Statements of Changes in Net Assets
The Oakmark Fund |
||
| Period Ended March 31, 2004 (Unaudited) |
Year Ended September 30, 2003 |
|
| From Operations: | ||
| Net investment income | $14,337,182 | $19,384,779 |
| Net realized gain (loss) on investments | 27,418,623 | (137,687,746) |
| Net change in unrealized appreciation (depreciation) of investments | 590,395,990 | 867,321,548 |
| Net increase in net assets from operations | 632,151,795 | 749,018,581 |
| Distributions to shareholders from: | ||
| Net investment income—Class I | (20,505,870) | (13,880,781) |
| Net investment income—Class II | (37,100) | (29,599) |
| Total distributions to shareholders | (20,542,970) | (13,910,380) |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 952,516,311 | 1,533,121,113 |
| Proceeds from shares sold—Class II | 20,632,501 | 17,938,866 |
| Reinvestment of distributions—Class I | 18,843,543 | 13,078,556 |
| Reinvestment of distributions—Class II | 8,676 | 700 |
| Payments for shares redeemed—Class I | (547,624,193) | (810,690,610) |
| Redemption fees Class I | 46,208 | 0 |
| Payments for shares redeemed—Class II | (5,559,958) | (6,723,524) |
| Net increase in net assets from Fund share transactions | 438,863,088 | 746,725,101 |
| Total increase in net assets | 1,050,471,913 | 1,481,833,302 |
| Net assets: | ||
| Beginning of period | 4,790,515,135 | 3,308,681,833 |
| End of period | $5,840,987,048 | $4,790,515,135 |
| Undistributed net investment income | $12,703,380 | $18,909,168 |
| Fund Share Transactions—Class I: | ||
| Shares sold | 25,701,195 | 49,341,298 |
| Shares issued in reinvestment of dividends | 534,720 | 425,457 |
| Less shares redeemed | (14,757,688) | (26,435,618) |
| Net increase in shares outstanding | 11,478,227 | 23,331,137 |
| Fund Share Transactions—Class II: | ||
| Shares sold | 560,084 | 576,827 |
| Shares issued in reinvestment of dividends | 247 | 23 |
| Less shares redeemed | (154,467) | (225,241) |
| Net increase in shares outstanding | 405,864 | 351,609 |
See accompanying notes to financial statements.
The Oakmark Select Fund |
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| Period Ended March 31, 2004 (Unaudited) |
Year Ended September 30, 2003 |
|
| From Operations: | ||
| Net investment income | $16,497,514 | $10,063,549 |
| Net realized gain (loss) on investments | 86,031,315 | (101,697,160) |
| Net change in unrealized appreciation (depreciation) of investments | 628,913,839 | 1,121,320,614 |
| Net increase in net assets from operations | 731,442,668 | 1,029,687,003 |
| Distributions to shareholders from: | ||
| Net investment income—Class I | (18,710,631) | (3,934,423) |
| Net investment income—Class II | (118,882) | 0 |
| Total distributions to shareholders | (18,829,513) | (3,934,423) |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 525,833,145 | 917,786,177 |
| Proceeds from shares sold—Class II | 21,250,751 | 37,698,020 |
| Reinvestment of distributions—Class I | 17,456,336 | 3,705,408 |
| Reinvestment of distributions—Class II | 58,212 | 0 |
| Payments for shares redeemed—Class I | (539,500,117) | (654,181,633) |
| Redemption fees Class I | 60,514 | 0 |
| Payments for shares redeemed—Class II | (19,028,695) | (26,725,613) |
| Net increase in net assets from Fund share transactions | 6,130,146 | 278,282,359 |
| Total increase in net assets | 718,743,301 | 1,304,034,939 |
| Net assets: | ||
| Beginning of period | 5,086,087,270 | 3,782,052,331 |
| End of period | $5,804,830,571 | $5,086,087,270 |
| Undistributed net investment income | $7,393,579 | $9,725,578 |
| Fund Share Transactions—Class I: | ||
| Shares sold | 17,279,097 | 36,086,657 |
| Shares issued in reinvestment of dividends | 595,510 | 150,625 |
| Less shares redeemed | (17,521,987) | (26,578,347) |
| Net increase in shares outstanding | 352,620 | 9,658,935 |
| Fund Share Transactions—Class II: | ||
| Shares sold | 700,673 | 1,482,025 |
| Shares issued in reinvestment of dividends | 1,944 | 0 |
| Less shares redeemed | (628,178) | (1,069,612) |
| Net increase in shares outstanding | 74,439 | 412,413 |
See accompanying notes to financial statements.
The Oakmark |
||
| Period Ended March 31, 2004 (Unaudited) |
Year Ended September 30, 2003 |
|
| From Operations: | ||
| Net investment loss | $(979,517) | $(2,414,871) |
| Net realized loss on investments | (6,262,175) | (11,322,124) |
| Net realized gain on foreign currency transactions | 850 | 0 |
| Net change in unrealized appreciation (depreciation) of investments | 71,742,284 | 80,258,968 |
| Net change in unrealized appreciation (depreciation)—other | 8,786 | 0 |
| Net increase in net assets from operations | 64,510,228 | 66,521,973 |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 37,370,497 | 50,502,211 |
| Proceeds from shares sold—Class II | 288,093 | 216,335 |
| Payments for shares redeemed—Class I | (57,944,082) | (123,497,018) |
| Redemption fees Class I | 29,583 | 0 |
| Payments for shares redeemed—Class II | (88,986) | (123,957) |
| Net decrease in net assets from Fund share transactions | (20,344,895) | (72,902,429) |
| Total increase (decrease) in net assets | 44,165,333 | (6,380,456) |
| Net assets: | ||
| Beginning of period | 351,013,633 | 357,394,089 |
| End of period | $395,178,966 | $351,013,633 |
| Undistributed net investment loss | $(1,201,293) | $(221,776) |
| Fund Share Transactions—Class I: | ||
| Shares sold | 1,915,238 | 3,238,264 |
| Less shares redeemed | (2,984,401) | (8,156,424) |
| Net decrease in shares outstanding | (1,069,163) | (4,918,160) |
| Fund Share Transactions—Class II: | ||
| Shares sold | 14,759 | 13,910 |
| Less shares redeemed | (4,757) | (7,871) |
| Net increase in shares outstanding | 10,002 | 6,039 |
See accompanying notes to financial statements.
The Oakmark |
||
| Period Ended March 31, 2004 (Unaudited) |
Year Ended September 30, 2003 |
|
| From Operations: | ||
| Net investment income | $14,343,143 | $34,174,070 |
| Net realized gain on investments | 80,541,618 | 9,562,063 |
| Net realized gain on foreign currency transactions | 180,636 | 370,636 |
| Net change in unrealized appreciation (depreciation) of investments | 584,008,876 | 517,697,982 |
| Net change in unrealized appreciation (depreciation)—other | 102,127 | 87,469 |
| Net increase in net assets from operations | 679,176,400 | 561,892,220 |
| Distributions to shareholders from: | ||
| Net investment income—Class I | (30,409,110) | (33,616,359) |
| Net investment income—Class II | (1,530,815) | (1,569,445) |
| Total distributions to shareholders | (31,939,925) | (35,185,804) |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 1,935,149,079 | 2,076,491,027 |
| Proceeds from shares sold—Class II | 147,419,713 | 144,338,218 |
| Reinvestment of distributions—Class I | 29,355,523 | 32,429,243 |
| Reinvestment of distributions—Class II | 514,106 | 321,834 |
| Payments for shares redeemed—Class I | (398,443,405) | (709,955,319) |
| Redemption fees Class I | 84,144 | 0 |
| Payments for shares redeemed—Class II | (44,849,275) | (46,269,411) |
| Net increase in net assets from Fund share transactions | 1,669,229,885 | 1,497,355,592 |
| Total increase in net assets | 2,316,466,360 | 2,024,062,008 |
| Net assets: | ||
| Beginning of period | 4,384,649,011 | 2,360,587,003 |
| End of period | $6,701,115,371 | $4,384,649,011 |
| Undistributed net investment income | $5,948,445 | $23,545,227 |
| Fund Share Transactions—Class I: | ||
| Shares sold | 88,279,231 | 109,874,694 |
| Shares issued in reinvestment of dividends | 1,399,884 | 1,796,634 |
| Less shares redeemed | (18,245,553) | (38,350,539) |
| Net increase in shares outstanding | 71,433,562 | 73,320,789 |
| Fund Share Transactions—Class II: | ||
| Shares sold | 6,798,152 | 7,706,490 |
| Shares issued in reinvestment of dividends | 24,563 | 17,840 |
| Less shares redeemed | (2,050,082) | (2,462,923) |
| Net increase in shares outstanding | 4,772,633 | 5,261,407 |
See accompanying notes to financial statements.
The Oakmark Global Fund |
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| Period Ended March 31, 2004 (Unaudited) |
Year Ended September 30, 2003 |
|
| From Operations: | ||
| Net investment income (loss) | $(1,674,675) | $9,446 |
| Net realized gain on investments | 15,251,652 | 3,814,882 |
| Net realized loss on foreign currency transactions | (51,663) | (168,173) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 155,164,277 | 114,576,882 |
| Net change in unrealized appreciation (depreciation)—other | 38,270 | (43,405) |
| Net increase in net assets from operations | 168,727,861 | 118,189,632 |
| Distributions to shareholders from: | ||
| Net investment income—Class I | (52,482) | 0 |
| Net realized gain—Class I | (2,853,676) | 0 |
| Net realized gain—Class II | (25,590) | 0 |
| Total distributions to shareholders | (2,931,748) | 0 |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 584,100,705 | 524,732,272 |
| Proceeds from shares sold—Class II | 12,569,273 | 6,645,694 |
| Reinvestment of distributions—Class I | 2,804,200 | 0 |
| Reinvestment of distributions—Class II | 20,731 | 0 |
| Payments for shares redeemed—Class I | (117,878,917) | (112,770,994) |
| Redemption fees Class I | 218,441 | 0 |
| Payments for shares redeemed—Class II | (1,850,210) | (2,412,970) |
| Net increase in net assets from Fund share transactions | 479,984,223 | 416,194,002 |
| Total increase in net assets | 645,780,336 | 534,383,634 |
| Net assets: | ||
| Beginning of period | 710,597,435 | 176,213,801 |
| End of period | $1,356,377,771 | $710,597,435 |
| Undistributed net investment loss | $(2,017,716) | $(290,559) |
| Fund Share Transactions—Class I: | ||
| Shares sold | 31,239,104 | 34,670,227 |
| Shares issued in reinvestment of dividends | 155,616 | 0 |
| Less shares redeemed | (6,086,912) | (8,703,761) |
| Net increase in shares outstanding | 25,307,808 | 25,966,466 |
| Fund Share Transactions—Class II: | ||
| Shares sold | 663,902 | 462,296 |
| Shares issued in reinvestment of dividends | 1,160 | 0 |
| Less shares redeemed | (97,167) | (171,894) |
| Net increase in shares outstanding | 567,895 | 290,402 |
See accompanying notes to financial statements.
The Oakmark International Fund |
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| Period Ended March 31, 2004 (Unaudited) |
Year Ended September 30, 2003 |
|
| From Operations: | ||
| Net investment income (loss) | $(2,444,201) | $20,158,139 |
| Net realized gain (loss) on investments | 78,785,867 | (194,137,263) |
| Net realized gain (loss) on foreign currency transactions | 78,639 | (659,981) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 527,624,543 | 712,978,826 |
| Net change in unrealized appreciation (depreciation)—other | (39,741) | 294,152 |
| Net increase in net assets from operations | 604,005,107 | 538,633,873 |
| Distributions to shareholders from: | ||
| Net investment income—Class I | (20,084,750) | (15,119,015) |
| Net investment income—Class II | (570,848) | (515,254) |
| Total distributions to shareholders | (20,655,598) | (15,634,269) |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 1,023,957,732 | 1,342,461,828 |
| Proceeds from shares sold—Class II | 117,528,761 | 210,555,153 |
| Reinvestment of distributions—Class I | 18,162,578 | 13,994,235 |
| Reinvestment of distributions—Class II | 279,537 | 172,223 |
| Payments for shares redeemed—Class I | (419,389,764) | (573,914,822) |
| Redemption fees Class I | 280,208 | 0 |
| Payments for shares redeemed—Class II | (37,879,223) | (158,686,779) |
| Net increase in net assets from Fund share transactions | 702,939,829 | 834,581,838 |
| Total increase in net assets | 1,286,289,338 | 1,357,581,442 |
| Net assets: | ||
| Beginning of period | 2,799,845,136 | 1,442,263,694 |
| End of period | $4,086,134,474 | $2,799,845,136 |
| Undistributed net investment income (loss) | $(3,817,632) | $19,282,167 |
| Fund Share Transactions—Class I: | ||
| Shares sold | 58,012,314 | 98,256,816 |
| Shares issued in reinvestment of dividends | 1,091,501 | 1,050,618 |
| Less shares redeemed | (23,387,678) | (43,071,914) |
| Net increase in shares outstanding | 35,716,137 | 56,235,520 |
| Fund Share Transactions—Class II: | ||
| Shares sold | 6,606,015 | 15,141,504 |
| Shares issued in reinvestment of dividends | 16,860 | 12,959 |
| Less shares redeemed | (2,107,207) | (11,241,101) |
| Net increase in shares outstanding | 4,515,668 | 3,913,362 |
See accompanying notes to financial statements.
Small Cap Fund |
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| Period Ended March 31, 2004 (Unaudited) |
Year Ended September 30, 2003 |
|
| From Operations: | ||
| Net investment income | $773,208 | $3,739,176 |
| Net realized gain (loss) on investments | 5,440,237 | (33,475,417) |
| Net realized gain (loss) on foreign currency transactions | 53,163 | (58,650) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 121,144,024 | 160,461,142 |
| Net change in unrealized appreciation (depreciation)—other | (23,426) | 36,163 |
| Deferred foreign taxes | (444,083) | 0 |
| Net increase in net assets from operations | 126,943,123 | 130,702,414 |
| Distributions to shareholders from: | ||
| Net investment income—Class I | (4,209,195) | (3,076,432) |
| Net investment income—Class II | (2,982) | (1,637) |
| Net realized gain—Class I | 0 | (9,181,861) |
| Net realized gain—Class II | 0 | (6,548) |
| Total distributions to shareholders | (4,212,177) | (12,266,478) |
| From Fund share transactions: | ||
| Proceeds from shares sold—Class I | 109,541,987 | 122,746,015 |
| Proceeds from shares sold—Class II | 39,982 | 978,707 |
| Reinvestment of distributions—Class I | 3,863,970 | 11,533,652 |
| Reinvestment of distributions—Class II | 1,508 | 4,554 |
| Payments for shares redeemed—Class I | (57,181,044) | (132,515,271) |
| Redemption fees Class I | 249,166 | 0 |
| Payments for shares redeemed—Class II | (145,830) | (945,332) |
| Net increase in net assets from Fund share transactions | 56,369,739 | 1,802,325 |
| Total increase in net assets | 179,100,685 | 120,238,261 |
| Net assets: | ||
| Beginning of period | 478,244,429 | 358,006,168 |
| End of period | $657,345,114 | $478,244,429 |
| Undistributed net investment income | $79,296 | $3,518,265 |
| Fund Share Transactions—Class I: | ||
| Shares sold | 6,901,509 | 11,051,169 |
| Shares issued in reinvestment of dividends | 260,200 | 1,095,314 |
| Less shares redeemed | (3,532,857) | (12,545,416) |
| Net increase (decrease) in shares outstanding | 3,628,852 | (398,933) |
| Fund Share Transactions—Class II: | ||
| Shares sold | 2,534 | 88,462 |
| Shares issued in reinvestment of dividends | 102 | 432 |
| Less shares redeemed | (8,775) | (85,057) |
| Net increase (decrease) in shares outstanding | (6,139) | 3,837 |
See accompanying notes to financial statements.