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Annual Report [Funds] 09-30-2009 ED [AUX] | Cmashak | 03-Nov-09 18:24 | 09-27845-1.Aa | Sequence: 1 CHKSUM Content: 17428 Layout: 60999 Graphics: 7130 CLEAN Merrill Corp - Harris-Oakmark Annual Report [Funds] 09-30-2009 ED [AUX] | cmashak | 03-Nov-09 18:24 | 09-27845-1.aa | Sequence: 1 CHKSUM Content: 17428 Layout: 60999 Graphics: 7130 CLEAN ANNUAL REPORT SEPTEMBER 30, 2009 oakmark.com Advised by Harris Associates L.P. JOB: 09-27845-1 CYCLE#;BL#: 12; 0 TRIM: 7.75" x 9.75" AS: Merrill Chicago: 877-427-2185 COMPOSITE COLORS: Black, Cyan, Magenta, PANTONE 364 cmyk, PANTONE 484 cmyk, PANTONE 541 cmyk, Yellow, Yellow 9%, ~note-color 2, ~note-color 3 GRAPHICS: TRAPTYPE4.eps, oakmark_reg_4c_logo.eps V1.5 Merrill Corp - Harris-Oakmark Annual Report [Funds] 09-30-2009 ED [AUX] | cmashak | 03-Nov-09 18:24 | 09-27845-1.aa | Sequence: 2 CHKSUM Content: 21206 Layout: 60591 Graphics: No Graphics CLEAN THE OAKMARK FUNDS 2009 Annual Report President’s Letter . 1 Summary Information. 2 Fund Expenses . 4 Commentary on Oakmark and Oakmark Select Funds . 6 Oakmark Fund Letter from the Portfolio Managers. 8 Schedule of Investments . 9 Oakmark Select Fund Letter from the Portfolio Managers. 13 Schedule of Investments . 14 Oakmark Equity and Income Fund Letter from the Portfolio Managers. 16 Schedule of Investments . 19 Oakmark Global Fund Letter from the Portfolio Managers. 26 Global Diversification Chart . 29 Schedule of Investments . 30 Oakmark Global Select Fund Letter from the Portfolio Managers. 34 Global Diversification Chart . 36 Schedule of Investments . 37 Commentary on International and International Small Cap Funds . 40 Oakmark International Fund Letter from the Portfolio Managers. 41 Global Diversification Chart . 43 Schedule of Investments . 44 Oakmark International Small Cap Fund Letter from the Portfolio Manager . 50 Global Diversification Chart . 52 Schedule of Investments . 53 Financial Statements Statements of Assets and Liabilities . 60 Statements of Operations . 62 Statements of Changes in Net Assets . 64 Notes to Financial Statements. 71 Financial Highlights . 82 Report of Independent Registered Public Accounting Firm. 90 Trustees and Officers . 94 Oakmark Glossary . 97 FORWARD-LOOKING STATEMENT DISCLOSURE One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered “forward-looking statements”. Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as “estimate”, “may”, “will”, “expect”, “believe”, “plan” and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward- looking statements as a result of new information, future events, or otherwise. JOB: 09-27845-1 CYCLE#;BL#: 12; 0 TRIM: 7.75" x 9.75" AS: Merrill Chicago: 877-427-2185 COMPOSITE COLORS: Black, PANTONE 364 U, PANTONE 541 U, ~note-color 2 GRAPHICS: none V1.5 Merrill Corp - Harris-Oakmark Annual Report [Funds] 09-30-2009 ED [AUX] | cmashak | 03-Nov-09 18:24 | 09-27845-1.ab | Sequence: 1 CHKSUM Content: 58777 Layout: 52757 Graphics: 62305 CLEAN IMPORTANT MESSAGE ABOUT OAKMARK QUARTERLY REPORT MAILINGS Beginning with the First Quarter Report, dated 12/31/09, we will no longer print and mail our first and third quarter reports. These reports will only be available online at oakmark.com. If you wish to receive an e-mail each quarter letting you know when the quarterly reports are posted, please visit our website and sign up for e-mail updates. To sign up, simply enter your e-mail address in the appropriate box on the right-hand side of the home page and click Join. JOB: 09-27845-1 CYCLE#;BL#: 12; 0 TRIM: 7.75" x 9.75" AS: Merrill Chicago: 877-427-2185 COMPOSITE COLORS: Black, PANTONE 364 U, ~note-color 2 GRAPHICS: oakmark_reg_364_10per_logo.eps V1.5 Merrill Corp - Harris-Oakmark Annual Report [Funds] 09-30-2009 ED [AUX] | cmashak | 03-Nov-09 18:24 | 09-27845-1.ba | Sequence: 1 CHKSUM Content: 31962 Layout: 6774 Graphics: 37550 CLEAN President’s Letter Dear Fellow Shareholders, World markets continued their remarkable rebound in the third quarter. From its lows in early March, the S&P 500 Index1 has now risen by almost 60%, and international markets have rebounded even more strongly. For the quarter, all of our equity Funds once again produced returns that exceeded the market averages. Importantly, for The Oakmark Funds’ fiscal year ended 9/30/09, all of our Funds had positive returns—in sharp contrast to losses in most of the broader market indexes. Perspective The wild up and down ride in the stock markets over the past two years is only one of many extreme swings to hit the world during this period. The economy, credit markets, home prices and government deficits have all seen historic shifts. After so many dramatic changes, many investors and Fund shareholders no doubt wonder if they shouldn’t be reassessing their exposure to equities. Quarterly Report Mailings At such times, we suggest that it is best to focus on At Oakmark, we believe that thoughtful, timely and fundamentals—the economy and equity valuations—in frequent communication with our shareholders is the context of a long-term strategy. important. Our quarterly reports are probably our most Economic signposts in our view have become increasingly important vehicle for this communication. We emphasize positive over the past quarter. Global financial markets still these communications because of our conviction that an face substantial risks, and some sectors continue to slide. informed shareholder is able to achieve better long-term However, fundamental economic data suggest to us that the investment results. We also believe in watching Fund massive worldwide stimulus efforts are fostering recovery, expenses closely. With this in mind, beginning with our and we believe that the current programs intended to FY 2010 First Quarter Report (quarter ended 12/31), we will stabilize financial institutions should also help markets heal. no longer print our first and third quarter reports and will Although some might conclude that the recent market only post them on-line. Doing so will provide meaningful rebound has left equities fairly valued, we still find overall savings in shareholder operating expenses and also save stock market valuation to be attractive when one more than a few trees! If you wish to receive an e-mail each considers long-term earnings power. This is confirmed at quarter letting you know when the quarterly reports are the micro level, as the average stock in our portfolios still available, please go to our website at oakmark.com and sign sells at a larger than typical discount to value. Of course, up for e-mail updates located in the top right corner of our it is impossible to predict the market’s short-term direction, site. This service will give you faster access to our managers’ but we believe that buying equities (or equity mutual funds) when they sell at discounted values will lead to perspective on the most recent quarter’s events. We hope superior long-term returns. that you find this change to be a convenient way to stay informed about Fund performance and the investment marketplace. We will continue to provide printed copies of 2009 Capital Gains Distributions our second quarter (Semi-Annual) reports and fourth quarter We try to minimize the taxes that Oakmark shareholders (Annual) reports to all shareholders, as regulations require. pay in order to maximize their after-tax returns. As Bill Nygren describes in his quarterly commentary, our portfolio We are extremely grateful for our shareholders’ continued managers pay close attention to taxable capital gains loyalty and confidence through these remarkably difficult and losses, and they try to minimize any required tax times. We thank you for your patience and support, and we distributions. Although last year’s volatile market made Fund management more challenging, it also provided us will continue to work hard to keep your trust. As always, we with expanded opportunities to manage taxes. We are welcome your comments and questions. You can reach us pleased to report that we do not expect to make capital gains via e-mail at: [email protected]. distributions for any of our Funds this year. In fact, all of our Funds should end the year with a capital loss carry-forward John R. Raitt that helps shelter future gains. We will, of course, pay income distributions (on interest and dividend income) for President and CEO of The Oakmark Funds each of the Funds in mid-December and will post estimates President and CEO of Harris Associates L.P. on oakmark.com in advance of these Fund payouts. September 30, 2009 1 JOB: 09-27845-1 CYCLE#;BL#: 12; 0 TRIM: 7.75" x 9.75" AS: Merrill Chicago: 877-427-2185 COMPOSITE COLORS: Black, PANTONE 364 U, ~HTML color, ~note-color 1, ~note-color 2, ~note-color 3 GRAPHICS: John R. Raitt photo.eps V1.5 Merrill Corp - Harris-Oakmark Annual Report [Funds] 09-30-2009 ED [AUX] | mmonson | 31-Oct-09 04:09 | 09-27845-1.bc | Sequence: 1 CHKSUM Content: 14999 Layout: 46067 Graphics: No Graphics CLEAN THE OAKMARK FUNDS Summary Information Oakmark Performance for Period Oakmark Oakmark Equity and Income Ended September 30, 20092 Fund—Class I Select Fund—Class I Fund—Class I (OAKMX) (OAKLX) (OAKBX) 3 Months* 20.43% 20.45% 10.55% 1 Year 3.38% 13.30% 1.02% Average Annual Total Return for: 3 Year -1.91% -5.52% 3.99% 5 Year 1.98% -0.04% 6.36% 10 Year 4.16% 6.89% 9.69% Since inception 12.21% 11.94% 11.27% (8/5/91) (11/1/96) (11/1/95) Top Five Equity Liberty Media Corp.
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