0001104659-15-061889.txt : 20150826 0001104659-15-061889.hdr.sgml : 20150826 20150826140929 ACCESSION NUMBER: 0001104659-15-061889 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150826 DATE AS OF CHANGE: 20150826 EFFECTIVENESS DATE: 20150826 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HARRIS ASSOCIATES INVESTMENT TRUST CENTRAL INDEX KEY: 0000872323 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06279 FILM NUMBER: 151075567 BUSINESS ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: 111 S. WACKER DRIVE, SUITE 4600 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 8004769625 MAIL ADDRESS: STREET 1: HARRIS ASSOCIATES LP STREET 2: 111 S. WACKER DRIVE, SUITE 4600 CITY: CHICAGO STATE: IL ZIP: 60606 0000872323 S000002758 Oakmark Fund C000007554 Class I OAKMX C000007555 Class II OARMX 0000872323 S000002759 Oakmark Select Fund C000007556 Class I OAKLX C000007557 Class II OARLX 0000872323 S000002760 Oakmark Equity and Income Fund C000007558 Class I OAKBX C000007559 Class II OARBX 0000872323 S000002761 Oakmark Global Fund C000007560 Class I OAKGX C000007561 Class II OARGX 0000872323 S000002762 Oakmark International Fund C000007562 Class I OAKIX C000007563 Class II OARIX 0000872323 S000002763 Oakmark International Small Cap Fund C000007564 Class I OAKEX C000007565 Class II OAREX 0000872323 S000013607 Oakmark Global Select Fund C000036890 Class I OAKWX C000036891 Class II OARWX N-Q 1 a15-14240_2nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-06279

 

Harris Associates Investment Trust

(Exact name of registrant as specified in charter)

 

111 South Wacker Drive, Suite 4600

Chicago, Illinois

 

60606-4319

(Address of principal executive offices)

 

(Zip code)

 

 

 

Kristi L. Rowsell

Harris Associates L.P.

111 South Wacker Drive, Suite 4600

Chicago, Illinois 60606

 

Alan Goldberg

K&L Gates LLP

70 West Madison Street, Suite 3100

Chicago, Illinois 60602

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(312) 646-3600

 

 

Date of fiscal year end:

9/30/15

 

 

Date of reporting period:

6/30/15

 

 


 

Item 1. Schedule of Investments.

 


 

Oakmark Fund

June 30, 2015 (Unaudited)

Schedule of Investments (in thousands)

 

 

 

 

Shares

 

Value

 

COMMON STOCKS— 93.2%

 

 

 

 

 

FINANCIALS — 28.2%

 

 

 

 

 

DIVERSIFIED FINANCIALS — 11.2%

 

 

 

 

 

The Goldman Sachs Group, Inc.

 

1,740

 

$

363,295

 

Investment Banking & Brokerage

 

 

 

 

 

Capital One Financial Corp.

 

4,113

 

361,803

 

Consumer Finance

 

 

 

 

 

State Street Corp.

 

4,380

 

337,260

 

Asset Management & Custody Banks

 

 

 

 

 

Bank of New York Mellon Corp.

 

6,450

 

270,691

 

Asset Management & Custody Banks

 

 

 

 

 

Franklin Resources, Inc.

 

5,430

 

266,233

 

Asset Management & Custody Banks

 

 

 

 

 

American Express Co.

 

3,100

 

240,932

 

Consumer Finance

 

 

 

 

 

T Rowe Price Group, Inc.

 

2,350

 

182,665

 

Asset Management & Custody Banks

 

 

 

 

 

 

 

 

 

2,022,879

 

BANKS — 9.8%

 

 

 

 

 

Bank of America Corp.

 

35,500

 

604,210

 

Diversified Banks

 

 

 

 

 

Citigroup, Inc.

 

8,330

 

460,149

 

Diversified Banks

 

 

 

 

 

JPMorgan Chase & Co.

 

6,140

 

416,046

 

Diversified Banks

 

 

 

 

 

Wells Fargo & Co.

 

5,290

 

297,510

 

Diversified Banks

 

 

 

 

 

 

 

 

 

1,777,915

 

INSURANCE — 7.2%

 

 

 

 

 

American International Group, Inc.

 

7,305

 

451,595

 

Multi-line Insurance

 

 

 

 

 

Aflac, Inc.

 

5,070

 

315,354

 

Life & Health Insurance

 

 

 

 

 

Aon PLC

 

3,080

 

307,014

 

Insurance Brokers

 

 

 

 

 

Principal Financial Group, Inc.

 

4,609

 

236,412

 

Life & Health Insurance

 

 

 

 

 

 

 

 

 

1,310,375

 

 

 

 

 

5,111,169

 

INFORMATION TECHNOLOGY — 23.4%

 

 

 

 

 

SOFTWARE & SERVICES — 13.7%

 

 

 

 

 

MasterCard, Inc., Class A

 

4,850

 

453,378

 

Data Processing & Outsourced Services

 

 

 

 

 

Google, Inc., Class A (a)

 

812

 

438,295

 

Internet Software & Services

 

 

 

 

 

Oracle Corp.

 

9,445

 

380,633

 

Systems Software

 

 

 

 

 

Visa, Inc., Class A

 

5,280

 

354,552

 

Data Processing & Outsourced Services

 

 

 

 

 

Automatic Data Processing, Inc.

 

4,320

 

346,594

 

Data Processing & Outsourced Services

 

 

 

 

 

Microsoft Corp.

 

6,650

 

293,598

 

Systems Software

 

 

 

 

 

Accenture PLC, Class A

 

2,100

 

203,238

 

IT Consulting & Other Services

 

 

 

 

 

 

 

 

 

2,470,288

 

TECHNOLOGY HARDWARE & EQUIPMENT — 5.4%

 

 

 

 

 

Apple, Inc.

 

2,807

 

352,068

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

TE Connectivity, Ltd.

 

5,036

 

323,792

 

Electronic Manufacturing Services

 

 

 

 

 

QUALCOMM, Inc.

 

4,845

 

303,442

 

Communications Equipment

 

 

 

 

 

 

 

 

 

979,302

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.3%

 

 

 

 

 

Intel Corp.

 

11,580

 

352,206

 

Semiconductors

 

 

 

 

 

Texas Instruments, Inc.

 

5,565

 

286,653

 

Semiconductors

 

 

 

 

 

Applied Materials, Inc.

 

7,260

 

139,537

 

Semiconductor Equipment

 

 

 

 

 

 

 

 

 

778,396

 

 

 

 

 

4,227,986

 

CONSUMER DISCRETIONARY — 13.1%

 

 

 

 

 

MEDIA — 4.0%

 

 

 

 

 

News Corp., Class A (a)

 

19,708

 

287,539

 

Publishing

 

 

 

 

 

Comcast Corp., Class A

 

3,940

 

236,164

 

Cable & Satellite

 

 

 

 

 

Omnicom Group, Inc.

 

2,762

 

191,945

 

Advertising

 

 

 

 

 

 

 

 

 

715,648

 

RETAILING — 3.9%

 

 

 

 

 

Amazon.com, Inc. (a)

 

919

 

398,929

 

Internet Retail

 

 

 

 

 

Liberty Interactive Corp. QVC Group, Class A (a)

 

10,891

 

302,222

 

Catalog Retail

 

 

 

 

 

 

 

 

 

701,151

 

AUTOMOBILES & COMPONENTS — 3.1%

 

 

 

 

 

General Motors Co.

 

7,850

 

261,640

 

Automobile Manufacturers

 

 

 

 

 

Fiat Chrysler Automobiles N.V. (a)

 

12,000

 

174,360

 

Automobile Manufacturers

 

 

 

 

 

Harley-Davidson, Inc.

 

2,164

 

121,956

 

Motorcycle Manufacturers

 

 

 

 

 

 

 

 

 

557,956

 

CONSUMER SERVICES — 1.1%

 

 

 

 

 

Las Vegas Sands Corp.

 

3,800

 

199,766

 

Casinos & Gaming

 

 

 

 

 

CONSUMER DURABLES & APPAREL — 1.0%

 

 

 

 

 

Whirlpool Corp.

 

1,100

 

190,355

 

Household Appliances

 

 

 

 

 

 

 

 

 

2,364,876

 

 


 

 

 

Shares

 

Value

 

Common Stocks — 93.2% (cont.)

 

 

 

 

 

INDUSTRIALS — 8.9%

 

 

 

 

 

CAPITAL GOODS — 6.0%

 

 

 

 

 

General Electric Co.

 

15,500

 

$

411,835

 

Industrial Conglomerates

 

 

 

 

 

Caterpillar, Inc.

 

3,000

 

254,460

 

Construction Machinery & Heavy Trucks

 

 

 

 

 

Parker-Hannifin Corp.

 

1,925

 

223,935

 

Industrial Machinery

 

 

 

 

 

Precision Castparts Corp.

 

1,000

 

199,870

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

1,090,100

 

TRANSPORTATION — 2.9%

 

 

 

 

 

FedEx Corp.

 

2,000

 

340,800

 

Air Freight & Logistics

 

 

 

 

 

Union Pacific Corp.

 

1,950

 

185,972

 

Railroads

 

 

 

 

 

 

 

 

 

526,772

 

 

 

 

 

1,616,872

 

CONSUMER STAPLES — 6.0%

 

 

 

 

 

FOOD, BEVERAGE & TOBACCO — 4.7%

 

 

 

 

 

General Mills, Inc.

 

5,820

 

324,291

 

Packaged Foods & Meats

 

 

 

 

 

Diageo PLC (b)

 

2,250

 

261,090

 

Distillers & Vintners

 

 

 

 

 

Nestle SA (b)

 

3,540

 

255,446

 

Packaged Foods & Meats

 

 

 

 

 

 

 

 

 

840,827

 

HOUSEHOLD & PERSONAL PRODUCTS — 1.3%

 

 

 

 

 

Unilever PLC (b)

 

5,613

 

241,134

 

Personal Products

 

 

 

 

 

 

 

 

 

1,081,961

 

ENERGY — 5.7%

 

 

 

 

 

Apache Corp.

 

8,275

 

476,889

 

Oil & Gas Exploration & Production

 

 

 

 

 

Halliburton Co.

 

4,500

 

193,815

 

Oil & Gas Equipment & Services

 

 

 

 

 

National Oilwell Varco, Inc.

 

3,040

 

146,771

 

Oil & Gas Equipment & Services

 

 

 

 

 

Chesapeake Energy Corp.

 

12,000

 

134,040

 

Oil & Gas Exploration & Production

 

 

 

 

 

Baker Hughes, Inc.

 

1,150

 

70,955

 

Oil & Gas Equipment & Services

 

 

 

 

 

 

 

 

 

1,022,470

 

HEALTH CARE — 5.0%

 

 

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 3.5%

 

 

 

 

 

UnitedHealth Group, Inc.

 

2,590

 

315,980

 

Managed Health Care

 

 

 

 

 

Medtronic PLC

 

4,190

 

310,479

 

Health Care Equipment

 

 

 

 

 

 

 

 

 

626,459

 

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.5%

 

 

 

 

 

Sanofi (b)

 

5,670

 

280,835

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

907,294

 

MATERIALS — 2.9%

 

 

 

 

 

Monsanto Co.

 

3,550

 

378,394

 

Fertilizers & Agricultural Chemicals

 

 

 

 

 

Glencore PLC

 

38,040

 

152,595

 

Diversified Metals & Mining

 

 

 

 

 

 

 

 

 

530,989

 

TOTAL COMMON STOCKS — 93.2%
(Cost $12,748,915)

 

 

 

16,863,617

 

 

 

 

Par Value

 

Value

 

SHORT TERM INVESTMENTS— 6.4%

 

 

 

 

 

 

 

 

 

 

 

REPURCHASE AGREEMENT — 3.1%

 

 

 

 

 

Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 06/30/15 due 07/01/15, repurchase price $569,022, collateralized by a United States Treasury Note, 2.250%, due 04/30/21, value plus accrued interest of $580,405 (Cost: $569,022)

 

$

569,022

 

569,022

 

 

 

 

 

 

 

U.S. GOVERNMENT BILLS — 1.9%

 

 

 

 

 

United States Treasury Bills, 0.07% - 0.11%, due 09/10/15 - 11/05/15 (c) (Cost $349,920)

 

350,000

 

349,991

 

 

 

 

 

 

 

GOVERNMENT AND AGENCY SECURITIES — 1.4%

 

 

 

 

 

United States Treasury Floating Rate Note, 0.084%, due 04/30/16 (d) (Cost $250,000)

 

250,000

 

250,048

 

TOTAL SHORT TERM INVESTMENTS — 6.4%

(Cost $1,168,942)

 

 

 

1,169,061

 

TOTAL INVESTMENTS — 99.6%
(Cost $13,917,857)

 

 

 

18,032,678

 

Other Assets In Excess of Liabilities — 0.4%

 

 

 

71,905

 

TOTAL NET ASSETS — 100.0%

 

 

 

$

18,104,583

 

 

(a)

Non-income producing security

(b)

Sponsored American Depositary Receipt

(c)

The rate shown represents the annualized yield at the time of purchase; not a coupon rate.

(d)

Floating Rate Note. Rate shown is as of June 30, 2015.

 


 

Oakmark Select Fund

June 30, 2015 (Unaudited)

Schedule of Investments (in thousands)

 

 

 

 

Shares

 

Value

 

COMMON STOCKS— 95.6%

 

 

 

 

 

FINANCIALS — 41.0%

 

 

 

 

 

BANKS — 17.0%

 

 

 

 

 

Citigroup, Inc.

 

6,577

 

$

363,313

 

Diversified Banks

 

 

 

 

 

Bank of America Corp.

 

20,979

 

357,056

 

Diversified Banks

 

 

 

 

 

JPMorgan Chase & Co.

 

5,230

 

354,385

 

Diversified Banks

 

 

 

 

 

 

 

 

 

1,074,754

 

INSURANCE — 10.6%

 

 

 

 

 

American International Group, Inc.

 

6,145

 

379,896

 

Multi-line Insurance

 

 

 

 

 

FNF Group

 

7,901

 

292,266

 

Property & Casualty Insurance

 

 

 

 

 

 

 

 

 

672,162

 

DIVERSIFIED FINANCIALS — 8.1%

 

 

 

 

 

Capital One Financial Corp.

 

3,050

 

268,309

 

Consumer Finance

 

 

 

 

 

Franklin Resources, Inc.

 

4,910

 

240,737

 

Asset Management & Custody Banks

 

 

 

 

 

 

 

 

 

509,046

 

REAL ESTATE — 5.3%

 

 

 

 

 

CBRE Group, Inc., Class A (a)

 

8,964

 

331,668

 

Real Estate Services

 

 

 

 

 

 

 

 

 

2,587,630

 

INFORMATION TECHNOLOGY — 23.9%

 

 

 

 

 

SOFTWARE & SERVICES — 15.3%

 

 

 

 

 

Google, Inc., Class A (a)

 

653

 

352,646

 

Internet Software & Services

 

 

 

 

 

MasterCard, Inc., Class A

 

3,720

 

347,746

 

Data Processing & Outsourced Services

 

 

 

 

 

Oracle Corp.

 

6,540

 

263,562

 

Systems Software

 

 

 

 

 

 

 

 

 

963,954

 

TECHNOLOGY HARDWARE & EQUIPMENT — 5.5%

 

 

 

 

 

TE Connectivity, Ltd.

 

5,394

 

346,830

 

Electronic Manufacturing Services

 

 

 

 

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.1%

 

 

 

 

 

Intel Corp.

 

6,447

 

196,085

 

Semiconductors

 

 

 

 

 

 

 

 

 

1,506,869

 

CONSUMER DISCRETIONARY — 11.3%

 

 

 

 

 

RETAILING — 8.6%

 

 

 

 

 

Amazon.com, Inc. (a)

 

652

 

283,027

 

Internet Retail

 

 

 

 

 

Liberty Interactive Corp. QVC Group, Class A (a)

 

9,214

 

255,685

 

Catalog Retail

 

 

 

 

 

 

 

 

 

538,712

 

AUTOMOBILES & COMPONENTS — 2.7%

 

 

 

 

 

Fiat Chrysler Automobiles N.V. (a)

 

11,870

 

172,478

 

Automobile Manufacturers

 

 

 

 

 

 

 

 

 

711,190

 

ENERGY — 8.3%

 

 

 

 

 

Chesapeake Energy Corp.

 

25,700

 

287,069

 

Oil & Gas Exploration & Production

 

 

 

 

 

Apache Corp.

 

4,110

 

236,859

 

Oil & Gas Exploration & Production

 

 

 

 

 

 

 

 

 

523,928

 

INDUSTRIALS — 4.4%

 

 

 

 

 

CAPITAL GOODS — 4.4%

 

 

 

 

 

General Electric Co.

 

10,500

 

278,985

 

Industrial Conglomerates

 

 

 

 

 

MATERIALS — 3.8%

 

 

 

 

 

Monsanto Co.

 

2,250

 

239,828

 

Fertilizers & Agricultural Chemicals

 

 

 

 

 

UTILITIES — 2.9%

 

 

 

 

 

Calpine Corp. (a)

 

10,004

 

179,979

 

Independent Power Producers & Energy Traders

 

 

 

 

 

TOTAL COMMON STOCKS — 95.6%
(Cost $4,659,245)

 

 

 

6,028,409

 

 

 

 

Par Value

 

Value

 

 

 

 

 

 

 

FIXED INCOME— 0.5%

 

 

 

 

 

 

 

 

 

 

 

CONVERTIBLE BOND — 0.5%

 

 

 

 

 

Fiat Chrysler Automobiles N.V., 7.875%, due 12/15/16 (Cost $34,575)

 

$

25,779

 

32,513

 

TOTAL FIXED INCOME — 0.5%
(Cost $34,575)

 

 

 

32,513

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS— 3.6%

 

 

 

 

 

 

 

 

 

 

 

REPURCHASE AGREEMENT — 3.6%

 

 

 

 

 

Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 06/30/15 due 07/01/15, repurchase price $228,928, collateralized by United States Treasury Notes, 2.125% - 3.625%, due 01/31/21 - 02/15/21, aggregate value plus accrued interest of $233,509 (Cost: $228,928)

 

228,928

 

228,928

 

TOTAL SHORT TERM INVESTMENTS — 3.6%
(Cost $228,928)

 

 

 

228,928

 

TOTAL INVESTMENTS — 99.7%
(Cost $4,922,748)

 

 

 

6,289,850

 

Other Assets In Excess of Liabilities — 0.3%

 

 

 

19,777

 

TOTAL NET ASSETS — 100.0%

 

 

 

$

6,309,627

 

 

(a)

Non-income producing security

 


 

Oakmark Equity and Income Fund

June 30, 2015 (Unaudited)

Schedule of Investments (in thousands)

 

 

 

 

Shares

 

Value

 

COMMON STOCKS— 63.6%

 

 

 

 

 

FINANCIALS — 15.5%

 

 

 

 

 

BANKS — 5.9%

 

 

 

 

 

Bank of America Corp.

 

44,733

 

$

761,353

 

Diversified Banks

 

 

 

 

 

Wells Fargo & Co.

 

4,326

 

243,294

 

Diversified Banks

 

 

 

 

 

U.S. Bancorp

 

4,461

 

193,600

 

Diversified Banks

 

 

 

 

 

 

 

 

 

1,198,247

 

DIVERSIFIED FINANCIALS — 5.1%

 

 

 

 

 

TD Ameritrade Holding Corp.

 

12,006

 

442,076

 

Investment Banking & Brokerage

 

 

 

 

 

The Goldman Sachs Group, Inc.

 

1,208

 

252,218

 

Investment Banking & Brokerage

 

 

 

 

 

Bank of New York Mellon Corp.

 

5,340

 

224,139

 

Asset Management & Custody Banks

 

 

 

 

 

T Rowe Price Group, Inc.

 

1,290

 

100,295

 

Asset Management & Custody Banks

 

 

 

 

 

 

 

 

 

1,018,728

 

INSURANCE — 4.5%

 

 

 

 

 

FNF Group

 

7,689

 

284,427

 

Property & Casualty Insurance

 

 

 

 

 

Principal Financial Group, Inc.

 

5,061

 

259,594

 

Life & Health Insurance

 

 

 

 

 

Reinsurance Group of America, Inc.

 

2,402

 

227,887

 

Reinsurance

 

 

 

 

 

Aflac, Inc.

 

2,077

 

129,177

 

Life & Health Insurance

 

 

 

 

 

 

 

 

 

901,085

 

 

 

 

 

3,118,060

 

INDUSTRIALS — 10.9%

 

 

 

 

 

CAPITAL GOODS — 9.2%

 

 

 

 

 

Dover Corp.

 

7,713

 

541,305

 

Industrial Machinery

 

 

 

 

 

Flowserve Corp.

 

6,678

 

351,653

 

Industrial Machinery

 

 

 

 

 

Rockwell Automation, Inc.

 

2,145

 

267,353

 

Electrical Components & Equipment

 

 

 

 

 

General Electric Co.

 

7,600

 

201,919

 

Industrial Conglomerates

 

 

 

 

 

Parker-Hannifin Corp.

 

1,638

 

190,543

 

Industrial Machinery

 

 

 

 

 

Precision Castparts Corp.

 

794

 

158,697

 

Aerospace & Defense

 

 

 

 

 

WESCO International, Inc. (a)

 

1,522

 

104,473

 

Trading Companies & Distributors

 

 

 

 

 

Blount International, Inc. (a)

 

2,263

 

24,716

 

Industrial Machinery

 

 

 

 

 

The Manitowoc Co., Inc.

 

864

 

16,934

 

Construction Machinery & Heavy Trucks

 

 

 

 

 

 

 

 

 

1,857,593

 

TRANSPORTATION — 1.5%

 

 

 

 

 

Union Pacific Corp.

 

3,086

 

294,331

 

Railroads

 

 

 

 

 

COMMERCIAL  & PROFESSIONAL SERVICES — 0.2%

 

 

 

 

 

Herman Miller, Inc.

 

1,402

 

40,548

 

Office Services & Supplies

 

 

 

 

 

 

 

 

 

2,192,472

 

CONSUMER DISCRETIONARY — 10.4%

 

 

 

 

 

AUTOMOBILES & COMPONENTS — 6.3%

 

 

 

 

 

General Motors Co.

 

19,469

 

648,888

 

Automobile Manufacturers

 

 

 

 

 

BorgWarner, Inc.

 

5,699

 

323,914

 

Auto Parts & Equipment

 

 

 

 

 

Lear Corp.

 

2,613

 

293,323

 

Auto Parts & Equipment

 

 

 

 

 

Remy International, Inc.

 

394

 

8,706

 

Auto Parts & Equipment

 

 

 

 

 

 

 

 

 

1,274,831

 

RETAILING — 3.4%

 

 

 

 

 

Foot Locker, Inc. (b)

 

7,348

 

492,409

 

Apparel Retail

 

 

 

 

 

HSN, Inc.

 

2,608

 

183,087

 

Catalog Retail

 

 

 

 

 

 

 

 

 

675,496

 

CONSUMER DURABLES & APPAREL — 0.7%

 

 

 

 

 

Carter’s, Inc.

 

936

 

99,444

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

Kate Spade & Co. (a)

 

2,258

 

48,631

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

 

 

 

 

148,075

 

 

 

 

 

2,098,402

 

INFORMATION TECHNOLOGY — 9.3%

 

 

 

 

 

SOFTWARE & SERVICES — 6.5%

 

 

 

 

 

Oracle Corp.

 

17,795

 

717,139

 

Systems Software

 

 

 

 

 

MasterCard, Inc., Class A

 

4,399

 

411,207

 

Data Processing & Outsourced Services

 

 

 

 

 

Broadridge Financial Solutions, Inc.

 

3,578

 

178,911

 

Data Processing & Outsourced Services

 

 

 

 

 

 

 

 

 

1,307,257

 

TECHNOLOGY HARDWARE & EQUIPMENT — 2.8%

 

 

 

 

 

TE Connectivity, Ltd.

 

8,052

 

517,763

 

Electronic Manufacturing Services

 

 

 

 

 

Knowles Corp. (a)

 

3,155

 

57,113

 

Electronic Components

 

 

 

 

 

 

 

 

 

574,876

 

 

 

 

 

1,882,133

 

CONSUMER STAPLES — 9.0%

 

 

 

 

 

FOOD, BEVERAGE & TOBACCO — 6.2%

 

 

 

 

 

Nestle SA (c)

 

7,993

 

576,775

 

Packaged Foods & Meats

 

 

 

 

 

 


 

 

 

Shares

 

Value

 

Common Stocks — 63.6% (cont.)

 

 

 

 

 

Consumer Staples — 9.0% (cont.)

 

 

 

 

 

Food, Beverage & Tobacco — 6.2% (cont.)

 

 

 

 

 

Diageo PLC (c)

 

3,169

 

$

367,733

 

Distillers & Vintners

 

 

 

 

 

Philip Morris International, Inc.

 

3,806

 

305,151

 

Tobacco

 

 

 

 

 

 

 

 

 

1,249,659

 

FOOD & STAPLES RETAILING — 2.8%

 

 

 

 

 

CVS Health Corp.

 

5,285

 

554,307

 

Drug Retail

 

 

 

 

 

 

 

 

 

1,803,966

 

ENERGY — 3.6%

 

 

 

 

 

National Oilwell Varco, Inc.

 

6,662

 

321,653

 

Oil & Gas Equipment & Services

 

 

 

 

 

Baker Hughes, Inc.

 

4,604

 

284,081

 

Oil & Gas Equipment & Services

 

 

 

 

 

Ultra Petroleum Corp. (a)

 

6,105

 

76,428

 

Oil & Gas Exploration & Production

 

 

 

 

 

Rowan Cos. PLC

 

1,903

 

40,170

 

Oil & Gas Drilling

 

 

 

 

 

 

 

 

 

722,332

 

HEALTH CARE — 3.6%

 

 

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 3.1%

 

 

 

 

 

UnitedHealth Group, Inc.

 

2,997

 

365,663

 

Managed Health Care

 

 

 

 

 

Omnicare, Inc.

 

2,723

 

256,685

 

Health Care Services

 

 

 

 

 

 

 

 

 

622,348

 

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 0.5%

 

 

 

 

 

Bruker Corp. (a)

 

4,814

 

98,248

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

720,596

 

MATERIALS — 1.3%

 

 

 

 

 

Glencore PLC

 

60,533

 

242,823

 

Diversified Metals & Mining

 

 

 

 

 

Southern Copper Corp.

 

693

 

20,384

 

Diversified Metals & Mining

 

 

 

 

 

 

 

 

 

263,207

 

TOTAL COMMON STOCKS — 63.6%
(Cost $8,464,260)

 

 

 

12,801,168

 

 

 

 

Par Value

 

Value

 

FIXED INCOME— 15.2%

 

 

 

 

 

GOVERNMENT AND AGENCY SECURITIES — 7.9%

 

 

 

 

 

U.S. GOVERNMENT NOTES — 7.6%

 

 

 

 

 

1.375%, due 07/15/18, Inflation Indexed

 

$

465,887

 

494,094

 

1.25%, due 07/15/20, Inflation Indexed

 

455,413

 

487,292

 

2.125%, due 01/15/19, Inflation Indexed

 

 

219,703

 

 

239,218

 

1.00%, due 09/30/16

 

199,380

 

200,891

 

2.00%, due 07/31/20

 

49,160

 

49,986

 

1.375%, due 06/30/18

 

24,575

 

24,842

 

0.75%, due 06/30/17

 

24,585

 

24,633

 

 

 

 

 

1,520,956

 

U.S. GOVERNMENT AGENCIES — 0.3%

 

 

 

 

 

Federal Home Loan Bank, 1.65%, due 07/18/19

 

29,550

 

29,543

 

Federal National Mortgage Association, 1.25%, due 09/27/18

 

24,680

 

24,623

 

Federal National Mortgage Association, 1.25%, due 01/30/20

 

9,525

 

9,488

 

 

 

 

 

63,654

 

Total Government and Agency Securities
(Cost $1,511,787)

 

 

 

1,584,610

 

 

 

 

 

 

 

CORPORATE BONDS — 7.2%

 

 

 

 

 

Kinetic Concepts, Inc., 10.50%, due 11/01/18

 

47,940

 

51,177

 

Omega Healthcare Investors, Inc., 6.75%, due 10/15/22

 

45,079

 

47,220

 

JPMorgan Chase & Co., 3.15%, due 07/05/16

 

44,592

 

45,495

 

Mondelez International, Inc., 4.125%, due 02/09/16

 

43,567

 

44,395

 

General Motors Co., 4.875%, due 10/02/23

 

41,400

 

43,647

 

Omega Healthcare Investors, Inc., 5.875%, due 03/15/24

 

35,457

 

37,717

 

The Manitowoc Co., Inc., 8.50%, due 11/01/20

 

35,655

 

37,661

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18 (d)

 

37,809

 

36,297

 

The William Carter Co., 5.25%, due 08/15/21

 

35,137

 

36,015

 

Credit Suisse Group AG, 144A, 7.50% (d) (e) (f)

 

30,000

 

31,236

 

Live Nation Entertainment, Inc., 144A, 7.00%, due 09/01/20 (d)

 

28,930

 

30,738

 

Omnicom Group, Inc., 3.625%, due 05/01/22

 

30,425

 

30,602

 

General Motors Co., 3.50%, due 10/02/18

 

29,525

 

30,485

 

1011778 BC ULC / New Red Finance Inc., 144A, 6.00%, due 04/01/22 (d)

 

29,500

 

30,311

 

CVS Health Corp., 4.00%, due 12/05/23

 

29,325

 

30,292

 

Toyota Motor Credit Corp., 1.45%, due 01/12/18

 

29,495

 

29,523

 

Credit Suisse New York, 1.75%, due 01/29/18

 

24,700

 

24,604

 

Penn National Gaming, Inc., 5.875%, due 11/01/21

 

23,704

 

23,882

 

 


 

 

 

Par Value

 

Value

 

Fixed Income — 15.2% (cont.)

 

 

 

 

 

Corporate Bonds — 7.2% (cont.)

 

 

 

 

 

Whirlpool Corp., 7.75%, due 07/15/16

 

$

22,256

 

$

23,744

 

Glencore Canada Corp., 6.00%, due 10/15/15

 

21,915

 

22,201

 

Activision Blizzard, Inc., 144A, 5.625%, due 09/15/21 (d)

 

20,965

 

21,961

 

Bank of America Corp., 3.75%, due 07/12/16

 

20,295

 

20,805

 

Delphi Corp., 5.00%, due 02/15/23

 

18,784

 

20,005

 

JPMorgan Chase Bank NA, 0.686%, due 06/14/17 (e)

 

19,750

 

19,746

 

JPMorgan Chase & Co., 1.70%, due 03/01/18

 

19,665

 

19,596

 

Lam Research Corp., 2.75%, due 03/15/20

 

19,660

 

19,525

 

Scientific Games International, Inc., 10.00%, due 12/01/22

 

19,665

 

18,829

 

DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.00%, due 03/01/21

 

16,710

 

18,095

 

Dollar General Corp., 4.125%, due 07/15/17

 

17,095

 

17,876

 

Ultra Petroleum Corp., 144A, 6.125%, due 10/01/24 (d)

 

19,665

 

17,256

 

Valeant Pharmaceuticals International Inc, 144A, 5.625%, due 12/01/21 (d)

 

16,370

 

16,738

 

Anthem, Inc., 5.875%, due 06/15/17

 

15,150

 

16,452

 

Aon Corp., 5.00%, due 09/30/20

 

14,745

 

16,267

 

Anadarko Petroleum Corp., 5.95%, due 09/15/16

 

15,197

 

16,032

 

Kinetic Concepts, Inc., 12.50%, due 11/01/19

 

14,360

 

15,509

 

Medtronic Inc., 144A, 3.15%, due 03/15/22 (d)

 

14,750

 

14,816

 

Zimmer Biomet Holdings, Inc., 1.45%, due 04/01/17

 

14,750

 

14,755

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23 (d)

 

13,615

 

14,602

 

Zayo Group LLC / Zayo Capital Inc, 144A, 6.00%, due 04/01/23 (d)

 

14,745

 

14,564

 

International Game Technology PLC, 144A, 6.25%, due 02/15/22 (d)

 

14,800

 

14,134

 

International Game Technology PLC, 144A, 6.50%, due 02/15/25 (d)

 

14,800

 

13,690

 

Royal Caribbean Cruises, Ltd., 7.25%, due 06/15/16

 

12,688

 

13,245

 

CBRE Services, Inc., 5.00%, due 03/15/23

 

12,429

 

12,553

 

GLP Capital, LP / GLP Financing II, Inc., 5.375%, due 11/01/23

 

12,000

 

12,330

 

Thermo Fisher Scientific, Inc., 3.20%, due 03/01/16

 

12,119

 

12,306

 

BorgWarner, Inc., 4.625%, due 09/15/20

 

10,810

 

11,852

 

Valeant Pharmaceuticals International, 144A, 6.375%, due 10/15/20 (d)

 

10,540

 

11,100

 

Bank of America Corp., 5.25%, due 12/01/15

 

10,778

 

10,966

 

Howard Hughes Corp., 144A, 6.875%, due 10/01/21 (d)

 

10,000

 

10,600

 

Thermo Fisher Scientific, Inc., 2.25%, due 08/15/16

 

10,169

 

10,272

 

Six Flags Entertainment Corp., 144A, 5.25%, due 01/15/21 (d)

 

9,970

 

10,194

 

GLP Capital, LP / GLP Financing II, Inc., 4.875%, due 11/01/20

 

10,000

 

10,175

 

Kellogg Co., 4.45%, due 05/30/16

 

9,835

 

10,141

 

CNO Financial Group, Inc., 4.50%, due 05/30/20

 

9,830

 

9,977

 

Chevron Corp., 1.365%, due 03/02/18

 

9,835

 

9,831

 

International Game Technology PLC, 144A, 5.625%, due 02/15/20 (d)

 

9,800

 

9,579

 

Tempur Sealy International, Inc., 6.875%, due 12/15/20

 

8,819

 

9,348

 

Sirius XM Radio Inc, 144A, 5.25%, due 08/15/22 (d)

 

8,895

 

9,295

 

Health Net, Inc., 6.375%, due 06/01/17

 

8,680

 

9,179

 

Apache Corp., 5.625%, due 01/15/17

 

7,908

 

8,387

 

Glencore Funding LLC, 144A, 1.70%, due 05/27/16 (d)

 

8,060

 

8,069

 

E*TRADE Financial Corp., 4.625%, due 09/15/23

 

7,865

 

7,727

 

Omnicare, Inc., 5.00%, due 12/01/24

 

6,880

 

7,396

 

Quiksilver, Inc. / QS Wholesale, Inc., 144A, 7.875%, due 08/01/18 (d)

 

8,630

 

7,379

 

McGraw Hill Financial Inc, 144A, 4.00%, due 06/15/25 (d)

 

7,320

 

7,313

 

Omnicare, Inc., 4.75%, due 12/01/22

 

6,880

 

7,293

 

Omnicom Group, Inc., 5.90%, due 04/15/16

 

6,862

 

7,113

 

Scientific Games International, Inc., 144A, 7.00%, due 01/01/22 (d)

 

6,885

 

7,109

 

Concho Resources, Inc., 5.50%, due 10/01/22

 

6,980

 

6,945

 

Whirlpool Corp., 6.50%, due 06/15/16

 

6,610

 

6,940

 

Level 3 Financing Inc, 144A, 5.125%, due 05/01/23 (d)

 

6,895

 

6,723

 

 


 

 

 

Par Value

 

Value

 

Fixed Income — 15.2% (cont.)

 

 

 

 

 

Corporate Bonds — 7.2% (cont.)

 

 

 

 

 

Credit Suisse Group AG, 144A, 6.25% (d) (e) (f)

 

$

7,000

 

$

6,711

 

Level 3 Financing Inc, 144A, 5.375%, due 05/01/25 (d)

 

6,895

 

6,645

 

Reynolds American, Inc., 6.75%, due 06/15/17

 

5,900

 

6,447

 

CNO Financial Group, Inc., 5.25%, due 05/30/25

 

5,895

 

5,990

 

Glencore Finance Canada, Ltd., 144A, 3.60%, due 01/15/17 (d)

 

5,590

 

5,738

 

Bank of America Corp., 5.625%, due 10/14/16

 

5,285

 

5,571

 

Quest Diagnostics, Inc., 4.70%, due 04/01/21

 

5,128

 

5,546

 

Serta Simmons Holdings LLC, 144A, 8.125%, due 10/01/20 (d)

 

4,990

 

5,264

 

Foot Locker, Inc., 8.50%, due 01/15/22 (b)

 

4,340

 

5,165

 

GLP Capital, LP / GLP Financing II, Inc., 4.375%, due 11/01/18

 

5,000

 

5,131

 

Penske Truck Leasing Co., LP / PTL Finance Corp, 144A, 3.75%, due 05/11/17 (d)

 

4,920

 

5,090

 

CBRE Services, Inc., 5.25%, due 03/15/25

 

4,915

 

5,087

 

E*TRADE Financial Corp., 5.375%, due 11/15/22

 

4,910

 

5,033

 

The Goldman Sachs Group, Inc., 0.954%, due 05/22/17 (e)

 

5,000

 

5,000

 

Quiksilver, Inc. / QS Wholesale, Inc., 10.00%, due 08/01/20

 

10,810

 

4,000

 

Scripps Networks Interactive, Inc., 2.80%, due 06/15/20

 

3,930

 

3,872

 

Zayo Group LLC / Zayo Capital, Inc., 10.125%, due 07/01/20

 

3,445

 

3,847

 

Omnicom Group, Inc., 6.25%, due 07/15/19

 

2,950

 

3,377

 

Family Tree Escrow LLC, 144A, 5.75%, due 03/01/23 (d)

 

2,950

 

3,083

 

Medtronic Inc., 144A, 1.50%, due 03/15/18 (d)

 

2,950

 

2,943

 

CVS Health Corp., 2.25%, due 08/12/19

 

2,884

 

2,871

 

Boston Scientific Corp., 5.125%, due 01/12/17

 

2,546

 

2,681

 

The Goldman Sachs Group, Inc., 5.625%, due 01/15/17

 

2,095

 

2,218

 

Valeant Pharmaceuticals International, 144A, 6.75%, due 08/15/21 (d)

 

1,960

 

2,043

 

Live Nation Entertainment, Inc., 144A, 5.375%, due 06/15/22 (d)

 

2,000

 

2,000

 

Tyco Electronics Group SA, 6.55%, due 10/01/17

 

1,385

 

1,537

 

Family Tree Escrow LLC, 144A, 5.25%, due 03/01/20 (d)

 

1,000

 

1,046

 

Centene Corp., 4.75%, due 05/15/22

 

1,000

 

1,030

 

Post Holdings, Inc., 7.375%, due 02/15/22

 

1,000

 

1,017

 

Tribune Media Co., 144A, 5.875%, due 07/15/22 (d)

 

1,000

 

1,007

 

Post Holdings, Inc., 144A, 6.75%, due 12/01/21 (d)

 

1,000

 

1,000

 

The Goldman Sachs Group, Inc., 2.55%, due 10/23/19

 

980

 

982

 

Ventas Realty, LP REIT, 3.50%, due 02/01/25

 

1,000

 

961

 

Valeant Pharmaceuticals International, Inc., 144A, 5.875%, due 05/15/23 (d)

 

500

 

513

 

Hologic, Inc., 6.25%, due 08/01/20

 

250

 

259

 

Valeant Pharmaceuticals International, Inc., 144A, 6.125%, due 04/15/25 (d)

 

250

 

257

 

Total Corporate Bonds
(Cost $1,450,312)

 

 

 

1,450,794

 

 

 

 

 

 

 

ASSET BACKED SECURITIES — 0.1%

 

 

 

 

 

Cabela’s Master Credit Card Trust, 144A, 0.736%, due 10/15/19 (d) (e) (Cost $11,450)

 

11,450

 

11,487

 

TOTAL FIXED INCOME — 15.2%
(Cost $2,973,549)

 

 

 

3,046,891

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS— 21.9%

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL PAPER — 17.0%

 

 

 

 

 

Toyota Motor Credit Corp., 0.10% - 0.20%, due 07/13/15 - 09/22/15 (g)

 

1,125,000

 

1,124,869

 

MetLife Short Term Funding LLC, 144A, 0.13% - 0.19%, due 07/01/15 - 09/24/15 (d) (g)

 

500,076

 

500,019

 

BMW US Capital LLC, 144A, 0.12% - 0.14%, due 07/13/15 - 09/28/15 (d) (g)

 

476,000

 

475,915

 

American Honda Finance Corp., 0.12% - 0.15%, due 07/06/15 - 09/04/15 (g)

 

212,073

 

212,040

 

Philip Morris International, Inc., 144A, 0.10% - 0.12%, due 07/20/15 - 09/23/15 (d) (g)

 

199,000

 

198,925

 

Kellogg Co., 144A, 0.30% - 0.39%, due 07/06/15 - 07/21/15 (d) (g)

 

188,000

 

187,979

 

State Street Corp., 0.20%, due 09/14/15 - 09/23/15 (g)

 

125,000

 

124,936

 

General Mills, Inc., 144A, 0.20% - 0.24%, due 07/01/15 - 07/10/15 (d) (g)

 

122,000

 

121,995

 

 


 

 

 

Par Value

 

Value

 

Short Term Investments — 21.9% (cont.)

 

 

 

 

 

Commercial Paper — 17.0% (cont.)

 

 

 

 

 

John Deere Capital Co., 144A, 0.11% - 0.12%, due 07/22/15 - 07/24/15 (d) (g)

 

$

100,000

 

$

99,993

 

Anthem, Inc., 144A, 0.23% - 0.36%, due 07/01/15 - 08/14/15 (d) (g)

 

100,000

 

99,991

 

General Electric Capital Corp., 0.12%, due 09/10/15 - 09/16/15 (g)

 

100,000

 

99,974

 

J.P. Morgan Securities LLC, 144A, 0.32%, due 11/02/15 - 11/04/15 (d) (g)

 

100,000

 

99,900

 

J.P. Morgan Securities LLC, 0.23%, due 09/08/15 (g)

 

41,600

 

41,583

 

BP Capital Markets PLC, 144A, 0.60% - 0.63%, due 10/16/15 - 11/02/15 (d) (g)

 

40,750

 

40,721

 

Total Commercial Paper
(Cost $3,428,845)

 

 

 

3,428,840

 

 

 

 

 

 

 

REPURCHASE AGREEMENT — 2.6%

 

 

 

 

 

Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 06/30/15 due 07/01/15, repurchase price $529,394, collateralized by United States Treasury Notes, 2.000% - 3.125%, due 04/30/21 - 05/31/21, aggregate value plus accrued interest of $539,986 (Cost: $529,394)

 

529,394

 

529,394

 

 

 

 

 

 

 

CORPORATE BONDS — 2.3%

 

 

 

 

 

ConAgra Foods, Inc., 1.30%, due 01/25/16

 

38,723

 

38,728

 

The Goldman Sachs Group, Inc., 5.35%, due 01/15/16

 

33,875

 

34,683

 

Amazon.com, Inc., 0.65%, due 11/27/15

 

30,784

 

30,785

 

AbbVie, Inc., 1.20%, due 11/06/15

 

30,590

 

30,618

 

Bank of America Corp., 1.50%, due 10/09/15

 

27,245

 

27,308

 

Royal Caribbean Cruises, Ltd., 11.875%, due 07/15/15

 

26,550

 

26,663

 

American International Group, Inc., 5.05%, due 10/01/15

 

25,655

 

25,914

 

Ford Motor Credit Co. LLC, 5.625%, due 09/15/15

 

22,850

 

23,058

 

Altria Group, Inc., 4.125%, due 09/11/15

 

21,335

 

21,455

 

Aon Corp., 3.125%, due 05/27/16

 

19,920

 

20,318

 

Mohawk Industries, Inc., 6.125%, due 01/15/16

 

19,386

 

19,893

 

The Goldman Sachs Group, Inc., 1.60%, due 11/23/15

 

19,660

 

19,728

 

JPMorgan Chase & Co., 1.10%, due 10/15/15

 

18,438

 

18,455

 

Morgan Stanley, 3.45%, due 11/02/15

 

17,280

 

17,437

 

Willis North America, Inc., 5.625%, due 07/15/15

 

14,005

 

14,030

 

JPMorgan Chase & Co., 5.15%, due 10/01/15

 

13,323

 

13,446

 

Yum! Brands, Inc., 6.25%, due 04/15/16

 

12,685

 

13,177

 

SunTrust Bank, 0.572%, due 08/24/15 (e)

 

11,470

 

11,469

 

Capital One Financial Corp., 1.00%, due 11/06/15

 

10,792

 

10,776

 

The Goldman Sachs Group, Inc., 3.70%, due 08/01/15

 

10,030

 

10,056

 

Morgan Stanley, 1.75%, due 02/25/16

 

9,830

 

9,870

 

Texas Instruments, Inc., 0.45%, due 08/03/15

 

9,835

 

9,837

 

The Bear Stearns Cos. LLC, 5.30%, due 10/30/15

 

8,675

 

8,799

 

Willis Group Holdings PLC, 4.125%, due 03/15/16

 

6,490

 

6,622

 

Bank of America Corp., 5.30%, due 09/30/15

 

3,230

 

3,264

 

ConAgra Foods, Inc., 1.35%, due 09/10/15

 

2,572

 

2,573

 

Bank of America Corp., 7.75%, due 08/15/15

 

1,720

 

1,734

 

Total Corporate Bonds
(Cost $470,992)

 

 

 

470,696

 

TOTAL SHORT TERM INVESTMENTS — 21.9%
(Cost $4,429,231)

 

 

 

4,428,930

 

TOTAL INVESTMENTS — 100.7%
(Cost $15,867,040)

 

 

 

20,276,989

 

Liabilities In Excess of Other Assets — (0.7)%

 

 

 

(135,688

)

NET ASSETS — 100.0%

 

 

 

$

20,141,301

 

 

(a)

Non-income producing security

(b)

See Note 2 in the Notes to Schedules of Investments regarding investments in affiliated issuers.

(c)

Sponsored American Depositary Receipt

(d)

See Note 1 in the Notes to Schedules of Investments regarding restricted securities.  These securities may be resold subject to restrictions on resale under federal securities law.

(e)

Floating Rate Note. Rate shown is as of June 30, 2015.

(f)

Security is perpetual and has no stated maturity date.

(g)

The rate shown represents the annualized yield at the time of purchase; not a coupon rate.

 


 

OAKMARK GLOBAL FUND

Global Diversification —June 30, 2015 (Unaudited)

 

 

 

 

 

% of Equity Investments

 

North America 43.4%

 

 

 

 

 

 

 

United States

 

43.4

%

Europe 43.1%

 

 

 

 

 

 

 

Switzerland

 

21.1

%

 

*

Netherlands

 

7.1

%

 

*

Germany

 

5.9

%

 

*

France

 

5.0

%

 

 

United Kingdom

 

4.0

%

Asia 10.5%

 

 

 

 

 

 

 

Japan

 

7.5

%

 

 

South Korea

 

3.0

%

Australasia 3.0%

 

 

 

 

 

 

 

Australia

 

3.0

%

 

*       Euro currency countries comprise 18.0% of equity investments.

 


 

Oakmark Global Fund

June 30, 2015 (Unaudited)

Schedule of Investments (in thousands)

 

 

 

 

Shares

 

Value

 

COMMON STOCKS— 98.1%

 

 

 

 

 

FINANCIALS — 30.1%

 

 

 

 

 

DIVERSIFIED FINANCIALS — 16.1%

 

 

 

 

 

Credit Suisse Group AG (Switzerland)

 

7,959

 

$

218,773

 

Diversified Capital Markets

 

 

 

 

 

Julius Baer Group, Ltd. (Switzerland)

 

2,874

 

161,252

 

Asset Management & Custody Banks

 

 

 

 

 

Daiwa Securities Group, Inc. (Japan)

 

12,861

 

96,385

 

Investment Banking & Brokerage

 

 

 

 

 

Franklin Resources, Inc. (United States)

 

1,697

 

83,184

 

Asset Management & Custody Banks

 

 

 

 

 

 

 

 

 

559,594

 

BANKS — 10.6%

 

 

 

 

 

Bank of America Corp. (United States)

 

7,725

 

131,485

 

Diversified Banks

 

 

 

 

 

BNP Paribas SA (France)

 

2,022

 

122,072

 

Diversified Banks

 

 

 

 

 

Citigroup, Inc. (United States)

 

2,064

 

114,015

 

Diversified Banks

 

 

 

 

 

 

 

 

 

367,572

 

INSURANCE — 3.4%

 

 

 

 

 

Allianz SE (Germany)

 

770

 

119,939

 

Multi-line Insurance

 

 

 

 

 

 

 

 

 

1,047,105

 

INFORMATION TECHNOLOGY — 22.2%

 

 

 

 

 

TECHNOLOGY HARDWARE & EQUIPMENT — 9.6%

 

 

 

 

 

TE Connectivity, Ltd. (Switzerland)

 

2,162

 

139,036

 

Electronic Manufacturing Services

 

 

 

 

 

Samsung Electronics Co., Ltd. (South Korea)

 

89

 

101,439

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

Hirose Electric Co., Ltd. (Japan)

 

401

 

57,423

 

Electronic Components

 

 

 

 

 

Itron, Inc. (United States) (a)

 

1,016

 

34,981

 

Electronic Equipment & Instruments

 

 

 

 

 

 

 

 

 

332,879

 

SOFTWARE & SERVICES — 8.8%

 

 

 

 

 

MasterCard, Inc., Class A (United States)

 

1,148

 

107,305

 

Data Processing & Outsourced Services

 

 

 

 

 

Oracle Corp. (United States)

 

2,523

 

101,689

 

Systems Software

 

 

 

 

 

Google, Inc., Class C (United States) (a)

 

184

 

95,828

 

Internet Software & Services

 

 

 

 

 

 

 

 

 

304,822

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.8%

 

 

 

 

 

Applied Materials, Inc. (United States)

 

3,478

 

66,855

 

Semiconductor Equipment

 

 

 

 

 

Intel Corp. (United States)

 

2,183

 

66,399

 

Semiconductors

 

 

 

 

 

 

 

 

 

133,254

 

 

 

 

 

770,955

 

CONSUMER DISCRETIONARY — 16.0%

 

 

 

 

 

AUTOMOBILES & COMPONENTS — 8.6%

 

 

 

 

 

General Motors Co. (United States)

 

3,465

 

 

115,492

 

Automobile Manufacturers

 

 

 

 

 

Toyota Motor Corp. (Japan)

 

1,537

 

103,039

 

Automobile Manufacturers

 

 

 

 

 

Daimler AG (Germany)

 

900

 

81,933

 

Automobile Manufacturers

 

 

 

 

 

 

 

 

 

300,464

 

MEDIA — 4.4%

 

 

 

 

 

The Interpublic Group of Cos., Inc. (United States)

 

5,521

 

106,395

 

Advertising

 

 

 

 

 

Live Nation Entertainment, Inc. (United States) (a)

 

1,622

 

44,601

 

Movies & Entertainment

 

 

 

 

 

 

 

 

 

150,996

 

CONSUMER DURABLES & APPAREL — 3.0%

 

 

 

 

 

Cie Financiere Richemont SA (Switzerland)

 

1,274

 

103,596

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

 

 

 

 

555,056

 

INDUSTRIALS — 11.3%

 

 

 

 

 

CAPITAL GOODS — 7.8%

 

 

 

 

 

CNH Industrial N.V. (Netherlands)

 

15,737

 

143,516

 

Agricultural & Farm Machinery

 

 

 

 

 

Koninklijke Philips NV (Netherlands)

 

2,583

 

65,701

 

Industrial Conglomerates

 

 

 

 

 

Smiths Group PLC (UK)

 

2,395

 

42,483

 

Industrial Conglomerates

 

 

 

 

 

USG Corp. (United States) (a)

 

777

 

21,582

 

Building Products

 

 

 

 

 

 

 

 

 

273,282

 

TRANSPORTATION — 3.5%

 

 

 

 

 

Union Pacific Corp. (United States)

 

948

 

90,411

 

Railroads

 

 

 

 

 

Kuehne + Nagel International AG (Switzerland)

 

235

 

31,246

 

Marine

 

 

 

 

 

 

 

 

 

121,657

 

 

 

 

 

394,939

 

HEALTH CARE — 5.7%

 

 

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 5.7%

 

 

 

 

 

Tenet Healthcare Corp. (United States) (a)

 

1,735

 

100,409

 

Health Care Facilities

 

 

 

 

 

Health Net, Inc. (United States) (a)

 

1,546

 

99,104

 

Managed Health Care

 

 

 

 

 

 

 

 

 

199,513

 

CONSUMER STAPLES — 5.1%

 

 

 

 

 

FOOD, BEVERAGE & TOBACCO — 5.1%

 

 

 

 

 

Diageo PLC (UK)

 

3,238

 

93,670

 

Distillers & Vintners

 

 

 

 

 

 


 

 

 

Shares

 

Value

 

Common Stocks — 98.1% (cont.)

 

 

 

 

 

Consumer Staples — 5.1% (cont.)

 

 

 

 

 

Food, Beverage & Tobacco — 5.1% (cont.)

 

 

 

 

 

Danone SA (France)

 

754

 

$

48,773

 

Packaged Foods & Meats

 

 

 

 

 

Nestle SA (Switzerland)

 

463

 

33,405

 

Packaged Foods & Meats

 

 

 

 

 

 

 

 

 

175,848

 

MATERIALS — 3.9%

 

 

 

 

 

Incitec Pivot, Ltd. (Australia)

 

34,715

 

103,121

 

Diversified Chemicals

 

 

 

 

 

Holcim, Ltd. (Switzerland)

 

438

 

32,354

 

Construction Materials

 

 

 

 

 

 

 

 

 

135,475

 

ENERGY — 3.8%

 

 

 

 

 

National Oilwell Varco, Inc. (United States)

 

1,210

 

58,424

 

Oil & Gas Equipment & Services

 

 

 

 

 

Chesapeake Energy Corp. (United States)

 

3,677

 

41,073

 

Oil & Gas Exploration & Production

 

 

 

 

 

Fugro NV (Netherlands) (a)

 

1,569

 

34,385

 

Oil & Gas Equipment & Services

 

 

 

 

 

 

 

 

 

133,882

 

TOTAL COMMON STOCKS — 98.1%
(Cost $2,891,075)

 

 

 

3,412,773

 

 

 

 

Par Value

 

Value

 

 

 

 

 

 

 

SHORT TERM INVESTMENT— 2.2%

 

 

 

 

 

 

 

 

 

 

 

REPURCHASE AGREEMENT — 2.2%

 

 

 

 

 

Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 06/30/15 due 07/01/15, repurchase price $75,434, collateralized by a United States Treasury Note, 2.125%, due 12/31/21, value plus accrued interest of $76,943 (Cost: $75,434)

 

$

75,434

 

75,434

 

TOTAL SHORT TERM INVESTMENTS — 2.2%
(Cost $75,434)

 

 

 

75,434

 

TOTAL INVESTMENTS — 100.3%
(Cost $2,966,509)

 

 

 

3,488,207

 

Liabilities In Excess of Other Assets — (0.3)%

 

 

 

(9,017

)

Foreign Currencies (Cost $0) — 0.0% (b)

 

 

 

0

(c)

TOTAL NET ASSETS — 100.0%

 

 

 

$

3,479,190

 

 

(a)     Non-income producing security

(b)     Amount rounds to less than 0.1%.

(c)     Amount rounds to less than $1,000.

 


 

OAKMARK GLOBAL SELECT FUND

Global Diversification —June 30, 2015 (Unaudited)

 

 

 

 

 

% of Equity Investments

 

Europe 48.2%

 

 

 

 

 

 

 

Switzerland

 

23.1

%

 

*

France

 

9.1

%

 

*

Netherlands

 

5.9

%

 

 

United Kingdom

 

5.1

%

 

*

Germany

 

5.0

%

North America 42.5%

 

 

 

 

 

 

 

United States

 

42.5

%

Asia 9.3%

 

 

 

 

 

 

 

South Korea

 

4.7

%

 

 

Japan

 

4.6

%

 

*       Euro currency countries comprise 20.0% of equity investments.

 


 

Oakmark Global Select Fund

June 30, 2015 (Unaudited)

Schedule of Investments (in thousands)

 

 

 

 

Shares

 

Value

 

COMMON STOCKS— 95.3%

 

 

 

 

 

FINANCIALS — 26.0%

 

 

 

 

 

BANKS — 10.4%

 

 

 

 

 

JPMorgan Chase & Co. (United States)

 

1,722

 

$

116,683

 

Diversified Banks

 

 

 

 

 

Bank of America Corp. (United States)

 

6,237

 

106,154

 

Diversified Banks

 

 

 

 

 

 

 

 

 

222,837

 

DIVERSIFIED FINANCIALS — 10.3%

 

 

 

 

 

Credit Suisse Group AG (Switzerland)

 

4,654

 

127,931

 

Diversified Capital Markets

 

 

 

 

 

Daiwa Securities Group, Inc. (Japan)

 

12,452

 

93,320

 

Investment Banking & Brokerage

 

 

 

 

 

 

 

 

 

221,251

 

INSURANCE — 5.3%

 

 

 

 

 

American International Group, Inc. (United States)

 

1,822

 

112,636

 

Multi-line Insurance

 

 

 

 

 

 

 

 

 

556,724

 

INFORMATION TECHNOLOGY — 23.5%

 

 

 

 

 

SOFTWARE & SERVICES — 14.3%

 

 

 

 

 

Google, Inc., Class A (United States) (a)

 

218

 

117,459

 

Internet Software & Services

 

 

 

 

 

MasterCard, Inc., Class A (United States)

 

1,100

 

102,828

 

Data Processing & Outsourced Services

 

 

 

 

 

Oracle Corp. (United States)

 

2,150

 

86,645

 

Systems Software

 

 

 

 

 

 

 

 

 

306,932

 

TECHNOLOGY HARDWARE & EQUIPMENT — 9.2%

 

 

 

 

 

TE Connectivity, Ltd. (Switzerland)

 

1,554

 

99,916

 

Electronic Manufacturing Services

 

 

 

 

 

Samsung Electronics Co., Ltd. (South Korea)

 

84

 

95,914

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

195,830

 

 

 

 

 

502,762

 

CONSUMER DISCRETIONARY — 20.4%

 

 

 

 

 

CONSUMER DURABLES & APPAREL — 9.1%

 

 

 

 

 

Kering SA (France)

 

559

 

99,859

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

Cie Financiere Richemont SA (Switzerland)

 

1,183

 

96,243

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

 

 

 

 

196,102

 

RETAILING — 6.5%

 

 

 

 

 

Amazon.com, Inc. (United States) (a)

 

319

 

138,475

 

Internet Retail

 

 

 

 

 

AUTOMOBILES & COMPONENTS — 4.8%

 

 

 

 

 

Daimler AG (Germany)

 

1,130

 

102,839

 

Automobile Manufacturers

 

 

 

 

 

 

 

 

 

437,416

 

CONSUMER STAPLES — 8.9%

 

 

 

 

 

FOOD, BEVERAGE & TOBACCO — 8.9%

 

 

 

 

 

Diageo PLC (UK)

 

3,625

 

104,856

 

Distillers & Vintners

 

 

 

 

 

Danone SA (France)

 

1,325

 

85,660

 

Packaged Foods & Meats

 

 

 

 

 

 

 

 

 

190,516

 

INDUSTRIALS — 8.8%

 

 

 

 

 

CAPITAL GOODS — 5.6%

 

 

 

 

 

CNH Industrial N.V. (Netherlands)

 

13,078

 

119,260

 

Agricultural & Farm Machinery

 

 

 

 

 

TRANSPORTATION — 3.2%

 

 

 

 

 

Kuehne + Nagel International AG (Switzerland)

 

523

 

69,407

 

Marine

 

 

 

 

 

 

 

 

 

188,667

 

ENERGY — 4.0%

 

 

 

 

 

Apache Corp. (United States)

 

1,500

 

86,445

 

Oil & Gas Exploration & Production

 

 

 

 

 

MATERIALS — 3.7%

 

 

 

 

 

Holcim, Ltd. (Switzerland)

 

1,069

 

78,915

 

Construction Materials

 

 

 

 

 

TOTAL COMMON STOCKS — 95.3%
(Cost $1,861,559)

 

 

 

2,041,445

 

 

 

 

Par Value

 

Value

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS— 4.8%

 

 

 

 

 

 

 

 

 

 

 

REPURCHASE AGREEMENT — 4.8%

 

 

 

 

 

Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 06/30/15 due 07/01/15, repurchase price $102,558, collateralized by a United States Treasury Note, 2.125%, due 12/31/21, value plus accrued interest of $104,610 (Cost: $102,558)

 

$

102,558

 

102,558

 

TOTAL SHORT TERM INVESTMENTS — 4.8%
(Cost $102,558)

 

 

 

102,558

 

TOTAL INVESTMENTS — 100.1%
(Cost $1,964,117)

 

 

 

2,144,003

 

Liabilities In Excess of Other Assets — (0.1)%

 

 

 

(2,219

)

TOTAL NET ASSETS — 100.0%

 

 

 

$

2,141,784

 

 

(a)           Non-income producing security

 


 

OAKMARK INTERNATIONAL FUND

Global Diversification —June 30, 2015 (Unaudited)

 

 

 

 

 

% of Equity Investments

 

Europe 76.2%

 

 

 

 

 

 

 

Switzerland

 

18.0

%

 

*

France

 

15.0

%

 

 

United Kingdom

 

14.2

%

 

*

Germany

 

11.6

%

 

*

Netherlands

 

6.6

%

 

*

Italy

 

5.8

%

 

 

Sweden

 

2.8

%

 

*

Ireland

 

2.2

%

Asia 20.0%

 

 

 

 

 

 

 

Japan

 

15.0

%

 

 

South Korea

 

3.4

%

 

 

Hong Kong

 

1.6

%

Australasia 3.6%

 

 

 

 

 

 

 

Australia

 

3.6

%

Middle East 0.2%

 

 

 

 

 

 

 

Israel

 

0.2

%

 

*       Euro currency countries comprise 41.2% of equity investments.

 


 

Oakmark International Fund

June 30, 2015 (Unaudited)

Schedule of Investments (in thousands)

 

 

 

 

Shares

 

Value

 

COMMON STOCKS— 95.1%

 

 

 

 

 

FINANCIALS — 28.5%

 

 

 

 

 

DIVERSIFIED FINANCIALS — 12.2%

 

 

 

 

 

Credit Suisse Group AG (Switzerland)

 

54,354

 

$

1,494,092

 

Diversified Capital Markets

 

 

 

 

 

Nomura Holdings, Inc. (Japan)

 

105,530

 

716,206

 

Investment Banking & Brokerage

 

 

 

 

 

Daiwa Securities Group, Inc. (Japan)

 

87,280

 

654,110

 

Investment Banking & Brokerage

 

 

 

 

 

Exor SPA (Italy)

 

9,555

 

456,121

 

Multi-Sector Holdings

 

 

 

 

 

Schroders PLC (UK)

 

7,239

 

361,234

 

Asset Management & Custody Banks

 

 

 

 

 

Schroders PLC, Non-Voting (UK)

 

31

 

1,200

 

Asset Management & Custody Banks

 

 

 

 

 

 

 

 

 

3,682,963

 

BANKS — 8.7%

 

 

 

 

 

BNP Paribas SA (France)

 

21,452

 

1,295,050

 

Diversified Banks

 

 

 

 

 

Lloyds Banking Group PLC (UK)

 

511,060

 

684,480

 

Diversified Banks

 

 

 

 

 

Intesa Sanpaolo SPA (Italy)

 

182,664

 

662,248

 

Diversified Banks

 

 

 

 

 

 

 

 

 

2,641,778

 

INSURANCE — 7.6%

 

 

 

 

 

Allianz SE (Germany)

 

7,464

 

1,162,539

 

Multi-line Insurance

 

 

 

 

 

Willis Group Holdings PLC (UK) (b)

 

14,917

 

699,613

 

Insurance Brokers

 

 

 

 

 

AMP, Ltd. (Australia)

 

90,656

 

421,073

 

Life & Health Insurance

 

 

 

 

 

 

 

 

 

2,283,225

 

 

 

 

 

8,607,966

 

CONSUMER DISCRETIONARY — 27.4%

 

 

 

 

 

AUTOMOBILES & COMPONENTS — 13.5%

 

 

 

 

 

Honda Motor Co., Ltd. (Japan)

 

34,377

 

1,112,755

 

Automobile Manufacturers

 

 

 

 

 

Toyota Motor Corp. (Japan)

 

16,568

 

1,110,490

 

Automobile Manufacturers

 

 

 

 

 

Bayerische Motoren Werke (BMW) AG (Germany)

 

8,827

 

966,124

 

Automobile Manufacturers

 

 

 

 

 

Daimler AG (Germany)

 

9,823

 

894,062

 

Automobile Manufacturers

 

 

 

 

 

 

 

 

 

4,083,431

 

CONSUMER DURABLES & APPAREL — 10.7%

 

 

 

 

 

Cie Financiere Richemont SA (Switzerland)

 

12,347

 

1,004,328

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

Kering SA (France)

 

4,718

 

842,438

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

Prada SPA (Italy)

 

111,286

 

534,785

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

LVMH Moet Hennessy Louis Vuitton SE (France)

 

2,395

 

419,653

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

Christian Dior SE (France)

 

939

 

183,212

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

Swatch Group AG, Bearer Shares (Switzerland)

 

401

 

155,968

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

adidas AG (Germany)

 

1,052

 

80,476

 

Apparel, Accessories & Luxury Goods

 

 

 

 

 

 

 

 

 

3,220,860

 

CONSUMER SERVICES — 1.5%

 

 

 

 

 

Melco Crown Entertainment, Ltd. (Hong Kong) (c)

 

23,446

 

460,251

 

Casinos & Gaming

 

 

 

 

 

MEDIA — 1.3%

 

 

 

 

 

WPP PLC (UK)

 

14,015

 

314,025

 

Advertising

 

 

 

 

 

Publicis Groupe SA (France)

 

920

 

68,014

 

Advertising

 

 

 

 

 

 

 

 

 

382,039

 

RETAILING — 0.4%

 

 

 

 

 

Hennes & Mauritz AB (H&M) - Class B (Sweden)

 

3,386

 

130,366

 

Apparel Retail

 

 

 

 

 

 

 

 

 

8,276,947

 

INDUSTRIALS — 18.3%

 

 

 

 

 

CAPITAL GOODS — 12.5%

 

 

 

 

 

CNH Industrial N.V. (Netherlands) (b)

 

93,721

 

854,684

 

Agricultural & Farm Machinery

 

 

 

 

 

Koninklijke Philips NV (Netherlands)

 

30,033

 

764,066

 

Industrial Conglomerates

 

 

 

 

 

SKF AB (Sweden) (b)

 

19,908

 

454,115

 

Industrial Machinery

 

 

 

 

 

Smiths Group PLC (UK) (b)

 

22,771

 

403,944

 

Industrial Conglomerates

 

 

 

 

 

Safran SA (France)

 

5,050

 

342,247

 

Aerospace & Defense

 

 

 

 

 

Schindler Holding AG (Switzerland) (b)

 

1,667

 

272,557

 

Industrial Machinery

 

 

 

 

 

Meggitt PLC (UK) (b)

 

35,370

 

259,204

 

Aerospace & Defense

 

 

 

 

 

Komatsu, Ltd. (Japan)

 

9,237

 

185,444

 

Construction Machinery & Heavy Trucks

 

 

 

 

 

Atlas Copco AB, Series B (Sweden)

 

6,141

 

152,962

 

Industrial Machinery

 

 

 

 

 

Wolseley PLC (UK)

 

1,109

 

70,821

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

3,760,044

 

COMMERCIAL  & PROFESSIONAL SERVICES — 4.1%

 

 

 

 

 

Experian PLC (Ireland)

 

34,495

 

628,182

 

Research & Consulting Services

 

 

 

 

 

Adecco SA (Switzerland)

 

3,038

 

246,589

 

Human Resource & Employment Services

 

 

 

 

 

 


 

 

 

Shares

 

Value

 

Common Stocks — 95.1% (cont.)

 

 

 

 

 

Industrials — 18.3% (cont.)

 

 

 

 

 

Commercial  & Professional Services — 4.1% (cont.)

 

 

 

 

 

Bureau Veritas SA (France)

 

5,021

 

$

115,645

 

Research & Consulting Services

 

 

 

 

 

Secom Co., Ltd. (Japan)

 

1,623

 

105,388

 

Security & Alarm Services

 

 

 

 

 

Meitec Corp. (Japan) (b)

 

1,934

 

72,041

 

Research & Consulting Services

 

 

 

 

 

G4S PLC (UK)

 

16,963

 

71,591

 

Security & Alarm Services

 

 

 

 

 

 

 

 

 

1,239,436

 

TRANSPORTATION — 1.7%

 

 

 

 

 

Kuehne + Nagel International AG (Switzerland)

 

3,874

 

514,160

 

Marine

 

 

 

 

 

 

 

 

 

5,513,640

 

CONSUMER STAPLES — 8.5%

 

 

 

 

 

FOOD, BEVERAGE & TOBACCO — 8.5%

 

 

 

 

 

Diageo PLC (UK)

 

29,085

 

841,345

 

Distillers & Vintners

 

 

 

 

 

Danone SA (France)

 

10,045

 

649,409

 

Packaged Foods & Meats

 

 

 

 

 

Nestle SA (Switzerland)

 

6,484

 

468,098

 

Packaged Foods & Meats

 

 

 

 

 

Pernod Ricard SA (France)

 

3,504

 

404,660

 

Distillers & Vintners

 

 

 

 

 

Heineken Holdings NV (Netherlands)

 

1,922

 

134,891

 

Brewers

 

 

 

 

 

Swedish Match AB (Sweden)

 

2,741

 

77,977

 

Tobacco

 

 

 

 

 

 

 

 

 

2,576,380

 

MATERIALS — 5.8%

 

 

 

 

 

Orica, Ltd. (Australia) (b)

 

37,166

 

610,211

 

Commodity Chemicals

 

 

 

 

 

Holcim, Ltd. (Switzerland)

 

8,242

 

608,295

 

Construction Materials

 

 

 

 

 

Glencore PLC (Switzerland)

 

99,946

 

400,923

 

Diversified Metals & Mining

 

 

 

 

 

Akzo Nobel NV (Netherlands)

 

1,805

 

131,357

 

Specialty Chemicals

 

 

 

 

 

 

 

 

 

1,750,786

 

INFORMATION TECHNOLOGY — 4.6%

 

 

 

 

 

TECHNOLOGY HARDWARE & EQUIPMENT — 3.7%

 

 

 

 

 

Samsung Electronics Co., Ltd. (South Korea)

 

866

 

984,509

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

OMRON Corp. (Japan)

 

2,764

 

120,136

 

Electronic Components

 

 

 

 

 

 

 

 

 

1,104,645

 

SOFTWARE & SERVICES — 0.9%

 

 

 

 

 

SAP SE (Germany)

 

3,221

 

224,758

 

Application Software

 

 

 

 

 

Check Point Software Technologies, Ltd. (Israel) (a)

 

651

 

51,763

 

Systems Software

 

 

 

 

 

 

 

 

 

276,521

 

 

 

 

 

1,381,166

 

HEALTH CARE — 2.0%

 

 

 

 

 

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES — 1.3%

 

 

 

 

 

GlaxoSmithKline PLC (UK)

 

17,990

 

373,828

 

Pharmaceuticals

 

 

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 0.7%

 

 

 

 

 

Olympus Corp. (Japan)

 

6,385

 

220,699

 

Health Care Equipment

 

 

 

 

 

 

 

 

 

594,527

 

TOTAL COMMON STOCKS — 95.1%
(Cost $27,116,581)

 

 

 

28,701,412

 

 

 

 

Par Value

 

Value

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS— 5.0%

 

 

 

 

 

 

 

 

 

 

 

REPURCHASE AGREEMENT — 3.1%

 

 

 

 

 

Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 06/30/15 due 07/01/15, repurchase price $923,959, collateralized by United States Treasury Notes, 2.250%, due 03/31/21 - 04/30/21, aggregate value plus accrued interest of $942,443 (Cost: $923,959)

 

$

923,959

 

923,959

 

GOVERNMENT AND AGENCY SECURITIES — 0.8%

 

 

 

 

 

United States Treasury Floating Rate Note, 0.084%, due 04/30/16 (d) (Cost $250,000)

 

250,000

 

250,048

 

Total Government and Agency Securities
(Cost $250,000)

 

 

 

250,048

 

COMMERCIAL PAPER — 0.8%

 

 

 

 

 

J.P. Morgan Securities LLC, 144A, 0.27% - 0.40%, due 09/17/15 - 12/08/15 (e) (f) (Cost $249,709)

 

250,000

 

249,751

 

U.S. GOVERNMENT BILLS — 0.3%

 

 

 

 

 

United States Treasury Bill, 0.11%, due 09/10/15 (e) (Cost $99,979)

 

100,000

 

100,003

 

TOTAL SHORT TERM INVESTMENTS — 5.0%
(Cost $1,523,647)

 

 

 

1,523,761

 

TOTAL INVESTMENTS — 100.1%
(Cost $28,640,228)

 

 

 

30,225,173

 

Foreign Currencies (Cost $2) — 0.0% (g)

 

 

 

2

 

Liabilities In Excess of Other Assets — (0.1)%

 

 

 

(38,812

)

TOTAL NET ASSETS — 100.0%

 

 

 

$

30,186,363

 

 

(a)

Non-income producing security

 


 

(b)

See Note 2 in the Notes to Schedules of Investments regarding investments in affiliated issuers.

(c)

Sponsored American Depositary Receipt

(d)

Floating Rate Note. Rate shown is as of June 30, 2015.

(e)

The rate shown represents the annualized yield at the time of purchase; not a coupon rate.

(f)

See Note 1 in the Notes to Schedules of Investments regarding restricted securities. These securities may be resold subject to restrictions on resale under federal securities law.

(g)

Amount rounds to less than 0.1%.

 


 

OAKMARK INTERNATIONAL SMALL CAP FUND

Global Diversification —June 30, 2015 (Unaudited)

 

 

 

 

 

 

 

% of Equity Investments

 

Europe 64.4%

 

 

 

 

 

 

 

 

 

 

 

Switzerland

 

18.2

%

 

 

 

 

United Kingdom

 

17.6

%

 

 

*

 

Italy

 

5.6

%

 

 

*

 

France

 

4.9

%

 

 

*

 

Finland

 

4.8

%

 

 

*

 

Germany

 

4.4

%

 

 

*

 

Netherlands

 

3.1

%

 

 

 

 

Norway

 

2.3

%

 

 

 

 

Denmark

 

1.5

%

 

 

*

 

Greece

 

1.0

%

 

 

*

 

Spain

 

1.0

%

Asia 20.9%

 

 

 

 

 

 

 

 

 

 

 

Japan

 

10.7

%

 

 

 

 

South Korea

 

6.0

%

 

 

 

 

Hong Kong

 

3.8

%

 

 

 

 

China

 

0.4

%

Australasia 11.1%

 

 

 

 

 

 

 

 

 

 

 

Australia

 

10.4

%

 

 

 

 

New Zealand

 

0.7

%

Latin America 1.9%

 

 

 

 

 

 

 

 

 

 

 

Brazil

 

1.9

%

Middle East 1.2%

 

 

 

 

 

 

 

 

 

 

 

Israel

 

1.2

%

North America 0.5%

 

 

 

 

 

 

 

 

 

 

 

Canada

 

0.5

%

 

*       Euro currency countries comprise 24.8% of equity investments.

 


 

Oakmark International Small Cap Fund

June 30, 2015 (Unaudited)

Schedule of Investments (in thousands)

 

 

 

 

Shares

 

Value

 

COMMON STOCKS— 92.6%

 

 

 

 

 

INDUSTRIALS — 38.4%

 

 

 

 

 

CAPITAL GOODS — 20.4%

 

 

 

 

 

Konecranes OYJ (Finland) (b)

 

3,153

 

$

91,836

 

Industrial Machinery

 

 

 

 

 

Sulzer AG (Switzerland)

 

888

 

91,353

 

Industrial Machinery

 

 

 

 

 

MTU Aero Engines AG (Germany)

 

960

 

90,307

 

Aerospace & Defense

 

 

 

 

 

Bucher Industries AG (Switzerland)

 

308

 

76,506

 

Construction Machinery & Heavy Trucks

 

 

 

 

 

Morgan Advanced Materials PLC (UK) (b)

 

13,243

 

67,916

 

Industrial Machinery

 

 

 

 

 

Saft Groupe SA (France) (b)

 

1,416

 

55,268

 

Electrical Components & Equipment

 

 

 

 

 

Travis Perkins PLC (UK)

 

1,567

 

51,948

 

Trading Companies & Distributors

 

 

 

 

 

Outotec OYJ (Finland) (c)

 

7,789

 

50,150

 

Construction & Engineering

 

 

 

 

 

Prysmian SpA (Italy)

 

1,597

 

34,507

 

Electrical Components & Equipment

 

 

 

 

 

Rheinmetall AG (Germany)

 

419

 

21,267

 

Industrial Conglomerates

 

 

 

 

 

Wajax Corp. (Canada) (b)

 

953

 

16,447

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

647,505

 

COMMERCIAL  & PROFESSIONAL SERVICES — 13.1%

 

 

 

 

 

Michael Page International PLC (UK)

 

7,538

 

64,551

 

Human Resource & Employment Services

 

 

 

 

 

Transpacific Industries Group, Ltd. (Australia) (b)

 

95,456

 

56,710

 

Environmental & Facilities Services

 

 

 

 

 

gategroup Holding AG (Switzerland) (b)

 

1,661

 

52,414

 

Diversified Support Services

 

 

 

 

 

Mitie Group PLC (UK)

 

10,302

 

50,987

 

Environmental & Facilities Services

 

 

 

 

 

Kaba Holding AG (Switzerland)

 

85

 

50,754

 

Security & Alarm Services

 

 

 

 

 

Randstad Holding N.V. (Netherlands)

 

648

 

42,176

 

Human Resource & Employment Services

 

 

 

 

 

SThree PLC (UK) (b)

 

6,359

 

37,420

 

Human Resource & Employment Services

 

 

 

 

 

Brunel International N.V. (Netherlands)

 

1,691

 

33,552

 

Human Resource & Employment Services

 

 

 

 

 

Applus Services SA (Spain) (a)

 

2,355

 

27,806

 

Research & Consulting Services

 

 

 

 

 

ALS, Ltd. (Australia)

 

299

 

1,351

 

Research & Consulting Services

 

 

 

 

 

 

 

 

 

417,721

 

TRANSPORTATION — 4.9%

 

 

 

 

 

Panalpina Welttransport Holding AG (Switzerland)

 

639

 

80,711

 

Air Freight & Logistics

 

 

 

 

 

DSV AS (Denmark)

 

1,330

 

43,072

 

Trucking

 

 

 

 

 

Freightways, Ltd. (New Zealand)

 

5,285

 

20,771

 

Air Freight & Logistics

 

 

 

 

 

BBA Aviation PLC (UK)

 

2,598

 

12,314

 

Airport Services

 

 

 

 

 

 

 

 

 

156,868

 

 

 

 

 

1,222,094

 

FINANCIALS — 16.8%

 

 

 

 

 

DIVERSIFIED FINANCIALS — 7.0%

 

 

 

 

 

Julius Baer Group, Ltd. (Switzerland)

 

2,381

 

133,584

 

Asset Management & Custody Banks

 

 

 

 

 

EFG International AG (Switzerland)

 

3,643

 

51,632

 

Asset Management & Custody Banks

 

 

 

 

 

Ichiyoshi Securities Co., Ltd. (Japan)

 

2,082

 

20,346

 

Investment Banking & Brokerage

 

 

 

 

 

MLP AG (Germany)

 

4,568

 

19,147

 

Asset Management & Custody Banks

 

 

 

 

 

 

 

 

 

224,709

 

BANKS — 5.6%

 

 

 

 

 

BNK Financial Group, Inc. (South Korea)

 

7,576

 

96,440

 

Regional Banks

 

 

 

 

 

DGB Financial Group, Inc. (South Korea)

 

7,741

 

81,192

 

Regional Banks

 

 

 

 

 

 

 

 

 

177,632

 

REAL ESTATE — 4.2%

 

 

 

 

 

Countrywide PLC (UK)

 

7,690

 

68,627

 

Diversified Real Estate Activities

 

 

 

 

 

LSL Property Services PLC (UK) (b)

 

10,416

 

63,827

 

Real Estate Services

 

 

 

 

 

 

 

 

 

132,454

 

 

 

 

 

534,795

 

INFORMATION TECHNOLOGY — 14.6%

 

 

 

 

 

SOFTWARE & SERVICES — 7.5%

 

 

 

 

 

Atea ASA (Norway) (b)

 

7,561

 

67,502

 

IT Consulting & Other Services

 

 

 

 

 

Totvs SA (Brazil)

 

4,511

 

56,584

 

Systems Software

 

 

 

 

 

Altran Technologies SA (France)

 

4,240

 

45,535

 

IT Consulting & Other Services

 

 

 

 

 

Alten, Ltd. (France)

 

933

 

43,339

 

IT Consulting & Other Services

 

 

 

 

 

Capcom Co., Ltd. (Japan)

 

1,382

 

26,782

 

Home Entertainment Software

 

 

 

 

 

 

 

 

 

239,742

 

TECHNOLOGY HARDWARE & EQUIPMENT — 7.1%

 

 

 

 

 

Hirose Electric Co., Ltd. (Japan)

 

620

 

88,778

 

Electronic Components

 

 

 

 

 

Premier Farnell PLC (UK) (b)

 

25,092

 

68,168

 

Technology Distributors

 

 

 

 

 

Orbotech, Ltd. (Israel) (a) (b)

 

1,692

 

35,186

 

Electronic Equipment & Instruments

 

 

 

 

 

 


 

 

 

Shares

 

Value

 

Common Stocks — 92.6% (cont.)

 

 

 

 

 

Information Technology — 14.6% (cont.)

 

 

 

 

 

Technology Hardware & Equipment — 7.1% (cont.)

 

 

 

 

 

Electrocomponents PLC (UK)

 

9,714

 

$

32,327

 

Technology Distributors

 

 

 

 

 

 

 

 

 

224,459

 

 

 

 

 

464,201

 

CONSUMER STAPLES — 8.1%

 

 

 

 

 

FOOD, BEVERAGE & TOBACCO — 4.6%

 

 

 

 

 

Davide Campari-Milano SPA (Italy)

 

9,852

 

74,961

 

Distillers & Vintners

 

 

 

 

 

Treasury Wine Estates, Ltd. (Australia)

 

18,419

 

70,915

 

Distillers & Vintners

 

 

 

 

 

 

 

 

 

145,876

 

FOOD & STAPLES RETAILING — 3.5%

 

 

 

 

 

Sugi Holdings Co., Ltd. (Japan)

 

1,737

 

88,690

 

Drug Retail

 

 

 

 

 

Sundrug Co., Ltd. (Japan)

 

392

 

23,374

 

Drug Retail

 

 

 

 

 

 

 

 

 

112,064

 

 

 

 

 

257,940

 

CONSUMER DISCRETIONARY — 6.2%

 

 

 

 

 

MEDIA — 2.1%

 

 

 

 

 

Hakuhodo DY Holdings, Inc. (Japan)

 

4,223

 

45,234

 

Advertising

 

 

 

 

 

Asatsu-DK, Inc. (Japan)

 

917

 

21,712

 

Advertising

 

 

 

 

 

 

 

 

 

66,946

 

CONSUMER SERVICES — 2.1%

 

 

 

 

 

Melco International Development, Ltd. (Hong Kong)

 

46,994

 

66,566

 

Casinos & Gaming

 

 

 

 

 

RETAILING — 2.0%

 

 

 

 

 

Hengdeli Holdings, Ltd. (Hong Kong) (b)

 

225,349

 

45,351

 

Specialty Stores

 

 

 

 

 

China ZhengTong Auto Services Holdings, Ltd. (China)

 

17,946

 

11,692

 

Automotive Retail

 

 

 

 

 

Myer Holdings, Ltd. (Australia)

 

7,233

 

6,836

 

Department Stores

 

 

 

 

 

 

 

 

 

63,879

 

 

 

 

 

197,391

 

MATERIALS — 4.2%

 

 

 

 

 

Incitec Pivot, Ltd. (Australia)

 

35,121

 

104,325

 

Diversified Chemicals

 

 

 

 

 

Titan Cement Co. SA (Greece) (d)

 

1,468

 

29,767

 

Construction Materials

 

 

 

 

 

 

 

 

 

134,092

 

HEALTH CARE — 3.8%

 

 

 

 

 

HEALTH CARE EQUIPMENT & SERVICES — 3.8%

 

 

 

 

 

Primary Health Care, Ltd. (Australia)

 

16,805

 

65,349

 

Health Care Services

 

 

 

 

 

Amplifon S.p.A. (Italy)

 

7,084

 

55,162

 

Health Care Distributors

 

 

 

 

 

 

 

 

 

120,511

 

ENERGY — 0.5%

 

 

 

 

 

Fugro NV (Netherlands) (a)

 

769

 

16,866

 

Oil & Gas Equipment & Services

 

 

 

 

 

TOTAL COMMON STOCKS — 92.6%
(Cost $2,758,475)

 

 

 

2,947,890

 

 

 

 

Par Value

 

Value

 

SHORT TERM INVESTMENTS— 7.1%

 

 

 

 

 

REPURCHASE AGREEMENT — 7.1%

 

 

 

 

 

Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 06/30/15 due 07/01/15, repurchase price $225,833, collateralized by a Federal Home Loan Bank Bond, 2.960%, due 02/07/28, value plus accrued interest of $953, by a United States Treasury Note, 2.125%, due 12/31/21, value plus accrued interest of $229,405 (Cost: $225,833)

 

$

225,833

 

225,833

 

TOTAL SHORT TERM INVESTMENTS — 7.1%
(Cost $225,833)

 

 

 

225,833

 

TOTAL INVESTMENTS — 99.7%
(Cost $2,984,308)

 

 

 

3,173,723

 

Foreign Currencies (Cost $5) — 0.0% (e)

 

 

 

5

 

Other Assets In Excess of Liabilities — 0.3%

 

 

 

10,933

 

TOTAL NET ASSETS — 100.0%

 

 

 

$

3,184,661

 

 

(a)

Non-income producing security

(b)

See Note 2 in the Notes to Schedules of Investments regarding investments in affiliated issuers.

(c)

A portion of the security out on loan.

(d)

Fair value is determined in good faith in accordance with procedures established by the Board of Trustees.

(e)

Amount rounds to less than 0.1%.

 


 

THE OAKMARK FUNDS

 

Notes to Schedules of Investments (Unaudited)

 

1.  SIGNIFICANT ACCOUNTING POLICIES

 

Organization

 

Harris Associates Investment Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company organized as a Massachusetts business trust on February 1, 1991 and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services - Investment Companies. The Trust consists of the following series (each individually referred to as “a Fund” or collectively as “the Funds”): Oakmark Fund (“Oakmark”), Oakmark Select Fund (“Select”), Oakmark Equity and Income Fund (“Equity and Income”), Oakmark Global Fund (“Global”), Oakmark Global Select Fund (“Global Select”), Oakmark International Fund (“International”), and Oakmark International Small Cap Fund (“Int’l Small Cap”).  Each Fund, other than Select and Global Select, is diversified in accordance with the 1940 Act.

 

Security valuation

 

The Funds’ share prices or net asset values (“NAVs”) are calculated as of the close of regular session trading (usually 4:00 pm Eastern time) on the New York Stock Exchange (“NYSE”) on any day on which the NYSE is open for trading.  Equity securities principally traded on securities exchanges in the United States and over-the-counter securities are valued at the last sales price or the official closing price on the day of valuation, or lacking any reported sales that day, at the most recent bid quotation.  Securities traded on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price (“NOCP”), or lacking an NOCP, at the most recent bid quotation on the NASDAQ National Market System.  Equity securities principally traded on securities exchanges outside the United States are valued, depending on local convention or regulation, at the last sales price, the last bid or asked price, the mean between the last bid and asked prices, or the official closing price, or are based on a pricing composite as of the close of the regular trading hours on the appropriate exchange or other designated time. Each long-term debt instrument is valued at the latest bid quotation or an evaluated price provided by an independent pricing service. The pricing service may use standard inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications.  For certain security types additional inputs may be used or some of the standard inputs may not be applicable.  Additionally, the pricing service monitors market indicators and industry and economic events, which may serve as a trigger to gather and possibly use additional market data. Each short-term debt instrument (i.e., debt instruments whose maturities or expiration dates at the time of acquisition are one year or less) or money market instrument maturing in 61 days or more from the date of valuation is valued at the latest bid quotation or an evaluated price provided by an independent pricing service. Each short-term instrument maturing in 60 days or less from the date of valuation is valued at amortized cost, which approximates market value. Options are valued at the last reported sales price on the day of valuation or, lacking any reported sale price on the valuation date, at the mean of the most recent bid and asked quotations or, if the mean is not available, at the most recent bid quotation.

 

Securities for which quotations are not readily available or securities that may have been affected by a significant event occurring between the close of a foreign market and the close of the NYSE are valued at fair value, determined by or under the direction of the pricing committee authorized by the Board of Trustees.  A significant event may include the performance of U.S. markets since the close of foreign markets.  The Funds may use a systematic fair valuation model provided by an independent pricing service to value foreign securities in order to adjust local closing prices for information or events that may occur between the close of certain foreign exchanges and the close of the NYSE.

 


 

Fair value measurement

 

Various inputs are used in determining the value of each Fund’s investments. These inputs are prioritized into three broad levels as follows:

 

Level 1 — quoted prices in active markets for identical securities

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, and others)

Level 3 — significant unobservable inputs (including the Adviser’s own assumptions in determining the fair value of investments)

 

Observable inputs are those based on market data obtained from independent sources, and unobservable inputs reflect the Adviser’s own assumptions based on the best information available.  The input levels are not necessarily an indication of risk or liquidity associated with investing in those securities.

 

The Funds recognize transfers between the three levels as of the end of the reporting period. At June 30, 2015, a security held in Int’l Small Cap with a market value of $29,767,204 was transferred from level 1 to level 3. This transfer was due to the security being valued at a fair value using significant unobservable inputs on June 30, 2015.

 

The following is a summary of the inputs used as of June 30, 2015 in valuing each Fund’s assets and liabilities. Except for the industries or investment types separately stated below, the total amounts for common stocks, fixed-income and short-term investments in the table below are presented by industry or investment type in each Fund’s Schedule of Investments. Information on forward foreign currency contracts is presented by contract in the notes following the below summary:

 

(in thousands)

 

Quoted Prices 
in Active 
Markets for 
Identical Assets 
(Level 1)

 

Other 
Significant 
Observable 
Inputs 
(Level 2)

 

Significant 
Unobservable 
Inputs 
(Level 3)

 

Oakmark

 

 

 

 

 

 

 

Common Stocks

 

16,863,617

 

0

 

0

 

Short Term Investments

 

$

0

 

$

1,169,061

 

$

0

 

Total

 

$

16,863,617

 

$

1,169,061

 

$

0

 

 

 

 

 

 

 

 

 

Select

 

 

 

 

 

 

 

Common Stocks

 

$

6,028,409

 

$

0

 

$

0

 

Convertible Bond

 

0

 

32,513

 

0

 

Short Term Investments

 

0

 

228,928

 

0

 

Total

 

$

6,028,409

 

$

261,441

 

$

0

 

 

 

 

 

 

 

 

 

Equity and Income

 

 

 

 

 

 

 

Common Stocks

 

$

12,801,168

 

$

0

 

$

0

 

Government and Agency Securities

 

0

 

1,584,610

 

0

 

Corporate Bonds

 

0

 

1,450,794

 

0

 

Asset Backed Securities

 

0

 

11,487

 

0

 

Short Term Investments

 

0

 

4,428,930

 

0

 

Total

 

$

12,801,168

 

$

7,475,821

 

$

0

 

 

 

 

 

 

 

 

 

Global

 

 

 

 

 

 

 

Common Stocks

 

$

3,412,773

 

$

0

 

$

0

 

Short Term Investments

 

0

 

75,434

 

0

 

Forward Foreign Currency Contracts - Assets

 

0

 

3,203

 

0

 

Forward Foreign Currency Contracts - Liabilities

 

0

 

(6,029

)

0

 

Total

 

$

3,412,773

 

$

72,608

 

$

0

 

 


 

Global Select

 

 

 

 

 

 

 

Common Stocks

 

$

2,041,445

 

$

0

 

$

0

 

Short Term Investments

 

0

 

102,558

 

0

 

Forward Foreign Currency Contracts - Assets

 

0

 

1,662

 

0

 

Forward Foreign Currency Contracts - Liabilities

 

0

 

(2,539

)

0

 

Total

 

$

2,041,445

 

$

101,681

 

$

0

 

 

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

Common Stocks

 

$

28,701,412

 

$

0

 

$

0

 

Short Term Investments

 

0

 

1,523,761

 

0

 

Forward Foreign Currency Contracts - Assets

 

0

 

23,967

 

0

 

Forward Foreign Currency Contracts - Liabilities

 

0

 

(46,623

)

0

 

Total

 

$

28,701,412

 

$

1,501,105

 

$

0

 

 

 

 

 

 

 

 

 

Int’l Small Cap

 

 

 

 

 

 

 

Common Stocks — Materials

 

$

0

 

$

0

 

$

29,767

 

Common Stocks — All Other

 

2,918,123

 

0

 

0

 

Short Term Investments

 

0

 

225,833

 

0

 

Forward Foreign Currency Contracts - Assets

 

0

 

2,219

 

0

 

Forward Foreign Currency Contracts - Liabilities

 

0

 

(4,939

)

0

 

Total

 

$

2,918,123

 

$

223,113

 

$

29,767

 

 

The following table for the Int’l Small Cap Fund includes the roll-forward of the amounts for the period ended June 30, 2015 for long-term investments classified within level 3.

 

Investments in 
Securities

 

Balance as 
of 
September 
30, 2014

 

Accrued 
Discounts 
(Premiums)

 

Realized 
Gain (Loss)

 

Change in 
Unrealized 
Appreciation 
(Depreciation)

 

Net 
Purchases

 

Net 
Sales

 

Net 
Transfers 
in to Level 
3

 

Net 
Transfers 
out of Level 
3

 

Balance 
as of 
June 30, 
2015

 

Change in 
Unrealized 
Appreciation 
(Depreciation)
from 
Investments
Held at June
30, 2015

 

Equities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Materials

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

29,767

 

$

0

 

$

29,767

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

29,767

 

$

0

 

$

29,767

 

$

0

 

 

Foreign currency translations

 

Certain Funds invest in foreign securities, which may involve a number of risk factors and special considerations not present with investments in securities of U.S. corporations. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at current exchange rates obtained by a recognized bank, dealer, or independent pricing service on the day of valuation.  Purchases and sales of investments and dividend and interest income are converted at the prevailing rate of exchange on the respective dates of such transactions.

 

Forward foreign currency contracts

 

Forward foreign currency contracts are agreements to exchange one currency for another at a future date and at a specified price.  The Funds’ transactions in forward foreign currency contracts are limited to transaction and portfolio hedging.  The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk.  The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered and could

 


 

exceed the net unrealized value shown in the tables below.  Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in currency values.  Forward foreign currency contracts are valued at the current day’s interpolated foreign exchange rates.  Unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the end of the period.

 

At June 30, 2015 Global, Global Select, International, and Int’l Small Cap held forward foreign currency contracts, which are considered derivative instruments, each of whose counterparty is State Street Bank and Trust Company (“State Street”), as follows (in thousands):

 

Global

 

 

 

Local 
Contract 
Amount

 

Settlement 
Date

 

Valuation at 
6/30/15

 

Unrealized 
Appreciation/ 
(Depreciation)

 

Foreign Currency Sold:

 

 

 

 

 

 

 

 

 

Australian Dollar

 

23,389

 

03/16/16

 

$

17,805

 

$

(79

)

Swiss Franc

 

209,241

 

09/16/15

 

224,495

 

(2,747

)

 

 

 

 

 

 

$

242,300

 

$

(2,826

)

 

During the period ended June 30, 2015 the notional value of forward foreign currency contracts opened for Global were $239,474 and the notional value of settled contracts was $204,561 (in thousands).

 

Global Select

 

 

 

Local 
Contract 
Amount

 

Settlement 
Date

 

Valuation at 
6/30/15

 

Unrealized 
Appreciation/ 
(Depreciation)

 

Foreign Currency Sold:

 

 

 

 

 

 

 

 

 

Swiss Franc

 

93,448

 

09/16/15

 

$

100,261

 

$

(877

)

 

 

 

 

 

 

$

100,261

 

$

(877

)

 

During the period ended June 30, 2015 the notional value of forward foreign currency contracts opened for Global Select were $123,928 and the notional value of settled contracts was $82,781 (in thousands).

 

International

 

 

 

Local 
Contract 
Amount

 

Settlement 
Date

 

Valuation at 
6/30/15

 

Unrealized 
Appreciation/ 
(Depreciation)

 

Foreign Currency Sold:

 

 

 

 

 

 

 

 

 

Australian Dollar

 

236,628

 

03/16/16

 

$

180,130

 

$

(799

)

Swiss Franc

 

1,601,700

 

09/16/15

 

1,718,468

 

(21,857

)

 

 

 

 

 

 

$

1,898,598

 

$

(22,656

)

 

During the period ended June 30, 2015 the notional value of forward foreign currency contracts opened for International were $1,875,941 and the notional value of settled contracts was $2,387,511 (in thousands).

 


 

Int’l Small Cap

 

 

 

Local 
Contract 
Amount

 

Settlement 
Date

 

Valuation at 
6/30/15

 

Unrealized 
Appreciation/ 
(Depreciation)

 

Foreign Currency Sold:

 

 

 

 

 

 

 

 

 

Australian Dollar

 

69,609

 

03/16/16

 

$

52,989

 

$

(235

)

Norwegian Krone

 

66,514

 

12/16/15

 

8,455

 

(331

)

Swiss Franc

 

151,885

 

09/16/15

 

162,958

 

(2,154

)

 

 

 

 

 

 

$

224,402

 

$

(2,720

)

 

During the period ended June 30, 2015 the notional value of forward foreign currency contracts opened for Int’l Small Cap were $232,740 and the notional value of settled contracts was $303,357 (in thousands).

 

Short sales

 

Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or loss, unlimited in size, will be recognized upon the termination of the short sale. Each Fund may sell shares of when-issued securities. Typically, a Fund sells when-issued securities when a company announces a spin-off or re-organization, and the post-spin-off or post-re-organization shares begin trading on a when-issued basis prior to the effective date of the corporate action. A sale of a when-issued security is treated as a short sale for accounting purposes. After the effective date, when shares of the new company are received, any shares sold on a when-issued basis will be delivered to the counterparty. At June 30, 2015 none of the Funds had short sales.

 

When-issued or delayed-delivery securities

 

Each Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time a Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if the Adviser deems it advisable for investment reasons. At June 30, 2015 none of the Funds held when-issued securities.

 

Accounting for options

 

When a Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire are recorded by the Fund on the expiration date as realized gains from option transactions. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss.  If a put option is exercised, the premium reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. As the writer of a covered call option on a security, a Fund foregoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. Exercise of an option written by the Fund could result in the Fund selling or buying a security or currency at a price different from the current fair value. Options written by the Fund do not give rise to counterparty credit risk, as they obligate the Fund, not its counterparties, to perform.

 


 

When a Fund purchases an option, the premium paid by the Fund is recorded as an asset and is subsequently adjusted to the current fair value of the option purchased.  Purchasing call options tends to increase the Fund’s exposure to the underlying instrument.  Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument.  Premiums paid for purchasing options that expire are treated as realized losses.  Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying security to determine the realized gain or loss.  The risks associated with purchasing put and call options are potential loss of the premium paid and, in the instances of OTC derivatives, the failure of the counterparty to honor its obligation under the contract.

 

The Funds did not write or purchase options during the period ended June 30, 2015.

 

Repurchase agreements

 

Each Fund may invest in repurchase agreements, which are short-term investments whereby the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price.

 

The Funds’ custodian receives delivery of the underlying securities collateralizing repurchase agreements.  It is the Funds’ policy that the value of the collateral be at least equal to 102% of the repurchase price, including interest. Harris Associates L.P. (the “Adviser”) is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price, including interest.  Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. At June 30, 2015 all of the Funds held repurchase agreements.

 

Security lending

 

Each Fund, except Oakmark, may lend its portfolio securities to broker-dealers and banks. Any such loan must be continuously secured by collateral in cash, cash equivalents or U.S. Treasuries maintained on a current basis in an amount at least equal to the fair value of the securities loaned by the Fund. Collateral is marked to market and monitored daily. The Fund continues to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receives an additional return that may be in the form of a fixed fee or a percentage of the earnings on the collateral. The Fund has the right to call the loan and attempt to obtain the securities loaned at any time on notice of not more than five business days. In the event of bankruptcy or other default of the borrower, the Fund could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. In addition, there could be a decline in the value of the collateral or in the fair value of the securities loaned while the Fund seeks to enforce its rights thereto, and the Fund could experience subnormal levels of income or lack of access to income during that period.

 

At June 30, 2015 Int’l Small Cap had securities on loan with a value of $1,193,351 and held as collateral for the loans U.S. Treasury securities with a value of $1,260,061.

 

Restricted securities

 

Each Fund may invest in restricted securities, which generally are considered illiquid, but such illiquid securities may not comprise more than 15% of the value of a Fund’s net assets at the time of investment. The following investments, the sales of which are subject to restrictions on resale under federal securities laws, have been valued in good faith according to the securities valuation procedures established by the Board of Trustees (as stated in the Security valuation section) since their acquisition dates.

 

At June 30, 2015 Equity and Income and International held the following restricted securities:

 


 

Equity and Income

 

Par Value (000)

 

Security Name

 

Acquisition
Date

 

Carrying
Value

 

Original Cost

 

Value (000)

 

Percentage of
Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

29,500

 

1011778 BC ULC / New Red Finance Inc., 144A, 6.00%, due 04/01/22

 

09/24/14

 

$

102.7500

 

$

100.0000

 

$

30,311

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,785

 

Activision Blizzard, Inc., 144A, 5.625%, due 09/15/21

 

04/15/14

 

104.7500

 

106.6250

 

10,250

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,325

 

Activision Blizzard, Inc., 144A, 5.625%, due 09/15/21

 

04/14/14

 

104.7500

 

106.6250

 

4,530

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,925

 

Activision Blizzard, Inc., 144A, 5.625%, due 09/15/21

 

01/31/14

 

104.7500

 

103.7500

 

3,064

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,950

 

Activision Blizzard, Inc., 144A, 5.625%, due 09/15/21

 

01/31/14

 

104.7500

 

103.7500

 

2,043

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

Activision Blizzard, Inc., 144A, 5.625%, due 09/15/21

 

09/12/13

 

104.7500

 

100.0000

 

1,047

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

980

 

Activision Blizzard, Inc., 144A, 5.625%, due 09/15/21

 

04/25/14

 

104.7500

 

106.6250

 

1,027

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,695

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23

 

04/09/14

 

107.2500

 

109.0000

 

2,890

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,505

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23

 

02/06/14

 

107.2500

 

104.7500

 

2,687

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23

 

09/17/13

 

107.2500

 

101.6250

 

2,145

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,970

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23

 

04/15/14

 

107.2500

 

108.7500

 

2,113

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,970

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23

 

04/11/14

 

107.2500

 

108.7500

 

2,113

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23

 

09/12/13

 

107.2500

 

100.0000

 

1,072

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

980

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23

 

04/25/14

 

107.2500

 

108.6250

 

1,051

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

495

 

Activision Blizzard, Inc., 144A, 6.125%, due 09/15/23

 

04/11/14

 

107.2500

 

108.7500

 

531

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

Anthem, Inc., 144A, 0.31%, due 07/01/15

 

04/09/15

 

100.0000

 

99.9285

 

25,000

 

0.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

Anthem, Inc., 144A, 0.31%, due 07/02/15

 

04/09/15

 

99.9991

 

99.9277

 

25,000

 

0.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

Anthem, Inc., 144A, 0.36%, due 07/10/15

 

04/15/15

 

99.9913

 

99.9164

 

24,998

 

0.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

Anthem, Inc., 144A, 0.23%, due 08/14/15

 

06/15/15

 

99.9719

 

99.9617

 

24,993

 

0.13

%

 


 

50,000

 

BMW US Capital LLC, 144A, 0.12%, due 07/27/15

 

05/21/15

 

99.9913

 

99.9777

 

49,996

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

BMW US Capital LLC, 144A, 0.14%, due 08/18/15

 

05/20/15

 

99.9813

 

99.9650

 

49,991

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

BMW US Capital LLC, 144A, 0.14%, due 08/19/15

 

05/21/15

 

99.9809

 

99.9650

 

49,991

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

BMW US Capital LLC, 144A, 0.14%, due 08/20/15

 

05/20/15

 

99.9806

 

99.9642

 

49,990

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,000

 

BMW US Capital LLC, 144A, 0.13%, due 07/16/15

 

05/14/15

 

99.9946

 

99.9773

 

44,998

 

0.22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,000

 

BMW US Capital LLC, 144A, 0.12%, due 08/13/15

 

06/19/15

 

99.9857

 

99.9817

 

42,994

 

0.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,000

 

BMW US Capital LLC, 144A, 0.12%, due 07/13/15

 

05/13/15

 

99.9960

 

99.9797

 

39,998

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,000

 

BMW US Capital LLC, 144A, 0.14%, due 09/28/15

 

06/30/15

 

99.9400

 

99.9650

 

39,976

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,000

 

BMW US Capital LLC, 144A, 0.14%, due 09/09/15

 

06/08/15

 

99.9576

 

99.9638

 

34,985

 

0.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,000

 

BMW US Capital LLC, 144A, 0.12%, due 07/17/15

 

05/21/15

 

99.9947

 

99.9810

 

27,999

 

0.14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,000

 

BMW US Capital LLC, 144A, 0.13%, due 07/20/15

 

05/20/15

 

99.9931

 

99.9780

 

18,999

 

0.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,000

 

BMW US Capital LLC, 144A, 0.12%, due 07/13/15

 

05/12/15

 

99.9960

 

99.9797

 

15,999

 

0.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,000

 

BMW US Capital LLC, 144A, 0.13%, due 07/21/15

 

05/21/15

 

99.9928

 

99.9780

 

9,999

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,250

 

BP Capital Markets PLC, 144A, 0.60%, due 10/16/15

 

02/05/15

 

99.9364

 

99.5854

 

26,233

 

0.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,500

 

BP Capital Markets PLC, 144A, 0.63%, due 11/02/15

 

02/11/15

 

99.9174

 

99.5453

 

14,488

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,450

 

Cabela’s Master Credit Card Trust, 144A, 0.736%, due 10/15/19

 

10/20/11

 

100.3202

 

100.0000

 

11,487

 

0.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

Credit Suisse Group AG, 144A, 7.50% **

 

12/04/13

 

104.1200

 

100.0000

 

31,236

 

0.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,000

 

Credit Suisse Group AG, 144A, 6.25% **

 

06/11/14

 

95.8750

 

100.0000

 

6,711

 

0.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,950

 

Family Tree Escrow LLC, 144A, 5.75%, due 03/01/23

 

02/06/15

 

104.5000

 

100.0000

 

3,083

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

Family Tree Escrow LLC, 144A, 5.25%, due 03/01/20

 

02/06/15

 

104.6250

 

100.0000

 

1,046

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

General Mills, Inc., 144A, 0.21%, due 07/10/15

 

06/24/15

 

99.9948

 

99.9907

 

29,998

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

General Mills, Inc., 144A,

 

06/18/15

 

100.0000

 

99.9924

 

25,000

 

0.13

%

 


 

 

 

0.21%, due 07/01/15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

General Mills, Inc., 144A, 0.21%, due 07/09/15

 

06/26/15

 

99.9953

 

99.9924

 

24,999

 

0.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,000

 

General Mills, Inc., 144A, 0.21%, due 07/09/15

 

06/26/15

 

99.9953

 

99.9924

 

19,999

 

0.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,000

 

General Mills, Inc., 144A, 0.20%, due 07/10/15

 

06/30/15

 

99.9933

 

99.9944

 

14,999

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,000

 

General Mills, Inc., 144A, 0.24%, due 07/06/15

 

06/23/15

 

99.9967

 

99.9913

 

7,000

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,060

 

Glencore Funding LLC, 144A, 1.70%, due 05/27/16

 

01/15/15

 

100.1124

 

100.0790

 

8,069

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,890

 

Glencore Finance Canada, Ltd., 144A, 3.60%, due 01/15/17

 

06/02/15

 

102.6424

 

102.9070

 

2,967

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,700

 

Glencore Finance Canada, Ltd., 144A, 3.60%, due 01/15/17

 

06/01/15

 

102.6424

 

103.0510

 

2,771

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,000

 

Howard Hughes Corp., 144A, 6.875%, due 10/01/21

 

09/27/13

 

106.0000

 

100.0000

 

10,600

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,800

 

International Game Technology PLC, 144A, 6.25%, due 02/15/22

 

02/09/15

 

95.5000

 

100.0000

 

14,134

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,800

 

International Game Technology PLC, 144A, 6.50%, due 02/15/25

 

02/09/15

 

92.5000

 

100.0000

 

13,690

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,800

 

International Game Technology PLC, 144A, 5.625%, due 02/15/20

 

02/09/15

 

97.7500

 

100.0000

 

9,579

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

J.P. Morgan Securities LLC, 144A, 0.32%, due 11/02/15

 

05/04/15

 

99.9010

 

99.8382

 

49,951

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

J.P. Morgan Securities LLC, 144A, 0.32%, due 11/04/15

 

05/04/15

 

99.8988

 

99.8364

 

49,949

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

John Deere Capital Co., 144A, 0.12%, due 07/22/15

 

06/18/15

 

99.9930

 

99.9887

 

49,997

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

John Deere Capital Co., 144A, 0.11%, due 07/24/15

 

06/11/15

 

99.9930

 

99.9869

 

49,996

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

Kellogg Co., 144A, 0.35%, due 07/21/15

 

06/11/15

 

99.9806

 

99.9650

 

49,990

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,000

 

Kellogg Co., 144A, 0.30%, due 07/06/15

 

06/12/15

 

99.9958

 

99.9825

 

39,998

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

Kellogg Co., 144A, 0.35%, due 07/07/15

 

06/03/15

 

99.9942

 

99.9679

 

29,998

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

Kellogg Co., 144A, 0.35%, due 07/06/15

 

06/08/15

 

99.9951

 

99.9728

 

24,999

 

0.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

Kellogg Co., 144A, 0.35%,

 

06/15/15

 

99.9883

 

99.9728

 

24,997

 

0.12

%

 


 

 

 

due 07/13/15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,000

 

Kellogg Co., 144A, 0.39%, due 07/14/15

 

06/09/15

 

99.9863

 

99.9631

 

9,999

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,000

 

Kellogg Co., 144A, 0.37%, due 07/20/15

 

06/23/15

 

99.9810

 

99.9730

 

7,998

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,945

 

Level 3 Financing Inc, 144A, 5.125%, due 05/01/23

 

04/16/15

 

97.5000

 

100.1250

 

3,847

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,950

 

Level 3 Financing Inc, 144A, 5.125%, due 05/01/23

 

04/17/15

 

97.5000

 

100.0000

 

2,876

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,945

 

Level 3 Financing Inc, 144A, 5.375%, due 05/01/25

 

04/16/15

 

96.3750

 

100.1250

 

3,802

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,950

 

Level 3 Financing Inc, 144A, 5.375%, due 05/01/25

 

04/17/15

 

96.3750

 

100.0000

 

2,843

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,509

 

Live Nation Entertainment, Inc., 144A, 7.00%, due 09/01/20

 

09/09/14

 

106.2500

 

107.5000

 

13,291

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,605

 

Live Nation Entertainment, Inc., 144A, 7.00%, due 09/01/20

 

08/15/12

 

106.2500

 

100.0000

 

10,205

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,076

 

Live Nation Entertainment, Inc., 144A, 7.00%, due 09/01/20

 

05/16/14

 

106.2500

 

109.1250

 

5,393

 

0.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

830

 

Live Nation Entertainment, Inc., 144A, 7.00%, due 09/01/20

 

01/22/15

 

106.2500

 

106.5000

 

882

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

600

 

Live Nation Entertainment, Inc., 144A, 7.00%, due 09/01/20

 

10/24/14

 

106.2500

 

106.5000

 

638

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

310

 

Live Nation Entertainment, Inc., 144A, 7.00%, due 09/01/20

 

10/30/14

 

106.2500

 

106.5000

 

329

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

Live Nation Entertainment, Inc., 144A, 5.375%, due 06/15/22

 

05/19/14

 

100.0000

 

100.0000

 

2,000

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,935

 

McGraw Hill Financial Inc, 144A, 4.00%, due 06/15/25

 

05/20/15

 

99.9011

 

99.2540

 

3,931

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,385

 

McGraw Hill Financial Inc, 144A, 4.00%, due 06/15/25

 

06/09/15

 

99.9011

 

99.3600

 

3,382

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,750

 

Medtronic Inc., 144A, 3.15%, due 03/15/22

 

12/01/14

 

100.4480

 

99.7910

 

14,816

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,950

 

Medtronic Inc., 144A, 1.50%, due 03/15/18

 

12/01/14

 

99.7738

 

99.7120

 

2,943

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

MetLife Short Term Funding LLC, 144A, 0.13%, due 07/29/15

 

06/19/15

 

99.9899

 

99.9856

 

49,995

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

MetLife Short Term Funding LLC, 144A, 0.14%, due

 

06/25/15

 

99.9844

 

99.9821

 

49,992

 

0.25

%

 


 

 

 

08/10/15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,000

 

MetLife Short Term Funding LLC, 144A, 0.13%, due 08/03/15

 

06/24/15

 

99.9881

 

99.9856

 

39,995

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,000

 

MetLife Short Term Funding LLC, 144A, 0.13%, due 07/06/15

 

05/28/15

 

99.9982

 

99.9859

 

32,999

 

0.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

MetLife Short Term Funding LLC, 144A, 0.14%, due 07/08/15

 

05/21/15

 

99.9973

 

99.9813

 

29,999

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

MetLife Short Term Funding LLC, 144A, 0.13%, due 07/17/15

 

06/04/15

 

99.9942

 

99.9845

 

29,998

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,000

 

MetLife Short Term Funding LLC, 144A, 0.13%, due 07/23/15

 

06/10/15

 

99.9921

 

99.9845

 

29,998

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,000

 

MetLife Short Term Funding LLC, 144A, 0.14%, due 07/07/15

 

05/19/15

 

99.9977

 

99.9809

 

28,999

 

0.14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,000

 

MetLife Short Term Funding LLC, 144A, 0.14%, due 07/28/15

 

06/09/15

 

99.9895

 

99.9809

 

27,997

 

0.14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

MetLife Short Term Funding LLC, 144A, 0.13%, due 08/04/15

 

06/29/15

 

99.9877

 

99.9870

 

24,997

 

0.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,000

 

MetLife Short Term Funding LLC, 144A, 0.17%, due 09/24/15

 

06/26/15

 

99.9467

 

99.9575

 

23,987

 

0.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,076

 

MetLife Short Term Funding LLC, 144A, 0.14%, due 07/01/15

 

05/11/15

 

100.0000

 

99.9802

 

22,076

 

0.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,000

 

MetLife Short Term Funding LLC, 144A, 0.14%, due 07/22/15

 

06/05/15

 

99.9918

 

99.9817

 

20,998

 

0.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,000

 

Metlife Short Term Funding LLC, 144A, 0.13%, due 07/07/15

 

05/28/15

 

99.9978

 

99.9856

 

17,000

 

0.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,000

 

MetLife Short Term Funding LLC, 144A, 0.13%, due 07/17/15

 

06/02/15

 

99.9942

 

99.9838

 

15,999

 

0.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,000

 

MetLife Short Term Funding LLC, 144A, 0.15%, due 07/27/15

 

05/15/15

 

99.9892

 

99.9696

 

15,998

 

0.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,000

 

Metlife Short Term Funding LLC, 144A, 0.13%, due 07/24/15

 

06/16/15

 

99.9917

 

99.9863

 

14,999

 

0.07

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,000

 

MetLife Short Term Funding LLC, 144A, 0.19%, due 09/14/15

 

06/11/15

 

99.9563

 

99.9504

 

14,993

 

0.07

%

 


 

9,000

 

MetLife Short Term Funding LLC, 144A, 0.14%, due 07/02/15

 

05/21/15

 

99.9996

 

99.9837

 

9,000

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,920

 

Penske Truck Leasing Co., LP / PTL Finance Corp, 144A, 3.75%, due 05/11/17

 

06/16/15

 

103.4613

 

103.7490

 

5,090

 

0.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

Philip Morris International, Inc., 144A, 0.10%, due 07/20/15

 

06/22/15

 

99.9947

 

99.9922

 

49,997

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

Philip Morris International, Inc., 144A, 0.12%, due 09/01/15

 

06/23/15

 

99.9643

 

99.9767

 

49,982

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

Philip Morris International, Inc., 144A, 0.21%, due 09/21/15

 

06/26/15

 

99.9467

 

99.9710

 

49,973

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,000

 

Philip Morris International, Inc., 144A, 0.12%, due 09/22/15

 

06/29/15

 

99.9459

 

99.9717

 

24,986

 

0.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,000

 

Philip Morris International, Inc., 144A, 0.12%, due 09/23/15

 

06/29/15

 

99.9450

 

99.9713

 

23,987

 

0.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

Post Holdings, Inc., 144A, 6.75%, due 12/01/21

 

03/12/14

 

100.0000

 

105.7500

 

1,000

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

Quiksilver, Inc. / QS Wholesale, Inc., 144A, 7.875%, due 08/01/18

 

07/11/13

 

85.5000

 

99.4830

 

1,710

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,945

 

Quiksilver, Inc. / QS Wholesale, Inc., 144A, 7.875%, due 08/01/18

 

04/10/14

 

85.5000

 

109.0000

 

1,663

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,745

 

Quiksilver, Inc. / QS Wholesale, Inc., 144A, 7.875%, due 08/01/18

 

04/14/14

 

85.5000

 

108.7500

 

1,492

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

980

 

Quiksilver, Inc. / QS Wholesale, Inc., 144A, 7.875%, due 08/01/18

 

04/15/14

 

85.5000

 

108.7500

 

838

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

980

 

Quiksilver, Inc. / QS Wholesale, Inc., 144A, 7.875%, due 08/01/18

 

05/27/14

 

85.5000

 

108.6250

 

838

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

980

 

Quiksilver, Inc. / QS Wholesale, Inc., 144A, 7.875%, due 08/01/18

 

05/13/14

 

85.5000

 

108.7500

 

838

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,885

 

Scientific Games International, Inc., 144A, 7.00%, due 01/01/22

 

11/14/14

 

103.2500

 

100.0000

 

7,109

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,725

 

Serta Simmons Holdings LLC, 144A, 8.125%, due 10/01/20

 

09/27/12

 

105.5000

 

99.8750

 

2,875

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,265

 

Serta Simmons Holdings LLC, 144A, 8.125%, due

 

09/26/12

 

105.5000

 

99.0000

 

2,389

 

0.01

%

 


 

 

 

10/01/20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,665

 

Sirius XM Radio Inc, 144A, 5.25%, due 08/15/22

 

03/26/15

 

104.5000

 

106.2500

 

3,830

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,775

 

Sirius XM Radio Inc, 144A, 5.25%, due 08/15/22

 

03/13/15

 

104.5000

 

106.2500

 

2,900

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,455

 

Sirius XM Radio Inc, 144A, 5.25%, due 08/15/22

 

03/04/15

 

104.5000

 

106.6250

 

2,565

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,820

 

Six Flags Entertainment Corp., 144A, 5.25%, due 01/15/21

 

12/11/12

 

102.2500

 

100.0000

 

6,973

 

0.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,150

 

Six Flags Entertainment Corp., 144A, 5.25%, due 01/15/21

 

12/11/12

 

102.2500

 

101.0000

 

3,221

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

Tribune Media Co., 144A, 5.875%, due 07/15/22

 

06/17/15

 

100.7500

 

100.0000

 

1,007

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,385

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

06/24/14

 

96.0000

 

105.2500

 

7,090

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,505

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

05/28/14

 

96.0000

 

105.4000

 

6,245

 

0.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,000

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

10/28/14

 

96.0000

 

100.5000

 

4,800

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,952

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

05/27/14

 

96.0000

 

105.5000

 

4,754

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,969

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

06/25/14

 

96.0000

 

105.2500

 

3,810

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,920

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

04/11/14

 

96.0000

 

105.6250

 

3,763

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,375

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

10/28/14

 

96.0000

 

100.5000

 

2,280

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,993

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

06/26/14

 

96.0000

 

105.2500

 

1,913

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

975

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

04/16/14

 

96.0000

 

105.5000

 

936

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

735

 

Ultra Petroleum Corp., 144A, 5.75%, due 12/15/18

 

04/23/14

 

96.0000

 

105.5000

 

706

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,796

 

Ultra Petroleum Corp., 144A, 6.125%, due 10/01/24

 

09/04/14

 

87.7500

 

100.0000

 

10,351

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,145

 

Ultra Petroleum Corp., 144A, 6.125%, due 10/01/24

 

10/27/14

 

87.7500

 

96.2500

 

2,760

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,949

 

Ultra Petroleum Corp., 144A, 6.125%, due 10/01/24

 

09/04/14

 

87.7500

 

99.7500

 

2,588

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,775

 

Ultra Petroleum Corp., 144A, 6.125%, due 10/01/24

 

10/24/14

 

87.7500

 

96.5000

 

1,557

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,830

 

Valeant Pharmaceuticals International Inc, 144A,

 

03/16/15

 

102.2500

 

101.2500

 

10,051

 

0.05

%

 


 

 

 

5.625%, due 12/01/21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,590

 

Valeant Pharmaceuticals International Inc, 144A, 5.625%, due 12/01/21

 

03/25/15

 

102.2500

 

101.1250

 

3,671

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,950

 

Valeant Pharmaceuticals International Inc, 144A, 5.625%, due 12/01/21

 

03/17/15

 

102.2500

 

101.2500

 

3,016

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,905

 

Valeant Pharmaceuticals International, 144A, 6.375%, due 10/15/20

 

03/16/15

 

105.3125

 

103.7500

 

5,166

 

0.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,900

 

Valeant Pharmaceuticals International, 144A, 6.375%, due 10/15/20

 

03/17/15

 

105.3125

 

103.6250

 

5,160

 

0.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

735

 

Valeant Pharmaceuticals International, 144A, 6.375%, due 10/15/20

 

04/14/15

 

105.3125

 

105.1250

 

774

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,960

 

Valeant Pharmaceuticals International, 144A, 6.75%, due 08/15/21

 

04/23/15

 

104.2500

 

105.0000

 

2,043

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

500

 

Valeant Pharmaceuticals International, Inc., 144A, 5.875%, due 05/15/23

 

03/13/15

 

102.5000

 

100.0000

 

513

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

250

 

Valeant Pharmaceuticals International, Inc., 144A, 6.125%, due 04/15/25

 

03/13/15

 

102.8750

 

100.0000

 

257

 

0.00

%*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,830

 

Zayo Group LLC / Zayo Capital Inc, 144A, 6.00%, due 04/01/23

 

01/20/15

 

98.7700

 

100.0000

 

9,709

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,915

 

Zayo Group LLC / Zayo Capital Inc, 144A, 6.00%, due 04/01/23

 

01/20/15

 

98.7700

 

99.7500

 

4,855

 

0.02

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,223,969

 

11.04

%

 

*  Amount rounds to less than 0.01%

** Security is perpetual and has no stated maturity date.

 

International

 

Par Value (000)

 

Security Name

 

Acquisition
Date

 

Carrying
Value

 

Original Cost

 

Value (000)

 

Percentage of
Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

50,000

 

J.P. Morgan Securities LLC, 144A, 0.27%, due 09/17/15

 

05/12/15

 

$

99.9506

 

$

99.9040

 

$

49,975

 

0.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

J.P. Morgan Securities LLC, 144A, 0.30%, due 10/15/15

 

04/16/15

 

99.9218

 

99.8483

 

49,961

 

0.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

J.P. Morgan Securities LLC, 144A, 0.36%, due 11/12/15

 

04/16/15

 

99.8894

 

99.7958

 

49,945

 

0.17

%

 


 

50,000

 

J.P. Morgan Securities LLC, 144A, 0.35%, due 11/17/15

 

05/12/15

 

99.8833

 

99.8215

 

49,942

 

0.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

J.P. Morgan Securities LLC, 144A, 0.40%, due 12/08/15

 

05/12/15

 

99.8564

 

99.7725

 

49,928

 

0.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

249,751

 

0.83

%

 

2. INVESTMENTS IN AFFILIATED ISSUERS

 

Each of the companies listed below was considered to be an affiliate of a Fund because that Fund owned 5% or more of the company’s voting securities during all or part of the period ended June 30, 2015. Purchase and sale transactions and dividend and interest income earned during the period on these securities are set forth below (in thousands):

 

Schedule of Transactions with Affiliated Issuers

Equity and Income

 

Affiliates

 

Shares / Par
Value

 

Purchases
(Cost)

 

Sales
(Proceeds)

 

Dividend
Income

 

Interest
Income

 

Value
September 30,
2014

 

Value
June 30, 2015

 

Foot Locker, Inc.

 

7,348

 

$

0

 

$

0

 

$

5,070

 

$

0

 

$

408,933

 

$

492,409

 

Foot Locker, Inc., 8.50%, due 01/15/22

 

4,340

 

0

 

0

 

0

 

277

 

5,208

 

5,165

 

TOTALS

 

 

 

$

0

 

$

0

 

$

5,070

 

$

277

 

$

414,141

 

$

497,574

 

 

Schedule of Transactions with Affiliated Issuers

International

 

Affiliates

 

Shares

 

Purchases
(Cost)

 

Sales
(Proceeds)

 

Dividend
Income

 

Value
September 30,
2014

 

Value
June 30, 2015

 

CNH Industrial N.V.

 

93,721

 

$

0

 

$

0

 

$

20,158

 

$

745,757

 

$

854,684

 

Meggitt PLC (b)

 

35,370

 

44,368

 

79,349

 

5,734

 

287,075

 

259,204

 

Meitec Corp.

 

1,934

 

0

 

10,111

 

1,128

 

67,554

 

72,041

 

Orica, Ltd.

 

37,166

 

17,126

 

0

 

28,483

 

595,967

 

610,211

 

Schindler Holding AG (b)

 

1,667

 

80,709

 

144,088

 

7,620

 

263,015

 

272,557

 

SKF AB (b) 

 

19,908

 

8,339

 

148,021

 

15,424

 

530,017

 

454,115

 

Smiths Group PLC

 

22,771

 

79,432

 

0

 

12,327

 

368,742

 

403,944

 

Willis Group Holdings PLC

 

14,917

 

0

 

14,172

 

13,724

 

630,995

 

699,613

 

TOTALS

 

 

 

$

229,974

 

$

395,741

 

$

104,598

 

$

3,489,122

 

$

3,626,369

 

 

Schedule of Transactions with Affiliated Issuers

Int’l Small Cap

 

Affiliates

 

Shares

 

Purchases
(Cost)

 

Sales
(Proceeds)

 

Dividend
Income

 

Value
September 30,
2014

 

Value
June 30, 2015

 

Atea ASA

 

7,561

 

$

5,860

 

$

0

 

$

6,163

 

$

78,305

 

$

67,502

 

gategroup Holding AG

 

1,661

 

3,113

 

5,686

 

738

 

37,905

 

52,414

 

Goodman Fielder, Ltd. (b) (c)

 

0

 

0

 

52,147

 

0

 

54,252

 

0

 

 


 

Hengdeli Holdings, Ltd. (b)

 

225,349

 

1,719

 

4,747

 

1,151

 

37,441

 

45,351

 

Konecranes OYJ (b) 

 

3,153

 

37,246

 

34,840

 

3,018

 

80,203

 

91,836

 

LSL Property Services PLC

 

10,416

 

0

 

0

 

1,283

 

55,047

 

63,827

 

Morgan Advanced Materials PLC (b) 

 

13,243

 

10,593

 

6,040

 

2,369

 

58,174

 

67,916

 

Orbotech, Ltd. (a) (b) 

 

1,692

 

3,337

 

9,319

 

0

 

29,954

 

35,186

 

Premier Farnell PLC

 

25,092

 

8,454

 

0

 

2,302

 

64,247

 

68,168

 

Saft Groupe SA

 

1,416

 

1,470

 

9,699

 

1,487

 

54,315

 

55,268

 

SThree PLC (b) 

 

6,359

 

9,467

 

0

 

1,305

 

26,038

 

37,420

 

Transpacific Industries Group, Ltd.

 

95,456

 

28,272

 

0

 

469

 

37,207

 

56,710

 

Wajax Corp.

 

953

 

11,527

 

0

 

687

 

12,941

 

16,447

 

TOTALS

 

 

 

$

121,058

 

$

122,478

 

$

20,972

 

$

626,029

 

$

658,045

 

 

(a) Non-income producing security.

(b) Due to transactions during the period ended June 30, 2015, the company is no longer an affiliate.

(c) Position in issuer liquidated during the period ended June 30, 2015.

 

3. FEDERAL INCOME TAXES

 

At June 30, 2015 the cost of investments for federal income tax purposes and related composition of unrealized gains and losses for each Fund were as follows (in thousands):

 

Fund

 

Cost of Investments
for Federal Income
Tax Purposes

 

Gross Unrealized
Appreciation

 

Gross Unrealized
(Depreciation)

 

Net Unrealized
Appreciation
(Depreciation)

 

Oakmark

 

$

13,920,784

 

$

4,495,730

 

$

(383,836

)

$

4,111,894

 

Select

 

4,923,409

 

1,633,746

 

(267,305

)

1,366,441

 

Equity and Income

 

15,867,040

 

4,715,424

 

(305,475

)

4,409,949

 

Global

 

2,981,125

 

649,831

 

(142,749

)

507,082

 

Global Select

 

1,967,897

 

230,564

 

(54,458

)

176,106

 

International

 

28,889,566

 

2,421,575

 

(1,085,968

)

1,335,607

 

Int’l Small Cap

 

3,005,253

 

370,763

 

(202,293

)

168,470

 

 

4.  SUBSEQUENT EVENTS

 

Management has evaluated the possibility of subsequent events existing in the Funds’ schedule of investments. Management has determined that there are no material events that would require disclosure in the Funds’ schedule of investments through the date of the publication of this report.

 


 

Item 2. Controls and Procedures.

 

(a) The Registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c)), the “Disclosure Controls”), within 90 days prior to the filing of this report, that the Disclosure Controls are effectively designed to ensure that information required to be disclosed by the Registrant in this report is recorded, processed, summarized and reported, including ensuring that information required to be disclosed in this report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

(b) There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(d))) that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

(a)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(1) and (a)(2).

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Harris Associates Investment Trust

 

 

By:

/s/ Kristi L. Rowsell

 

 

Kristi L. Rowsell

 

 

Principal Executive Officer

 

Date:

August 26, 2015

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

By:

/s/ Kristi L. Rowsell

 

 

Kristi L. Rowsell

 

 

Principal Executive Officer

 

Date:

August 26, 2015

 

 

 

 

 

 

 

By:

/s/ Thomas E. Herman

 

 

Thomas E. Herman

 

 

Principal Financial Officer

 

Date:

August 26, 2015

 

 

 EX-99.CERT 2 a15-14240_2ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

Exh. (a)(1)

 

I, Kristi L. Rowsell, certify that:

 

1. I have reviewed this report on Form N-Q of Harris Associates Investment Trust (the “Registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 


 

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees:

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Date: August 26, 2015

 

 

/s/ Kristi L. Rowsell

 

Kristi L. Rowsell

 

Principal Executive Officer

 

 


 

Exh. (a)(2)

 

I, Thomas E. Herman, certify that:

 

1. I have reviewed this report on Form N-Q of Harris Associates Investment Trust (the “Registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 


 

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees:

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

 

Date: August 26, 2015

 

 

/s/ Thomas E. Herman

 

Thomas E. Herman

 

Principal Financial Officer

 

 

 

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