The Oakmark Family of Funds

Statement of Changes in Net Assets—March 31, 2000

The Oakmark Fund
Six Months Ended
March 31, 2000		 Year Ended
September 30, 1999
From Operations:
Net investment income $26,245,042 $63,903,129
Net realized gain (loss) on sale of investments (411,390,237) 748,595,189
Net realized gain (loss) on foreign currency transactions 0 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (254,210,921) (147,719,773)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 0
Net change in unrealized appreciation (depreciation)—other 0 0
Net increase (decrease) in net assets from operations (639,356,116) 664,778,545
Distribution to shareholders from (1):
Net investment income (32,700,105) (89,026,890)
Net realized short-term gain (100,782,239) (128,028,090)
Net realized long-term gain (487,251,797) (195,972,927)
Total distributions to shareholders (620,734,141) (413,027,907)
From Fund share transactions:
Proceeds from shares sold 170,987,093 832,343,635
Reinvestment of dividends and capital gain distributions 603,455,859 391,307,098
Payments for shares redeemed, net of fees (2,071,322,609) (3,626,526,884)
Net increase (decrease) in net assets from Fund share transactions (1,296,879,657) (2,402,876,151)
Total increase (decrease) in net assets (2,556,969,915) (2,151,125,513)
Net assets:
Beginning of period 4,772,832,369 6,923,957,882
End of period $2,215,862,453 $4,772,832,369
Undistributed net investment income $25,587,719 $52,730,692
(1) Distributions per share:
Net investment income $0.2632 $0.4401
Net realized short-term gain 0.8111 0.6329
Net realized long-term gain 3.9217 0.9686
Total distributions to shareholders $4.9960 $2.0416

 

 

The Oakmark
Select Fund
Six Months Ended
March 31, 2000		 Year Ended
September 30, 1999
From Operations:
Net investment income $5,448,184 $15,427,356
Net realized gain (loss) on sale of investments 184,486,213 301,413,442
Net realized gain (loss) on foreign currency transactions 0 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 31,553,980 18,463,317
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 0
Net change in unrealized appreciation (depreciation)—other 0 0
Net increase (decrease) in net assets from operations 221,488,377 335,304,115
* Distribution to shareholders from (1):
Net investment income (14,709,648) (3,491,747)
Net realized short-term gain (8,341,169) (497,653)
Net realized long-term gain (268,868,124) (50,206,634)
Total distributions to shareholders (291,918,941) (54,196,034)
From Fund share transactions:
Proceeds from shares sold 330,084,276 688,865,887
Reinvestment of dividends and capital gain distributions 287,174,874 51,676,128
Payments for shares redeemed, net of fees (683,402,349) (610,635,670)
Net increase (decrease) in net assets from Fund share transactions (66,143,199) 129,906,345
Total increase (decrease) in net assets (136,573,763) 411,014,426
Net assets:
Beginning of period 1,638,908,812 1,227,894,386
End of period $1,502,335,049 $1,638,908,812
Undistributed net investment income $1,975,694 $13,637,247
(1) Distributions per share:
Net investment income $0.1972 $0.0491
Net realized short-term gain 0.1118 0.0070
Net realized long-term gain 3.6040 0.7058
Total distributions to shareholders $3.9130 $0.7619

 

* Class II shares were first sold December 31, 1999, after the distribution date.

  

The Oakmark
Small Cap Fund
Six Months Ended
March 31, 2000		 Year Ended
September 30, 1999
From Operations:
Net investment income $(782,002) $(2,516,832)
Net realized gain (loss) on sale of investments 36,103,517 (11,002,740)
Net realized gain (loss) on foreign currency transactions 0 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (51,770,930) 82,350,204
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 0
Net change in unrealized appreciation (depreciation)—other 0 0
Net increase (decrease) in net assets from operations (16,449,415) 68,830,632
Distribution to shareholders from (1):
Net investment income 0 0
Net realized short-term gain 0 0
Net realized long-term gain 0 (4,508,112)
Total distributions to shareholders 0 (4,508,112)
From Fund share transactions:
Proceeds from shares sold 24,431,744 262,182,135
Reinvestment of dividends and capital gain distributions 0 4,278,943
Payments for shares redeemed, net of fees (189,281,818) (511,639,081)
Net increase (decrease) in net assets from Fund share transactions (164,850,074) (245,178,003)
Total increase (decrease) in net assets (181,299,489) (180,855,483)
Net assets:
Beginning of period 437,139,279 617,994,762
End of period $255,839,790 $437,139,279
Undistributed net investment income $0 $(9,437,333)
(1) Distributions per share:
Net investment income 0 0
Net realized short-term gain 0 0
Net realized long-term gain 0 0.0874
Total distributions to shareholders 0 $0.0874

 

The Oakmark
Equity and Income Fund
Six Months Ended
March 31, 2000		 Year Ended
September 30, 1999
From Operations:
Net investment income $910,738 $1,640,639
Net realized gain (loss) on sale of investments 2,515,982 6,246,386
Net realized gain (loss) on foreign currency transactions 0 (1,597)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 725,595 690,123
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 0
Net change in unrealized appreciation (depreciation)—other 234 (159)
Net increase (decrease) in net assets from operations 4,152,549 8,575,392
Distribution to shareholders from (1):
Net investment income (1,718,499) (855,395)
Net realized short-term gain 0 0
Net realized long-term gain (5,192,802) (829,557)
Total distributions to shareholders (6,911,301) (1,684,952)
From Fund share transactions:
Proceeds from shares sold 5,590,181 21,877,864
Reinvestment of dividends and capital gain distributions 6,650,712 1,610,146
Payments for shares redeemed, net of fees (17,483,853) (27,806,714)
Net increase (decrease) in net assets from Fund share transactions (5,242,960) (4,318,704)
Total increase (decrease) in net assets (8,001,712) 2,571,736
Net assets:
Beginning of period 60,317,591 57,745,855
End of period $52,315,879 $60,317,591
Undistributed net investment income $565,901 $1,806,607
(1) Distributions per share:
Net investment income $0.4509 $0.2118
Net realized short-term gain 0 0
Net realized long-term gain 1.3625 0.2053
Total distributions to shareholders $1.8134 $0.4171

 

 

The Oakmark
Global Fund
Six Months Ended
March 31, 2000		 Year Ended
September 30, 1999 (a)
From Operations:
Net investment income $71,024 $32,032
Net realized gain (loss) on sale of investments 1,954,715 (84,542)
Net realized gain (loss) on foreign currency transactions 52,812 (871)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 263,350 (1,789,042)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 34,975 (4,719)
Net change in unrealized appreciation (depreciation)—other 7,590 53
Net increase (decrease) in net assets from operations 2,384,466 (1,847,089)
Distribution to shareholders from (1):
Net investment income (29,834) 0
Net realized short-term gain 0 0
Net realized long-term gain 0 0
Total distributions to shareholders (29,834) 0
From Fund share transactions:
Proceeds from shares sold 10,783,756 25,938,577
Reinvestment of dividends and capital gain distributions 28,824 0
Payments for shares redeemed, net of fees (10,325,789) (138,134)
Net increase (decrease) in net assets from Fund share transactions 486,791 25,800,443
Total increase (decrease) in net assets 2,841,423 23,953,354
Net assets:
Beginning of period 23,953,354 0
End of period $26,794,777 $23,953,354
Undistributed net investment income $125,163 $32,032
(1) Distributions per share:
Net investment income $0.0098 $0
Net realized short-term gain 0 0
Net realized long-term gain 0 0
Total distributions to shareholders $0.0098 $0

 

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

 

The Oakmark
International Fund
Six Months Ended
March 31, 2000		 Year Ended
September 30, 1999
From Operations:
Net investment income $6,683,347 $15,632,479
Net realized gain (loss) on sale of investments 86,862,642 (28,187,781)
Net realized gain (loss) on foreign currency transactions 1,616,580 11,558,024
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (28,999,849) 290,561,381
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 244,057 1,014,015
Net change in unrealized appreciation (depreciation)—other 16,532 (274,516)
Net increase (decrease) in net assets from operations 66,423,309 290,303,602
*Distribution to shareholders from (1):
Net investment income—Class I (27,291,783) (16,590,763)
Net investment income—Class II (1,053) 0
Net realized short-term gain 0 (32,678,201)
Net realized long-term gain 0 (20,071,535)
Total distributions to shareholders (27,292,836) (69,340,499)
From Fund share transactions:
Proceeds from shares sold 73,526,909 370,563,788
Reinvestment of dividends and capital gain distributions 26,255,741 65,432,760
Payments for shares redeemed, net of fees (200,006,543) (601,921,972)
Net increase (decrease) in net assets from Fund share transactions (100,223,893) (165,925,424)
Total increase (decrease) in net assets (61,093,420) 55,037,679
Net assets:
Beginning of period 811,141,987 756,104,308
End of period $750,048,567 $811,141,987
Undistributed net investment income $(22,073,167) $37,780,575
(1) Distributions per share:
Net investment income $0.4861 $0.2440
Net realized short-term gain 0 0.4807
Net realized long-term gain 0 0.2953
Total distributions to shareholders $0.4861 $1.0200

 

* Class II Shares were first sold November 4,1999.

 

The Oakmark International
Small Cap Fund
Six Months Ended
March 31, 2000		 Year Ended
September 30, 1999
From Operations:
Net investment income $864,709 $2,541,981
Net realized gain (loss) on sale of investments 5,599,958 12,338,825
Net realized gain (loss) on foreign currency transactions (222,842) 968,518
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (8,096,383) 34,768,296
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 392,574 186,436
Net change in unrealized appreciation (depreciation)—other 5,776 (2,615)
Net increase (decrease) in net assets from operations (1,456,208) 50,801,441
Distribution to shareholders from (1):
Net investment income (1,252,257) (1,558,450)
Net realized short-term gain (3,278,736) 0
Net realized long-term gain (3,226,904) 0
Total distributions to shareholders (7,757,898) (1,558,450)
From Fund share transactions:
Proceeds from shares sold 29,202,382 253,467,836
Reinvestment of dividends and capital gain distributions 7,637,609 1,470,554
Payments for shares redeemed, net of fees (75,672,311) (200,585,753)
Net increase (decrease) in net assets from Fund share transactions (38,832,320) 54,352,637
Total increase (decrease) in net assets (48,046,426) 103,595,628
Net assets:
Beginning of period 155,366,203 51,770,575
End of period $107,319,777 $155,366,203
Undistributed net investment income $1,358,386 $2,612,604
(1) Distributions per share:
Net investment income $0.1135 $0.2049
Net realized short-term gain 0.2972 0
Net realized long-term gain 0.2923 0
Total distributions to shareholders $0.7030 $0.2049