Statements of Assets and Liabilities—September 30, 2002
| The Oakmark Fund |
The Oakmark Select Fund |
The Oakmark Small Cap Fund |
||
| Assets | ||||
| Investments in unaffiliated securities, at value | (a) | $3,304,673,916 | $3,457,996,525 | $339,917,770 |
| Investments in affiliated securities, at value | (b) | 0 | 308,119,623 | 17,519,140 |
| Cash | 0 | 12,552 | 374 | |
| Foreign currency, at value | (c) | 0 | 0 | 0 |
| Receivable for: | ||||
| Securities sold | 2,091,437 | 19,387,520 | 291,727 | |
| Fund shares sold | 6,671,135 | 3,459,905 | 564,785 | |
| Dividends and interest | 5,210,296 | 3,927,925 | 201,295 | |
| Tax reclaim | 0 | 0 | 0 | |
| Total receivables | 13,972,868 | 26,775,350 | 1,057,807 | |
| Other Assets | 5,663 | 1,986 | 494 | |
| Total assets | $3,318,652,447 | $3,792,906,036 | $358,495,585 | |
| Liabilities and Net Assets | ||||
| Options written, at value | (d) | $0 | $0 | $0 |
| Foreign currency, at value | (c) | 0 | 0 | 0 |
| Payable for: | ||||
| Securities purchased | 117,600 | 689,030 | 0 | |
| Fund shares redeemed | 8,337,246 | 8,651,604 | 750,211 | |
| Due to transfer agent | 221,381 | 142,745 | 40,356 | |
| Trustees fees | 467,207 | 323,179 | 155,954 | |
| Other | 827,180 | 1,047,147 | 154,975 | |
| Total liabilities | 9,970,614 | 10,853,705 | 1,101,496 | |
| Net assets applicable to fund shares outstanding | $3,308,681,833 | $3,782,052,331 | $357,394,089 | |
| Analysis of Net Assets | ||||
| Paid in capital | $3,831,067,422 | $3,739,480,524 | $416,525,955 | |
| Accumulated undistributed net realized gain (loss) of investments, forward contracts and foreign currency exchange transactions | (195,307,126) | (76,625,527) | (497,018) | |
| Net unrealized appreciation (depreciation) of investments | (340,513,232) | 115,600,882 | (58,484,339) | |
| Net unrealized appreciation (depreciation)—other | 0 | 0 | 0 | |
| Accumulated undistributed net investment income (loss) | 13,434,769 | 3,596,452 | (150,509) | |
| Net assets applicable to Fund shares outstanding | $3,308,681,833 | $3,782,052,331 | $357,394,089 | |
| Price of Shares | ||||
| Net asset value per share: Class I | $28.08 | $21.67 | $14.10 | |
| Class I—Net assets | 3,300,948,792 | 3,717,632,174 | 356,858,991 | |
| Class I—Shares outstanding (Unlimited shares authorized) | 117,549,041 | 171,568,297 | 25,302,542 | |
| Net asset value per share: Class II | $28.04 | $21.56 | $14.09 | |
| Class II—Net assets | 7,733,041 | 64,420,157 | 535,098 | |
| Class II—Shares outstanding (Unlimited shares authorized) | 275,825 | 2,987,328 | 37,974 | |
| (a) Identified cost of investments in unaffiliated securities | $3,645,187,148 | $3,348,274,428 | $383,383,526 | |
| (b) Identified cost of investments in affiliated securities | 0 | 302,240,838 | 32,537,723 | |
| (c) Identified cost of foreign currency | 0 | 0 | 0 | |
| (d) Premiums received on options written | 0 | 0 | 0 | |
| The Oakmark Equity and Income Fund |
The Oakmark Global Fund |
The Oakmark International Fund |
The Oakmark International Small Cap Fund |
|
| Assets | ||||
| Investments in unaffiliated securities, at value | $2,339,820,165 | $174,741,461 | $1,321,096,003 | $332,617,478 |
| Investments in affiliated securities, at value | 0 | 0 | 135,799,047 | 22,054,170 |
| Cash | 4,800 | 1,078 | 2,005 | 832 |
| Foreign currency, at value | 0 | 0 | 2,275,134 | 762,021 |
| Receivable for: | ||||
| Securities sold | 19,784,672 | 2,031,764 | 8,204,243 | 4,046,830 |
| Fund shares sold | 14,669,900 | 433,791 | 9,298,317 | 314,503 |
| Dividends and interest | 12,571,292 | 254,357 | 4,823,089 | 39,002 |
| Tax reclaim | 13,125 | 0 | 1,086,895 | 295,964 |
| Total receivables | 47,038,989 | 2,719,912 | 23,412,544 | 4,696,299 |
| Other Assets | 205 | 10,691 | 732 | 88 |
| Total assets | $2,386,864,159 | $177,473,142 | $1,482,585,465 | $360,130,888 |
| Liabilities and Net Assets | ||||
| Options written, at value | $50,950 | $0 | $0 | $0 |
| Foreign currency, at value | 0 | 447,726 | 0 | 0 |
| Payable for: | ||||
| Securities purchased | 18,798,772 | 0 | 36,536,159 | 609,257 |
| Fund shares redeemed | 6,485,636 | 546,829 | 2,779,240 | 1,082,406 |
| Due to transfer agent | 80,824 | 22,865 | 73,718 | 20,905 |
| Trustees fees | 133,381 | 107,802 | 198,794 | 124,396 |
| Other | 727,593 | 134,119 | 733,860 | 287,756 |
| Total liabilities | 26,277,156 | 1,259,341 | 40,321,771 | 2,124,720 |
| Net assets applicable to fund shares outstanding | $2,360,587,003 | $176,213,801 | $1,442,263,694 | $358,006,168 |
| Analysis of Net Assets | ||||
| Paid in capital | $2,521,771,393 | $210,400,457 | $1,805,715,911 | $436,575,200 |
| Accumulated undistributed net realized gain (loss) of investments, forward contracts and foreign currency exchange transactions | (81,534,657) | (1,261,095) | (16,938,571) | 8,805,460 |
| Net unrealized appreciation (depreciation) of investments | (105,613,365) | (32,812,022) | (361,765,517) | (90,334,969) |
| Net unrealized appreciation (depreciation)—other | (601) | 18,294 | (166,407) | 23,896 |
| Accumulated undistributed net investment income (loss) | 25,964,233 | (131,833) | 15,418,278 | 2,936,581 |
| Net assets applicable to Fund shares outstanding | $2,360,587,003 | $176,213,801 | $1,442,263,694 | $358,006,168 |
| Price of Shares | ||||
| Net asset value per share: Class I | $17.18 | $11.30 | $12.17 | $10.17 |
| Class I—Net assets | 2,241,862,902 | 175,601,074 | 1,393,787,394 | 357,719,432 |
| Class I—Shares outstanding (Unlimited shares authorized) | 130,507,859 | 15,544,703 | 114,538,219 | 35,173,301 |
| Net asset value per share: Class II | $17.15 | $11.24 | $12.13 | $10.14 |
| Class II—Net assets | 118,724,101 | 612,727 | 48,476,300 | 286,736 |
| Class II—Shares outstanding (Unlimited shares authorized) | 6,924,284 | 54,492 | 3,995,110 | 28,276 |
| (a) Identified cost of investments in unaffiliated securities | $2,446,020,680 | $207,539,388 | $1,539,684,625 | $389,851,090 |
| (b) Identified cost of investments in affiliated securities | 0 | 0 | 279,249,575 | 55,148,378 |
| (c) Identified cost of foreign currency | 0 | (444,039) | 2,256,583 | 756,494 |
| (d) Premiums received on options written | 638,100 | 0 | 0 | 0 |
See accompanying notes to financial statements.