Morningstar Report 2-9-10
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Rating and Risk
Oakmark Equity & Income I  OAKBX
 Morningstar Rating (Relative to Category)01-31-10 
 Morningstar ReturnMorningstar RiskMorningstar RatingTM
3-YearHighLow5 stars
5-YearHighLow5 stars
10-YearHighLow5 stars
OverallHighLow5 stars
Morningstar Category: Moderate AllocationClick here to see our Methodology
 Volatility Measurements Trailing 3-Yr through 01-31-10 | *Trailing 5-Yr through 01-31-10 
Standard Deviation11.44 Sharpe Ratio0.15
Mean3.72 Bear Market Decile Rank*1
 Modern Portfolio Theory StatisticsTrailing 3-Yr through 01-31-10 
 Standard Index
Morningstar Moderate Target Risk		Best Fit Index
Morningstar Sup/Manufacturing TR USD
R-Squared8892
Beta0.800.54
Alpha2.243.06
Total Returns
Oakmark Equity & Income I  OAKBX
 Growth of $10,00001-31-10 
Fund: Oakmark Equity & Income ICategory: Moderate AllocationIndex: Morningstar Moderate Target Risk
 
 Performance History01-31-10 
 200320042005200620072008200901-10
Total Return %23.210.48.610.812.0-16.219.8-1.4
+/- Index0.7-1.11.6-2.13.36.0-2.70.0
+/- Category2.91.53.5-0.56.011.8-4.30.6
% Rank in Category2427658647817
Fund CategoryMAMAMAMAMAMAMAMA
See fund category codes
         
 Trailing Total Returnsthrough 02-09-10 
 Total Return %+/- Morningstar Moderate Target Risk+/- Morningstar Moderately Aggr Target Risk% Rank in Cat
1-Day0.761.141.2366
1-Week-2.06-0.150.5344
1-Month-2.662.154.255
3-Month0.44-0.100.777
Year-to-date-1.251.393.417
1-Year18.66-3.80-8.1283
3-Year Annualized2.803.136.072
5-Year Annualized6.172.092.892
10-Yr Annualized9.715.246.271
     
 Historical Quarterly Returns 
Q1Q2Q3Q4
2009-6.0310.3710.554.52
20080.971.40-7.09-11.89
20073.214.043.171.08
20062.001.572.364.50
2005-0.642.835.830.44
20044.181.87-1.075.11
2003-2.2813.202.019.19
Investor Returns
Oakmark Equity & Income I  OAKBX
What are Investor Returns?
Morningstar investor returns (also known as dollar-weighted returns) measure how the typical investor in a fund fared over various time periods, incorporating the impact of cash inflows and outflows from all investors' purchases and sales. If investors bought a fund after it had posted big gains and sold at a low ebb, investor returns will be lower than the fund's total returns. If investors bought and sold at more opportune times, however, investor returns will be higher than the fund's total returns. (For more details, please click here.)
 Performance History
 2002200320042005200620072008
Investor Return %-3.123.89.78.410.010.9-17.5
Total Return %-2.123.210.48.610.812.0-16.2
+/- Category *8.31.80.13.6-1.16.211.1
% Rank in Category *72945106654
        
 Investor Returns vs Total Returnsthrough 01-31-10 
 Investor Return %Total Return %Investor Return
% Rank in Category
1-Year20.5120.7785
3-Year Annualized2.573.076
5-Year Annualized5.406.275
10-Yr Annualized6.509.963
 
*Data refers to Investor Returns
Tax Analysis
Oakmark Equity & Income I  OAKBX
 Tax Analysis01-31-10 
 3-Yr Avg %5-Yr Avg %10-Yr Avg %
Pretax Return3.076.279.96
Tax-adjusted Return2.075.249.04
% Rank in Category221
Tax Cost Ratio0.970.960.84
    
Potential Cap Gains Exposure %8.2
Sec Filing
Oakmark Equity & Income I  OAKBX
Portfolio
Oakmark Equity & Income I  OAKBX
  Style Box Details for Stock Holdings12-31-09 
Size 
Average Mkt Cap $Mil16,817
  
Market Capitalization% of
Portfolio
Giant20.12
Large44.40
Medium31.73
Small3.61
Micro0.15
  
 
Ownership Zone
 
 
Fund centroid represents weighted average of domestic stock holdings
  
Zone represents 75% of fund's domestic stock holdings
   
Investment Style History (as of 12-31)
2009
2008
2007
Valuations and Growth RatesStock PortfolioRel to Morningstar Moderate Target RiskRel to Category
Price/Prospective Earnings14.9---1.0
Price/Book1.7---1.0
Price/Sales0.8---0.9
Price/Cash Flow6.3---1.2
Dividend Yield 1.7---0.6
Long-Term Earnings10.7--- 1.0
Historical Earnings3.4----1.1
Sales Growth-2.8----2.1
Cash-Flow Growth-6.9----3.4
Book-Value Growth-1.4---0.4
     
Style Box Detail calculations do not include the fund´s short positions (if any).
 Style Box Details for Bond Holdings03-31-09 
Average Credit QualityAAA
Average Duration4.40
 
Investment Style History (as of 12-31)
2009
2008
2007
 
 Asset Allocation12-31-09 
 % Long% Short% Net Assets
Cash9.70.0 9.7
Stocks63.30.0 63.3
Bonds27.00.0 27.0
Other0.00.00.0
Foreign Stocks10.30.010.3
(as a % of assets)
 Sector Weightings 12-31-09 
 % of StocksRel to Morningstar Moderate Target RiskRel to Cat Avg
Information
Software1.07---0.27
Hardware2.34---0.29
Media2.44---1.06
Telecommunications0.00---0.00
Service
Healthcare15.80---1.36
Consumer Services15.17---1.81
Business Services1.48---0.33
Financial Services1.91---0.11
Manufacturing
Consumer Goods19.08---1.78
Industrial Materials20.77---1.73
Energy19.94---1.84
Utilities0.00---0.00
     
Sector weighting calculations do not include the fund´s short positions (if any).
  
 Bond Quality03-31-09  
% of Bond % of Bond
AAA97.3 BB0.7
AA1.1 B0.0
A0.4 Below B0.0
BBB0.3 Not Rated0.2
Holdings
Oakmark Equity & Income I  OAKBX
 Top 25 Holdings    Get Price Quotes12-31-09 
Number of Stock Holdings (Long)48 Annual Turnover %78
Number of Bond Holdings (Long)56 Yield %1.16
Number of Stock Holdings (Short)--- % Assets in Top 10 Holdings29.94
Number of Bond Holdings (Short)---
     
Top 25 HoldingsSectorP/EYTD Return %% Net Assets
XTO Energy, Inc.*14.680.173.82
General Dynamics*10.933.293.24
Wal-Mart Stores, Inc.*15.060.073.18
US Treasury Note 1.625%---------3.11
US Treasury Note 2.875%---------2.97
US Treasury Note 3.25%---------2.95
Avon Products*22.883.082.90
Covidien, Ltd.*25.916.852.68
Nestle SA ADR*10.330.082.64
Apache Corporation*---1.562.45
ConAgra Foods, Inc.*13.301.042.40
Diageo PLC ADR*16.23-1.902.35
Hospira, Inc.*20.040.982.34
Cenovus Energy Inc*------2.32
Costco Wholesale Corporation*23.98-0.682.26
L-3 Communications Holdings, Inc.*11.170.162.12
CVS Caremark Corporation*13.053.902.11
Laboratory Corporation of America Holdings*15.58-2.992.08
Rockwell Collins, Inc.*15.65-0.872.07
Goodrich Corporation*12.740.841.64
EnCana Corporation*10.57-0.151.59
Varian Medical Systems, Inc.*17.678.001.59
Scripps Networks Interactive, Inc.*131.586.601.54
US Treasury Note 1.375%---------1.49
United States Treas Nts 3.25%---------1.49
YTD Return through 02-09-10
Portfolio Holdings as of 12-31-09
Top 25 holdings account for the fund's short positions (if any), which appear shaded.
Management
Oakmark Equity & Income I  OAKBX
 Management
Manager NameClyde S. McGregor
Manager Start Date11-01-95
Biography
McGregor is a vice president and portfolio manager with Harris Associates L.P., his employer since 1981. He also served as an analyst with the firm from 1981 to 1986. Previously, he was an analyst and portfolio manager with The NorthernTrust Company. McGregor holds the Chartered Financial Analyst designation.
Manager NameEdward Studzinski
Manager Start Date03-01-00
Biography
"■ Edward Studzinski, CFA, is a portfolio manager of the Mutual Fund. He has a B.A. from Boston College, a J.D. from Duke University, and an M.B.A. from Northwestern University. Mr. Studzinski has been an investment professional since"
 
Fund Inception11-01-95
Fund Advisor(s)
Harris Associates L.P.
Fund Subadvisor(s)
Fees & Expenses
Oakmark Equity & Income I  OAKBX
 Fees and Expenses01-28-10 
Maximum Sales Fees %
Initial None
Deferred None
  
Redemption Fees %
0  -  90  days 2.00
More Than  90  days0.00
  
Maximum Fees %
Administrative 0.00
Management0.75
  
Total Cost ProjectionsCost per $10,000
3-Year $271
5-Year $471
10-Year $1049
  
 
Actual Fees %
12b-1 0.00
Management0.70
Net Expense Ratio: Annual Report 0.85
(As of 09-30-09)
Net Expense Ratio: Prospectus 0.85
   
Expense Waivers:
   
Purchase Info
Oakmark Equity & Income I  OAKBX
 Purchase Information  
Minimum InvestmentsBrokerage Availability
Initial $1000
Additional $100
Initial IRA $1000
Additional IRA $100
Initial AIP $500
Additional AIP $100
Address

Harris Associates LP
Two N Lasalle St Ste 500
Chicago,  IL  60602-3790
USA

800-625-6275
http://oakmark.com

 
Ameriprise Brokerage
Ameriprise SPS Advantage
Ameritas NTF N
Ameritas NTF P
Bear Stearns
Bear Stearns No-Load NTF
Bear Stearns No-Load Transaction Fee
Bear Stearns NTF
CitiStreet Framewor(k)
CommonWealth NTF
CommonWealth PPS
CommonWealth Universe
DailyAccess Corporation FRIAG
DailyAccess Corporation RTC
DATALynx
DATALynx NTF
Diversified 401(k)
Dreyfus NTF
E TRADE Financial
ETrade No Load Fee
Federated TrustConnect
Fidelity Institutional FundsNetwork
Fidelity Institutional FundsNetwork-NTF
Fidelity Retail FundsNetwork
Fidelity Retail FundsNetwork-NTF
Financial Network PAM and Prime Approved
Firstrade NTF
FTJ FundCHOICE
H&R Block Financial Advisors Inc
Hartford CPS
Hartford RK Plus
HDVest - Wells Fargo
ING 401(k) Adv
ING Financial Advisers - SAS Funds
ING Financial Ptnrs PAM and PRIME Approv
JP Morgan
JP MORGAN NO-LOAD NTF
JP MORGAN NO-LOAD TRANSACTION FEE
JP MORGAN NTF
JPMorgan INVEST
JPMorgan INVEST NTF
LPL SAM Approved
Matrix Financial Solutions
Merrill Lynch
Met Life Resources MFSP Alliance List
Morgan Stanley - Ntwk/Rdm Only-Brokerage
Morgan Stanley SB (All Fund )
Multi-Financial Sec PAM and PRIME Approv
Northwestern Mutual Inv Srvc, LLC
NYLIM 401(k) Complete
Pershing FundCenter
Pershing FundVest NTF
Principal Advantage
Protected Investors of America NTF
Raymond James
Raymond James Recommended
Raymond James WRAP Eligible
RBC Wealth Management-Advisory Eligible
RBC Wealth Management-Network Eligible
Robert W. Baird & Co.
Schwab Institutional
Schwab Institutional NTF
Schwab Retail
Schwab Retail OneSource & NTF at NAV
Schwab RPS All
Schwab RPS SDE
Scottrade NTF
Securities America Advisors
Standard Retirement Services, Inc.
Sterne, Agee & Leach, Inc.,
Sun Life CPS
Sun Life Recordkeeper Plus
SunGard Transaction Network
T. Rowe Price
TD Ameritrade Institutional Services
TD Ameritrade Instl Services NTF
TD Ameritrade NTF
TD Ameritrade Retail NTF
Td Ameritrade, Inc.
Thrivent – Advisory Eligible
TIAA-CREF Brokerage Services
Trade PMR Transaction Fee
TRUSTlynx
UBS Financial Services Inc.
Vanguard
Wachovia CustomChoice & Asset Adv
Wachovia FundSource
Wachovia PIM
Wells Fargo Advisors CustomChoice
Analyst Report Archive
Oakmark Equity & Income I  OAKBX
 Analyst Report Archive 
DateAnalyst Report Analyst
08-27-09This fund missed a corporate-bond rally, but we're not worried about it. John Coumarianos
03-30-09Change comes slowly, but thoughtfully, to this fund. John Coumarianos
11-06-08This mutual fund remains a winner--and it's now reopened for new investments. John Coumarianos
10-29-08This mutual fund remains a winner. John Coumarianos
05-30-08This mutual fund has a rare combination of traits. Paul Herbert, CFA
12-21-07This mutual fund is putting the finishing touches on another fine year. Paul Herbert, CFA
08-02-07This mutual fund's managers focus on the right things. Paul Herbert, CFA
02-27-07This enterprising mutual fund remains an interesting proposition for investors. Paul Herbert, CFA
12-21-06This mutual fund continues to show its nonconformist streak. Paul Herbert, CFA
05-01-06This is a fine mutual fund, but investors need to be realistic when assessing it. Dan McNeela, CFA
12-02-05Energy stocks have been a huge help lately, but that's far from a full explanation of Oakmark Equity & Income Fund's appeal. Paul Herbert, CFA
07-05-05This mutual fund is a standout in more ways than one. Paul Herbert, CFA
01-05-05This fund has a lot going for it, but that doesn't mean it can shine every year. William Samuel Rocco
12-20-04This fund is an appealing option, but don't expect superior results every year. William Samuel Rocco
09-01-04A recent step may help extend this fund's winning streak. Paul Herbert, CFA
04-22-04A recent step may help extend this fund's winning streak. Paul Herbert, CFA
03-31-04This fund has been on top for a while now, but we think there are better reasons to pick it up. Paul Herbert, CFA
10-24-03This fund is showing that it doesn't need a bear market to top its rivals. Paul Herbert, CFA
05-27-03This fund's asset growth is a concern, but we think it remains a strong pick. Paul Herbert, CFA
12-06-02This fund's asset growth is a concern, but we think it remains a strong pick. Paul Herbert, CFA
07-29-02We continue to find this fund attractive for most hybrid investors. Paul Herbert, CFA
02-25-02This fund probably has more room to grow, but investors should monitor its size. Paul Herbert, CFA
12-30-01Oakmark Equity & Income Fund has finally had its coming-out party. Paul Herbert, CFA
07-31-01Oakmark Equity & Income Fund is flexing its muscles. Paul Herbert, CFA
04-27-01Oakmark Equity & Income Fund continues to buck the trend to good effect. Paul Herbert, CFA
12-08-00This fund's approach may be unconventional, but it continues to deliver top-notch results. Paul Herbert, CFA
02-01-00This fund doesn't get lost in the domestic-hybrid crowd. Paul Herbert, CFA
© Copyright 2010 Morningstar, Inc. All rights reserved. Not to be redistributed without written permission. To order reprints call 312-696-6100.
Italics indicate Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees.