THE OAKMARK FUNDS

Statements of Assets and Liabilities—March 31, 2005 (Unaudited)

     
The Oakmark
Fund
The Oakmark
Select
Fund
Assets        
Investments in unaffiliated securities, at value (a)   $6,711,028,793 $5,305,538,964
Investments in affiliated securities, at value (b)   153,221,994 659,580,289
Cash     0 0
Foreign currency, at value (c)   0 0
Receivable for:        
Securities sold     113,828,102 0
Fund shares sold     10,630,428 14,377,320
Dividends and interest     9,246,482 4,993,159
Forward foreign currency contracts     0 0
Tax reclaim     0 0
     
Total receivables     133,705,012 19,370,479
Other assets     103,296 90,971
     
Total assets     $6,998,059,095 $5,984,580,703
Liabilities and Net Assets        
Payable for:        
Securities purchased     $18,961,200 $5,121,639
Fund shares redeemed     5,204,320 6,405,768
Due to Adviser     169,831 151,270
Due to transfer agent     227,820 103,497
Trustees fees     28,910 25,459
Deferred trustee compensation     846,776 754,393
Forward currency exchange contracts     0 0
Foreign tax expense     0 0
Other     1,825,366 1,339,926
     
Total liabilities     27,264,223 13,901,952
     
Net assets applicable to fund shares outstanding     $6,970,794,872 $5,970,678,751
     
Analysis of Net Assets        
Paid in capital     $5,683,001,286 $3,840,870,253
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency exchange transactions     (136,360,093) 250,018,114
Net unrealized appreciation (depreciation) of investments and foreign currencies     1,392,560,324 1,871,813,191
Net unrealized appreciation (depreciation)—other     0 0
Accumulated undistributed net investment income (loss)     31,593,355 7,977,193
     
Net assets applicable to Fund shares outstanding     $6,970,794,872 $5,970,678,751
     
Price of Shares        
Net asset value per share: Class I     $40.85 $33.39
     
Class I—Net assets     $6,904,921,300 $5,874,392,572
Class I—Shares outstanding (Unlimited shares authorized)     169,043,919 175,952,739
Net asset value per share: Class II     $40.65 $33.23
     
Class II—Net assets     $65,873,572 $96,286,179
Class II—Shares outstanding (Unlimited shares authorized)     1,620,496 2,897,691
         
(a)    Identified cost of investments in unaffiliated securities     $5,393,003,291 $3,862,525,879
(b)    Identified cost of investments in affiliated securities     78,687,172 230,780,183
(c)    Identified cost of foreign currency     0 0

 
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)   $8,678,859,518 $1,475,534,487 $4,566,112,792 $809,898,660
Investments in affiliated securities, at value (b)   72,572,500 174,500,797 699,656,621 109,666,915
Cash     0 0 97 0
Foreign currency, at value (c)   0 0 204,352 101,726
Receivable for:            
Securities sold     46,705,188 0 756,348 6,635,694
Fund shares sold     12,725,885 3,928,435 11,637,610 1,710,686
Dividends and interest     36,800,035 4,175,538 19,687,183 2,862,958
Forward foreign currency contracts     0 0 0 710,521
Tax reclaim     10,000 713,836 2,671,285 709,059
     
Total receivables     96,241,108 8,817,809 34,752,426 12,628,918
Other assets     116,328 63,019 144,979 48,896
     
Total assets     $8,847,789,454  $1,658,916,112  $5,300,871,267  $932,345,115 
Liabilities and Net Assets            
Payable for:            
Securities purchased     $29,498,061 $1,804,154 $18,097,089 $3,020,427
Fund shares redeemed     6,929,367 383,501 8,321,338 288,281
Due to Adviser     173,367 42,990 131,125 29,190
Due to transfer agent     155,329 37,344 88,817 18,855
Trustees fees     32,682 15,474 23,781 13,819
Deferred trustee compensation     504,183 309,324 519,172 311,495
Forward currency exchange contracts     0 2,474,939 6,399,028 0
Foreign tax expense     0 0 0 121,001
Other     2,881,225 545,342 1,822,416 303,425
     
Total liabilities     40,174,214 5,613,068 35,402,766 4,106,493
     
Net assets applicable to fund shares outstanding     $8,807,615,240  $1,653,303,044  $5,265,468,501  $928,238,622 
     
Analysis of Net Assets            
Paid in capital     $7,656,702,318  $1,272,447,756  $3,851,862,360  $600,401,572 
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency exchange transactions      21,118,225 12,582,922 99,846,455 57,889,450
Net unrealized appreciation (depreciation) of investments and foreign currencies     1,102,277,968 368,357,068 1,313,652,488 270,049,228
Net unrealized appreciation (depreciation)—other     129,165 36,111 10,723 37,431
Accumulated undistributed net investment income (loss)     27,387,564 (120,813) 96,475 (139,059)
     
Net assets applicable to Fund shares outstanding      $8,807,615,240  $1,653,303,044  $5,265,468,501  $928,238,622 
     
Price of Shares            
Net asset value per share: Class I     $23.35 $21.94 $21.58 $21.12
     
Class I—Net assets     $8,187,947,315 $1,612,808,759 $4,919,886,277 $927,626,247
Class I—Shares outstanding (Unlimited shares authorized)     350,598,213 73,505,816 227,972,703 43,931,937
Net asset value per share: Class II     $23.27 $21.71 $21.47 $21.10
     
Class II—Net assets     $619,667,925 $40,494,285 $345,582,224 $612,375
Class II—Shares outstanding (Unlimited shares authorized)     26,625,343 1,865,052 16,098,905 29,022
             
(a)    Identified cost of investments in unaffiliated securities     $7,566,754,908  $1,143,023,346  $3,496,998,430  $550,703,171 
(b)    Identified cost of investments in affiliated securities     82,399,142 136,180,665 448,758,650 99,411,783
(c)    Identified cost of foreign currency     0 0 203,741 101,721

See accompanying notes to financial statements.