THE OAKMARK FAMILY OF FUNDS

Statements of Changes in Net Assets


The Oakmark Fund
 
Year Ended
September 30, 2003		 Year Ended
September 30, 2002
From Operations:
Net investment income $19,384,779 $14,076,323
Net realized loss on investments (137,687,746) (32,394,066)
Net change in unrealized appreciation (depreciation) of investments 867,321,548 (498,006,779)
Net increase (decrease) in net assets from operations 749,018,581 (516,324,522)
Distributions to shareholders from:
Net investment income—Class I (13,880,781) (19,630,178)
Net investment income—Class II (29,599) (447)
Total distributions to shareholders (13,910,380) (19,630,625)
From Fund share transactions:
Proceeds from shares sold—Class I 1,533,121,113 1,648,934,264
Proceeds from shares sold—Class II 17,938,866 10,646,454
Reinvestment of distributions—Class I 13,078,556 19,105,784
Reinvestment of distributions—Class II 700 347
Payments for shares redeemed, net of fees—Class I (810,690,610) (942,439,538)
Payments for shares redeemed, net of fees—Class II (6,723,524) (838,834)
Net increase in net assets from Fund share transactions 746,725,101 735,408,477
Total increase in net assets 1,481,833,302 199,453,330
Net assets:
Beginning of period 3,308,681,833 3,109,228,503
End of period $4,790,515,135 $3,308,681,833
Undistributed net investment income $18,909,168 $13,434,769
Fund Share Transactions—Class I:
Shares sold 49,341,298 48,113,112
Shares issued in reinvestment of dividends 425,457 562,595
Less shares redeemed (26,435,618) (28,259,864)
Net increase in shares outstanding 23,331,137 20,415,843
Fund Share Transactions—Class II:
Shares sold 576,827 298,334
Shares issued in reinvestment of dividends 23 10
Less shares redeemed (225,241) (25,887)
Net increase in shares outstanding 351,609 272,457

See accompanying notes to financial statements.

 


The Oakmark
Select Fund
 
Year Ended
September 30, 2003		 Year Ended
September 30, 2002
From Operations:
Net investment income $10,063,549 $4,018,416
Net realized loss on investments (101,697,160) (29,674,087)
Net change in unrealized appreciation (depreciation) of investments 1,121,320,614 (635,685,201)
Net increase (decrease) in net assets from operations 1,029,687,003 (661,340,872)
Distributions to shareholders from:
Net investment income—Class I (3,934,423) (8,379,997)
Total distributions to shareholders (3,934,423) (8,379,997)
From Fund share transactions:
Proceeds from shares sold—Class I 917,786,177 1,260,687,129
Proceeds from shares sold—Class II 37,698,020 74,250,948
Reinvestment of distributions—Class I 3,705,408 7,956,922
Payments for shares redeemed, net of fees—Class I (654,181,633) (1,056,777,332)
Payments for shares redeemed, net of fees—Class II (26,725,613) (31,085,298)
Net increase in net assets from Fund share transactions 278,282,359 255,032,369
Total increase (decrease) in net assets 1,304,034,939 (414,688,500)
Net assets:
Beginning of period 3,782,052,331 4,196,740,831
End of period $5,086,087,270 $3,782,052,331
Undistributed net investment income $9,725,578 $3,596,452
Fund Share Transactions—Class I:
Shares sold 36,086,657 47,211,312
Shares issued in reinvestment of dividends 150,625 299,856
Less shares redeemed (26,578,347) (41,080,996)
Net increase in shares outstanding 9,658,935 6,430,172
Fund Share Transactions—Class II:
Shares sold 1,482,025 2,801,878
Less shares redeemed (1,069,612) (1,223,864)
Net increase in shares outstanding 412,413 1,578,014

See accompanying notes to financial statements.

 


The Oakmark
Small Cap Fund
 
Year Ended
September 30, 2003		 Year Ended
September 30, 2002
From Operations:
Net investment loss $(2,414,871) $(2,748,950)
Net realized gain (loss) on investments (11,322,124) 325,855
Net change in unrealized appreciation (depreciation) of investments 80,258,968 (51,515,515)
Net increase (decrease) in net assets from operations 66,521,973 (53,938,610)
From Fund share transactions:
Proceeds from shares sold—Class I 50,502,211 326,865,529
Proceeds from shares sold—Class II 216,335 777,070
Payments for shares redeemed, net of fees—Class I (123,497,018) (180,818,640)
Payments for shares redeemed, net of fees—Class II (123,957) (103,465)
Net increase (decrease) in net assets from Fund share transactions (72,902,429) 146,720,494
Total increase (decrease) in net assets (6,380,456) 92,781,884
Net assets:
Beginning of period 357,394,089 264,612,205
End of period $351,013,633 $357,394,089
Undistributed net investment loss $(221,776) $(150,509)
Fund Share Transactions—Class I:
Shares sold 3,238,264 17,912,470
Less shares redeemed (8,156,424) (10,773,500)
Net increase (decrease) in shares outstanding (4,918,160) 7,138,970
Fund Share Transactions—Class II:
Shares sold 13,910 44,265
Less shares redeemed (7,871) (6,291)
Net increase in shares outstanding 6,039 37,974

See accompanying notes to financial statements.

 


The Oakmark
Equity and Income Fund
 
Year Ended
September 30, 2003		 Year Ended
September 30, 2002
From Operations:
Net investment income $34,174,070 $28,439,569
Net realized gain (loss) on investments 9,562,063 (81,982,611)
Net realized gain (loss) on foreign currency transactions 370,636 (2,938)
Net change in unrealized appreciation (depreciation) of investments 517,697,982 (107,419,745)
Net change in unrealized appreciation (depreciation)—other 87,469 (601)
Net increase (decrease) in net assets from operations 561,892,220 (160,966,326)
Distributions to shareholders from:
Net investment income—Class I (33,616,359) (6,931,173)
Net investment income—Class II (1,569,445) (90,128)
Net realized gain—Class I 0 (1,870,660)
Net realized gain—Class II 0 (33,869)
Total distributions to shareholders (35,185,804) (8,925,830)
From Fund share transactions:
Proceeds from shares sold—Class I 2,076,491,027 2,457,322,254
Proceeds from shares sold—Class II 144,338,218 146,887,453
Reinvestment of distributions—Class I 32,429,243 8,525,720
Reinvestment of distributions—Class II 321,834 85,801
Payments for shares redeemed, net of fees—Class I (709,955,319) (683,906,125)
Payments for shares redeemed, net of fees—Class II (46,269,411) (21,792,340)
Net increase in net assets from Fund share transactions 1,497,355,592 1,907,122,763
Total increase in net assets 2,024,062,008 1,737,230,607
Net assets:
Beginning of period 2,360,587,003 623,356,396
End of period $4,384,649,011 $2,360,587,003
Undistributed net investment income $23,545,227 $25,964,233
Fund Share Transactions—Class I:
Shares sold 109,874,694 132,277,123
Shares issued in reinvestment of dividends 1,796,634 477,891
Less shares redeemed (38,350,539) (37,783,411)
Net increase in shares outstanding 73,320,789 94,971,603
Fund Share Transactions—Class II:
Shares sold 7,706,490 7,935,953
Shares issued in reinvestment of dividends 17,840 4,809
Less shares redeemed (2,462,923) (1,205,519)
Net increase in shares outstanding 5,261,407 6,735,243

See accompanying notes to financial statements.

 


The Oakmark
Global Fund
 
Year Ended
September 30, 2003		 Year Ended
September 30, 2002
From Operations:
Net investment income (loss) $9,446 $(18,547)
Net realized gain (loss) on investments 3,814,882 (1,261,095)
Net realized gain (loss) on foreign currency transactions (168,173) (37,184)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 114,576,882 (30,244,164)
Net change in unrealized appreciation (depreciation)—other (43,405) 18,109
Net increase (decrease) in net assets from operations 118,189,632 (31,542,881)
Distributions to shareholders from:
Net investment income—Class I 0 (11,774)
Net investment income—Class II 0 (61)
Net realized gain—Class I 0 (1,361,493)
Net realized gain—Class II 0 (7,099)
Total distributions to shareholders 0 (1,380,427)
From Fund share transactions:
Proceeds from shares sold—Class I 524,732,272 228,014,650
Proceeds from shares sold—Class II 6,645,694 754,996
Reinvestment of distributions—Class I 0 1,321,517
Payments for shares redeemed, net of fees—Class I (112,770,994) (69,082,440)
Payments for shares redeemed, net of fees—Class II (2,412,970) (75,625)
Net increase in net assets from Fund share transactions 416,194,002 160,933,098
Total increase in net assets 534,383,634 128,009,790
Net assets:
Beginning of period 176,213,801 48,204,011
End of period $710,597,435 $176,213,801
Undistributed net investment loss $(290,559) $(131,833)
Fund Share Transactions—Class I:
Shares sold 34,670,227 16,329,528
Shares issued in reinvestment of dividends 0 108,677
Less shares redeemed (8,703,761) (5,343,294)
Net increase in shares outstanding 25,966,466 11,094,911
Fund Share Transactions—Class II:
Shares sold 462,296 61,020
Less shares redeemed (171,894) (6,528)
Net increase in shares outstanding 290,402 54,492

See accompanying notes to financial statements.

 


The Oakmark
International Fund
 
Year Ended
September 30, 2003		 Year Ended
September 30, 2002
From Operations:
Net investment income $20,158,139 $16,380,565
Net realized loss on investments (194,137,263) (2,111,019)
Net realized loss on foreign currency transactions (659,981) (744,096)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 712,978,826 (199,327,235)
Net change in unrealized appreciation (depreciation)—other 294,152 (155,750)
Net increase (decrease) in net assets from operations 538,633,873 (185,957,535)
Distributions to shareholders from:
Net investment income—Class I (15,119,015) (10,170,790)
Net investment income—Class II (515,254) (76,332)
Total distributions to shareholders (15,634,269) (10,247,122)
From Fund share transactions:
Proceeds from shares sold—Class I 1,342,461,828 1,172,930,611
Proceeds from shares sold—Class II 210,555,153 71,056,423
Reinvestment of distributions—Class I 13,994,235 9,816,822
Reinvestment of distributions—Class II 172,223 1,669
Payments for shares redeemed, net of fees—Class I (573,914,822) (339,595,271)
Payments for shares redeemed, net of fees—Class II (158,686,779) (16,218,827)
Net increase in net assets from Fund share transactions 834,581,838 897,991,427
Total increase in net assets 1,357,581,442 701,786,770
Net assets:
Beginning of period 1,442,263,694 740,476,924
End of period $2,799,845,136 $1,442,263,694
Undistributed net investment income $19,282,167 $15,418,278
Fund Share Transactions—Class I:
Shares sold 98,256,816 78,310,031
Shares issued in reinvestment of dividends 1,050,618 726,633
Less shares redeemed (43,071,914) (23,511,785)
Net increase in shares outstanding 56,235,520 55,524,879
Fund Share Transactions—Class II:
Shares sold 15,141,504 4,928,274
Shares issued in reinvestment of dividends 12,959 124
Less shares redeemed (11,241,101) (1,088,826)
Net increase in shares outstanding 3,913,362 3,839,572

See accompanying notes to financial statements.

 


The Oakmark International
Small Cap Fund
 
Year Ended
September 30, 2003		 Year Ended
September 30, 2002
From Operations:
Net investment income $3,739,176 $4,016,566
Net realized gain (loss) on investments (33,475,417) 12,083,383
Net realized loss on foreign currency transactions (58,650) (31,834)
Net change in unrealized appreciation (depreciation) of
investments and foreign currencies 160,461,142 (70,664,400)
Net change in unrealized appreciation—other 36,163 21,128
Net increase (decrease) in net assets from operations 130,702,414 (54,575,157)
Distributions to shareholders from:
Net investment income—Class I (3,076,432) (2,120,585)
Net investment income—Class II (1,637) (921)
Net realized gain—Class I (9,181,861) (1,891,258)
Net realized gain—Class II (6,548) (1,136)
Total distributions to shareholders (12,266,478) (4,013,900)
From Fund share transactions:
Proceeds from shares sold—Class I 122,746,015 428,499,905
Proceeds from shares sold—Class II 978,707 333,324
Reinvestment of distributions—Class I 11,533,652 3,875,545
Reinvestment of distributions—Class II 4,554 0
Payments for shares redeemed, net of fees—Class I (132,515,271) (134,986,731)
Payments for shares redeemed, net of fees—Class II (945,332) (34,570)
Net increase in net assets from Fund share transactions 1,802,325 297,687,473
Total increase in net assets 120,238,261 239,098,416
Net assets:
Beginning of period 358,006,168 118,907,752
End of period $478,244,429 $358,006,168
Undistributed net investment income $3,518,265 $2,936,581
Fund Share Transactions—Class I:
Shares sold 11,051,169 34,412,757
Shares issued in reinvestment of dividends 1,095,314 375,172
Less shares redeemed (12,545,416) (11,505,764)
Net increase (decrease) in shares outstanding (398,933) 23,282,165
Fund Share Transactions—Class II:
Shares sold 88,462 27,354
Shares issued in reinvestment of dividends 432 0
Less shares redeemed (85,057) (2,766)
Net increase in shares outstanding 3,837 24,588

See accompanying notes to financial statements.