THE OAKMARK FUNDS

Statements of Changes in Net Assets—March 31, 2006

 

The Oakmark Fund
 
   
Period Ended
March 31, 2006
(Unaudited)
  
Year Ended
September 30, 2005
From Operations:        
Net investment income   $27,143,484   $54,415,372
Net realized gain (loss) on investments   192,135,693   222,641,166
Net realized gain (loss) on foreign currency transactions   (4,074)   (8,888)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   70,692,736   106,334,519
   
 
Net increase in net assets from operations   289,967,839   383,382,169
Distributions to shareholders from:        
Net investment income—Class I   (51,650,692)   (29,018,121)
Net investment income—Class II   (231,758)   (112,443)
   
 
Total distributions to shareholders   (51,882,450)   (29,130,564)
From Fund share transactions:        
Proceeds from shares sold—Class I   476,196,283   1,362,078,314
Proceeds from shares sold—Class II   3,614,495   24,293,697
Reinvestment of distributions—Class I   48,533,583   26,428,576
Reinvestment of distributions—Class II   201,618   63,924
Payments for shares redeemed, net of fees—Class I   (1,518,339,047)   (1,874,276,130)
Payments for shares redeemed, net of fees—Class II   (8,998,285)   (34,990,942)
Redemption fees—Class I   228,066   334,756
   
 
Net increase (decrease) in net assets from Fund share transactions   (998,563,287)   (496,067,805)
   
 
Total decrease in net assets   (760,477,898)   (141,816,200)
Net assets:        
Beginning of period   6,384,078,524   6,525,894,724
   
 
End of period   $5,623,600,626   $6,384,078,524
   
 
Undistributed net investment income   $26,064,352   $50,807,392
   
 
         
Fund Share Transactions—Class I:        
Shares sold   11,626,965   33,399,717
Shares issued in reinvestment of dividends   1,171,177   648,872
Less shares redeemed   (36,821,925)   (45,831,912)
   
 
Net increase (decrease) in shares outstanding   (24,023,783)   (11,783,323)
   
 
         
Fund Share Transactions—Class II:        
Shares sold   88,073   602,472
Shares issued in reinvestment of dividends   4,883   1,576
Less shares redeemed   (219,092)   (874,201)
   
 
Net increase (decrease) in shares outstanding   (126,136)   (270,153)
   
 

 

The Oakmark Select Fund
 
   
Period Ended
March 31, 2006
(Unaudited)
  
Year Ended
September 30, 2005
From Operations:        
Net investment income   $39,575,872   $50,968,447
Net realized gain (loss) on investments   543,577,617   365,072,967
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   (155,588,873)   19,063,862
   
 
Net increase in net assets from operations   427,564,616   435,105,276
Distributions to shareholders from:        
Net investment income—Class I   (54,183,960)   (41,681,659)
Net investment income—Class II   (514,309)   (456,984)
Net realized gain—Class I   (347,307,344)   0
Net realized gain—Class II   (4,832,939)   0
   
 
Total distributions to shareholders   (406,838,552)   (42,138,643)
From Fund share transactions:        
Proceeds from shares sold—Class I   651,539,347   1,213,430,549
Proceeds from shares sold—Class II   10,594,760   25,716,965
Reinvestment of distributions—Class I   352,444,215   39,145,855
Reinvestment of distributions—Class II   2,386,123   205,309
Payments for shares redeemed, net of fees—Class I   (803,520,713)   (1,193,862,714)
Payments for shares redeemed, net of fees—Class II   (24,985,849)   (45,645,335)
Redemption fees—Class I   149,955   183,103
   
 
Net increase (decrease) in net assets from Fund share transactions   188,607,838   39,173,732
   
 
Total increase in net assets   209,333,902   432,140,365
Net assets:        
Beginning of period   5,993,173,454   5,561,033,089
   
 
End of period   $6,202,507,356   $5,993,173,454
   
 
Undistributed net investment income   $12,644,544   $27,766,940
   
 
         
Fund Share Transactions—Class I:        
Shares sold   19,477,602   36,498,372
Shares issued in reinvestment of dividends   10,628,595   1,205,230
Less shares redeemed   (25,079,592)   (36,106,003)
   
 
Net increase (decrease) in shares outstanding   5,026,605   1,597,599
   
 
         
Fund Share Transactions—Class II:        
Shares sold   318,658   781,192
Shares issued in reinvestment of dividends   72,263   6,346
Less shares redeemed   (763,780)   (1,385,275)
   
 
Net increase (decrease) in shares outstanding   (372,859)   (597,737)
   
 

See accompanying notes to financial statements.

 

The Oakmark
Equity and Income Fund
 
   
Period Ended
March 31, 2006
(Unaudited)
 
Year Ended
September 30, 2005
From Operations:        
Net investment income   $76,451,264   $119,409,290
Net realized gain (loss) on investments   237,800,388   113,595,101
Net realized gain (loss) on foreign currency transactions   262,833   349,069
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   (64,918,552)   912,480,570
Net change in unrealized appreciation (depreciation)—other   (98,812)   102,972
   
 
Net increase in net assets from operations   249,497,121   1,145,937,002
Distributions to shareholders from:        
Net investment income—Class I   (135,245,819)   (67,147,479)
Net investment income—Class II   (7,080,046)   (3,563,528)
Net realized gain—Class I   (82,965,126)   (196,511,764)
Net realized gain—Class II   (5,378,953)   (13,715,030)
   
 
Total distributions to shareholders   (230,669,944)   (280,937,801)
From Fund share transactions:        
Proceeds from shares sold—Class I   1,073,261,759   1,820,363,521
Proceeds from shares sold—Class II   152,565,753   312,413,005
Reinvestment of distributions—Class I   193,934,159   254,487,605
Reinvestment of distributions—Class II   7,917,854   7,740,318
Payments for shares redeemed, net of fees—Class I   (705,805,315)   (1,238,425,257)
Payments for shares redeemed, net of fees—Class II   (140,994,137)   (273,110,583)
Redemption fees—Class I   120,215   194,331
   
 
Net increase in net assets from Fund share transactions   581,000,288   883,662,940
   
 
Total increase in net assets   599,827,465   1,748,662,141
Net assets:        
Beginning of period   9,805,219,823   8,056,557,682
   
 
End of period   $10,405,047,288   $9,805,219,823
   
 
Undistributed net investment income   $52,198,572   $104,982,979
   
 
         
Fund Share Transactions—Class I:        
Shares sold   42,670,275   76,592,615
Shares issued in reinvestment of dividends   7,695,800   10,997,735
Less shares redeemed   (28,645,759)   (52,314,769)
   
 
Net increase (decrease) in shares outstanding   21,720,316   35,275,581
   
 
         
Fund Share Transactions—Class II:        
Shares sold   6,089,262   13,294,303
Shares issued in reinvestment of dividends   315,076   335,369
Less shares redeemed   (5,634,964)   (11,403,546)
   
 
Net increase (decrease) in shares outstanding   769,374   2,226,126
   
 

 
The Oakmark
Global Fund
 
   
Period Ended
March 31, 2006
(Unaudited)
  
Year Ended
September 30, 2005
From Operations:        
Net investment income   $2,540,302   $13,170,380
Net realized gain (loss) on investments   174,480,866   55,983,090
Net realized gain (loss) on foreign currency transactions   6,680,879   2,655,497
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   20,278,951   268,798,583
Net change in unrealized appreciation (depreciation)—other   43,348   (200,695)
   
 
Net increase in net assets from operations   204,024,346   340,406,855
Distributions to shareholders from:        
Net investment income—Class I   (22,234,549)   (7,092,334)
Net investment income—Class II   (618,442)   (103,658)
Net realized gain—Class I   (80,101,052)   (25,218,974)
Net realized gain—Class II   (2,696,702)   (520,696)
   
 
Total distributions to shareholders   (105,650,745)   (32,935,662)
From Fund share transactions:        
Proceeds from shares sold—Class I   253,692,027   414,769,896
Proceeds from shares sold—Class II   9,914,646   29,165,244
Reinvestment of distributions—Class I   92,918,090   30,609,171
Reinvestment of distributions—Class II   2,954,863   557,171
Payments for shares redeemed, net of fees—Class I   (138,580,920)   (238,881,611)
Payments for shares redeemed, net of fees—Class II   (3,444,594)   (3,289,295)
Redemption fees—Class I   39,838   81,661
   
 
Net increase (decrease) in net assets from Fund share transactions   217,493,950   233,012,237
   
 
Total increase in net assets   315,867,551   540,483,430
Net assets:        
Beginning of period   1,901,505,070   1,361,021,640
   
 
End of period   $2,217,372,621   $1,901,505,070
   
 
Undistributed net investment income   $260,394   $13,892,204
   
 
         
Fund Share Transactions—Class I:        
Shares sold   10,523,203   18,829,404
Shares issued in reinvestment of dividends   3,942,219   1,443,149
Less shares redeemed   (5,944,410)   (10,924,262)
   
 
Net increase (decrease) in shares outstanding   8,521,012   9,348,291
   
 
         
Fund Share Transactions—Class II:        
Shares sold   417,195   1,339,114
Shares issued in reinvestment of dividends   126,818   26,519
Less shares redeemed   (152,086)   (151,324)
   
 
Net increase (decrease) in shares outstanding   391,927   1,214,309
   
 

See accompanying notes to financial statements.   

 
The Oakmark
International Fund
 
   
Period Ended
March 31, 2006
(Unaudited)
 
Year Ended
September 30, 2005
From Operations:        
Net investment income   $21,508,430   $67,741,309
Net realized gain (loss) on investments   542,340,830   231,949,113
Net realized gain (loss) on foreign currency transactions   85,546,229   12,385,971
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   139,329,071   848,532,506
Net change in unrealized appreciation (depreciation)—other   520,238   (671,292)
   
 
Net increase in net assets from operations   789,244,798   1,159,937,607
Distributions to shareholders from:        
Net investment income—Class I   (155,361,533)   (57,688,379)
Net investment income—Class II   (9,195,731)   (3,146,570)
Net realized gain—Class I   (258,316,383)   (11,785,113)
Net realized gain—Class II   (16,996,109)   (790,281)
   
 
Total distributions to shareholders   (439,869,756)   (73,410,343)
From Fund share transactions:        
Proceeds from shares sold—Class I   663,585,292   1,220,262,175
Proceeds from shares sold—Class II   128,647,933   191,988,151
Reinvestment of distributions—Class I   348,431,089   63,036,515
Reinvestment of distributions—Class II   16,204,525   2,198,011
Payments for shares redeemed, net of fees—Class I   (393,400,582)   (713,216,070)
Payments for shares redeemed, net of fees—Class II   (88,099,186)   (156,918,221)
Redemption fees—Class I   58,665   261,391
   
 
Net increase (decrease) in net assets from Fund share transactions   675,427,736   607,611,952
   
 
Total increase in net assets   1,024,802,778   1,694,139,216
Net assets:        
Beginning of period   5,990,249,514   4,296,110,298
   
 
End of period   $7,015,052,292   $5,990,249,514
   
 
Undistributed net investment income   $13,629,904   $71,132,509
   
 
         
Fund Share Transactions—Class I:        
Shares sold   28,154,306   56,890,583
Shares issued in reinvestment of dividends   15,492,712   3,074,952
Less shares redeemed   (17,959,567)   (33,360,212)
   
 
Net increase (decrease) in shares outstanding   25,687,451   26,605,323
   
 
         
Fund Share Transactions—Class II:        
Shares sold   5,493,273   8,978,667
Shares issued in reinvestment of dividends   724,062   107,693
Less shares redeemed   (3,841,657)   (7,296,822)
   
 
Net increase (decrease) in shares outstanding   2,375,678   1,789,538
   
 

 

The Oakmark International
Small Cap Fund
 
   
Period Ended
March 31, 2006
(Unaudited)
 
Year Ended
September 30, 2005
From Operations:        
Net investment income   $8,848,482   $8,562,439
Net realized gain (loss) on investments
   92,609,664   163,621,128
Net realized gain (loss) on foreign currency transactions   13,790,409   362,424
Net change in unrealized appreciation (depreciation)
of investments and foreign currencies
   76,211,966   47,885,993
Net change in unrealized appreciation (depreciation)—other
   15,132   (85,458)
   
 
Net increase in net assets from operations   191,475,653   220,346,526
Distributions to shareholders from:        
Net investment income—Class I   (33,137,198)   (11,222,305)
Net investment income—Class II   (19,259)   (6,999)
Net realized gain—Class I   (166,767,203)   (15,538,999)
Net realized gain—Class II   (99,401)   (10,001)
   
 
Total distributions to shareholders   (200,023,061)   (26,778,304)
From Fund share transactions:        
Proceeds from shares sold—Class I   112,770,479   180,090,052
Proceeds from shares sold—Class II   108,770   112,795
Reinvestment of distributions—Class I   176,611,867   24,846,478
Reinvestment of distributions—Class II   64,080   10,284
Payments for shares redeemed, net of fees—Class I   (89,382,343)   (125,328,062)
Payments for shares redeemed, net of fees—Class II   (26,706)   (110,335)
Redemption fees—Class I   16,123   38,178
   
 
Net increase (decrease) in net assets from Fund share transactions   200,162,270   79,659,390
   
 
Total increase in net assets   191,614,862   273,227,612
Net assets:        
Beginning of period   1,007,811,437   734,583,825
   
 
End of period   $1,199,426,299   $1,007,811,437
   
 
Undistributed net investment income (loss)   $(4,583,935)   $5,933,633
   
 
         
Fund Share Transactions—Class I:        
Shares sold   5,275,198   8,779,360
Shares issued in reinvestment of dividends   8,974,181   1,298,823
Less shares redeemed   (4,807,903)   (6,084,980)
   
 
Net increase (decrease) in shares outstanding   9,441,476   3,993,203
   
 
         
Fund Share Transactions—Class II:        
Shares sold   5,196   5,611
Shares issued in reinvestment of dividends   3,259   537
Less shares redeemed   (1,532)   (5,127)
   
 
Net increase (decrease) in shares outstanding   6,923   1,021