THE OAKMARK FUNDS

Statements of Operations—Year Ended September 30, 2005

 
The Oakmark
Fund
The Oakmark
Select
Fund
Investment Income:    
Dividends from unaffiliated securities $114,096,122 $89,979,644
Dividends from affiliated securities 0 7,546,558
Interest income 11,842,334 12,361,275
Securities lending income 0 0
Other income 117,458 26,808
Foreign taxes withheld (36,654) 0
 
Total investment income 126,019,260 109,914,285
Expenses:    
Investment advisory fee 59,184,688 49,906,327
Transfer and dividend disbursing agent fees 3,095,228 1,672,303
Other shareholder servicing fees 5,941,799 4,695,005
Service Fee—Class II 133,501 223,839
Reports to shareholders 1,601,023 1,034,680
Custody and accounting fees 729,901 605,255
Registration and blue sky expenses 100,813 84,239
Trustee fees 160,528 146,012
Deferred trustee compensation 100,899 91,365
Legal fees 142,629 127,106
Audit fees 63,161 55,458
Other 350,399 304,249
 
Total expenses 71,604,569 58,945,838
Expense offset arrangements (681) 0
 
Net expenses 71,603,888 58,945,838
Net Investment Income: 54,415,372 50,968,447
Net realized and unrealized gain (loss) on investments and foreign currency transactions:    
Net realized gain on unaffiliated securities 215,570,116 235,198,898
Net realized gain on affiliated securities
(a) 
0 129,874,069
Net realized gain on options written 0 0
Net realized gain on short sales 7,071,050 0
Net realized gain (loss) on foreign currency transactions (8,888) 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 106,334,519 19,063,862
Net change in appreciation (depreciation)—other 0 0
Net realized and unrealized gain on investments and foreign currency transactions: 328,966,797 384,136,829
 
Net increase in net assets resulting from operations $383,382,169 $435,105,276
 
(a)    Foreign tax expense — —

 
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 $71,460,737 $34,014,927 $125,912,254 $17,997,137
Dividends from affiliated securities 217,500 0 5,027,752 4,059,494
Interest income 128,114,707 1,311,539 5,308,890 1,070,264
Securities lending income 113,954 202,031 1,884,644 0
Other income 37,196 255 0 370
Foreign taxes withheld (127,981) (2,591,116) (11,731,519) (2,018,294)
 
Total investment income 199,816,113 32,937,636 126,402,021 21,108,971
Expenses:        
Investment advisory fee 63,670,347 16,115,537 47,254,405 10,432,050
Transfer and dividend disbursing agent fees 2,041,484 570,770 1,196,349 237,242
Other shareholder servicing fees 9,586,150 1,309,694 4,197,105 572,875
Service Fee—Class II 1,430,331 99,174 788,882 670
Reports to shareholders 1,556,305 303,556 763,144 130,580
Custody and accounting fees 1,032,660 879,136 3,682,854 770,638
Registration and blue sky expenses 138,694 86,412 109,735 53,573
Trustee fees 185,937 88,237 135,739 78,309
Deferred trustee compensation 115,753 54,695 83,799 48,576
Legal fees 164,973 77,301 118,981 68,867
Audit fees 71,513 34,240 53,240 30,314
Other 412,720 148,511 276,505 122,870
 
Total expenses 80,406,867 19,767,263 58,660,738 12,546,564
Expense offset arrangements (44) (7) (26) (32)
 
Net expenses 80,406,823 19,767,256 58,660,712 12,546,532
Net Investment Income: 
 119,409,290 13,170,380 67,741,309 8,562,439
Net realized and unrealized gain (loss) on investments and foreign currency transactions:
        
Net realized gain on unaffiliated securities 113,073,114 55,983,090 229,716,380 162,137,095
Net realized gain on affiliated securities
(a)  
 0 0 2,232,733 1,484,033
Net realized gain on options written 521,987 0 0 0
Net realized gain on short sales 0 0 0 0
Net realized gain (loss) on foreign currency transactions 349,069 2,655,497 12,385,971 362,424
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 912,480,570 268,798,583 848,532,506 47,885,993
Net change in appreciation (depreciation)—other 102,972 (200,695) (671,292) (85,458)
Net realized and unrealized gain on investments and foreign currency transactions: 1,026,527,712 327,236,475 1,092,196,298 211,784,087
 
Net increase in net assets resulting from operations $1,145,937,002 $340,406,855 $1,159,937,607 $220,346,526
 
(a)    Foreign tax expense — — — 436,314

See accompanying notes to financial statements.