million) | $51.9 | $21.1 | $7.7 | $0.1 |
| Ratio of Expenses to Average Net Assets | 1.40% | 1.53% | 1.44% | 1.32%* |
| Ratio of Net Investment Income to Average Net Assets | 0.11% | 0.06% | 0.35% | 0.46%* |
| Portfolio Turnover Rate | 19% | 21% | 44% | 57% |
| * Data has been annualized. | |
| (a) | Amount rounds to less than $0.01 |
| (b) | The date on which Class II shares were first sold to the public was April 5, 2001. |
| (c) | Computed using average shares outstanding throughout the period. |
| THE OAKMARK SELECT FUND |
| Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
Year Ended September 30, 2002 |
Year Ended September 30, 2001 |
Year Ended September 30, 2000 |
|
| |
|||||
| Net Asset Value, Beginning of Period | $27.55 | $21.67 | $25.20 | $21.45 | $20.92 |
| Income (Loss) From Investment Operations: | |||||
| Net Investment Income | 0.15(a) | 0.05 | 0.02 | 0.03 | 0.13 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 3.60 | 5.85 | (3.50) | 5.17 | 4.32 |
| |
|
|
|
|
|
| Total From Investment Operations: | 3.75 | 5.90 | (3.48) | 5.20 | 4.45 |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.10) | (0.02) | (0.05) | (0.09) | (0.20) |
| Distributions (from capital gains) | 0.00 | 0.00 | 0.00 | (1.36) | (3.72) |
| |
|
|
|
|
|
| Total Distributions | (0.10) | (0.02) | (0.05) | (1.45) | (3.92) |
| |
|
|
|
|
|
| Redemption Fee Per Share | 0.00(b) | — | — | — | — |
| Net Asset Value, End of Period | $31.20 | $27.55 | $21.67 | $25.20 | $21.45 |
| |
|
|
|
|
|
| Total Return | 13.64% | 27.25% | (13.85)% | 25.75% | 24.53% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $5,463.0 | $4,993.0 | $3,717.6 | $4,161.4 | $1,772.0 |
| Ratio of Expenses to Average Net Assets | 1.00% | 1.02% | 1.07% | 1.08% | 1.17% |
| Ratio of Net Investment Income to Average Net Assets | 0.50% | 0.23% | 0.09% | 0.26% | 0.76% |
| Portfolio Turnover Rate | 14% | 20% | 32% | 21% | 69% |
| Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
Year Ended September 30, 2002 |
Year Ended September 30, 2001 |
December 31, 1999 through September 30, 2000 (c) |
|
| |
|||||
| Net Asset Value, Beginning of Period | $27.37 | $21.56 | $25.10 | $21.40 | $18.42 |
| Income (Loss) From Investment Operations: | |||||
| Net Investment Income (Loss) | 0.09(a) | 0.00(b) | (0.04) | 0.00(b) | 0.10 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 3.58 | 5.81 | (3.50) | 5.10 | 2.88 |
| |
|
|
|
|
|
| Total From Investment Operations: | 3.67 | 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 | $31.00 | $27.37 | $21.56 | $25.10 | $21.40 |
| |
|
|
|
|
|
| Total Return | 13.40% | 26.95% | (14.10)% | 25.28% | 16.18% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $98.0 | $93.1 | $64.4 | $35.4 | $6.8 |
| Ratio of Expenses to Average Net Assets | 1.21% | 1.29% | 1.36% | 1.40% | 1.41%* |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.29% | (0.04)% | (0.19)% | (0.08)% | 0.59%* |
| Portfolio Turnover Rate | 14% | 20% | 32% | 21% | 69% |
| * Data has been annualized. | |
| (a) | Computed using average shares outstanding throughout the period. |
| (b) | Amount rounds to less than $0.01 per share. |
| (c) | The date on which Class II shares were first sold to the public was December 31, 1999. |
| THE OAKMARK EQUITY AND INCOME FUND |
| Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
Year Ended September 30, 2002 |
Year Ended September 30, 2001 |
Year Ended September 30, 2000 |
|
| |
|||||
| Net Asset Value, Beginning of Period | $20.30 | $17.18 | $17.45 | $16.50 | $15.68 |
| Income (Loss) From Investment Operations: | |||||
| Net Investment Income | 0.15 | 0.17 | 0.33(a) | 0.08 | 0.35 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 2.81 | 3.19 | (0.40) | 2.11 | 2.28 |
| |
|
|
|
|
|
| Total From Investment Operations: | 2.96 | 3.36 | (0.07) | 2.19 | 2.63 |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.14) | (0.24) | (0.16) | (0.24) | (0.45) |
| Distributions (from capital gains) | 0.00 | 0.00 | (0.04) | (1.00) | (1.36) |
| |
|
|
|
|
|
| Total Distributions | (0.14) | (0.24) | (0.20) | (1.24) | (1.81) |
| |
|
|
|
|
|
| Redemption fee per share | 0.00(b) | — | — | — | — |
| Net Asset Value, End of Period | $23.12 | $20.30 | $17.18 | $17.45 | $16.50 |
| |
|
|
|
|
|
| Total Return | 14.64% | 19.75% | (0.47)% | 14.40% | 18.51% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $7,577.9 | $4,138.0 | $2,241.9 | $620.1 | $54.5 |
| Ratio of Expenses to Average Net Assets | 0.92% | 0.93% | 0.96% | 0.98% | 1.24% |
| Ratio of Net Investment Income to Average Net Assets | 0.78% | 1.07% | 1.71% | 2.07% | 3.04% |
| Portfolio Turnover Rate | 72% | 48% | 73% | 124% | 87% |
| Year Ended September 30, 2004 |
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 | 0.11 | 0.16 | 0.30(a) | 0.07 | 0.30 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 2.79 | 3.15 | (0.40) | 2.08 | 0.68 |
| |
|
|
|
|
|
| Total From Investment Operations: | 2.90 | 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 | $23.03 | $20.24 | $17.15 | $17.40 | $16.49 |
| |
|
|
|
|
|
| Total Return | 14.36% | 19.46% | (0.60)% | 14.07% | 6.32% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $478.7 | $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 | 0.53% | 0.84% | 1.50% | 1.95% | 2.59%* |
| Portfolio Turnover Rate | 72% | 48% | 73% | 124% | 87% |
| * Data has been annualized. | |
| (a) | Computed using average shares outstanding throughout the period. |
| (b) | Amount rounds to less than $0.01 per share. |
| (c) | The date on which Class II shares were first sold to the the public was July 13, 2000. |
| THE OAKMARK GLOBAL FUND |
|
Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
Year Ended September 30, 2002 |
Year Ended September 30, 2001 |
Year Ended September 30, 2000 |
|
|
|
|||||
| Net Asset Value, Beginning of Period | $16.98 | $11.30 | $10.83 | $10.91 | $9.18 |
| Income (Loss) From Investment Operations: | |||||
| Net Investment Income | 0.09 | 0.01 | 0.00(a)(b) | 0.03 | 0.11 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 2.71 | 5.67 | 0.76(c) | 0.12 | 1.63 |
|
|
|
|
|
|
|
| Total From Investment Operations: | 2.80 | 5.68 | 0.76 | 0.15 | 1.74 |
| Less Distributions: | |||||
| Dividends (from net investment income) | 0.00(a) | 0.00 | 0.00 | (0.17) | (0.01) |
| Distributions (from capital gains) | (0.05) | 0.00 | (0.29) | (0.06) | 0.00 |
|
|
|
|
|
|
|
| Total Distributions | (0.05) | 0.00 | (0.29) | (0.23) | (0.01) |
|
|
|
|
|
|
|
| Redemption fee per share | 0.00(a) | — | — | — | — |
| Net Asset Value, End of Period | $19.73 | $16.98 | $11.30 | $10.83 | $10.91 |
|
|
|
|
|
|
|
| Total Return | 16.54% | 50.27% | 6.84% | 1.37% | 18.97% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $1,336.3 | $704.8 | $175.6 | $48.2 | $27.2 |
| Ratio of Expenses to Average Net Assets | 1.26% | 1.28% | 1.55% | 1.75%(e) | 1.75%(e) |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.47% | 0.00%(d) | (0.01)% | 0.00(e) | 0.54%(e) |
| Portfolio Turnover Rate | 16% | 42% | 86% | 114% | 147% |
| (a) | Amount rounds to less than $0.01 per share. |
| (b) | Computed using average shares outstanding throughout the period. |
| (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 net asset value per share of the class. |
| (d) | Amount rounds to less than 0.01%. |
| (e) | 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, 2001 |
September 30, 2000 |
|
|
|
||
| Ratio of Expenses to Average Net Assets | 1.80% | 1.96% |
| Ratio of Net Income (Loss) to Average Net Assets | (0.05)% | 0.34% |
|
Year Ended September 30, 2004 |
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) | 0.05 | 0.02 | (0.03) |
| Net Gains (Losses) on Securities (both realized and unrealized) | 2.69 | 5.58 | 0.31(b) |
|
|
|
|
|
| Total From Investment Operations: | 2.74 | 5.60 | 0.28 |
| Less Distributions: | |||
| Dividends (from net investment income) | 0.00 | 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 | $19.53 | $16.84 | $11.24 |
|
|
|
|
|
| Total Return | 16.32% | 49.82% | 2.31% |
| Ratios/Supplemental Data: | |||
| Net Assets, End of Period ($million) | $24.7 | $5.8 | $0.6 |
| Ratio of Expenses to Average Net Assets | 1.50% | 1.46% | 1.86%* |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.37% | (0.01)% | (0.26)%* |
| Portfolio Turnover Rate | 16% | 42% | 86% |
| * Data has been annualized. | |
| (a) | The date on which Class II shares were first offered for sale to the public was October 10, 2001. |
| (b) | 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 net asset value per share of the class. |
| THE OAKMARK INTERNATIONAL FUND |
| Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
Year Ended September 30, 2002 |
Year Ended September 30, 2001 |
Year Ended September 30, 2000 |
|
| |
|||||
| Net Asset Value, Beginning of Period | $15.67 | $12.17 | $12.51 | $15.40 | $13.95 |
| Income (Loss) From Investment Operations: | |||||
| Net Investment Income | 0.24 | 0.11 | 0.14 | 0.20 | 1.02 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 3.18 | 3.52 | (0.31) | (2.07) | 0.92 |
| |
|
|
|
|
|
| Total From Investment Operations: | 3.42 | 3.63 | (0.17) | (1.87) | 1.94 |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.11) | (0.13) | (0.17) | (0.51) | (0.49) |
| Distributions (from capital gains) | 0.00 | 0.00 | 0.00 | (0.51) | 0.00 |
| |
|
|
|
|
|
| Total Distributions | (0.11) | (0.13) | (0.17) | (1.02) | (0.49) |
| |
|
|
|
|
|
| Redemption fee per share | 0.00(a) | — | — | — | — |
| Net Asset Value, End of Period | $18.98 | $15.67 | $12.17 | $12.51 | $15.40 |
| |
|
|
|
|
|
| Total Return | 21.92% | 29.97% | (1.53)% | (13.10)% | 14.27% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $4,036.9 | $2,676.6 | $1,393.8 | $738.5 | $782.4 |
| Ratio of Expenses to Average Net Assets | 1.20% | 1.25% | 1.31% | 1.30% | 1.30% |
| Ratio of Net Investment Income to Average Net Assets | 1.40% | 1.03% | 1.34% | 1.40% | 1.87% |
| Portfolio Turnover Rate | 21% | 34% | 24% | 58% | 64% |
| Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
Year Ended September 30, 2002 |
Year Ended September 30, 2001 |
November 4, 1999 through September 30, 2000 (b) |
|
| |
|||||
| Net Asset Value, Beginning of Period | $15.58 | $12.13 | $12.47 | $15.37 | $14.36 |
| Income (Loss) From Investment Operations: | |||||
| Net Investment Income | 0.18 | 0.08 | 0.15 | 0.17 | 0.96 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 3.16 | 3.48 | (0.37) | (2.10) | 0.54 |
| |
|
|
|
|
|
| Total From Investment Operations: | 3.34 | 3.56 | (0.22) | (1.93) | 1.50 |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.06) | (0.11) | (0.12) | (0.49) | (0.49) |
| Distributions (from capital gains) | 0.00 | 0.00 | 0.00 | (0.48) | 0.00 |
| |
|
|
|
|
|
| Total Distributions | (0.06) | (0.11) | (0.12) | (0.97) | (0.49) |
| Net Asset Value, End of Period | $18.86 | $15.58 | $12.13 | $12.47 | $15.37 |
| |
|
|
|
|
|
| Total Return | 21.52% | 29.52% | (1.76)% | (13.44)% | 10.79% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $259.2 | $123.2 | $48.5 | $1.9 | $0.1 |
| Ratio of Expenses to Average Net Assets | 1.53% | 1.67% | 1.58% | 1.64% | 1.50%* |
| Ratio of Net Investment Income to Average Net Assets | 1.18% | 0.69% | 1.33% | 0.62% | 1.98%* |
| Portfolio Turnover Rate | 21% | 34% | 24% | 58% | 64% |
| * Data has been annualized. | |
| (a) | Amount rounds to less than $0.01 per share. |
| (b) | The date on which Class II shares were first sold to the public was November 4, 1999. |
| THE OAKMARK INTERNATIONAL SMALL CAP FUND |
| Year
Ended September 30, 2004 |
Year
Ended September 30, 2003 |
Year
Ended September 30, 2002 |
Year
Ended September 30, 2001 |
Year
Ended September 30, 2000 |
|
| Net Asset Value, Beginning of Period | $13.74 | $10.17 | $10.00 | $11.51 | $12.64 |
| Income (Loss) From Investment Operations: | |||||
| Net Investment Income | 0.11 | 0.11 | 0.11 | 0.13 | 0.23 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 4.52 | 3.82 | 0.36(a) | (0.81) | (0.66) |
| |
|
|
|
|
|
| Total From Investment Operations: | 4.63 | 3.93 | 0.47 | (0.68) | (0.43) |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.12) | (0.09) | (0.16) | (0.34) | (0.11) |
| Distributions (from capital gains) | 0.00 | (0.27) | (0.14) | (0.49) | (0.59) |
| |
|
|
|
|
|
| Total Distributions | (0.12) | (0.36) | (0.30) | (0.83) | (0.70) |
| |
|
|
|
|
|
| Redemption Fee Per Share | 0.01 | — | — | — | — |
| Net Asset Value, End of Period | $18.26 | $13.74 | $10.17 | $10.00 | $11.51 |
| |
|
|
|
|
|
| Total Return | 33.94% | 39.78% | 4.68% | (6.18)% | (3.44)% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $734.1 | $477.8 | $357.7 | $118.9 | $90.3 |
| Ratio of Expenses to Average Net Assets | 1.49% | 1.57% | 1.64% | 1.74% | 1.77% |
| Ratio of Net Investment Income to Average Net Assets | 0.72% | 0.99% | 1.28% | 1.83% | 1.99% |
| Portfolio Turnover Rate | 29% | 30% | 42% | 49% | 40% |
|
Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
Year Ended September 30, 2002 |
January 8, 2001 through September 30, 2000 (b) |
|
| Net Asset Value, Beginning of Period | $13.69 | $10.14 | $9.97 | $10.73 |
| Income (Loss) From Investment Operations: | ||||
| Net Investment Income | 0.13 | 0.08 | 0.13(c) | 0.15 |
| Net Gains (Losses) on Securities (both realized and unrealized) | 4.52 | 3.81 | 0.30(a) | (0.91) |
| |
|
|
|
|
| Total From Investment Operations: | 4.65 | 3.89 | 0.43 | (0.76) |
| Less Distributions: | ||||
| Dividends (from net investment income) | (0.09) | (0.07) | (0.12) | 0.00 |
| Distributions (from capital gains) | 0.00 | (0.27) | (0.14) | 0.00 |
| |
|
|
|
|
| Total Distributions | (0.09) | (0.34) | (0.26) | 0.00 |
| Net Asset Value, End of Period | $18.25 | $13.69 | $10.14 | $9.97 |
| |
|
|
|
|
| Total Return | 34.11% | 39.39% | 4.25% | (7.08)% |
| Ratios/Supplemental Data: | ||||
| Net Assets, End of Period ($million) | $0.5 | $0.4 | $0.3 | $0.0 |
| Ratio of Expenses to Average Net Assets | 1.39% | 1.81% | 1.87% | 1.97%* |
| Ratio of Net Investment Income to Average Net Assets | 0.75% | 0.72% | 1.06% | 1.76%* |
| Portfolio Turnover Rate | 29% | 30% | 42% | 49% |
| * Data has been annualized. | |
| (a) | 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 redemption of Fund shares in relation to the fluctuating net asset value per share of the class. |
| (b) | The date on which Class II shares were first sold to the public was January 8, 2001. |
| (c) | Computed using average shares outstanding throughout the period. |
See accompanying notes to financial statements.