Statements of Operations—Year Ended September 30, 2004
| The
Oakmark Fund |
The
Oakmark Select Fund |
|
| Investment Income: | ||
| Dividends from unaffiliated securities | $79,776,909 | $71,470,705 |
| Dividends from affiliated securities | 3,411,728 | 9,454,532 |
| Interest Income | 5,612,596 | 3,670,367 |
| Securities lending income | 0 | 0 |
| Other income | 12,156 | 52,731 |
| Foreign taxes withheld | (86,768) | 0 |
| Total investment income | 88,726,621 | 84,648,335 |
| Expenses: | ||
| Investment advisory fee | 50,652,178 | 48,070,958 |
| Transfer and dividend disbursing agent fees | 2,942,576 | 1,488,884 |
| Other shareholder servicing fees | 5,055,637 | 4,490,884 |
| Service Fee—Class II | 93,506 | 165,847 |
| Reports to shareholders | 1,229,408 | 1,000,249 |
| Custody and accounting fees | 619,832 | 603,672 |
| Registration and blue sky expenses | 280,357 | 105,466 |
| Trustee fees | 111,125 | 107,100 |
| Deferred trustee compensation | 125,814 | 127,432 |
| Legal fees | 89,023 | 88,063 |
| Audit fees | 46,357 | 42,736 |
| Other | 315,530 | 315,973 |
| Total expenses | 61,561,343 | 56,607,264 |
| Net expenses | 61,561,343 | 56,607,264 |
| Net Investment Income: | 27,165,278 | 28,041,071 |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | ||
| Net realized gain on unaffiliated securities | 49,330,325 | 95,737,774 |
| Net realized gain (loss) on affiliated securities | 13,028,681 | 57,494,684 |
| Net realized gain on options written | 2,454,446 | 2,924,572 |
| Net realized gain (loss) on short sales | (737) | (1,959) |
| Net realized gain (loss) on foreign currency transactions | 0 | 0 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 636,919,637 | 511,522,774 |
| Net change in appreciation (depreciation)—other | 0 | 0 |
| Net realized and unrealized gain on investments and foreign currency transactions: | 701,732,352 | 667,677,845 |
| Net increase in net assets resulting from operations | $728,897,630 | $695,718,916 |
| 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 | $40,138,015 | $19,537,599 | $97,164,219 | $12,283,694 |
| Dividends from affiliated securities | 2,141,500 | 3,216,076 | 11,723,411 | 3,383,772 |
| Interest Income | 69,277,402 | 859,614 | 1,714,491 | 279,033 |
| Securities lending income | 0 | 53,773 | 1,248,738 | 0 |
| Other income | 38,688 | 0 | 0 | 12,701 |
| Foreign taxes withheld | (680,001) | (1,963,492) | (10,762,812) | (1,906,580) |
| Total investment income | 110,915,604 | 21,703,570 | 101,088,047 | 14,052,620 |
| Expenses: | ||||
| Investment advisory fee | 46,997,810 | 12,245,761 | 36,337,644 | 7,616,526 |
| Transfer and dividend disbursing agent fees | 1,736,983 | 434,475 | 1,117,583 | 166,242 |
| Other shareholder servicing fees | 7,497,728 | 1,242,856 | 3,865,215 | 570,689 |
| Service fee—Class II | 921,230 | 40,361 | 532,422 | 44 |
| Reports to shareholders | 1,498,868 | 306,925 | 924,262 | 122,640 |
| Custody and accounting fees | 784,732 | 1,059,568 | 3,838,366 | 703,303 |
| Registration and blue sky expenses | 620,688 | 172,192 | 224,171 | 53,714 |
| Trustee fees | 122,659 | 57,649 | 89,107 | 49,315 |
| Deferred trustee compensation | 128,640 | 63,057 | 98,880 | 55,074 |
| Legal fees | 96,056 | 45,958 | 71,966 | 39,318 |
| Audit fees | 52,830 | 30,838 | 41,157 | 28,240 |
| Other | 331,310 | 119,243 | 231,382 | 92,740 |
| Total expenses | 60,789,534 | 15,818,883 | 47,372,155 | 9,497,845 |
| Net expenses | 60,789,534 | 15,818,883 | 47,372,155 | 9,497,845 |
| Net Investment Income (Loss): | 50,126,070 | 5,884,687 | 53,715,892 | 4,554,775 |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | ||||
| Net realized gain (loss) on unaffiliated securities | 284,152,401 | 30,101,048 | 214,537,262 | 41,374,709 |
| Net realized loss on affiliated securities | (15,625,092) | (6,912,122) | 2,998,826 | 2,122,741 |
| Net realized gain (loss) on options | 571,712 | 363,653 | 0 | 0 |
| Net realized gain on short sales | 0 | 0 | 0 | 0 |
| Net realized gain (loss) on foreign currency transactions | 227,056 | (199,643) | (603,088) | (41,546) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 416,194,976 | 116,594,459 | 401,911,292 | 124,228,709 |
| Net change in appreciation (depreciation)—other | 39,804 | 102,037 | 168,158 | (23,302) |
| Net realized and unrealized gain on investments and foreign currency transactions: | 685,560,857 | 140,049,432 | 619,012,450 | 167,661,311 |
| Net increase in net assets resulting from operations | $735,686,927 | $145,934,119 | $672,728,342 | $172,216,086 |
See accompanying notes to financial statements.