(PUB) Morningstar FundInvestor

6

Data through January 31, 2014 Oakmark Global Select I

Ticker

Status Yield Total Assets

Mstar Category

OAKWX Open

0.8% $1,553 mil

World Stock

Morningstar Analyst Rating 01-28-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Above Avg Highest

94% 99% 97% 93% 96% 98% 94% 95%

„

Manager Change Partial Manager Change

10.0 12.5 15.5

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Neutral

∞ ∞ ∞ ∞

Investment Values of Fund Investment Values of MSCI WexUS

People Parent Price

5.0

¶

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 01-14

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 „ ´ˇ ¨

10.20 10.78 . . .

6.53

9.99

11.07 11.06 -0.09 -1.61

10.42 -5.87 7.84 1.48 0.00 -5.87

12.65 23.95

16.51 33.80 18.51 11.00

15.87 -3.88 0.66 0.12 0.00 -3.88

NAV

53.58 -32.49 -1.16 . . . . 13.04 -17.81 . . . . 9.70 -12.82 . . . . 3.45 0.22 . . . . 52.99 -35.94 -1.38 . . . . 11 96 . . . . 12.13 18.95 0.59 8 1.35 1.31 . . . . 1.41 1.01 . . . . 62 33 . . . . 198 293 . . . . 41 299 0.04 0.00 1.43 0.88 0.35 0.00

Total Return % +/-MSCI WexUS

7.12 7.82 1.55

+/-MSCI Ac Wrld ND

0.25

1.07

Income Return % Capital Return %

10.81

22.40

32.73

66

33

3

11

62

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.02 0.01 . . . 0.44 0.00 . . .

0.02 0.00 1.29 0.40

0.00 0.00 1.24 0.33

0.16 0.10 1.23 0.72

0.14 0.27 1.15 1.01

0.00 0.00

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 01-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

50

49

36

36

2009 2010 2011 2012 2013

-4.29 26.56 20.61 5.13 53.58 6.41 -13.17 9.97 9.31 11.06 5.15 2.15 -16.23 4.62 -5.87 18.62 -8.74 3.28 10.87 23.95 7.59 5.88 9.02 7.74 33.80

363

443

630

1,476

1,553

Portfolio Analysis 12-31-13 Share change since 09-13 Total Stocks:20 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

CNH Industrial NV

Industrl

Netherlands

5.59 5.37 5.27 5.08 4.87 4.86 4.81 4.72 4.72 4.66 4.62 4.60 4.59 4.57 4.53 4.53 4.52 4.50 4.45 4.05

1 Yr 3 Yr 5 Yr

20.07 12.91 22.54

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Kering

Cnsmr Cyc France Cnsmr Cyc Germany

Return% WexUS Ac Wrld ND

Cat

$10,000

High High

+Avg +Avg

Daimler AG Diageo PLC Canon, Inc.

3 Mo 6 Mo 1 Yr

0.99 4.53 5.64 0.16 20.07 14.32 12.91 9.72 22.54 8.68

1.95 -0.44 7.37 5.22 6.50

31 10,099 65 10,564 22 12,007 7 14,395

Cnsmr Def

U.K.

10 Yr Incept

. . . .

Industrl Industrl

Japan

8.70

K hne & Nagel Internatio Credit Suisse Group Oracle Corporation Daiwa Securities Co., Lt Bank of America Corporat JPMorgan Chase & Co TE Connectivity Ltd Liberty Interactive Corp American International G Capital One Financial Co FedEx Corporation Intel Corp Directv Medtronic, Inc.

Switzerland

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

Finan Svs Switzerland Technology United States Technology United States Finan Svs United States Finan Svs United States Technology Switzerland Comm Svs United States Technology United States Finan Svs United States Hlth care United States Finan Svs United States Finan Svs Japan

Other Measures

Standard Index MSCI WexUS

Best Fit Index MSCI World

5 27,631 . . . . . . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Alpha

9.6

3.0

Beta

0.86

1.06

R-Squared

78

83

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

12.42 22.16

6 5

0.44 0.31

40

Standard Deviation

16.25 12.91

32 . . . .

Mean

Sharpe Ratio

0.83

Potential Capital Gain Exposure: 15% of assets

Morningstar’s Take by Shannon Zimmerman 01-28-14 This concentrated world-stock fund just missed the category’s top decile last year, gaining nearly 34% and landing in the peer group’s 11th percentile. With just 20 holdings and lopsided sector weights bearing little resemblance to the those of the MSCI World Index or the fund’s average rival, managers Bill Nygren and David Herro delivered those results with an idiosyncratic portfolio. Its financials exposure nearly doubles the category norm, and it doesn’t own any energy, materials, or utilities stocks. That’s par for the course, however, as is the fund’s recent success. The fund launched in October 2006, and between November of that year and December 2013, its cumulative gain of 87% trumps the index by 51 percentage points and the average world-stock fund by 50 points. In that time frame’s rolling three-year periods, the fund placed in the category’s top quartile more than 82% of the time. And while the fund’s standard deviation has been modestly higher than its typical peer’s, it has staved off loss better and gained more in rising markets: Versus the category norm, its

Industrl Industrl

United States Switzerland

upside capture ratio is 113%; its downside is 97%. The fund has essentially matched the bogy during downturns, while enjoying 117% of its upside. That risk/reward profile owes to a strategy focused on fundamentals, giving Nygren and Herro freedom to pursue value wherever they find it. Indeed, roughly 35% of assets are currently invested in stocks residing in the large-growth square of the Morningstar Style Box. Provided a company’s share price implies a discount of at least 40% to estimated intrinsic value, it’s a candidate for this fund’s portfolio. With just 20 names, and with assets split roughly 50/50 between domestic and foreign stocks, the fund is a focused best-ideas vehicle. And while its since-inception risk profile is attractive, volatility-averse investors may prefer Nygren and Herro’s more expansive funds. For those comfortable with its concentration and nontraditional approach to value investing, however, this fund warrants a close look. Over time, investors have been well compensated for its risks.

Adecco SA

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 45.5 Large 49.8 Mid 4.8 Small 0.0 Micro 0.0 Avg $mil: 47,007

Value Blnd Growth

Cyclical 40.46 BasicMat 0.00 CnsmrCyc11.20 FinanSvs 29.26 Real Est 0.00 Sensitive 49.42 CommSrvs 4.81 Energy 0.00 Industrl 25.11 Technlgy 19.50 Defensive10.11 CnsmrDef 5.35 Hlthcare 4.76 Utilities 0.00

.

h r t y u j i o p a k s d f

Large Mid Small

. . . . 22 11 . 30 14 . . .

. . .

6 5 5 4

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

13.40 1.42 1.46 4.42 1.50

1.01 2.03 NMF 5.17 0.17 0.91 0.74 1.12 0.62 0.61

. 27 10 . 33 18

.

. 11 4

5 4

.

. . .

% Rel Category

11.38 4.20 -11.05

Country Exposure United States 48 Switzerland 19 Japan 10 UK/W. Europe 42 Japan 10 Asia X Japan 0 Regional Exposure

% Stock

4.03 8.13

N. America 48 Latn America 0 Other 0

Address:

Harris Associates LP Chicago, IL 60602-3790 800-625-6275 www.oakmark.com

Minimum Purchase: Min Auto Inv Plan:

$1000 $500

Add: $100 IRA: $1000

Add: $100

Sales Fees:

No-load

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

1.00% mx./0.85% mn. Mgt:0.96% Dist: .

% Stock

Cash

5.1

Bonds Other

0.0 0.0

10-02-06

Actual Fees:

Netherlands 6 France 6

Harris Associates L.P.

Expense Projections: Income Distribution:

3Yr:$365 Annually

5Yr:$633 10Yr:$1398

Stocks

94.9

None

Foreign

51.8

(% of Stock)

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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