THE OAKMARK FAMILY OF FUNDS

Statements of Changes in Net Assets—March 31, 2003


The Oakmark Fund
 
Period Ended
March 31, 2003
(Unaudited)		 Year Ended
September 30, 2002
From Operations:
Net investment income $10,022,333 $14,076,323
Net realized loss on investments (148,304,241) (32,394,066)
Net change in unrealized appreciation (depreciation) of investments 236,544,491 (498,006,779)
Net increase (decrease) in net assets from operations 98,262,583 (516,324,522)
Distributions to shareholders from:
Net investment income—Class I (13,880,449) (19,630,178)
Net investment income—Class II (29,599) (447)
Total distributions to shareholders (13,910,048) (19,630,625)
From Fund share transactions:
Proceeds from shares sold—Class I 732,840,115 1,648,934,264
Proceeds from shares sold—Class II 11,327,789 10,646,454
Reinvestment of distributions—Class I 13,078,574 19,105,784
Reinvestment of distributions—Class II 700 347
Payments for shares redeemed, net of fees—Class I (466,509,485) (942,439,538)
Payments for shares redeemed, net of fees—Class II (4,858,193) (838,834)
Net increase in net assets from Fund share transactions 285,879,500 735,408,477
Total increase in net assets 370,232,035 199,453,330
Net assets:
Beginning of period 3,308,681,833 3,109,228,503
End of period $3,678,913,868 $3,308,681,833
Undistributed net investment income $9,547,054 $13,434,769
Fund Share Transactions—Class I:
Shares sold 25,119,760 48,113,112
Shares issued in reinvestment of dividends 425,458 562,595
Less shares redeemed (16,039,217) (28,259,864)
Net increase in shares outstanding 9,506,001 20,415,843
Fund Share Transactions—Class II:
Shares sold 377,621 298,334
Shares issued in reinvestment of dividends 23 10
Less shares redeemed (168,190) (25,887)
Net increase in shares outstanding 209,454 272,457

See accompanying notes to financial statements.

  


The Oakmark
Select Fund
 
Period Ended
March 31, 2003
(Unaudited)		 Year Ended
September 30, 2002
From Operations:
Net investment income $4,012,109 $4,018,416
Net realized loss on investments (99,084,214) (29,674,087)
Net change in unrealized appreciation (depreciation) of investments 445,751,502 (635,685,201)
Net increase (decrease) in net assets from operations 350,679,397 (661,340,872)
Distributions to shareholders from:
Net investment income—Class I (3,934,083) (8,379,997)
Total distributions to shareholders (3,934,083) (8,379,997)
From Fund share transactions:
Proceeds from shares sold—Class I 382,218,467 1,260,687,129
Proceeds from shares sold—Class II 13,763,583 74,250,948
Reinvestment of distributions—Class I 3,705,037 7,956,922
Payments for shares redeemed, net of fees—Class I (375,723,725) (1,056,777,332)
Payments for shares redeemed, net of fees—Class II (12,897,447) (31,085,298)
Net increase in net assets from Fund share transactions 11,065,915 255,032,369
Total increase (decrease) in net assets 357,811,229 (414,688,500)
Net assets:
Beginning of period 3,782,052,331 4,196,740,831
End of period $4,139,863,560 $3,782,052,331
Undistributed net investment income $3,674,478 $3,596,452
Fund Share Transactions—Class I:
Shares sold 16,186,589 47,211,312
Shares issued in reinvestment of dividends 150,611 299,856
Less shares redeemed (16,242,637) (41,080,996)
Net increase in shares outstanding 94,563 6,430,172
Fund Share Transactions—Class II:
Shares sold 587,838 2,801,878
Less shares redeemed (558,024) (1,223,864)
Net increase in shares outstanding 29,814 1,578,014

See accompanying notes to financial statements.

  


The Oakmark
Small Cap Fund
 
Period Ended
March 31, 2003
(Unaudited)		 Year Ended
September 30, 2002
From Operations:
Net investment loss $(1,309,298) $(2,748,950)
Net realized gain (loss) on investments (3,124,860) 325,855
Net change in unrealized appreciation (depreciation) of investments (578,144) (51,515,515)
Net decrease in net assets from operations (5,012,302) (53,938,610)
From Fund share transactions:
Proceeds from shares sold—Class I 26,636,066 326,865,529
Proceeds from shares sold—Class II 69,756 777,070
Payments for shares redeemed, net of fees—Class I (65,405,259) (180,818,640)
Payments for shares redeemed, net of fees—Class II (29,837) (103,465)
Net increase (decrease) in net assets from Fund share transactions (38,729,274) 146,720,494
Total increase (decrease) in net assets (43,741,576) 92,781,884
Net assets:
Beginning of period 357,394,089 264,612,205
End of period $313,652,513 $357,394,089
Undistributed net investment loss $(1,459,807) $(150,509)
Fund Share Transactions—Class I:
Shares sold 1,792,990 17,912,470
Less shares redeemed (4,553,725) (10,773,500)
Net increase (decrease) in shares outstanding (2,760,735) 7,138,970
Fund Share Transactions—Class II:
Shares sold 4,808 44,265
Less shares redeemed (2,075) (6,291)
Net increase in shares outstanding 2,733 37,974

See accompanying notes to financial statements.

  


The Oakmark
Equity and Income Fund
 
Period Ended
March 31, 2003
(Unaudited)		 Year Ended
September 30, 2002
From Operations:
Net investment income $16,191,867 $28,439,569
Net realized loss on investments (54,333,802) (81,982,611)
Net realized loss on foreign currency transactions (13,544) (2,938)
Net change in unrealized appreciation (depreciation) of investments 120,152,749 (107,419,745)
Net change in unrealized appreciation (depreciation)—other 24,512 (601)
Net increase (decrease) in net assets from operations 82,021,782 (160,966,326)
Distributions to shareholders from:
Net investment income—Class I (33,616,009) (6,931,173)
Net investment income—Class II (1,569,428) (90,128)
Net realized gain—Class I 0 (1,870,660)
Net realized gain—Class II 0 (33,869)
Total distributions to shareholders (35,185,437) (8,925,830)
From Fund share transactions:
Proceeds from shares sold—Class I 837,795,266 2,457,322,254
Proceeds from shares sold—Class II 57,222,008 146,887,453
Reinvestment of distributions—Class I 32,429,177 8,525,720
Reinvestment of distributions—Class II 321,834 85,801
Payments for shares redeemed, net of fees—Class I (371,537,064) (683,906,125)
Payments for shares redeemed, net of fees—Class II (19,205,031) (21,792,340)
Net increase in net assets from Fund share transactions 537,026,190 1,907,122,763
Total increase in net assets 583,862,535 1,737,230,607
Net assets:
Beginning of period 2,360,587,003 623,356,396
End of period $2,944,449,538 $2,360,587,003
Undistributed net investment income $6,970,663 $25,964,233
Fund Share Transactions—Class I:
Shares sold 47,222,401 132,277,123
Shares issued in reinvestment of dividends 1,796,630 477,891
Less shares redeemed (21,140,125) (37,783,411)
Net increase in shares outstanding 27,878,906 94,971,603
Fund Share Transactions—Class II:
Shares sold 3,262,197 7,935,953
Shares issued in reinvestment of dividends 17,840 4,809
Less shares redeemed (1,091,224) (1,205,519)
Net increase in shares outstanding 2,188,813 6,735,243

See accompanying notes to financial statements.

  


The Oakmark
Global Fund
 
Period Ended
March 31, 2003
(Unaudited)		 Year Ended
September 30, 2002
From Operations:
Net investment loss $(864,028) $(18,547)
Net realized loss on investments (6,125,668) (1,261,095)
Net realized loss on foreign currency transactions (16,037) (37,184)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 4,577,879 (30,244,164)
Net change in unrealized appreciation (depreciation)—other (32,299) 18,109
Net decrease in net assets from operations (2,460,153) (31,542,881)
Distributions to shareholders from:
Net investment income—Class I 0 (11,774)
Net investment income—Class II 0 (61)
Net realized gain—Class I 0 (1,361,493)
Net realized gain—Class II 0 (7,099)
Total distributions to shareholders 0 (1,380,427)
From Fund share transactions:
Proceeds from shares sold—Class I 98,825,170 228,014,650
Proceeds from shares sold—Class II 2,092,945 754,996
Reinvestment of distributions—Class I 0 1,321,517
Payments for shares redeemed, net of fees—Class I (65,567,941) (69,082,440)
Payments for shares redeemed, net of fees—Class II (1,117,405) (75,625)
Net increase in net assets from Fund share transactions 34,232,769 160,933,098
Total increase in net assets 31,772,616 128,009,790
Net assets:
Beginning of period 176,213,801 48,204,011
End of period $207,986,417 $176,213,801
Undistributed net investment loss $(995,861) $(131,833)
Fund Share Transactions—Class I:
Shares sold 7,789,209 16,329,528
Shares issued in reinvestment of dividends 0 108,677
Less shares redeemed (5,551,504) (5,343,294)
Net increase in shares outstanding 2,237,705 11,094,911
Fund Share Transactions—Class II:
Shares sold 166,517 61,020
Less shares redeemed (88,554) (6,528)
Net increase in shares outstanding 77,963 54,492

See accompanying notes to financial statements.

  


The Oakmark
International Fund
 
Period Ended
March 31, 2003
(Unaudited)		 Year Ended
September 30, 2002
From Operations:
Net investment income (loss) $(2,221,582) $16,380,565
Net realized loss on investments (146,437,612) (2,111,019)
Net realized loss on foreign currency transactions (445,623) (744,096)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 69,320,199 (199,327,235)
Net change in unrealized appreciation (depreciation)—other 158,108 (155,750)
Net decrease in net assets from operations (79,626,510) (185,957,535)
Distributions to shareholders from:
Net investment income—Class I (15,118,993) (10,170,790)
Net investment income—Class II (515,254) (76,332)
Total distributions to shareholders (15,634,247) (10,247,122)
From Fund share transactions:
Proceeds from shares sold—Class I 571,365,016 1,172,930,611
Proceeds from shares sold—Class II 44,407,329 71,056,423
Reinvestment of distributions—Class I 13,994,141 9,816,822
Reinvestment of distributions—Class II 172,223 1,669
Payments for shares redeemed, net of fees—Class I (306,394,119) (339,595,271)
Payments for shares redeemed, net of fees—Class II (23,012,460) (16,218,827)
Net increase in net assets from Fund share transactions 300,532,130 897,991,427
Total increase in net assets 205,271,373 701,786,770
Net assets:
Beginning of period 1,442,263,694 740,476,924
End of period $1,647,535,067 $1,442,263,694
Undistributed net investment income (loss) $(2,437,551) $15,418,278
Fund Share Transactions—Class I:
Shares sold 45,236,397 78,310,031
Shares issued in reinvestment of dividends 1,050,611 726,633
Less shares redeemed (24,465,210) (23,511,785)
Net increase in shares outstanding 21,821,798 55,524,879
Fund Share Transactions—Class II:
Shares sold 3,517,795 4,928,274
Shares issued in reinvestment of dividends 12,959 124
Less shares redeemed (1,833,975) (1,088,826)
Net increase in shares outstanding 1,696,779 3,839,572

See accompanying notes to financial statements.

  


The Oakmark International
Small Cap Fund
 
Period Ended
March 31, 2003
(Unaudited)		 Year Ended
September 30, 2002
From Operations:
Net investment income (loss) $(512,842) $4,016,566
Net realized gain (loss) on investments (32,622,624) 12,083,383
Net realized gain (loss) on foreign currency transactions (75,580) (31,834)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 16,278,449 (70,664,400)
Net change in unrealized appreciation (depreciation)—other 12,759 21,128
Net decrease in net assets from operations (16,919,838) (54,575,157)
Distributions to shareholders from:
Net investment income—Class I (3,076,327) (2,120,585)
Net investment income—Class II (1,637) (921)
Net realized gain—Class I (9,181,861) (1,891,258)
Net realized gain—Class II (6,548) (1,136)
Total distributions to shareholders (12,266,373) (4,013,900)
From Fund share transactions:
Proceeds from shares sold—Class I 56,643,845 428,499,905
Proceeds from shares sold—Class II 626,435 333,324
Reinvestment of distributions—Class I 11,533,652 3,875,545
Reinvestment of distributions—Class II 4,554 0
Payments for shares redeemed, net of fees—Class I (92,630,672) (134,986,731)
Payments for shares redeemed, net of fees—Class II (671,511) (34,570)
Net increase (decrease) in net assets from Fund share transactions (24,493,697) 297,687,473
Total increase (decrease) in net assets (53,679,908) 239,098,416
Net assets:
Beginning of period 358,006,168 118,907,752
End of period $304,326,260 $358,006,168
Undistributed net investment income (loss) $(654,225) $2,936,581
Fund Share Transactions—Class I:
Shares sold 5,509,406 34,412,757
Shares issued in reinvestment of dividends 1,095,314 375,172
Less shares redeemed (9,157,971) (11,505,764)
Net increase (decrease) in shares outstanding (2,553,251) 23,282,165
Fund Share Transactions—Class II:
Shares sold 58,755 27,354
Shares issued in reinvestment of dividends 433 0
Less shares redeemed (62,773) (2,766)
Net increase (decrease) in shares outstanding (3,585) 24,588

See accompanying notes to financial statements.