| THE OAKMARK FUNDS |
The following tables are intended to help you understand each Fund’s financial performance during the last 5 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 lost) on an investment, assuming reinvestment of all dividends and distributions. The information for the year ended September 30, 2007, is audited, and each Fund’s financial statements, is included in this report. Deloitte & Touche LLP, an independent registered accounting firm has audited the information for the fiscal years ended September 30, 2007, 2006, 2005, 2004 and 2003.For each year shown, all information is for the fiscal year ended September 30, unless otherwise noted.
| THE OAKMARK FUND |
Year Ended September 30, 2007 |
Year Ended September 30, 2006 |
Year Ended September 30, 2005 |
Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
|
| Net Asset Value, Beginning of Period | $44.64 | $40.75 | $38.68 | $33.85 | $28.08 |
| Income From Investment Operations: | |||||
| Net Investment Income | 0.47(a) | 0.39(a) | 0.34 | 0.16 | 0.13 |
| Net Gain (Loss) on Investments (both realized and unrealized) | 4.60 | 3.85 | 1.90 | 4.81 | 5.75 |
| Total From Investment Operations | 5.07 | 4.24 | 2.24 | 4.97 | 5.88 |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.43) | (0.35) | (0.17) | (0.14) | (0.11) |
| Distributions (from capital gains) | (2.00) | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Distributions | (2.43) | (0.35) | (0.17) | (0.14) | (0.11) |
| Redemption Fees | 0.00(b) | 0.00(b) | 0.00(b) | 0.00(b) | 0.00 |
| Net Asset Value, End of Period | $47.28 | $44.64 | $40.75 | $38.68 | $33.85 |
| Total Return | 11.51% | 10.46% | 5.79% | 14.73% | 20.99% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $5,656.9 | $5,486.2 | $6,340.4 | $6,474.0 | $4,769.4 |
| Ratio of Expenses to Average Net Assets | 1.01%* | 1.05%* | 1.03%* | 1.05% | 1.14% |
| Ratio of Net Investment Income to Average Net Assets | 1.01% | 0.94% | 0.79% | 0.47% | 0.48% |
| Portfolio Turnover Rate | 12% | 9% | 16% | 19% | 21% |
Year Ended September 30, 2007 |
Year Ended September 30, 2006 |
Year Ended September 30, 2005 |
Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
|
Net Asset Value, Beginning of Period |
$44.35 | $40.51 | $38.45 | $33.68 | $28.04 |
Income From Investment Operations: |
|||||
Net Investment Income |
0.32(a) | 0.25(a) | 0.26(a) | 0.04(a) | 0.05(a) |
Net Gain (Loss) on Investments (both realized and unrealized) |
4.55 | 3.82 | 1.87 | 4.78 | 5.69 |
Total From Investment Operations |
4.87 | 4.07 | 2.13 | 4.82 | 5.74 |
Less Distributions: |
|||||
Dividends (from net investment income) |
(0.25) | (0.23) | (0.07) | (0.05) | (0.10) |
Distributions (from capital gains) |
(2.00) | 0.00 | 0.00 | 0.00 | 0.00 |
Total Distributions |
(2.25) | (0.23) | (0.07) | (0.05) | (0.10) |
Redemption Fees |
0.00(b) | 0.00(b) | 0.00 | 0.00 | 0.00 |
Net Asset Value, End of Period |
$46.97 | $44.35 | $40.51 | $38.45 | $33.68 |
Total Return |
11.11% | 10.08% | 5.55% | 14.32% | 20.52% |
Ratios/Supplemental Data: |
|||||
Net Assets, End of Period ($million) |
$29.1 | $37.5 | $43.7 | $51.9 | $21.1 |
Ratio of Expenses to Average Net Assets |
1.36%* | 1.40%* | 1.26%* | 1.40% | 1.53% |
Ratio of Net Investment Income to Average Net Assets |
0.67% | 0.59% | 0.58% | 0.11% | 0.06% |
Portfolio Turnover Rate |
12% | 9% | 16% | 19% | 21% |
* |
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, 2007 |
Year Ended September 30, 2006 |
Year Ended September 30, 2005 |
Year Ended September 30, 2004 |
Year Ended September 30, 2003 | |
|
| |||||
| Net Asset Value, Beginning of Period | $34.48 | $33.44 | $31.20 | $27.55 | $21.67 |
| Income From Investment Operations: | |||||
| Net Investment Income | 0.38(a) | 0.36(a) | 0.29 | 0.15(a) | 0.05 |
| Net Gain (Loss) on Investments (both realized and unrealized) | 2.11 | 2.76 | 2.19 | 3.60 | 5.85 |
|
|
|
|
|
| |
| Total From Investment Operations | 2.49 | 3.12 | 2.48 | 3.75 | 5.90 |
| Less Distributions: | |||||
| Dividends (from net investment income) | (0.39) | (0.29) | (0.24) | (0.10) | (0.02) |
| Distributions (from capital gains) | (3.53) | (1.79) | 0.00 | 0.00 | 0.00 |
|
|
|
|
|
| |
| Total Distributions | (3.92) | (2.08) | (0.24) | (0.10) | (0.02) |
|
|
|
|
|
| |
| Redemption Fees | 0.00(b) | 0.00(b) | 0.00(b) | 0.00(b) | 0.00 |
| Net Asset Value, End of Period | $33.05 | $34.48 | $33.44 | $31.20 | $27.55 |
|
|
|
|
|
| |
| Total Return | 7.00% | 9.58% | 7.98% | 13.64% | 27.25% |
| Ratios/Supplemental Data: | |||||
| Net Assets, End of Period ($million) | $5,397.4 | $5,776.6 | $5,908.0 | $5,463.0 | $4,993.0 |
| Ratio of Expenses to Average Net Assets | 0.97%* | 0.99%* | 1.00%* | 1.00% | 1.02% |
| Ratio of Net Investment Income to Average Net Assets | 1.11% | 1.08% | 0.87% | 0.50% | 0.23% |
| Portfolio Turnover Rate | 10% | 22% | 21% | 14% | 20% |
Year Ended |
Year Ended September 30, 2006 |
Year Ended September 30, 2005 |
Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
|
Net Asset Value, Beginning of Period |
$34.23 | $33.24 | $31.00 | $27.37 | $21.56 |
Income From Investment Operations: |
|||||
Net Investment Income |
0.27(a) | 0.26(a) | 0.21 | 0.09(a) | 0.00(b) |
Net Gain (Loss) on Investments (both realized and unrealized) |
2.09 | 2.72 | 2.18 | 3.58 | 5.81 |
Total From Investment Operations |
2.36 | 2.98 | 2.39 | 3.67 | 5.81 |
Less Distributions: |
|||||
Dividends (from net investment income) |
(0.24) | (0.20) | (0.15) | (0.04) | 0.00 |
Distributions (from capital gains) |
(3.53) | (1.79) | 0.00 | 0.00 | 0.00 |
Total Distributions |
(3.77) | (1.99) | (0.15) | (0.04) | 0.00 |
Redemption Fees |
0.00(b) | 0.00(b) | 0.00 | 0.00 | 0.00 |
Net Asset Value, End of Period |
$32.82 | $34.23 | $33.24 | $31.00 | $27.37 |
Total Return |
6.65% | 9.18% | 7.72% | 13.40% | 26.95% |
Ratios/Supplemental Data: |
|||||
Net Assets, End of Period ($million) |
$36.2 | $68.1 | $85.2 | $98.0 | $93.1 |
Ratio of Expenses to Average Net Assets |
1.35%* | 1.34%* | 1.25%* | 1.21% | 1.29% |
Ratio of Net Investment Income (Loss) to Average Net Assets |
0.79% | 0.78% | 0.65% | 0.29% | (0.04)% |
Portfolio Turnover Rate |
10% | 22% | 21% | 14% | 20% |
* |
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, 2007 |
Year Ended |
Year Ended |
Year Ended |
Year Ended September 30, 2003 |
| Net Asset Value, Beginning of Period | $26.49 | $25.41 |
$23.12 |
$20.30 |
$17.18 |
| Income From Investment Operations: |
|
|
|
||
| Net Investment Income | 0.58(a) | 0.44 |
0.31 |
0.15 |
0.17 |
| Net Gain (Loss) on Investments (both realized and unrealized) | 3.41 | 1.18 |
2.77 |
2.81 |
3.19 |
| Total From Investment Operations | 3.99 | 1.62 | 3.08 | 2.96 | 3.36 |
| Less Distributions: |
|
|
|
||
| Dividends (from net investment income) | (0.50) | (0.34) |
(0.20) |
(0.14) |
(0.24) |
| Distributions (from capital gains) | (1.31) | (0.20) |
(0.59) |
0.00 |
0.00 |
| Total Distributions | (1.81) | (0.54) |
(0.79) |
(0.14) |
(0.24) |
| Redemption Fees | 0.00(b) | 0.00(b) |
0.00(b) |
0.00(b) |
0.00 |
| Net Asset Value, End of Period | $28.67 | $26.49 |
$25.41 |
$23.12 |
$20.30 |
| Total Return | 15.77% | 6.51% |
13.65% |
14.64% |
19.75% |
| Ratios/Supplemental Data: |
|
|
|
||
| Net Assets, End of Period ($million) | $12,489.5 | $10,414.5 |
$9,223.2 |
$7,577.9 |
$4,138.0 |
| Ratio of Expenses to Average Net Assets | 0.83%* | 0.86%* |
0.89%* |
0.92% |
0.93% |
| Ratio of Net Investment Income to Average Net Assets | 2.14% | 1.88% |
1.36% |
0.78% |
1.07% |
| Portfolio Turnover Rate | 67% | 81% |
112% |
72% |
48% |
Year Ended |
Year Ended |
Year Ended September 30, 2005 |
Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
|
Net Asset Value, Beginning of Period |
$26.35 | $25.29 |
$23.03 | $20.24 | $17.15 |
Income From Investment Operations: |
|
||||
Net Investment Income |
0.48(a) | 0.35 |
0.28 | 0.11 | 0.16 |
Net Gain (Loss) on Investments (both realized and unrealized) |
3.40 | 1.19 |
2.72 | 2.79 | 3.15 |
Total From Investment Operations |
3.88 | 1.54 |
3.00 | 2.90 | 3.31 |
Less Distributions: |
|
||||
Dividends (from net investment income) |
(0.42) | (0.28) |
(0.15) | (0.11) | (0.22) |
Distributions (from capital gains) |
(1.31) | (0.20) |
(0.59) | 0.00 | 0.00 |
Total Distributions |
(1.73) | (0.48) |
(0.74) | (0.11) | (0.22) |
Redemption Fees |
0.00(b) | 0.00(b) |
0.00 | 0.00 | 0.00 |
Net Asset Value, End of Period |
$28.50 | $26.35 |
$25.29 | $23.03 | $20.24 |
Total Return |
15.38% | 6.18% |
13.34% | 14.36% | 19.46% |
Ratios/Supplemental Data: |
|
||||
Net Assets, End of Period ($million) |
$915.1 | $718.1 |
$582.0 | $478.7 | $246.6 |
Ratio of Expenses to Average Net Assets |
1.17%* | 1.18%* |
1.14%* | 1.17% | 1.17% |
Ratio of Net Investment Income to Average Net Assets |
1.82% | 1.57% |
1.11% | 0.53% | 0.84% |
Portfolio Turnover Rate |
67% | 81% |
112% | 72% | 48% |
* |
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, 2005 |
Year Ended September 30, 2004 |
Year Ended |
|
Net Asset Value, Beginning of Period |
$26.69 | $23.91 |
$19.73 | $16.98 | $11.30 |
Income From Investment Operations: |
|
|
|||
Net Investment Income |
0.18(a) | 0.27 |
0.17 | 0.09 | 0.01 |
Net Gain (Loss) on Investments (both realized and unrealized) |
5.06 | 3.74 |
4.48 | 2.71 | 5.67 |
| Total From Investment Operations | 5.24 | 4.01 | 4.65 | 2.80 | 5.68 |
Less Distributions: |
|
|
|||
Dividends (from net investment income) |
(0.31) | (0.26) |
(0.10) | 0.00(b) | 0.00 |
Distributions (from capital gains) |
(3.54) | (0.97) |
(0.37) | (0.05) | 0.00 |
Total Distributions |
(3.85) | (1.23) |
(0.47) | (0.05) | 0.00 |
Redemption Fees |
0.00(b) | 0.00(b) |
0.00(b) | 0.00(b) | 0.00 |
Net Asset Value, End of Period |
$28.08 | $26.69 |
$23.91 | $19.73 | $16.98 |
Total Return |
21.29% | 17.46% |
23.88% | 16.54% | 50.27% |
Ratios/Supplemental Data: |
|
|
|||
Net Assets, End of Period ($million) |
$3,006.2 | $2,282.2 |
$1,842.9 | $1,336.3 | $704.8 |
Ratio of Expenses to Average Net Assets |
1.13%* | 1.18%* |
1.20%* | 1.26% | 1.28% |
Ratio of Net Investment Income to Average Net Assets |
0.66% | 1.18% |
0.81% | 0.47% | 0.00%(c) |
Portfolio Turnover Rate |
35% | 41% |
17% | 16% | 42% |
Year Ended |
Year Ended |
Year Ended September 30, 2005 |
Year Ended September 30, 2004 |
Year Ended |
|
Net Asset Value, Beginning of Period |
$26.31 | $23.63 |
$19.53 |
$16.84 |
$11.24 |
Income From Investment Operations: |
|
|
|
||
Net Investment Income |
0.07(a) | 0.18 |
0.11 |
0.05 |
0.02 |
Net Gain (Loss) on Investments (both realized and unrealized) |
4.99 | 3.69 |
4.43 |
2.69 |
5.58 |
Total From Investment Operations |
5.06 | 3.87 |
4.54 |
2.74 |
5.60 |
Less Distributions: |
|
|
|
||
Dividends (from net investment income) |
(0.21) | (0.22) |
(0.07) |
0.00 |
0.00 |
Distributions (from capital gains) |
(3.54) | (0.97) |
(0.37) |
(0.05) |
0.00 |
Total Distributions |
(3.75) | (1.19) |
(0.44) |
(0.05) |
0.00 |
Redemption Fees |
0.00(b) | 0.00(b) |
0.00 |
0.00 |
0.00 |
Net Asset Value, End of Period |
$27.62 | $26.31 |
$23.63 |
$19.53 |
$16.84 |
Total Return |
20.82% | 17.01% |
23.53% |
16.32% |
49.82% |
Ratios/Supplemental Data: |
|
|
|
||
Net Assets, End of Period ($million) |
$90.3 | $77.1 |
$58.6 |
$24.7 |
$5.8 |
Ratio of Expenses to Average Net Assets |
1.53%* | 1.56%* |
1.45%* |
1.50% |
1.46% |
Ratio of Net Investment Income (Loss) to Average Net Assets |
0.25% | 0.80% |
0.63% |
0.37% |
(0.01)% |
Portfolio Turnover Rate |
35% | 41% |
17% |
16% |
42% |
| * | 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. |
| (c) | Amount rounds to less than 0.01%. |
| THE OAKMARK GLOBAL SELECT FUND |
October 2, 2006 through September 30, 2007 (a) |
|
Net Asset Value, Beginning of Period |
$10.00 |
Income From Investment Operations: |
|
Net Investment Income |
0.12(b) |
Net Gain (Loss) on Investments (both realized and unrealized) |
1.49 |
Total From Investment Operations |
1.61 |
Less Distributions: |
|
Dividends (from net investment income) |
(0.01) |
Total Distributions |
(0.01) |
Redemption Fees |
0.01 |
Net Asset Value, End of Period |
$11.61 |
Total Return |
16.23%* |
Ratios/Supplemental Data: |
|
Net Assets, End of Period ($million) |
$377.7 |
Ratio of Expenses to Average Net Assets |
1.31%**† |
Ratio of Net Investment Income to Average Net Assets |
1.01% |
Portfolio Turnover Rate |
33% |
| * | Data has not been annualized. |
| ** | Data has been annualized. |
| † | The ratio excludes expense offset arrangement. |
| (a) | The date on which fund shares were first offered for sale to the public was October 2, 2006. |
| (b) | Computed using average shares outstanding throughout the period. |
| THE OAKMARK INTERNATIONAL FUND |
Year Ended |
Year Ended |
Year Ended September 30, 2005 |
Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
|
Net Asset Value, Beginning of Period |
$26.83 |
$23.52 |
$18.98 | $15.67 | $12.17 |
Income From Investment Operations: |
|
|
|||
Net Investment Income |
0.43 |
0.41 |
0.27 | 0.24 | 0.11 |
Net Gain (Loss) on Investments (both realized and unrealized) |
3.25 |
4.49 |
4.59 | 3.18 | 3.52 |
Total From Investment Operations |
3.68 |
4.90 |
4.86 | 3.42 | 3.63 |
Less Distributions: |
|
|
|||
Dividends (from net investment income) |
(0.44) |
(0.59) |
(0.27) | (0.11) | (0.13) |
Distributions (from capital gains) |
(3.48) |
(1.00) |
(0.05) | 0.00 | 0.00 |
Total Distributions |
(3.92) |
(1.59) |
(0.32) | (0.11) | (0.13) |
Redemption Fees |
0.00(a) |
0.00(a) |
0.00(a) | 0.00(a) | 0.00 |
Net Asset Value, End of Period |
$26.59 |
$26.83 |
$23.52 | $18.98 | $15.67 |
Total Return |
14.53% |
22.14% |
25.85% | 21.92% | 29.97% |
Ratios/Supplemental Data: |
|
|
|||
Net Assets, End of Period ($million) |
$8,446.6 |
$7,200.5 |
$5,627.4 | $4,036.9 | $2,676.6 |
Ratio of Expenses to Average Net Assets |
1.05%* |
1.08%* |
1.11%* | 1.20% | 1.25% |
Ratio of Net Investment Income to Average Net Assets |
1.65% |
1.08% |
1.32% | 1.40% | 1.03% |
Portfolio Turnover Rate |
50% |
37% |
14% | 21% | 34% |
Year Ended |
Year Ended |
Year Ended |
Year Ended September 30, 2004 |
Year Ended September 30, 2003 |
|
Net Asset Value, Beginning of Period |
$26.61 |
$23.36 |
$18.86 |
$15.58 | $12.13 |
Income From Investment Operations: |
|
|
|
||
Net Investment Income |
0.35 |
0.34 |
0.22 |
0.18 | 0.08 |
Net Gain (Loss) on Investments (both realized and unrealized) |
3.19 |
4.45 |
4.55 |
3.16 | 3.48 |
Total From Investment Operations |
3.54 |
4.79 |
4.77 |
3.34 | 3.56 |
Less Distributions: |
|
|
|
||
Dividends (from net investment income) |
(0.35) |
(0.54) |
(0.22) |
(0.06) | (0.11) |
Distributions (from capital gains) |
(3.48) |
(1.00) |
(0.05) |
0.00 | 0.00 |
Total Distributions |
(3.83) |
(1.54) |
(0.27) |
(0.06) | (0.11) |
Redemption Fees |
0.00(a) |
0.00(a) |
0.00 |
0.00 | 0.00 |
Net Asset Value, End of Period |
$26.32 |
$26.61 |
$23.36 |
$18.86 | $15.58 |
Total Return |
14.04% |
21.71% |
25.50% |
21.52% | 29.52% |
Ratios/Supplemental Data: |
|
|
|
||
Net Assets, End of Period ($million) |
$586.9 |
$496.0 |
$362.9 |
$259.2 | $123.2 |
Ratio of Expenses to Average Net Assets |
1.44%* |
1.47%* |
1.38%* |
1.53% | 1.67% |
Ratio of Net Investment Income to Average Net Assets |
1.31% |
1.43% |
1.08% |
1.18% | 0.69% |
Portfolio Turnover Rate |
50% |
37% |
14% |
21% | 34% |
| * | 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 |