THE OAKMARK FUNDS

Statements of Changes in Net Assets (Unaudited)

 

The Oakmark Fund
 
   
Period Ended
March 31, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $35,192,159   $27,165,278
Net realized gain on investments   131,822,062   64,812,715
Net change in unrealized appreciation (depreciation) of investments   228,832,371   636,919,637
   
 
Net increase in net assets from operations   395,846,592   728,897,630
Distributions to shareholders from:        
Net investment income—Class I   (29,017,833)   (20,505,874)
Net investment income—Class II   (112,443)   (37,100)
   
 
Total distributions to shareholders   (29,130,276)   (20,542,974)
From Fund share transactions:        
Proceeds from shares sold—Class I   824,079,800   1,919,971,722
Proceeds from shares sold—Class II   18,718,634   36,194,109
Reinvestment of distributions—Class I   26,428,707   18,843,547
Reinvestment of distributions—Class II   63,924   8,676
Payments for shares redeemed, net of fees—Class I   (783,387,446)   (939,233,385)
Payments for shares redeemed, net of fees—Class II   (7,901,058)   (9,099,878)
Redemption fees—Class I   181,271   340,142
   
 
Net increase in net assets from Fund share transactions   78,183,832   1,027,024,933
   
 
Total increase in net assets   444,900,148   1,735,379,589
Net assets:        
Beginning of period   6,525,894,724   4,790,515,135
   
 
End of period   $6,970,794,872   $6,525,894,724
   
 
Undistributed net investment income   $31,593,355   $25,531,472
   
 
         
Fund Share Transactions—Class I:        
Shares sold   20,284,940   50,926,355
Shares issued in reinvestment of dividends   648,876   534,720
Less shares redeemed   (19,246,564)   (24,984,586)
   
 
Net increase in shares outstanding   1,687,252   26,476,489
   
 
         
Fund Share Transactions—Class II:        
Shares sold   465,734   968,163
Shares issued in reinvestment of dividends   1,576   247
Less shares redeemed   (195,349)   (247,309)
   
 
Net increase in shares outstanding   271,961   721,101
   
 

 

The Oakmark Select Fund
 
   
Period Ended
March 31, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $31,178,482   $28,041,071
Net realized gain on investments   272,185,729   156,155,071
Net change in unrealized appreciation (depreciation) of investments   123,368,921   511,522,774
   
 
Net increase in net assets from operations   426,733,132   695,718,916
Distributions to shareholders from:        
Net investment income—Class I   (41,681,441)   (18,710,631)
Net investment income—Class II   (456,984)   (118,882)
   
 
Total distributions to shareholders   (42,138,425)   (18,829,513)
From Fund share transactions:        
Proceeds from shares sold—Class I   555,038,286   807,786,818
Proceeds from shares sold—Class II   13,368,800   33,570,613
Reinvestment of distributions—Class I   39,145,869   17,456,336
Reinvestment of distributions—Class II   205,309   58,212
Payments for shares redeemed, net of fees—Class I   (560,635,094)   (1,019,983,750)
Payments for shares redeemed, net of fees—Class II   (22,121,245)   (40,937,360)
Redemption fees—Class I   49,030   105,547
   
 
Net increase (decrease) in net assets from Fund share transactions   25,050,955   (201,943,584)
   
 
Total increase in net assets   409,645,662   474,945,819
Net assets:        
Beginning of period   5,561,033,089   5,086,087,270
   
 
End of period   $5,970,678,751   $5,561,033,089
   
 
Undistributed net investment income   $7,977,193   $18,937,136
   
 
         
Fund Share Transactions—Class I:        
Shares sold   16,855,171   26,433,387
Shares issued in reinvestment of dividends   1,205,230   595,510
Less shares redeemed   (17,204,975)   (33,158,816)
   
 
Net increase (decrease) in shares outstanding   855,426   (6,129,919)
   
 
         
Fund Share Transactions—Class II:        
Shares sold   410,524   1,102,241
Shares issued in reinvestment of dividends   6,346   1,944
Less shares redeemed   (680,656)   (1,342,449)
   
 
Net decrease in shares outstanding   (263,786)   (238,264)
   
 

See accompanying notes to financial statements.

 

The Oakmark
Equity and Income Fund
 
   
Period Ended
March 31, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $50,898,998   $50,126,070
Net realized gain on investments   37,301,723   269,099,021
Net realized gain on foreign currency transactions   380,150   227,056
Net change in unrealized appreciation (depreciation) of investments   273,998,375   416,194,976
Net change in unrealized appreciation (depreciation)—other   2,493   39,804
   
 
Net increase in net assets from operations   362,581,739   735,686,927
Distributions to shareholders from:        
Net investment income—Class I   (67,147,518)   (30,409,117)
Net investment income—Class II   (3,563,528)   (1,530,815)
Net realized gain—Class I   (196,511,764)   0
Net realized gain—Class II   (13,715,030)   0
   
 
Total distributions to shareholders   (280,937,840)   (31,939,932)
From Fund share transactions:        
Proceeds from shares sold—Class I   957,091,284   3,583,813,621
Proceeds from shares sold—Class II   192,981,547   277,231,468
Reinvestment of distributions—Class I   254,487,513   29,355,530
Reinvestment of distributions—Class II   7,740,318   514,106
Payments for shares redeemed, net of fees—Class I   (677,964,087)   (836,471,290)
Payments for shares redeemed, net of fees—Class II   (65,023,751)   (86,816,396)
Redemption fees—Class I   100,835   534,637
   
 
Net increase in net assets from Fund share transactions   669,413,659   2,968,161,676
   
 
Total increase in net assets   751,057,558   3,671,908,671
Net assets:        
Beginning of period   8,056,557,682   4,384,649,011
   
 
End of period   $8,807,615,240   $8,056,557,682
   
 
Undistributed net investment income   $27,387,564   $47,199,612
   
 
         
Fund Share Transactions—Class I:        
Shares sold   40,880,970   159,855,520
Shares issued in reinvestment of dividends   10,997,731   1,399,884
Less shares redeemed   (28,975,723)   (37,388,817)
   
 
Net increase in shares outstanding   22,902,978   123,866,587
   
 
         
Fund Share Transactions—Class II:        
Shares sold   8,293,857   12,464,461
Shares issued in reinvestment of dividends   335,369   24,563
Less shares redeemed   (2,790,764)   (3,887,834)
   
 
Net increase in shares outstanding   5,838,462   8,601,190
   
 

 
The Oakmark
Global Fund
 
   
Period Ended
March 31, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $416,989   $5,884,687
Net realized gain on investments   16,133,897   23,552,579
Net realized gain (loss) on foreign currency transactions   277,783   (199,643)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   169,997,749   116,594,459
Net change in unrealized appreciation (depreciation)—other   (40,815)   102,037
   
 
Net increase in net assets from operations   186,785,603   145,934,119
Distributions to shareholders from:        
Net investment income—Class I   (7,092,335)   (54,303)
Net investment income—Class II   (103,658)   0
Net realized gain—Class I   (25,218,974)   (2,851,872)
Net realized gain—Class II   (520,696)   (25,574)
   
 
Total distributions to shareholders   (32,935,663)   (2,931,749)
From Fund share transactions:        
Proceeds from shares sold—Class I   214,988,192   782,660,249
Proceeds from shares sold—Class II   14,218,092   21,752,122
Reinvestment of distributions—Class I   30,609,171   2,804,200
Reinvestment of distributions—Class II   557,171   20,731
Payments for shares redeemed, net of fees—Class I   (119,943,833)   (296,067,961)
Payments for shares redeemed, net of fees—Class II   (2,033,031)   (4,061,520)
Redemption fees—Class I   35,702   314,014
   
 
Net increase in net assets from Fund share transactions   138,431,464   507,421,835
   
 
Total increase in net assets   292,281,404   650,424,205
Net assets:        
Beginning of period   1,361,021,640   710,597,435
   
 
End of period   $1,653,303,044   $1,361,021,640
   
 
Undistributed net investment income (loss)   $(1,516,685)   $5,262,319
   
 
         
Fund Share Transactions—Class I:        
Shares sold   9,976,807   41,298,499
Shares issued in reinvestment of dividends   1,443,149   155,616
Less shares redeemed   (5,628,945)   (15,250,479)
   
 
Net increase in shares outstanding   5,791,011   26,203,636
   
 
         
Fund Share Transactions—Class II:        
Shares sold   668,325   1,131,427
Shares issued in reinvestment of dividends   26,519   1,160
Less shares redeemed   (95,320)   (211,953)
   
 
Net increase in shares outstanding   599,524   920,634
   
 

See accompanying notes to financial statements.   

 
The Oakmark
International Fund
 
   
Period Ended
March 31, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $9,192,194   $53,715,892
Net realized gain on investments   106,544,203   217,536,088
Net realized loss on foreign currency transactions   (582,606)   (603,088)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   560,527,887   401,911,292
Net change in unrealized appreciation (depreciation)—other   (285,180)   168,158
   
 
Net increase in net assets from operations   675,396,498   672,728,342
Distributions to shareholders from:        
Net investment income—Class I   (57,688,522)   (20,084,750)
Net investment income—Class II   (3,146,570)   (570,848)
Net realized gain—Class I   (11,785,113)   0
Net realized gain—Class II   (790,281)   0
   
 
Total distributions to shareholders   (73,410,486)   (20,655,598)
From Fund share transactions:        
Proceeds from shares sold—Class I   633,583,884   1,465,810,386
Proceeds from shares sold—Class II   93,801,017   183,258,922
Reinvestment of distributions—Class I   63,036,515   18,162,578
Reinvestment of distributions—Class II   2,198,011   279,537
Payments for shares redeemed, net of fees—Class I   (378,117,072)   (744,490,290)
Payments for shares redeemed, net of fees—Class II   (47,319,848)   (79,196,627)
Redemption fees—Class I   189,684   367,912
   
 
Net increase in net assets from Fund share transactions   367,372,191   844,192,418
   
 
Total increase in net assets   969,358,203   1,496,265,162
Net assets:        
Beginning of period   4,296,110,298   2,799,845,136
   
 
End of period   $5,265,468,501   $4,296,110,298
   
 
Undistributed net investment income   $96,475   $51,739,373
   
 
         
Fund Share Transactions—Class I:        
Shares sold   30,377,910   81,784,418
Shares issued in reinvestment of dividends   3,074,952   1,091,501
Less shares redeemed   (18,177,494)   (40,952,323)
   
 
Net increase in shares outstanding   15,275,368   41,923,596
   
 
         
Fund Share Transactions—Class II:        
Shares sold   4,498,321   10,166,362
Shares issued in reinvestment of dividends   107,693   16,860
Less shares redeemed   (2,252,825)   (4,345,978)
   
 
Net increase in shares outstanding   2,353,189   5,837,244
   
 

 

The Oakmark International
Small Cap Fund
 
   
Period Ended
March 31, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $648,393   $4,554,775
Net realized gain on investments   70,658,669   43,497,450
Net realized loss on foreign currency transactions   (224,902)   (41,546)
Net change in unrealized appreciation (depreciation) of investments and
foreign currencies		   75,575,974   124,228,709
Net change in unrealized appreciation (depreciation)—other   674   (23,302)
Net change in deferred foreign taxes   118,372   0
   
 
Net increase in net assets from operations   146,777,180   172,216,086
Distributions to shareholders from:        
Net investment income—Class I   (11,222,306)   (4,209,195)
Net investment income—Class II   (6,999)   (2,982)
Net realized gain—Class I   (15,538,999)   0
Net realized gain—Class II   (10,001)   0
   
 
Total distributions to shareholders   (26,778,305)   (4,212,177)
From Fund share transactions:        
Proceeds from shares sold—Class I   113,706,918   188,831,597
Proceeds from shares sold—Class II   87,470   54,188
Reinvestment of distributions—Class I   24,846,478   3,863,970
Reinvestment of distributions—Class II   10,284   1,508
Payments for shares redeemed, net of fees—Class I   (64,988,413)   (104,507,785)
Payments for shares redeemed, net of fees—Class II   (26,244)   (171,984)
Redemption fees—Class I   19,429   263,993
   
 
Net increase in net assets from Fund share transactions   73,655,922   88,335,487
   
 
Total increase in net assets   193,654,797   256,339,396
Net assets:        
Beginning of period   734,583,825   478,244,429
   
 
End of period   $928,238,622   $734,583,825
   
 
Undistributed net investment income (loss)   $(6,761,596)   $3,819,316
   
 
         
Fund Share Transactions—Class I:        
Shares sold   5,657,445   11,434,258
Shares issued in reinvestment of dividends   1,298,823   260,200
Less shares redeemed   (3,218,601)   (6,274,556)
   
 
Net increase in shares outstanding   3,737,667   5,419,902
   
 
         
Fund Share Transactions—Class II:        
Shares sold   4,448   3,350
Shares issued in reinvestment of dividends   537   102
Less shares redeemed   (1,252)   (10,276)
   
 
Net increase (decrease) in shares outstanding   3,733   (6,824)
   
 

See accompanying notes to financial statements.