The Oakmark Family of Funds

Statement of Changes in Net Assets—September 30, 1997

The Oakmark Fund
Eleven Months Ended
September 30, 1997		 Year Ended
October 31, 1996		 Year Ended
October 31, 1995
From Operations:
Net investment income $ 55,858,346 $ 41,568,343 $ 27,572,923
Net realized gain on sale of investments 239,442,987 226,166,113 87,157,237
Net realized loss on foreign currency transactions (2,673) (12,777) (37,102)
Net change in unrealized appreciation 1,231,138,352 290,431,755 320,305,458
Net increase in net assets from operations 1,526,437,012 558,153,434 434,998,516
Distribution to shareholders from (1):
Net investment income (41,659,757) (29,455,748) (15,107,180)
Net realized short-term gain (13,947,126) (4,354,309) (47,575,398)
Net realized long-term gain (212,039,549) (82,805,333) (48,452,482)
Total distributions to shareholders (267,646,432) (116,615,390) (111,135,060)
From Fund share transactions:
Proceeds from shares sold 2,107,074,877 1,810,842,079 1,384,343,262
Reinvestment of dividends and capital gain distributions 256,384,877 110,976,647 106,504,973
Payments for shares redeemed (941,237,366) (1,256,490,130) (664,894,744)
Net increase in net assets from Fund share transactions 1,422,222,388 665,328,596 825,953,491
Total increase in net assets 2,681,012,968 1,106,866,640 1,149,816,947
Net assets:
Beginning of period 3,933,935,660 2,827,069,020 1,677,252,073
End of period $ 6,614,948,628 $ 3,933,935,660 $ 2,827,069,020
Undistributed net investment income $ 49,694,881 $ 35,496,292 $ 23,383,697
(1): Distributions per share:
Net investment income .3441 .2841 .2310
Net realized short-term gain .1152 .0420 .7277
Net realized long-term gain 1.7514 .7987 .7411
Total distributions to shareholders $ 2.2107 $ 1.1248 $ 1.6998



The Oakmark
Select Fund
Eleven Months Ended
September 30, 1997
From Operations:
Net investment income (loss) $ (246,886)
Net realized gain on sale of investments 5,070,435
Net change in unrealized appreciation 87,675,167
Net increase in net assets from operations 92,498,716
Distribution to shareholders from:
Net investment income 0
Net realized short-term gain 0
Net realized long-term gain 0
Total distributions to shareholders 0
From Fund share transactions:
Proceeds from shares sold 571,117,746
Reinvestment of dividends and capital gain distributions 0
Payments for shares redeemed (149,441,890)
Net increase in net assets from Fund share transactions 421,675,856
Total increase in net assets 514,174,572
Net assets:
Beginning of period 0
End of period $ 514,174,572
Undistributed net investment loss $ (246,886)



The Oakmark
Small Cap Fund
Eleven Months Ended
September 30, 1997		 Year Ended
October 31, 1996
From Operations:
Net investment loss $ (1,684,439) $ (276,200)
Net realized gain on sale of investments 46,501,798 (243,291)
Net change in unrealized appreciation 287,859,202 20,102,753
Net increase in net assets from operations 332,676,561 19,583,262
Distribution to shareholders from:
Net investment income 0 0
Net realized short-term gain 0 0
Net realized long-term gain 0 0
Total distributions to shareholders 0 0
From Fund share transactions:
Proceeds from shares sold 1,289,718,462 224,762,208
Reinvestment of dividends and capital gain distributions 0 0
Payments for shares redeemed (327,419,790) (25,925,063)
Net increase in net assets from Fund share transactions 962,298,672 198,837,145
Total increase in net assets 1,294,975,233 218,420,407
Net assets:
Beginning of period 218,420,407 0
End of period $ 1,513,395,640 $ 218,420,407
Undistributed net investment loss $ (1,960,639) $ (276,200)



The Oakmark
Equity and Income Fund
Eleven Months Ended
September 30, 1997		 Year Ended
October 31, 1996
From Operations:
Net investment income $ 471,744 $ 125,528
Net realized gain on sale of investments 904,824 161,939
Net change in unrealized appreciation 4,554,518 903,718
Net increase in net assets from operations 5,931,086 1,191,185
Distribution to shareholders from:(1)
Net investment income (148,466) 0
Net realized short-term gain (162,188) 0
Net realized long-term gain 0 0
Total distributions to shareholders (310,654) 0
From Fund share transactions:
Proceeds from shares sold 24,903,007 15,231,573
Reinvestment of dividends and capital gain distributions 288,850 0
Payments for shares redeemed (11,148,702) (2,623,832)
Net increase in net assets from Fund share transactions 14,043,155 12,607,741
Total increase in net assets 19,663,587 13,798,926
Net assets:
Beginning of period 13,798,926 0
End of period $ 33,462,513 $ 13,798,926
Undistributed net investment income $ 448,806 $ 125,528
(1) Distributions per share:
Net investment income .1202 0
Net realized short-term gain .1311 0
Net realized long-term gain 0 0
Total distributions to shareholders .2513 0



The Oakmark
International Fund
Eleven Months Ended
September 30, 1997		 Year Ended
October 31, 1996		 Year Ended
October 31, 1995
From Operations:
Net investment income $ 27,666,383 $ 14,823,124 $ 13,743,307
Net realized gain on sale of investments 217,090,057 2,806,950 62,822,164
Net realized gain (loss) on foreign currency transactions 17,724,883 (1,017,660) (26,735,730)
Net change in unrealized appreciation (depreciation) 70,717,122 176,382,416 (120,637,092)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 3,426,674 5,165,941 17,767,564
Net change in unrealized appreciation (depreciation)—other 197,532 (363,425) (20,391)
Net increase (decrease) in net assets from operations 336,822,651 197,797,346 (53,060,178)
Distribution to shareholders from (1):
Net investment income (12,477,945) 0 0
Net realized short-term gain 0 (29,886,815) (56,722,392)
Net realized long-term gain 0 (32,229,556) (30,791,949)
Total distributions to shareholders (12,477,945) (62,116,371) (87,514,341)
From Fund share transactions:
Proceeds from shares sold 710,447,882 563,952,538 312,101,705
Reinvestment of dividends and capital gain distributions 11,903,359 57,852,161 81,810,540
Payments for shares redeemed (572,115,610) (404,450,022) (719,598,750)
Net increase in net assets from Fund share transactions 150,235,631 217,354,677 (325,686,505)
Total increase (decrease) in net assets 474,580,337 353,035,652 (466,261,024)
Net assets:
Beginning of period 1,172,767,194 819,731,542 1,285,992,566
End of period $ 1,647,347,531 $ 1,172,767,194 $ 819,731,542
Undistributed net investment income $ 61,390,009 $ 46,201,571 $ 31,378,447
(1): Distributions per share:
Net investment income .1617 0 0
Net realized short-term gain 0 .5020 .6863
Net realized long-term gain 0 .5413 .3725
Total distributions to shareholders $ .1617 $ 1.0433 $ 1.0588



The Oakmark International
Small Cap Fund
Eleven Months Ended
September 30, 1997		 Year Ended
October 31, 1996
From Operations:
Net investment income $ 646,048 $ 155,101
Net realized gain on sale of investments 6,250,624 1,284,213
Net realized loss on foreign currency transactions (232,740) (24,656)
Net change in unrealized appreciation (depreciation) (1,464,546) 296,393
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 0
Net change in unrealized appreciation (depreciation)—other 5,257 (1,788)
Net increase (decrease) in net assets from operations 5,204,643 1,709,263
Distribution to shareholders from (1):
Net investment income (279,216) 0
Net realized short-term gain (1,285,114) 0
Net realized long-term gain 0 0
Total distributions to shareholders (1,564,330) 0
From Fund share transactions:
Proceeds from shares sold 63,012,100 43,181,467
Reinvestment of dividends and capital gain distributions 1,523,977 0
Payments for shares redeemed (41,955,631) (5,138,689)
Net increase in net assets from Fund share transactions 22,580,446 38,042,778
Total increase in net assets 26,220,759 39,752,041
Net assets:
Beginning of period 39,752,041 0
End of period $ 65,972,800 $ 39,752,041
Undistributed net investment income $ 521,933 $ 155,101
(1): Distributions per share:
Net investment income .0777 0
Net realized short-term gain .3581 0
Net realized long-term gain 0 0
Total distributions to shareholders $ .4358 $ 0

See accompanying notes to financial statements.