Statement of Operations—March 31, 2002
| The Oakmark Fund |
The Oakmark Select Fund |
The Oakmark Small Cap Fund |
|
| Investment Income: | |||
| Dividends from unaffiliated securities | $23,896,136 | $22,181,314 | $783,436 |
| Dividends from affiliated securities | 0 | 0 | 0 |
| Interest Income | 3,583,960 | 4,189,781 | 307,946 |
| Other Income | 0 | 0 | 0 |
| Foreign taxes withheld | 0 | 0 | 0 |
| Total investment income | 27,480,096 | 26,371,095 | 1,091,382 |
| Expenses: | |||
| Investment advisory fee | 16,482,658 | 19,895,065 | 1,607,331 |
| Transfer and dividend disbursing agent fees | 1,267,611 | 1,073,681 | 175,419 |
| Other shareholder servicing fees | 1,369,619 | 2,132,369 | 120,930 |
| Service Fee - Class II | 229 | 66,470 | 0 |
| Reports to shareholders | 696,061 | 537,928 | 91,426 |
| Custody and accounting fees | 216,819 | 271,833 | 41,966 |
| Registration and blue sky expenses | (440,154) | 105,076 | (61,880) |
| Trustee fees | 140,649 | 140,094 | 50,922 |
| Legal fees | 48,299 | 58,117 | 16,068 |
| Audit fees | 12,251 | 11,626 | 9,633 |
| Other | 92,877 | 117,941 | 13,527 |
| Total expenses | 19,886,919 | 24,410,200 | 2,065,342 |
| Expense reimbursement | 0 | 0 | 0 |
| Expense offset arrangements | (11,500) | (7,059) | (1,098) |
| Net expenses | 19,875,419 | 24,403,141 | 2,064,244 |
| Net Investment Income (loss): | 7,604,677 | 1,967,954 | (972,862) |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | |||
| Net realized gain (loss) on unaffiliated securities | 55,239,969 | 128,081,080 | 4,596,533 |
| Net realized gain (loss) on affiliated securities | 0 | 0 | 0 |
| Net realized gain (loss) on options | 5,254,439 | 3,809,912 | 433,874 |
| Net realized gain (loss) on short sales | (197,816) | (510,036) | 0 |
| Net realized gain (loss) on foreign currency transactions | 0 | 0 | 0 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 437,447,110 | 342,809,776 | 93,845,396 |
| Net change in appreciation (depreciation) of forward currency exchange contracts | 0 | 0 | 0 |
| Net change in appreciation (depreciation)—other | 0 | 0 | 0 |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | 497,743,702 | 474,190,732 | 98,875,803 |
| Net increase (decrease) in net assets resulting from operations | $505,348,379 | $476,158,686 | $97,902,941 |
| The Oakmark Equity and Income Fund |
The Oakmark Global Fund |
The Oakmark International Fund |
The Oakmark International Small Cap Fund |
|
| Investment Income: | ||||
| Dividends from unaffiliated securities | $5,761,181 | $394,685 | $6,471,550 | $1,358,769 |
| Dividends from affiliated securities | 0 | 0 | 5,650,112 | 157,199 |
| Interest Income | 8,381,047 | 62,503 | 408,684 | 118,324 |
| Other Income | 0 | 0 | 1,229 | 579 |
| Foreign taxes withheld | (21,786) | (13,173) | (590,146) | (190,258) |
| Total investment income | 14,120,442 | 444,015 | 11,941,429 | 1,444,613 |
| Expenses: | ||||
| Investment advisory fee | 3,862,301 | 368,912 | 5,254,863 | 1,105,100 |
| Transfer and dividend disbursing agent fees | 234,103 | 62,309 | 370,945 | 65,110 |
| Other shareholder servicing fees | 561,425 | 34,923 | 383,569 | 83,737 |
| Service Fee - Class II | 26,045 | 464 | 17,521 | 126 |
| Reports to shareholders | 124,219 | 31,418 | 191,118 | 31,766 |
| Custody and accounting fees | 101,347 | 51,980 | 485,500 | 154,844 |
| Registration and blue sky expenses | 254,222 | 26,838 | 38,653 | 36,923 |
| Trustee fees | 65,705 | 43,051 | 66,725 | 44,491 |
| Legal fees | 23,068 | 13,951 | 20,899 | 14,711 |
| Audit fees | 9,633 | 12,251 | 11,754 | 13,323 |
| Other | 31,887 | 7,770 | 27,484 | 10,097 |
| Total expenses | 5,293,955 | 653,867 | 6,869,031 | 1,560,228 |
| Expense reimbursement | 0 | (95) | 0 | 0 |
| Expense offset arrangements | (3,701) | (392) | (1,150) | (167) |
| Net expenses | 5,290,254 | 653,380 | 6,867,881 | 1,560,061 |
| Net Investment Income (loss): | 8,830,188 | (209,365) | 5,073,548 | (115,448) |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | ||||
| Net realized gain (loss) on unaffiliated securities | (12,520,847) | 2,586,760 | 12,379,283 | 3,909,454 |
| Net realized gain (loss) on affiliated securities | 0 | 0 | (7,523,169) | 0 |
| Net realized gain (loss) on options | 1,087,465 | 331,758 | 0 | 0 |
| Net realized gain (loss) on short sales | 0 | 0 | 0 | 0 |
| Net realized gain (loss) on foreign currency transactions | (2,663) | (9,042) | (530,008) | (83,081) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | 133,003,511 | 21,977,231 | 248,392,211 | 48,088,211 |
| Net change in appreciation (depreciation) of forward currency exchange contracts | 0 | 0 | 0 | 0 |
| Net change in appreciation (depreciation)—other | (237) | (570) | 215 | (4,358) |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | 121,567,229 | 24,886,137 | 252,718,532 | 51,910,226 |
| Net increase (decrease) in net assets resulting from operations | $130,397,417 | $24,676,772 | $257,792,080 | $51,794,778 |
See accompanying notes to financial statements.