THE OAKMARK FAMILY OF FUNDS

Statements of Changes in Net Assets—September 30, 2002


The Oakmark Fund
 
Year Ended
September 30, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $14,076,323 $19,416,042
Net realized gain (loss) on investments (32,394,066) 195,984,944
Net change in unrealized appreciation (depreciation) of investments (498,006,779) 126,130,060
Net increase (decrease) in net assets from operations (516,324,522) 341,531,046
Distributions to shareholders from:
Net investment income—Class I (19,630,178) (28,565,025)
Net investment income—Class II (447) 0
Total distributions to shareholders (19,630,625) (28,565,025)
From Fund share transactions:
Proceeds from shares sold—Class I 1,648,934,264 1,499,450,622
Proceeds from shares sold—Class II 10,646,454 122,635
Reinvestment of distributions—Class I 19,105,784 27,842,716
Reinvestment of distributions—Class II 347 0
Payments for shares redeemed, net of fees—Class I (942,439,538) (769,874,783)
Payments for shares redeemed, net of fees—Class II (838,834) (7,515)
Net increase in net assets from Fund share transactions 735,408,477 757,533,675
Total increase in net assets 199,453,330 1,070,499,696
Net assets:
Beginning of period 3,109,228,503 2,038,728,807
End of period $3,308,681,833 $3,109,228,503
Undistributed net investment income $13,434,769 $18,989,069
Fund Share Transactions—Class I:
Shares sold 48,113,112 44,681,731
Shares issued in reinvestment of dividends 562,595 994,363
Less shares redeemed (28,259,864) (24,202,141)
Net increase in shares outstanding 20,415,843 21,473,953
Fund Share Transactions—Class II:
Shares sold 298,334 3,601
Shares issued in reinvestment of dividends 10 0
Less shares redeemed (25,887) (233)
Net increase in shares outstanding 272,457 3,368

See accompanying notes to financial statements.

 


The Oakmark
Select Fund
 
Year Ended
September 30, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $4,018,416 $8,224,650
Net realized loss on investments (29,674,087) (46,951,440)
Net change in unrealized appreciation (depreciation) of investments (635,685,201) 564,071,103
Net increase (decrease) in net assets from operations (661,340,872) 525,344,313
Distributions to shareholders from:
Net investment income—Class I (8,379,997) (7,393,194)
Net investment income—Class II 0 (21,608)
Net realized gain—Class I 0 (117,459,365)
Total distributions to shareholders (8,379,997) (124,874,167)
From Fund share transactions:
Proceeds from shares sold—Class I 1,260,687,129 2,438,122,791
Proceeds from shares sold—Class II 74,250,948 33,209,296
Reinvestment of distributions—Class I 7,956,922 121,465,993
Payments for shares redeemed, net of fees—Class I (1,056,777,332) (569,095,434)
Payments for shares redeemed, net of fees—Class II (31,085,298) (6,168,435)
Net increase in net assets from Fund share transactions 255,032,369 2,017,534,211
Total increase (decrease) in net assets (414,688,500) 2,418,004,357
Net assets:
Beginning of period 4,196,740,831 1,778,736,474
End of period $3,782,052,331 $4,196,740,831
Undistributed net investment income $3,596,452 $7,958,033
Fund Share Transactions—Class I:
Shares sold 47,211,312 99,937,364
Shares issued in reinvestment of dividends 299,856 5,902,071
Less shares redeemed (41,080,996) (23,316,445)
Net increase in shares outstanding 6,430,172 82,522,990
Fund Share Transactions—Class II:
Shares sold 2,801,878 1,337,637
Shares issued in reinvestment of dividends 0 5,804
Less shares redeemed (1,223,864) (250,564)
Net increase in shares outstanding 1,578,014 1,092,877

See accompanying notes to financial statements.

 


The Oakmark
Small Cap Fund
 
Year Ended
September 30, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment loss $(2,748,950) $(710,637)
Net realized gain on investments 325,855 1,334,090
Net change in unrealized appreciation (depreciation) of investments (51,515,515) (10,475,705)
Net decrease in net assets from operations (53,938,610) (9,852,252)
Distributions to shareholders from:
Net realized gain—Class I 0 (8,165,109)
Total distributions to shareholders 0 (8,165,109)
From Fund share transactions:
Proceeds from shares sold—Class I 326,865,529 133,704,823
Proceeds from shares sold—Class II 777,070 0
Reinvestment of distributions—Class I 0 8,045,937
Payments for shares redeemed, net of fees—Class I (180,818,640) (107,824,806)
Payments for shares redeemed, net of fees—Class II (103,465) 0
Net increase in net assets from Fund share transactions 146,720,494 33,925,954
Total increase in net assets 92,781,884 15,908,593
Net assets:
Beginning of period 264,612,205 248,703,612
End of period $357,394,089 $264,612,205
Undistributed net investment income (loss) $(150,509) $0
Fund Share Transactions—Class I:
Shares sold 17,912,470 8,459,269
Shares issued in reinvestment of dividends 0 585,160
Less shares redeemed (10,773,500) (7,348,265)
Net increase in shares outstanding 7,138,970 1,696,164
Fund Share Transactions—Class II:
Shares sold 44,265 0
Shares issued in reinvestment of dividends 0 0
Less shares redeemed (6,291) 0
Net increase in shares outstanding 37,974 0

See accompanying notes to financial statements.

 


The Oakmark
Equity and Income Fund
 
Year Ended
September 30, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $28,439,569 $5,055,874
Net realized gain (loss) on investments (81,982,611) 1,909,621
Net realized loss on foreign currency transactions (2,938) (518)
Net change in unrealized appreciation (depreciation) of investments (107,419,745) (5,101,055)
Net change in unrealized appreciation (depreciation)—other (601) 0
Net increase (decrease) in net assets from operations (160,966,326) 1,863,922
Distributions to shareholders from:
Net investment income—Class I (6,931,173) (897,529)
Net investment income—Class II (90,128) (7,433)
Net realized gain—Class I (1,870,660) (3,733,470)
Net realized gain—Class II (33,869) 0
Total distributions to shareholders (8,925,830) (4,638,432)
From Fund share transactions:
Proceeds from shares sold—Class I 2,457,322,254 682,515,057
Proceeds from shares sold—Class II 146,887,453 2,887,484
Reinvestment of distributions—Class I 8,525,720 4,457,698
Reinvestment of distributions—Class II 85,801 0
Payments for shares redeemed, net of fees—Class I (683,906,125) (118,553,466)
Payments for shares redeemed, net of fees—Class II (21,792,340) (111,704)
Net increase in net assets from Fund share transactions 1,907,122,763 571,195,069
Total increase in net assets 1,737,230,607 568,420,559
Net assets:
Beginning of period 623,356,396 54,935,837
End of period $2,360,587,003 $623,356,396
Undistributed net investment income $25,964,233 $5,004,490
Fund Share Transactions—Class I:
Shares sold 132,277,123 38,856,265
Shares issued in reinvestment of dividends 477,891 290,529
Less shares redeemed (37,783,411) (6,913,372)
Net increase in shares outstanding 94,971,603 32,233,422
Fund Share Transactions—Class II:
Shares sold 7,935,953 167,044
Shares issued in reinvestment of dividends 4,809 2,544
Less shares redeemed (1,205,519) (7,320)
Net increase in shares outstanding 6,735,243 162,268

See accompanying notes to financial statements.

 


The Oakmark
Global Fund
 
Year Ended
September 30, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment loss $(18,547) $(55)
Net realized gain (loss) on investments (1,261,095) 1,479,943
Net realized gain (loss) on foreign currency transactions (37,184) 71,444
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (30,244,164) (4,901,265)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 (76,462)
Net change in unrealized appreciation (depreciation)—other 18,109 1,700
Net decrease in net assets from operations (31,542,881) (3,424,695)
Distributions to shareholders from:
Net investment income—Class I (11,774) (435,138)
Net investment income—Class II (61) 0
Net realized gain—Class I (1,361,493) (129,934)
Net realized gain—Class II (7,099) 0
Total distributions to shareholders (1,380,427) (565,072)
From Fund share transactions:
Proceeds from shares sold—Class I 228,014,650 42,948,303
Proceeds from shares sold—Class II 754,996 0
Reinvestment of distributions—Class I 1,321,517 560,498
Payments for shares redeemed, net of fees—Class I (69,082,440) (18,542,262)
Payments for shares redeemed, net of fees—Class II (75,625) 0
Net increase in net assets from Fund share transactions 160,933,098 24,966,539
Total increase in net assets 128,009,790 20,976,772
Net assets:
Beginning of period 48,204,011 27,227,239
End of period $176,213,801 $48,204,011
Undistributed net investment loss $(131,833) $(159,043)
Fund Share Transactions—Class I:
Shares sold 16,329,528 3,516,235
Shares issued in reinvestment of dividends 108,677 52,629
Less shares redeemed (5,343,294) (1,614,181)
Net increase in shares outstanding 11,094,911 1,954,683
Fund Share Transactions—Class II:
Shares sold 61,020 0
Less shares redeemed (6,528) 0
Net increase in shares outstanding 54,492 0

See accompanying notes to financial statements.

 


The Oakmark
International Fund
 
Year Ended
September 30, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $16,380,565 $11,508,911
Net realized loss on investments (2,111,019) (13,334,222)
Net realized gain (loss) on foreign currency transactions (744,096) 2,323,657
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (199,327,235) (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 (155,750) 169,583
Net decrease in net assets from operations (185,957,535) (119,417,699)
Distributions to shareholders from:
Net investment income—Class I (10,170,790) (24,851,611)
Net investment income—Class II (76,332) (3,245)
Net realized gain—Class I 0 (24,703,666)
Total distributions to shareholders (10,247,122) (49,558,522)
From Fund share transactions:
Proceeds from shares sold—Class I 1,172,930,611 282,295,504
Proceeds from shares sold—Class II 71,056,423 2,588,328
Reinvestment of distributions—Class I 9,816,822 47,893,421
Reinvestment of distributions—Class II 1,669 0
Payments for shares redeemed, net of fees—Class I (339,595,271) (205,510,100)
Payments for shares redeemed, net of fees—Class II (16,218,827) (327,974)
Net increase in net assets from Fund share transactions 897,991,427 126,939,179
Total increase (decrease) in net assets 701,786,770 (42,037,042)
Net assets:
Beginning of period 740,476,924 782,513,966
End of period $1,442,263,694 $740,476,924
Undistributed net investment income $15,418,278 $9,923,928
Fund Share Transactions—Class I:
Shares sold 78,310,031 18,753,874
Shares issued in reinvestment of dividends 726,633 3,302,548
Less shares redeemed (23,511,785) (13,850,522)
Net increase in shares outstanding 55,524,879 8,205,900
Fund Share Transactions—Class II:
Shares sold 4,928,274 172,064
Shares issued in reinvestment of dividends 124 446
Less shares redeemed (1,088,826) (23,339)
Net increase in shares outstanding 3,839,572 149,171

See accompanying notes to financial statements.

 


The Oakmark International
Small Cap Fund
 
Year Ended
September 30, 2002		 Year Ended
September 30, 2001
From Operations:
Net investment income $4,016,566 $1,844,218
Net realized gain on investments 12,083,383 1,136,757
Net realized gain (loss) on foreign currency transactions (31,834) 591,541
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (70,664,400) (12,360,111)
Net change in unrealized appreciation (depreciation) of forward currency exchange contracts 0 (289,441)
Net change in unrealized appreciation (depreciation)—other 21,128 28,453
Net decrease in net assets from operations (54,575,157) (9,048,583)
Distributions to shareholders from:
Net investment income—Class I (2,120,585) (2,566,080)
Net investment income—Class II (921) 0
Net realized gain—Class I (1,891,258) (3,663,064)
Net realized gain—Class II (1,136) 0
Total distributions to shareholders (4,013,900) (6,229,144)
From Fund share transactions:
Proceeds from shares sold—Class I 428,499,905 72,931,617
Proceeds from shares sold—Class II 333,324 39,964
Reinvestment of distributions—Class I 3,875,545 6,071,794
Payments for shares redeemed, net of fees—Class I (134,986,731) (35,203,678)
Payments for shares redeemed, net of fees—Class II (34,570) 0
Net increase in net assets from Fund share transactions 297,687,473 43,839,697
Total increase in net assets 239,098,416 28,561,970
Net assets:
Beginning of period 118,907,752 90,345,782
End of period $358,006,168 $118,907,752
Undistributed net investment income $2,936,581 $1,922,975
Fund Share Transactions—Class I:
Shares sold 34,412,757 6,676,464
Shares issued in reinvestment of dividends 375,172 588,352
Less shares redeemed (11,505,764) (3,225,816)
Net increase in shares outstanding 23,282,165 4,039,000
Fund Share Transactions—Class II:
Shares sold 27,354 3,688
Less shares redeemed (2,766) 0
Net increase in shares outstanding 24,588 3,688

See accompanying notes to financial statements.