THE OAKMARK FAMILY OF FUNDS |
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Statement of Assets and Liabilities—March 31, 1998 |
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| THE OAKMARK FUND |
THE OAKMARK SELECT FUND |
THE OAKMARK SMALL CAP FUND |
THE OAKMARK EQUITY AND INCOME FUND |
THE OAKMARK INTERNATIONAL FUND |
THE OAKMARK INTERNATIONAL SMALL CAP FUND |
|
|---|---|---|---|---|---|---|
| Assets | ||||||
| Investments, at value | $9,289,480,621 (cost: $6,897,765,599) | $1,496,796,894 (cost: $1,182,504,745) | $1,433,827,053 (cost: $1,087,256,448) | $53,923,198 (cost: $45,281,363) | $1,399,065,879 (cost: $1,339,858,431) | $84,134,833 (cost: $91,834,573) |
| Cash | 909 | 803 | 695 | 527 | 3,904,143 | 632 |
| Foreign currency, at value | 0 | 0 | 0 | 0 | 1,149,513 | 12,003 |
| Collateral for securities loaned, at value | 0 | 103,024,970 | 144,533,644 | 3,367,985 | 149,912,019 | 1,328,000 |
| Receivable for: | ||||||
| Forward foreign currency contracts | 0 | 0 | 0 | 0 | 177,070 | 0 |
| Securities sold | 19,773,233 | 0 | 1,228,978 | 0 | 1,739,065 | 840,463 |
| Fund shares sold | 16,606,899 | 13,245,891 | 1,557,114 | 245,748 | 3,194,865 | 2,242,296 |
| Dividends and interest | 21,443,125 | 486,690 | 786,560 | 380,748 | 8,294,468 | 613,293 |
| Total receivables | 57,823,257 | 13,732,581 | 3,572,652 | 626,496 | 13,405,468 | 3,696,052 |
| Other assets | _____0 | 2,540 | 3,766 | 3,766 | _____0 | 3,767 |
| Total assets |
$9,347,304,787 =========== |
$1,613,557,788 =========== |
$1,581,937,810 =========== |
$57,921,972 =========== |
$1,567,437,022 =========== |
$89,175,287 =========== |
| Liabilities and Net Assets | ||||||
| Payable for: | ||||||
| Collateral for securities loaned, at value | $0 | $103,024,970 | $144,533,644 | $3,367,985 | $149,912,019 | $1,328,000 |
| Securities purchased | 411,535,249 | 21,317,645 | 3,242,413 | 971,764 | 8,567,044 | 721,276 |
| Fund shares redeemed | 8,269,287 | 747,878 | 3,319,014 | 49,183 | 1,237,053 | 68,558 |
| Due to adviser | 6,459,053 | 1,057,798 | 1,420,886 | 29,602 | 1,101,882 | 76,402 |
| Forward foreign currency contracts | 0 | 0 | 0 | 0 | 1,250,165 | 5,968 |
| Other | 2,649,485 | 545,496 | 459,829 | 48,353 | 830,698 | 133,485 |
| Total liabilities | 428,913,074 | 126,693,787 | 152,975,786 | 4,466,887 | 162,898,861 | 2,333,689 |
| Net assets applicable to fund shares outstanding |
$8,918,391,713 =========== |
$1,486,864,001 =========== |
$1,428,962,024 =========== |
$53,455,085 =========== |
$1,404,538,161 =========== |
$86,841,598 =========== |
| Fund shares outstanding |
200,715,978 =========== |
74,843,827 =========== |
68,713,861 =========== |
3,576,587 =========== |
95,692,819 =========== |
9,059,700 =========== |
| Price of Shares | ||||||
| Net asset value per share |
$44.43 =========== |
$19.87 =========== |
$20.80 =========== |
$14.95 =========== |
$14.68 =========== |
$9.59 =========== |
| Analysis of Net Assets | ||||||
| Paid in capital | $5,950,210,580 | $1,163,238,683 | $1,053,623,090 | $44,331,604 | $1,307,485,365 | $93,771,374 |
| Accumulated undistributed net realized gain on sale of investments, forward contracts and foreign currency exchange transactions | 544,826,405 | 8,487,779 | 33,564,804 | 114,832 | 15,096,240 | 110,463 |
| Net unrealized appreciation/depreciation of investments | 2,391,715,022 | 314,292,149 | 346,570,605 | 8,641,836 | 59,198,928 | (7,699,659) |
| Net unrealized depreciation of foreign currency portfolio hedges | 0 | 0 | 0 | 0 | (1,041,815) | 0 |
| Net unrealized appreciation/depreciation—other | 0 | 0 | 0 | 0 | (57,810) | 7,037 |
| Accumulated undistributed net investment income (loss) | 31,639,706 | 845,390 | (4,796,475) | 366,813 | 23,857,253 | 652,383 |
| Net assets applicable to Fund shares outstanding |
$8,918,391,713 =========== |
$1,486,864,001 =========== |
$1,428,962,024 =========== |
$53,455,085 =========== |
$1,404,538,161 =========== |
$86,841,598 =========== |
THE OAKMARK FAMILY OF FUNDS |
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Statement of Operations—March 31, 1998 |
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| THE OAKMARK FUND |
THE OAKMARK SELECT FUND |
THE OAKMARK SMALL CAP FUND |
THE OAKMARK EQUITY AND INCOME FUND |
THE OAKMARK INTERNATIONAL FUND |
THE OAKMARK INTERNATIONAL SMALL CAP FUND |
|
|---|---|---|---|---|---|---|
| Investment Income: | ||||||
| Dividends | $62,534,109 | $4,204,811 | $4,819,061 | $331,902 | $15,720,184 | 1,007,674 |
| Interest Income | 25,585,555 | 2,306,096 | 2,107,212 | 442,370 | 1,472,442 | 110,067 |
| Securities lending income | 0 | 27,365 | 203,283 | 3,059 | 1,087,514 | 4,814 |
| Foreign taxes withheld | (1,025,061) | _____0 | _____0 | _____0 | (852,866) | (98,308) |
| Total investment income | 87,094,603 | 6,538,272 | 7,129,556 | 777,331 | 17,427,274 | 1,024,247 |
| Expenses: | ||||||
| Investment advisory fee | 33,717,852 | 4,349,918 | 8,829,969 | 147,225 | 6,775,248 | 377,130 |
| Transfer and dividend disbursing agent fees | 1,903,507 | 381,831 | 445,863 | 39,877 | 472,479 | 46,434 |
| Other shareholder servicing fees | 1,430,693 | 284,566 | 396,980 | 4,461 | 297,504 | 11,466 |
| Reports to shareholders | 773,063 | 78,084 | 159,128 | 7,562 | 188,510 | 15,159 |
| Custody and accounting fees | 409,676 | 77,842 | 101,028 | 23,996 | 690,517 | 88,054 |
| Registration and blue sky expenses | 347,857 | 233,976 | 18,861 | 18,356 | 20,156 | 15,640 |
| Trustees fees | 23,028 | 7,306 | 9,248 | 4,707 | 6,894 | 4,597 |
| Legal fees | 24,443 | 6,212 | 8,889 | 4,602 | 8,031 | 5,441 |
| Audit fees | 11,783 | 9,290 | 9,690 | 9,590 | 13,180 | 12,083 |
| Other | 191,351 | 18,777 | 33,613 | 5,005 | 99,564 | 10,057 |
| Total expenses | 38,833,253 | 5,447,802 | 10,013,269 | 265,381 | 8,572,083 | 586,061 |
| Expense offset arrangements | (4,367) | (1,806) | (47,877) | (64) | (72,897) | (279) |
| Net expenses | 38,828,886 | 5,445,996 | 9,965,392 | 265,317 | 8,499,186 | 585,782 |
| Net Investment Income (loss): | 48,265,717 | 1,092,276 | (2,835,836) | 512,014 | 8,928,088 | 438,465 |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | ||||||
| Net realized gain on investments | 633,222,207 | 10,299,431 | 49,515,599 | 691,349 | 47,920,883 | 1,592,506 |
| Net realized loss on foreign currency transactions | (8,898) | 0 | 0 | 0 | (2,651,824) | (106,249) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 372,029,008 | 226,616,982 | 38,608,650 | 3,183,600 | (94,851,410) | (6,531,506) |
| Net change in appreciation (depreciation) of forward currency exchange contracts | 0 | 0 | 0 | 0 | (1,603,281) | (5,968) |
| Net change in appreciation (depreciation)—other | _____0 | _____0 | _____0 | _____0 | (29,929) | 9,536 |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | 1,005,242,317 | 236,916,413 | 88,124,249 | 3,874,949 | (51,215,561) | (5,041,681) |
| Net increase (decrease) in net assets resulting from operations |
$1,053,508,034 =========== |
$238,008,689 =========== |
$85,288,413 =========== |
$4,386,963 =========== |
$(42,287,473) =========== |
$(4,603,216) =========== |
THE OAKMARK FAMILY OF FUNDS |
||
Statement of Changes in Net Assets–March 31, 1998 |
||
THE OAKMARK FUND |
||
| |
Six Months Ended March 31, 1998 |
Eleven Months Ended September 30, 1997 |
|---|---|---|
| From Operations: | ||
| Net investment income | $ 48,265,717 | $ 55,858,346 |
| Net realized gain on sale of investments | 633,222,207 | 239,442,987 |
| Net realized loss on foreign currency transactions | (8,898) | (2,673) |
| Net change in unrealized appreciation |
372,029,008 |
1,231,138,352 |
| Net increase in net assets from operations | 1,053,508,034 | 1,526,437,012 |
| Distribution to shareholders from:* | ||
| Net investment income | (66,320,892) | (41,659,757) |
| Net realized short-term gain | (25,210,568) | (13,947,126) |
| Net realized long-term gain |
(302,991,525) |
(212,039,549) |
| Total distributions to shareholders | (394,522,985) | (267,646,432) |
| From Fund share transactions: | ||
| Proceeds from shares sold | 1,885,741,953 | 2,107,074,877 |
| Reinvestment of dividends and capital gain distributions | 376,564,699 | 256,384,877 |
| Payments for shares redeemed |
(617,848,616) |
(941,237,366) |
| Net increase in net assets from Fund share transactions |
1,644,458,036 |
1,422,222,388 |
| Total increase in net assets | 2,303,443,085 | 2,681,012,968 |
| Net assets: | ||
| Beginning of period |
6,614,948,628 |
3,933,935,660 |
| End of period |
$ 8,918,391,713 |
$ 6,614,948,628 |
| Undistributed net investment income |
$ 31,639,706 |
$ 49,694,881 |
| * Distributions per share: | ||
| Net investment income | 0.3996 | 0.3441 |
| Net realized short-term gain | 0.1519 | 0.1152 |
| Net realized long-term gain |
1.8256 |
1.7514 |
| Total distributions to shareholders |
$ 2.3771 |
$ 2.2107 |
THE OAKMARK |
||
| |
Six Months Ended March 31, 1998 |
Eleven Months Ended September 30, 1997 |
|---|---|---|
| From Operations: | ||
| Net investment income (loss) | $ 1,092,276 | $ (246,886) |
| Net realized gain on sale of investments | 10,299,431 | 5,070,435 |
| Net change in unrealized appreciation |
226,616,982 |
87,675,167 |
| Net increase in net assets from operations | 238,008,689 | 92,498,716 |
| Distribution to shareholders from:* | ||
| Net investment income | 0 | 0 |
| Net realized short-term gain | (6,882,086) | 0 |
| Net realized long-term gain |
0 |
0 |
| Total distributions to shareholders | (6,882,086) | 0 |
| From Fund share transactions: | ||
| Proceeds from shares sold | 960,911,310 | 571,117,746 |
| Reinvestment of dividends and capital gain distributions | 6,562,085 | — |
| Payments for shares redeemed |
(225,910,569) |
(149,441,890) |
| Net increase in net assets from Fund share transactions |
741,562,826 |
421,675,856 |
| Total increase in net assets | 972,689,429 | 514,174,572 |
| Net assets: | ||
| Beginning of period |
514,174,572 |
0 |
| End of period |
$ 1,486,864,001 |
$ 514,174,572 |
| Undistributed net investment income (loss) |
$ 845,390 |
$ (246,886) |
| * Distributions per share: | ||
| Net investment income | 0 | 0 |
| Net realized short-term gain | 0.1678 | 0 |
| Net realized long-term gain |
0 |
0 |
| Total distributions to shareholders |
$ 0.1678 |
$ 0 |
THE OAKMARK |
||
| |
Six Months Ended March 31, 1998 |
Eleven Months Ended September 30, 1997 |
|---|---|---|
| From Operations: | ||
| Net investment loss | $ (2,835,836) | $ (1,684,439) |
| Net realized gain on sale of investments | 49,515,599 | 46,501,798 |
| Net change in unrealized appreciation |
38,608,650 |
287,859,202 |
| Net increase in net assets from operations | 85,288,413 | 332,676,561 |
| Distribution to shareholders from:* | ||
| Net investment income | 0 | 0 |
| Net realized short-term gain | (35,041,338) | 0 |
| Net realized long-term gain |
(27,167,964) |
0 |
| Total distributions to shareholders | (62,209,302) | 0 |
| From Fund share transactions: | ||
| Proceeds from shares sold | 316,443,701 | 1,289,718,462 |
| Reinvestment of dividends and capital gain distributions | 58,840,098 | 0 |
| Payments for shares redeemed |
(482,796,526) |
(327,419,790) |
| Net increase (decrease) in net assets from Fund share transactions |
(107,512,727) |
962,298,672 |
| Total increase (decrease) in net assets | (84,433,616) | 1,294,975,233 |
| Net assets: | ||
| Beginning of period |
1,513,395,640 |
218,420,407 |
| End of period |
$ 1,428,962,024 |
$ 1,513,395,640 |
| Undistributed net investment loss |
$ (4,796,475) |
$ (1,960,639) |
| * Distributions per share: | ||
| Net investment income | 0 | 0 |
| Net realized short-term gain | 0.4738 | 0 |
| Net realized long-term gain |
0.3674 |
0 |
| Total distributions to shareholders | $ 0.8412 | $ 0 |
THE OAKMARK |
||
| |
Six Months Ended March 31, 1998 |
Eleven Months Ended September 30, 1997 |
|---|---|---|
| From Operations: | ||
| Net investment income | $ 512,014 | $ 471,744 |
| Net realized gain on sale of investments | 691,349 | 904,824 |
| Net change in unrealized appreciation |
3,183,600 |
4,554,518 |
| Net increase in net assets from operations | 4,386,963 | 5,931,086 |
| Distribution to shareholders from:* | ||
| Net investment income | (594,007) | (148,466) |
| Net realized short-term gain | (882,071) | (162,188) |
| Net realized long-term gain |
(599,021) |
0 |
| Total distributions to shareholders | (2,075,099) | (310,654) |
| From Fund share transactions: | ||
| Proceeds from shares sold | 23,850,818 | 24,903,007 |
| Reinvestment of dividends and capital gain distributions | 1,964,129 | 288,850 |
| Payments for shares redeemed |
(8,134,239) |
(11,148,702) |
| Net increase in net assets from Fund share transactions |
17,680,708 |
14,043,155 |
| Total increase in net assets | 19,992,572 | 19,663,587 |
| Net assets: | ||
| Beginning of period |
33,462,513 |
13,798,926 |
| End of period |
$ 53,455,085 |
$ 33,462,513 |
| Undistributed net investment income |
$ 366,813 |
$ 448,806 |
| * Distributions per share: | ||
| Net investment income | 0.2359 | 0.1202 |
| Net realized short-term gain | 0.3503 | 0.1311 |
| Net realized long-term gain |
0.2379 |
0 |
| Total distributions to shareholders | $ 0.8241 | $ 0.2513 |
THE OAKMARK |
||
| |
Six Months Ended March 31, 1998 |
Eleven Months Ended September 30, 1997 |
|---|---|---|
| From Operations: | ||
| Net investment income | $ 8,928,088 | $ 27,666,383 |
| Net realized gain on sale of investments | 47,920,883 | 217,090,057 |
| Net realized gain (loss) on foreign currency transactions | (2,651,824) | 17,724,883 |
| Net change in unrealized appreciation (depreciation) | (94,851,410) | 70,717,122 |
| Net change in unrealized appreciation (depreciation) of | ||
| forward currency exchange contracts | (1,603,281) | 3,426,674 |
| Net change in unrealized appreciation (depreciation)—other |
(29,929) |
197,532 |
| Net increase in net assets from operations | (42,287,473) | 336,822,651 |
| Distribution to shareholders from:* | ||
| Net investment income | (46,460,844) | (12,477,945) |
| Net realized short-term gain | (57,985,562) | 0 |
| Net realized long-term gain |
(173,100,255) |
0 |
| Total distributions to shareholders | (277,546,661) | (12,477,945) |
| From Fund share transactions: | ||
| Proceeds from shares sold | 355,734,693 | 710,447,882 |
| Reinvestment of dividends and capital gain distributions | 263,407,668 | 11,903,359 |
| Payments for shares redeemed |
(542,117,597) |
(572,115,610) |
| Net increase in net assets from Fund share transactions |
77,024,764 |
150,235,631 |
| Total increase (decrease) in net assets | (242,809,370) | 474,580,337 |
| Net assets: | ||
| Beginning of period |
1,647,347,531 |
1,172,767,194 |
| End of period |
$ 1,404,538,161 |
$ 1,647,347,531 |
| Undistributed net investment income |
$ 23,857,253 |
$ 61,390,009 |
| * Distributions per share: | ||
| Net investment income | 0.5758 | 0.1617 |
| Net realized short-term gain | 0.7186 | 0 |
| Net realized long-term gain |
2.1453 |
0 |
| Total distributions to shareholders | $ 3.4397 | $ 0.1617 |
THE OAKMARK |
||
| |
Six Months Ended March 31, 1998 |
Eleven Months Ended September 30, 1997 |
|---|---|---|
| From Operations: | ||
| Net investment income | $ 438,465 | $ 646,048 |
| Net realized gain on sale of investments | 1,592,506 | 6,250,624 |
| Net realized loss on foreign currency transactions | (106,249) | (232,740) |
| Net change in unrealized depreciation | (6,531,506) | (1,464,546) |
| Net change in unrealized appreciation (depreciation) of | ||
| forward currency exchange contracts | (5,968) | 0 |
| Net change in unrealized appreciation—other |
9,536 |
5,257 |
| Net increase in net assets from operations | (4,603,216) | 5,204,643 |
| Distribution to shareholders from:* | ||
| Net investment income | (308,015) | (279,216) |
| Net realized short-term gain | (3,477,982) | (1,285,114) |
| Net realized long-term gain |
(3,890,139) |
0 |
| Total distributions to shareholders | (7,676,136) | (1,564,330) |
| From Fund share transactions: | ||
| Proceeds from shares sold | 53,050,486 | 63,012,100 |
| Reinvestment of dividends and capital gain distributions | 7,422,967 | 1,523,977 |
| Payments for shares redeemed |
(27,325,303) |
(41,955,631) |
| Net increase in net assets from Fund share transactions |
33,148,150 |
22,580,446 |
| Total increase in net assets | 20,868,798 | 26,220,759 |
| Net assets: | ||
| Beginning of period |
65,972,800 |
39,752,041 |
| End of period |
$ 86,841,598 |
$ 65,972,800 |
| Undistributed net investment income |
$ 652,383 |
$ 521,933 |
| * Distributions per share: | ||
| Net investment income | 0.0559 | 0.0777 |
| Net realized short-term gain | .6312 | 0.3581 |
| Net realized long-term gain |
0.7060 |
0 |
| Total distributions to shareholders | $ 1.3931 | $ 0.4358 |