THE OAKMARK FUNDS

Statements of Changes in Net Assets—March 31, 2007 (Unaudited)

 

The Oakmark Fund
 
   
Period Ended
March 31, 2007
(Unaudited)
  
Year Ended
September 30, 2006
From Operations:        
Net investment income   $32,020,341   $53,784,303
Net realized gain (loss) on investments   177,956,543   270,986,174
Net realized gain (loss) on foreign currency transactions   0   (6,771)
Net change in unrealized appreciation (depreciation) of investments   238,352,769   238,673,740
Net change in unrealized appreciation (depreciation)—other   6,021   1,909
   
 
Net increase in net assets from operations   448,335,674   563,439,355
Distributions to shareholders from:        
Net investment income—Class I   (53,538,834)   (51,650,726)
Net investment income—Class II   (208,771)   (231,758)
Net realized gain—Class I   (247,108,056)   0
Net realized gain—Class II   (1,637,719)   0
   
 
Total distributions to shareholders   (302,493,380)   (51,882,484)
From Fund share transactions:        
Proceeds from shares sold—Class I   540,399,936   779,885,052
Proceeds from shares sold—Class II   5,812,872   6,336,611
Reinvestment of distributions—Class I   284,352,640   48,533,582
Reinvestment of distributions—Class II   1,632,253   201,619
Payments for shares redeemed—Class I   (650,048,130)   (2,190,991,773)
Payments for shares redeemed—Class II   (9,767,811)   (16,267,132)
Redemption fees—Class I   113,450   324,889
Redemption fees—Class II   737   680
   
 
Net increase (decrease) in net assets from Fund share transactions   172,495,947   (1,371,976,472)
   
 
Total increase (decrease) in net assets   318,338,241   (860,419,601)
Net assets:        
Beginning of period   5,523,658,923   6,384,078,524
   
 
End of period   $5,841,997,164   $5,523,658,923
   
 
Undistributed net investment income   $30,975,176   $52,702,440
   
 
         
Fund Share Transactions—Class I:        
Shares sold   11,690,015   18,756,564
Shares issued in reinvestment of dividends   6,185,613   1,171,177
Less shares redeemed   (14,013,304)   (52,610,324)
   
 
Net increase (decrease) in shares outstanding   3,862,324   (32,682,583)
   
 
         
Fund Share Transactions—Class II:        
Shares sold   126,062   152,248
Shares issued in reinvestment of dividends   35,646   4,883
Less shares redeemed   (212,032)   (390,394)
   
 
Net increase (decrease) in shares outstanding   (50,324)   (233,263)
   
 

 

The Oakmark Select Fund
 
   
Period Ended
March 31, 2007
(Unaudited)
  
Year Ended
September 30, 2006
From Operations:        
Net investment income   $39,298,344   $65,028,737
Net realized gain (loss) on investments   218,038,095   579,399,446
Net change in unrealized appreciation (depreciation) of investments   99,699,298   (92,754,575)
   
 
Net increase in net assets from operations   357,035,737   551,673,608
Distributions to shareholders from:        
Net investment income—Class I   (64,071,053)   (51,471,735)
Net investment income—Class II   (433,784)   (488,531)
Net realized gain—Class I   (576,351,926)   (313,884,121)
Net realized gain—Class II   (6,348,277)   (4,367,840)
   
 
Total distributions to shareholders   (647,205,040)   (370,212,227)
From Fund share transactions:        
Proceeds from shares sold—Class I   396,689,559   971,797,581
Proceeds from shares sold—Class II   10,565,445   17,443,658
Reinvestment of distributions—Class I   618,361,471   352,444,215
Reinvestment of distributions—Class II   3,215,331   2,386,123
Payments for shares redeemed—Class I   (694,251,700)   (1,635,155,035)
Payments for shares redeemed—Class II   (22,879,329)   (39,109,368)
Redemption fees—Class I   128,685   251,026
Redemption fees—Class II   1,339   1,251
   
 
Net increase (decrease) in net assets from Fund share transactions   311,830,801   (329,940,549)
   
 
Total increase (decrease) in net assets   21,661,498   (148,479,168)
Net assets:        
Beginning of period   5,844,694,286   5,993,173,454
   
 
End of period   $5,866,355,784   $5,844,694,286
   
 
Undistributed net investment income   $12,887,159   $38,093,652
   
 
         
Fund Share Transactions—Class I:        
Shares sold   11,553,637   29,030,193
Shares issued in reinvestment of dividends   18,359,901   10,628,595
Less shares redeemed   (20,179,512)   (48,799,020)
   
 
Net increase (decrease) in shares outstanding   9,734,026   (9,140,232)
   
 
         
Fund Share Transactions—Class II:        
Shares sold   311,149   523,360
Shares issued in reinvestment of dividends   95,865   72,263
Less shares redeemed   (665,884)   (1,169,938)
   
 
Net increase (decrease) in shares outstanding   (258,870)   (574,315)
   
 

See accompanying notes to financial statements.

 

The Oakmark
Equity and Income Fund
 
   
Period Ended
March 31, 2007
(Unaudited)
 
Year Ended
September 30, 2006
From Operations:        
Net investment income   $128,878,407   $193,197,493
Net realized gain (loss) on investments   59,772,226   545,472,604
Net realized gain (loss) on foreign currency transactions   (806,269)   953,110
Net change in unrealized appreciation (depreciation) of investments   697,229,950   (77,004,918)
Net change in unrealized appreciation (depreciation)—other   (413,175)   254,072
   
 
Net increase in net assets from operations   884,661,139   662,872,361
Distributions to shareholders from:        
Net investment income—Class I   (197,337,258)   (127,230,307)
Net investment income—Class II   (11,590,883)   (6,660,455)
Net realized gain—Class I   (514,829,367)   (76,265,144)
Net realized gain—Class II   (36,037,949)   (4,944,566)
   
 
Total distributions to shareholders   (759,795,457)   (215,100,472)
From Fund share transactions:        
Proceeds from shares sold—Class I   1,234,145,800   2,056,526,635
Proceeds from shares sold—Class II   173,739,820   311,212,011
Reinvestment of distributions—Class I   676,431,156   193,933,598
Reinvestment of distributions—Class II   38,550,450   7,917,854
Payments for shares redeemed—Class I   (898,616,292)   (1,479,474,288)
Payments for shares redeemed—Class II   (104,068,049)   (210,686,071)
Redemption fees—Class I   102,423   190,842
Redemption fees—Class II   7,224   4,611
   
 
Net increase (decrease) in net assets from Fund share transactions   1,120,292,532   879,625,192
   
 
Total increase in net assets   1,245,158,214   1,327,397,081
Net assets:        
Beginning of period   11,132,616,904   9,805,219,823
   
 
End of period   $12,377,775,118   $11,132,616,904
   
 
Undistributed net investment income   $90,020,322   $163,377,760
   
 
         
Fund Share Transactions—Class I:        
Shares sold   46,825,810   80,485,715
Shares issued in reinvestment of dividends   26,036,616   7,695,778
Less shares redeemed   (33,938,380)   (57,994,019)
   
 
Net increase (decrease) in shares outstanding   38,924,046   30,187,474
   
 
         
Fund Share Transactions—Class II:        
Shares sold   6,604,867   12,229,061
Shares issued in reinvestment of dividends   1,489,009   315,076
Less shares redeemed   (3,955,322)   (8,300,682)
   
 
Net increase (decrease) in shares outstanding   4,138,554   4,243,455
   
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The Oakmark
Global Fund
 
   
Period Ended
March 31, 2007
(Unaudited)
  
Year Ended
September 30, 2006
From Operations:        
Net investment income   $3,763,365   $24,869,019
Net realized gain (loss) on investments   141,783,666   310,301,304
Net realized gain (loss) on foreign currency transactions   (249,551)   6,838,930
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   208,782,545   2,947,332
Net change in unrealized appreciation (depreciation)—other   (58,614)   163,945
   
 
Net increase in net assets from operations   354,021,411   345,120,530
Distributions to shareholders from:        
Net investment income—Class I   (27,699,212)   (20,913,767)
Net investment income—Class II   (645,340)   (581,696)
Net realized gain—Class I   (312,319,850)   (76,617,645)
Net realized gain—Class II   (10,681,345)   (2,579,429)
   
 
Total distributions to shareholders   (351,345,747)   (100,692,537)
From Fund share transactions:        
Proceeds from shares sold—Class I   321,835,757   439,182,726
Proceeds from shares sold—Class II   7,656,103   17,019,479
Reinvestment of distributions—Class I   326,216,720   92,918,085
Reinvestment of distributions—Class II   10,756,868   2,954,863
Payments for shares redeemed—Class I   (170,947,783)   (329,606,864)
Payments for shares redeemed—Class II   (7,579,615)   (9,199,239)
Redemption fees—Class I   60,285   104,623
Redemption fees—Class II   1,993   2,156
   
 
Net increase (decrease) in net assets from Fund share transactions   488,000,328   213,375,829
   
 
Total increase in net assets   490,675,992   457,803,822
Net assets:        
Beginning of period   2,359,308,892   1,901,505,070
   
 
End of period   $2,849,984,884   $2,359,308,892
   
 
Undistributed net investment income (loss)   $(604,864)   $22,747,166
   
 
         
Fund Share Transactions—Class I:        
Shares sold   12,148,837   17,806,211
Shares issued in reinvestment of dividends   12,934,842   3,942,219
Less shares redeemed   (6,527,807)   (13,308,581)
   
 
Net increase (decrease) in shares outstanding   18,555,872   8,439,849
   
 
         
Fund Share Transactions—Class II:        
Shares sold   293,233   699,957
Shares issued in reinvestment of dividends   432,350   126,818
Less shares redeemed   (297,160)   (375,302)
   
 
Net increase (decrease) in shares outstanding   428,423   451,473
   
 

See accompanying notes to financial statements.

   
The Oakmark
Global Select Fund
   
For the Period from
October 2, 2006 (a) to
March 31, 2007
(Unaudited)
From Operations:  
Net investment income  
$583,908
Net realized gain (loss) on investments  
2,283,837
Net realized gain (loss) on foreign currency transactions  
(34,751)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies  
9,302,744
Net change in unrealized appreciation (depreciation)—other  
4,083
   
Net increase in net assets from operations  
12,139,821
Distributions to shareholders from:  
Net investment income—Class I  
(114,308)
   
Total distributions to shareholders  
(114,308)
From Fund share transactions:  
Proceeds from shares sold—Class I  
225,767,299
Reinvestment of distributions—Class I  
113,161
Payments for shares redeemed—Class I  
(8,400,091)
Redemption fees—Class I  
65,963
   
Net increase (decrease) in net assets from Fund share transactions  
217,546,332
Total increase in net assets  
229,571,845
Net assets:  
End of period  
$229,571,845
   
Undistributed net investment income  
$434,849
   
   
Fund Share Transactions—Class I:  
Shares sold  
21,292,343
Shares issued in reinvestment of dividends  
10,576
Less shares redeemed  
(776,760)
   
Net increase (decrease) in shares outstanding  
20,526,159
   

(a) From October 2, 2006, the date on which Fund shares were first offered for sale to the public.

 
The Oakmark
International Fund
 
   
Period Ended
March 31, 2007
(Unaudited)
  
Year Ended
September 30, 2006
From Operations:        
Net investment income   $37,102,057   $121,327,693
Net realized gain (loss) on investments   676,791,594   1,022,230,924
Net realized gain (loss) on foreign currency transactions   (1,355,403)   85,933,770
Net change in unrealized appreciation (depreciation) of investments and foreign currencies   470,363,833   131,694,166
Net change in unrealized appreciation (depreciation)—other   369,888   294,298
   
 
Net increase in net assets from operations   1,183,271,969   1,361,480,851
Distributions to shareholders from:        
Net investment income—Class I   (122,425,919)   (144,087,090)
Net investment income—Class II   (6,951,720)   (8,528,390)
Net realized gain—Class I   (961,546,440)   (241,359,448)
Net realized gain—Class II   (69,459,593)   (15,880,415)
   
 
Total distributions to shareholders   (1,160,383,672)   (409,855,343)
From Fund share transactions:        
Proceeds from shares sold—Class I   1,042,165,274   1,307,428,773
Proceeds from shares sold—Class II   233,968,453   271,362,458
Reinvestment of distributions—Class I   957,808,244   348,431,594
Reinvestment of distributions—Class II   53,952,152   16,204,525
Payments for shares redeemed—Class I   (639,059,824)   (975,665,459)
Payments for shares redeemed—Class II   (131,045,994)   (213,303,958)
Redemption fees—Class I   108,934   198,369
Redemption fees—Class II   8,109   9,557
   
 
Net increase (decrease) in net assets from Fund share transactions   1,517,905,348   754,665,859
   
 
Total increase in net assets   1,540,793,645   1,706,291,367
Net assets:        
Beginning of period   7,696,540,881   5,990,249,514
   
 
End of period   $9,237,334,526   $7,696,540,881
   
 
Undistributed net investment income   $21,389,579   $113,836,202
   
 
         
Fund Share Transactions—Class I:        
Shares sold   39,497,911   53,137,278
Shares issued in reinvestment of dividends   38,038,453   15,492,735
Less shares redeemed   (24,415,924)   (39,575,515)
   
 
Net increase (decrease) in shares outstanding   53,120,440   29,054,498
   
 
         
Fund Share Transactions—Class II:        
Shares sold   8,967,212   11,066,476
Shares issued in reinvestment of dividends   2,157,223   724,062
Less shares redeemed   (5,033,761)   (8,682,291)
   
 
Net increase (decrease) in shares outstanding   6,090,674   3,108,247
   
 

See accompanying Notes to Financial Statements.

 

The Oakmark International
Small Cap Fund
 
   
Period Ended
March 31, 2007
(Unaudited)
 
Year Ended
September 30, 2006
From Operations:        
Net investment income   $6,829,748   $19,607,669
Net realized gain (loss) on investments
   141,929,957   177,109,165
Net realized gain (loss) on foreign currency transactions   (287,990)   14,662,887
Net change in unrealized appreciation (depreciation)
of investments and foreign currencies
   83,602,885   71,230,284
Net change in unrealized appreciation (depreciation)—other
   13,731   43,207
   
 
Net increase in net assets from operations   232,088,331   282,653,212
Distributions to shareholders from:        
Net investment income—Class I   (29,840,093)   (31,166,621)
Net investment income—Class II   (20,128)   (18,114)
Net realized gain—Class I   (181,349,841)   (156,716,232)
Net realized gain—Class II   (126,536)   (93,410)
   
 
Total distributions to shareholders   (211,336,598)   (187,994,377)
From Fund share transactions:        
Proceeds from shares sold—Class I   125,254,799   201,993,652
Proceeds from shares sold—Class II   255,301   144,934
Reinvestment of distributions—Class I   201,840,076   176,611,867
Reinvestment of distributions—Class II   74,623   64,080
Payments for shares redeemed—Class I   (137,693,657)   (205,919,657)
Payments for shares redeemed—Class II   (19,300)   (101,375)
Redemption fees—Class I   21,259   48,587
Redemption fees—Class II   15   19
   
 
Net increase (decrease) in net assets from Fund share transactions   189,733,116   172,842,107
   
 
Total increase in net assets   210,484,849   267,500,942
Net assets:        
Beginning of period   1,275,312,379   1,007,811,437
   
 
End of period   $1,485,797,228   $1,275,312,379
   
 
Undistributed net investment income (loss)   $(12,502,223)   $10,816,240
   
 
         
Fund Share Transactions—Class I:        
Shares sold   5,292,434   9,211,608
Shares issued in reinvestment of dividends   8,962,703   8,974,181
Less shares redeemed   (5,858,509)   (9,457,429)
   
 
Net increase (decrease) in shares outstanding   8,396,628   8,728,360
   
 
         
Fund Share Transactions—Class II:        
Shares sold   10,859   6,780
Shares issued in reinvestment of dividends   3,318   3,259
Less shares redeemed   (815)   (4,539)
   
 
Net increase (decrease) in shares outstanding   13,362   5,500