THE OAKMARK FUND

Financial Highlights–Class I

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $38.68 $33.85 $28.08 $32.01 $26.95 $34.37
Income From Investment Operations:            
Net Investment Income 0.20 0.16 0.13 0.12 0.07 0.49
Net Gains (Losses) on Investments (both realized and unrealized) 2.14 4.81 5.75 (3.85) 5.38 (2.91)
 
Total From Investment Operations: 2.34 4.97 5.88 (3.73) 5.45 (2.42)
Less Distributions:            
Dividends (from net investment income) (0.17) (0.14) (0.11) (0.20) (0.39) (0.26)
Distributions (from capital gains) 0.00 0.00 0.00 0.00 0.00 (4.74)
 
Total Distributions (0.17) (0.14) (0.11) (0.20) (0.39) (5.00)
 
Redemption Fee Per Share 0.00(a) 0.00(a) — — — —
Net Asset Value, End of Period $40.85 $38.68 $33.85 $28.08 $32.01 $26.95
 
Total Return 6.05% 14.73% 20.99% (11.77)% 20.42% (7.55)%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $6,904.9 $6,474.0 $4,769.4 $3,300.9 $3,109.1 $2,038.7
Ratio of Expenses to Average Net Assets 1.03%* 1.05% 1.14% 1.17% 1.15% 1.21%
Ratio of Net Investment Income to Average Net Assets 1.01%* 0.47% 0.48% 0.38% 0.73% 1.42%
Portfolio Turnover Rate 9% 19% 21% 44% 57% 50%

Financial Highlights–Class II

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $38.45 $33.68 $28.04 $31.97 $32.09  
Income From Investment Operations:            
Net Investment Income 0.15 0.04(c) 0.05 0.16 0.05  
Net Gains (Losses) on Investments (both realized and unrealized) 2.12 4.78 5.69 (3.92) (0.17)  
 
 
Total From Investment Operations: 2.27 4.82 5.74 (3.76) (0.12)  
Less Distributions:            
Dividends (from net investment income) (0.07) (0.05) (0.10) (0.17) 0.00  
Distributions (from capital gains) 0.00 0.00 0.00 0.00 0.00  
 
 
Total Distributions (0.07) (0.05) (0.10) (0.17) 0.00  
Net Asset Value, End of Period $40.65 $38.45 $33.68 $28.04 $31.97  
 
 
Total Return 5.91% 14.32% 20.52% (11.85)% (0.37)%  
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $65.9 $51.9 $21.1 $7.7 $0.1  
Ratio of Expenses to Average Net Assets 1.26%* 1.40% 1.53% 1.44% 1.32%*  
Ratio of Net Investment Income to Average Net Assets 0.79%* 0.11% 0.06% 0.35% 0.46%*  
Portfolio Turnover Rate 9% 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

Financial Highlights–Class I

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)

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 $31.20 $27.55 $21.67 $25.20 $21.45 $20.92
Income From Investment Operations:            
Net Investment Income 0.18 0.15(a) 0.05 0.02 0.03 0.13
Net Gains (Losses) on Investments (both realized and unrealized) 2.25 3.60 5.85 (3.50) 5.17 4.32
 
Total From Investment Operations: 2.43 3.75 5.90 (3.48) 5.20 4.45
Less Distributions:            
Dividends (from net investment income) (0.24) (0.10) (0.02) (0.05) (0.09) (0.20)
Distributions (from capital gains) 0.00 0.00 0.00 0.00 (1.36) (3.72)
 
Total Distributions (0.24) (0.10) (0.02) (0.05) (1.45) (3.92)
 
Redemption Fee Per Share 0.00(b) 0.00(b) — — — —
Net Asset Value, End of Period $33.39 $31.20 $27.55 $21.67 $25.20 $21.45
 
Total Return 7.82% 13.64% 27.25% (13.85)% 25.75% 24.53%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $5,874.4 $5,463.0 $4,993.0 $3,717.6 $4,161.4 $1,772.0
Ratio of Expenses to Average Net Assets 1.00%* 1.00% 1.02% 1.07% 1.08% 1.17%
Ratio of Net Investment Income to Average Net Assets 1.10%* 0.50% 0.23% 0.09% 0.26% 0.76%
Portfolio Turnover Rate 16% 14% 20% 32% 21% 69%

Financial Highlights–Class II

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $31.00 $27.37 $21.56 $25.10 $21.40 $18.42
Income From Investment Operations:            
Net Investment Income (Loss) 0.14 0.09(a) 0.00(b) (0.04) 0.00(b) 0.10
Net Gains (Losses) on Investments (both realized and unrealized) 2.24 3.58 5.81 (3.50) 5.10 2.88
 
Total From Investment Operations: 2.38 3.67 5.81 (3.54) 5.10 2.98
Less Distributions:            
Dividends (from net investment income) (0.15) (0.04) 0.00 0.00 (0.06) 0.00
Distributions (from capital gains) 0.00 0.00 0.00 0.00 (1.34) 0.00
 
Total Distributions (0.15) (0.04) 0.00 0.00 (1.40) 0.00
Net Asset Value, End of Period $33.23 $31.00 $27.37 $21.56 $25.10 $21.40
 
Total Return 7.68% 13.40% 26.95% (14.10)% 25.28% 16.18%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $96.3 $98.0 $93.1 $64.4 $35.4 $6.8
Ratio of Expenses to Average Net Assets 1.26%* 1.21% 1.29% 1.36% 1.40% 1.41%*
Ratio of Net Investment Income (Loss) to Average Net Assets 0.85%* 0.29% (0.04)% (0.19)% (0.08)% 0.59%*
Portfolio Turnover Rate 16% 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.

See acompanying notes to financial statements.

THE OAKMARK EQUITY AND INCOME FUND

Financial Highlights–Class I

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $23.12 $20.30 $17.18 $17.45 $16.50 $15.68
Income From Investment Operations:            
Net Investment Income 0.14 0.15 0.17 0.33(a) 0.08 0.35
Net Gains (Losses) on Investments (both realized and unrealized) 0.88 2.81 3.19 (0.40) 2.11 2.28
 
Total From Investment Operations: 1.02 2.96 3.36 (0.07) 2.19 2.63
Less Distributions:            
Dividends (from net investment income) (0.20) (0.14) (0.24) (0.16) (0.24) (0.45)
Distributions (from capital gains) (0.59) 0.00 0.00 (0.04) (1.00) (1.36)
 
Total Distributions (0.79) (0.14) (0.24) (0.20) (1.24) (1.81)
 
Redemption Fee Per Share 0.00(b) 0.00(b) — — — —
Net Asset Value, End of Period $23.35 $23.12 $20.30 $17.18 $17.45 $16.50
 
Total Return 4.44% 14.64% 19.75% (0.47)% 14.40% 18.51%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $8,187.9 $7,577.9 $4,138.0 $2,241.9 $620.1 $54.5
Ratio of Expenses to Average Net Assets 0.91%* 0.92% 0.93% 0.96% 0.98% 1.24%*
Ratio of Net Investment Income to Average Net Assets 1.21%* 0.78% 1.07% 1.71% 2.07% 3.04%*
Portfolio Turnover Rate 66% 72% 48% 73% 124% 87%

Financial Highlights–Class II

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $23.03 $20.24 $17.15 $17.40 $16.49 $15.51
Income From Investment Operations:            
Net Investment Income 0.10 0.11 0.16 0.30(a) 0.07 0.30
Net Gains (Losses) on Investments (both realized and unrealized) 0.88 2.79 3.15 (0.40) 2.08 0.68
 
Total From Investment Operations: 0.98 2.90 3.31 (0.10) 2.15 0.98
Less Distributions:            
Dividends (from net investment income) (0.15) (0.11) (0.22) (0.11) (0.24) 0.00
Distributions (from capital gains) (0.59) 0.00 0.00 (0.04) (1.00) 0.00
 
Total Distributions (0.74) (0.11) (0.22) (0.15) (1.24) 0.00
Net Asset Value, End of Period $23.27 $23.03 $20.24 $17.15 $17.40 $16.49
 
Total Return 4.28% 14.36% 19.46% (0.60)% 14.07% 6.32%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $619.7 $478.7 $246.6 $118.7 $3.3 $0.4
Ratio of Expenses to Average Net Assets 1.15%* 1.17% 1.17% 1.20% 1.23% 1.32%
Ratio of Net Investment Income to Average Net Assets 0.96%* 0.53% 0.84% 1.50% 1.95% 2.59%
Portfolio Turnover Rate 66% 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

Financial Highlights–Class I

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $19.73 $16.98 $11.30 $10.83 $10.91 $9.18
Income From Investment Operations:            
Net Investment Income 0.00(a) 0.09 0.01 0.00(a)(b) 0.03 0.11
Net Gains (Losses) on Investments (both realized and unrealized) 2.68 2.71 5.67 0.76(c) 0.12 1.63
 
Total From Investment Operations: 2.68 2.80 5.68 0.76 0.15 1.74
Less Distributions:            
Dividends (from net investment income) (0.10) 0.00(a) 0.00 0.00 (0.17) (0.01)
Distributions (from capital gains) (0.37) (0.05) 0.00 (0.29) (0.06) 0.00
 
Total Distributions (0.47) (0.05) 0.00 (0.29) (0.23) (0.01)
 
Redemption Fee Per Share 0.00(a) 0.00(a) — — — —
Net Asset Value, End of Period $21.94 $19.73 $16.98 $11.30 $10.83 $10.91
 
Total Return 13.67% 16.54% 50.27% 6.84% 1.37% 18.97%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $1,612.8 $1,336.3 $704.8 $175.6 $48.2 $27.2
Ratio of Expenses to Average Net Assets 1.22%* 1.26% 1.28% 1.55% 1.75%(e) 1.75%(e)
Ratio of Net Investment Income (Loss) to Average Net Assets 0.06%* 0.47% 0.00%(d) (0.01)% 0.00(e) 0.54%(e)
Portfolio Turnover Rate 7% 16% 42% 86% 114% 147%

* Data has been annualized.
(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 Advisers, 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%

See acompanying notes to financial statements.

Financial Highlights–Class II

For a share outstanding throughout each period

 

Period Ended March 31,
2005
(Unaudited)
Year Ended
September 30,
2004
Year Ended
September 30,
2003
October 10, 2001
through
September 30,
2002 (a)
Net Asset Value, Beginning of Period $19.53 $16.84 $11.24 $11.25
Income From Investment Operations:        
Net Investment Income (Loss) (0.01) 0.05 0.02 (0.03)
Net Gains (Losses) on Investments (both realized and unrealized) 2.63 2.69 5.58 0.31(b)
 
Total From Investment Operations: 2.62 2.74 5.60 0.28
Less Distributions:        
Dividends (from net investment income) (0.07) 0.00 0.00 0.00
Distributions (from capital gains) (0.37) (0.05) 0.00 (0.29)
 
Total Distributions (0.44) (0.05) 0.00 (0.29)
Net Asset Value, End of Period $21.71 $19.53 $16.84 $11.24
 
Total Return 13.50% 16.32% 49.82% 2.31%
Ratios/Supplemental Data:        
Net Assets, End of Period ($million) $40.5 $24.7 $5.8 $0.6
Ratio of Expenses to Average Net Assets 1.46%* 1.50% 1.46% 1.86%*
Ratio of Net Investment Income (Loss) to Average Net Assets (0.15)%* 0.37% (0.01)% (0.26)%*
Portfolio Turnover Rate 7% 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

Financial Highlights–Class I

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $18.98 $15.67 $12.17 $12.51 $15.40 $13.95
Income From Investment Operations:            
Net Investment Income 0.04 0.24 0.11 0.14 0.20 1.02
Net Gains (Losses) on Investments (both realized and unrealized) 2.88 3.18 3.52 (0.31) (2.07) 0.92
 
Total From Investment Operations: 2.92 3.42 3.63 (0.17) (1.87) 1.94
Less Distributions:            
Dividends (from net investment income) (0.27) (0.11) (0.13) (0.17) (0.51) (0.49)
Distributions (from capital gains) (0.05) 0.00 0.00 0.00 (0.51) 0.00
 
Total Distributions (0.32) (0.11) (0.13) (0.17) (1.02) (0.49)
 
Redemption Fee Per Share 0.00(a) 0.00(a) — — — —
Net Asset Value, End of Period $21.58 $18.98 $15.67 $12.17 $12.51 $15.40
 
Total Return 15.47% 21.92% 29.97% (1.53)% (13.10)% 14.27%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $4,919.9 $4,036.9 $2,676.6 $1,393.8 $738.5 $782.4
Ratio of Expenses to Average Net Assets 1.14%* 1.20% 1.25% 1.31% 1.30% 1.30%
Ratio of Net Investment Income to Average Net Assets 0.39%* 1.40% 1.03% 1.34% 1.40% 1.87%
Portfolio Turnover Rate 7% 21% 34% 24% 58% 64%

Financial Highlights–Class II

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $18.86 $15.58 $12.13 $12.47 $15.37 $14.36
Income From Investment Operations:            
Net Investment Income 0.02 0.18 0.08 0.15 0.17 0.96
Net Gains (Losses) on Investments (both realized and unrealized) 2.86 3.16 3.48 (0.37) (2.10) 0.54
 
Total From Investment Operations: 2.88 3.34 3.56 (0.22) (1.93) 1.50
Less Distributions:            
Dividends (from net investment income) (0.22) (0.06) (0.11) (0.12) (0.49) (0.49)
Distributions (from capital gains) (0.05) 0.00 0.00 0.00 (0.48) 0.00
 
Total Distributions (0.27) (0.06) (0.11) (0.12) (0.97) (0.49)
Net Asset Value, End of Period $21.47 $18.86 $15.58 $12.13 $12.47 $15.37
 
Total Return 15.35% 21.52% 29.52% (1.76)% (13.44)% 10.79%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $345.6 $259.2 $123.2 $48.5 $1.9 $0.1
Ratio of Expenses to Average Net Assets 1.39%* 1.53% 1.67% 1.58% 1.64% 1.50%*
Ratio of Net Investment Income to Average Net Assets 0.16%* 1.18% 0.69% 1.33% 0.62% 1.98%*
Portfolio Turnover Rate 7% 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.

See acompanying notes to financial statements.

THE OAKMARK INTERNATIONAL SMALL CAP FUND

Financial Highlights–Class I

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
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 $18.26 $13.74 $10.17 $10.00 $11.51 $12.64
Income From Investment Operations:            
Net Investment Income 0.02 0.11 0.11 0.11 0.13 0.23
Net Gains (Losses) on Investments (both realized and unrealized) 3.49 4.52 3.82 0.36(a) (0.81) (0.66)
 
Total From Investment Operations: 3.51 4.63 3.93 0.47 (0.68) (0.43)
Less Distributions:            
Dividends (from net investment income) (0.27) (0.12) (0.09) (0.16) (0.34) (0.11)
Distributions (from capital gains) (0.38) 0.00 (0.27) (0.14) (0.49) (0.59)
 
Total Distributions (0.65) (0.12) (0.36) (0.30) (0.83) (0.70)
 
Redemption Fee Per Share 0.00(d) 0.01 — — — —
Net Asset Value, End of Period $21.12 $18.26 $13.74 $10.17 $10.00 $11.51
 
Total Return 19.58% 33.94% 39.78% 4.68% (6.18)% (3.44)%
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $927.6 $734.1 $477.8 $357.7 $118.9 $90.3
Ratio of Expenses to Average Net Assets 1.43%* 1.49% 1.57% 1.64% 1.74% 1.77%
Ratio of Net Investment Income to Average Net Assets 0.15%* 0.72% 0.99% 1.28% 1.83% 1.99%
Portfolio Turnover Rate 19% 29% 30% 42% 49% 40%

Financial Highlights–Class II

For a share outstanding throughout each period

 
Period Ended
March 31,
2005
(Unaudited)
Year Ended
September 30,
2004
Year Ended
September 30,
2003
Year Ended
September 30,
2002
January 8, 2001
through
September 30,
2001 (b)
  
 
Net Asset Value, Beginning of Period $18.25 $13.69 $10.14 $9.97 $10.73  
Income From Investment Operations:            
Net Investment Income 0.01 0.13 0.08 0.13(c) 0.15  
Net Gains (Losses) on Investments (both realized and unrealized) 3.48 4.52 3.81 0.30(a) (0.91)  
 
 
Total From Investment Operations: 3.49 4.65 3.89 0.43 (0.76)  
Less Distributions:            
Dividends (from net investment income) (0.26) (0.09) (0.07) (0.12) 0.00  
Distributions (from capital gains) (0.38) 0.00 (0.27) (0.14) 0.00  
 
 
Total Distributions (0.64) (0.09) (0.34) (0.26) 0.00  
Net Asset Value, End of Period $21.10 $18.25 $13.69 $10.14 $9.97  
 
 
Total Return 19.49% 34.11% 39.39% 4.25% (7.08)%  
Ratios/Supplemental Data:            
Net Assets, End of Period ($million) $0.6 $0.5 $0.4 $0.3 $0.0  
Ratio of Expenses to Average Net Assets 1.51%* 1.39% 1.81% 1.87% 1.97%*  
Ratio of Net Investment Income to Average Net Assets 0.09%* 0.75% 0.72% 1.06% 1.76%*  
Portfolio Turnover Rate 19% 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.
(d) Amount rounds to less than $0.01.