THE OAKMARK FAMILY OF FUNDS ANNUAL REPORT
October 31, 1996
LETTER FROM THE PRESIDENT
THE OAKMARK FAMILY OF FUNDS SUMMARY
THE OAKMARK FUND
Performance Information
Letter from the Portfolio Manager
Schedule of Investments
THE OAKMARK SMALL CAP FUND
Performance Information
Letter from the Portfolio Manager
Schedule of Investments
THE OAKMARK BALANCED FUND
Performance Information
Letter from the Portfolio Manager
Schedule of Investments
THE OAKMARK INTERNATIONAL FUND
Performance Information
Letter from the Portfolio Managers
International Diversification Chart
Schedule of Investments
THE OAKMARK INT'L EMERGING VALUE FUND
Performance Information
Letter from the Portfolio Managers
International Diversification Chart
Schedule of Investments
FINANCIAL STATEMENTS
TRUSTEES AND OFFICERS