THE OAKMARK FAMILY OF FUNDS

Statements of Assets and Liabilities—September 30, 2004

      The Oakmark
Fund		 The Oakmark
Select
Fund
Assets        
Investments in unaffiliated securities, at value (a)   $6,372,303,475 $4,658,383,696
Investments in affiliated securities, at value (b)   205,145,506 859,683,644
Foreign currency, at value (c)   0 0
Receivable for:        
Securities sold     19,950,906 24,526,592
Fund shares sold     13,058,723 18,249,783
Dividends and interest     9,364,575 5,237,213
Forward foreign currency contracts     0 0
Tax reclaim     0 0
     
Total receivables     42,374,204 48,013,588
Other assets     2,518 2,534
     
Total assets     $6,619,825,703 $5,566,083,462
Liabilities and Net Assets        
Options written, at value (d)   $0 $0
Payable for:        
Securities purchased     89,267,460 0
Fund shares redeemed     2,222,394 3,147,628
Due to Adviser     153,730 129,590
Due to transfer agent     247,697 121,566
Trustee fees     24,290 23,000
Deferred trustee compensation     815,273 682,967
Foreign tax expense     0 0
Other     1,200,135 945,622
     
Total liabilities     93,930,979 5,050,373
     
Net assets applicable to fund shares outstanding     $6,525,894,724 $5,561,033,089
     
Analysis of Net Assets        
Paid in capital     $5,604,817,454 $3,815,819,298
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency exchange transactions     (268,182,155) (22,167,615)
Net unrealized appreciation (depreciation) of investments     1,163,727,953 1,748,444,270
Net unrealized appreciation (depreciation)—other     0 0
Accumulated undistributed net investment income     25,531,472 18,937,136
     
Net assets applicable to Fund shares outstanding     $6,525,894,724 $5,561,033,089
     
Price of Shares        
Net asset value per share: Class I     $38.68 $31.20
     
Class I—Net assets     $6,474,041,733 $5,463,016,464
Class I—Shares outstanding (Unlimited shares authorized)     167,356,667 175,097,313
Net asset value per share: Class II     $38.45 $31.00
     
Class II—Net assets     $51,852,991 $98,016,625
Class II—Shares outstanding (Unlimited shares authorized)     1,348,535 3,161,477
(a) Identified cost of investments in unaffiliated securities     $5,291,556,489 $3,382,924,627
(b) Identified cost of investments in affiliated securities     122,164,539 386,698,443
(c) Identified cost of foreign currency     0 0
(d) Premiums received on options written     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) $8,014,809,676 $1,189,038,571 $3,697,665,001 $637,269,982
Investments in affiliated securities, at value (b) 39,912,600 154,396,413 561,176,342 95,797,944
Foreign currency, at value (c) 0 740,230 2,170,628 49,438
Receivable for:          
Securities sold   7,823,271 19,024,824 18,148,063 263,936
Fund shares sold   26,089,078 1,213,832 5,575,256 1,379,743
Dividends and interest   28,026,936 3,085,100 12,061,955 596,951
Forward foreign currency contracts   0 1,595,515 8,398,390 674,325
Tax reclaim   0 649,507 3,110,858 737,971
   
Total receivables   61,939,285 25,568,778 47,294,522 3,652,926
Other assets   2,516 12,880 2,384 2,156
   
Total assets   $8,116,664,077 $1,369,756,872 $4,308,308,877 $736,772,446
Liabilities and Net Assets           
Options written, at value (d) $682,500 $0 $0 $0
Payable for:          
Securities purchased   53,915,001 7,251,753 4,045,416 1,149,443
Fund shares redeemed   2,703,735 648,447 6,035,817 258,202
Due to Adviser   157,077 36,678 109,201 23,376
Due to transfer agent   161,259 43,684 94,900 15,101
Trustee fees   27,877 12,683 19,430 10,802
Deferred trustee compensation   472,832 266,993 454,714 273,780
Foreign tax expense   0 0 0 239,373
Other   1,986,114 474,994 1,439,101 218,544
   
Total liabilities   60,106,395 8,735,232 12,198,579 2,188,621
   
Net assets applicable to fund shares outstanding   $8,056,557,682 $1,361,021,640 $4,296,110,298 $734,583,825
   
Analysis of Net Assets          
Paid in capital   $6,987,288,659 $1,134,016,292 $3,484,490,169 $526,745,650
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency exchange transactions   193,663,146 23,306,784 6,460,252 9,627,220
Net unrealized appreciation (depreciation) of investments   828,279,593 198,359,319 753,124,601 194,354,882
Net unrealized appreciation (depreciation)—other   126,672 76,926 295,903 36,757
Accumulated undistributed net investment income   47,199,612 5,262,319 51,739,373 3,819,316
   
Net assets applicable to Fund shares outstanding   $8,056,557,682 $1,361,021,640 $4,296,110,298 $734,583,825
   
Price of Shares          
Net asset value per share: Class I   $23.12 $19.73 $18.98 $18.26
   
Class I—Net assets   $7,577,873,183 $1,336,308,202 $4,036,883,539 $734,122,273
Class I—Shares outstanding (Unlimited shares authorized)   327,695,235 67,714,805 212,697,335 40,194,270
Net asset value per share: Class II   $23.03 $19.53 $18.86 $18.25
   
Class II—Net assets   $478,684,499 $24,713,438 $259,226,759 $461,552
Class II—Shares outstanding (Unlimited shares authorized)   20,786,881 1,265,528 13,745,716 25,289
(a) Identified cost of investments in unaffiliated securities   $7,179,383,897 $1,010,496,198 $3,072,901,521 $451,796,343
(b) Identified cost of investments in affiliated securities   47,325,389 136,180,665 441,218,349 87,351,372
(c) Identified cost of foreign currency   0 734,547 2,153,973 49,328
(d) Premiums received on options written   948,977 0 0 0

See accompanying notes to financial statements.