THE OAKMARK FAMILY OF FUNDS

Statements of Changes in Net Assets—September 30, 2004


The Oakmark Fund
 
  Year Ended
September 30, 2004		 Year Ended
September 30, 2003
From Operations:    
Net investment income $27,165,278 $19,384,779
Net realized gain (loss) on investments 64,812,715 (137,687,746)
Net change in unrealized appreciation (depreciation) of investments 636,919,637 867,321,548
 
Net increase in net assets from operations 728,897,630 749,018,581
Distributions to shareholders from:
Net investment income—Class I (20,505,874) (13,880,781)
Net investment income—Class II (37,100) (29,599)
 
Total distributions to shareholders (20,542,974) (13,910,380)
From Fund share transactions:
Proceeds from shares sold—Class I 1,919,971,722 1,533,121,113
Proceeds from shares sold—Class II 36,194,109 17,938,866
Reinvestment of distributions—Class I 18,843,547 13,078,556
Reinvestment of distributions—Class II 8,676 700
Payments for shares redeemed—Class I (939,233,385) (810,690,610)
Payments for shares redeemed—Class II (9,099,878) (6,723,524)
Redemption fees—Class I 340,142 0
 
Net increase in net assets from Fund share transactions 1,027,024,933 746,725,101
 
Total increase in net assets 1,735,379,589 1,481,833,302
Net assets:    
Beginning of period 4,790,515,135 3,308,681,833
 
End of period $6,525,894,724 $4,790,515,135
 
Undistributed net investment income $25,531,472 $18,909,168
 
 
Fund Share Transactions—Class I:
Shares sold 50,926,355 49,341,298
Shares issued in reinvestment of dividends 534,720 425,457
Less shares redeemed (24,984,586) (26,435,618)
 
Net increase in shares outstanding 26,476,489 23,331,137
 
Fund Share Transactions—Class II:
Shares sold 968,163 576,827
Shares issued in reinvestment of dividends 247 23
Less shares redeemed (247,309) (225,241)
 
Net increase in shares outstanding 721,101 351,609
 
See accompanying notes to financial statements.

  


The Oakmark
Select Fund
 
Year Ended
September 30, 2004		 Year Ended
September 30, 2003
From Operations:    
Net investment income $28,041,071 $10,063,549
Net realized gain (loss) on investments 156,155,071 (101,697,160)
Net change in unrealized appreciation (depreciation) of investments 511,522,774 1,121,320,614
 
Net increase in net assets from operations 695,718,916 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 807,786,818 917,786,177
Proceeds from shares sold—Class II 33,570,613 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 (1,019,983,750) (654,181,633)
Payments for shares redeemed—Class II (40,937,360) (26,725,613)
Redemption fees—Class I 105,547 0
 
Net increase (decrease) in net assets from Fund share transactions (201,943,584) 278,282,359
 
Total increase in net assets 474,945,819 1,304,034,939
Net assets:    
Beginning of period 5,086,087,270 3,782,052,331
 
End of period $5,561,033,089 $5,086,087,270
 
Undistributed net investment income $18,937,136 $9,725,578
 
 
Fund Share Transactions—Class I:
Shares sold 26,433,387 36,086,657
Shares issued in reinvestment of dividends 595,510 150,625
Less shares redeemed (33,158,816) (26,578,347)
 
Net increase (decrease) in shares outstanding (6,129,919) 9,658,935
 
Fund Share Transactions—Class II:
Shares sold 1,102,241 1,482,025
Shares issued in reinvestment of dividends 1,944 0
Less shares redeemed (1,342,449) (1,069,612)
 
Net increase (decrease) in shares outstanding (238,264) 412,413
 

See accompanying notes to financial statements.

  


The Oakmark
Equity and Income Fund
 
  Year Ended
September 30, 2004		 Year Ended
September 30, 2003
From Operations:    
Net investment income $50,126,070 $34,174,070
Net realized gain on investments 269,099,021 9,562,063
Net realized gain on foreign currency transactions 227,056 370,636
Net change in unrealized appreciation (depreciation) of investments 416,194,976 517,697,982
Net change in unrealized appreciation (depreciation)—other 39,804 87,469
 
Net increase in net assets from operations 735,686,927 561,892,220
Distributions to shareholders from:
Net investment income—Class I (30,409,117) (33,616,359)
Net investment income—Class II (1,530,815) (1,569,445)
 
Total distributions to shareholders (31,939,932) (35,185,804)
From Fund share transactions:
Proceeds from shares sold—Class I 3,583,813,621 2,076,491,027
Proceeds from shares sold—Class II 277,231,468 144,338,218
Reinvestment of distributions—Class I 29,355,530 32,429,243
Reinvestment of distributions—Class II 514,106 321,834
Payments for shares redeemed—Class I (836,471,290) (709,955,319)
Payments for shares redeemed—Class II (86,816,396) (46,269,411)
Redemption fees—Class I 534,637 0
 
Net increase in net assets from Fund share transactions 2,968,161,676 1,497,355,592
 
Total increase in net assets 3,671,908,671 2,024,062,008
Net assets:    
Beginning of period 4,384,649,011 2,360,587,003
 
End of period $8,056,557,682 $4,384,649,011
 
Undistributed net investment income $47,199,612 $23,545,227
 
 
Fund Share Transactions—Class I:
Shares sold 159,855,520 109,874,694
Shares issued in reinvestment of dividends 1,399,884 1,796,634
Less shares redeemed (37,388,817) (38,350,539)
 
Net increase in shares outstanding 123,866,587 73,320,789
 
Fund Share Transactions—Class II:
Shares sold 12,464,461 7,706,490
Shares issued in reinvestment of dividends 24,563 17,840
Less shares redeemed (3,887,834) (2,462,923)
 
Net increase in shares outstanding 8,601,190 5,261,407
 
See accompanying notes to financial statements.

  


The Oakmark
Global Fund
 
Year Ended
September 30, 2004		 Year Ended
September 30, 2003
From Operations:    
Net investment income $5,884,687 $9,446
Net realized gain on investments 23,552,579 3,814,882
Net realized loss on foreign currency transactions (199,643) (168,173)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 116,594,459 114,576,882
Net change in unrealized appreciation (depreciation)—other 102,037 (43,405)
 
Net increase in net assets from operations 145,934,119 118,189,632
Distributions to shareholders from:
Net investment income—Class I (54,303) 0
Net realized gain—Class I (2,851,872) 0
Net realized gain—Class II (25,574) 0
 
Total distributions to shareholders (2,931,749) 0
From Fund share transactions:
Proceeds from shares sold—Class I 782,660,249 524,732,272
Proceeds from shares sold—Class II 21,752,122 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 (296,067,961) (112,770,994)
Payments for shares redeemed—Class II (4,061,520) (2,412,970)
Redemption fees—Class I 314,014 0
 
Net increase in net assets from Fund share transactions 507,421,835 416,194,002
 
Total increase in net assets 650,424,205 534,383,634
Net assets:    
Beginning of period 710,597,435 176,213,801
 
End of period $1,361,021,640 $710,597,435
 
Undistributed net investment income (loss) $5,262,319 $(290,559)
 
 
Fund Share Transactions—Class I:
Shares sold 41,298,499 34,670,227
Shares issued in reinvestment of dividends 155,616 0
Less shares redeemed (15,250,479) (8,703,761)
 
Net increase in shares outstanding 26,203,636 25,966,466
 
Fund Share Transactions—Class II:
Shares sold 1,131,427 462,296
Shares issued in reinvestment of dividends 1,160 0
Less shares redeemed (211,953) (171,894)
 
Net increase in shares outstanding 920,634 290,402
 

See accompanying notes to financial statements.

  


The Oakmark
International Fund
 
  Year Ended
September 30, 2004		 Year Ended
September 30, 2003
From Operations:    
Net investment income $53,715,892 $20,158,139
Net realized gain (loss) on investments 217,536,088 (194,137,263)
Net realized loss on foreign currency transactions (603,088) (659,981)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 401,911,292 712,978,826
Net change in unrealized appreciation (depreciation)—other 168,158 294,152
 
Net increase in net assets from operations 672,728,342 538,633,873
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 1,465,810,386 1,342,461,828
Proceeds from shares sold—Class II 183,258,922 210,555,153
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 (744,490,290) (573,914,822)
Payments for shares redeemed—Class II (79,196,627) (158,686,779)
Redemption fees—Class I 367,912 0
 
Net increase in net assets from Fund share transactions 844,192,418 834,581,838
 
Total increase in net assets 1,496,265,162 1,357,581,442
Net assets:    
Beginning of period 2,799,845,136 1,442,263,694
 
End of period $4,296,110,298 $2,799,845,136
 
Undistributed net investment income $51,739,373 $19,282,167
 
 
Fund Share Transactions—Class I:
Shares sold 81,784,418 98,256,816
Shares issued in reinvestment of dividends 1,091,501 1,050,618
Less shares redeemed (40,952,323) (43,071,914)
 
Net increase in shares outstanding 41,923,596 56,235,520
 
Fund Share Transactions—Class II:
Shares sold 10,166,362 15,141,504
Shares issued in reinvestment of dividends 16,860 12,959
Less shares redeemed (4,345,978) (11,241,101)
 
Net increase in shares outstanding 5,837,244 3,913,362
 

See accompanying notes to financial statements.

  


The Oakmark International
Small Cap Fund
 
Year Ended
September 30, 2004		 Year Ended
September 30, 2003
From Operations:    
Net investment income $4,554,775 $3,739,176
Net realized gain (loss) on investments 43,497,450 (33,475,417)
Net realized loss on foreign currency transactions (41,546) (58,650)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 124,228,709 160,461,142
Net change in unrealized appreciation (depreciation)—other (23,302) 36,163
Deferred foreign taxes 0 0
 
Net increase in net assets from operations 172,216,086 130,702,414
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 188,831,597 122,746,015
Proceeds from shares sold—Class II 54,188 978,707
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 (104,507,785) (132,515,271)
Payments for shares redeemed—Class II (171,984) (945,332)
Redemption fees—Class I 263,993 0
 
Net increase in net assets from Fund share transactions 88,335,487 1,802,325
 
Total increase in net assets 256,339,396 120,238,261
Net assets:    
Beginning of period 478,244,429 358,006,168
 
End of period $734,583,825 $478,244,429
 
Undistributed net investment income $3,819,316 $3,518,265
 
 
Fund Share Transactions—Class I:
Shares sold 11,434,258 11,051,169
Shares issued in reinvestment of dividends 260,200 1,095,314
Less shares redeemed (6,274,556) (12,545,416)
 
Net increase (decrease) in shares outstanding 5,419,902 (398,933)
 
Fund Share Transactions—Class II:
Shares sold 3,350 88,462
Shares issued in reinvestment of dividends 102 432
Less shares redeemed (10,276) (85,057)
 
Net increase (decrease) in shares outstanding (6,824) 3,837
 

See accompanying notes to financial statements.