| THE OAKMARK FUNDS |
The following tables are intended to help you understand each Fund's financial performance during the last five years (or since it began operations, if less than five years). Certain information reflects financial results for a single Fund share. Total returns represent the rate you would have earned (or less) on an investment, assuming reinvestment of all dividends and distributions. The information for the fiscal year ended September 30, 2006 has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, whose report, along with each Fund's financial statements, is included in this report. Deloitte & Touche LLP has also audited the information for the fiscal years ended September 30, 2005, 2004, 2003 and 2002. For each year shown, all information is for the fiscal year ended September 30, unless otherwise noted.
| THE OAKMARK FUND |
| Year Ended
September 30, 2006 |
Year Ended
September 30, 2005 |
Year Ended
September 30, 2004 |
Year Ended
September 30, 2003 |
Year Ended
September 30, 2002 |
|
| Net Asset Value, Beginning of Period | $40.75 | $38.68 | $33.85 | $28.08 | $32.01 |
| Income From Investment Operations: | |||||
| Net Investment Income | 0.39(a) | 0.34 | 0.16 | 0.13 | 0.12 |
| Net Gain (Loss) on Investments (both realized and unrealized) | 3.85 | 1.90 | 4.81 | 5.75 | (3.85) |
| Total From Investment Operations: | 4.24 | 2.24 | 4.97 | 5.88 | (3.73) |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.35) | (0.17) | (0.14) | (0.11) | (0.20) |
| Distributions (from capital gains) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Distributions | (0.35) | (0.17) | (0.14) | (0.11) | (0.20) |
| Redemption Fees | 0.00(b) | 0.00(b) | 0.00(b) | 0.00 | 0.00 |
| Net Asset Value, End of Period | $44.64 | $40.75 | $38.68 | $33.85 | $28.08 |
| Total Return | 10.46% | 5.79% | 14.73% | 20.99% | (11.77)% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $5,486.2 | $6,340.4 | $6,474.0 | $4,769.4 | $3,300.9 |
| Ratio of Expenses to Average Net Assets | 1.05%* | 1.03%* | 1.05% | 1.14% | 1.17% |
| Ratio of Net Investment Income to Average Net Assets | 0.94% | 0.79% | 0.47% | 0.48% | 0.38% |
| Portfolio Turnover Rate | 9% | 16% | 19% | 21% | 44% |
|
Year Ended |
Year Ended
September 30, 2005 |
Year Ended
September 30, 2004 |
Year Ended
September 30, 2003 |
Year Ended
September 30, 2002 |
|
|
Net Asset Value, Beginning of Period |
$40.51 | $38.45 | $33.68 | $28.04 | $31.97 |
|
Income From Investment Operations: |
|||||
|
Net Investment Income |
0.25(a) | 0.26(a) | 0.04(a) | 0.05(a) | 0.16 |
|
Net Gain (Loss) on Investments (both realized and unrealized) |
3.82 | 1.87 | 4.78 | 5.69 | (3.92) |
|
Total From Investment Operations: |
4.07 | 2.13 | 4.82 | 5.74 | (3.76) |
|
Less Distributions: |
|||||
|
Dividends (from net investment income) |
(0.23) | (0.07) | (0.05) | (0.10) | (0.17) |
|
Distributions (from capital gains) |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|
Total Distributions |
(0.23) | (0.07) | (0.05) | (0.10) | (0.17) |
|
Redemption Fees |
0.00(b) | 0.00 | 0.00 | 0.00 | 0.00 |
|
Net Asset Value, End of Period |
$44.35 | $40.51 | $38.45 | $33.68 | $28.04 |
|
Total Return |
10.08% | 5.55% | 14.32% | 20.52% | (11.85)% |
|
Ratios/Supplemental Data: |
|||||
|
Net Assets, End of Period ($million) |
$37.5 | $43.7 | $51.9 | $21.1 | $7.7 |
|
Ratio of Expenses to Average Net Assets |
1.40%* | 1.26%* | 1.40% | 1.53% | 1.44% |
|
Ratio of Net Investment Income to Average Net Assets |
0.59% | 0.58% | 0.11% | 0.06% | 0.35% |
|
Portfolio Turnover Rate |
9% | 16% | 19% | 21% | 44% |
| * | The ratio excludes expense offset arrangement. |
| (a) | Computed using average shares outstanding throughout the period. |
| (b) | Amount rounds to less than $0.01 per share. |
| THE OAKMARK SELECT FUND |
| Year Ended
September 30, 2006 |
Year Ended
September 30, 2005 |
Year Ended
September 30, 2004 |
Year Ended
September 30, 2003 |
Year Ended
September 30, 2002 |
|
| Net Asset Value, Beginning of Period | $33.44 | $31.20 | $27.55 | $21.67 | $25.20 |
| Income From Investment Operations: | |||||
| Net Investment Income | 0.36(a) | 0.29 | 0.15(a) | 0.05 | 0.02 |
| Net Gain (Loss) on Investments (both realized and unrealized) | 2.76 | 2.19 | 3.60 | 5.85 | (3.50) |
| Total From Investment Operations: | 3.12 | 2.48 | 3.75 | 5.90 | (3.48) |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.29) | (0.24) | (0.10) | (0.02) | (0.05) |
| Distributions (from capital gains) | (1.79) | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Distributions | (2.08) | (0.24) | (0.10) | (0.02) | (0.05) |
| Redemption Fees | 0.00(b) | 0.00(b) | 0.00(b) | 0.00 | 0.00 |
| Net Asset Value, End of Period | $34.48 | $33.44 | $31.20 | $27.55 | $21.67 |
| Total Return | 9.58% | 7.98% | 13.64% | 27.25% | (13.85)% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $5,776.6 | $5,908.0 | $5,463.0 | $4,993.0 | $3,717.6 |
| Ratio of Expenses to Average Net Assets | 0.99%* | 1.00%* | 1.00% | 1.02% | 1.07% |
| Ratio of Net Investment Income to Average Net Assets | 1.08% | 0.87% | 0.50% | 0.23% | 0.09% |
| Portfolio Turnover Rate | 22% | 21% | 14% | 20% | 32% |
|
Year Ended |
Year Ended
September 30, 2005 |
Year Ended
September 30, 2004 |
Year Ended
September 30, 2003 |
Year Ended
September 30, 2002 |
|
|
Net Asset Value, Beginning of Period |
$33.24 | $31.00 | $27.37 | $21.56 | $25.10 |
|
Income From Investment Operations: |
|||||
|
Net Investment Income (Loss) |
0.26(a) | 0.21 | 0.09(a) | 0.00(b) | (0.04) |
|
Net Gain (Loss) on Investments (both realized and unrealized) |
2.72 | 2.18 | 3.58 | 5.81 | (3.50) |
|
Total From Investment Operations: |
2.98 | 2.39 | 3.67 | 5.81 | (3.54) |
|
Less Distributions: |
|||||
|
Dividends (from net investment income) |
(0.20) | (0.15) | (0.04) | 0.00 | 0.00 |
|
Distributions (from capital gains) |
(1.79) | 0.00 | 0.00 | 0.00 | 0.00 |
|
Total Distributions |
(1.99) | (0.15) | (0.04) | 0.00 | 0.00 |
|
Redemption Fees |
0.00(b) | 0.00 | 0.00 | 0.00 | 0.00 |
|
Net Asset Value, End of Period |
$34.23 | $33.24 | $31.00 | $27.37 | $21.56 |
|
Total Return |
9.18% | 7.72% | 13.40% | 26.95% | (14.10)% |
|
Ratios/Supplemental Data: |
|||||
|
Net Assets, End of Period ($million) |
$68.1 | $85.2 | $98.0 | $93.1 | $64.4 |
|
Ratio of Expenses to Average Net Assets |
1.34%* | 1.25%* | 1.21% | 1.29% | 1.36% |
|
Ratio of Net Investment Income (Loss) to Average Net Assets |
0.78% | 0.65% | 0.29% | (0.04)% | (0.19)% |
|
Portfolio Turnover Rate |
22% | 21% | 14% | 20% | 32% |
| * | The ratio excludes expense offset arrangement. |
| (a) | Computed using average shares outstanding throughout the period. |
| (b) | Amount rounds to less than $0.01 per share. |
| THE OAKMARK EQUITY AND INCOME FUND |
|
|
Year Ended
September 30, 2006 |
Year Ended |
Year Ended |
Year Ended |
Year Ended
September 30, 2002 |
|
|
|||||
| Net Asset Value, Beginning of Period |
$25.41 |
$23.12 |
$20.30 |
$17.18 | $17.45 |
| Income From Investment Operations: |
|
|
|
||
| Net Investment Income |
0.44 |
0.31 |
0.15 |
0.17 | 0.33(a) |
| Net Gain (Loss) on Investments (both realized and unrealized) |
1.18 |
2.77 |
2.81 |
3.19 | (0.40) |
| Total From Investment Operations: | 1.62 | 3.08 | 2.96 | 3.36 | (0.07) |
| Less Distributions: |
|
|
|
||
| Dividends (from net investment income) |
(0.34) |
(0.20) |
(0.14) |
(0.24) | (0.16) |
| Distributions (from capital gains) |
(0.20) |
(0.59) |
0.00 |
0.00 | (0.04) |
| Total Distributions |
(0.54) |
(0.79) |
(0.14) |
(0.24) | (0.20) |
| Redemption Fees |
0.00(b) |
0.00(b) |
0.00(b) |
0.00 | 0.00 |
| Net Asset Value, End of Period |
$26.49 |
$25.41 |
$23.12 |
$20.30 | $17.18 |
| Total Return |
6.51% |
13.65% |
14.64% |
19.75% | (0.47)% |
| Ratios/Supplemental Data: |
|
|
|
||
| Net Assets, End of Period ($million) |
$10,414.5 |
$9,223.2 |
$7,577.9 |
$4,138.0 | $2,241.9 |
| Ratio of Expenses to Average Net Assets |
0.86%* |
0.89%* |
0.92% |
0.93% | 0.96% |
| Ratio of Net Investment Income to Average Net Assets |
1.88% |
1.36% |
0.78% |
1.07% | 1.71% |
| Portfolio Turnover Rate |
81% |
112% |
72% |
48% | 73% |
|
Year Ended |
Year Ended |
Year Ended
September 30, 2004 |
Year Ended
September 30, 2003 |
Year Ended
September 30, 2002 |
|
|
Net Asset Value, Beginning of Period |
$25.29 |
$23.03 | $20.24 | $17.15 | $17.40 |
|
Income From Investment Operations: |
|
||||
|
Net Investment Income |
0.35 |
0.28 | 0.11 | 0.16 | 0.30(a) |
|
Net Gain (Loss) on Investments (both realized and unrealized) |
1.19 |
2.72 | 2.79 | 3.15 | (0.40) |
|
Total From Investment Operations: |
1.54 |
3.00 | 2.90 | 3.31 | (0.10) |
|
Less Distributions: |
|
||||
|
Dividends (from net investment income) |
(0.28) |
(0.15) | (0.11) | (0.22) | (0.11) |
|
Distributions (from capital gains) |
(0.20) |
(0.59) | 0.00 | 0.00 | (0.04) |
|
Total Distributions |
(0.48) |
(0.74) | (0.11) | (0.22) | (0.15) |
|
Redemption Fees |
0.00(b) |
0.00 | 0.00 | 0.00 | 0.00 |
|
Net Asset Value, End of Period |
$26.35 |
$25.29 | $23.03 | $20.24 | $17.15 |
|
Total Return |
6.18% |
13.34% | 14.36% | 19.46% | (0.60)% |
|
Ratios/Supplemental Data: |
|
||||
|
Net Assets, End of Period ($million) |
$718.1 |
$582.0 | $478.7 | $246.6 | $118.7 |
|
Ratio of Expenses to Average Net Assets |
1.18%* |
1.14%* | 1.17% | 1.17% | 1.20% |
|
Ratio of Net Investment Income to Average Net Assets |
1.57% |
1.11% | 0.53% | 0.84% | 1.50% |
|
Portfolio Turnover Rate |
81% |
112% | 72% | 48% | 73% |
| * | The ratio excludes expense offset arrangements. |
| (a) | Computed using average shares outstanding throughout the period. |
| (b) | Amount rounds to less than $0.01 per share. |
| THE OAKMARK GLOBAL FUND |
|
Year Ended |
Year Ended |
Year Ended
September 30, 2004 |
Year Ended
September 30, 2003 |
Year Ended |
|
|
Net Asset Value, Beginning of Period |
$23.91 |
$19.73 | $16.98 |
$11.30 |
$10.83 |
|
Income From Investment Operations: |
|
|
|
||
|
Net Investment Income |
0.27 |
0.17 | 0.09 |
0.01 |
0.00(a)(b) |
|
Net Gain (Loss) on Investments (both realized and unrealized) |
3.74 |
4.48 | 2.71 |
5.67 |
0.76(c) |
| Total From Investment Operations: | 4.01 | 4.65 | 2.80 | 5.68 | 0.76 |
|
Less Distributions: |
|
|
|
||
|
Dividends (from net investment income) |
(0.26) |
(0.10) | 0.00(a) |
0.00 |
0.00 |
|
Distributions (from capital gains) |
(0.97) |
(0.37) | (0.05) |
0.00 |
(0.29) |
|
Total Distributions |
(1.23) |
(0.47) | (0.05) |
0.00 |
(0.29) |
|
Redemption Fees |
0.00(a) |
0.00(a) | 0.00(a) |
0.00 |
0.00 |
|
Net Asset Value, End of Period |
$26.69 |
$23.91 | $19.73 |
$16.98 |
$11.30 |
|
Total Return |
17.46% |
23.88% | 16.54% |
50.27% |
6.84% |
|
Ratios/Supplemental Data: |
|
|
|
||
|
Net Assets, End of Period ($million) |
$2,282.2 |
$1,842.9 | $1,336.3 |
$704.8 |
$175.6 |
|
Ratio of Expenses to Average Net Assets |
1.18%* |
1.20%* | 1.26% |
1.28% |
1.55% |
|
Ratio of Net Investment Income (Loss) to Average Net Assets |
1.18% |
0.81% | 0.47% |
0.00%(d) |
(0.01)% |
|
Portfolio Turnover Rate |
41% |
17% | 16% |
42% |
86% |
| * | The ratio excludes expense offset arrangement. |
| (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%. |
|
Year Ended |
Year Ended |
Year Ended |
Year Ended |
October 10, 2001 through September 30, 2002 (a) |
|
|
Net Asset Value, Beginning of Period |
$23.63 |
$19.53 |
$16.84 |
$11.24 | $11.25 |
|
Income From Investment Operations: |
|
|
|
||
|
Net Investment Income (Loss) |
0.18 |
0.11 |
0.05 |
0.02 | (0.03) |
|
Net Gain (Loss) on Investments (both realized and unrealized) |
3.69 |
4.43 |
2.69 |
5.58 | 0.31(b) |
|
Total From Investment Operations: |
3.87 |
4.54 |
2.74 |
5.60 | 0.28 |
|
Less Distributions: |
|
|
|
||
|
Dividends (from net investment income) |
(0.22) |
(0.07) |
0.00 |
0.00 | 0.00 |
|
Distributions (from capital gains) |
(0.97) |
(0.37) |
(0.05) |
0.00 | (0.29) |
|
Total Distributions |
(1.19) |
(0.44) |
(0.05) |
0.00 | (0.29) |
|
Redemption Fees |
0.00(c) |
0.00 |
0.00 |
0.00 | 0.00 |
|
Net Asset Value, End of Period |
$26.31 |
$23.63 |
$19.53 |
$16.84 | $11.24 |
|
Total Return |
17.01% |
23.53% |
16.32% |
49.82% | 2.31% |
|
Ratios/Supplemental Data: |
|
|
|
||
|
Net Assets, End of Period ($million) |
$77.1 |
$58.6 |
$24.7 |
$5.8 | $0.6 |
|
Ratio of Expenses to Average Net Assets |
1.56%* |
1.45%* |
1.50% |
1.46% | 1.86% |
|
Ratio of Net Investment Income (Loss) to Average Net Assets |
0.80% |
0.63% |
0.37% |
(0.01)% | (0.26)% |
|
Portfolio Turnover Rate |
41% |
17% |
16% |
42% | 86% |
| * | The ratio excludes expense offset arrangement. |
| (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. |
| (c) | Amount rounds to less than $0.01 per share. |
| THE OAKMARK INTERNATIONAL FUND |
|
Year Ended |
Year Ended |
Year Ended
September 30, 2004 |
Year Ended
September 30, 2003 |
Year Ended
September 30, 2002 |
|
|
Net Asset Value, Beginning of Period |
$23.52 |
$18.98 | $15.67 | $12.17 | $12.51 |
|
Income From Investment Operations: |
|
||||
|
Net Investment Income |
0.41 |
0.27 | 0.24 | 0.11 | 0.14 |
|
Net Gain (Loss) on Investments (both realized and unrealized) |
4.49 |
4.59 | 3.18 | 3.52 | (0.31) |
|
Total From Investment Operations |
4.90 |
4.86 | 3.42 | 3.63 | (0.17) |
|
Less Distributions: |
|
||||
|
Dividends (from net investment income) |
(0.59) |
(0.27) | (0.11) | (0.13) | (0.17) |
|
Distributions (from capital gains) |
(1.00) |
(0.05) | 0.00 | 0.00 | 0.00 |
|
Total Distributions |
(1.59) |
(0.32) | (0.11) | (0.13) | (0.17) |
|
Redemption Fees |
0.00(a) |
0.00(a) | 0.00(a) | 0.00 | 0.00 |
|
Net Asset Value, End of Period |
$26.83 |
$23.52 | $18.98 | $15.67 | $12.17 |
|
Total Return |
22.14% |
25.85% | 21.92% | 29.97% | (1.53)% |
|
Ratios/Supplemental Data: |
|
||||
|
Net Assets, End of Period ($million) |
$7,200.5 |
$5,627.4 | $4,036.9 | $2,676.6 | $1,393.8 |
|
Ratio of Expenses to Average Net Assets |
1.10%* |
1.11%* | 1.20% | 1.25% | 1.31% |
|
Ratio of Net Investment Incometo Average Net Assets |
1.80% |
1.32% | 1.40% | 1.03% | 1.34% |
|
Portfolio Turnover Rate |
37% |
14% | 21% | 34% | 24% |
|
Year Ended |
Year Ended |
Year Ended |
Year Ended
September 30, 2003 |
Year Ended
September 30, 2002 |
|
|
Net Asset Value, Beginning of Period |
$23.36 |
$18.86 |
$15.58 | $12.13 | $12.47 |
|
Income From Investment Operations: |
|
|
|||
|
Net Investment Income |
0.34 |
0.22 |
0.18 | 0.08 | 0.15 |
|
Net Gain (Loss) on Investments (both realized and unrealized) |
4.45 |
4.55 |
3.16 | 3.48 | (0.37) |
|
Total From Investment Operations |
4.79 |
4.77 |
3.34 | 3.56 | (0.22) |
|
Less Distributions: |
|
|
|||
|
Dividends (from net investment income) |
(0.54) |
(0.22) |
(0.06) | (0.11) | (0.12) |
|
Distributions (from capital gains) |
(1.00) |
(0.05) |
0.00 | 0.00 | 0.00 |
|
Total Distributions |
(1.54) |
(0.27) |
(0.06) | (0.11) | (0.12) |
|
Redemption Fees |
0.00(a) |
0.00 |
0.00 | 0.00 | 0.00 |
|
Net Asset Value, End of Period |
$26.61 |
$23.36 |
$18.86 | $15.58 | $12.13 |
|
Total Return |
21.71% |
25.50% |
21.52% | 29.52% | (1.76)% |
|
Ratios/Supplemental Data: |
|
|
|||
|
Net Assets, End of Period ($million) |
$496.0 |
$362.9 |
$259.2 | $123.2 | $48.5 |
|
Ratio of Expenses to Average Net Assets |
1.49%* |
1.38%* |
1.53% | 1.67% | 1.58% |
|
Ratio of Net Investment Income to Average Net Assets |
1.43% |
1.08% |
1.18% | 0.69% | 1.33% |
|
Portfolio Turnover Rate |
37% |
14% |
21% | 34% | 24% |
| * | The ratio excludes expense offset arrangement. |
| (a) | Amount rounds to less than $0.01 per share. |
| THE OAKMARK INTERNATIONAL SMALL CAP FUND |
|
Year Ended |
Year Ended |
Year Ended |
Year Ended
September 30, 2003 |
Year Ended
September 30, 2002 |
|
|
Net Asset Value, Beginning of Period |
$22.79 |
$18.26 |
$13.74 | $10.17 | $10.00 |
|
Income From Investment Operations: |
|
|
|||
|
Net Investment Income |
0.42 |
0.20 |
0.11 | 0.11 | 0.11 |
|
Net Gain (Loss) on Investments (both realized and unrealized) |
5.12 |
4.98 |
4.52 | 3.82 | 0.36(a) |
|
Total From Investment Operations |
5.54 |
5.18 |
4.63 | 3.93 | 0.47 |
|
Less Distributions: |
|
|
|||
|
Dividends (from net investment income) |
(0.70) |
(0.27) |
(0.12) | (0.09) | (0.16) |
|
Distributions (from capital gains) |
(3.54) |
(0.38) |
0.00 | (0.27) | (0.14) |
|
Total Distributions |
(4.24) |
(0.65) |
(0.12) | (0.36) | (0.30) |
|
Redemption Fees |
0.00(b) |
0.00(b) |
0.01 | 0.00 | 0.00 |
|
Net Asset Value, End of Period |
$24.09 |
$22.79 |
$18.26 | $13.74 | $10.17 |