THE OAKMARK FUNDS

Statements of Assets and Liabilities—September 30, 2007

   
The Oakmark
Fund
The Oakmark
Select
Fund
Assets      
Investments in unaffiliated securities, at value (a) $5,711,588,543 $5,435,281,967
Investments in affiliated securities, at value (b) 0 0
Cash   0 0
Foreign currency, at value (c) 0 0
Receivable for:      
Securities sold   0 0
Fund shares sold   5,972,193 5,329,341
Dividends and interest   7,646,726 2,805,050
Tax reclaim   316,561 0
   
Total receivables   13,935,480 8,134,391
Other assets   369 378
   
Total assets   $5,725,524,392 $5,443,416,736
Liabilities and Net Assets      
Payable for:      
Securities purchased   $1,485,445 $0
Fund shares redeemed   35,139,950 7,190,486
Forward currency exchange contracts   0 0
Investment advisory fee   419,609 394,505
Other shareholder servicing fees   464,587 494,971
Transfer and dividend disbursing agent fees   206,237 132,540
Trustee fee   33,231 33,182
Deferred trustee compensation   1,165,765 1,026,459
Other   618,039 529,160
   
Total liabilities   39,532,863 9,801,303
   
Net assets applicable to Fund shares outstanding   $5,685,991,529 $5,433,615,433
   
Analysis of Net Assets      
Paid in capital   $3,564,474,426 $3,384,010,852
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency transactions   399,664,889 495,330,215
Net unrealized appreciation (depreciation) of investments and foreign currencies   1,665,644,517 1,514,612,035
Net unrealized appreciation—other   23,909 0
Accumulated undistributed net investment income   56,183,788 39,662,331
   
Net assets applicable to Fund shares outstanding   $5,685,991,529 $5,433,615,433
   
Price of Shares      
Net asset value per share: Class I   $47.28 $33.05
   
Class I—Net assets   $5,656,939,583 $5,397,403,899
Class I—Shares outstanding (Unlimited shares authorized)   119,637,620 163,317,687
Net asset value per share: Class II   $46.97 $32.82
   
Class II—Net assets   $29,051,946 $36,211,534
Class II—Shares outstanding (Unlimited shares authorized)   618,487 1,103,461
       
(a) Identified cost of investments in unaffiliated securities   $4,045,944,026 $3,920,669,932
(b) Identified cost of investments in affiliated securities   0 0
(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 $13,228,119,169 $3,080,990,992 $374,480,246 $8,364,016,110 $1,051,474,060
Investments in affiliated securities, at value 178,829,017 0 0 642,324,960 273,094,902
Cash 0 0 0 875 0
Foreign currency, at value 0 0 0 0 1,813,656
Receivable for:          
Securities sold 21,900,720 15,439,745 3,848,305 98,085,639 4,647,974
Fund shares sold 17,566,630 3,589,939 403,594 6,653,433 8,589,683
Dividends and interest 71,693,413 7,217,948 877,480 28,086,469 2,233,277
Tax reclaim 0 2,197,033 136,363 7,759,599 1,086,008
 
Total receivables 111,160,763 28,444,665 5,265,742 140,585,140 16,556,942
Other assets 556 258 175 453 218
 
Total assets $13,518,109,505 $3,109,435,915 $379,746,163 $9,146,927,538 $1,342,939,778
Liabilities and Net Assets          
Payable for:          
Securities purchased $28,582,395 $3,891,604 $0 $53,599,273 $6,905,780
Fund shares redeemed 79,595,118 2,654,746 524,380 11,028,571 1,710,041
Forward currency exchange contracts 0 4,846,500 1,322,839 44,205,915 5,879,060
Investment advisory fee 759,031 246,672 31,838 663,835 130,643
Other shareholder servicing fees 1,998,629 227,310 20,884 1,334,301 96,899
Transfer and dividend disbursing agent fees 150,484 65,598 17,098 109,838 17,230
Trustee fee 52,765 24,632 17,051 42,956 20,184
Deferred trustee compensation 936,136 486,472 15,316 808,601 465,493
Other 1,363,376 457,648 108,596 1,657,695 246,300
 
Total liabilities 113,437,934 12,901,182 2,058,002 113,450,985 15,471,630
 
Net assets applicable to Fund shares outstanding $13,404,671,571 $3,096,534,733 $377,688,161 $9,033,476,553 $1,327,468,148
 
Analysis of Net Assets          
Paid in capital $10,003,021,243 $2,154,089,154 $360,803,591 $6,234,604,494 $882,057,592
Accumulated undistributed net realized gain (loss) of investments, forward contracts, options, short sales and foreign currency transactions 712,758,508 282,910,511 7,145,837 1,366,648,117 305,214,848
Net unrealized appreciation (depreciation) of investments and foreign currencies 2,441,550,561 650,531,769 7,871,633 1,326,937,201 137,679,053
Net unrealized appreciation—other 319,687 146,499 45,644 944,571 92,011
Accumulated undistributed net investment income 247,021,572 8,856,800 1,821,456 104,342,170 2,424,644
 
Net assets applicable to Fund shares outstanding $13,404,671,571 $3,096,534,733 $377,688,161 $9,033,476,553 $1,327,468,148
 
Price of Shares          
Net asset value per share: Class I $28.67 $28.08 $11.61 $26.59 $23.19
 
Class I—Net assets $12,489,528,365 $3,006,240,853 $377,688,161 $8,446,622,166 $1,326,520,920
Class I—Shares outstanding (Unlimited shares authorized) 435,622,490 107,040,985 32,543,954 317,677,686 57,195,099
Net asset value per share: Class II $28.50 $27.62 $0.00 $26.32 $23.15
 
Class II—Net assets $915,143,206 $90,293,880 $0 $586,854,387 $947,228
Class II—Shares outstanding (Unlimited shares authorized) 32,113,347 3,269,460 0 22,294,640 40,924
(a) Identified cost of investments in unaffiliated securities $10,813,794,930 $2,425,599,548 $365,251,301 $7,065,849,306 $906,682,362
(b) Identified cost of investments in affiliated securities 151,602,695 0 0 568,773,577 274,354,075
(c) Identified cost of foreign currency 0 0 0 0 1,797,017

See accompanying Notes to Financial Statements.