THE OAKMARK FUNDS

Statements of Operations—Year Ended September 30, 2006

  The Oakmark
Fund		 The Oakmark
Select
Fund
Investment Income:    
Dividends from unaffiliated securities $95,392,160 $100,005,348
Dividends from affiliated securities 0 8,201,496
Interest income 13,236,603 16,570,844
Securities lending income 0 0
Other income 5,674,409 323,164
Foreign taxes withheld (166,040) 0
 
Total investment income 114,137,132 125,100,852
Expenses:    
Investment advisory fee 50,810,228 51,360,669
Transfer and dividend disbursing agent fees 1,986,574 1,255,510
Other shareholder servicing fees 4,664,917 4,619,032
Service Fee—Class II 98,980 175,774
Reports to shareholders 1,255,952 1,046,487
Custody and accounting fees 663,301 642,730
Registration and blue sky expenses 56,449 125,419
Trustee fees 287,356 298,907
Legal fees 175,892 180,252
Audit fees 39,631 42,957
Other 313,549 324,378
 
Total expenses 60,352,829 60,072,115
 
Net Investment Income 53,784,303 65,028,737
Net realized and unrealized gain (loss) on investments and foreign currency transactions:    
Net realized gain on unaffiliated securities 270,945,539 538,098,694
Net realized gain on affiliated securities 0 41,239,799
Net realized gain on short sales 40,635 60,953
Net realized gain (loss) on foreign currency transactions (6,771) 0
Net change in unrealized appreciation (depreciation) of investments and foreign currencies 238,673,740 (92,651,376)
Net change in unrealized depreciation of securities sold short 0 (103,199)
Net change in unrealized appreciation—other 1,909 0
Net realized and unrealized gain on investments and foreign currency transactions 509,655,052 486,644,871
 
Net increase in net assets resulting from operations $563,439,355 $551,673,608
 

  

  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 $94,460,636 $49,988,453 $176,802,743 $23,270,992
Dividends from affiliated securities 290,000 0 19,172,620 11,258,699
Interest income 188,621,440 2,102,123 12,069,686 2,517,790
Securities lending income 2,211,600 591,366 2,350,894 456,572
Other income 444,150 23,496 29,215 1,048
Foreign taxes withheld (1,503,968) (2,433,443) (13,754,124) (2,401,033)
 
Total investment income 284,523,858 50,271,995 196,671,034 35,104,068
Expenses:        
Investment advisory fee 73,931,558 21,200,163 61,243,264 13,155,012
Transfer and dividend disbursing agent fees 1,346,817 508,342 910,131 156,606
Other shareholder servicing fees 10,241,440 1,423,236 5,162,896 597,585
Service Fee—Class II 1,568,799 172,522 1,068,769 704
Reports to shareholders 1,465,471 345,809 816,583 144,229
Custody and accounting fees 1,386,883 1,132,817 4,994,069 919,585
Registration and blue sky expenses 191,947 89,568 245,364 60,784
Trustee fees 414,195 197,787 322,696 171,161
Legal fees 247,868 117,460 190,447 114,361
Audit fees 61,339 29,659 48,637 25,380
Other 470,048 185,613 340,485 150,992
 
Total expenses 91,326,365 25,402,976 75,343,341 15,496,399
Net Investment Income 193,197,493 24,869,019 121,327,693 19,607,669
Net realized and unrealized gain (loss) on investments and foreign currency transactions:        
Net realized gain on unaffiliated securities 545,472,604 310,301,304 907,150,059 156,507,381
Net realized gain on affiliated securities 0 0 115,080,865 20,601,784
Net realized gain on short sales 0 0 0 0
Net realized gain (loss) on foreign currency transactions 953,110 6,838,930 85,933,770 14,662,887
Net change in unrealized appreciation (depreciation) of investments and foreign currencies (77,004,918) 2,947,332 131,694,166 71,230,284
Net change in unrealized depreciation of securities sold short 0 0 0 0
Net change in unrealized appreciation—other 254,072 163,945 294,298 43,207
Net realized and unrealized gain on investments and foreign currency transactions 469,674,868 320,251,511 1,240,153,158 263,045,543
 
Net increase in net assets resulting from operations $662,872,361 $345,120,530 $1,361,480,851 $282,653,212
 

See accompanying Notes to Financial Statements.