The Oakmark Family of Funds

Statement of Assets and Liabilities—September 30, 1998

	The Oakmark Fund	The Oakmark Select Fund	The Oakmark Small Cap Fund
Assets
Investments, at market value	$6,888,618,717	$1,231,272,537	$616,231,232
	(cost: $6,573,899,571)	(cost: $1,222,499,627)	(cost: $682,325,649)
Cash	47,767	652	1,013,396
Foreign currency, at value	0	0	0
Collateral for securities loaned, at value	0	159,033,480	26,009,161
Receivable for:
Forward foreign currency contracts	0	0	0
Securities sold	23,602,941	467,123	12,674,906
Fund shares sold	9,105,820	2,884,796	1,033,409
Dividends and interest	17,548,208	750,119	532,476
Total receivables	50,256,969	4,102,038	14,240,791
Other assets	37,203	8,444	8,548
Total assets	$6,938,960,656	$1,394,417,151	$657,503,128

Liabilities and Net Assets
Payable for:
Collateral for securities loaned, at value	$0	$159,033,480	$26,009,161
Securities purchased	0	4,837,276	11,122,483
Fund shares redeemed	7,227,480	1,045,502	1,436,217
Due to adviser	5,290,462	957,981	670,322
Forward foreign currency contracts	0	0	0
Other	2,484,832	648,526	270,183
Total liabilities	15,002,774	166,522,765	39,508,366
Net assets applicable to fund shares outstanding	$6,923,957,882	$1,227,894,386	$617,994,762
Fund shares outstanding	206,454,614	73,251,709	48,938,247

Price of Shares
Net asset value per share	$33.54	$16.76	$12.63

Analysis of Net Assets
Paid in capital	$6,156,111,515	$1,149,816,590	$684,807,280
Accumulated undistributed net realized gain (loss) on sale of investments, forward contracts and foreign currency exchange transactions	375,272,768	67,603,248	6,202,400
Net unrealized appreciation (depreciation) of investments	314,719,146	8,772,910	(66,094,417)
Net unrealized appreciation (depreciation) of foreign currency portfolio hedges	0	0	0
Net unrealized appreciation (depreciation)—other	0	0	0
Accumulated undistributed net investment income (loss)	77,854,453	1,701,638	(6,920,501)
Net assets applicable to Fund shares outstanding	$6,923,957,882	$1,227,894,386	$617,994,762

The Oakmark
Euity and
Income Fund

The Oakmark
International
Fund

The Oakmark
International
Small Cap Fund

Assets

Investments, at market value

$57,497,107

$739,175,430

$50,528,245

(cost: $54,364,763)

(cost: $1,088,039,399)

(cost: $79,424,722)

Cash

585

601

940

Foreign currency, at value

0

1,367,813

31,436

Collateral for securities loaned, at value

1,759,177

73,675,393

3,218,851

Receivable for:

Forward foreign currency contracts

0

2,446,315

1,877

Securities sold

0

15,095,665

1,087,279

Fund shares sold

15,175

203,924

24,414

Dividends and interest

461,512

5,128,670

512,069

Total receivables

476,687

22,874,574

1,625,639

Other assets

3,274

5,399

3,350

Total assets

$59,736,830

$837,099,210

$55,408,461

Liabilities and Net Assets

Payable for:

Collateral for securities loaned, at value

$1,759,177

$73,675,393

$3,218,851

Securities purchased

0

0

0

Fund shares redeemed

135,567

2,048,641

34,598

Due to adviser

34,324

683,804

58,195

Forward foreign currency contracts

0

3,977,540

179,274

Other

61,907

609,524

146,968

Total liabilities

1,990,975

80,994,902

3,637,886

Net assets applicable to fund shares outstanding

$57,745,855

$756,104,308

$51,770,575

Fund shares outstanding

4,127,329

72,552,725

7,514,807

Price of Shares

Net asset value per share

$13.99

$10.42

$6.89

Analysis of Net Assets

Paid in capital

$52,589,935

$1,015,075,572

$80,845,737

Accumulated undistributed net realized gain (loss)
on sale of investments, forward contracts and foreign currency exchange transactions

1,002,213

52,470,799

(1,634,583)

Net unrealized appreciation (depreciation) of investments

3,132,344

(348,864,154)

(28,896,480)

Net unrealized appreciation (depreciation) of foreign currency portfolio hedges

0

(1,515,552)

(179,057)

Net unrealized appreciation (depreciation)—other

0

198,784

5,883

Accumulated undistributed net investment income (loss)

1,021,363

38,738,859

1,629,075

Net assets applicable to Fund shares outstanding

$57,745,855

$756,104,308

$51,770,575

	The Oakmark Euity and Income Fund	The Oakmark International Fund	The Oakmark International Small Cap Fund
Assets
Investments, at market value	$57,497,107	$739,175,430	$50,528,245
	(cost: $54,364,763)	(cost: $1,088,039,399)	(cost: $79,424,722)
Cash	585	601	940
Foreign currency, at value	0	1,367,813	31,436
Collateral for securities loaned, at value	1,759,177	73,675,393	3,218,851
Receivable for:
Forward foreign currency contracts	0	2,446,315	1,877
Securities sold	0	15,095,665	1,087,279
Fund shares sold	15,175	203,924	24,414
Dividends and interest	461,512	5,128,670	512,069
Total receivables	476,687	22,874,574	1,625,639
Other assets	3,274	5,399	3,350
Total assets	$59,736,830	$837,099,210	$55,408,461

Liabilities and Net Assets
Payable for:
Collateral for securities loaned, at value	$1,759,177	$73,675,393	$3,218,851
Securities purchased	0	0	0
Fund shares redeemed	135,567	2,048,641	34,598
Due to adviser	34,324	683,804	58,195
Forward foreign currency contracts	0	3,977,540	179,274
Other	61,907	609,524	146,968
Total liabilities	1,990,975	80,994,902	3,637,886
Net assets applicable to fund shares outstanding	$57,745,855	$756,104,308	$51,770,575
Fund shares outstanding	4,127,329	72,552,725	7,514,807

Price of Shares
Net asset value per share	$13.99	$10.42	$6.89

Analysis of Net Assets
Paid in capital	$52,589,935	$1,015,075,572	$80,845,737
Accumulated undistributed net realized gain (loss) on sale of investments, forward contracts and foreign currency exchange transactions	1,002,213	52,470,799	(1,634,583)
Net unrealized appreciation (depreciation) of investments	3,132,344	(348,864,154)	(28,896,480)
Net unrealized appreciation (depreciation) of foreign currency portfolio hedges	0	(1,515,552)	(179,057)
Net unrealized appreciation (depreciation)—other	0	198,784	5,883
Accumulated undistributed net investment income (loss)	1,021,363	38,738,859	1,629,075
Net assets applicable to Fund shares outstanding	$57,745,855	$756,104,308	$51,770,575