ANNUAL REPORT
October 31, 1995

LETTER & SUMMARY INFORMATION

THE OAKMARK FUND

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

NOTES TO FINANCIAL STATEMENTS

FINANCIAL HIGHLIGHTS

THE OAKMARK INTERNATIONAL FUND

STATEMENT OF ASSETS AND LIABILITIES

STATEMENT OF OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

NOTES TO FINANCIAL STATEMENTS

FINANCIAL HIGHLIGHTS

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

TRUSTEES & OFFICERS