THE OAKMARK FUNDS

Statements of Operations—Period Ended March 31, 2005 (Unaudited)

 
The Oakmark
Fund
The Oakmark
Select
Fund
Investment Income:    
Dividends from unaffiliated securities $63,861,643 $51,484,168
Dividends from affiliated securities 1,332,892 3,664,452
Interest Income 6,321,936 4,759,108
Securities lending income 0 0
Other income 42,113 26,809
Foreign taxes withheld (248,907) 0
 
Total investment income 71,309,677 59,934,537
Expenses:    
Investment advisory fee 29,813,473 24,389,760
Transfer and dividend disbursing agent fees 1,537,622 771,131
Other shareholder servicing fees 2,887,149 2,192,109
Service Fee—Class II 77,468 125,185
Reports to shareholders 908,740 594,819
Custody and accounting fees 369,385 294,850
Registration and blue sky expenses 59,927 0
Trustee fees 93,053 82,441
Deferred trustee compensation 72,636 65,007
Legal fees 74,671 65,858
Audit fees 32,089 28,153
Other 191,305 146,742
 
Total expenses 36,117,518 28,756,055
Expense offset arrangements 0 0
 
Net expenses 36,117,518 28,756,055
Net Investment Income: 35,192,159 31,178,482
Net realized and unrealized gain (loss) on investments and foreign currency transactions:    
Net realized gain on unaffiliated securities 101,069,170 142,311,659
Net realized gain on affiliated securities 30,752,892 129,874,070
Net realized gain on options written 0 0
Net realized gain (loss) on foreign currency transactions 0 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 228,832,371 123,368,921
Net change in appreciation (depreciation)—other 0 0
Net change in deferred foreign taxes 0 0
Net realized and unrealized gain on investments and foreign currency transactions: 360,654,433 395,554,650
 
Net increase in net assets resulting from operations $395,846,592 $426,733,132
 

 
The Oakmark
Equity and
Income Fund
The Oakmark
Global
Fund
The Oakmark
International
Fund
The Oakmark
International
Small Cap Fund
Investment Income:        
Dividends from unaffiliated securities $34,341,914 $9,554,679 $36,050,654 $5,953,867
Dividends from affiliated securities 72,500 262,693 928,566 992,904
Interest Income 56,332,659 390,234 1,901,848 412,004
Securities lending income 0 10,365 74,850 0
Other income 23,581 255 0 0
Foreign taxes withheld (474,804) (458,577) (1,770,157) (663,287)
 
Total investment income 90,295,850 9,759,649 37,185,761 6,695,488
Expenses:        
Investment advisory fee 30,908,138 7,538,210 22,328,496 4,955,885
Transfer and dividend disbursing agent fees 1,020,885 256,847 580,755 121,674
Other shareholder servicing fees 4,807,665 663,273 2,090,511 306,484
Service Fee—Class II 697,613 39,199 377,823 330
Reports to shareholders 875,557 165,681 430,652 69,302
Custody and accounting fees 492,732 421,102 1,774,900 378,674
Registration and blue sky expenses 63,581 36,993 42,563 23,382
Trustee fees 104,925 49,573 75,729 44,322
Deferred trustee compensation 82,092 38,612 58,852 34,399
Legal fees 85,601 39,500 60,477 35,165
Audit fees 36,390 17,160 26,902 15,145
Other 221,717 76,510 145,907 62,365
 
Total expenses 39,396,896 9,342,660 27,993,567 6,047,127
Expense offset arrangements
(44)
 0 0 (32)
 
Net expenses 39,396,852 9,342,660 27,993,567 6,047,095
Net Investment Income: 
 50,898,998 416,989 9,192,194 648,393
Net realized and unrealized gain (loss) on investments and foreign currency transactions:
        
Net realized gain on unaffiliated securities 36,779,736 16,133,897 103,399,641 60,718,801
Net realized gain on affiliated securities 0 0 3,144,562 9,939,868
Net realized gain on options written 521,987 0 0 0
Net realized gain (loss) on foreign currency transactions 380,150 277,783 (582,606) (224,902)
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 273,998,375 169,997,749 560,527,887 75,575,974
Net change in appreciation (depreciation)—other 2,493 (40,815) (285,180) 674
Net change in deferred foreign taxes 0 0 0 118,372
Net realized and unrealized gain on investments and foreign currency transactions: 311,682,741 186,368,614 666,204,304 146,128,787
 
Net increase in net assets resulting from operations
 $362,581,739
 $186,785,603  $675,396,498  $146,777,180 
 

See accompanying notes to financial statements.