(PUB) Investing 2016

4

Data through June 30, 2016 FINRA members: For internal or institutional use only. Oakmark Equity & Income I

Mstar Category Allocation--50% to 70% Equity

Ticker OAKBX

Yield 1.1%

Total Assets $16,199 mil

Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Mod Tgt Risk TR USD Morningstar Analyst Rating 06-23-16 „

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Average QQQQ Above Avg

4 4 7 4 4 4 4 1

12.0 14.0 16.0 18.0 20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ¶ Neutral

Performance

10.0

People Parent

Performance Quartile (within Category)

( & & ) ) * ) & * ) ) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 06-16 25.88 26.88 21.56 25.54 27.74 27.05 28.50 32.65 31.91 28.57 28.67 10.82 11.97 -16.18 19.84 9.50 0.64 9.05 24.25 6.93 -4.60 0.35 -2.14 3.34 6.01 -1.94 -2.83 0.05 -2.99 9.94 2.04 -2.80 -4.25 -2.14 3.34 6.01 -1.94 -2.83 0.05 -2.99 9.94 2.04 -2.80 -4.25 2.01 2.34 1.44 1.36 0.88 1.35 1.01 0.58 0.83 1.06 0.00 8.81 9.64 -17.62 18.47 8.62 -0.71 8.04 23.66 6.10 -5.65 0.35 0.50 0.60 0.39 0.29 0.22 0.38 0.27 0.17 0.27 0.34 0.00 1.31 1.51 0.57 0.00 0.00 0.47 0.72 2.55 2.72 1.53 0.00 0.86 0.83 0.81 0.85 0.79 0.77 0.78 0.77 0.74 0.75 0.78 1.88 2.14 1.93 1.59 1.04 0.93 0.84 0.89 0.85 1.06 0.95 58 6 4 78 87 39 88 21 39 89 94

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 06-30-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

7.91 -3.49 3.27 1.41 9.05 6.18 0.99 8.18 7.11 24.25 1.78 3.19 -1.87 3.75 6.93 0.91 0.06 -6.95 1.55 -4.60

.

81

67

65

78

91

47

29

25

18

25

10,851 12,830 11,538 15,609 18,079 17,596 17,461 19,298 19,776 16,841 15,446

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 03-31-16 Total Stocks: 46 Share change since 12-31-15

0.77 -0.42

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -14.55 4.27 12.87 4.06 -20.56 3.82

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T General Motors Co

Cnsmr Cyc Technology Finan Svcs Cnsmr Def

1 Yr 3 Yr 5 Yr

-5.18 5.86 5.68 6.28 9.92

3 Mo 6 Mo

-0.42 -2.82 -2.82 0.35 -4.25 -4.25 -5.18 -6.74 -6.74 5.86 0.25 0.25 5.68 -0.12 -0.12 6.28 0.53 0.53 7.32 1.07 0.03

99 9,958 94 10,035 96 9,482 52 11,862 61 13,181 16 18,389 2 28,872

Y Oracle Corp

High QQQ +Avg QQQ

Avg Avg

T Bank of America Corporati

1 Yr

Y Nestle SA ADR

— 3.30 -1.21 3.05

-Avg QQQQ

10 Yr Incept

+Avg

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

CVS Health Corp TE Connectivity Ltd

Hlth Care

Technology -10.52 2.79

Foot Locker Inc

Cnsmr Cyc

-14.91 2.42 14.43 2.41 18.03 2.13

Other Measures

Standard Index

Best Fit Index

Dover Corp

Industrl

Alpha

-0.7 1.19

0.5

Y Philip Morris Internation

Cnsmr Def

Beta

0.77

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

89

92

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

3.87 4.24 5.07

55 59 16

1.88 1.37 1.14

72 65 50

Date of Maturity

Value $000

% Assets

Total Fixed Income: 144

Amount 000

Standard Deviation

8.84 5.86 0.68

US Treasury TIP 1.25% 07-15-20

456,030 490,220 2.89 412,523 435,227 2.56 220,000 237,500 1.40

Mean

US Treasury TIP

07-15-18

Sharpe Ratio

Potential Capital Gain Exposure: 21% of assets

US Treasury TIP 2.125% 01-15-19

Morningstar's Take by Greg Carlson 06-23-16 While it just lost a promising comanager and has slumped recently, Oakmark Equity & Income’s veteran skipper and proven approach continue to merit a Morningstar Analyst Rating of Silver. On May 6, 2016, Harris Associates, the fund’s advisor, announced that Matt Logan (a comanager of this fund since April 2013) was leaving on May 15 to start his own firm. Logan had joined the firm straight out of college in 2006 as a research associate and was promoted to analyst in 2009. Although his departure represents a loss, the fund remains in good hands. Clyde McGregor has served as the lead manager since its 1995 inception. He’s 63, but he has not announced any plans to retire and has comanagers Colin Hudson and Ed Wojciechowski—both in their 40s and promoted to comanagersalongwithLogan in2013—onboardaswell. The fund trailed more than 80% of its category peers in 2015, and is on pace to do so again in 2016 through June 20. (It moved to the new allocation 50% to 70% equity Morningstar Category, which essentially replaces the moderate allocation category, earlier this year.) Its recent struggles owe in part to a hefty stake in financials, which composed 30% of the equity portfolio (double the

Equity Style Style:

Fixed-Income Style Duration: — Quality: — Avg Eff Duration 1 Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs

Value

category norm) in March 2016. McGregor, like many of his colleagues at Harris, believes that a number of banks are trading far too cheaply given their improved balance sheets and the potential to benefit when interest rates finally rise. As a result of this slump, the fund’s five-year return through June 20 is just middling. However, it’s trounced its typical peer since inception on both a total- return and risk-adjusted basis, and has also posted an impressive record since stocks’ October 2007 peak (arguably a full market cycle). The fund’s fixed-incomeportfoliohasnormallyplaced a heavy emphasis on U.S. government- and agency- backed bonds, but has lately boosted its stake in corporate debt due to a recent sell-off combined with the late 2014 hiring of a fixed-income analyst. However, we don’t expect the fund’s risk profile to change much. It remains a strong core holding.

Size:

Large-Cap

— — —

Value Measures

Rel Category

Price/Earnings 13.72

0.79 0.79 0.71 0.67 1.00

Price/Book Price/Sales

1.70 1.09

3.22% 1 figure provided by fund as of 03-31-16

Price/Cash Flow 5.56 Dividend Yield % 2.68

% of Stocks

Rel Bmark 1

Growth Measures

% Rel Category

Long-Term Erngs 9.38

1.00 0.85

51.36 1.30 1.46 0.28 17.73 1.59 30.39 1.80 1.78 0.28 29.92 0.83 0.00 0.00 3.38 0.51 15.76 1.35 10.78 0.78 18.72 0.77 10.99 1.16 7.73 0.72 0.00 0.00

Book Value

2.10 -0.30

Sales 0.22 Cash Flow 10.50 120.00 Historical Erngs 13.51 -4.37 Market Cap % Giant 39.1 Small 5.5 Large 22.6 Micro 0.4 Mid 32.4 Avg $mil: 34,739

o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Composition - Net

Cash 9.8 Stocks 63.5 Bonds 17.0 Other 9.7 Foreign 9.1 (% of Stock)

Address:

Harris Associates LP Chicago, IL 60602-3790

Minimum Purchase: Min Auto Inv Plan:

$1000 Add: $100 IRA: $1000

$500

Add: $100

800-625-6275

Sales Fees:

No-load

Web Address:

www.oakmark.com

Management Fee:

0.75% mx./0.57% mn. Mgt:0.66% Dist:—

Inception:

11-01-95

Actual Fees:

Advisor:

Harris Associates L.P.

Expense Projections: 3Yr:$240 5Yr:$417 10Yr:$930

Subadvisor:

None

Income Distribution:

Annually

A

ß ® Mutual Funds

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