Statements of Assets and Liabilities—March 31, 2004 (Unaudited)
| The Oakmark Fund |
The Oakmark Select Fund |
The Oakmark Small Cap Fund |
||
| Assets | ||||
| Investments in unaffiliated securities, at value | (a) | $5,590,821,455 | $4,673,326,600 | $383,029,461 |
| Investments in affiliated securities, at value | (b) | 296,848,272 | 1,119,390,388 | 11,589,880 |
| Foreign currency, at value | (c) | 0 | 0 | 0 |
| Receivable for: | ||||
| Securities sold | 12,571,340 | 0 | 7,879,797 | |
| Fund shares sold | 14,868,864 | 12,677,646 | 425,007 | |
| Dividends and interest | 7,490,836 | 5,917,580 | 305,425 | |
| Tax reclaim | 0 | 0 | 0 | |
| Total receivables | 34,931,040 | 18,595,226 | 8,610,229 | |
| Other assets | 79,702 | 82,115 | 32,724 | |
| Total assets | $5,922,680,469 | $5,811,394,329 | $403,262,294 | |
| Liabilities and Net Assets | ||||
| Payable for: | ||||
| Securities purchased | $74,605,649 | $660,026 | $7,309,965 | |
| Fund shares redeemed | 4,071,925 | 3,515,433 | 265,675 | |
| Due to Adviser | 137,970 | 134,463 | 10,580 | |
| Due to transfer agent | 483,758 | 277,040 | 68,616 | |
| Trustees fees | 24,592 | 25,110 | 10,119 | |
| Deferred trustee compensation | 736,759 | 610,245 | 264,455 | |
| Foreign tax expense | 0 | 0 | 0 | |
| Other | 1,632,768 | 1,341,441 | 153,918 | |
| Total liabilities | 81,693,421 | 6,563,758 | 8,083,328 | |
| Net assets applicable to fund shares outstanding | $5,840,987,048 | $5,804,830,571 | $395,178,966 | |
| Analysis of Net Assets | ||||
| Paid in capital | $5,016,655,611 | $4,023,893,029 | $320,935,027 | |
| Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency exchange transactions | (305,576,249) | (92,291,372) | (18,080,467) | |
| Net unrealized appreciation (depreciation) of investments | 1,117,204,306 | 1,865,835,335 | 93,516,913 | |
| Net unrealized appreciation (depreciation)—other | 0 | 0 | 8,786 | |
| Accumulated undistributed net investment income (loss) | 12,703,380 | 7,393,579 | (1,201,293) | |
| Net assets applicable to Fund shares outstanding | $5,840,987,048 | $5,804,830,571 | $395,178,966 | |
| Price of Shares | ||||
| Net asset value per share: Class I (without par value) | $38.08 | $31.37 | $20.40 | |
| Class I—Net assets | $5,801,806,019 | $5,696,434,688 | $394,084,504 | |
| Class I—Shares outstanding (Unlimited shares authorized) | 152,358,405 | 181,579,852 | 19,315,219 | |
| Net asset value per share: Class II (without par value) | $37.92 | $31.20 | $20.26 | |
| Class II—Net assets | $39,181,029 | $108,395,883 | $1,094,462 | |
| Class II—Shares outstanding (Unlimited shares authorized) | 1,033,298 | 3,474,180 | 54,015 | |
| (a) Identified cost of investments in unaffiliated securities | $4,591,213,779 | $3,349,471,558 | $292,686,256 | |
| (b) Identified cost of investments in affiliated securities | 179,251,642 | 577,410,095 | 8,403,163 | |
| (c) Identified cost of foreign currency | 0 | 0 | 0 | |
| The Oakmark Equity and Income Fund |
The Oakmark Global Fund |
The Oakmark International Fund |
The Oakmark International Small Cap Fund |
||
| Assets | |||||
| Investments in unaffiliated securities, at value | (a) | $6,526,334,296 | $1,141,857,910 | $3,498,434,380 | $556,991,628 |
| Investments in affiliated securities, at value | (b) | 227,477,250 | 216,982,738 | 582,749,745 | 97,341,826 |
| Foreign currency, at value | (c) | 0 | 0 | 0 | 331,818 |
| Receivable for: | |||||
| Securities sold | 7,887,650 | 0 | 4,942,960 | 1,103,127 | |
| Fund shares sold | 40,559,998 | 12,954,836 | 16,301,161 | 2,914,347 | |
| Dividends and interest | 19,386,595 | 2,961,456 | 10,791,753 | 1,638,467 | |
| Tax reclaim | 0 | 188,176 | 2,048,367 | 615,995 | |
| Total receivables | 67,834,243 | 16,104,468 | 34,084,241 | 6,271,936 | |
| Other assets | 78,162 | 49,813 | 61,517 | 34,476 | |
| Total assets | $6,821,723,951 | $1,374,994,929 | $4,115,329,883 | $660,971,684 | |
| Liabilities and Net Assets | |||||
| Payable for: | |||||
| Securities purchased | $114,934,387 | $17,308,294 | $22,266,939 | $1,881,467 | |
| Fund shares redeemed | 3,191,906 | 564,247 | 4,766,800 | 771,324 | |
| Due to Adviser | 126,240 | 36,300 | 103,744 | 21,795 | |
| Due to transfer agent | 237,653 | 62,597 | 181,481 | 33,690 | |
| Trustees fees | 24,453 | 12,310 | 19,226 | 10,691 | |
| Deferred trustee compensation | 383,819 | 225,752 | 392,252 | 237,477 | |
| Foreign tax expense | 0 | 0 | 0 | 444,083 | |
| Other | 1,710,122 | 407,658 | 1,464,967 | 226,043 | |
| Total liabilities | 120,608,580 | 18,617,158 | 29,195,409 | 3,626,570 | |
| Net assets applicable to fund shares outstanding | $6,701,115,371 | $1,356,377,771 | $4,086,134,474 | $657,345,114 | |
| Analysis of Net Assets | |||||
| Paid in capital | $5,688,356,870 | $1,106,578,682 | $3,343,237,578 | $494,779,901 | |
| Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency exchange transactions | 10,527,568 | 14,874,509 | (132,211,328) | (28,376,830) | |
| Net unrealized appreciation (depreciation) of investments | 996,093,493 | 236,929,137 | 878,837,852 | 190,826,114 | |
| Net unrealized appreciation (depreciation)—other | 188,995 | 13,159 | 88,004 | 36,633 | |
| Accumulated undistributed net investment income (loss) | 5,948,445 | (2,017,716) | (3,817,632) | 79,296 | |
| Net assets applicable to Fund shares outstanding | $6,701,115,371 | $1,356,377,771 | $4,086,134,474 | $657,345,114 | |
| Price of Shares | |||||
| Net asset value per share: Class I (without par value) | $22.94 | $20.03 | $18.67 | $17.11 | |
| Class I—Net assets | $6,313,264,653 | $1,338,264,734 | $3,855,255,039 | $656,901,588 | |
| Class I—Shares outstanding (Unlimited shares authorized) | 275,262,210 | 66,818,977 | 206,489,876 | 38,403,220 | |
| Net asset value per share: Class II (without par value) | $22.87 | $19.84 | $18.58 | $17.08 | |
| Class II—Net assets | $387,850,718 | $18,113,037 | $230,879,435 | $443,526 | |
| Class II—Shares outstanding (Unlimited shares authorized) | 16,958,324 | 912,789 | 12,424,140 | 25,974 | |
| (a) Identified cost of investments in unaffiliated securities | $5,604,109,929 | $947,376,241 | $2,781,654,398 | $385,947,591 | |
| (b) Identified cost of investments in affiliated securities | 153,608,124 | 174,569,421 | 420,818,879 | 77,135,142 | |
| (c) Identified cost of foreign currency | 0 | 0 | 0 | 328,629 | |
See accompanying notes to financial statements.