Statements of Assets and Liabilities—March 31, 2003 (Unaudited)
| The Oakmark Fund |
The Oakmark Select Fund |
The Oakmark Small Cap Fund |
||
| Assets | ||||
| Investments in unaffiliated securities, at value | (a) | $3,671,480,929 | $3,841,779,095 | $290,976,875 |
| Investments in affiliated securities, at value | (b) | 0 | 292,298,022 | 23,573,200 |
| Foreign currency, at value | (c) | 0 | 0 | 0 |
| Receivable for: | ||||
| Securities sold | 0 | 0 | 0 | |
| Fund shares sold | 6,889,803 | 6,382,516 | 184,488 | |
| Dividends and interest | 4,829,571 | 3,807,716 | 234,402 | |
| Tax reclaim | 0 | 0 | 0 | |
| Total receivables | 11,719,374 | 10,190,232 | 418,890 | |
| Other Assets | 51,879 | 56,440 | 23,144 | |
| Total assets | $3,683,252,182 | $4,144,323,789 | $314,992,109 | |
| Liabilities and Net Assets | ||||
| Options written, at value | (d) | $0 | $0 | $188,750 |
| Payable for: | ||||
| Securities purchased | 0 | 0 | 567,092 | |
| Fund shares redeemed | 2,735,560 | 3,046,736 | 204,749 | |
| Due to transfer agent | 292,195 | 179,070 | 43,658 | |
| Trustees fees | 544,105 | 410,030 | 186,614 | |
| Other | 766,454 | 824,393 | 148,733 | |
| Total liabilities | 4,338,314 | 4,460,229 | 1,339,596 | |
| Net assets applicable to fund shares outstanding | $3,678,913,868 | $4,139,863,560 | $313,652,513 | |
| Analysis of Net Assets | ||||
| Paid in capital | $4,116,946,922 | $3,750,546,439 | $377,796,681 | |
| Accumulated undistributed net realized loss of investments, forward contracts and foreign currency exchange transactions | (343,611,367) | (175,709,741) | (3,621,878) | |
| Net unrealized appreciation (depreciation) of investments | (103,968,741) | 561,352,384 | (59,062,483) | |
| Net unrealized appreciation (depreciation)—other | 0 | 0 | 0 | |
| Accumulated undistributed net investment income (loss) | 9,547,054 | 3,674,478 | (1,459,807) | |
| Net assets applicable to Fund shares outstanding | $3,678,913,868 | $4,139,863,560 | $313,652,513 | |
| Price of Shares | ||||
| Net asset value per share: Class I | $28.85 | $23.70 | $13.89 | |
| Class I - Net assets | 3,664,953,769 | 4,068,730,733 | 313,088,816 | |
| Class I - Shares outstanding (Unlimited shares authorized) | 127,055,042 | 171,662,860 | 22,541,807 | |
| Net asset value per share: Class II | $28.77 | $23.58 | $13.85 | |
| Class II - Net assets | 13,960,099 | 71,132,827 | 563,697 | |
| Class II - Shares outstanding (Unlimited shares authorized) | 485,279 | 3,017,142 | 40,707 | |
| (a) Identified cost of investments in unaffiliated securities | $3,775,449,670 | $3,286,345,860 | $338,612,236 | |
| (b) Identified cost of investments in affiliated securities | 0 | 286,378,873 | 35,094,463 | |
| (c) Identified cost of foreign currency | 0 | 0 | 0 | |
| (d) Premiums received on options written | 0 | 0 | 282,891 | |
| 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 | $2,963,846,931 | $209,970,018 | $1,485,344,934 | $271,116,830 |
| Investments in affiliated securities, at value | 0 | 0 | 152,375,660 | 33,048,015 |
| Foreign currency, at value | 0 | 0 | 0 | 512,956 |
| Receivable for: | ||||
| Securities sold | 0 | 318,617 | 10,579,811 | 1,000,696 |
| Fund shares sold | 10,659,247 | 558,458 | 6,412,967 | 302,176 |
| Dividends and interest | 11,398,865 | 298,076 | 2,819,848 | 450,440 |
| Tax reclaim | 0 | 13,594 | 562,724 | 361,218 |
| Total receivables | 22,058,112 | 1,188,745 | 20,375,350 | 2,114,530 |
| Other Assets | 42,773 | 32,049 | 33,705 | 23,133 |
| Total assets | $2,985,947,816 | $211,190,812 | $1,658,129,649 | $306,815,464 |
| Liabilities and Net Assets | ||||
| Options written, at value | $540,000 | $0 | $0 | $0 |
| Payable for: | ||||
| Securities purchased | 37,793,289 | 2,356,142 | 8,092,863 | 1,407,433 |
| Fund shares redeemed | 2,305,610 | 575,474 | 1,725,083 | 755,086 |
| Due to transfer agent | 104,318 | 26,073 | 94,451 | 25,155 |
| Trustees fees | 199,758 | 136,885 | 249,294 | 155,980 |
| Other | 555,303 | 109,821 | 432,891 | 145,550 |
| Total liabilities | 41,498,278 | 3,204,395 | 10,594,582 | 2,489,204 |
| Net assets applicable to fund shares outstanding | $2,944,449,538 | $207,986,417 | $1,647,535,067 | $304,326,260 |
| Analysis of Net Assets | ||||
| Paid in capital | $3,058,797,583 | $244,633,226 | $2,106,248,041 | $412,081,503 |
| Accumulated undistributed net realized loss of investments, forward contracts and foreign currency exchange transactions | (135,882,003) | (7,402,800) | (163,821,806) | (33,081,153) |
| Net unrealized appreciation (depreciation) of investments | 14,539,384 | (28,234,143) | (292,445,318) | (74,056,520) |
| Net unrealized appreciation (depreciation)—other | 23,911 | (14,005) | (8,299) | 36,655 |
| Accumulated undistributed net investment income (loss) | 6,970,663 | (995,861) | (2,437,551) | (654,225) |
| Net assets applicable to Fund shares outstanding | $2,944,449,538 | $207,986,417 | $1,647,535,067 | $304,326,260 |
| Price of Shares | ||||
| Net asset value per share: Class I | $17.58 | $11.61 | $11.60 | $9.32 |
| Class I - Net assets | 2,784,554,840 | 206,458,649 | 1,581,747,844 | 304,096,653 |
| Class I - Shares outstanding (Unlimited shares authorized) | 158,386,765 | 17,782,408 | 136,360,017 | 32,620,050 |
| Net asset value per share: Class II | $17.55 | $11.53 | $11.56 | $9.30 |
| Class II - Net assets | 159,894,698 | 1,527,768 | 65,787,223 | 229,607 |
| Class II - Shares outstanding (Unlimited shares authorized) | 9,113,097 | 132,455 | 5,691,889 | 24,691 |
| (a) Identified cost of investments in unaffiliated securities | $2,949,274,531 | $238,217,508 | $1,713,903,749 | $321,432,371 |
| (b) Identified cost of investments in affiliated securities | 0 | 0 | 216,298,835 | 56,797,670 |
| (c) Identified cost of foreign currency | 0 | 0 | 0 | 503,937 |
| (d) Premiums received on options written | 506,984 | 0 | 0 | 0 |
See accompanying notes to financial statements.