The Oakmark Family of Funds

Statement of Changes in Net Assets—September 30, 1999

The Oakmark Fund
Year Ended
September 30, 1999		 Year Ended
September 30, 1998
From Operations:
Net investment income $63,903,129 $94,480,595
Net realized gain (loss) on sale of investments 748,595,189 1,258,937,339
Net realized gain (loss) on foreign currency transactions 0 (8,898)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (147,719,773) (1,704,966,868)
Net increase (decrease) in net assets from operations 664,778,545 (351,557,832)
Distribution to shareholders from (1):
Net investment income (89,026,890) (66,321,023)
Net realized short-term gain (128,028,090) (25,210,618)
Net realized long-term gain (195,972,927) (1,098,260,243)
Total distributions to shareholders (413,027,907) (1,189,791,884)
From Fund share transactions:
Proceeds from shares sold 832,343,635 2,836,315,983
Reinvestment of dividends and capital gain distributions 391,307,098 1,133,761,068
Payments for shares redeemed, net of fees (3,626,526,884) (2,119,718,081)
Net increase (decrease) in net assets from Fund share transactions (2,402,876,151) 1,850,358,970
Total increase (decrease) in net assets (2,151,125,513) 309,009,254
Net assets:
Beginning of period 6,923,957,882 6,614,948,628
End of period $4,772,832,369 $6,923,957,882
Undistributed net investment income $52,730,692 $77,854,453
(1) Distributions per share:
Net investment income $0.4401 $0.3996
Net realized short-term gain 0.6329 0.1519
Net realized long-term gain 0.9686 5.8556
Total distributions to shareholders $2.0416 $6.4071

 

The Oakmark
Select Fund
Year Ended
September 30, 1999		 Year Ended
September 30, 1998
From Operations:
Net investment income $15,427,356 $1,948,524
Net realized gain (loss) on sale of investments 301,413,442 69,415,172
Net realized gain (loss) on foreign currency transactions 0 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 18,463,317 (78,902,257)
Net increase (decrease) in net assets from operations 335,304,115 (7,538,561)
Distribution to shareholders from (1):
Net investment income (3,491,747) 0
Net realized short-term gain (497,653) (6,882,359)
Net realized long-term gain (50,206,634) 0
Total distributions to shareholders (54,196,034) (6,882,359)
From Fund share transactions:
Proceeds from shares sold 688,865,887 1,440,695,723
Reinvestment of dividends and capital gain distributions 51,676,128 6,568,333
Payments for shares redeemed, net of fees (610,635,670) (719,123,322)
Net increase in net assets from Fund share transactions 129,906,345 728,140,734
Total increase in net assets 411,014,426 713,719,814
Net assets:
Beginning of period 1,227,894,386 514,174,572
End of period $1,638,908,812 $1,227,894,386
Undistributed net investment income $13,637,247 $1,701,638
(1) Distributions per share:
Net investment income $0.0491 $0
Net realized short-term gain 0.0070 0.1678
Net realized long-term gain 0.7058 0
Total distributions to shareholders $0.7619 $0.1678

 

The Oakmark
Small Cap Fund
Year Ended
September 30, 1999		 Year Ended
September 30, 1998
From Operations:
Net investment loss $(2,516,832) $(4,959,862)
Net realized gain (loss) on sale of investments (11,002,740) 124,757,914
Net realized gain (loss) on foreign currency transactions 0 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 82,350,204 (374,056,372)
Net increase (decrease) in net assets from operations 68,830,632 (254,258,320)
Distribution to shareholders from (1):
Net investment income 0 0
Net realized short-term gain 0 (35,041,133)
Net realized long-term gain (4,508,112) (129,772,888)
Total distributions to shareholders (4,508,112) (164,814,021)
From Fund share transactions:
Proceeds from shares sold 262,182,135 416,817,749
Reinvestment of dividends and capital gain distributions 4,278,943 156,645,973
Payments for shares redeemed, net of fees (511,639,081) (1,049,792,259)
Net increase (decrease) in net assets from Fund share transactions (245,178,003) (476,328,537)
Total increase in net assets (180,855,483) (895,400,878)
Net assets:
Beginning of period 617,994,762 1,513,395,640
End of period $437,139,279 $617,994,762
Undistributed net investment income $(9,437,333) $(6,920,501)
(1) Distributions per share:
Net investment income $0 $0
Net realized short-term gain 0 0.4738
Net realized long-term gain 0.0874 2.3874
Total distributions to shareholders $0.0874 $2.8612

 

The Oakmark
Equity and Income Fund
Year Ended
September 30, 1999		 Year Ended
September 30, 1998
From Operations:
Net investment income $1,640,639 $1,166,564
Net realized gain (loss) on sale of investments 6,246,386 1,578,730
Net realized gain (loss) on foreign currency transactions (1,597) 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 690,123 (2,325,892)
Net change in unrealized appreciation (depreciation) of forwardcurrency exchange contracts 0 0
Net change in unrealized appreciation (depreciation)—other (159) 0
Net increase in net assets from operations 8,575,392 419,402
Distribution to shareholders from (1):
Net investment income (855,395) (594,007)
Net realized short-term gain 0 (882,071)
Net realized long-term gain (829,557) (599,021)
Total distributions to shareholders (1,684,952) (2,075,099)
From Fund share transactions:
Proceeds from shares sold 21,877,864 43,125,943
Reinvestment of dividends and capital gain distributions 1,610,146 1,964,129
Payments for shares redeemed, net of fees (27,806,714) (19,151,033)
Net increase (decrease) in net assets from Fund share transactions (4,318,704) 25,939,039
Total increase in net assets 2,571,736 24,283,342
Net assets:
Beginning of period 57,745,855 33,462,513
End of period $60,317,591 $57,745,855
Undistributed net investment income $1,806,607 $1,021,363
(1) Distributions per share:
Net investment income $0.2118 $0.2359
Net realized short-term gain 0 0.3503
Net realized long-term gain 0.2053 0.2379
Total distributions to shareholders $0.4171 $0.8241

 

 

The Oakmark
Global Fund
Period Ended
September 30, 1999(a)
From Operations:
Net investment income $32,032
Net realized gain (loss) on sale of investments (84,542)
Net realized gain (loss) on foreign currency transactions (871)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (1,789,042)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts (4,719)
Net change in unrealized appreciation (depreciation)—other 53
Net increase (decrease) in net assets from operations (1,847,089)
Distribution to shareholders from (1):
Net investment income 0
Net realized short-term gain 0
Net realized long-term gain 0
Total distributions to shareholders 0
From Fund share transactions:
Proceeds from shares sold 25,938,577
Reinvestment of dividends and capital gain distributions 0
Payments for shares redeemed, net of fees (138,134)
Net increase in net assets from Fund share transactions 25,800,443
Total increase in net assets 23,953,354
Net assets:
Beginning of period 0
End of period $23,953,354
Undistributed net investment income $32,032
(1) Distributions per share:
Net investment income $0
Net realized short-term gain 0
Net realized long-term gain 0
Total distributions to shareholders $0

(a) From August 4, 1999, the date on which fund shares were first offered for sale to the public

 

The Oakmark
International Fund
Year Ended
September 30, 1999		 Year Ended
September 30, 1998
From Operations:
Net investment income $15,632,479 $23,809,423
Net realized gain (loss) on sale of investments (28,187,781) 86,532,713
Net realized gain (loss) on foreign currency transactions 11,558,024 (3,890,444)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 290,561,381 (502,914,491)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 1,014,015 (2,045,738)
Net change in unrealized appreciation (depreciation)—other (274,516) 195,384
Net increase (decrease) in net assets from operations 290,303,602 (398,313,153)
Distribution to shareholders from (1):
Net investment income (16,590,763) (46,460,573)
Net realized short-term gain (32,678,201) (57,985,224)
Net realized long-term gain (20,071,535) (173,099,244)
Total distributions to shareholders (69,340,499) (277,545,041)
From Fund share transactions:
Proceeds from shares sold 370,563,788 482,976,228
Reinvestment of dividends and capital gain distributions 65,432,760 263,415,429
Payments for shares redeemed, net of fees (601,921,972) (961,776,686)
Net increase (decrease) in net assets from Fund share transactions (165,925,424) (215,385,029)
Total increase in net assets 55,037,679 (891,243,223)
Net assets:
Beginning of period 756,104,308 1,647,347,531
End of period $811,141,987 $756,104,308
Undistributed net investment income $37,780,575 $38,738,859
(1) Distributions per share:
Net investment income $0.2440 $0.5758
Net realized short-term gain 0.4807 0.7186
Net realized long-term gain 0.2953 2.1453
Total distributions to shareholders $1.0200 $3.4397

 

The Oakmark International
Small Cap Fund
Year Ended
September 30, 1999		 Year Ended
September 30, 1998
From Operations:
Net investment income $2,541,981 $1,415,157
Net realized gain (loss) on sale of investments 12,338,825 (96,290)
Net realized gain (loss) on foreign currency transactions 968,518 (162,499)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 34,768,296 (27,728,327)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 186,436 (179,057)
Net change in unrealized appreciation (depreciation)—other (2,615) 2,414
Net increase (decrease) in net assets from operations 50,801,441 (26,748,602)
Distribution to shareholders from (1):
Net investment income (1,558,450) (308,015)
Net realized short-term gain 0 (3,477,982)
Net realized long-term gain 0 (3,890,139)
Total distributions to shareholders (1,558,450) (7,676,136)
From Fund share transactions:
Proceeds from shares sold 253,467,836 77,339,314
Reinvestment of dividends and capital gain distributions 1,470,554 7,427,846
Payments for shares redeemed, net of fees (200,585,753) (64,544,647)
Net increase in net assets from Fund share transactions 54,352,637 20,222,513
Total increase (decrease) in net assets 103,595,628 (14,202,225)
Net assets:
Beginning of period 51,770,575 65,972,800
End of period $155,366,203 $51,770,575
Undistributed net investment income $2,612,604 $1,629,075
(1) Distributions per share:
Net investment income $0.2049 $0.0559
Net realized short-term gain 0 0.6312
Net realized long-term gain 0 0.7060
Total distributions to shareholders $0.2049 $1.3931