THE OAKMARK FUNDS

Statements of Assets and Liabilities—March 31, 2006 (Unaudited)

     
The Oakmark
Fund
The Oakmark
Select
Fund
Assets        
Investments in unaffiliated securities, at value (a)   $5,630,192,792 $5,529,535,265
Investments in affiliated securities, at value (b)   0 659,377,472
Cash     36 426
Foreign currency, at value (c)   0 0
Receivable for:        
Securities sold     0 0
Fund shares sold     4,930,478 17,437,896
Dividends and interest     6,624,703 4,646,789
Forward foreign currency contracts     0 0
Tax reclaim     0 0
     
Total receivables     11,555,181 22,084,685
Other assets     94,893 96,721
     
Total assets     $5,641,842,902 $6,211,094,569
Liabilities and Net Assets        
Payable for:        
Securities purchased     $0 $0
Fund shares redeemed     15,101,125 6,222,339
Due to Adviser     133,809 141,495
Due to transfer agent     306,446 173,909
Trustee fee     23,107 23,199
Deferred trustee compensation     950,227 817,135
Other     1,727,562 1,209,136
     
Total liabilities     18,242,276 8,587,213
     
Net assets applicable to fund shares outstanding     $5,623,600,626 $6,202,507,356
     
Analysis of Net Assets        
Paid in capital     $4,110,186,362 $4,043,600,867
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency transactions     146,594,704 534,342,686
Net unrealized appreciation (depreciation) of investments and foreign currencies     1,340,755,208 1,611,919,259
Net unrealized appreciation (depreciation)—other     0 0
Accumulated undistributed net investment income (loss)     26,064,352 12,644,544
     
Net assets applicable to Fund shares outstanding     $5,623,600,626 $6,202,507,356
     
Price of Shares        
Net asset value per share: Class I     $42.44 $33.73
     
Class I—Net assets     $5,583,372,431 $6,129,000,884
Class I—Shares outstanding (Unlimited shares authorized)     131,549,561 181,721,517
Net asset value per share: Class II     $42.25 $33.55
     
Class II—Net assets     $40,228,195 $73,506,472
Class II—Shares outstanding (Unlimited shares authorized)     952,246 2,190,881
         
(a)    Identified cost of investments in unaffiliated securities     $4,289,437,584 $4,346,213,295
(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)   $10,166,970,094 $2,219,652,590 $6,361,100,766 $940,511,672
Investments in affiliated securities, at value (b)   186,329,292 0 591,838,508 259,585,626
Cash     191 0 231 0
Foreign currency, at value (c)   0 2,062,577 9,180,434 605,189
Receivable for:            
Securities sold     33,653,419 0 22,027,294 2,192,321
Fund shares sold     65,523,869 2,802,614 16,501,140 1,663,680
Dividends and interest     43,033,807 4,398,455 30,554,347 2,827,278
Forward foreign currency contracts     0 38,034 0 862,950
Tax reclaim     1,350,000 1,299,363 4,615,772 813,484
     
Total receivables     143,561,095
 8,538,466 73,698,553 8,359,713
Other assets     399,275 90,016 238,550 53,828
     
Total assets     $10,497,259,947 $2,230,343,649 $7,036,057,042 $1,209,116,028
Liabilities and Net Assets            
Payable for:            
Securities purchased     $23,509,496 $10,998,847 $15,289,154 $8,859,106
Fund shares redeemed     65,065,258 930,566 2,995,279 118,329
Due to Adviser     197,405 57,530 163,298 36,179
Due to transfer agent     195,136 60,317 118,603 22,354
Trustees fees     31,014 14,685 23,030 12,714
Deferred trustee compensation     677,614 360,494 598,215 353,229
Other     2,536,736 548,589 1,817,171 287,818
     
Total liabilities     92,212,659 12,971,028 21,004,750 9,689,729
     
Net assets applicable to fund shares outstanding     $10,405,047,288 $2,217,372,621 $7,015,052,292 $1,199,426,299
     
Analysis of Net Assets            
Paid in capital     $8,451,951,885 $1,584,522,479 $4,767,529,857 $806,567,312
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency exchange transactions      224,924,388 145,233,316 492,761,504 79,023,650
Net unrealized appreciation (depreciation) of investments and foreign currencies     1,675,841,611 487,436,853 1,740,986,178 318,452,841
Net unrealized appreciation (depreciation)—other     130,832 (80,421) 144,849 (33,569)
Accumulated undistributed net investment income (loss)     52,198,572 260,394 13,629,904 (4,583,935)
     
Net assets applicable to Fund shares outstanding      $10,405,047,288 $2,217,372,621 $7,015,052,292 $1,199,426,299
     
Price of Shares            
Net asset value per share: Class I     $25.48 $25.08 $24.81 $22.35
     
Class I—Net assets     $9,801,146,632 $2,146,240,984 $6,573,551,360 $1,198,684,252
Class I—Shares outstanding (Unlimited shares authorized)     384,691,132 85,584,108 264,990,109 53,628,949
Net asset value per share: Class II     $25.39 $24.77 $24.65 $22.33
     
Class II—Net assets     $603,900,656 $71,131,637 $441,500,932 $742,047
Class II—Shares outstanding (Unlimited shares authorized)     23,782,381 2,871,764 17,910,932 33,233
             
(a)    Identified cost of investments in unaffiliated securities     $8,591,551,786 $1,732,263,175 $4,815,895,965 $681,398,525
(b)    Identified cost of investments in affiliated securities     85,905,989 0 396,018,513 201,123,892
(c)    Identified cost of foreign currency     0 2,053,174 9,166,914 604,522

See accompanying notes to financial statements.