The Oakmark Family of Funds

Statement of Assets and Liabilities—September 30, 1997

The Oakmark
Fund		 The Oakmark
Select Fund		 The Oakmark
Small Cap Fund
Assets
Investments, at value $ 6,632,985,679 $ 523,916,068 $ 1,511,801,430
(cost: $4,613,299,665) (cost: $436,240,901) (cost: $1,203,839,475)
Cash 886 91 4,507,199
Foreign currency, at value 0 0 0
Collateral for securities loaned, at value 0 0 120,819,723
Receivable for:
Forward foreign currency contracts 0 0 0
Securities sold 24,858,028 0 5,695,342
Fund shares sold 19,285,029 8,833,204 8,852,777
Dividends and interest           9,034,583           184,529              698,583
Total receivables 53,177,640 9,017,733 15,246,702
Other assets                24,090               4,026                  8,260
Total assets $ 6,686,188,295 $ 532,937,918 $ 1,652,383,314
Liabilities and Net Assets
Payable for:
Cash overdraft $                    0 $                 0 $                    0
Securities purchased 60,337,236 17,905,077 15,112,148
Collateral upon return of securities loaned, at value 0 0 120,819,723
Fund shares redeemed 4,725,323 251,084 1,206,105
Due to adviser 4,930,728 338,136 1,335,110
Forward foreign currency contracts 0 0 0
Other           1,246,380           269,049              514,588
Total liabilities         71,239,667      18,763,346       138,987,674
Net assets applicable to fund shares outstanding $ 6,614,948,628 $ 514,174,572 $ 1,513,395,640
Fund shares outstanding       160,525,019      31,466,003            74,417,566
Price of Shares
Net asset value per share $               41.21 $            16.34 $               20.34
Analysis of Net Assets
Paid in capital $ 4,305,752,545 $ 421,675,856 $ 1,161,135,817
Accumulated undistributed net realized gain on sale of investments, forward contracts and foreign currency exchange transactions 239,815,188 5,070,435 46,258,507
Net unrealized appreciation/depreciation of investments 2,019,686,014 87,675,167 307,961,955
Net unrealized appreciation of foreign currency portfolio hedges 0 0 0
Net unrealized appreciation — other 0 0 0
Accumulated undistributed net investment income (loss)         49,694,881         (246,886)         (1,960,639)
Net assets applicable to Fund shares outstanding $ 6,614,948,628 $ 514,174,572 $ 1,513,395,640




The Oakmark
Equity and
Income Fund		 The Oakmark
International
Fund		 The Oakmark
International
Small Cap Fund
Assets
Investments, at value $ 33,856,971 $ 1,634,931,172 $ 66,294,951
(cost: $28,398,735) (cost: $1,480,884,266) (cost: $67,460,913)
Cash 630 1,116,846 978
Foreign currency, at value 0 1,622,273 0
Collateral for securities loaned, at value 2,835,700 209,792,398 2,600,582
Receivable for:
Forward foreign currency contracts 0 530,357 1,091
Securities sold 13,701 3,264,314 1,076,346
Fund shares sold 220,059 10,427,851 271,466
Dividends and interest         215,539           5,937,148         268,971
Total receivables 449,299 20,159,670 1,617,874
Other assets             4,570                  7,260             4,789
Total assets $ 37,147,170 $ 1,867,629,619 $ 70,519,174
Liabilities and Net Assets
Payable for:
Cash overdraft $                0 $                    0 $     603,955
Securities purchased 782,504 5,919,962 740,826
Collateral upon return of securities loaned, at value 2,835,700 209,792,398 2,600,582
Fund shares redeemed 0 2,632,699 420,404
Due to adviser 19,021 1,304,768 69,594
Forward foreign currency contracts 0 13,505 3,447
Other           47,432              618,756         107,566
Total liabilities      3,684,657       220,282,088      4,546,374
Net assets applicable to fund shares outstanding $ 33,462,513 $ 1,647,347,531 $ 65,972,800
Fund shares outstanding      2,309,368         87,742,360      5,408,654
Price of Shares
Net asset value per share $          14.49 $               18.77 $          12.20
Analysis of Net Assets
Paid in capital $ 26,650,896 $ 1,230,460,601 $ 60,623,224
Accumulated undistributed net realized gain on sale of investments, forward contracts and foreign currency exchange transactions 904,575 200,912,998 5,992,327
Net unrealized appreciation/depreciation of investments 5,458,236 154,050,337 (1,168,153)
Net unrealized appreciation of foreign currency portfolio hedges 0 530,186 0
Net unrealized appreciation -- other 0 3,400 3,469
Accumulated undistributed net investment income (loss)         448,806         61,390,009         521,933
Net assets applicable to Fund shares outstanding $ 33,462,513 $ 1,647,347,531 $ 65,972,800

See accompanying notes to financial statements.