(PUB) Morningstar FundInvestor

6

Data through September 30, 2013 Oakmark International I

Ticker

Status Yield Total Assets

Mstar Category Foreign Large Blend

OAKIX Open

1.7% $24,157 mil

Morningstar Analyst Rating 09-25-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Above Avg Highest

96% 98% 98% 98% 96% 95% 96% 95% 92%

Œ

Manager Change Partial Manager Change

15.0 20.0 26.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Neutral

Investment Values of Fund Investment Values of MSCI EAFE

People Parent Price

10.0

¶

NAV Total Return % +/-MSCI EAFE +/-MSCI WexUS Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 09-13

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 ¨

13.14 -8.46 7.48 6.49 0.87 -9.33

18.02 38.04 -0.55 -2.79

21.13 19.09 -1.16 -1.82

22.52 14.12 0.58 -2.50 2.81 11.31

25.45 30.60

20.95

10.85

16.84 56.30 24.52 14.85

19.41

16.55

20.93 29.22 11.90 12.39

25.89 23.70

-41.06 -0.51

-14.07 16.22

-11.68 4.26 -17.16 3.95

2.32 4.47 6.64

8.47 5.07 0.95

-1.93 -0.36 0.65

7.56

13.66

0.83

1.48

1.97

0.68

1.08

2.66

0.00

37.21

17.61

28.63

-47.70 -1.19

55.22

-14.72 15.27

26.56

23.70

22

59

74

39

14

94

37

2

2

66

2

1

Pillar Spectrum Positive

0.13 0.00 1.31 1.34

0.11 0.00 1.25 1.03

0.27 0.05 1.20 1.40

0.59 1.00 1.11 1.32

0.44 3.48 1.10 1.80

0.17 4.25 1.05 1.65

1.39 0.10 1.10 2.32

0.12 0.00 1.17 1.32

0.16 0.00 1.08 1.21

0.13 0.00 1.06 1.63

0.44 0.00 1.06 1.90

0.00 0.00

§ Negative

¶ Neutral

. . .

Performance 09-30-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

24

34

21

14

37

50

41

53

51

45

38

2009 2010 2011 2012 2013

-9.31 33.23 23.95 4.36 56.30 5.70 -10.73 14.41 7.65 16.22 2.27 2.12 -20.42 3.41 -14.07 16.80 -10.14 8.18 13.82 29.22 5.35 3.76 13.16 . .

1,721

3,509

4,677

5,816

8,005

7,300

2,592

4,393

6,688

23,772 10,796 6,988

Portfolio Analysis 06-30-13 Share change since 03-13 Total Stocks:58 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Credit Suisse Group

Finan Svs Switzerland Cnsmr Cyc Germany Finan Svs Italy Finan Svs France Finan Svs U.K. Finan Svs Germany

4.88 4.10 3.65 3.46 3.07 2.76 2.70 2.65 2.62 2.58 2.53 2.45 2.36 2.36 2.08 2.06 2.02 2.02 2.02 1.99

1 Yr 3 Yr 5 Yr

40.79 13.93 14.42 11.63 11.11

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Daimler AG

Return% EAFE WexUS

Cat

$10,000

High High High

High High Avg

Intesa Sanpaolo BNP Paribas

3 Mo 6 Mo 1 Yr

13.16 1.60

3.07

3 11,316 1 11,741 1 14,079 1 14,788 1 19,611 1 30,048 6 55,920

17.41 6.94 10.75 40.79 17.02 24.31

10 Yr Incept

Lloyds Banking Group PLC

Allianz SE

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

13.93 5.46 14.42 8.07 11.63 3.62 12.16 6.70

7.98 8.16 2.86

Fiat Industrial SpA

Industrl Basic Mat

Italy

Other Measures

Standard Index

Best Fit Index

Orica Ltd.

Australia

MSCI EAFE

MSCI EAFE

Daiwa Securities Co., Lt Bayerische Motoren Werke

Finan Svs Japan Cnsmr Cyc Germany

Alpha

5.1

5.1

.

Beta

1.00

1.00

Canon, Inc.

Industrl

Japan

R-Squared

90

90

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 13.49 1 0.38 31 13.14 1 1.11 87 10.17 2 1.31 85 Potential Capital Gain Exposure: 20% of assets Morningstar’s Take by Shannon Zimmerman 09-25-13 Oakmark International now ranks as the fifth-largest fund in the foreign large-blend peer group. While its focus on highly liquid large caps mitigates the risks of asset bloat, it doesn’t eliminate them. Roughly one third of assets are invested in the top 10, and the fund ranks among the largest owners of two European banks: Lloyds LLOY and Intesa Sanpaolo ISP. Moreover, while the vast majority of assets are invested in large caps, the fund’s combined stake in mid- and small-cap firms hovers near 10%. For those stocks especially, the fund risks moving prices in the wrong direction should managers David Herro and Rob Taylor seek to build or exit the positions. So far, however, size hasn’t held back performance. Through Sept. 24, 2013, an annualized gain of nearly 38.2% places in the category’s top percentile, a position the fund also holds in the three-, five, and 10-year periods. Its annualized 15-year showing (12%) ranks in the sixth percentile. The fund’s recent and long-haul success owes to a sensible, clearly repeatable strategy. Like all Oakmark

Willis Group Holdings PL K hne & Nagel Internatio

Finan Svs United States

Industrl Industrl

Switzerland Switzerland

Standard Deviation

18.35 13.93

Adecco SA

Mean

Check Point Software Tec

Technology Israel Finan Svs Australia Cnsmr Cyc France Cnsmr Cyc Sweden Cnsmr Cyc Japan

Sharpe Ratio

0.80

AMP Limited

Kering

Hennes & Mauritz AB Honda Motor Co Ltd

managers, Herro and Taylor are strict value investors. They cull picks from the approved-for-purchase list maintained by Oakmark’s research analysts, and, along with financial health, shareholder-aligned management teams, and solid growth prospects, they require a discount of at least 40% to their estimate of intrinsic value. As holdings approach those estimates, the pair pares position sizes, allocating assets to firms trading at deeper discounts to the team’s view of the businesses’ actual worth. That strategy explains its sharply reduced exposure to Japan. At the close of 2012, nearly 25% of assets were invested in companies domiciled there. Following dramatic gains for Japanese equities, the fund’s stake now stands at just more than 15%. Burgeoning assets here raise red flags that bear watching closely. But owing to deft execution of a sound strategy, Oakmark’s history of closing funds before size impedes performance, and the managers’ own substantial investment here, this fund remains a best-in-class option.

Holcim Ltd

Basic Mat

Switzerland

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

EAFE High

Market Cap % Giant 47.9 Large 42.4 Mid 7.6 Small 2.1 Micro 0.0 Avg $mil: 24,361

Value Blnd Growth

Cyclical 63.67 BasicMat 8.42 CnsmrCyc26.05 FinanSvs 29.20 Real Est 0.00 Sensitive 22.90 CommSrvs 0.00 Energy 0.00 Industrl 17.07 Technlgy 5.83 Defensive13.42 CnsmrDef 9.83 Hlthcare 3.59 Utilities 0.00

.

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

Large Mid Small

. 13 7 . 26 18 . 31 23 . . . . . . . . . . 22 15 . 12 6 .

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

11.39 -5.78 -0.27 -18.90 -1.75 13.06 1.46 0.96 5.32 2.06

1.03 NMF NMF NMF NMF 0.99 0.92 0.98 0.98 0.74

.

. 14 5

8 3

.

. . .

% Rel Category

Country Exposure Switzerland 19 Japan 15 U.K. 14 UK/W. Europe 71 Japan 15 Asia X Japan 6 Regional Exposure

% Stock

N. America 5 Latn America 0 Other 3

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./0.80% mn. Mgt:0.88% Dist: .

% Stock

Cash

4.7

Bonds Other

0.0 3.0

09-30-92

Actual Fees:

France

12 12

Harris Associates L.P.

Expense Projections: Income Distribution:

3Yr:$337 Annually

5Yr:$585 10Yr:$1294

Stocks

92.3

None

Germany

Foreign

96.8

(% of Stock)

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or timely. Past performance isnoguaranteeof future results.Accessupdated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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