THE OAKMARK FAMILY OF FUNDS

Statements of Assets and Liabilities—September 30, 2003

The Oakmark
Fund		 The Oakmark
Select
Fund		 The Oakmark
Small Cap
Fund
Assets
Investments in unaffiliated securities, at value (a) $4,624,823,480 $4,360,576,973 326,228,964
Investments in affiliated securities, at value (b) 168,308,045 735,473,071 27,153,360
Foreign currency, at value (c) 0 0 0
Receivable for:
Securities sold 0 0 2,042,304
Fund shares sold 10,156,339 7,738,785 460,427
Dividends and interest 6,479,553 4,186,428 247,903
Tax reclaim 0 0 0
Total receivables 16,635,892 11,925,213 2,750,634
Other assets 2,049 2,076 1,783
Total assets $4,809,769,466 $5,107,977,333 356,134,741
Liabilities and Net Assets
Options written, at value (d) $0 $0 98,250
Payable for:
Securities purchased 13,833,926 16,639,652 4,315,627
Fund shares redeemed 2,475,482 2,887,634 186,605
Due to Adviser 120,488 124,770 10,303
Due to transfer agent 531,261 316,261 80,462
Trustees fees 16,796 17,890 6,591
Deferred trustee compensation 633,260 504,425 221,776
Other 1,643,118 1,399,431 201,494
Total liabilities 19,254,331 21,890,063 5,121,108
Net assets applicable to fund shares outstanding $4,790,515,135 $5,086,087,270 $351,013,633
Analysis of Net Assets
Paid in capital $4,577,792,523 $4,017,762,883 $341,279,922
Accumulated undistributed net realized gain (loss) of investments, forward contracts and foreign currency exchange transactions (332,994,872) (178,322,687) (11,819,142)
Net unrealized appreciation (depreciation) of investments 526,808,316 1,236,921,496 21,774,629
Net unrealized appreciation (depreciation)—other 0 0 0
Accumulated undistributed net investment income (loss) 18,909,168 9,725,578 (221,776)
Net assets applicable to Fund shares outstanding $4,790,515,135 $5,086,087,270 $351,013,633
Price of Shares
Net asset value per share: Class I $33.85 $27.55 $17.18
Class I—Net assets 4,769,381,577 $4,993,029,715 $350,261,221
Class I—Shares outstanding (Unlimited shares authorized) 140,880,178 181,227,232 20,384,382
Net asset value per share: Class II $33.68 $27.37 $17.10
Class II—Net assets $21,133,558 $93,057,555 $752,412
Class II—Shares outstanding (Unlimited shares authorized) 627,434 3,399,741 44,013
(a) Identified cost of investments in unaffiliated securities $4,145,259,797 $3,399,502,648 $287,196,683
(b) Identified cost of investments in affiliated securities 121,063,412 459,625,900 44,429,531
(c) Identified cost of foreign currency 0 0 0
(d) Premiums received on options written 0 0 116,769

 

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 (a) $4,249,548,997 $626,201,275 $2,483,860,976 $407,958,868
Investments in affiliated securities, at value (b) 103,292,500 94,454,763 310,619,059 66,435,813
Foreign currency, at value (c) 0 0 0 93,140
Receivable for:
Securities sold 11,963,539 0 0 2,276,361
Fund shares sold 22,586,257 5,217,976 15,637,549 1,429,207
Dividends and interest 15,014,757 1,395,507 6,473,864 247,648
Tax reclaim 0 113,158 1,233,241 787,921
Total receivables 49,564,553 6,726,641 23,344,654 4,741,137
Other assets 1,967 12,453 1,888 1,783
Total assets $4,402,408,017 $727,395,132 $2,817,826,577 $479,230,741
Liabilities and Net Assets
Options written, at value (d) $0 $207,500 $0 $0
Payable for:
Securities purchased 12,316,799 14,557,379 14,328,817 148,185
Fund shares redeemed 3,407,236 1,560,608 2,004,232 395,649
Due to Adviser 88,925 16,315 72,155 15,629
Due to transfer agent 228,292 53,826 183,349 41,845
Trustees fees 14,783 6,796 11,225 6,745
Deferred trustee compensation 280,303 174,344 311,238 192,332
Other 1,422,668 220,929 1,070,425 185,927
Total liabilities 17,759,006 16,797,697 17,981,441 986,312
Net assets applicable to fund shares outstanding $4,384,649,011 $710,597,435 $2,799,845,136 $478,244,429
Analysis of Net Assets
Paid in capital $4,019,126,985 $626,594,459 $2,640,297,749 $438,410,162
Accumulated undistributed net realized gain (loss) of investments, forward contracts and foreign currency exchange transactions (70,194,686) 2,553,786 (211,075,834) (33,870,230)
Net unrealized appreciation (depreciation) of investments 412,084,617 81,764,860 351,213,309 70,126,173
Net unrealized appreciation (depreciation)—other 86,868 (25,111) 127,745 60,059
Accumulated undistributed net investment income (loss) 23,545,227 (290,559) 19,282,167 3,518,265
Net assets applicable to Fund shares outstanding $4,384,649,011 $710,597,435 $2,799,845,136 $478,244,429
Price of Shares
Net asset value per share: Class I $20.30 $16.98 $15.67 $13.74
Class I—Net assets $4,138,019,989 $704,789,043 $2,676,610,268 $477,804,840
Class I—Shares outstanding (Unlimited shares authorized) 203,828,648 41,511,169 170,773,739 34,774,368
Net asset value per share: Class II $20.24 $16.84 $15.58 $13.69
Class II—Net assets $246,629,022 $5,808,392 $123,234,868 $439,589
Class II—Shares outstanding (Unlimited shares authorized) 12,185,691 344,894 7,908,472 32,113
(a) Identified cost of investments in unaffiliated securities $3,845,345,286 $555,621,304 $2,175,433,085 $336,790,323
(b) Identified cost of investments in affiliated securities 95,411,594 83,370,202 267,933,144 67,467,696
(c) Identified cost of foreign currency 0 0 0 93,014
(d) Premiums received on options written 0 255,988 0 0

See accompanying notes to financial statements.