THE OAKMARK FUNDS

Statements of Assets and Liabilities—September 30, 2005

     
The Oakmark
Fund
The Oakmark
Select
Fund
Assets        
Investments in unaffiliated securities, at value (a)   $6,247,766,209 $5,351,635,985
Investments in affiliated securities, at value (b)   0 655,331,871
Cash     0 0
Foreign currency, at value (c)   0 0
Receivable for:        
Securities sold     130,769,653 13,964,665
Fund shares sold     5,808,374 5,257,798
Dividends and interest     9,598,608 3,506,017
Forward foreign currency contracts     0 0
Tax reclaim     0 0
     
Total receivables     146,176,635 22,728,480
Other assets     566 502
     
Total assets     $6,393,943,410 $6,029,696,838
Liabilities and Net Assets        
Payable for:        
Securities purchased     0 29,307,691
Fund shares redeemed     7,274,535 5,126,995
Due to Adviser     168,077 171,286
Due to transfer agent     281,133 156,149
Trustee fees     27,792 25,730
Deferred trustee compensation     875,039 780,752
Other     1,238,310 954,781
     
Total liabilities     9,864,886 36,523,384
     
Net assets applicable to fund shares outstanding     $6,384,078,524 $5,993,173,454
     
Analysis of Net Assets        
Paid in capital     $5,108,749,649 $3,854,993,030
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency transactions     (45,540,989) 342,905,352
Net unrealized appreciation (depreciation) of investments and foreign currencies     1,270,062,472 1,767,508,132
Net unrealized appreciation (depreciation)—other     0 0
Accumulated undistributed net investment income     50,807,392 27,766,940
     
Net assets applicable to Fund shares outstanding     $6,384,078,524 $5,993,173,454
     
Price of Shares        
Net asset value per share: Class I     $40.75 $33.44
     
Class I—Net assets     $6,340,390,696 $5,907,957,469
Class I—Shares outstanding (Unlimited shares authorized)     155,573,344 176,694,912
Net asset value per share: Class II     $40.51 $33.24
     
Class II—Net assets     $43,687,828 $85,215,985
Class II—Shares outstanding (Unlimited shares authorized)     1,078,382 2,563,740
         
(a)    Identified cost of investments in unaffiliated securities     $4,977,703,737 $4,008,679,541
(b)    Identified cost of investments in affiliated securities     0 230,780,183
(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)   $9,569,536,982 $1,884,754,539 $5,539,287,348 $858,051,875
Investments in affiliated securities, at value (b)   194,051,408 0 361,908,735 129,349,556
Cash     29,514 0 0 0
Foreign currency, at value (c)   0 0 522,325 888,059
Receivable for:            
Securities sold     302,392,708 7,035,389 3,791,538 6,505,953
Fund shares sold     18,440,025 3,801,357 12,223,607 1,564,098
Dividends and interest     48,224,601 4,681,370 14,022,703 1,162,423
Forward foreign currency contracts     0 6,067,634 81,438,357 14,340,909
Tax reclaim     15,000 1,346,065 4,505,938 750,033
     
Total receivables     369,072,334 22,931,815 115,982,143 24,323,416
Other assets     113,222 301 462 268
     
Total assets     $10,132,803,460 $1,907,686,655 $6,017,701,013 $1,012,613,174
Liabilities and Net Assets            
Payable for:            
Securities purchased     320,800,035 5,012,915 22,917,739 3,831,665
Fund shares redeemed     3,670,174 297,149 2,273,904 361,220
Due to Adviser     188,830 47,072 146,172 31,096
Due to transfer agent     184,831 55,616 111,757 21,719
Trustee fees     32,990 15,654 24,174 13,784
Deferred trustee compensation     537,845 325,407 544,119 325,672
Other     2,168,932 427,772 1,433,634 216,581
     
Total liabilities     327,583,637 6,181,585 27,451,499 4,801,737
     
Net assets applicable to fund shares outstanding     $9,805,219,823 $1,901,505,070 $5,990,249,514 $1,007,811,437
     
Analysis of Net Assets            
Paid in capital     $7,870,951,599 $1,367,028,529 $4,092,102,121 $606,405,040
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency transactions     88,295,438 53,550,204 225,733,166 153,280,590
Net unrealized appreciation (depreciation) of investments and foreign currencies     1,740,760,163 467,157,902 1,601,657,107 242,240,875
Net unrealized appreciation (depreciation)—other     229,644 (123,769) (375,389) (48,701)
Accumulated undistributed net investment income     104,982,979 13,892,204 71,132,509 5,933,633
     
Net assets applicable to Fund shares outstanding     $9,805,219,823 $1,901,505,070 $5,990,249,514 $1,007,811,437
     
Price of Shares            
Net asset value per share: Class I     $25.41 $23.91 $23.52 $22.79
     
Class I—Net assets     $9,223,210,742 $1,842,901,079 $5,627,391,248 $1,007,212,401
Class I—Shares outstanding (Unlimited shares authorized)     362,970,816 77,063,096 239,302,658 44,187,473
Net asset value per share: Class II     $25.29 $23.63 $23.36 $22.77
     
Class II—Net assets     $582,009,081 $58,603,991 $362,858,266 $599,036
Class II—Shares outstanding (Unlimited shares authorized)     23,013,007 2,479,837 15,535,254 26,310
             
(a)    Identified cost of investments in unaffiliated securities     $7,889,653,765 $1,423,662,187 $4,172,204,723 $657,325,484
(b)    Identified cost of investments in affiliated securities     133,231,378 0 208,743,987 102,187,640
(c)    Identified cost of foreign currency     0 0 521,777 887,565

See accompanying notes to financial statements.