THE OAKMARK FAMILY OF FUNDS

Statements of Operations—March 31, 2004 (Unaudited)

The Oakmark
Fund		 The Oakmark
Select
Fund		 The Oakmark
Small Cap
Fund
Investment Income:      
Dividends from unaffiliated securities $39,569,075 $38,140,538 $1,298,271
Dividends from affiliated securities 1,636,670 4,706,340 0
Interest Income 2,272,261 1,978,868 136,221
Other income 39,662 52,731 5,898
Foreign taxes withheld 34,435 0 0
Total investment income 43,552,103 44,878,477 1,440,390
Expenses:      
Investment advisory fee 23,864,630 23,958,554 1,888,230
Transfer and dividend disbursing agent fees 1,434,105 762,368 180,928
Other shareholder servicing fees 2,273,010 2,153,849 130,047
Service Fee—Class II 36,308 115,254 1,098
Reports to shareholders 774,959 632,528 41,900
Custody and accounting fees 295,476 305,789 29,183
Registration and blue sky expenses 141,525 46,998 13,632
Trustee fees 55,284 56,108 22,926
Deferred trustee compensation 103,499 105,821 42,679
Legal fees 42,083 43,334 17,335
Audit fees 22,415 23,516 6,506
Other 171,627 176,844 45,443
Total expenses 29,214,921 28,380,963 2,419,907
Net Investment Income (loss): 14,337,182 16,497,514 (979,517)
Net realized and unrealized gain (loss) on investments and foreign currency transactions:      
Net realized gain (loss) on unaffiliated securities 23,432,761 72,545,020 (6,996,152)
Net realized gain on affiliated securities 2,222,577 11,318,223 688,409
Net realized gain on options 1,764,022 2,170,031 45,568
Net realized gain (loss) on short sales (737) (1,959) 0
Net realized gain (loss) on foreign currency transactions 0 0 850
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 590,395,990 628,913,839 71,742,284
Net change in appreciation (depreciation)—other 0 0 8,786
Deferred foreign taxes 0 0 0
Net realized and unrealized gain on investments and foreign currency transactions: 617,814,613 714,945,154 65,489,745
Net increase in net assets resulting from operations $632,151,795 $731,442,668 $64,510,228

  

The Oakmark
Equity and
Income Fund		 The Oakmark
Global
Fund		 The Oakmark
International
Fund		 The Oakmark
International
Small Cap Fund
Investment Income:        
Dividends from unaffiliated securities $13,387,345 $4,779,536 $19,971,303 $5,443,481
Dividends from affiliated securities 997,500 443,883 933,992 380,696
Interest Income 25,735,493 498,563 774,327 123,927
Other income 4,005 56 0 0
Foreign taxes withheld 43,493 (376,041) (2,083,614) (688,763)
Total investment income 40,167,836 5,345,997 19,596,008 5,259,341
Expenses:        
Investment advisory fee 19,881,975 5,393,852 16,818,167 3,558,522
Transfer and dividend disbursing agent fees 736,872 178,066 541,948 81,545
Other shareholder servicing fees 2,997,627 511,455 1,635,553 268,281
Service Fee—Class II 393,112 13,434 217,877 141
Reports to shareholders 767,949 128,564 519,099 69,697
Custody and accounting fees 353,560 496,925 1,866,174 336,394
Registration and blue sky expenses 300,091 125,301 142,098 25,745
Trustee fees 55,959 28,397 44,369 24,379
Deferred trustee compensation 103,516 51,407 81,014 45,145
Legal fees 42,204 20,882 32,742 18,288
Audit fees 20,863 8,071 15,702 7,546
Other 170,965 64,318 125,466 50,450
Total expenses 25,824,693 7,020,672 22,040,209 4,486,133
Net Investment Income (loss): 14,343,143 (1,674,675) (2,444,201) 773,208
Net realized and unrealized gain (loss) on investments and foreign currency transactions:        
Net realized gain (loss) on unaffiliated securities 80,541,618 14,837,990 78,374,034 5,187,780
Net realized gain on affiliated securities 0 50,009 411,833 252,457
Net realized gain on options 0 363,653 0 0
Net realized gain (loss) on short sales 0 0 0 0
Net realized gain (loss) on foreign currency transactions 180,636 (51,663) 78,639 53,163
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 584,008,876 155,164,277 527,624,543 121,144,024
Net change in appreciation (depreciation)—other 102,127 38,270 (39,741) (23,426)
Deferred foreign taxes 0 0 0 (444,083)
Net realized and unrealized gain on investments and foreign currency transactions: 664,833,257 170,402,536 606,449,308 126,169,915
Net increase in net assets resulting from operations $679,176,400 $168,727,861 $604,005,107 $126,943,123

See accompanying notes to financial statements.