Statement of Changes in Net Assets—September 30, 2000
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| Year Ended September 30, 2000 |
Year Ended September 30, 1999 |
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| From Operations: | ||
| Net investment income | $39,618,068 | $63,903,129 |
| Net realized gain (loss) on sale of investments | (358,898,002) | 748,595,189 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies |
(135,635,885) | (147,719,773) |
| Net increase (decrease) in net assets from operations | (454,915,819) | 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 | (487,248,675) | (195,972,927) |
| Total distributions to shareholders | (620,731,019) | (413,027,907) |
| From Fund share transactions: | ||
| Proceeds from shares sold | 290,642,873 | 832,343,635 |
| Reinvestment of dividends and capital gain distributions | 603,462,527 | 391,307,098 |
| Payments for shares redeemed,net of fees | (2,552,562,124) | (3,626,526,884) |
| Net increase (decrease) in net assets from Fund share transactions |
(1,658,456,724) | (2,402,876,151) |
| Total increase (decrease) in net assets | (2,734,103,562) | (2,151,125,513) |
| Net assets: | ||
| Beginning of period | 4,772,832,369 | 6,923,957,882 |
| End of period | $2,038,728,807 | $4,772,832,369 |
| Undistributed net investment income | $38,561,304 | $40,937,014 |
| (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 |
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| Year Ended September 30, 2000 |
Year Ended September 30, 1999 |
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| From Operations: | ||
| Net investment income | $12,054,873 | $15,427,356 |
| Net realized gain (loss) on sale of investments | 161,052,611 | 301,413,442 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies |
159,978,754 | 18,463,317 |
| Net increase (decrease) in net assets from operations | 333,086,238 | 335,304,115 |
| Distribution to shareholders from (1): | ||
| Net investment income—Class I | (14,709,648) | (3,491,747) |
| Net investment income—Class II | 0 | 0 |
| Net realized short-term gain | (8,341,169) | (497,653) |
| Net realized long-term gain | (268,872,301) | (50,206,634) |
| Total distributions to shareholders | (291,923,118) | (54,196,034) |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 628,490,960 | 688,865,887 |
| Proceeds from shares sold—Class II | 7,021,801 | 0 |
| Reinvestment of dividends and capital gain distributions | 287,179,516 | 51,676,128 |
| Payments for shares redeemed, net of fees—Class I | (823,014,435) | (610,635,670) |
| Payments for shares redeemed, net of fees—Class II | (1,013,300) | 0 |
| Net increase (decrease) in net assets from Fund share transactions |
98,664,542 | 129,906,345 |
| Total increase (decrease) in net assets | 139,827,662 | 411,014,426 |
| Net assets: | ||
| Beginning of period | 1,638,908,812 | 1,227,894,386 |
| End of period | $ 1,778,736,474 | $ 1,638,908,812 |
| Undistributed net investment income | $8,584,306 | $13,170,342 |
| (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 |
The Oakmark Small Cap Fund |
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| Year Ended September 30, 2000 |
Year Ended September 30, 1999 |
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| From Operations: | ||
| Net investment income (loss) | $(1,173,696) | $(2,516,832) |
| Net realized gain (loss) on sale of investments | 25,233,378 | (11,002,740) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies |
(12,748,906) | 82,350,204 |
| Net increase (decrease) in net assets from operations | 11,310,776 | 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 | 51,615,294 | 262,182,135 |
| Reinvestment of dividends and capital gain distributions | 0 | 4,278,943 |
| Payments for shares redeemed, net of fees | (251,361,737) | (511,639,081) |
| Net increase (decrease) in net assets from Fund share transactions |
(199,746,443) | (245,178,003) |
| Total increase (decrease) in net assets | (188,435,667) | (180,855,483) |
| Net assets: | ||
| Beginning of period | 437,139,279 | 617,994,762 |
| End of period | $248,703,612 | $437,139,279 |
| Undistributed net investment income | $0 | $0 |
| (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 |
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| Year Ended September 30, 2000 |
Year Ended September 30, 1999 |
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| From Operations: | ||
| Net investment income | $1,666,618 | $1,640,639 |
| Net realized gain (loss) on sale of investments | 4,310,645 | 6,246,386 |
| Net realized gain (loss) on foreign currency transactions | (645) | (1,597) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies |
3,084,969 | 690,123 |
| Net change in unrealized appreciation (depreciation)—other |
159 | (159) |
| Net increase (decrease) in net assets from operations | 9,061,746 | 8,575,392 |
| Distribution to shareholders from (1): | ||
| Net investment income—Class I | (1,718,499) | (855,395) |
| Net investment income—Class II | 0 | 0 |
| 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—Class I | 11,520,117 | 21,877,864 |
| Proceeds from shares sold—Class II | 418,255 | 0 |
| Reinvestment of dividends and capital gain distributions | 6,650,712 | 1,610,146 |
| Payments for shares redeemed, net of fees—Class I | (26,121,233) | (27,806,714) |
| Payments for shares redeemed, net of fees—Class II | (50) | 0 |
| Net increase (decrease) in net assets from Fund share transactions |
(7,532,199) | (4,318,704) |
| Total increase (decrease) in net assets | (5,381,754) | 2,571,736 |
| Net assets: | ||
| Beginning of period | 60,317,591 | 57,745,855 |
| End of period | $54,935,837 | $60,317,591 |
| Undistributed net investment income | $1,007,663 | $1,631,244 |
| (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 |
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| Year Ended September 30, 2000 |
Period Ended September 30, 1999(a) |
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| From Operations: | ||
| Net investment income | $146,742 | $32,032 |
| Net realized gain (loss) on sale of investments | 96,088 | (84,542) |
| Net realized gain (loss) on foreign currency transactions | 132,840 | (871) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies |
4,122,450 | (1,789,042) |
| Net change in unrealized appreciation (depreciation) of forward currency exchange contracts |
81,181 | (4,719) |
| Net change in unrealized appreciation (depreciation)—other |
(1,568) | 53 |
| Net increase (decrease) in net assets from operations | 4,577,733 | (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 | 12,896,002 | 25,938,577 |
| Reinvestment of dividends and capital gain distributions | 28,883 | 0 |
| Payments for shares redeemed, net of fees | (14,198,899) | (138,134) |
| Net increase (decrease) in net assets from Fund share transactions |
(1,274,014) | 25,800,443 |
| Total increase (decrease) in net assets | 3,273,885 | 23,953,354 |
| Net assets: | ||
| Beginning of period | 23,953,354 | 0 |
| End of period | $27,227,239 | $ 23,953,354 |
| Undistributed net investment income | $280,910 | $31,161 |
| (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)The date which Fund shares were first offered to the public was August 4, 1999. |
The Oakmark International Fund |
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| Year Ended September 30, 2000 |
Year Ended September 30, 1999 |
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| From Operations: | ||
| Net investment income | $14,664,615 | $15,632,479 |
| Net realized gain (loss) on sale of investments | 60,562,992 | (28,187,781) |
| Net realized gain (loss) on foreign currency transactions | 10,609,055 | 11,558,024 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies |
13,902,115 | 290,561,381 |
| Net change in unrealized appreciation (depreciation) of forward currency exchange contracts |
2,556,178 | 1,014,015 |
| Net change in unrealized appreciation (depreciation)—other |
(111,145) | (274,516) |
| Net increase (decrease) in net assets from operations | 102,183,810 | 290,303,602 |
| Distribution to shareholders from (1): | ||
| Net investment income—Class I | (27,231,383) | (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 | (27,232,436) | (69,340,499) |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 172,133,473 | 370,563,788 |
| Proceeds from shares sold—Class II | 143,284 | 0 |
| Reinvestment of dividends and capital gain distributions | 26,258,587 | 65,432,760 |
| Payments for shares redeemed, net of fees—Class I | (302,066,042) | (601,921,972) |
| Payments for shares redeemed, net of fees—Class II | (48,697) | 0 |
| Net increase (decrease) in net assets from Fund share transactions |
(103,579,395) | (165,925,424) |
| Total increase (decrease) in net assets | (28,628,021) | 55,037,679 |
| Net assets: | ||
| Beginning of period | 811,141,987 | 756,104,308 |
| End of period | $782,513,966 | $811,141,987 |
| Undistributed net investment income | $24,309,333 | $(3,080,259) |
| (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 |
The Oakmark International Small Cap Fund |
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| Year Ended September 30, 2000 |
Year Ended September 30, 1999 |
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| From Operations: | ||
| Net investment income | $2,268,614 | $2,541,981 |
| Net realized gain (loss) on sale of investments | 4,863,798 | 12,338,825 |
| Net realized gain (loss) on foreign currency transactions | 991,046 | 968,518 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies |
(13,182,275) | 34,768,296 |
| Net change in unrealized appreciation (depreciation) of forward currency exchange contracts |
281,817 | 186,436 |
| Net change in unrealized appreciation (depreciation)—other |
(28,709) | (2,615) |
| Net increase (decrease) in net assets from operations | (4,805,709) | 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 | (7,757,897) | (1,558,450) |
| From Fund share transactions: | ||
| Proceeds from shares sold | 39,669,014 | 253,467,836 |
| Reinvestment of dividends and capital gain distributions | 7,637,609 | 1,470,554 |
| Payments for shares redeemed, net of fees | (99,763,438) | (200,585,753) |
| Net increase (decrease) in net assets from Fund share transactions |
(52,456,815) | 54,352,637 |
| Total increase (decrease) in net assets | (65,020,421) | 103,595,628 |
| Net assets: | ||
| Beginning of period | 155,366,203 | 51,770,575 |
| End of period | $90,345,782 | $155,366,203 |
| Undistributed net investment income | $2,967,277 | $3,165,289 |
| (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 |
See accompanying notes to financial statements.