THE OAKMARK FAMILY OF FUNDS

Statement of Changes in Net Assets—March 31, 2002


The Oakmark Fund
 
Period Ended
March 31, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $7,604,677 $19,416,042
Net realized gain (loss) on investments 60,296,592 195,984,944
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 437,447,110 126,130,060
Net increase (decrease) in net assets from operations 505,348,379 341,531,046
From Distributions to shareholders of: (a)
Net investment income — Class I (19,630,178) (28,565,025)
Net investment income — Class II (447) 0
Net realized short-term gain — Class I 0 0
Net realized short-term gain — Class II 0 0
Net realized long-term gain — Class I 0 0
Net realized long-term gain — Class II 0 0
Total distribution to shareholders (19,630,625) (28,565,025)
From Fund share transactions:
Proceeds from shares sold — Class I 870,722,901 1,499,450,622
Proceeds from shares sold — Class II 584,413 122,635
Reinvestment of dividends and capital gain distributions 19,106,131 27,842,716
Payments for shares redeemed, net of fees — Class I (395,971,957) (769,874,783)
Payments for shares redeemed, net of fees — Class II (181,890) (7,515)
Net increase (decrease) in net assets from Fund share transactions 494,259,598 757,533,675
Total increase (decrease) in net assets 979,977,352 1,070,499,696
Net assets:
Beginning of period 3,109,228,503 2,038,728,807
End of period $4,089,205,855 $3,109,228,503
Undistributed net investment income $6,963,121 $18,989,069
(a) Distributions per share — Class I:
Net investment income $0.1969 $0.3872
Net realized short-term gain 0 0
Net realized long-term gain 0 0
Total distributions to shareholders $0.1969 $0.3872
Distributions per share — Class II:
Net investment income $0.1715
Net realized short-term gain 0
Net realized long-term gain 0
Total distributions to shareholders $0.1715

 


The Oakmark
Select Fund
 
Period Ended  
March 31, 2002  		 Year Ended
September 30, 2001
From Operations:
Net investment income $1,967,954 $8,224,650
Net realized gain (loss) on investments 131,380,956 (46,951,440)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 342,809,776 564,071,103
Net increase (decrease) in net assets from operations 476,158,686 525,344,313
From Distributions to shareholders of: (a)
Net investment income — Class I (8,379,997) (7,393,194)
Net investment income — Class II 0 (21,608)
Net realized short-term gain — Class I 0 (23,966,532)
Net realized short-term gain — Class II 0 0
Net realized long-term gain — Class I 0 (93,492,833)
Net realized long-term gain — Class II 0 0
Total distribution to shareholders (8,379,997) (124,874,167)
From Fund share transactions:
Proceeds from shares sold — Class I 693,295,310 2,438,122,791
Proceeds from shares sold — Class II 50,844,384 33,209,296
Reinvestment of dividends and capital gain distributions 7,956,922 121,465,993
Payments for shares redeemed, net of fees — Class I (382,293,988) (569,095,434)
Payments for shares redeemed, net of fees — Class II (8,509,919) (6,168,435)
Net increase (decrease) in net assets from Fund share transactions 361,292,709 2,017,534,211
Total increase (decrease) in net assets 829,071,398 2,418,004,357
Net assets:
Beginning of period 4,196,740,831 1,778,736,474
End of period $5,025,812,229 $4,196,740,831
Undistributed net investment income $1,545,989 $7,958,033
(a) Distributions per share — Class I:
Net investment income $0.0501 $0.0861
Net realized short-term gain 0 0.2779
Net realized long-term gain 0 1.0832
Total distributions to shareholders $0.0501 $1.4472
Distributions per share — Class II:
Net investment income $0 $0.0593
Net realized short-term gain 0 0.2667
Net realized long-term gain 0 1.0732
Total distributions to shareholders $0 $1.3992

 


The Oakmark
Small Cap Fund
 
Period Ended
March 31, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $(972,862) $(710,637)
Net realized gain (loss) on investments 5,030,407 1,334,090
Net realized gain (loss) on foreign currency transactions 0 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 93,845,396 (10,475,705)
Net increase (decrease) in net assets from operations 97,902,941 (9,852,252)
From Distributions to shareholders of: (a)
Net investment income 0 0
Net realized short-term gain 0 0
Net realized long-term gain 0 (8,165,109)
Total distribution to shareholders 0 (8,165,109)
From Fund share transactions:
Proceeds from shares sold 173,570,751 133,704,823
Reinvestment of dividends and capital gain distributions 0 8,045,937
Payments for shares redeemed, net of fees (37,880,936) (107,824,806)
Net increase (decrease) in net assets from Fund share transactions 135,689,815 33,925,954
Total increase (decrease) in net assets 233,592,756 15,908,593
Net assets:
Beginning of period 264,612,205 248,703,612
End of period $498,204,961 $264,612,205
Undistributed net investment income $0 $0
(a) Distributions per share:
Net investment income $0 $0
Net realized short-term gain 0 0
Net realized long-term gain 0 0.5102
Total distributions to shareholders $0 $0.5102

 


The Oakmark
Equity and Income Fund
 
Period Ended
March 31, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $8,830,188 $5,055,874
Net realized gain (loss) on investments (11,433,382) 1,909,621
Net realized gain (loss) on foreign currency transactions (2,663) (518)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 133,003,511 (5,101,055)
Net change in unrealized appreciation (depreciation) — other (237) 0
Net increase (decrease) in net assets from operations 130,397,417 1,863,923
From Distributions to shareholders of: (a)
Net investment income — Class I (7,013,868) (897,529)
Net investment income — Class II (7,433) (7,433)
Net realized short-term gain — Class I 0 0
Net realized short-term gain — Class II 0 0
Net realized long-term gain — Class I (1,870,660) (3,733,470)
Net realized long-term gain — Class II (33,869) 0
Total distribution to shareholders (8,925,830) (4,638,432)
From Fund share transactions:
Proceeds from shares sold — Class I 1,225,813,388 682,515,057
Proceeds from shares sold — Class II 50,784,082 2,887,484
Reinvestment of dividends and capital gain distributions 8,611,522 4,457,698
Payments for shares redeemed, net of fees — Class I (203,112,329) (118,553,446)
Payments for shares redeemed, net of fees — Class II (4,738,428) (111,704)
Net increase (decrease) in net assets from Fund share transactions 1,077,358,235 571,195,069
Total increase (decrease) in net assets 1,198,829,822 568,420,559
Net assets:
Beginning of period 623,356,397 54,935,837
End of period $1,822,186,219 $623,356,396
Undistributed net investment income $6,803,457 $5,004,490
(a) Distributions per share — Class I:
Net investment income $0.1542 $0.2427
Net realized short-term gain 0 0
Net realized long-term gain 0.0416 1.0013
Total distributions to shareholders $0.1958 $1.2440
Distributions per share — Class II:
Net investment income $0.1107 $0.2368
Net realized short-term gain 0 0
Net realized long-term gain 0.0416 0.9967
Total distributions to shareholders $0.1523 $1.2335

 


The Oakmark
Global Fund
 
Period Ended
March 31, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $(209,365) $(55)
Net realized gain (loss) on investments 2,918,518 1,479,943
Net realized gain (loss) on foreign currency transactions (9,042) 71,444
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 21,977,231 (4,901,265)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 (76,462)
Net change in unrealized appreciation (depreciation) — other (570) 1,700
Net increase (decrease) in net assets from operations 24,676,772 (3,424,695)
From Distributions to shareholders of: (a)
Net investment income — Class I (11,774) (435,138)
Net investment income — Class II (61) 0
Net realized short-term gain — Class I 0 (92,927)
Net realized short-term gain — Class II 0 0
Net realized long-term gain — Class I (1,361,493) (37,007)
Net realized long-term gain — Class II (7,099) 0
Total distribution to shareholders (1,380,427) (565,072)
From Fund share transactions:
Proceeds from shares sold — Class I 82,404,960 42,948,303
Proceeds from shares sold — Class II 601,860
Reinvestment of dividends and capital gain distributions 1,321,517 560,498
Payments for shares redeemed, net of fees — Class I (8,997,020) (18,542,262)
Payments for shares redeemed, net of fees — Class II (26,694)
Net increase (decrease) in net assets from Fund share transactions 75,304,623 24,966,539
Total increase (decrease) in net assets 98,600,968 20,976,772
Net assets:
Beginning of period 48,204,011 27,227,239
End of period $146,804,979 $48,204,011
Undistributed net investment income $0 $(159,043)
(a) Distributions per share — Class I:
Net investment income $0.0025 $0.1742
Net realized short-term gain 0 0.0372
Net realized long-term gain 0.2891 0.0145
Total distributions to shareholders $0.2916 $0.2259
Distributions per share — Class II:
Net investment income $0.0025
Net realized short-term gain 0
Net realized long-term gain 0.2891
Total distributions to shareholders $0.2916

 


The Oakmark
International Fund
 
Period Ended
March 31, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $5,073,548 $11,508,911
Net realized gain (loss) on investments 4,856,114 (13,334,222)
Net realized gain (loss) on foreign currency transactions (530,008) 2,323,657
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 248,392,211 (118,037,625)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 (2,048,003)
Net change in unrealized appreciation (depreciation) — other 215 169,583
Net increase (decrease) in net assets from operations 257,792,080 (119,417,699)
From Distributions to shareholders of: (a)
Net investment income — Class I (10,170,790) (24,851,611)
Net investment income — Class II (76,332) (3,245)
Net realized short-term gain — Class I 0 (16,422,539)
Net realized short-term gain — Class II
Net realized long-term gain — Class I 0 (8,281,127)
Net realized long-term gain — Class II
Total distribution to shareholders (10,247,122) (49,558,522)
From Fund share transactions:
Proceeds from shares sold — Class I 353,620,828 282,295,504
Proceeds from shares sold — Class II 28,790,132 2,588,328
Reinvestment of dividends and capital gain distributions 9,818,490 47,893,421
Payments for shares redeemed, net of fees — Class I (115,985,251) (205,510,100)
Payments for shares redeemed, net of fees — Class II (4,194,398) (327,974)
Net increase (decrease) in net assets from Fund share transactions 272,049,801 126,939,179
Total increase (decrease) in net assets 519,594,759 (42,037,042)
Net assets:
Beginning of period 740,476,924 782,513,966
End of period $1,260,071,683 $740,476,924
Undistributed net investment income $4,220,346 $9,923,928
(a) Distributions per share — Class I:
Net investment income $0.1649 $0.5074
Net realized short-term gain 0 0.3353
Net realized long-term gain 0 0.1690
Total distributions to shareholders $0.1649 $1.0117
Distributions per share — Class II:
Net investment income $0.1229 $0.4869
Net realized short-term gain 0 0.3217
Net realized long-term gain 0 0.1621
Total distributions to shareholders $0.1229 $0.9707

 


The Oakmark International
Small Cap Fund
 
Period Ended
March 31, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $(115,448) $1,844,218
Net realized gain (loss) on investments 3,909,454 1,136,757
Net realized gain (loss) on foreign currency transactions (83,081) 591,541
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 48,088,211 (12,360,111)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 (289,441)
Net change in unrealized appreciation (depreciation) — other (4,358) 28,453
Net increase (decrease) in net assets from operations 51,794,778 (9,048,583)
From Distributions to shareholders of: (a)
Net investment income — Class I (2,120,585) (2,566,080)
Net investment income — Class II (921) 0
Net realized short-term gain — Class I (1,891,258) 0
Net realized short-term gain — Class II (1,136) 0
Net realized long-term gain — Class I 0 (3,663,064)
Net realized long-term gain — Class II 0 0
Total distribution to shareholders (4,013,900) (6,229,144)
From Fund share transactions:
Proceeds from shares sold — Class I 176,736,276 72,931,617
Proceeds from shares sold — Class II 193,894 39,964
Reinvestment of dividends and capital gain distributions 3,875,760 6,071,794
Payments for shares redeemed, net of fees — Class I (20,383,797) (35,203,678)
Payments for shares redeemed, net of fees — Class II (25,251) 0
Net increase (decrease) in net assets from Fund share transactions 160,396,882 43,839,697
Total increase (decrease) in net assets 208,177,760 28,561,970
Net assets:
Beginning of period 118,907,752 90,345,782
End of period $327,085,512 $118,907,752
Undistributed net investment income $0 $1,922,975
(a) Distributions per share — Class I:
Net investment income $0.1600 $0.3402
Net realized short-term gain 0.1427 0
Net realized long-term gain 0 0.4853
Total distributions to shareholders $0.3027 $0.8255
Distributions per share — Class II:
Net investment income $0.1157
Net realized short-term gain 0.1427
Net realized long-term gain 0
Total distributions to shareholders $0.2584

See accompanying notes to financial statements.