Statements of Operations—September 30, 2002
| The Oakmark Fund |
The Oakmark Select Fund |
The Oakmark Small Cap Fund |
|
| Investment Income: | |||
| Dividends from unaffiliated securities | $50,671,538 | $46,220,759 | $1,845,226 |
| Dividends from affiliated securities | 0 | 0 | 0 |
| Interest Income | 6,099,174 | 7,268,233 | 727,044 |
| Other Income | 520,924 | 0 | 95,842 |
| Foreign taxes withheld | 0 | 0 | 0 |
| Total investment income | 57,291,636 | 53,488,992 | 2,668,112 |
| Expenses: | |||
| Investment advisory fee | 34,848,853 | 40,838,462 | 4,121,533 |
| Transfer and dividend disbursing agent fees | 2,598,857 | 1,837,559 | 400,097 |
| Other shareholder servicing fees | 2,939,882 | 4,219,660 | 332,079 |
| Service Fee—Class II | 6,000 | 170,778 | 263 |
| Reports to shareholders | 1,746,488 | 1,238,788 | 270,048 |
| Custody and accounting fees | 433,423 | 527,332 | 74,622 |
| Registration and blue sky expenses | 57,237 | 139,966 | 66,288 |
| Trustee fees | 173,043 | 153,218 | 64,484 |
| Legal fees | 73,921 | 87,233 | 27,682 |
| Audit fees | 23,843 | 22,590 | 18,593 |
| Other | 325,365 | 242,519 | 42,475 |
| Total expenses | 43,226,912 | 49,478,105 | 5,418,164 |
| Expense offset arrangements | (11,599) | (7,529) | (1,102) |
| Net expenses | 43,215,313 | 49,470,576 | 5,417,062 |
| Net Investment Income (loss): | 14,076,323 | 4,018,416 | (2,748,950) |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | |||
| Net realized gain (loss) on unaffiliated securities | (42,175,347) | (30,963,843) | 99,039 |
| Net realized gain (loss) on affiliated securities | 0 | (4,535,664) | (1,065,702) |
| Net realized gain on options | 9,979,097 | 6,335,456 | 1,292,518 |
| Net realized loss on short sales | (197,816) | (510,036) | 0 |
| Net realized loss on foreign currency transactions | 0 | 0 | 0 |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | (498,006,779) | (635,685,201) | (51,515,515) |
| Net change in unrealized appreciation (depreciation)—other | 0 | 0 | 0 |
| Net realized and unrealized (loss) on investments and foreign currency transactions: | (530,400,845) | (665,359,288) | (51,189,660) |
| Net decrease in net assets resulting from operations | $(516,324,522) | $(661,340,872) | $(53,938,610) |
| 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 | $15,494,152 | $2,020,348 | $26,661,445 | $9,093,523 |
| Dividends from affiliated securities | 0 | 0 | 7,733,163 | 760,375 |
| Interest Income | 29,202,243 | 174,049 | 1,080,852 | 342,349 |
| Other Income | 963 | 2,897 | 31,522 | 32,574 |
| Foreign taxes withheld | (62,100) | (90,947) | (3,066,633) | (1,079,330) |
| Total investment income | 44,635,258 | 2,106,347 | 32,440,349 | 9,149,491 |
| Expenses: | ||||
| Investment advisory fee | 12,099,581 | 1,333,497 | 12,048,977 | 3,860,436 |
| Transfer and dividend disbursing agent fees | 704,717 | 188,437 | 753,702 | 178,248 |
| Other shareholder servicing fees | 1,945,936 | 128,955 | 1,027,483 | 339,434 |
| Service Fee—Class II | 136,109 | 1,348 | 64,867 | 525 |
| Reports to shareholders | 561,536 | 137,992 | 533,719 | 133,178 |
| Custody and accounting fees | 232,947 | 136,665 | 1,274,568 | 422,731 |
| Registration and blue sky expenses | 309,540 | 85,882 | 144,392 | 73,317 |
| Trustee fees | 75,585 | 54,012 | 77,128 | 53,714 |
| Legal fees | 42,499 | 22,774 | 37,180 | 25,599 |
| Audit fees | 18,593 | 23,843 | 22,844 | 25,992 |
| Other | 72,407 | 11,986 | 76,172 | 19,967 |
| Total expenses | 16,199,450 | 2,125,391 | 16,061,032 | 5,133,141 |
| Expense offset arrangements | (3,761) | (497) | (1,248) | (216) |
| Net expenses | 16,195,689 | 2,124,894 | 16,059,784 | 5,132,925 |
| Net Investment Income (loss): | 28,439,569 | (18,547) | 16,380,565 | 4,016,566 |
| Net realized and unrealized gain (loss) on investments and foreign currency transactions: | ||||
| Net realized gain (loss) on unaffiliated securities | (85,663,134) | (2,849,841) | 6,020,949 | 11,352,308 |
| Net realized gain (loss) on affiliated securities | 0 | 0 | (8,131,968) | 731,075 |
| Net realized gain on options | 3,680,523 | 1,588,746 | 0 | 0 |
| Net realized loss on short sales | 0 | 0 | 0 | 0 |
| Net realized loss on foreign currency transactions | (2,938) | (37,184) | (744,096) | (31,834) |
| Net change in unrealized appreciation (depreciation) of investments and foreign currencies | (107,419,745) | (30,244,164) | (199,327,235) | (70,664,400) |
| Net change in unrealized appreciation (depreciation)—other | (601) | 18,109 | (155,750) | 21,128 |
| Net realized and unrealized (loss) on investments and foreign currency transactions: | (189,405,895) | (31,524,334) | (202,338,100) | (58,591,723) |
| Net decrease in net assets resulting from operations | $(160,966,326) | $(31,542,881) | $(185,957,535) | $(54,575,157) |
See accompanying notes to financial statements.