THE OAKMARK FUNDS

Statements of Changes in Net Assets—September 30, 2005

 

The Oakmark Fund
 
   
Year Ended
September 30, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $54,415,372   $27,165,278
Net realized gain on investments   222,641,166   64,812,715
Net realized gain (loss) on foreign currency transactions   (8,888)   0
Net change in unrealized appreciation (depreciation) of investments   106,334,519   636,919,637
   
 
Net increase in net assets from operations   383,382,169   728,897,630
Distributions to shareholders from:        
Net investment income—Class I   (29,018,121)   (20,505,874)
Net investment income—Class II   (112,443)   (37,100)
   
 
Total distributions to shareholders   (29,130,564)   (20,542,974)
From Fund share transactions:        
Proceeds from shares sold—Class I   1,362,078,314   1,919,971,722
Proceeds from shares sold—Class II   24,293,697   36,194,109
Reinvestment of distributions—Class I   26,428,576   18,843,547
Reinvestment of distributions—Class II   63,924   8,676
Payments for shares redeemed, net of fees—Class I   (1,874,276,130)   (939,233,385)
Payments for shares redeemed, net of fees—Class II   (34,990,942)   (9,099,878)
Redemption fees—Class I   334,756   340,142
   
 
Net increase (decrease) in net assets from Fund share transactions   (496,067,805)   1,027,024,933
   
 
Total increase (decrease) in net assets   (141,816,200)   1,735,379,589
Net assets:        
Beginning of period   6,525,894,724   4,790,515,135
   
 
End of period   $6,384,078,524   $6,525,894,724
   
 
Undistributed net investment income   $50,807,392   $25,531,472
   
 
         
Fund Share Transactions—Class I:        
Shares sold   33,399,717   50,926,355
Shares issued in reinvestment of dividends   648,872   534,720
Less shares redeemed   (45,831,912)   (24,984,586)
   
 
Net increase (decrease) in shares outstanding   (11,783,323)   26,476,489
   
 
         
Fund Share Transactions—Class II:        
Shares sold   602,472   968,163
Shares issued in reinvestment of dividends   1,576   247
Less shares redeemed   (874,201)   (247,309)
   
 
Net increase (decrease) in shares outstanding   (270,153)   721,101
   
 

 

The Oakmark Select Fund
 
   
Year Ended
September 30, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $50,968,447   $28,041,071
Net realized gain on investments   365,072,967   156,155,071
Net change in unrealized appreciation (depreciation) of investments   19,063,862   511,522,774
   
 
Net increase in net assets from operations   435,105,276   695,718,916
Distributions to shareholders from:        
Net investment income—Class I   (41,681,659)   (18,710,631)
Net investment income—Class II   (456,984)   (118,882)
   
 
Total distributions to shareholders   (42,138,643)   (18,829,513)
From Fund share transactions:        
Proceeds from shares sold—Class I   1,213,430,549   807,786,818
Proceeds from shares sold—Class II   25,716,965   33,570,613
Reinvestment of distributions—Class I   39,145,855   17,456,336
Reinvestment of distributions—Class II   205,309   58,212
Payments for shares redeemed, net of fees—Class I   (1,193,862,714)   (1,019,983,750)
Payments for shares redeemed, net of fees—Class II   (45,645,335)   (40,937,360)
Redemption fees—Class I   183,103   105,547
   
 
Net increase (decrease) in net assets from Fund share transactions   39,173,732   (201,943,584)
   
 
Total increase in net assets   432,140,365   474,945,819
Net assets:        
Beginning of period   5,561,033,089   5,086,087,270
   
 
End of period   $5,993,173,454   $5,561,033,089
   
 
Undistributed net investment income   $27,766,940   $18,937,136
   
 
         
Fund Share Transactions—Class I:        
Shares sold   36,498,372   26,433,387
Shares issued in reinvestment of dividends   1,205,230   595,510
Less shares redeemed   (36,106,003)   (33,158,816)
   
 
Net increase (decrease) in shares outstanding   1,597,599   (6,129,919)
   
 
         
Fund Share Transactions—Class II:        
Shares sold   781,192   1,102,241
Shares issued in reinvestment of dividends   6,346   1,944
Less shares redeemed   (1,385,275)   (1,342,449)
   
 
Net increase (decrease) in shares outstanding   (597,737)   (238,264)
   
 

See accompanying notes to financial statements.

 

The Oakmark
Equity and Income Fund
 
   
Year Ended
September 30, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $119,409,290   $50,126,070
Net realized gain on investments   113,595,101   269,099,021
Net realized gain (loss) on foreign currency transactions   349,069   227,056
Net change in unrealized appreciation (depreciation) of investments   912,480,570   416,194,976
Net change in unrealized appreciation (depreciation)—other   102,972   39,804
   
 
Net increase in net assets from operations   1,145,937,002   735,686,927
Distributions to shareholders from:        
Net investment income—Class I   (67,147,479)   (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   (280,937,801)   (31,939,932)
From Fund share transactions:        
Proceeds from shares sold—Class I   1,820,363,521   3,583,813,621
Proceeds from shares sold—Class II   312,413,005   277,231,468
Reinvestment of distributions—Class I   254,487,605   29,355,530
Reinvestment of distributions—Class II   7,740,318   514,106
Payments for shares redeemed, net of fees—Class I   (1,238,425,257)   (836,471,290)
Payments for shares redeemed, net of fees—Class II   (273,110,583)   (86,816,396)
Redemption fees—Class I   194,331   534,637
   
 
Net increase (decrease) in net assets from Fund share transactions   883,662,940   2,968,161,676
   
 
Total increase in net assets   1,748,662,141   3,671,908,671
Net assets:        
Beginning of period   8,056,557,682   4,384,649,011
   
 
End of period   $9,805,219,823   $8,056,557,682
   
 
Undistributed net investment income   $104,982,979   $47,199,612
   
 
         
Fund Share Transactions—Class I:        
Shares sold   76,592,615   159,855,520
Shares issued in reinvestment of dividends   10,997,735   1,399,884
Less shares redeemed   (52,314,769)   (37,388,817)
   
 
Net increase (decrease) in shares outstanding   35,275,581   123,866,587
   
 
         
Fund Share Transactions—Class II:        
Shares sold   13,294,303   12,464,461
Shares issued in reinvestment of dividends   335,369   24,563
Less shares redeemed   (11,403,546)   (3,887,834)
   
 
Net increase (decrease) in shares outstanding   2,226,126   8,601,190
   
 

 
The Oakmark
Global Fund
 
   
Year Ended
September 30, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $13,170,380   $5,884,687
Net realized gain on investments   55,983,090   23,552,579
Net realized gain (loss) on foreign currency transactions   2,655,497   (199,643)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   268,798,583   116,594,459
Net change in unrealized appreciation (depreciation)—other   (200,695)   102,037
   
 
Net increase in net assets from operations   340,406,855   145,934,119
Distributions to shareholders from:        
Net investment income—Class I   (7,092,334)   (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   (32,935,662)   (2,931,749)
From Fund share transactions:        
Proceeds from shares sold—Class I   414,769,896   782,660,249
Proceeds from shares sold—Class II   29,165,244   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   (238,881,611)   (296,067,961)
Payments for shares redeemed, net of fees—Class II   (3,289,295)   (4,061,520)
Redemption fees—Class I   81,661   314,014
   
 
Net increase (decrease) in net assets from Fund share transactions   233,012,237   507,421,835
   
 
Total increase in net assets   540,483,430   650,424,205
Net assets:        
Beginning of period   1,361,021,640   710,597,435
   
 
End of period   $1,901,505,070   $1,361,021,640
   
 
Undistributed net investment income   $13,892,204   $5,262,319
   
 
         
Fund Share Transactions—Class I:        
Shares sold   18,829,404   41,298,499
Shares issued in reinvestment of dividends   1,443,149   155,616
Less shares redeemed   (10,924,262)   (15,250,479)
   
 
Net increase (decrease) in shares outstanding   9,348,291   26,203,636
   
 
         
Fund Share Transactions—Class II:        
Shares sold   1,339,114   1,131,427
Shares issued in reinvestment of dividends   26,519   1,160
Less shares redeemed   (151,324)   (211,953)
   
 
Net increase (decrease) in shares outstanding   1,214,309   920,634
   
 

See accompanying notes to financial statements.   

 
The Oakmark
International Fund
 
   
Year Ended
September 30, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $67,741,309   $53,715,892
Net realized gain on investments   231,949,113   217,536,088
Net realized gain (loss) on foreign currency transactions   12,385,971   (603,088)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   848,532,506   401,911,292
Net change in unrealized appreciation (depreciation)—other   (671,292)   168,158
   
 
Net increase in net assets from operations   1,159,937,607   672,728,342
Distributions to shareholders from:        
Net investment income—Class I   (57,688,379)   (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   (73,410,343)   (20,655,598)
From Fund share transactions:        
Proceeds from shares sold—Class I   1,220,262,175   1,465,810,386
Proceeds from shares sold—Class II   191,988,151   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   (713,216,070)   (744,490,290)
Payments for shares redeemed, net of fees—Class II   (156,918,221)   (79,196,627)
Redemption fees—Class I   261,391   367,912
   
 
Net increase (decrease) in net assets from Fund share transactions   607,611,952   844,192,418
   
 
Total increase in net assets   1,694,139,216   1,496,265,162
Net assets:        
Beginning of period   4,296,110,298   2,799,845,136
   
 
End of period   $5,990,249,514   $4,296,110,298
   
 
Undistributed net investment income   $71,132,509   $51,739,373
   
 
         
Fund Share Transactions—Class I:        
Shares sold   56,890,583   81,784,418
Shares issued in reinvestment of dividends   3,074,952   1,091,501
Less shares redeemed   (33,360,212)   (40,952,323)
   
 
Net increase (decrease) in shares outstanding   26,605,323   41,923,596
   
 
         
Fund Share Transactions—Class II:        
Shares sold   8,978,667   10,166,362
Shares issued in reinvestment of dividends   107,693   16,860
Less shares redeemed   (7,296,822)   (4,345,978)
   
 
Net increase (decrease) in shares outstanding   1,789,538   5,837,244
   
 

 

The Oakmark International
Small Cap Fund
 
   
Year Ended
September 30, 2005
 
Year Ended
September 30, 2004
From Operations:        
Net investment income   $8,562,439   $4,554,775
Net realized gain on investments   163,621,128   43,497,450
Net realized gain (loss) on foreign currency transactions   362,424   (41,546)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   47,885,993   124,228,709
Net change in unrealized appreciation (depreciation)—other   (85,458)   (23,302)
   
 
Net increase in net assets from operations   220,346,526   172,216,086
Distributions to shareholders from:        
Net investment income—Class I   (11,222,305)   (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   (26,778,304)   (4,212,177)
From Fund share transactions:        
Proceeds from shares sold—Class I   180,090,052   188,831,597
Proceeds from shares sold—Class II   112,795   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   (125,328,062)   (104,507,785)
Payments for shares redeemed, net of fees—Class II   (110,335)   (171,984)
Redemption fees—Class I   38,178   263,993
   
 
Net increase (decrease) in net assets from Fund share transactions   79,659,390   88,335,487
   
 
Total increase in net assets   273,227,612   256,339,396
Net assets:        
Beginning of period   734,583,825   478,244,429
   
 
End of period   $1,007,811,437   $734,583,825
   
 
Undistributed net investment income   $3,732,145   $3,819,316
   
 
         
Fund Share Transactions—Class I:        
Shares sold   8,779,360   11,434,258
Shares issued in reinvestment of dividends   1,298,823   260,200
Less shares redeemed   (6,084,980)   (6,274,556)
   
 
Net increase (decrease) in shares outstanding   3,993,203   5,419,902
   
 
         
Fund Share Transactions—Class II:        
Shares sold   5,611   3,350
Shares issued in reinvestment of dividends   537   102
Less shares redeemed   (5,127)   (10,276)
   
 
Net increase (decrease) in shares outstanding   1,021   (6,824)
   
 

See accompanying notes to financial statements.