THE OAKMARK FAMILY OF FUNDS

Statements of Operations—March 31, 2003 (Unaudited)

The Oakmark
Fund		 The Oakmark
Select
Fund		 The Oakmark
Small Cap
Fund
Investment Income:
Dividends from unaffiliated securities $29,402,127 $22,711,323 $1,018,273
Dividends from affiliated securities 0 0 0
Interest Income 2,064,289 2,343,497 73,233
Other Income 20,715 20,663 0
Foreign taxes withheld (77,176) 0 0
Total investment income 31,409,955 25,075,483 1,091,506
Expenses:
Investment advisory fee 17,218,257 18,112,243 1,778,703
Transfer and dividend disbursing agent fees 1,474,294 888,918 225,397
Other shareholder servicing fees 1,236,222 857,699 117,018
Service Fee—Class II 9,583 86,510 832
Reports to shareholders 925,520 570,798 144,341
Custody and accounting fees 202,024 220,448 24,976
Registration and blue sky expenses 34,473 10,032 16,297
Trustee fees 107,771 119,993 42,958
Legal fees 28,851 30,815 11,602
Audit fees 19,804 27,568 6,148
Other 130,993 138,401 33,016
Total expenses 21,387,792 21,063,425 2,401,288
Expense reimbursement 0 0 (475)
Expense offset arrangements (170) (51) (9)
Net expenses 21,387,622 21,063,374 2,400,804
Net Investment Income (loss): 10,022,333 4,012,109 (1,309,298)
Net realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized loss on unaffiliated securities $(158,398,843) $(103,658,999) (3,189,059)
Net realized loss on affiliated securities 0 (1,399,096) 0
Net realized gain on options 10,094,602 5,971,860 64,199
Net realized gain on short sales 0 2,021 0
Net realized loss on foreign currency transactions 0 0 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 236,544,491 445,751,502 (578,144)
Net change in appreciation (depreciation)—other 0 0 0
Net realized and unrealized gain (loss) on investments and foreign currency transactions: 88,240,250 346,667,288 (3,703,004)
Net increase (decrease) in net assets resulting from operations $98,262,583 $350,679,397 $(5,012,302)

  

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 $9,427,893 $615,801 $8,633,793 $2,222,558
Dividends from affiliated securities 0 0 185,667 277,524
Interest Income 19,580,713 73,281 394,754 66,476
Other Income 0 0 0 0
Foreign taxes withheld 0 (83,443) (677,622) (225,867)
Total investment income 29,008,606 605,639 8,536,592 2,340,691
Expenses:
Investment advisory fee 9,994,881 1,051,379 8,191,669 2,211,123
Transfer and dividend disbursing agent fees 565,574 132,983 479,360 121,190
Other shareholder servicing fees 1,299,541 24,451 687,784 149,366
Service Fee—Class II 174,507 1,157 87,685 332
Reports to shareholders 378,155 76,181 294,737 77,386
Custody and accounting fees 146,974 82,140 818,286 187,752
Registration and blue sky expenses 35,822 19,266 36,058 14,951
Trustee fees 91,487 40,589 70,013 43,932
Legal fees 24,081 10,560 18,740 11,428
Audit fees 9,598 6,705 8,881 7,290
Other 96,120 24,264 65,026 28,792
Total expenses 12,816,740 1,469,675 10,758,239 2,853,542
Expense reimbursement 0 0 0 0
Expense offset arrangements (1) (8) (65) (9)
Net expenses 12,816,739 1,469,667 10,758,174 2,853,533
Net Investment Income (loss): 16,191,867 (864,028) (2,221,582) (512,842)
Net realized and unrealized gain (loss) on investments and foreign currency transactions:
Net realized loss on unaffiliated securities (56,189,358) (6,129,940) $(146,437,612) (31,623,151)
Net realized loss on affiliated securities 0 0 0 (999,473)
Net realized gain on options 1,855,556 4,272 0 0
Net realized gain on short sales 0 0 0 0
Net realized loss on foreign currency transactions (13,544) (16,037) (445,623) (75,580)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 120,152,749 4,577,879 69,320,199 16,278,449
Net change in appreciation (depreciation)—other 24,512 (32,299) 158,108 12,759
Net realized and unrealized gain (loss) on investments and foreign currency transactions: 65,829,915 (1,596,125) (77,404,928) (16,406,996)
Net increase (decrease) in net assets resulting from operations $82,021,782 $(2,460,153) $(79,626,510) $(16,919,838)

See accompanying notes to financial statements.