THE OAKMARK FUNDS

Statements of Assets and Liabilities—March 31, 2007 (Unaudited)

     
The Oakmark
Fund
The Oakmark
Select
Fund
Assets        
Investments in unaffiliated securities, at value (a)   $5,837,287,095 $5,592,980,085
Investments in affiliated securities, at value (b)   0 244,862,880
Cash     0 0
Foreign currency, at value (c)   0 0
Receivable for:        
Securities sold     0 25,950,731
Fund shares sold     4,840,118 7,438,813
Dividends and interest     6,990,835 2,378,795
Forward foreign currency contracts     0 0
Tax reclaim     118,623 0
     
Total receivables     11,949,576 35,768,339
Other assets     88,885 90,684
     
Total assets     $5,849,325,556 $5,873,701,988
Liabilities and Net Assets        
Payable for:        
Securities purchased     $0 $0
Fund shares redeemed     4,188,837 4,354,159
Forward currency exchange contracts     0 0
Dividends     0 0
Investment advisory fee     285,369 270,002
Transfer and dividend disbursing agent fees     341,633 220,264
Trustee fee     34,411 34,880
Deferred trustee compensation     1,146,553 1,009,560
Other     1,331,589 1,457,339
     
Total liabilities     7,328,392 7,346,204
     
Net assets applicable to Fund shares outstanding     $5,841,997,164 $5,866,355,784
     
Analysis of Net Assets        
Paid in capital     $3,909,269,124 $3,873,513,363
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency transactions     154,655,953 205,502,407
Net unrealized appreciation (depreciation) of investments and foreign currencies     1,747,088,981 1,774,452,855
Net unrealized appreciation (depreciation)—other     7,930 0
Accumulated undistributed net investment income (loss)     30,975,176 12,887,159
     
Net assets applicable to Fund shares outstanding     $5,841,997,164 $5,866,355,784
     
Price of Shares        
Net asset value per share: Class I     $45.80 $32.77
     
Class I—Net assets     $5,805,768,897 $5,809,947,080
Class I—Shares outstanding (Unlimited shares authorized)     126,753,085 177,288,706
Net asset value per share: Class II     $45.58 $32.60
     
Class II—Net assets     $36,228,267 $56,408,704
Class II—Shares outstanding (Unlimited shares authorized)     794,795 1,730,555
         
(a)    Identified cost of investments in unaffiliated securities     $4,090,198,114 $4,020,592,692
(b)    Identified cost of investments in affiliated securities     0 42,797,418
(c)    Identified cost of foreign currency     0 0

 
The Oakmark
Equity and
Income Fund
The Oakmark
Global
Fund
The Oakmark
Global Select
Fund
The Oakmark
International
Fund
The Oakmark
International
Small Cap Fund
Assets              
Investments in unaffiliated securities, at value (a)   $12,063,426,049 $2,866,800,034 $235,619,854 $8,478,594,557 $1,252,049,712
Investments in affiliated securities, at value (b)   292,435,503 0 0 687,289,571 241,957,492
Cash     0 0 0 25 0
Foreign currency, at value (c)   0 1,877,073 390,039 1,313,372 3,672,651
Receivable for:              
Securities sold     0 3,722,350 0 43,564,268 3,837,328
Fund shares sold     20,891,741 3,743,498 4,442,074 25,069,961 1,211,509
Dividends and interest     67,579,135 4,734,504 523,057 35,636,283 3,352,567
Forward foreign currency contracts     0 0 0 397,258 27,422
Tax reclaim     80,151 474,708 0 991,350 625,924
     
Total receivables     88,551,027
 12,675,060 4,965,131 105,659,120 9,054,750
Other assets     160,603 105,880 58,584 303,200 51,796
     
Total assets     $12,444,573,182 $2,881,458,047 $241,033,608 $9,273,159,845 $1,506,786,401
Liabilities and Net Assets              
Payable for:              
Securities purchased     $49,492,460 $28,936,992 $11,285,406 $26,788,224 $19,524,917
Fund shares redeemed     12,593,209 1,166,157 25,697 5,360,474 562,909
Forward currency exchange contracts     0 2,519 6,249 0 0
Dividends     26,260 0 0 0 0
Investment advisory fee     463,524 144,731 9,839 412,759 88,750
Transfer and dividend disbursing agent fees     247,046 99,620 9,300 175,068 28,211
Trustee fee 51,889 24,068 16,368 42,143 20,241
Deferred trustee compensation 920,699 478,483 15,070 795,269 457,818
Other     3,002,977 620,593 93,834 2,251,382 306,327
     
Total liabilities     66,798,064 31,473,163 11,461,763 35,825,319 20,989,173
     
Net assets applicable to Fund shares outstanding     $12,377,775,118 $2,849,984,884 $229,571,845 $9,237,334,526 $1,485,797,228
     
Analysis of Net Assets              
Paid in capital     $9,886,438,631 $2,073,362,889 $217,546,332 $6,394,688,247 $981,008,947
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency transactions     40,260,429 98,357,518 2,283,837 617,252,797 120,208,223
Net unrealized appreciation (depreciation) of investments and foreign currencies     2,360,985,195 678,887,779 9,302,744 2,203,715,106 397,074,044
Net unrealized appreciation (depreciation)—other     70,541 (18,438) 4,083 288,797 8,237
Accumulated undistributed net investment income (loss)     90,020,322 (604,864) 434,849 21,389,579 (12,502,223)
     
Net assets applicable to Fund shares outstanding     $12,377,775,118 $2,849,984,884 $229,571,845 $9,237,334,526 $1,485,797,228
     
Price of Shares              
Net asset value per share: Class I     $26.71 $26.54 $11.18 $26.70 $24.22
     
Class I—Net assets     $11,542,774,067 $2,762,109,207 $229,571,845 $8,582,269,631 $1,484,705,047
Class I—Shares outstanding (Unlimited shares authorized)     432,082,336 104,058,817 20,526,159 321,477,596 61,312,461
Net asset value per share: Class II     $26.60 $26.16 $0.00 $26.48 $24.18
     
Class II—Net assets     $835,001,051 $87,875,677 $0 $655,064,895 $1,092,181
Class II—Shares outstanding (Unlimited shares authorized)     31,395,016 3,359,733 0 24,734,175 45,172
               
(a)    Identified cost of investments in unaffiliated securities     $9,808,199,909 $2,187,922,767 $226,306,569 $6,462,914,215 $921,636,045
(b)    Identified cost of investments in affiliated securities     186,676,448 0 0 499,715,191 175,349,747
(c)    Identified cost of foreign currency     0 1,877,571 390,151 1,320,634 3,661,854

See accompanying notes to financial statements.