Oakmark Fund |
|
December 31, 2019 (Unaudited) |
Schedule of Investments (in thousands) |
|
|
|
|
Shares |
|
Value |
| |
COMMON STOCKS 96.1% |
|
|
|
|
| |
|
|
|
|
|
| |
FINANCIALS 29.7% |
|
|
|
|
| |
DIVERSIFIED FINANCIALS 18.2% |
|
|
|
|
| |
Capital One Financial Corp. |
|
5,031 |
|
$ |
517,699 |
|
Ally Financial, Inc. |
|
15,923 |
|
486,610 |
| |
State Street Corp. |
|
5,857 |
|
463,297 |
| |
The Charles Schwab Corp. |
|
9,180 |
|
436,591 |
| |
Moodys Corp. |
|
1,471 |
|
349,294 |
| |
The Bank of New York Mellon Corp. |
|
6,158 |
|
309,908 |
| |
The Goldman Sachs Group, Inc. |
|
1,105 |
|
254,073 |
| |
S&P Global, Inc. |
|
842 |
|
229,794 |
| |
|
|
|
|
3,047,266 |
| |
BANKS 9.4% |
|
|
|
|
| |
Citigroup, Inc. |
|
7,591 |
|
606,453 |
| |
Bank of America Corp. |
|
17,174 |
|
604,858 |
| |
Wells Fargo & Co. |
|
6,944 |
|
373,560 |
| |
|
|
|
|
1,584,871 |
| |
INSURANCE 2.1% |
|
|
|
|
| |
American International Group, Inc. |
|
6,908 |
|
354,573 |
| |
|
|
|
|
4,986,710 |
| |
COMMUNICATION SERVICES 14.4% |
|
|
|
|
| |
MEDIA & ENTERTAINMENT 14.4% |
|
|
|
|
| |
Netflix, Inc. (a) |
|
1,586 |
|
513,182 |
| |
Charter Communications, Inc., Class A (a) |
|
941 |
|
456,315 |
| |
Alphabet, Inc., Class A (a) |
|
332 |
|
444,357 |
| |
Comcast Corp., Class A |
|
8,873 |
|
399,028 |
| |
Facebook, Inc., Class A (a) |
|
1,927 |
|
395,537 |
| |
Alphabet, Inc., Class C (a) |
|
154 |
|
205,935 |
| |
|
|
|
|
2,414,354 |
| |
CONSUMER DISCRETIONARY 13.6% |
|
|
|
|
| |
AUTOMOBILES & COMPONENTS 5.7% |
|
|
|
|
| |
Fiat Chrysler Automobiles N.V. |
|
24,924 |
|
366,131 |
| |
General Motors Co. |
|
9,229 |
|
337,770 |
| |
Aptiv PLC |
|
2,149 |
|
204,043 |
| |
Delphi Technologies PLC (a) |
|
3,646 |
|
46,777 |
| |
|
|
|
|
954,721 |
| |
RETAILING 4.3% |
|
|
|
|
| |
Booking Holdings, Inc. (a) |
|
191 |
|
391,235 |
| |
eBay, Inc. |
|
6,348 |
|
229,219 |
| |
Qurate Retail, Inc., Class A (a) |
|
12,406 |
|
104,584 |
| |
|
|
|
|
725,038 |
| |
CONSUMER SERVICES 3.6% |
|
|
|
|
| |
MGM Resorts International |
|
9,180 |
|
305,412 |
| |
Hilton Worldwide Holdings, Inc. |
|
2,714 |
|
301,010 |
| |
|
|
|
|
606,422 |
| |
|
|
|
|
2,286,181 |
| |
INFORMATION TECHNOLOGY 13.3% |
|
|
|
|
| |
SOFTWARE & SERVICES 6.3% |
|
|
|
|
| |
Gartner, Inc. (a) |
|
1,758 |
|
270,892 |
| |
DXC Technology Co. |
|
6,900 |
|
259,371 |
| |
Automatic Data Processing, Inc. |
|
1,065 |
|
181,497 |
| |
Visa, Inc., Class A |
|
929 |
|
174,616 |
| |
MasterCard, Inc., Class A |
|
572 |
|
170,853 |
| |
|
|
|
|
1,057,229 |
| |
TECHNOLOGY HARDWARE & EQUIPMENT 4.1% |
|
|
|
|
| |
TE Connectivity, Ltd. |
|
4,301 |
|
412,174 |
| |
Apple, Inc. |
|
938 |
|
275,561 |
| |
|
|
|
|
687,735 |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 2.9% |
|
|
|
|
| |
Intel Corp. |
|
5,053 |
|
302,434 |
| |
Texas Instruments, Inc. |
|
1,504 |
|
192,948 |
| |
|
|
|
|
495,382 |
| |
|
|
|
|
2,240,346 |
| |
INDUSTRIALS 10.2% |
|
|
|
|
| |
CAPITAL GOODS 7.8% |
|
|
|
|
| |
Parker-Hannifin Corp. |
|
1,900 |
|
391,008 |
| |
General Electric Co. |
|
32,589 |
|
363,690 |
| |
Cummins, Inc. |
|
1,680 |
|
300,617 |
| |
Caterpillar, Inc. |
|
1,709 |
|
252,400 |
| |
|
|
|
|
1,307,715 |
| |
TRANSPORTATION 2.4% |
|
|
|
|
| |
American Airlines Group, Inc. |
|
8,080 |
|
231,737 |
| |
FedEx Corp. |
|
1,104 |
|
166,876 |
| |
|
|
|
|
398,613 |
| |
|
|
|
|
1,706,328 |
| |
HEALTH CARE 7.6% |
|
|
|
|
| |
HEALTH CARE EQUIPMENT & SERVICES 4.7% |
|
|
|
|
| |
CVS Health Corp. |
|
4,356 |
|
323,605 |
| |
Humana, Inc. |
|
684 |
|
250,590 |
| |
HCA Healthcare, Inc. |
|
1,459 |
|
215,698 |
| |
|
|
|
|
789,893 |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 2.9% |
|
|
|
|
| |
Regeneron Pharmaceuticals, Inc. (a) |
|
1,301 |
|
488,348 |
| |
|
|
|
|
1,278,241 |
| |
ENERGY 5.5% |
|
|
|
|
| |
Apache Corp. |
|
11,391 |
|
291,485 |
| |
Concho Resources, Inc. |
|
2,616 |
|
229,118 |
| |
EOG Resources, Inc. |
|
2,553 |
|
213,856 |
| |
Diamondback Energy, Inc. |
|
2,008 |
|
186,454 |
| |
|
|
|
|
920,913 |
| |
CONSUMER STAPLES 1.8% |
|
|
|
|
| |
FOOD, BEVERAGE & TOBACCO 1.8% |
|
|
|
|
| |
Constellation Brands, Inc., Class A |
|
1,611 |
|
305,763 |
| |
TOTAL COMMON STOCKS 96.1% |
|
|
|
16,138,836 |
| |
|
|
Par Value |
|
Value |
| ||
SHORT-TERM INVESTMENT 3.9% |
|
|
|
|
| ||
|
|
|
|
|
| ||
REPURCHASE AGREEMENT 3.9% |
|
|
|
|
| ||
Fixed Income Clearing Corp. Repurchase Agreement, 1.55% dated 12/31/19 due 01/02/20, repurchase price $647,928, collateralized by United States Treasury Notes, 1.875% - 2.875% due 11/15/21 - 12/15/21, aggregate value plus accrued interest of $660,830 (Cost: $647,872) |
|
$ |
647,872 |
|
$ |
647,872 |
|
TOTAL SHORT-TERM INVESTMENTS 3.9% |
|
|
|
647,872 |
| ||
TOTAL INVESTMENTS 100.0% |
|
|
|
16,786,708 |
| ||
Foreign Currencies (Cost $0) 0.0% (b) |
|
|
|
0 |
(c) | ||
Liabilities In Excess of Other Assets 0.0% (b) |
|
|
|
(880 |
) | ||
TOTAL NET ASSETS 100.0% |
|
|
|
$ |
16,785,828 |
| |
(a) Non-income producing security
(b) Amount rounds to less than 0.1%.
(c) Amount rounds to less than $1,000.
Oakmark Select Fund |
|
December 31, 2019 (Unaudited) |
Schedule of Investments (in thousands) |
|
|
|
|
Shares |
|
Value |
| ||
COMMON STOCKS 95.3% |
|
|
|
|
| ||
|
|
|
|
|
| ||
FINANCIALS 28.0% |
|
|
|
|
| ||
BANKS 12.7% |
|
|
|
|
| ||
Citigroup, Inc. |
|
4,412 |
|
$ |
352,475 |
| |
Bank of America Corp. |
|
7,501 |
|
264,171 |
| ||
|
|
|
|
616,646 |
| ||
DIVERSIFIED FINANCIALS 11.2% |
|
|
|
|
| ||
Ally Financial, Inc. |
|
10,280 |
|
314,157 |
| ||
Capital One Financial Corp. |
|
2,235 |
|
229,993 |
| ||
|
|
|
|
544,150 |
| ||
INSURANCE 4.1% |
|
|
|
|
| ||
American International Group, Inc. |
|
3,885 |
|
199,427 |
| ||
|
|
|
|
1,360,223 |
| ||
COMMUNICATION SERVICES 18.7% |
|
|
|
|
| ||
MEDIA & ENTERTAINMENT 18.7% |
|
|
|
|
| ||
Alphabet, Inc., Class A (a) |
|
257 |
|
344,269 |
| ||
Charter Communications, Inc., Class A (a) |
|
494 |
|
239,629 |
| ||
Netflix, Inc. (a) |
|
576 |
|
186,441 |
| ||
Alphabet, Inc., Class C (a) |
|
102 |
|
136,209 |
| ||
|
|
|
|
906,548 |
| ||
CONSUMER DISCRETIONARY 15.8% |
|
|
|
|
| ||
AUTOMOBILES & COMPONENTS 8.1% |
|
|
|
|
| ||
Fiat Chrysler Automobiles N.V. |
|
15,434 |
|
226,727 |
| ||
Lear Corp. |
|
1,200 |
|
164,640 |
| ||
|
|
|
|
391,367 |
| ||
CONSUMER SERVICES 6.2% |
|
|
|
|
| ||
MGM Resorts International |
|
5,147 |
|
171,240 |
| ||
Hilton Worldwide Holdings, Inc. |
|
1,166 |
|
129,374 |
| ||
|
|
|
|
300,614 |
| ||
RETAILING 1.5% |
|
|
|
|
| ||
Qurate Retail, Inc., Class A (a) |
|
8,717 |
|
73,484 |
| ||
|
|
|
|
765,465 |
| ||
REAL ESTATE 9.0% |
|
|
|
|
| ||
CBRE Group, Inc., Class A (a) |
|
7,118 |
|
436,232 |
| ||
|
|
|
|
|
| ||
INDUSTRIALS 7.4% |
|
|
|
|
| ||
CAPITAL GOODS 4.3% |
|
|
|
|
| ||
General Electric Co. |
|
18,640 |
|
208,022 |
| ||
TRANSPORTATION 3.1% |
|
|
|
|
| ||
American Airlines Group, Inc. |
|
5,239 |
|
150,263 |
| ||
|
|
|
|
358,285 |
| ||
ENERGY 6.3% |
|
|
|
|
| ||
Apache Corp. |
|
6,100 |
|
156,099 |
| ||
Concho Resources, Inc. |
|
1,710 |
|
149,745 |
| ||
|
|
|
|
305,844 |
| ||
INFORMATION TECHNOLOGY 5.3% |
|
|
|
|
| ||
TECHNOLOGY HARDWARE & EQUIPMENT 4.3% |
|
|
|
|
| ||
TE Connectivity, Ltd. |
|
2,188 |
|
209,692 |
| ||
SOFTWARE & SERVICES 1.0% |
|
|
|
|
| ||
MasterCard, Inc., Class A |
|
155 |
|
46,281 |
| ||
|
|
|
|
255,973 |
| ||
HEALTH CARE 4.8% |
|
|
|
|
| ||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 4.8% |
|
|
|
|
| ||
Regeneron Pharmaceuticals, Inc. (a) |
|
620 |
|
232,798 |
| ||
TOTAL COMMON STOCKS 95.3% |
|
|
|
4,621,368 |
| ||
|
|
|
|
|
| ||
|
|
Par Value |
|
|
| ||
SHORT-TERM INVESTMENTS 4.7% |
|
|
|
|
| ||
|
|
|
|
|
| ||
REPURCHASE AGREEMENT 4.7% |
|
|
|
|
| ||
Fixed Income Clearing Corp. Repurchase Agreement, 1.55% dated 12/31/19 due 01/02/20, repurchase price $230,210, collateralized by a United States Treasury Note, 1.625% due 12/31/21, value plus accrued interest of $234,798 (Cost: $230,191) |
|
$ |
230,191 |
|
230,191 |
| |
TOTAL SHORT-TERM INVESTMENTS 4.7% |
|
|
|
230,191 |
| ||
TOTAL INVESTMENTS 100.0% |
|
|
|
4,851,559 |
| ||
Liabilities In Excess of Other Assets 0.0% (b) |
|
|
|
(850 |
) | ||
TOTAL NET ASSETS 100.0%
|
|
|
|
$ |
4,850,709 |
| |
|
|
|
|
|
|
| |
(a) |
Non-income producing security |
(b) |
Amount rounds to less than 0.1%. |
Oakmark Equity and Income Fund |
|
December 31, 2019 (Unaudited) |
Schedule of Investments (in thousands) |
|
|
|
|
Shares |
|
Value |
| |
COMMON STOCKS 63.4% |
|
|
|
|
| |
FINANCIALS 11.8% |
|
|
|
|
| |
BANKS 8.2% |
|
|
|
|
| |
Bank of America Corp. |
|
17,561 |
|
$ |
618,495 |
|
Citigroup, Inc. |
|
4,153 |
|
331,775 |
| |
|
|
|
|
950,270 |
| |
DIVERSIFIED FINANCIALS 2.7% |
|
|
|
|
| |
Ally Financial, Inc. |
|
7,050 |
|
215,451 |
| |
State Street Corp. |
|
1,239 |
|
97,997 |
| |
|
|
|
|
313,448 |
| |
INSURANCE 0.9% |
|
|
|
|
| |
American International Group, Inc. |
|
2,077 |
|
106,595 |
| |
|
|
|
|
1,370,313 |
| |
CONSUMER DISCRETIONARY 11.6% |
|
|
|
|
| |
AUTOMOBILES & COMPONENTS 8.4% |
|
|
|
|
| |
General Motors Co. |
|
14,856 |
|
543,726 |
| |
BorgWarner, Inc. |
|
5,386 |
|
233,627 |
| |
Lear Corp. |
|
1,433 |
|
196,544 |
| |
|
|
|
|
973,897 |
| |
RETAILING 1.9% |
|
|
|
|
| |
Foot Locker, Inc. |
|
3,520 |
|
137,229 |
| |
Booking Holdings, Inc. (a) |
|
41 |
|
83,258 |
| |
|
|
|
|
220,487 |
| |
CONSUMER SERVICES 0.7% |
|
|
|
|
| |
MGM Resorts International |
|
2,351 |
|
78,225 |
| |
|
|
|
|
|
| |
CONSUMER DURABLES & APPAREL 0.6% |
|
|
|
|
| |
Carters, Inc. |
|
664 |
|
72,635 |
| |
|
|
|
|
1,345,244 |
| |
INFORMATION TECHNOLOGY 9.1% |
|
|
|
|
| |
SOFTWARE & SERVICES 4.8% |
|
|
|
|
| |
MasterCard, Inc., Class A |
|
1,290 |
|
385,092 |
| |
Oracle Corp. |
|
2,026 |
|
107,327 |
| |
CoreLogic, Inc. (a) |
|
1,293 |
|
56,517 |
| |
|
|
|
|
548,936 |
| |
TECHNOLOGY HARDWARE & EQUIPMENT 4.3% |
|
|
|
|
| |
TE Connectivity, Ltd. |
|
5,241 |
|
502,326 |
| |
|
|
|
|
1,051,262 |
| |
HEALTH CARE 7.7% |
|
|
|
|
| |
HEALTH CARE EQUIPMENT & SERVICES 6.2% |
|
|
|
|
| |
CVS Health Corp. |
|
4,585 |
|
340,646 |
| |
UnitedHealth Group, Inc. |
|
736 |
|
216,234 |
| |
HCA Healthcare, Inc. |
|
736 |
|
108,758 |
| |
LivaNova PLC (a) |
|
757 |
|
57,137 |
| |
|
|
|
|
722,775 |
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 1.5% |
|
|
|
|
| |
Agilent Technologies, Inc. |
|
998 |
|
85,114 |
| |
Regeneron Pharmaceuticals, Inc. (a) |
|
219 |
|
82,230 |
| |
|
|
|
|
167,344 |
| |
|
|
|
|
890,119 |
| |
CONSUMER STAPLES 7.3% |
|
|
|
|
| |
FOOD, BEVERAGE & TOBACCO 7.3% |
|
|
|
|
| |
Nestlé SA (b) |
|
3,187 |
|
345,035 |
| |
Philip Morris International, Inc. |
|
3,642 |
|
309,923 |
| |
Diageo PLC (b) |
|
960 |
|
161,683 |
| |
Constellation Brands, Inc., Class A |
|
174 |
|
32,941 |
| |
|
|
|
|
849,582 |
| |
COMMUNICATION SERVICES 6.4% |
|
|
|
|
| |
MEDIA & ENTERTAINMENT 6.4% |
|
|
|
|
| |
Alphabet, Inc., Class C (a) |
|
275 |
|
367,012 |
| |
Charter Communications, Inc., Class A (a) |
|
577 |
|
279,746 |
| |
Comcast Corp., Class A |
|
2,120 |
|
95,336 |
| |
|
|
|
|
742,094 |
| |
INDUSTRIALS 4.6% |
|
|
|
|
| |
CAPITAL GOODS 3.7% |
|
|
|
|
| |
Arconic, Inc. |
|
5,364 |
|
165,057 |
| |
Carlisle Cos., Inc. |
|
718 |
|
116,233 |
| |
Johnson Controls International plc |
|
2,519 |
|
102,529 |
| |
WESCO International, Inc. (a) |
|
890 |
|
52,835 |
| |
|
|
|
|
436,654 |
| |
TRANSPORTATION 0.9% |
|
|
|
|
| |
American Airlines Group, Inc. |
|
2,147 |
|
61,573 |
| |
Southwest Airlines Co. |
|
755 |
|
40,749 |
| |
|
|
|
|
102,322 |
| |
|
|
|
|
538,976 |
| |
ENERGY 2.5% |
|
|
|
|
| |
Apergy Corp. (a) |
|
2,398 |
|
80,999 |
| |
Diamondback Energy, Inc. |
|
774 |
|
71,846 |
| |
EOG Resources, Inc. |
|
678 |
|
56,806 |
| |
National Oilwell Varco, Inc. |
|
2,012 |
|
50,400 |
| |
PDC Energy, Inc. (a) |
|
1,082 |
|
28,319 |
| |
|
|
|
|
288,370 |
| |
REAL ESTATE 1.5% |
|
|
|
|
| |
The Howard Hughes Corp. (a) |
|
735 |
|
93,217 |
| |
Gaming and Leisure Properties, Inc. REIT |
|
1,833 |
|
78,893 |
| |
|
|
|
|
172,110 |
| |
MATERIALS 0.9% |
|
|
|
|
| |
Glencore PLC |
|
35,440 |
|
110,483 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS 63.4% |
|
|
|
7,358,553 |
| |
|
|
|
|
|
| |
PREFERRED STOCKS 0.1% |
|
|
|
|
| |
FINANCIALS 0.1% |
|
|
|
|
| |
GMAC Capital Trust I (c), 7.69% (3 mo. USD LIBOR + 5.785%), |
|
498 |
|
12,960 |
| |
|
|
|
|
|
| |
TOTAL PREFERRED STOCKS 0.1% |
|
|
|
12,960 |
| |
|
|
Par Value |
|
Value |
| |
FIXED INCOME 29.3% |
|
|
|
|
| |
|
|
|
|
|
| |
CORPORATE BONDS 18.0% |
|
|
|
|
| |
CONSUMER DISCRETIONARY 4.3% |
|
|
|
|
| |
Adient US LLC, 144A |
|
|
|
|
| |
7.00%, due 05/15/26 (d) |
|
$ |
15,965 |
|
17,402 |
|
Amazon.com, Inc. |
|
|
|
|
| |
3.15%, due 08/22/27 |
|
9,950 |
|
10,545 |
| |
Booking Holdings, Inc. |
|
|
|
|
| |
3.60%, due 06/01/26 |
|
14,730 |
|
15,725 |
| |
3.55%, due 03/15/28 |
|
9,950 |
|
10,603 |
| |
2.75%, due 03/15/23 |
|
6,965 |
|
7,117 |
| |
BorgWarner, Inc. |
|
|
|
|
| |
4.625%, due 09/15/20 |
|
10,810 |
|
10,981 |
| |
Boyd Gaming Corp. |
|
|
|
|
| |
6.00%, due 08/15/26 |
|
4,975 |
|
5,336 |
| |
Caesars Resort Collection LLC / CRC Finco, Inc., 144A |
|
|
|
|
| |
5.25%, due 10/15/25 (d) |
|
25,870 |
|
26,775 |
| |
CCO Holdings LLC / CCO Holdings Capital Corp., 144A |
|
|
|
|
| |
4.75%, due 03/01/30 (d) |
|
2,980 |
|
3,034 |
| |
5.125%, due 05/01/27 (d) |
|
250 |
|
264 |
| |
Charter Communications Operating LLC / Charter Communications Operating Capital |
|
|
|
|
| |
3.579%, due 07/23/20 |
|
29,148 |
|
29,334 |
| |
4.20%, due 03/15/28 |
|
9,950 |
|
10,607 |
| |
4.50%, due 02/01/24 |
|
2,985 |
|
3,213 |
| |
Choice Hotels International, Inc. |
|
|
|
|
| |
3.70%, due 12/01/29 |
|
9,935 |
|
10,007 |
| |
Delphi Technologies PLC, 144A |
|
|
|
|
| |
5.00%, due 10/01/25 (d) |
|
20,826 |
|
19,264 |
| |
Dollar Tree, Inc. |
|
|
|
|
| |
2.702% (3 mo. USD LIBOR + 0.700%), due 04/17/20 (c) |
|
6,965 |
|
6,966 |
| |
Expedia Group, Inc. |
|
|
|
|
| |
5.00%, due 02/15/26 |
|
28,360 |
|
31,288 |
| |
Expedia Group, Inc., 144A |
|
|
|
|
| |
3.25%, due 02/15/30 (d) |
|
10,830 |
|
10,423 |
| |
Foot Locker, Inc. |
|
|
|
|
| |
8.50%, due 01/15/22 |
|
4,340 |
|
4,807 |
| |
General Motors Co. |
|
|
|
|
| |
4.875%, due 10/02/23 |
|
41,400 |
|
44,433 |
| |
Hasbro, Inc. |
|
|
|
|
| |
3.55%, due 11/19/26 |
|
4,970 |
|
5,005 |
| |
International Game Technology PLC, 144A |
|
|
|
|
| |
6.50%, due 02/15/25 (d) |
|
19,600 |
|
22,001 |
| |
6.25%, due 02/15/22 (d) |
|
14,800 |
|
15,614 |
| |
6.25%, due 01/15/27 (d) |
|
200 |
|
225 |
| |
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A |
|
|
|
|
| |
5.25%, due 06/01/26 (d) |
|
1,000 |
|
1,055 |
| |
5.00%, due 06/01/24 (d) |
|
1,000 |
|
1,036 |
| |
Lear Corp. |
|
|
|
|
| |
5.25%, due 01/15/25 |
|
11,060 |
|
11,370 |
| |
4.25%, due 05/15/29 |
|
7,955 |
|
8,223 |
| |
Lithia Motors, Inc., 144A |
|
|
|
|
| |
4.625%, due 12/15/27 (d) |
|
2,980 |
|
3,063 |
| |
5.25%, due 08/01/25 (d) |
|
1,990 |
|
2,082 |
| |
Marriott International, Inc. |
|
|
|
|
| |
4.00%, due 04/15/28 |
|
9,761 |
|
10,549 |
| |
3.60%, due 04/15/24 |
|
6,960 |
|
7,331 |
| |
Penn National Gaming, Inc., 144A |
|
|
|
|
| |
5.625%, due 01/15/27 (d) |
|
9,950 |
|
10,515 |
| |
Penske Automotive Group, Inc. |
|
|
|
|
| |
5.50%, due 05/15/26 |
|
11,343 |
|
11,882 |
| |
5.375%, due 12/01/24 |
|
3,580 |
|
3,683 |
| |
Sands China, Ltd. |
|
|
|
|
| |
5.40%, due 08/08/28 |
|
5,000 |
|
5,641 |
| |
5.125%, due 08/08/25 |
|
3,000 |
|
3,292 |
| |
4.60%, due 08/08/23 |
|
2,000 |
|
2,111 |
| |
Scientific Games International, Inc., 144A |
|
|
|
|
| |
5.00%, due 10/15/25 (d) |
|
19,910 |
|
20,831 |
| |
Starbucks Corp. |
|
|
|
|
| |
3.80%, due 08/15/25 |
|
9,950 |
|
10,722 |
| |
4.00%, due 11/15/28 |
|
2,985 |
|
3,328 |
| |
Station Casinos LLC, 144A |
|
|
|
|
| |
5.00%, due 10/01/25 (d) |
|
1,990 |
|
2,025 |
| |
Tapestry, Inc. |
|
|
|
|
| |
3.00%, due 07/15/22 |
|
12,145 |
|
12,301 |
| |
4.125%, due 07/15/27 |
|
4,975 |
|
5,085 |
| |
Tempur Sealy International, Inc. |
|
|
|
|
| |
5.50%, due 06/15/26 |
|
3,125 |
|
3,293 |
| |
The Gap, Inc. |
|
|
|
|
| |
5.95%, due 04/12/21 |
|
1,965 |
|
2,039 |
| |
The William Carter Co., 144A |
|
|
|
|
| |
5.625%, due 03/15/27 (d) |
|
1,750 |
|
1,881 |
| |
Under Armour, Inc. |
|
|
|
|
| |
3.25%, due 06/15/26 |
|
12,565 |
|
12,227 |
| |
Wolverine World Wide, Inc., 144A |
|
|
|
|
| |
5.00%, due 09/01/26 (d) |
|
12,140 |
|
12,322 |
| |
Yum! Brands, Inc. |
|
|
|
|
| |
3.875%, due 11/01/23 |
|
6,329 |
|
6,519 |
| |
|
|
|
|
495,375 |
| |
FINANCIALS 4.2% |
|
|
|
|
| |
Ally Financial, Inc. |
|
|
|
|
| |
3.875%, due 05/21/24 |
|
7,950 |
|
8,328 |
| |
American Express Credit Corp. |
|
|
|
|
| |
2.60%, due 09/14/20 |
|
2,945 |
|
2,956 |
| |
American International Group, Inc. |
|
|
|
|
| |
3.30%, due 03/01/21 |
|
14,665 |
|
14,878 |
| |
Aon Corp. |
|
|
|
|
| |
5.00%, due 09/30/20 |
|
14,745 |
|
15,061 |
| |
Bank of America Corp. |
|
|
|
|
| |
4.45%, due 03/03/26 |
|
5,000 |
|
5,492 |
| |
BNP Paribas SA, 144A |
|
|
|
|
| |
7.625% (USD 5 Year Swap rate + 6.314%) (c) (d) (e) |
|
5,000 |
|
5,275 |
| |
Citigroup, Inc. |
|
|
|
|
| |
|
|
Par Value |
|
Value |
| ||
FIXED INCOME 29.3% (cont.) |
|
|
|
|
| ||
|
|
|
|
|
| ||
CORPORATE BONDS 18.0% (cont.) |
|
|
|
|
| ||
FINANCIALS 4.2% (cont.) |
|
|
|
|
| ||
3.352%(3 mo. USD LIBOR + 0.897%), due 04/24/25 (c) |
|
$ |
22,860 |
|
$ |
23,793 |
|
3.40%, due 05/01/26 |
|
15,000 |
|
15,760 |
| ||
4.05%, due 07/30/22 |
|
13,338 |
|
13,940 |
| ||
CNO Financial Group, Inc. |
|
|
|
|
| ||
5.25%, due 05/30/25 |
|
5,895 |
|
6,529 |
| ||
Credit Suisse Group AG, 144A |
|
|
|
|
| ||
7.50%(USD 5 Year Swap rate + 4.598%) (c) (d) (e) |
|
30,000 |
|
33,713 |
| ||
6.25%(USD 5 Year Swap rate + 3.455%) (c) (d) (e) |
|
7,000 |
|
7,614 |
| ||
Credit Suisse Group Funding Guernsey, Ltd. |
|
|
|
|
| ||
3.125%, due 12/10/20 |
|
25,000 |
|
25,223 |
| ||
3.80%, due 06/09/23 |
|
14,750 |
|
15,444 |
| ||
E*TRADE Financial Corp. |
|
|
|
|
| ||
2.95%, due 08/24/22 |
|
11,965 |
|
12,190 |
| ||
3.80%, due 08/24/27 |
|
4,975 |
|
5,173 |
| ||
JPMorgan Chase & Co. |
|
|
|
|
| ||
2.972%, due 01/15/23 |
|
29,765 |
|
30,328 |
| ||
3.514%(3 mo. USD LIBOR + 0.610%), due 06/18/22 (c) |
|
24,870 |
|
25,409 |
| ||
3.166%(3 mo. USD LIBOR + 1.230%), due 10/24/23 (c) |
|
19,910 |
|
20,249 |
| ||
Moodys Corp. |
|
|
|
|
| ||
4.50%, due 09/01/22 |
|
13,040 |
|
13,789 |
| ||
2.625%, due 01/15/23 |
|
12,201 |
|
12,386 |
| ||
MSCI, Inc., 144A |
|
|
|
|
| ||
5.25%, due 11/15/24 (d) |
|
9,311 |
|
9,566 |
| ||
5.375%, due 05/15/27 (d) |
|
6,965 |
|
7,505 |
| ||
4.75%, due 08/01/26 (d) |
|
5,925 |
|
6,206 |
| ||
5.75%, due 08/15/25 (d) |
|
2,950 |
|
3,094 |
| ||
Principal Life Global Funding II, 144A |
|
|
|
|
| ||
2.15%, due 01/10/20 (d) |
|
19,910 |
|
19,909 |
| ||
2.375%, due 11/21/21 (d) |
|
6,970 |
|
7,010 |
| ||
Reinsurance Group of America, Inc. |
|
|
|
|
| ||
3.95%, due 09/15/26 |
|
4,905 |
|
5,205 |
| ||
S&P Global, Inc. |
|
|
|
|
| ||
4.00%, due 06/15/25 |
|
17,150 |
|
18,656 |
| ||
2.95%, due 01/22/27 |
|
9,810 |
|
10,134 |
| ||
4.40%, due 02/15/26 |
|
1,970 |
|
2,185 |
| ||
The Charles Schwab Corp. |
|
|
|
|
| ||
3.25%, due 05/21/21 |
|
19,895 |
|
20,283 |
| ||
The Goldman Sachs Group, Inc. |
|
|
|
|
| ||
2.35%, due 11/15/21 |
|
14,616 |
|
14,674 |
| ||
3.20%, due 02/23/23 |
|
7,000 |
|
7,197 |
| ||
3.686%(3 mo. USD LIBOR + 1.750%), due 10/28/27 (c) |
|
2,975 |
|
3,103 |
| ||
2.625%, due 04/25/21 |
|
2,000 |
|
2,018 |
| ||
2.875%, due 02/25/21 |
|
1,000 |
|
1,010 |
| ||
Wells Fargo & Co. |
|
|
|
|
| ||
3.069%, due 01/24/23 |
|
14,930 |
|
15,238 |
| ||
3.157%(3 mo. USD LIBOR + 1.230%), due 10/31/23 (c) |
|
8,603 |
|
8,756 |
| ||
Wells Fargo Bank NA |
|
|
|
|
| ||
3.625%, due 10/22/21 |
|
10,000 |
|
10,292 |
| ||
|
|
|
|
485,571 |
| ||
INDUSTRIALS 1.9% |
|
|
|
|
| ||
Bacardi, Ltd., 144A |
|
|
|
|
| ||
4.45%, due 05/15/25 (d) |
|
14,900 |
|
16,069 |
| ||
BAT Capital Corp. |
|
|
|
|
| ||
3.557%, due 08/15/27 |
|
6,965 |
|
7,111 |
| ||
Delta Air Lines, Inc. |
|
|
|
|
| ||
3.40%, due 04/19/21 |
|
11,590 |
|
11,750 |
| ||
3.80%, due 04/19/23 |
|
9,425 |
|
9,780 |
| ||
Fortune Brands Home & Security, Inc. |
|
|
|
|
| ||
4.00%, due 06/15/25 |
|
13,430 |
|
14,394 |
| ||
4.00%, due 09/21/23 |
|
9,945 |
|
10,510 |
| ||
Hilton Domestic Operating Co., Inc. |
|
|
|
|
| ||
5.125%, due 05/01/26 |
|
16,915 |
|
17,803 |
| ||
Southwest Airlines Co. |
|
|
|
|
| ||
2.65%, due 11/05/20 |
|
12,148 |
|
12,213 |
| ||
Stanley Black & Decker, Inc. |
|
|
|
|
| ||
4.25%, due 11/15/28 |
|
6,965 |
|
7,858 |
| ||
The Boeing Co. |
|
|
|
|
| ||
2.70%, due 02/01/27 |
|
49,685 |
|
50,376 |
| ||
Uber Technologies, Inc., 144A |
|
|
|
|
| ||
8.00%, due 11/01/26 (d) |
|
21,430 |
|
22,341 |
| ||
7.50%, due 09/15/27 (d) |
|
4,470 |
|
4,586 |
| ||
United Technologies Corp. |
|
|
|
|
| ||
3.65%, due 08/16/23 |
|
4,975 |
|
5,246 |
| ||
3.95%, due 08/16/25 |
|
1,990 |
|
2,170 |
| ||
3.35%, due 08/16/21 |
|
1,990 |
|
2,038 |
| ||
Welbilt, Inc. |
|
|
|
|
| ||
9.50%, due 02/15/24 |
|
4,915 |
|
5,210 |
| ||
WESCO Distribution, Inc. |
|
|
|
|
| ||
5.375%, due 06/15/24 |
|
13,675 |
|
14,188 |
| ||
5.375%, due 12/15/21 |
|
5,305 |
|
5,318 |
| ||
Westinghouse Air Brake Technologies Corp. |
|
|
|
|
| ||
3.194% (3 mo. USD LIBOR + 1.300%), due 09/15/21 (c) |
|
4,975 |
|
4,976 |
| ||
|
|
|
|
223,937 |
| ||
HEALTH CARE 1.8% |
|
|
|
|
| ||
AbbVie, Inc. |
|
|
|
|
| ||
3.75%, due 11/14/23 |
|
6,965 |
|
7,332 |
| ||
AbbVie, Inc., 144A |
|
|
|
|
| ||
2.95%, due 11/21/26 (d) |
|
6,955 |
|
7,081 |
| ||
2.60%, due 11/21/24 (d) |
|
2,980 |
|
3,004 |
| ||
Becton Dickinson and Co. |
|
|
|
|
| ||
3.30%, due 03/01/23 |
|
11,204 |
|
11,444 |
| ||
2.836%(3 mo. USD LIBOR + 0.875%), due 12/29/20 (c) |
|
7,463 |
|
7,467 |
| ||
3.363%, due 06/06/24 |
|
2,985 |
|
3,109 |
| ||
2.894%, due 06/06/22 |
|
2,985 |
|
3,035 |
| ||
Centene Corp. |
|
|
|
|
| ||
4.75%, due 05/15/22 |
|
20,084 |
|
20,486 |
| ||
Centene Corp., 144A |
|
|
|
|
| ||
4.25%, due 12/15/27 (d) |
|
2,980 |
|
3,066 |
| ||
|
|
Par Value |
|
Value |
| ||
FIXED INCOME 29.3% (cont.) |
|
|
|
|
| ||
|
|
|
|
|
| ||
CORPORATE BONDS 18.0% (cont.) |
|
|
|
|
| ||
HEALTH CARE 1.8% (cont.) |
|
|
|
|
| ||
4.75%, due 01/15/25 (d) |
|
$ |
994 |
|
$ |
1,032 |
|
Cigna Corp., 144A |
|
|
|
|
| ||
3.30%, due 02/25/21 (d) |
|
4,915 |
|
4,978 |
| ||
CVS Health Corp. |
|
|
|
|
| ||
5.00%, due 12/01/24 |
|
6,880 |
|
7,603 |
| ||
Edwards Lifesciences Corp. |
|
|
|
|
| ||
4.30%, due 06/15/28 |
|
6,965 |
|
7,745 |
| ||
HCA, Inc. |
|
|
|
|
| ||
5.00%, due 03/15/24 |
|
7,465 |
|
8,160 |
| ||
5.625%, due 09/01/28 |
|
2,985 |
|
3,402 |
| ||
5.375%, due 09/01/26 |
|
500 |
|
557 |
| ||
IQVIA, Inc., 144A |
|
|
|
|
| ||
5.00%, due 10/15/26 (d) |
|
7,800 |
|
8,229 |
| ||
Johnson & Johnson |
|
|
|
|
| ||
2.90%, due 01/15/28 |
|
9,955 |
|
10,393 |
| ||
McKesson Corp. |
|
|
|
|
| ||
3.65%, due 11/30/20 |
|
19,890 |
|
20,168 |
| ||
3.95%, due 02/16/28 |
|
2,985 |
|
3,185 |
| ||
Quest Diagnostics, Inc. |
|
|
|
|
| ||
4.70%, due 04/01/21 |
|
5,128 |
|
5,298 |
| ||
Universal Health Services, Inc., 144A |
|
|
|
|
| ||
4.75%, due 08/01/22 (d) |
|
32,695 |
|
33,022 |
| ||
5.00%, due 06/01/26 (d) |
|
12,805 |
|
13,429 |
| ||
Zimmer Biomet Holdings, Inc. |
|
|
|
|
| ||
2.653%(3 mo. USD LIBOR + 0.750%), due 03/19/21 (c) |
|
4,975 |
|
4,975 |
| ||
3.15%, due 04/01/22 |
|
3,810 |
|
3,890 |
| ||
3.70%, due 03/19/23 |
|
2,985 |
|
3,111 |
| ||
|
|
|
|
205,201 |
| ||
COMMUNICATION SERVICES 1.7% |
|
|
|
|
| ||
Comcast Corp. |
|
|
|
|
| ||
3.45%, due 10/01/21 |
|
9,950 |
|
10,242 |
| ||
3.95%, due 10/15/25 |
|
4,975 |
|
5,430 |
| ||
Discovery Communications LLC |
|
|
|
|
| ||
2.80%, due 06/15/20 |
|
3,930 |
|
3,940 |
| ||
Electronic Arts, Inc. |
|
|
|
|
| ||
4.80%, due 03/01/26 |
|
19,655 |
|
22,091 |
| ||
3.70%, due 03/01/21 |
|
14,740 |
|
15,016 |
| ||
Live Nation Entertainment, Inc., 144A |
|
|
|
|
| ||
4.875%, due 11/01/24 (d) |
|
14,935 |
|
15,458 |
| ||
5.625%, due 03/15/26 (d) |
|
4,975 |
|
5,298 |
| ||
4.75%, due 10/15/27 (d) |
|
2,980 |
|
3,084 |
| ||
Netflix, Inc. |
|
|
|
|
| ||
4.875%, due 04/15/28 |
|
31,840 |
|
33,072 |
| ||
5.875%, due 02/15/25 |
|
11,940 |
|
13,313 |
| ||
5.875%, due 11/15/28 |
|
6,965 |
|
7,721 |
| ||
6.375%, due 05/15/29 |
|
2,985 |
|
3,399 |
| ||
5.375%, due 02/01/21 |
|
1,990 |
|
2,052 |
| ||
Netflix, Inc., 144A |
|
|
|
|
| ||
5.375%, due 11/15/29 (d) |
|
4,970 |
|
5,293 |
| ||
Omnicom Group, Inc. / Omnicom Capital, Inc. |
|
|
|
|
| ||
3.625%, due 05/01/22 |
|
30,425 |
|
31,518 |
| ||
Twitter, Inc., 144A |
|
|
|
|
| ||
3.875%, due 12/15/27 (d) |
|
700 |
|
700 |
| ||
Zayo Group LLC / Zayo Capital, Inc. |
|
|
|
|
| ||
6.00%, due 04/01/23 |
|
14,745 |
|
15,077 |
| ||
|
|
|
|
192,704 |
| ||
INFORMATION TECHNOLOGY 1.5% |
|
|
|
|
| ||
Avnet, Inc. |
|
|
|
|
| ||
4.875%, due 12/01/22 |
|
8,275 |
|
8,766 |
| ||
3.75%, due 12/01/21 |
|
4,710 |
|
4,834 |
| ||
Broadcom Corp. / Broadcom Cayman Finance, Ltd. |
|
|
|
|
| ||
3.00%, due 01/15/22 |
|
14,930 |
|
15,151 |
| ||
3.625%, due 01/15/24 |
|
9,955 |
|
10,318 |
| ||
2.375%, due 01/15/20 |
|
9,955 |
|
9,955 |
| ||
3.50%, due 01/15/28 |
|
4,975 |
|
5,006 |
| ||
CDW LLC / CDW Finance Corp. |
|
|
|
|
| ||
5.00%, due 09/01/25 |
|
9,955 |
|
10,403 |
| ||
CommScope, Inc., 144A |
|
|
|
|
| ||
5.50%, due 06/15/24 (d) |
|
23,854 |
|
24,153 |
| ||
6.00%, due 03/01/26 (d) |
|
3,480 |
|
3,702 |
| ||
5.50%, due 03/01/24 (d) |
|
3,480 |
|
3,628 |
| ||
5.00%, due 06/15/21 (d) |
|
230 |
|
230 |
| ||
Dell International LLC / EMC Corp., 144A |
|
|
|
|
| ||
5.45%, due 06/15/23 (d) |
|
14,725 |
|
15,973 |
| ||
4.42%, due 06/15/21 (d) |
|
2,940 |
|
3,025 |
| ||
Itron, Inc., 144A |
|
|
|
|
| ||
5.00%, due 01/15/26 (d) |
|
11,035 |
|
11,435 |
| ||
Lam Research Corp. |
|
|
|
|
| ||
2.75%, due 03/15/20 |
|
19,660 |
|
19,670 |
| ||
2.80%, due 06/15/21 |
|
4,910 |
|
4,963 |
| ||
Motorola Solutions, Inc. |
|
|
|
|
| ||
3.75%, due 05/15/22 |
|
5,592 |
|
5,783 |
| ||
4.60%, due 02/23/28 |
|
2,985 |
|
3,237 |
| ||
NortonLifeLock, Inc.,144A |
|
|
|
|
| ||
5.00%, due 04/15/25 (d) |
|
1,000 |
|
1,022 |
| ||
Qorvo, Inc. |
|
|
|
|
| ||
5.50%, due 07/15/26 |
|
4,975 |
|
5,298 |
| ||
Tyco Electronics Group SA |
|
|
|
|
| ||
3.70%, due 02/15/26 |
|
9,830 |
|
10,397 |
| ||
|
|
|
|
176,949 |
| ||
REAL ESTATE 1.1% |
|
|
|
|
| ||
CBRE Services, Inc. |
|
|
|
|
| ||
5.25%, due 03/15/25 |
|
24,930 |
|
28,058 |
| ||
4.875%, due 03/01/26 |
|
19,665 |
|
21,926 |
| ||
GLP Capital, LP / GLP Financing II, Inc. REIT |
|
|
|
|
| ||
5.375%, due 11/01/23 |
|
12,000 |
|
13,057 |
| ||
5.75%, due 06/01/28 |
|
4,975 |
|
5,649 |
| ||
5.25%, due 06/01/25 |
|
4,975 |
|
5,460 |
| ||
5.375%, due 04/15/26 |
|
3,925 |
|
4,339 |
| ||
4.375%, due 04/15/21 |
|
1,965 |
|
2,003 |
| ||
|
|
Par Value |
|
Value |
| ||
FIXED INCOME 29.3% (cont.) |
|
|
|
|
| ||
|
|
|
|
|
| ||
CORPORATE BONDS 18.0% (cont.) |
|
|
|
|
| ||
REAL ESTATE 1.1% (cont.) |
|
|
|
|
| ||
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. REIT |
|
|
|
|
| ||
5.625%, due 05/01/24 |
|
$ |
2,945 |
|
$ |
3,221 |
|
Omega Healthcare Investors, Inc. REIT |
|
|
|
|
| ||
5.25%, due 01/15/26 |
|
14,942 |
|
16,623 |
| ||
4.375%, due 08/01/23 |
|
15,046 |
|
15,964 |
| ||
The Howard Hughes Corp., 144A |
|
|
|
|
| ||
5.375%, due 03/15/25 (d) |
|
12,440 |
|
12,969 |
| ||
Ventas Realty, LP REIT |
|
|
|
|
| ||
3.125%, due 06/15/23 |
|
2,490 |
|
2,554 |
| ||
3.50%, due 02/01/25 |
|
900 |
|
940 |
| ||
|
|
|
|
132,763 |
| ||
CONSUMER STAPLES 0.7% |
|
|
|
|
| ||
Constellation Brands, Inc. |
|
|
|
|
| ||
3.15%, due 08/01/29 |
|
25,995 |
|
26,293 |
| ||
Diageo Capital PLC |
|
|
|
|
| ||
3.00%, due 05/18/20 |
|
5,000 |
|
5,020 |
| ||
Kraft Heinz Foods Co., 144A |
|
|
|
|
| ||
4.875%, due 02/15/25 (d) |
|
4,276 |
|
4,393 |
| ||
Mead Johnson Nutrition Co. |
|
|
|
|
| ||
4.125%, due 11/15/25 |
|
13,955 |
|
15,255 |
| ||
3.00%, due 11/15/20 |
|
6,885 |
|
6,946 |
| ||
Mondelez International Holdings Netherlands BV, 144A |
|
|
|
|
| ||
2.00%, due 10/28/21 (d) |
|
8,585 |
|
8,586 |
| ||
Post Holdings, Inc., 144A |
|
|
|
|
| ||
5.00%, due 08/15/26 (d) |
|
2,000 |
|
2,113 |
| ||
5.75%, due 03/01/27 (d) |
|
500 |
|
536 |
| ||
5.50%, due 03/01/25 (d) |
|
500 |
|
524 |
| ||
Smithfield Foods, Inc., 144A |
|
|
|
|
| ||
3.35%, due 02/01/22 (d) |
|
4,975 |
|
4,990 |
| ||
2.65%, due 10/03/21 (d) |
|
3,980 |
|
3,957 |
| ||
4.25%, due 02/01/27 (d) |
|
995 |
|
1,024 |
| ||
|
|
|
|
79,637 |
| ||
ENERGY 0.6% |
|
|
|
|
| ||
Apergy Corp. |
|
|
|
|
| ||
6.375%, due 05/01/26 |
|
16,119 |
|
17,006 |
| ||
National Oilwell Varco, Inc. |
|
|
|
|
| ||
3.60%, due 12/01/29 |
|
24,835 |
|
24,911 |
| ||
Occidental Petroleum Corp. |
|
|
|
|
| ||
3.36% (3 mo. USD LIBOR + 1.450%), due 08/15/22 (c) |
|
9,940 |
|
9,993 |
| ||
Oceaneering International, Inc. |
|
|
|
|
| ||
4.65%, due 11/15/24 |
|
8,485 |
|
8,315 |
| ||
Schlumberger Holdings Corp., 144A |
|
|
|
|
| ||
4.00%, due 12/21/25 (d) |
|
9,830 |
|
10,587 |
| ||
Weatherford International, Ltd., 144A |
|
|
|
|
| ||
11.00%, due 12/01/24 (d) |
|
662 |
|
716 |
| ||
|
|
|
|
71,528 |
| ||
MATERIALS 0.2% |
|
|
|
|
| ||
Glencore Funding LLC, 144A |
|
|
|
|
| ||
3.875%, due 10/27/27 (d) |
|
9,950 |
|
10,276 |
| ||
3.00%, due 10/27/22 (d) |
|
9,950 |
|
9,979 |
| ||
|
|
|
|
20,255 |
| ||
Total Corporate Bonds |
|
|
|
2,083,920 |
| ||
|
|
|
|
|
| ||
GOVERNMENT AND AGENCY SECURITIES 11.3% |
|
|
|
|
| ||
U.S. GOVERNMENT NOTES 11.2% |
|
|
|
|
| ||
United States Treasury Bonds (TIPS) |
|
|
|
|
| ||
1.25%, due 07/15/20 (f) |
|
495,345 |
|
500,078 |
| ||
United States Treasury Notes |
|
|
|
|
| ||
1.75%, due 10/31/20 |
|
223,550 |
|
223,733 |
| ||
2.375%, due 12/31/20 |
|
198,945 |
|
200,351 |
| ||
1.625%, due 07/31/20 |
|
99,485 |
|
99,481 |
| ||
2.00%, due 11/30/22 |
|
74,625 |
|
75,467 |
| ||
1.75%, due 03/31/22 |
|
74,645 |
|
74,925 |
| ||
2.125%, due 12/31/22 |
|
49,745 |
|
50,503 |
| ||
1.875%, due 11/30/21 |
|
49,785 |
|
50,075 |
| ||
2.125%, due 01/31/21 |
|
24,570 |
|
24,699 |
| ||
|
|
|
|
1,299,312 |
| ||
U.S. GOVERNMENT AGENCIES 0.1% |
|
|
|
|
| ||
Federal Farm Credit Bank, |
|
|
|
|
| ||
1.68%, due 08/16/21 |
|
17,165 |
|
17,152 |
| ||
Total Government and Agency Securities |
|
|
|
1,316,464 |
| ||
TOTAL FIXED INCOME 29.3% |
|
|
|
3,400,384 |
| ||
SHORT-TERM INVESTMENTS 8.7% |
|
|
|
|
| ||
|
|
|
|
|
| ||
REPURCHASE AGREEMENT 4.6% |
|
|
|
|
| ||
Fixed Income Clearing Corp. Repurchase Agreement, 1.55% dated 12/31/19 due 01/02/20, repurchase price $529,578, collateralized by United States Treasury Notes, 1.625% - 2.625% due 12/15/21 - 12/31/21, aggregate value plus accrued interest of $540,124 (Cost: $529,532) |
|
529,532 |
|
529,532 |
| ||
|
|
|
|
|
| ||
COMMERCIAL PAPER 4.1% |
|
|
|
|
| ||
General Mills, Inc., 144A, |
|
|
|
|
| ||
1.83% - 2.0%, due 01/06/20 - 01/23/20 (d) (g) |
|
144,320 |
|
144,218 |
| ||
Walgreens Boots, |
|
|
|
|
| ||
2.06% - 2.3%, due 01/09/20 - 03/25/20 (g) |
|
109,250 |
|
109,096 |
| ||
Anthem, Inc., 144A, |
|
|
|
|
| ||
1.83%- 1.90%, due 01/02/20 - 01/06/20 (d) (g) |
|
108,670 |
|
108,654 |
| ||
Campbell Soup Co., 144A, |
|
|
|
|
| ||
1.96% - 2.3%, due 01/06/20 - 01/27/20 (d) (g) |
|
69,550 |
|
69,494 |
| ||
Schlumberger Holdings Corp., 144A, |
|
|
|
|
| ||
2.03%, due 01/09/20 (d) (g) |
|
24,750 |
|
24,739 |
| ||
|
|
Par Value |
|
Value |
| ||
SHORT-TERM INVESTMENTS 8.7% (cont.) |
|
|
|
|
| ||
|
|
|
|
|
| ||
COMMERCIAL PAPER 4.1% (cont.) |
|
|
|
|
| ||
MetLife Short Term Funding LLC, 144A, |
|
|
|
|
| ||
1.75%, due 01/06/20 (d) (g) |
|
$ |
15,700 |
|
$ |
15,695 |
|
Total Commercial Paper |
|
|
|
471,896 |
| ||
|
|
|
|
|
| ||
CORPORATE BONDS 0.0% (h) |
|
|
|
|
| ||
FINANCIALS 0.0% (h) |
|
|
|
|
| ||
Ally Financial, Inc., |
|
|
|
|
| ||
4.13%, due 03/30/20 |
|
4,970 |
|
4,989 |
| ||
|
|
|
|
|
| ||
TOTAL SHORT-TERM INVESTMENTS 8.7% |
|
|
|
1,006,417 |
| ||
TOTAL INVESTMENTS 101.5% |
|
|
|
11,778,314 |
| ||
Foreign Currencies 0.0% (h) |
|
|
|
0 |
(i) | ||
Liabilities In Excess of Other Assets (1.5)% |
|
|
|
(175,492 |
) | ||
NET ASSETS 100.0% |
|
|
|
$ |
11,602,822 |
| |
(a) |
Non-income producing security |
(b) |
Sponsored American Depositary Receipt |
(c) |
Floating Rate Note. Rate shown is as of December 31, 2019. |
(d) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. |
(e) |
Security is perpetual and has no stated maturity date. |
(f) |
Interest rate for this security is a stated rate. Interest payments are determined based on an inflation-adjusted principal amount. |
(g) |
The rate shown represents the annualized yield at the time of purchase; not a coupon rate. |
(h) |
Amount rounds to less than 0.1%. |
(i) |
Amount rounds to less than $1,000. |
Abbreviations: | |
|
REIT: Real Estate Investment Trust |
OAKMARK GLOBAL FUND
Global Diversification December 31, 2019 (Unaudited)
|
|
|
|
% of Equity Investments |
|
North America |
|
|
|
47.2 |
% |
|
|
United States |
|
47.2 |
% |
Europe |
|
|
|
42.0 |
% |
|
|
United Kingdom |
|
15.4 |
% |
|
|
Germany* |
|
12.5 |
% |
|
|
Switzerland |
|
10.3 |
% |
|
|
Ireland* |
|
3.3 |
% |
|
|
Netherlands* |
|
0.5 |
% |
Asia |
|
|
|
4.3 |
% |
|
|
Japan |
|
2.0 |
% |
|
|
South Korea |
|
1.2 |
% |
|
|
Taiwan |
|
0.6 |
% |
|
|
India |
|
0.5 |
% |
Africa |
|
|
|
2.7 |
% |
|
|
South Africa |
|
2.7 |
% |
Australasia |
|
|
|
2.2 |
% |
|
|
Australia |
|
2.2 |
% |
Latin America |
|
|
|
1.6 |
% |
|
|
Mexico |
|
1.6 |
% |
* Euro currency countries comprise 16.3% of equity investments.
Oakmark Global Fund |
|
December 31, 2019 (Unaudited) |
Schedule of Investments (in thousands) |
|
|
|
|
Shares |
|
Value |
| |
COMMON STOCKS 97.8% |
|
|
|
|
| |
|
|
|
|
|
| |
FINANCIALS 22.7% |
|
|
|
|
| |
BANKS 12.7% |
|
|
|
|
| |
Bank of America Corp. (United States) |
|
2,438 |
|
$ |
85,859 |
|
Lloyds Banking Group PLC (United Kingdom) |
|
81,636 |
|
67,585 |
| |
Citigroup, Inc. (United States) |
|
817 |
|
65,262 |
| |
Axis Bank, Ltd. (India) |
|
805 |
|
8,504 |
| |
|
|
|
|
227,210 |
| |
DIVERSIFIED FINANCIALS 7.4% |
|
|
|
|
| |
Credit Suisse Group AG (Switzerland) |
|
5,522 |
|
74,777 |
| |
Julius Baer Group, Ltd. (Switzerland) (a) |
|
1,127 |
|
58,128 |
| |
|
|
|
|
132,905 |
| |
INSURANCE 2.6% |
|
|
|
|
| |
Allianz SE (Germany) |
|
193 |
|
47,165 |
| |
|
|
|
|
407,280 |
| |
CONSUMER DISCRETIONARY 17.7% |
|
|
|
|
| |
AUTOMOBILES & COMPONENTS 11.4% |
|
|
|
|
| |
General Motors Co. (United States) |
|
1,849 |
|
67,688 |
| |
Daimler AG (Germany) |
|
1,197 |
|
66,266 |
| |
Continental AG (Germany) |
|
320 |
|
41,346 |
| |
Toyota Motor Corp. (Japan) |
|
401 |
|
28,469 |
| |
|
|
|
|
203,769 |
| |
RETAILING 4.0% |
|
|
|
|
| |
Naspers, Ltd. (South Africa) |
|
294 |
|
48,028 |
| |
Booking Holdings, Inc. (United States) (a) |
|
7 |
|
15,351 |
| |
Prosus N.V. (Netherlands) (a) |
|
120 |
|
8,944 |
| |
|
|
|
|
72,323 |
| |
CONSUMER DURABLES & APPAREL 2.3% |
|
|
|
|
| |
Cie Financiere Richemont SA (Switzerland) |
|
336 |
|
26,438 |
| |
Under Armour, Inc., Class C (United States) (a) |
|
779 |
|
14,948 |
| |
|
|
|
|
41,386 |
| |
|
|
|
|
317,478 |
| |
INDUSTRIALS 16.4% |
|
|
|
|
| |
CAPITAL GOODS 11.8% |
|
|
|
|
| |
CNH Industrial N.V. (United Kingdom) |
|
6,950 |
|
76,316 |
| |
Arconic, Inc. (United States) |
|
1,552 |
|
47,761 |
| |
Rolls-Royce Holdings PLC (United Kingdom) (a) |
|
3,836 |
|
34,717 |
| |
Travis Perkins PLC (United Kingdom) |
|
1,625 |
|
34,472 |
| |
Johnson Controls International plc (United States) |
|
442 |
|
18,002 |
| |
|
|
|
|
211,268 |
| |
TRANSPORTATION 4.6% |
|
|
|
|
| |
Ryanair Holdings PLC (Ireland) (a) (b) |
|
654 |
|
57,323 |
| |
Southwest Airlines Co. (United States) |
|
463 |
|
25,004 |
| |
|
|
|
|
82,327 |
| |
|
|
|
|
293,595 |
| |
INFORMATION TECHNOLOGY 15.0% |
|
|
|
|
| |
SOFTWARE & SERVICES 8.8% |
|
|
|
|
| |
MasterCard, Inc., Class A (United States) |
|
315 |
|
|
94,115 |
|
Oracle Corp. (United States) |
|
851 |
|
45,081 |
| |
CoreLogic, Inc. (United States) (a) |
|
411 |
|
17,982 |
| |
|
|
|
|
157,178 |
| |
TECHNOLOGY HARDWARE & EQUIPMENT 5.7% |
|
|
|
|
| |
TE Connectivity, Ltd. (United States) |
|
779 |
|
74,621 |
| |
Samsung Electronics Co., Ltd. (South Korea) |
|
445 |
|
21,457 |
| |
Hirose Electric Co., Ltd. (Japan) |
|
52 |
|
6,677 |
| |
|
|
|
|
102,755 |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.5% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) |
|
853 |
|
9,419 |
| |
|
|
|
|
269,352 |
| |
COMMUNICATION SERVICES 14.4% |
|
|
|
|
| |
MEDIA & ENTERTAINMENT 14.4% |
|
|
|
|
| |
Alphabet, Inc., Class C (United States) (a) |
|
59 |
|
79,264 |
| |
The Interpublic Group of Cos., Inc. (United States) |
|
1,535 |
|
35,451 |
| |
Liberty Broadband Corp., Class C (United States) (a) |
|
272 |
|
34,154 |
| |
Liberty Global PLC, Class A (United Kingdom) (a) |
|
1,360 |
|
30,935 |
| |
Grupo Televisa SAB (Mexico) (b) |
|
2,437 |
|
28,592 |
| |
Live Nation Entertainment, Inc. (United States) (a) |
|
337 |
|
24,101 |
| |
Charter Communications, Inc., Class A (United States) (a) |
|
31 |
|
14,892 |
| |
Liberty Global PLC, Class C (United Kingdom) (a) |
|
533 |
|
11,619 |
| |
|
|
|
|
259,008 |
| |
HEALTH CARE 5.9% |
|
|
|
|
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 3.7% |
|
|
|
|
| |
Bayer AG (Germany) |
|
804 |
|
65,638 |
| |
|
|
|
|
|
| |
HEALTH CARE EQUIPMENT & SERVICES 2.2% |
|
|
|
|
| |
Tenet Healthcare Corp. (United States) (a) |
|
1,063 |
|
40,416 |
| |
|
|
|
|
106,054 |
| |
MATERIALS 3.3% |
|
|
|
|
| |
Incitec Pivot, Ltd. (Australia) |
|
17,028 |
|
38,000 |
| |
LafargeHolcim, Ltd. (Switzerland) |
|
390 |
|
21,623 |
| |
|
|
|
|
59,623 |
| |
ENERGY 1.6% |
|
|
|
|
| |
National Oilwell Varco, Inc. (United States) |
|
1,129 |
|
28,284 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES 0.8% |
|
|
|
|
| |
HOUSEHOLD & PERSONAL PRODUCTS 0.8% |
|
|
|
|
| |
Reckitt Benckiser Group PLC (United Kingdom) |
|
174 |
|
14,102 |
| |
|
|
|
|
|
| |
TOTAL COMMON STOCKS 97.8% |
|
|
|
1,754,776 |
|
|
|
Par Value |
|
Value |
| ||
SHORT-TERM INVESTMENT 1.9% |
|
|
|
|
| ||
|
|
|
|
|
| ||
REPURCHASE AGREEMENT 1.9% |
|
|
|
|
| ||
Fixed Income Clearing Corp. Repurchase Agreement, 1.55% dated 12/31/19 due 01/02/20, repurchase price $35,194, collateralized by a United States Treasury Note, 1.625% due 12/31/21, value plus accrued interest of $35,895 (Cost: $35,190) |
|
$ |
35,190 |
|
$ |
35,190 |
|
TOTAL SHORT-TERM INVESTMENTS 1.9% |
|
|
|
35,190 |
| ||
TOTAL INVESTMENTS 99.7% |
|
|
|
1,789,966 |
| ||
Foreign Currencies (Cost $0) 0.0% (c) |
|
|
|
0 |
(d) | ||
Other Assets In Excess of Liabilities 0.3% |
|
|
|
4,557 |
| ||
TOTAL NET ASSETS 100.0% |
|
|
|
$ |
1,794,523 |
| |
(a) Non-income producing security
(b) Sponsored American Depositary Receipt
(c) Amount rounds to less than 0.1%.
(d) Amount rounds to less than $1,000.
FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
|
|
Local |
|
Base |
|
Settlement |
|
Valuation at |
|
Unrealized |
| |||
Foreign Currency Sold: |
|
|
|
|
|
|
|
|
|
|
| |||
Swiss Franc |
|
17,063 |
|
$ |
17,554 |
|
06/17/20 |
|
$ |
17,843 |
|
$ |
(289 |
) |
|
|
|
|
|
|
|
|
$ |
17,843 |
|
$ |
(289 |
) | |
OAKMARK GLOBAL SELECT FUND
Global Diversification December 31, 2019 (Unaudited)
|
|
% of Equity Investments |
|
Europe |
|
52.0 |
% |
United Kingdom |
|
19.8 |
% |
Switzerland |
|
15.7 |
% |
Germany* |
|
12.2 |
% |
Netherlands* |
|
4.3 |
% |
North America |
|
43.9 |
% |
United States |
|
43.9 |
% |
Asia |
|
4.1 |
% |
South Korea |
|
2.8 |
% |
Taiwan |
|
1.3 |
% |
* Euro currency countries comprise 16.5% of equity investments.
Oakmark Global Select Fund |
|
December 31, 2019 (Unaudited) |
Schedule of Investments (in thousands) |
|
|
|
|
Shares |
|
Value |
| |
COMMON STOCKS 96.5% |
|
|
|
|
| |
|
|
|
|
|
| |
FINANCIALS 28.4% |
|
|
|
|
| |
BANKS 18.2% |
|
|
|
|
| |
Bank of America Corp. (United States) |
|
3,973 |
|
$ |
139,922 |
|
Citigroup, Inc. (United States) |
|
1,382 |
|
110,368 |
| |
Lloyds Banking Group PLC (United Kingdom) |
|
132,010 |
|
109,288 |
| |
|
|
|
|
359,578 |
| |
DIVERSIFIED FINANCIALS 6.5% |
|
|
|
|
| |
Credit Suisse Group AG (Switzerland) |
|
9,423 |
|
127,596 |
| |
INSURANCE 3.7% |
|
|
|
|
| |
American International Group, Inc. (United States) |
|
1,408 |
|
72,293 |
| |
|
|
|
|
559,467 |
| |
CONSUMER DISCRETIONARY 19.0% |
|
|
|
|
| |
AUTOMOBILES & COMPONENTS 10.9% |
|
|
|
|
| |
Daimler AG (Germany) |
|
2,402 |
|
132,997 |
| |
Fiat Chrysler Automobiles N.V. (United Kingdom) |
|
5,545 |
|
81,450 |
| |
|
|
|
|
214,447 |
| |
RETAILING 4.2% |
|
|
|
|
| |
Prosus N.V. (Netherlands) (a) |
|
1,102 |
|
82,201 |
| |
CONSUMER DURABLES & APPAREL 3.9% |
|
|
|
|
| |
Cie Financiere Richemont SA (Switzerland) |
|
986 |
|
77,453 |
| |
|
|
|
|
374,101 |
| |
COMMUNICATION SERVICES 14.2% |
|
|
|
|
| |
MEDIA & ENTERTAINMENT 14.2% |
|
|
|
|
| |
Charter Communications, Inc., Class A (United States) (a) |
|
238 |
|
115,643 |
| |
Alphabet, Inc., Class A (United States) (a) |
|
82 |
|
109,435 |
| |
Alphabet, Inc., Class C (United States) (a) |
|
42 |
|
56,049 |
| |
|
|
|
|
281,127 |
| |
HEALTH CARE 9.3% |
|
|
|
|
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 9.3% |
|
|
|
|
| |
Bayer AG (Germany) |
|
1,218 |
|
99,483 |
| |
Regeneron Pharmaceuticals, Inc. (United States) (a) |
|
223 |
|
83,582 |
| |
|
|
|
|
183,065 |
| |
INFORMATION TECHNOLOGY 9.1% |
|
|
|
|
| |
TECHNOLOGY HARDWARE & EQUIPMENT 7.9% |
|
|
|
|
| |
TE Connectivity, Ltd. (United States) |
|
1,071 |
|
102,683 |
| |
Samsung Electronics Co., Ltd. (South Korea) |
|
1,113 |
|
53,718 |
| |
|
|
|
|
156,401 |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 1.2% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) |
|
2,159 |
|
23,839 |
| |
|
|
|
|
180,240 |
| |
INDUSTRIALS 8.4% |
|
|
|
|
| |
CAPITAL GOODS 6.9% |
|
|
|
|
| |
CNH Industrial N.V. (United Kingdom) |
|
12,401 |
|
136,180 |
| |
TRANSPORTATION 1.5% |
|
|
|
|
| |
Kuehne + Nagel International AG (Switzerland) |
|
172 |
|
28,971 |
| |
|
|
|
|
165,151 |
| |
MATERIALS 3.2% |
|
|
|
|
| |
LafargeHolcim, Ltd. (Switzerland) |
|
1,157 |
|
64,207 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES 2.6% |
|
|
|
|
| |
HOUSEHOLD & PERSONAL PRODUCTS 2.6% |
|
|
|
|
| |
Reckitt Benckiser Group PLC (United Kingdom) |
|
623 |
|
50,562 |
| |
|
|
|
|
|
| |
ENERGY 2.3% |
|
|
|
|
| |
Apache Corp. (United States) |
|
1,775 |
|
45,422 |
| |
TOTAL COMMON STOCKS 96.5% |
|
|
|
1,903,342 |
| |
|
|
Par Value |
|
|
| ||
SHORT-TERM INVESTMENTS 3.4% |
|
|
|
|
| ||
|
|
|
|
|
| ||
REPURCHASE AGREEMENT 3.4% |
|
|
|
|
| ||
Fixed Income Clearing Corp. Repurchase Agreement, 1.55% dated 12/31/19 due 01/02/20, repurchase price $66,809, collateralized by a United States Treasury Note, 2.625% due 12/15/21, value plus accrued interest of $68,143 (Cost: $66,803) |
|
$ |
66,803 |
|
66,803 |
| |
TOTAL SHORT-TERM INVESTMENTS 3.4% |
|
|
|
66,803 |
| ||
TOTAL INVESTMENTS 99.9% |
|
|
|
1,970,145 |
| ||
Foreign Currencies (Cost $0) 0.0% (b) |
|
|
|
0 |
(c) | ||
Other Assets In Excess of Liabilities 0.1% |
|
|
|
2,394 |
| ||
TOTAL NET ASSETS 100.0% |
|
|
|
$ |
1,972,539 |
| |
(a) Non-income producing security
(b) Amount rounds to less than 0.1%.
(c) Amount rounds to less than $1,000.
FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
|
|
Local |
|
Base |
|
Settlement |
|
Valuation at |
|
Unrealized |
| |||
Foreign Currency Sold: |
|
|
|
|
|
|
|
|
|
|
| |||
Swiss Franc |
|
28,169 |
|
$ |
28,980 |
|
06/17/20 |
|
$ |
29,457 |
|
$ |
(477 |
) |
|
|
|
|
|
|
|
|
$ |
29,457 |
|
$ |
(477 |
) | |
OAKMARK INTERNATIONAL FUND
Global Diversification December 31, 2019 (Unaudited)
|
|
|
|
% of Equity Investments |
|
Europe |
|
|
|
81.8 |
% |
|
|
United Kingdom |
|
21.9 |
% |
|
|
Germany* |
|
18.8 |
% |
|
|
Switzerland |
|
12.5 |
% |
|
|
France* |
|
11.8 |
% |
|
|
Sweden |
|
6.1 |
% |
|
|
Italy* |
|
3.7 |
% |
|
|
Netherlands* |
|
3.1 |
% |
|
|
Ireland* |
|
3.0 |
% |
|
|
Finland* |
|
0.9 |
% |
Asia |
|
|
|
10.5 |
% |
|
|
Japan |
|
3.8 |
% |
|
|
South Korea |
|
3.2 |
% |
|
|
China |
|
1.8 |
% |
|
|
Indonesia |
|
0.8 |
% |
|
|
India |
|
0.7 |
% |
|
|
Taiwan |
|
0.2 |
% |
North America |
|
|
|
2.5 |
% |
|
|
Canada |
|
2.3 |
% |
|
|
United States |
|
0.2 |
% |
Australasia |
|
|
|
2.2 |
% |
|
|
Australia |
|
2.2 |
% |
Africa |
|
|
|
2.0 |
% |
|
|
South Africa |
|
2.0 |
% |
Latin America |
|
|
|
1.0 |
% |
|
|
Mexico |
|
1.0 |
% |
* Euro currency countries comprise 41.3% of equity investments.
Oakmark International Fund |
|
December 31, 2019 (Unaudited) |
Schedule of Investments (in thousands) |
|
|
|
|
Shares |
|
Value |
| |
COMMON STOCKS 96.8% |
|
|
|
|
| |
|
|
|
|
|
| |
CONSUMER DISCRETIONARY 24.1% |
|
|
|
|
| |
AUTOMOBILES & COMPONENTS 13.7% |
|
|
|
|
| |
Continental AG (Germany) |
|
9,090 |
|
$ |
1,175,274 |
|
Daimler AG (Germany) |
|
20,792 |
|
1,151,440 |
| |
Bayerische Motoren Werke AG (Germany) |
|
12,993 |
|
1,065,962 |
| |
Valeo SA (France) (a) |
|
18,331 |
|
645,846 |
| |
Toyota Motor Corp. (Japan) |
|
6,954 |
|
493,690 |
| |
|
|
|
|
4,532,212 |
| |
RETAILING 5.1% |
|
|
|
|
| |
Hennes & Mauritz AB (H&M) - Class B (Sweden) |
|
35,391 |
|
719,736 |
| |
Naspers, Ltd. (South Africa) |
|
3,959 |
|
647,574 |
| |
Prosus N.V. (Netherlands) (b) |
|
3,160 |
|
235,822 |
| |
Trip.com Group, Ltd. (China) (b) (c) |
|
2,729 |
|
91,514 |
| |
|
|
|
|
1,694,646 |
| |
CONSUMER DURABLES & APPAREL 3.1% |
|
|
|
|
| |
Cie Financiere Richemont SA (Switzerland) |
|
5,437 |
|
427,330 |
| |
The Swatch Group AG, Bearer Shares (Switzerland) |
|
1,344 |
|
375,061 |
| |
EssilorLuxottica SA (France) |
|
1,493 |
|
227,435 |
| |
|
|
|
|
1,029,826 |
| |
CONSUMER SERVICES 2.2% |
|
|
|
|
| |
Accor SA (France) (a) |
|
15,125 |
|
708,324 |
| |
|
|
|
|
7,965,008 |
| |
FINANCIALS 24.0% |
|
|
|
|
| |
BANKS 13.4% |
|
|
|
|
| |
BNP Paribas SA (France) |
|
20,862 |
|
1,236,288 |
| |
Intesa Sanpaolo SpA (Italy) |
|
452,937 |
|
1,193,178 |
| |
Lloyds Banking Group PLC (United Kingdom) |
|
1,205,596 |
|
998,082 |
| |
Royal Bank of Scotland Group PLC (United Kingdom) |
|
159,259 |
|
506,923 |
| |
Bank Mandiri Persero Tbk PT (Indonesia) |
|
466,940 |
|
258,150 |
| |
Axis Bank, Ltd. (India) |
|
20,001 |
|
211,303 |
| |
|
|
|
|
4,403,924 |
| |
DIVERSIFIED FINANCIALS 7.9% |
|
|
|
|
| |
Credit Suisse Group AG (Switzerland) |
|
86,517 |
|
1,171,522 |
| |
EXOR N.V. (Netherlands) |
|
9,396 |
|
728,098 |
| |
Schroders PLC (United Kingdom) |
|
11,283 |
|
498,264 |
| |
AMP, Ltd. (Australia) |
|
162,022 |
|
217,734 |
| |
Schroders PLC, Non-Voting (United Kingdom) |
|
31 |
|
1,047 |
| |
|
|
|
|
2,616,665 |
| |
INSURANCE 2.7% |
|
|
|
|
| |
Allianz SE (Germany) |
|
3,365 |
|
824,378 |
| |
Willis Towers Watson PLC (United States) |
|
331 |
|
66,780 |
| |
|
|
|
|
891,158 |
| |
|
|
|
|
7,911,747 |
| |
INDUSTRIALS 21.0% |
|
|
|
|
| |
CAPITAL GOODS 15.3% |
|
|
|
|
| |
CNH Industrial N.V. (United Kingdom) (a) |
|
100,402 |
|
1,102,559 |
| |
Rolls-Royce Holdings PLC (United Kingdom) (b) |
|
89,562 |
|
810,503 |
| |
Volvo AB, Class B (Sweden) |
|
40,921 |
|
685,485 |
| |
Ashtead Group PLC (United Kingdom) |
|
20,088 |
|
642,318 |
| |
Komatsu, Ltd. (Japan) |
|
23,721 |
|
576,781 |
| |
SKF AB, Class B (Sweden) (a) |
|
27,207 |
|
550,162 |
| |
Ferguson PLC (United Kingdom) |
|
2,780 |
|
252,240 |
| |
Smiths Group PLC (United Kingdom) |
|
11,095 |
|
247,933 |
| |
Bunzl PLC (United Kingdom) |
|
5,562 |
|
152,126 |
| |
Meggitt PLC (United Kingdom) |
|
3,536 |
|
30,765 |
| |
|
|
|
|
5,050,872 |
| |
TRANSPORTATION 3.3% |
|
|
|
|
| |
Ryanair Holdings PLC (Ireland) (a) (b) (c) |
|
10,915 |
|
956,241 |
| |
Kuehne + Nagel International AG (Switzerland) |
|
809 |
|
136,388 |
| |
|
|
|
|
1,092,629 |
| |
COMMERCIAL & PROFESSIONAL SERVICES 2.4% |
|
|
|
|
| |
G4S PLC (United Kingdom) (a) |
|
106,181 |
|
306,611 |
| |
Bureau Veritas SA (France) |
|
11,248 |
|
293,477 |
| |
Brambles, Ltd. (Australia) |
|
22,010 |
|
181,024 |
| |
|
|
|
|
781,112 |
| |
|
|
|
|
6,924,613 |
| |
COMMUNICATION SERVICES 10.2% |
|
|
|
|
| |
MEDIA & ENTERTAINMENT 10.2% |
|
|
|
|
| |
NAVER Corp. (South Korea) |
|
4,372 |
|
705,005 |
| |
Publicis Groupe SA (France) (a) |
|
15,082 |
|
682,778 |
| |
WPP PLC (United Kingdom) |
|
44,724 |
|
631,809 |
| |
Baidu, Inc. (China) (b) (c) |
|
3,748 |
|
473,685 |
| |
Liberty Global PLC, Class A (United Kingdom) (b) |
|
14,803 |
|
336,626 |
| |
Grupo Televisa SAB (Mexico) (c) |
|
27,065 |
|
317,475 |
| |
Liberty Global PLC, Class C (United Kingdom) (b) |
|
10,027 |
|
218,528 |
| |
|
|
|
|
3,365,906 |
| |
MATERIALS 9.4% |
|
|
|
|
| |
Glencore PLC (Switzerland) |
|
460,398 |
|
1,435,265 |
| |
thyssenkrupp AG (Germany) (a) |
|
46,833 |
|
632,492 |
| |
LafargeHolcim, Ltd. (Switzerland) |
|
8,107 |
|
449,841 |
| |
Orica, Ltd. (Australia) (a) |
|
19,655 |
|
303,169 |
| |
UPM-Kymmene OYJ (Finland) |
|
8,223 |
|
285,116 |
| |
|
|
|
|
3,105,883 |
| |
HEALTH CARE 3.3% |
|
|
|
|
| |
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 3.0% |
|
|
|
|
| |
Bayer AG (Germany) |
|
12,016 |
|
981,382 |
| |
HEALTH CARE EQUIPMENT & SERVICES 0.3% |
|
|
|
|
| |
Olympus Corp. (Japan) |
|
7,834 |
|
121,778 |
| |
|
|
|
|
1,103,160 |
| |
|
|
Shares |
|
Value |
| |
COMMON STOCKS 96.8% (cont.) |
|
|
|
|
| |
|
|
|
|
|
| |
INFORMATION TECHNOLOGY 2.1% |
|
|
|
|
| |
TECHNOLOGY HARDWARE & EQUIPMENT 1.0% |
|
|
|
|
| |
Samsung Electronics Co., Ltd. (South Korea) |
|
6,785 |
|
$ |
327,362 |
|
Omron Corp. (Japan) |
|
273 |
|
16,107 |
| |
|
|
|
|
343,469 |
| |
SOFTWARE & SERVICES 0.7% |
|
|
|
|
| |
Open Text Corp. (Canada) |
|
5,252 |
|
231,405 |
| |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT 0.4% |
|
|
|
|
| |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) |
|
7,449 |
|
82,250 |
| |
ASML Holding N.V. (Netherlands) |
|
113 |
|
33,352 |
| |
|
|
|
|
115,602 |
| |
|
|
|
|
690,476 |
| |
ENERGY 1.5% |
|
|
|
|
| |
Cenovus Energy, Inc. (Canada) |
|
50,093 |
|
509,200 |
| |
|
|
|
|
|
| |
CONSUMER STAPLES 1.2% |
|
|
|
|
| |
HOUSEHOLD & PERSONAL PRODUCTS 1.2% |
|
|
|
|
| |
Reckitt Benckiser Group PLC (United Kingdom) |
|
3,750 |
|
304,464 |
| |
Henkel AG & Co. KGaA (Germany) |
|
896 |
|
84,424 |
| |
|
|
|
|
388,888 |
| |
FOOD, BEVERAGE & TOBACCO 0.0% (d) |
|
|
|
|
| |
Nestlé SA (Switzerland) |
|
147 |
|
15,908 |
| |
|
|
|
|
404,796 |
| |
TOTAL COMMON STOCKS 96.8% |
|
|
|
31,980,789 |
| |
|
|
|
|
|
| |
PREFERRED STOCKS 0.4% |
|
|
|
|
| |
CONSUMER STAPLES 0.4% |
|
|
|
|
| |
HOUSEHOLD & PERSONAL PRODUCTS 0.4% |
|
|
|
|
| |
Henkel AG & Co. KGaA (Germany) |
|
1,335 |
|
138,067 |
| |
TOTAL PREFERRED STOCKS 0.4% |
|
|
|
138,067 |
| |
|
|
Par Value |
|
|
| ||
SHORT-TERM INVESTMENTS 2.6% |
|
|
|
|
| ||
|
|
|
|
|
| ||
REPURCHASE AGREEMENT 1.8% |
|
|
|
|
| ||
Fixed Income Clearing Corp. Repurchase Agreement, 1.55% dated 12/31/19 due 01/02/20, repurchase price $592,096, collateralized by a United States Treasury Note, 2.625% due 12/15/21, value plus accrued interest of $603,888 (Cost: $592,045) |
|
$ |
592,045 |
|
592,045 |
| |
|
|
|
|
|
| ||
COMMERCIAL PAPER 0.8% |
|
|
|
|
| ||
Anthem, Inc., 144A, |
|
|
|
|
| ||
1.83%, due 01/02/20 - 01/03/20 (e) (f) |
|
75,000 |
|
74,991 |
| ||
General Mills, Inc., 144A, |
|
|
|
|
| ||
1.83% - 1.9%, due 01/06/20 - 01/08/20 (e) (f) |
|
75,000 |
|
74,973 |
| ||
Walgreens Boots, |
|
|
|
|
| ||
2.06% - 2.16%, due 01/09/20 - 03/23/20 (f) |
|
$ |
63,500 |
|
$ |
63,361 |
|
Campbell Soup Co., 144A, |
|
|
|
|
| ||
1.98% - 2.13%, due 01/10/20 - 01/22/20 (e) (f) |
|
35,000 |
|
34,968 |
| ||
Schlumberger Holdings Corp., 144A, |
|
|
|
|
| ||
2.03%, due 01/09/20 (e) (f) |
|
25,000 |
|
24,989 |
| ||
TOTAL COMMERCIAL PAPER 0.8% |
|
|
|
273,282 |
| ||
TOTAL SHORT-TERM INVESTMENTS 2.6% |
|
|
|
865,327 |
| ||
TOTAL INVESTMENTS 99.8% |
|
|
|
32,984,183 |
| ||
Foreign Currencies (Cost $6,207) 0.0% (d) |
|
|
|
6,229 |
| ||
Other Assets In Excess of Liabilities 0.2% |
|
|
|
47,496 |
| ||
TOTAL NET ASSETS 100.0% |
|
|
|
$ |
33,037,908 |
|
(a) See Note 2 in the Notes to Schedules of Investments regarding investments in affiliated issuers.
(b) Non-income producing security
(c) Sponsored American Depositary Receipt
(d) Amount rounds to less than 0.1%.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers.
(f) The rate shown represents the annualized yield at the time of purchase; not a coupon rate.
FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
|
|
Local |
|
Base |
|
Settlement |
|
Valuation at |
|
Unrealized |
| |||
Foreign Currency Sold: |
|
|
|
|
|
|
|
|
|
|
| |||
Swiss Franc |
|
240,595 |
|
$ |
247,525 |
|
06/17/20 |
|
$ |
251,596 |
|
$ |
(4,071 |
) |
|
|
|
|
|
|
|
|
$ |
251,596 |
|
$ |
(4,071 |
) | |
Schedule of Transactions with Affiliated Issuers
Purchase and sale transactions and dividend and interest income earned during the period on these securities are set forth below (in thousands). The industry, country, or geographic region for each of the below affiliates can be found in the Schedule of Investments.
Affiliates |
|
Shares Held |
|
Purchases |
|
Sales |
|
Realized |
|
Change in |
|
Dividend |
|
Value |
|
Value |
|
Percent of |
| |||||||
Accor SA |
|
15,125 |
|
$ |
53,753 |
|
$ |
0 |
|
0 |
|
$ |
75,079 |
|
$ |
0 |
|
$ |
579,492 |
|
$ |
708,324 |
|
2.1 |
% | |
CNH Industrial N.V. |
|
100,402 |
|
13,967 |
|
0 |
|
0 |
|
79,275 |
|
0 |
|
1,009,317 |
|
1,102,559 |
|
3.3 |
% | |||||||
G4S PLC |
|
106,181 |
|
0 |
|
0 |
|
0 |
|
59,602 |
|
0 |
|
247,009 |
|
306,611 |
|
0.9 |
% | |||||||
Orica, Ltd. |
|
19,655 |
|
11,655 |
|
33,402 |
|
(9,902 |
) |
13,891 |
|
4,275 |
|
320,927 |
|
303,169 |
|
0.9 |
% | |||||||
Publicis Groupe SA |
|
15,082 |
|
86,608 |
|
0 |
|
0 |
|
(46,428 |
) |
0 |
|
642,598 |
|
682,778 |
|
2.1 |
% | |||||||
Ryanair Holdings PLC(a) |
|
10,915 |
|
489 |
|
122,973 |
|
(45,212 |
) |
304,605 |
|
0 |
|
819,332 |
|
956,241 |
|
2.9 |
% | |||||||
SKF AB, Class B |
|
27,207 |
|
0 |
|
16,275 |
|
(6,254 |
) |
108,654 |
|
0 |
|
464,037 |
|
550,162 |
|
1.7 |
% | |||||||
thyssenkrupp AG |
|
46,833 |
|
21,239 |
|
0 |
|
0 |
|
(14,793 |
) |
0 |
|
626,046 |
|
632,492 |
|
1.9 |
% | |||||||
Valeo SA |
|
18,331 |
|
0 |
|
16,389 |
|
(15,547 |
) |
69,835 |
|
0 |
|
607,947 |
|
645,846 |
|
2.0 |
% | |||||||
TOTAL |
|
359,731 |
|
$ |
187,711 |
|
$ |
189,039 |
|
$ |
(76,915 |
) |
$ |
649,720 |
|
$ |
4,275 |
|
$ |
5,316,705 |
|
$ |
5,888,182 |
|
17.8 |
% |
(a) Due to transactions during the year ended December 31, 2019, the company is no longer an affiliate
OAKMARK INTERNATIONAL SMALL CAP FUND
Global Diversification December 31, 2019 (Unaudited)
|
|
|
|
% of Equity Investments |
|
Europe |
|
|
|
70.6 |
% |
|
|
United Kingdom |
|
22.4 |
% |
|
|
Switzerland |
|
9.9 |
% |
|
|
Finland* |
|
7.0 |
% |
|
|
Italy* |
|
6.2 |
% |
|
|
Sweden |
|
4.4 |
% |
|
|
Denmark |
|
4.3 |
% |
|
|
Germany* |
|
4.1 |
% |
|
|
Spain* |
|
3.6 |
% |
|
|
Norway |
|
3.0 |
% |
|
|
Belgium* |
|
2.0 |
% |
|
|
Netherlands* |
|
1.7 |
% |
|
|
France* |
|
1.2 |
% |
|
|
Portugal* |
|
0.8 |
% |
Asia |
|
|
|
11.6 |
% |
|
|
South Korea |
|
5.1 |
% |
|
|
Japan |
|
3.7 |
% |
|
|
Indonesia |
|
2.8 |
% |
Australasia |
|
|
|
7.9 |
% |
|
|
Australia |
|
7.4 |
% |
|
|
New Zealand |
|
0.5 |
% |
North America |
|
|
|
5.0 |
% |
|
|
Canada |
|
5.0 |
% |
Latin America |
|
|
|
4.9 |
% |
|
|
Mexico |
|
4.9 |
% |
* Euro currency countries comprise 26.6% of equity investments.
Oakmark International Small Cap Fund |
December 31, 2019 (Unaudited) |
Schedule of Investments (in thousands) |
|
|
|
Shares |
|
Value |
| |
COMMON STOCKS 95.4% |
|
|
|
|
| |
|
|
|
|
|
| |
INDUSTRIALS 40.8% |
|
|
|
|
| |
CAPITAL GOODS 19.7% |
|
|
|
|
| |
Duerr AG (Germany) |
|
1,795 |
|
$ |
61,152 |
|
Konecranes OYJ (Finland) |
|
1,903 |
|
58,486 |
| |
Travis Perkins PLC (United Kingdom) |
|
1,612 |
|
34,215 |
| |
Sulzer AG (Switzerland) |
|
253 |
|
28,196 |
| |
Metso OYJ (Finland) |
|
696 |
|
27,477 |
| |
Morgan Advanced Materials PLC (United Kingdom) |
|
5,897 |
|
24,762 |
| |
Outotec OYJ (Finland) (a) |
|
3,028 |
|
19,556 |
| |
Howden Joinery Group PLC (United Kingdom) |
|
2,103 |
|
18,737 |
| |
Fluidra SA (Spain) (a) |
|
1,366 |
|
18,688 |
| |
Bucher Industries AG (Switzerland) |
|
46 |
|
16,151 |
| |
Wajax Corp. (Canada) |
|
357 |
|
4,071 |
| |
|
|
|
|
311,491 |
| |
COMMERCIAL & PROFESSIONAL SERVICES 16.9% |
|
|
|
|
| |
ISS A/S (Denmark) |
|
2,053 |
|
49,254 |
| |
Applus Services SA (Spain) |
|
2,759 |
|
35,278 |
| |
Babcock International Group PLC (United Kingdom) |
|
3,869 |
|
32,259 |
| |
Pagegroup PLC (United Kingdom) |
|
4,645 |
|
32,179 |
| |
Mitie Group PLC (United Kingdom) |
|
16,128 |
|
30,977 |
| |
Hays PLC (United Kingdom) |
|
11,072 |
|
26,634 |
| |
Randstad N.V. (Netherlands) |
|
426 |
|
26,044 |
| |
SThree PLC (United Kingdom) |
|
4,227 |
|
21,221 |
| |
Loomis AB, Class B (Sweden) |
|
351 |
|
14,529 |
| |
|
|
|
|
268,375 |
| |
TRANSPORTATION 4.2% |
|
|
|
|
| |
Controladora Vuela Cia de Aviacion SAB de CV (Mexico) (a) (b) |
|
3,394 |
|
35,365 |
| |
DSV PANALPINA A/S (Denmark) |
|
137 |
|
15,810 |
| |
Freightways, Ltd. (New Zealand) |
|
1,471 |
|
8,417 |
| |
Signature Aviation PLC (United Kingdom) |
|
1,752 |
|
7,361 |
| |
|
|
|
|
66,953 |
| |
|
|
|
|
646,819 |
| |
FINANCIALS 16.0% |
|
|
|
|
| |
DIVERSIFIED FINANCIALS 11.1% |
|
|
|
|
| |
Julius Baer Group, Ltd. (Switzerland) |
|
1,084 |
|
55,926 |
| |
Element Fleet Management Corp. (Canada) |
|
4,042 |
|
34,516 |
| |
Azimut Holding SpA (Italy) |
|
1,334 |
|
31,833 |
| |
EFG International AG (Switzerland) |
|
4,472 |
|
29,528 |
| |
Standard Life Aberdeen PLC (United Kingdom) |
|
5,593 |
|
24,306 |
| |
|
|
|
|
176,109 |
| |
BANKS 4.9% |
|
|
|
|
| |
BNK Financial Group, Inc. (South Korea) |
|
7,751 |
|
51,339 |
| |
DGB Financial Group, Inc. (South Korea) |
|
4,109 |
|
25,300 |
| |
|
|
|
|
76,639 |
| |
|
|
|
|
252,748 |
| |
COMMUNICATION SERVICES 9.3% |
|
|
|
|
| |
MEDIA & ENTERTAINMENT 6.6% |
|
|
|
|
| |
Megacable Holdings SAB de CV (Mexico) |
|
6,805 |
|
|
27,870 |
|
oOh!media, Ltd. (Australia) |
|
7,345 |
|
18,763 |
| |
Criteo SA (France) (a) (b) |
|
1,048 |
|
18,165 |
| |
Hakuhodo DY Holdings, Inc. (Japan) |
|
1,081 |
|
17,586 |
| |
NOS SGPS SA (Portugal) |
|
2,342 |
|
12,612 |
| |
Nordic Entertainment Group AB, Class B (Sweden) |
|
295 |
|
9,521 |
| |
|
|
|
|
104,517 |
| |
TELECOMMUNICATION SERVICES 2.7% |
|
|
|
|
| |
Sarana Menara Nusantara Tbk PT (Indonesia) |
|
391,216 |
|
22,685 |
| |
Tower Bersama Infrastructure Tbk PT (Indonesia) |
|
222,375 |
|
19,703 |
| |
|
|
|
|
42,388 |
| |
|
|
|
|
146,905 |
| |
CONSUMER DISCRETIONARY 7.7% |
|
|
|
|
| |
AUTOMOBILES & COMPONENTS 5.2% |
|
|
|
|
| |
Pirelli & C SpA (Italy) |
|
6,980 |
|
40,241 |
| |
Autoliv, Inc. (Sweden) |
|
267 |
|
22,546 |
| |
Dometic Group AB (Sweden) |
|
1,934 |
|
19,475 |
| |
|
|
|
|
82,262 |
| |
CONSUMER SERVICES 1.9% |
|
|
|
|
| |
Autogrill SpA (Italy) |
|
2,104 |
|
22,014 |
| |
Dignity PLC (United Kingdom) |
|
1,099 |
|
8,522 |
| |
|
|
|
|
30,536 |
| |
CONSUMER DURABLES & APPAREL 0.6% |
|
|
|
|
| |
Gildan Activewear, Inc. (Canada) |
|
333 |
|
9,856 |
| |
|
|
|
|
122,654 |
| |
HEALTH CARE 5.3% |
|
|
|
|
| |
HEALTH CARE EQUIPMENT & SERVICES 5.3% |
|
|
|
|
| |
Healius, Ltd. (Australia) |
|
18,971 |
|
36,745 |
| |
ConvaTec Group PLC (United Kingdom) ) |
|
12,597 |
|
33,113 |
| |
Ansell, Ltd. (Australia) |
|
700 |
|
14,258 |
| |
|
|
|
|
84,116 |
| |
INFORMATION TECHNOLOGY 5.2% |
|
|
|
|
| |
SOFTWARE & SERVICES 4.6% |
|
|
|
|
| |
Atea ASA (Norway) (a) |
|
3,087 |
|
45,220 |
| |
BlackBerry, Ltd. (Canada) (a) |
|
4,247 |
|
27,312 |
| |
|
|
|
|
72,532 |
| |
TECHNOLOGY HARDWARE & EQUIPMENT 0.6% |
|
|
|
|
| |
Hirose Electric Co., Ltd. (Japan) |
|
74 |
|
9,527 |
| |
|
|
|
|
82,059 |
| |
MATERIALS 4.7% |
|
|
|
|
| |
Incitec Pivot, Ltd. (Australia) |
|
18,596 |
|
41,497 |
| |
DS Smith PLC (United Kingdom) |
|
4,658 |
|
23,705 |
|
|
|
Shares |
|
Value |
| |
COMMON STOCKS 95.4% (cont.) |
|
|
|
|
| |
|
|
|
|
|
| |
MATERIALS 4.7% (cont.) |
|
|
|
|
| |
Titan Cement International SA (Belgium) (a) |
|
420 |
|
$ |
8,991 |
|
|
|
|
|
74,193 |
| |
CONSUMER STAPLES 3.8% |
|
|
|
|
| |
HOUSEHOLD & PERSONAL PRODUCTS 2.0% |
|
|
|
|
| |
Ontex Group N.V. (Belgium) |
|
982 |
|
20,662 |
| |
Kimberly-Clark de Mexico SAB de CV, Class A (Mexico) (a) |
|
5,644 |
|
11,194 |
| |
|
|
|
|
31,856 |
| |
FOOD & STAPLES RETAILING 1.8% |
|
|
|
|
| |
Sugi Holdings Co., Ltd. (Japan) |
|
551 |
|
29,188 |
| |
|
|
|
|
61,044 |
| |
REAL ESTATE 2.6% |
|
|
|
|
| |
LSL Property Services PLC (United Kingdom) (c) |
|
5,853 |
|
21,243 |
| |
IWG PLC (Switzerland) |
|
3,391 |
|
19,563 |
| |
|
|
|
|
40,806 |
| |
TOTAL COMMON STOCKS 95.4% |
|
|
|
1,511,344 |
| |
|
|
Par Value |
|
|
| ||
SHORT-TERM INVESTMENT 4.1% |
|
|
|
|
| ||
|
|
|
|
|
| ||
REPURCHASE AGREEMENT 4.1% |
|
|
|
|
| ||
Fixed Income Clearing Corp. Repurchase Agreement, 1.55% dated 12/31/19 due 01/02/20, repurchase price $ 64,747, collateralized by a United States Treasury Note, 2.625% due 12/15/21, value plus accrued interest of $ 66,040 (Cost: $64,742) |
|
$ |
64,742 |
|
64,742 |
| |
TOTAL SHORT-TERM INVESTMENTS 4.1% |
|
|
|
64,742 |
| ||
TOTAL INVESTMENTS 99.5% |
|
|
|
1,576,086 |
| ||
Foreign Currencies (Cost $22) 0.0% (d) |
|
|
|
22 |
| ||
Other Assets In Excess of Liabilities 0.5% |
|
|
|
7,348 |
| ||
TOTAL NET ASSETS 100.0% |
|
|
|
$ |
1,583,456 |
| |
(a) Non-income producing security
(b) Sponsored American Depositary Receipt
(c) See Note 2 in the Notes to Schedules of Investments regarding investments in affiliated issuers.
(d) Amount rounds to less than 0.1%.
FORWARD FOREIGN CURRENCY CONTRACTS (in thousands)
|
|
Local |
|
Base |
|
Settlement |
|
Valuation at |
|
Unrealized |
| |||
Foreign Currency Sold: |
|
|
|
|
|
|
|
|
|
|
| |||
Norwegian Krona |
|
62,157 |
|
$ |
7,208 |
|
03/18/20 |
|
$ |
7,082 |
|
$ |
126 |
|
Swiss Franc |
|
12,152 |
|
12,502 |
|
06/17/20 |
|
12,708 |
|
(206 |
) | |||
|
|
|
|
|
|
|
|
$ |
19,790 |
|
$ |
(80 |
) | |
Schedule of Transactions with Affiliated Issuers
Purchase and sale transactions and dividend and interest income earned during the period on these securities are set forth below (in thousands). The industry, country, or geographic region for each of the below affiliates can be found in the Schedule of Investments.
Affiliates |
|
Shares Held |
|
Purchases |
|
Sales |
|
Realized |
|
Change in |
|
Dividend |
|
Value |
|
Value |
|
Percent of |
| |||||||
LSL Property Services PLC |
|
5,853 |
|
$ |
0 |
|
$ |
0 |
|
0 |
|
$ |
5,770 |
|
$ |
0 |
|
$ |
15,473 |
|
$ |
21,243 |
|
1.3 |
% | |
TOTAL |
|
5,853 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
5,770 |
|
$ |
0 |
|
$ |
15,473 |
|
$ |
21,243 |
|
1.3 |
% |
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 ServicesInvestment 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 (Intl Small Cap). Each Fund, other than Select and Global Select, is diversified in accordance with the 1940 Act. The following policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).
Security valuation
The Funds share prices or net asset values (NAVs) are calculated as of the close of regular session trading (usually 4:00 p.m. 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) and money market instrument is valued at the latest bid quotation or an evaluated price from a pricing vendor. If a bid quotation or evaluated price from a pricing vendor is not available for a short-term debt instrument or money market instrument maturing in 60 days or less from date of valuation, such instrument shall be valued at amortized cost. Options are valued at the mean of the most recent bid and asked quotations. In the event an option is out-of-the money and no bid is available, a zero value may be assumed as the bid for purposes of calculating the mean of the most recent bid and ask quotations.
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 Funds 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 assumptions of Harris Associates L.P. (the Adviser) in determining the fair value of investments)
Observable inputs are those based on market data obtained from independent sources and unobservable inputs reflect the Advisers 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 following is a summary of the inputs used as of December 31, 2019, in valuing each Funds 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 Funds Schedule of Investments. Information on forward foreign currency contracts is presented in each Funds Schedule of Investments.
(in thousands) |
|
Quoted Prices |
|
Other |
|
Significant |
| |||
Oakmark |
|
|
|
|
|
|
| |||
Common Stocks |
|
$ |
16,138,836 |
|
$ |
0 |
|
$ |
0 |
|
Short Term Investments |
|
0 |
|
647,872 |
|
0 |
| |||
Total |
|
$ |
16,138,836 |
|
$ |
647,872 |
|
$ |
0 |
|
Select |
|
|
|
|
|
|
| |||
Common Stocks |
|
$ |
4,621,368 |
|
$ |
0 |
|
$ |
0 |
|
Short Term Investments |
|
0 |
|
|
230,191 |
|
0 |
| ||
Total |
|
$ |
4,621,368 |
|
$ |
230,191 |
|
$ |
0 |
|
Equity and Income |
|
|
|
|
|
|
| |||
Common Stocks |
|
$ |
7,358,553 |
|
$ |
0 |
|
$ |
0 |
|
Preferred Stocks |
|
12,960 |
|
|
|
|
| |||
Corporate Bonds |
|
0 |
|
2,083,920 |
|
0 |
| |||
Government and Agency Securities |
|
0 |
|
1,316,464 |
|
0 |
| |||
Short Term Investments |
|
0 |
|
1,006,417 |
|
0 |
| |||
Total |
|
$ |
7,371,513 |
|
$ |
4,406,801 |
|
$ |
0 |
|
Global |
|
|
|
|
|
|
| |||
Common Stocks |
|
$ |
1,754,776 |
|
$ |
0 |
|
$ |
0 |
|
Short Term Investments |
|
0 |
|
|
35,190 |
|
0 |
| ||
Forward Foreign Currency Contracts - Liabilities |
|
0 |
|
(289 |
) |
0 |
| |||
Total |
|
$ |
1,754,776 |
|
$ |
34,901 |
|
$ |
0 |
|
Global Select |
|
|
|
|
|
|
| |||
Common Stocks |
|
$ |
1,903,342 |
|
$ |
0 |
|
$ |
0 |
|
Short Term Investments |
|
0 |
|
66,803 |
|
0 |
| |||
Forward Foreign Currency Contracts - Liabilities |
|
0 |
|
(477 |
) |
0 |
| |||
Total |
|
$ |
1,903,342 |
|
$ |
66,326 |
|
$ |
0 |
|
International |
|
|
|
|
|
|
| |||
Common Stocks |
|
$ |
31,980,789 |
|
$ |
0 |
|
$ |
0 |
|
Preferred Stocks |
|
138,067 |
|
0 |
|
0 |
| |||
Short Term Investments |
|
0 |
|
865,327 |
|
0 |
| |||
Forward Foreign Currency Contracts - Liabilities |
|
0 |
|
(4,071 |
) |
0 |
| |||
Total |
|
$ |
32,118,856 |
|
$ |
861,256 |
|
$ |
0 |
|
Intl Small Cap |
|
|
|
|
|
|
| |||
Common Stocks |
|
$ |
1,511,344 |
|
$ |
0 |
|
$ |
0 |
|
Short Term Investments |
|
0 |
|
64,742 |
|
0 |
| |||
Forward Foreign Currency Contracts - Assets |
|
0 |
|
126 |
|
0 |
| |||
Forward Foreign Currency Contracts - Liabilities |
|
0 |
|
(206 |
) |
0 |
| |||
Total |
|
$ |
1,511,344 |
|
$ |
64,662 |
|
$ |
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 days interpolated foreign exchange rates. Unrealized gain or loss on the contracts are 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 December 31, 2019, Global, Global Select, International and Intl Small Cap held non-collateralized, forward foreign currency contracts, which are considered derivative instruments, each of whose counterparty is State Street Bank and Trust Company (State Street) and are listed in the Funds Schedule of Investments.
For the period ended December 31, 2019, the notional value of forward foreign currency contracts opened and the notional value of settled contracts is listed by Fund in the table below (in thousands):
Fund |
|
Currency |
|
Currency |
| ||
Global |
|
$ |
17,555 |
|
$ |
20,120 |
|
Global Select |
|
28,980 |
|
38,994 |
| ||
International |
|
247,526 |
|
332,830 |
| ||
Intl Small Cap |
|
12,502 |
|
14,651 |
| ||
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 December 31, 2019, 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 December 31, 2019, 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 options 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 Funds exposure to the underlying instrument. Purchasing put options tends to decrease the Funds 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.
Oakmark, Global Select, and Select used purchased options for tax management purposes during the period ended December 31, 2019. There were no outstanding purchased options as of December 31, 2019.
Oakmark, Global Select, and Select used options written for tax management purposes during the period ended December 31, 2019. There were no outstanding written options as of December 31,2019.
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. 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 Funds ability to dispose of the underlying securities. At December 31, 2019, all of the Funds held repurchase agreements.
Security lending
Each Fund 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. Treasury or agency securities
maintained on a current basis in an amount at least equal to the fair value of the securities loaned by a Fund. The Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and would also receive 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. There could also 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. A Fund may not exercise proxy voting rights for a security that is on loan if it is unable to recall the security prior to the record date. The Trust, on behalf of the Funds, has entered into an agreement with State Street to serve as its agent for the purpose of lending securities and maintaining the collateral account.
At December 31, 2019, none of the Funds had securities on loan.
2. INVESTMENTS IN AFFILIATED ISSUERS
A company was considered to be an affiliate of a Fund because that Fund owned 5% or more of the companys voting securities during all or part of the period ended December 31, 2019. Purchase and sale transactions and dividend and interest income earned during the period on these securities are listed after the applicable Funds Schedule of Investments.
3. SUBSEQUENT EVENTS
The Adviser has evaluated the possibility of subsequent events existing in the Funds Schedule of Investments. The Adviser has determined that there are no material events that would require adjustment or disclosure in the Funds Schedule of Investments through the date of the publication of this report.