Oakmark Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 96.1%
FINANCIALS – 32.4%
DIVERSIFIED FINANCIALS – 20.8%
Capital One Financial Corp.		5,114	$	320,085
Ally Financial, Inc.		15,923		315,755
The Charles Schwab Corp.		8,700		293,528
State Street Corp.		4,508		286,471
Moody's Corp.		985		270,629
S&P Global, Inc.		748		246,313
The Bank of New York Mellon Corp.		5,836		225,543
The Goldman Sachs Group, Inc.		1,105		218,370
American Express Co.		2,004		190,809
				2,367,503
BANKS – 7.9%
Bank of America Corp.		15,476		367,543
Citigroup, Inc.		7,094		362,509
Wells Fargo & Co.		6,580		168,458
				898,510
INSURANCE – 3.7%
American International Group, Inc.		8,387		261,520
Reinsurance Group of America, Inc.		2,118		166,103
				427,623
				3,693,636
COMMUNICATION SERVICES – 19.1%
MEDIA & ENTERTAINMENT – 18.2%
Alphabet, Inc., Class A (a)		316		448,267
Facebook, Inc., Class A (a)		1,776		403,367
Netflix, Inc. (a) (b)		818		372,268
Comcast Corp., Class A		8,409		327,787
Charter Communications, Inc., Class A (a)		452		230,283
Match Group, Inc. (a)		1,504		160,982
Pinterest, Inc., Class A (a)		5,739		127,242
				2,070,196
TELECOMMUNICATION SERVICES – 0.9%
T-Mobile US, Inc. (a)		1,000		104,150
				2,174,346
CONSUMER DISCRETIONARY – 12.1%
RETAILING – 5.9%
Booking Holdings, Inc. (a)		191		303,500
eBay, Inc.		4,676		245,240
Qurate Retail, Inc., Class A (a)		13,030		123,789
				672,529
AUTOMOBILES & COMPONENTS – 3.3%
General Motors Co.		8,446		213,684
Aptiv PLC		2,036		158,660
				372,344
CONSUMER SERVICES – 2.9%
Hilton Worldwide Holdings, Inc.		2,572		188,921
MGM Resorts International		8,700		146,155
				335,076
				1,379,949
INFORMATION TECHNOLOGY – 9.9%
SOFTWARE & SERVICES – 8.4%
Gartner, Inc. (a)		1,668		202,418
Visa, Inc., Class A		881		170,125
Workday, Inc., Class A (a)		857		160,530
MasterCard, Inc., Class A		542		160,358
DXC Technology Co.		9,139		150,795
Automatic Data Processing, Inc.		799		118,948
				963,174
TECHNOLOGY HARDWARE & EQUIPMENT – 1.5%
TE Connectivity, Ltd.		2,051		167,238
				1,130,412
INDUSTRIALS – 8.8%
CAPITAL GOODS – 8.8%
Parker-Hannifin Corp.		1,400		256,662
Cummins, Inc.		1,472		255,039
Caterpillar, Inc.		1,620		204,905
General Electric Co.		24,484		167,227
General Dynamics Corp.		800		119,568
				1,003,401
HEALTH CARE – 6.4%
HEALTH CARE EQUIPMENT & SERVICES – 5.4%
Humana, Inc.		628		243,507
CVS Health Corp.		3,278		212,982
HCA Healthcare, Inc.		1,683		163,352
				619,841
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 1.0%
Regeneron Pharmaceuticals, Inc. (a) (b)		174		108,450
				728,291
ENERGY – 4.8%
EOG Resources, Inc.		4,713		238,774
Apache Corp.		13,539		182,773
Concho Resources, Inc.		1,300		66,950
Diamondback Energy, Inc.		1,300		54,366
				542,863
CONSUMER STAPLES – 2.6%
FOOD, BEVERAGE & TOBACCO – 2.6%
Constellation Brands, Inc., Class A		1,735		303,521
TOTAL COMMON STOCKS – 96.1% (Cost $8,182,319)				10,956,419

OAKMARK FUNDS

Oakmark Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
SHORT-TERM INVESTMENTS – 4.8%
U.S. GOVERNMENT BILL – 2.6%
United States Treasury Bill, 0.10%, due 07/21/20 (Cost  $299,983)	$	300,000	$	299,980
REPURCHASE AGREEMENT – 2.2%
Fixed Income Clearing Corp. Repurchase Agreement, 0.06% dated 06/30/20 due 07/01/20, repurchase price $245,521, collateralized by United States Treasury Note, 1.250% due 08/31/24, value plus accrued interest of $250,431  (Cost: $245,521)		245,521		245,521
TOTAL SHORT-TERM INVESTMENTS – 4.8% (Cost $545,504)				545,501
TOTAL INVESTMENTS – 100.9% (Cost $8,727,823)				11,501,920
Foreign Currencies (Cost $0) – 0.0% (c)				0	(d)
Liabilities In Excess of Other Assets – (0.9)%				(105,091	)
TOTAL NET ASSETS – 100.0%			$	11,396,829

(a)	Non-income producing security
(b)	All or a portion of this investment is held in connection with one or more options within the Fund.
(c)	Amount rounds to less than 0.1%.
(d)	Amount rounds to less than $1,000.

Oakmark.com

Oakmark Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

WRITTEN OPTIONS

Description	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums (Received) by Fund			Unrealized Gain/(Loss)
CALLS
Netflix, Inc.	$	400.00	9/18/20		(3,000	)	$	(136,512	)	$	(20,940	)	$	(16,309	)	$	(4,631	)
Netflix, Inc.	$	410.00	9/18/20		(2,000	)	$	(91,008	)	$	(12,565	)	$	(9,696	)	$	(2,869	)
Netflix, Inc.	$	480.00	9/18/20		(100	)	$	(4,550	)	$	(256	)	$	(312	)	$	56
Regeneron Pharmaceuticals, Inc.	$	525.00	8/21/20		(900	)	$	(56,129	)	$	(9,590	)	$	(8,720	)	$	(870	)
Regeneron Pharmaceuticals, Inc.	$	600.00	8/21/20		(300	)	$	(18,710	)	$	(1,563	)	$	(1,189	)	$	(374	)
							$	(306,909	)	$	(44,914	)	$	(36,226	)	$	(8,688	)

OAKMARK FUNDS

Oakmark Select Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 97.7%
COMMUNICATION SERVICES – 27.7%
MEDIA & ENTERTAINMENT – 27.7%
Alphabet, Inc., Class A (a)		263	$	373,247
Netflix, Inc. (a) (b)		480		218,237
Charter Communications, Inc., Class A (a)		399		203,455
Facebook, Inc., Class A (a)		860		195,280
				990,219
FINANCIALS – 23.6%
BANKS – 10.2%
Citigroup, Inc.		4,112		210,123
Bank of America Corp.		6,603		156,831
				366,954
DIVERSIFIED FINANCIALS – 9.0%
Ally Financial, Inc.		9,780		193,938
Capital One Financial Corp.		2,035		127,364
				321,302
INSURANCE – 4.4%
American International Group, Inc.		5,019		156,501
				844,757
CONSUMER DISCRETIONARY – 14.9%
RETAILING – 6.8%
Booking Holdings, Inc. (a)		95		151,272
Qurate Retail, Inc., Class A (a)		9,444		89,722
				240,994
CONSUMER SERVICES – 4.6%
Hilton Worldwide Holdings, Inc.		1,166		85,678
MGM Resorts International		4,697		78,909
				164,587
AUTOMOBILES & COMPONENTS – 3.5%
Lear Corp.		1,150		125,373
				530,954
REAL ESTATE – 8.6%
CBRE Group, Inc., Class A (a)		6,755		305,441
HEALTH CARE – 5.3%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 5.3%
Regeneron Pharmaceuticals, Inc. (a) (b)		304		189,839
ENERGY – 5.0%
EOG Resources, Inc.		2,662		134,868
Apache Corp.		3,134		42,304
				177,172
CONSUMER STAPLES – 4.8%
FOOD, BEVERAGE & TOBACCO – 4.8%
Constellation Brands, Inc., Class A		990		173,131
INFORMATION TECHNOLOGY – 4.8%
TECHNOLOGY HARDWARE & EQUIPMENT – 4.8%
TE Connectivity, Ltd.		2,103		171,495
INDUSTRIALS – 3.0%
CAPITAL GOODS – 3.0%
General Electric Co.		15,840		108,187
TOTAL COMMON STOCKS – 97.7% (Cost $2,489,985)				3,491,195

		Par Value		Value
SHORT-TERM INVESTMENTS – 3.1%
REPURCHASE AGREEMENT – 3.1%
Fixed Income Clearing Corp. Repurchase Agreement, 0.06% dated 06/30/20 due 07/01/20, repurchase price $112,484, collateralized by United States Treasury Notes, 1.250% - 2.375% due 08/15/24 - 08/31/24, aggregate value plus accrued interest of $114,734  (Cost: $112,484)	$	112,484		112,484
TOTAL SHORT-TERM INVESTMENTS – 3.1% (Cost $112,484)				112,484
TOTAL INVESTMENTS – 100.8% (Cost $2,602,469)				3,603,679
Liabilities In Excess of Other Assets – (0.8)%				(29,921	)
TOTAL NET ASSETS – 100.0%			$	3,573,758

(a)	Non-income producing security
(b)	All or a portion of this investment is held in connection with one or more options within the Fund.

OAKMARK FUNDS

Oakmark Select Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

WRITTEN OPTIONS

Description	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums (Received) by Fund			Unrealized Gain/(Loss)
CALLS
Regeneron Pharmaceuticals, Inc.	$	480.00	8/21/20		(237	)	$	(14,781	)	$	(3,490	)	$	(1,655	)	$	(1,835	)
Regeneron Pharmaceuticals, Inc.	$	465.00	8/21/20		(713	)	$	(44,466	)	$	(11,497	)	$	(5,634	)	$	(5,863	)
Regeneron Pharmaceuticals, Inc.	$	540.00	8/21/20		(550	)	$	(34,301	)	$	(5,187	)	$	(3,684	)	$	(1,503	)
Regeneron Pharmaceuticals, Inc.	$	600.00	8/21/20		(200	)	$	(12,473	)	$	(1,042	)	$	(793	)	$	(249	)
Netflix, Inc.	$	400.00	9/18/20		(800	)	$	(36,403	)	$	(5,584	)	$	(4,349	)	$	(1,235	)
Netflix, Inc.	$	480.00	9/18/20		(800	)	$	(36,403	)	$	(2,052	)	$	(2,500	)	$	448
							$	(178,827	)	$	(28,852	)	$	(18,615	)	$	(10,237	)

Oakmark.com

Oakmark Global Fund

Global Diversification —June 30, 2020 (Unaudited)

		% of Equity Investments
North America			48.1	%
	United States				48.1	%
Europe			41.8	%
	United Kingdom				16.1	%
	Germany*				12.8	%
	Switzerland				10.2	%
	Ireland*				2.7	%
Asia			3.8	%
	Japan				1.2	%
	South Korea				0.9	%
	India				0.8	%
	China				0.5	%
	Taiwan				0.4	%
Africa			2.9	%
	South Africa				2.9	%
Australasia			2.3	%
	Australia				2.3	%
Latin America			1.1	%
	Mexico				1.1	%

* Euro currency countries comprise 15.5% of equity investments.

Oakmark Global Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 97.0%
FINANCIALS – 22.9%
BANKS – 11.4%
Lloyds Banking Group PLC (United Kingdom)		133,921	$	51,732
Bank of America Corp. (United States)		1,922		45,638
Citigroup, Inc. (United States)		559		28,575
Axis Bank, Ltd. (India)		1,635		8,808
				134,753
DIVERSIFIED FINANCIALS – 7.3%
Credit Suisse Group AG (Switzerland)		5,064		52,364
Julius Baer Group, Ltd. (Switzerland) (a)		821		34,342
				86,706
INSURANCE – 4.2%
Allianz SE (Germany)		176		35,966
Prudential PLC (United Kingdom)		956		14,437
				50,403
				271,862
CONSUMER DISCRETIONARY – 18.7%
AUTOMOBILES & COMPONENTS – 11.9%
Daimler AG (Germany)		1,241		50,408
General Motors Co. (United States)		1,698		42,947
Continental AG (Germany) (a)		344		33,656
Toyota Motor Corp. (Japan)		228		14,279
				141,290
RETAILING – 4.4%
Naspers, Ltd. (South Africa)		183		33,366
Booking Holdings, Inc. (United States) (a)		9		13,798
Alibaba Group Holding, Ltd. (China) (a)		188		5,084
				52,248
CONSUMER DURABLES & APPAREL – 1.7%
Cie Financiere Richemont SA (Switzerland)		310		19,776
CONSUMER SERVICES – 0.7%
Compass Group PLC (United Kingdom)		623		8,580
				221,894
COMMUNICATION SERVICES – 16.4%
MEDIA & ENTERTAINMENT – 14.3%
Alphabet, Inc., Class C (United States) (a)		49		69,428
Liberty Broadband Corp., Class C (United States) (a)		253		31,300
The Interpublic Group of Cos., Inc. (United States)		1,211		20,787
Pinterest, Inc., Class A (United States) (a)		612		13,577
Live Nation Entertainment, Inc. (United States) (a)		301		13,327
Grupo Televisa SAB (Mexico) (a) (b)		2,437		12,772
Charter Communications, Inc., Class A (United States) (a)		16		8,007
				169,198
TELECOMMUNICATION SERVICES – 2.1%
Liberty Global PLC, Class A (United Kingdom) (a)		1,155		25,244
				194,442
INDUSTRIALS – 15.1%
CAPITAL GOODS – 10.3%
CNH Industrial N.V. (United Kingdom) (a)		6,950		48,627
Travis Perkins PLC (United Kingdom)		1,680		23,428
Howmet Aerospace, Inc. (United States)		1,348		21,363
Johnson Controls International PLC (United States)		412		14,055
Rolls-Royce Holdings PLC (United Kingdom)		3,836		13,567
Flowserve Corp. (United States)		44		1,255
				122,295
TRANSPORTATION – 2.8%
Ryanair Holdings PLC (Ireland) (a) (b)		470		31,169
Southwest Airlines Co. (United States)		69		2,369
				33,538
COMMERCIAL & PROFESSIONAL SERVICES – 2.0%
CoreLogic, Inc. (United States)		344		23,137
				178,970
INFORMATION TECHNOLOGY – 14.5%
SOFTWARE & SERVICES – 8.8%
MasterCard, Inc., Class A (United States)		251		74,339
Oracle Corp. (United States)		536		29,641
				103,980
TECHNOLOGY HARDWARE & EQUIPMENT – 5.3%
TE Connectivity, Ltd. (United States)		645		52,616
Samsung Electronics Co., Ltd. (South Korea)		242		10,623
				63,239
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.4%
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		445		4,721
				171,940
HEALTH CARE – 4.8%
HEALTH CARE EQUIPMENT & SERVICES – 2.6%
Tenet Healthcare Corp. (United States) (a)		1,031		18,669
Envista Holdings Corp. (United States) (a)		559		11,785
				30,454
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 2.2%
Bayer AG (Germany)		360		26,601
				57,055
MATERIALS – 3.5%
Incitec Pivot, Ltd. (Australia)		20,403		26,400
LafargeHolcim, Ltd. (Switzerland)		254		11,133
Arconic Corp. (United States) (a)		306		4,263
				41,796

OAKMARK FUNDS

Oakmark Global Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 97.0%  (cont.)
ENERGY – 1.1%
National Oilwell Varco, Inc. (United States)		885	$	10,835
EOG Resources, Inc. (United States)		51		2,558
				13,393
TOTAL COMMON STOCKS – 97.0% (Cost $1,068,901)				1,151,352

		Par Value		Value
SHORT-TERM INVESTMENT – 2.5%
REPURCHASE AGREEMENT – 2.5%
Fixed Income Clearing Corp. Repurchase Agreement, 0.06% dated 06/30/20 due 07/1/20, repurchase price $29,596, collateralized by a United States Treasury Note, 2.375% due 08/15/24, value plus accrued interest of $30,187 (Cost: $29,595)	$	29,595		29,595
TOTAL SHORT-TERM INVESTMENTS – 2.5% (Cost $29,595)				29,595
TOTAL INVESTMENTS – 99.5% (Cost $1,098,496)				1,180,947
Foreign Currencies (Cost $11) – 0.0% (c)				11
Other Assets In Excess of Liabilities – 0.5%				6,240
TOTAL NET ASSETS – 100.0%			$	1,187,198

(a)	Non-income producing security
(b)	Sponsored American Depositary Receipt
(c)	Amount rounds to less than 0.1%.

Oakmark.com

Oakmark Global Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

FORWARD FOREIGN CURRENCY CONTRACT (in thousands)

	Local Contract Amount		Base Contract Amount		Settlement Date	Valuation at 6/30/20		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sold:
Swiss Franc		14,708	$	15,566	12/16/20	$	15,613	$	(47	)
						$	15,613	$	(47	)

OAKMARK FUNDS

Oakmark Global Select Fund

Global Diversification —June 30, 2020 (Unaudited)

		% of Equity Investments
North America			49.3	%
	United States				49.3	%
Europe			45.4	%
	Switzerland				15.2	%
	United Kingdom				13.5	%
	Germany*				12.6	%
	Netherlands*				4.1	%
Asia			5.3	%
	South Korea				5.3	%

* Euro currency countries comprise 16.7% of equity investments.

Oakmark Global Select Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 97.2%
FINANCIALS – 26.8%
BANKS – 16.0%
Bank of America Corp. (United States)		3,480	$	82,647
Lloyds Banking Group PLC (United Kingdom)		168,352		65,033
Citigroup, Inc. (United States)		1,254		64,059
				211,739
DIVERSIFIED FINANCIALS – 7.0%
Credit Suisse Group AG (Switzerland)		9,031		93,398
INSURANCE – 3.8%
American International Group, Inc. (United States)		1,640		51,123
				356,260
COMMUNICATION SERVICES – 19.0%
MEDIA & ENTERTAINMENT – 19.0%
Alphabet, Inc., Class A (United States) (a)		97		138,108
Charter Communications, Inc., Class A (United States) (a)		155		78,954
NAVER Corp. (South Korea)		157		34,828
				251,890
CONSUMER DISCRETIONARY – 18.4%
RETAILING – 7.4%
Prosus N.V. (Netherlands) (a)		563		52,289
Booking Holdings, Inc. (United States) (a)		28		45,342
				97,631
AUTOMOBILES & COMPONENTS – 7.1%
Daimler AG (Germany)		2,337		94,919
CONSUMER DURABLES & APPAREL – 3.9%
Cie Financiere Richemont SA (Switzerland)		813		51,833
				244,383
HEALTH CARE – 8.7%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 8.7%
Bayer AG (Germany)		922		68,135
Regeneron Pharmaceuticals, Inc. (United States) (a)		75		46,836
				114,971
INFORMATION TECHNOLOGY – 8.0%
TECHNOLOGY HARDWARE & EQUIPMENT – 8.0%
TE Connectivity, Ltd. (United States)		897		73,142
Samsung Electronics Co., Ltd. (South Korea)		753		33,071
				106,213
INDUSTRIALS – 8.0%
CAPITAL GOODS – 6.6%
CNH Industrial N.V. (United Kingdom) (a)		12,401		86,771
TRANSPORTATION – 1.4%
Kuehne + Nagel International AG (Switzerland) (a)		114		18,939
				105,710
REAL ESTATE – 4.2%
CBRE Group, Inc., Class A (United States) (a)		1,229		55,553
MATERIALS – 2.4%
LafargeHolcim, Ltd. (Switzerland)		725		31,754
CONSUMER STAPLES – 1.7%
HOUSEHOLD & PERSONAL PRODUCTS – 1.7%
Reckitt Benckiser Group PLC (United Kingdom)		243		22,359
TOTAL COMMON STOCKS – 97.2% (Cost $1,221,650)				1,289,093

	Par Value		Value
SHORT-TERM INVESTMENTS – 0.5%
REPURCHASE AGREEMENT – 0.5%
Fixed Income Clearing Corp. Repurchase Agreement, 0.06% dated 06/30/20 due 07/01/20, repurchase price $7,429, collateralized by a United States Treasury Note, 1.250% due 08/31/24, value plus accrued interest of $7,578 (Cost: $7,429)	$	7,429		7,429
TOTAL SHORT-TERM INVESTMENTS – 0.5% (Cost $7,429)				7,429
TOTAL INVESTMENTS – 97.7% (Cost $1,229,079)				1,296,522
Foreign Currencies (Cost $0) – 0.0% (b)				0	(c)
Other Assets In Excess of Liabilities – 2.3%				30,237
TOTAL NET ASSETS – 100.0%			$	1,326,759

(a)	Non-income producing security
(b)	Amount rounds to less than 0.1%.
(c)	Amount rounds to less than $1,000.

OAKMARK FUNDS

Oakmark Global Select Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

FORWARD FOREIGN CURRENCY CONTRACT (in thousands)

	Local Contract Amount		Base Contract Amount		Settlement Date	Valuation at 6/30/20		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sold:
Swiss Franc		23,367		24,730	12/16/20	$	24,805	$	(75	)
						$	24,805	$	(75	)

Oakmark.com

Oakmark International Fund

Global Diversification —June 30, 2020 (Unaudited)

		% of Equity Investments
Europe			81.1	%
	United Kingdom				22.9	%
	Germany*				17.5	%
	Switzerland				12.3	%
	France*				12.0	%
	Sweden				5.5	%
	Italy*				4.1	%
	Netherlands*				2.3	%
	Ireland*				2.2	%
	Spain*				1.3	%
	Finland*				1.0	%
Asia			10.2	%
	Japan				2.8	%
	China				2.6	%
	South Korea				2.6	%
	India				1.0	%
	Indonesia				0.9	%
	Taiwan				0.3	%
Australasia			3.3	%
	Australia				3.3	%
North America			2.5	%
	Canada				2.5	%
Africa			2.2	%
	South Africa				2.2	%
Latin America			0.7	%
	Mexico				0.7	%

* Euro currency countries comprise 40.4% of equity investments.

Oakmark International Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 95.9%
FINANCIALS – 27.6%
BANKS – 15.2%
BNP Paribas SA (France) (a)		23,561	$	936,252
Intesa Sanpaolo SPA (Italy) (a)		456,371		873,492
Lloyds Banking Group PLC (United Kingdom)		2,125,970		821,240
Royal Bank of Scotland Group PLC (United Kingdom)		191,823		289,028
Axis Bank, Ltd. (India)		40,539		218,338
Bank Mandiri Persero Tbk PT (Indonesia)		529,360		183,432
				3,321,782
DIVERSIFIED FINANCIALS – 8.1%
Credit Suisse Group AG (Switzerland)		73,295		757,980
EXOR N.V. (Netherlands)		8,468		483,681
Schroders PLC (United Kingdom)		8,374		305,984
AMP, Ltd. (Australia) (a)		171,340		219,338
Schroders PLC, Non-Voting (United Kingdom)		31		804
				1,767,787
INSURANCE – 4.3%
Allianz SE (Germany)		2,668		544,865
Prudential PLC (United Kingdom)		26,151		394,841
				939,706
				6,029,275
CONSUMER DISCRETIONARY – 24.5%
AUTOMOBILES & COMPONENTS – 13.3%
Daimler AG (Germany)		20,423		829,374
Bayerische Motoren Werke AG (Germany)		11,464		731,833
Continental AG (Germany) (a)		6,986		684,071
Valeo SA (France) (b)		15,416		404,585
Toyota Motor Corp. (Japan)		4,020		251,738
				2,901,601
RETAILING – 5.4%
Naspers, Ltd. (South Africa)		2,605		474,839
Hennes & Mauritz AB (H&M) - Class B (Sweden)		27,408		397,083
Trip.com Group, Ltd. (China) (a) (c)		6,184		160,279
Alibaba Group Holding, Ltd. (China) (a)		3,659		98,957
Alibaba Group Holding, Ltd. (China) (a) (c)		258		55,565
				1,186,723
CONSUMER DURABLES & APPAREL – 3.2%
Cie Financiere Richemont SA (Switzerland)		4,729		301,643
The Swatch Group AG, Bearer Shares (Switzerland)		1,166		232,657
EssilorLuxottica SA (France) (a)		1,211		155,453
				689,753
CONSUMER SERVICES – 2.6%
Accor SA (France) (a) (b)		15,690		426,759
Compass Group PLC (United Kingdom)		10,556		145,446
				572,205
				5,350,282
INDUSTRIALS – 19.1%
CAPITAL GOODS – 14.1%
CNH Industrial N.V. (United Kingdom) (a) (b)		96,685		676,522
Volvo AB, Class B (Sweden) (a)		26,576		416,120
Ashtead Group PLC (United Kingdom)		11,674		393,319
SKF AB, Class B (Sweden) (b)		18,483		343,452
Komatsu, Ltd. (Japan)		16,222		331,044
Rolls-Royce Holdings PLC (United Kingdom)		84,083		297,349
Bunzl PLC (United Kingdom)		8,903		238,944
Ferguson PLC (United Kingdom)		2,543		208,314
Smiths Group PLC (United Kingdom)		10,187		178,234
				3,083,298
TRANSPORTATION – 2.5%
Ryanair Holdings PLC (Ireland) (a) (b) (c)		6,992		463,831
Kuehne + Nagel International AG (Switzerland) (a)		495		82,251
				546,082
COMMERCIAL & PROFESSIONAL SERVICES – 2.5%
Brambles, Ltd. (Australia)		25,349		190,151
Bureau Veritas SA (France) (a)		8,999		189,878
G4S PLC (United Kingdom) (b)		116,343		164,271
				544,300
				4,173,680
MATERIALS – 9.1%
Glencore PLC (Switzerland)		446,724		947,764
thyssenkrupp AG (Germany) (a) (b)		40,901		290,140
Orica, Ltd. (Australia) (b)		24,895		285,873
LafargeHolcim, Ltd. (Switzerland)		5,659		247,916
UPM-Kymmene OYJ (Finland)		7,114		205,558
				1,977,251
COMMUNICATION SERVICES – 8.4%
MEDIA & ENTERTAINMENT – 6.8%
Publicis Groupe SA (France) (b)		12,667		410,006
NAVER Corp. (South Korea)		1,806		400,850
WPP PLC (United Kingdom)		37,318		291,683
Baidu, Inc. (China) (a) (c)		1,920		230,214
Grupo Televisa SAB (Mexico) (a) (c)		27,065		141,821
				1,474,574
TELECOMMUNICATION SERVICES – 1.6%
Liberty Global PLC, Class A (United Kingdom) (a)		12,699		277,605
Liberty Global PLC, Class C (United Kingdom) (a)		3,155		67,869
				345,474
				1,820,048
INFORMATION TECHNOLOGY – 3.2%
SOFTWARE & SERVICES – 2.2%
Amadeus IT Group SA (Spain)		5,290		275,661

OAKMARK FUNDS

Oakmark International Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 95.9%  (cont.)
INFORMATION TECHNOLOGY – 3.2% (cont.)
SOFTWARE & SERVICES – 2.2%  (cont.)
Open Text Corp. (Canada)		4,954	$	210,379
				486,040
TECHNOLOGY HARDWARE & EQUIPMENT – 0.7%
Samsung Electronics Co., Ltd. (South Korea)		3,280		143,958
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.3%
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		5,978		63,418
				693,416
HEALTH CARE – 1.9%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 1.9%
Bayer AG (Germany)		5,591		413,280
ENERGY – 1.4%
Cenovus Energy, Inc. (Canada) (b)		65,750		307,537
CONSUMER STAPLES – 0.7%
HOUSEHOLD & PERSONAL PRODUCTS – 0.7%
Henkel AG & Co. KGaA (Germany)		1,060		88,347
Reckitt Benckiser Group PLC (United Kingdom)		663		61,025
				149,372
FOOD, BEVERAGE & TOBACCO – 0.0%(d)
Nestlé SA (Switzerland)		95		10,517
				159,889
TOTAL COMMON STOCKS – 95.9% (Cost $26,928,282)				20,924,658
PREFERRED STOCKS – 0.5%
CONSUMER STAPLES – 0.5%
HOUSEHOLD & PERSONAL PRODUCTS – 0.5%
Henkel AG & Co. KGaA (Germany)		1,063		99,001
TOTAL PREFERRED STOCKS – 0.5% (Cost $108,735)				99,001

	Par Value		Value
SHORT-TERM INVESTMENTS – 3.1%
REPURCHASE AGREEMENT – 1.7%
Fixed Income Clearing Corp. Repurchase Agreement, 0.06% dated 06/30/20 due 07/01/20, repurchase price $365,787, collateralized by United States Treasury Notes, 0.125% - 1.750% due 07/15/24 - 07/31/24, aggregate value plus accrued interest of $373,102  (Cost: $365,786)	$	365,786		365,786
COMMERCIAL PAPER – 1.4%
Walgreens Boots,
0.48% - 0.61%, due 08/05/20 - 08/31/20 (e)		172,900		172,731
American Honda Finance Corp.,
0.35% - 0.61%, due 07/07/20 - 09/09/20 (e)		133,000		132,967
Schlumberger Holdings Corp., 144A,
0.36% - 0.41%, due 09/15/20 - 09/22/20 (e) (f)	$	9,506	$	9,487
Total Commercial Paper (Cost $315,229)				315,185
TOTAL SHORT-TERM INVESTMENTS – 3.1% (Cost $681,015)				680,971
TOTAL INVESTMENTS – 99.5% (Cost $27,718,032)				21,704,630
Foreign Currencies (Cost $7,623) – 0.0% (d)				7,645
Other Assets In Excess of Liabilities – 0.5%				107,694
TOTAL NET ASSETS – 100.0%			$	21,819,969

(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)	Amount rounds to less than 0.1%.
(e)	The rate shown represents the annualized yield at the time of purchase; not a coupon rate.
(f)	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.

Oakmark.com

Oakmark International Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

FORWARD FOREIGN CURRENCY CONTRACT (in thousands)

	Local Contract Amount		Base Contract Amount		Settlement Date	Valuation at 6/30/20		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sold:
Swiss Franc		193,968	$	205,288	12/16/20	$	205,908	$	(620	)
						$	205,908	$	(620	)

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 (Cost)		Sales (Proceeds)		Realized Gain/(Loss)			Change in Unrealized			Dividend Income		Value September 30, 2019		Value June 30, 2020		Percent of Net Assets
Accor SA		15,690	$	96,776	$	29,807		(15,936	)	$	(203,766	)	$	0	$	579,492	$	426,759		2.0	%
Cenovus Energy, Inc.		65,750		112,869		22,047		(1,324	)		(212,158	)		5,148		430,198		307,537		1.4	%
CNH Industrial N.V.		96,685		15,499		25,368		(21,864	)		(301,062	)		0		1,009,317		676,522		3.1	%
G4S PLC		116,343		21,106		0		0			(103,845	)		0		247,009		164,271		0.8	%
Orica, Ltd.		24,895		77,256		35,877		(11,088	)		(65,345	)		6,977		320,927		285,873		1.3	%
Publicis Groupe SA		12,667		103,127		95,920		(60,074	)		(179,725	)		0		642,598		410,006		1.9	%
Ryanair Holdings PLC (a)		6,992		43,531		447,261		(135,748	)		183,977			0		819,332		463,831		2.1	%
SKF AB, Class B (a)		18,483		8,277		170,581		(60,878	)		102,597			7,899		464,037		343,452		1.6	%
thyssenkrupp AG		40,901		30,439		50,582		(56,474	)		(259,288	)		0		626,046		290,140		1.3	%
Valeo SA		15,416		0		82,070		(153,830	)		32,539			3,509		607,947		404,585		1.9	%
TOTAL		413,822	$	508,880	$	959,513	$	(517,216	)	$	(1,006,076	)	$	23,533	$	5,746,903	$	3,772,976		17.4	%

(a) Due to transactions during the period ended June 30, 2020, the company is no longer an affiliate.

OAKMARK FUNDS

Oakmark International Small Cap Fund

Global Diversification —June 30, 2020 (Unaudited)

			% of Equity Investments
Europe		71.3	%
	United Kingdom			20.5	%
	Switzerland			9.9	%
	Finland*			8.5	%
	Sweden			7.0	%
	Italy*			6.5	%
	Germany*			5.5	%
	Denmark			3.6	%
	Spain*			3.5	%
	Norway			3.2	%
	Netherlands*			1.7	%
	Portugal*			0.9	%
	Belgium*			0.5	%
Asia		10.1	%
	South Korea			4.1	%
	Japan			2.7	%
	Indonesia			2.5	%
	China			0.8	%
Australasia		7.8	%
	Australia			7.5	%
	New Zealand			0.3	%
North America		6.0	%
	Canada			6.0	%
Latin America		4.8	%
	Mexico			4.8	%

* Euro currency countries comprise 27.1% of equity investments.

Oakmark International Small Cap Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 96.0%
INDUSTRIALS – 39.3%
CAPITAL GOODS – 21.3%
Konecranes OYJ (Finland)		2,138	$	48,330
Duerr AG (Germany)		1,735		45,215
Travis Perkins PLC (United Kingdom)		2,362		32,939
Metso OYJ (Finland)		775		25,412
Sulzer AG (Switzerland)		286		22,772
Outotec OYJ (Finland)		3,146		17,363
Fluidra SA (Spain) (a)		996		13,153
Morgan Advanced Materials PLC (United Kingdom)		3,640		10,869
Howden Joinery Group PLC (United Kingdom)		1,480		10,136
Bucher Industries AG (Switzerland)		32		9,214
dormakaba Holding AG (Switzerland)		7		3,707
				239,110
COMMERCIAL & PROFESSIONAL SERVICES – 15.0%
ISS A/S (Denmark) (a)		1,812		28,691
Applus Services SA (Spain)		3,199		24,550
Pagegroup PLC (United Kingdom)		4,028		18,876
Randstad N.V. (Netherlands)		409		18,241
Hays PLC (United Kingdom)		12,091		17,829
Babcock International Group PLC (United Kingdom)		4,469		17,178
Mitie Group PLC (United Kingdom)		13,850		14,296
SThree PLC (United Kingdom)		4,137		13,841
Loomis AB (Sweden) (a)		565		13,490
ALS, Ltd. (Australia)		323		1,461
				168,453
TRANSPORTATION – 3.0%
Controladora Vuela Cia de Aviacion SAB de CV (Mexico) (a) (b)		3,176		16,769
DSV PANALPINA A/S (Denmark)		82		9,960
Freightways, Ltd. (New Zealand)		740		3,436
Signature Aviation PLC (United Kingdom)		1,162		3,339
				33,504
				441,067
FINANCIALS – 16.8%
DIVERSIFIED FINANCIALS – 12.9%
Julius Baer Group, Ltd. (Switzerland) (a)		901		37,694
Azimut Holding SpA (Italy)		1,734		29,639
Element Fleet Management Corp. (Canada)		3,426		25,562
EFG International AG (Switzerland)		3,309		23,541
Standard Life Aberdeen PLC (United Kingdom)		4,739		15,714
St James's Place PLC (United Kingdom)		1,014		11,974
				144,124
BANKS – 3.9%
BNK Financial Group, Inc. (South Korea)		7,104		29,530
DGB Financial Group, Inc. (South Korea)		3,479		14,781
				44,311
				188,435
CONSUMER DISCRETIONARY – 8.9%
AUTOMOBILES & COMPONENTS – 5.4%
Pirelli & C SpA (Italy) (a)		6,098		25,861
Autoliv, Inc. (Sweden)		324		20,927
Dometic Group AB (Sweden) (a)		1,508		13,523
				60,311
CONSUMER SERVICES – 2.0%
Autogrill SpA (Italy) (a)		2,736		14,381
Wynn Macau, Ltd. (China)		4,744		8,166
				22,547
CONSUMER DURABLES & APPAREL – 1.5%
Gildan Activewear, Inc. (Canada)		1,123		17,396
				100,254
COMMUNICATION SERVICES – 8.8%
MEDIA & ENTERTAINMENT – 5.5%
Megacable Holdings SAB de CV (Mexico)		8,253		24,155
oOh!media, Ltd. (Australia)		22,302		14,005
Nordic Entertainment Group AB, Class B (Sweden) (a)		397		12,127
Hakuhodo DY Holdings, Inc. (Japan)		975		11,571
				61,858
TELECOMMUNICATION SERVICES – 3.3%
Sarana Menara Nusantara Tbk PT (Indonesia)		212,757		15,192
Tower Bersama Infrastructure Tbk PT (Indonesia)		153,289		11,857
NOS SGPS SA (Portugal)		2,217		9,674
				36,723
				98,581
INFORMATION TECHNOLOGY – 6.7%
SOFTWARE & SERVICES – 6.4%
Atea ASA (Norway) (a)		3,602		34,655
BlackBerry, Ltd. (Canada) (a)		4,446		21,679
Software AG (Germany)		338		13,621
Equiniti Group PLC (United Kingdom)		1,076		1,938
				71,893
TECHNOLOGY HARDWARE & EQUIPMENT – 0.3%
Hirose Electric Co., Ltd. (Japan)		27		2,932
				74,825
HEALTH CARE – 6.3%
HEALTH CARE EQUIPMENT & SERVICES – 6.3%
Healius, Ltd. (Australia)		11,266		23,713
ConvaTec Group PLC (United Kingdom)		7,800		18,905
Elekta AB, Class B (Sweden)		1,681		15,633
Ansell, Ltd. (Australia)		472		11,959
				70,210

OAKMARK FUNDS

Oakmark International Small Cap Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 96.0%  (cont.)
MATERIALS – 4.9%
Incitec Pivot, Ltd. (Australia)		22,315	$	28,874
DS Smith PLC (United Kingdom)		4,976		20,234
Titan Cement International SA (Belgium) (a)		459		5,567
				54,675
CONSUMER STAPLES – 2.3%
FOOD & STAPLES RETAILING – 1.3%
Sugi Holdings Co., Ltd. (Japan)		222		15,016
HOUSEHOLD & PERSONAL PRODUCTS – 1.0%
Kimberly-Clark de Mexico SAB de CV, Class A (Mexico)		7,132		11,133
				26,149
REAL ESTATE – 2.0%
LSL Property Services PLC (United Kingdom) (c)		5,072		12,569
IWG PLC (Switzerland)		3,020		9,917
				22,486
TOTAL COMMON STOCKS – 96.0% (Cost $1,272,033)				1,076,682

	Par Value		Value
SHORT-TERM INVESTMENT – 3.5%
REPURCHASE AGREEMENT – 3.5%
Fixed Income Clearing Corp. Repurchase Agreement, 0.06% dated 06/30/20 due 07/01/20, repurchase price $39,486, collateralized by a United States Treasury Note, 2.375% due 08/15/24, value plus accrued interest of $40,276  (Cost: $39,486)	$	39,486		39,486
TOTAL SHORT-TERM INVESTMENTS – 3.5% (Cost $39,486)				39,486
TOTAL INVESTMENTS – 99.5% (Cost $1,311,519)				1,116,168
Foreign Currencies (Cost $55) – 0.0% (d)				55
Other Assets In Excess of Liabilities – 0.5%				5,050
TOTAL NET ASSETS – 100.0%			$	1,121,273

(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%.

Oakmark.com

Oakmark International Small Cap Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

FORWARD FOREIGN CURRENCY CONTRACT (in thousands)

	Local Contract Amount		Base Contract Amount		Settlement Date	Valuation at 6/30/20		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sold:
Swiss Franc		11,771	$	12,458	12/16/20	$	12,496	$	(38	)
						$	12,496	$	(38	)

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 (Cost)		Sales (Proceeds)		Realized Gain/(Loss)		Change in Unrealized		Dividend Income		Value September 30, 2019		Value June 30, 2020		Percent of Net Assets
LSL Property Services PLC (a)		5,072	$	0	$	3,215		257	$	54	$	0	$	15,473	$	12,569		1.1	%
TOTAL		5,072	$	0	$	3,215	$	257	$	54	$	0	$	15,473	$	12,569		1.1	%

(a) Due to transactions during the period ended June 30, 2020, the company is no longer an affiliate.

OAKMARK FUNDS

Oakmark Equity and Income Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 63.3%
CONSUMER DISCRETIONARY – 11.1%
AUTOMOBILES & COMPONENTS – 8.7%
General Motors Co.		11,217	$	283,792
BorgWarner, Inc.		6,051		213,593
Lear Corp.		1,161		126,598
Thor Industries, Inc.		808		86,047
				710,030
RETAILING – 1.7%
Foot Locker, Inc.		2,853		83,205
Booking Holdings, Inc. (a)		36		56,592
				139,797
CONSUMER DURABLES & APPAREL – 0.7%
Carter's, Inc.		664		53,609
				903,436
FINANCIALS – 10.9%
BANKS – 6.9%
Bank of America Corp.		16,015		380,351
Citigroup, Inc.		3,514		179,576
				559,927
DIVERSIFIED FINANCIALS – 2.1%
Ally Financial, Inc.		6,418		127,275
State Street Corp.		752		47,764
				175,039
INSURANCE – 1.9%
Reinsurance Group of America, Inc.		1,087		85,240
American International Group, Inc.		2,141		66,766
				152,006
				886,972
HEALTH CARE – 9.5%
HEALTH CARE EQUIPMENT & SERVICES – 7.1%
CVS Health Corp.		3,540		229,971
UnitedHealth Group, Inc.		622		183,411
HCA Healthcare, Inc.		736		71,417
LivaNova PLC (a)		1,032		49,693
Zimmer Biomet Holdings, Inc.		332		39,604
				574,096
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 2.4%
Agilent Technologies, Inc.		1,258		111,179
Regeneron Pharmaceuticals, Inc. (a)		130		81,012
				192,191
				766,287
INFORMATION TECHNOLOGY – 8.8%
TECHNOLOGY HARDWARE & EQUIPMENT – 4.9%
TE Connectivity, Ltd.		4,860		396,358
SOFTWARE & SERVICES – 3.9%
MasterCard, Inc., Class A		1,085		320,687
				717,045
COMMUNICATION SERVICES – 8.0%
MEDIA & ENTERTAINMENT  – 8.0%
Alphabet, Inc., Class A (a)		275		389,680
Charter Communications, Inc., Class A (a)		343		175,046
Comcast Corp., Class A		2,120		82,637
				647,363
CONSUMER STAPLES – 6.8%
FOOD, BEVERAGE & TOBACCO – 6.8%
Nestlé SA (b)		2,107		232,653
Philip Morris International, Inc.		2,623		183,760
Diageo PLC (b)		584		78,444
Constellation Brands, Inc., Class A		313		54,707
				549,564
INDUSTRIALS – 4.1%
CAPITAL GOODS – 3.4%
Howmet Aerospace, Inc.		6,655		105,478
Johnson Controls International PLC		2,646		90,324
Carlisle Cos., Inc.		648		77,570
				273,372
COMMERCIAL & PROFESSIONAL SERVICES – 0.7%
CoreLogic, Inc.		822		55,241
				328,613
REAL ESTATE – 1.7%
Gaming and Leisure Properties, Inc. REIT		2,356		81,503
The Howard Hughes Corp. (a)		1,045		54,303
				135,806
MATERIALS – 1.3%
Glencore PLC		35,440		75,189
Arconic Corp. (a)		1,960		27,299
Sealed Air Corp.		143		4,684
				107,172
ENERGY – 1.1%
Diamondback Energy, Inc.		1,012		42,313
ChampionX Corp. (a)		2,880		28,109
PDC Energy, Inc. (a)		1,197		14,891
National Oilwell Varco, Inc.		581		7,121
				92,434
TOTAL COMMON STOCKS – 63.3%
(Cost $3,204,986)				5,134,692
PREFERRED STOCKS – 0.1%
FINANCIALS – 0.1%
GMAC Capital Trust I (c), 6.18% (3 mo. USD LIBOR + 5.785%)		498		11,154

OAKMARK FUNDS

Oakmark Equity and Income Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
PREFERRED STOCKS – 0.1%  (cont.)
TOTAL PREFERRED STOCKS – 0.1% (Cost $13,007)			11,154
	Par Value		Value
FIXED INCOME – 35.4%
CORPORATE BONDS – 21.7%
CONSUMER DISCRETIONARY – 5.5%
Adient US LLC, 144A
7.00%, due 05/15/26 (d)	$	15,965	$	16,524
Aramark Services, Inc, 144A
6.375%, due 05/01/25 (d)		9,900		10,223
Asbury Automotive Group, Inc, 144A
4.50%, due 03/01/28 (d)		1,600		1,552
AutoNation, Inc.
4.75%, due 06/01/30		1,900		2,059
Booking Holdings, Inc.
3.60%, due 06/01/26		14,730		16,165
3.55%, due 03/15/28		9,950		10,869
4.625%, due 04/13/30		4,950		5,843
4.10%, due 04/13/25		1,950		2,189
BorgWarner, Inc.
4.625%, due 09/15/20		10,810		10,867
Borgwarner, Inc.
2.65%, due 07/01/27		4,215		4,324
Boyd Gaming Corp.
6.00%, due 08/15/26		4,975		4,650
Caesars Resort Collection LLC / CRC Finco, Inc., 144A
5.25%, due 10/15/25 (d)		25,870		22,507
CCO Holdings LLC / CCO Holdings Capital Corp., 144A
4.75%, due 03/01/30 (d)		2,980		3,049
5.125%, due 05/01/27 (d)		250		259
Charter Communications Operating LLC / Charter Communications Operating Capital
4.20%, due 03/15/28		9,950		11,161
4.50%, due 02/01/24		2,985		3,303
Choice Hotels International, Inc.
3.70%, due 12/01/29		12,515		12,537
Delphi Technologies PLC, 144A
5.00%, due 10/01/25 (d)		3,871		4,156
Expedia Group, Inc.
5.00%, due 02/15/26		31,360		32,277
3.25%, due 02/15/30		10,830		10,097
Foot Locker, Inc.
8.50%, due 01/15/22		4,340		4,514
General Motors Co.
4.875%, due 10/02/23		41,400		44,150
Hasbro, Inc.
3.55%, due 11/19/26		4,970		5,252
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
4.625%, due 04/01/25		3,708		3,625
International Game Technology PLC, 144A
6.50%, due 02/15/25 (d)		19,600		20,041
6.25%, due 02/15/22 (d)		8,503		8,583
6.25%, due 01/15/27 (d)		200		205
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 144A
5.25%, due 06/01/26 (d)		1,000		1,025
5.00%, due 06/01/24 (d)		1,000		1,019
Lear Corp.
4.25%, due 05/15/29		7,955		8,161
3.50%, due 05/30/30		6,950		6,941
Lithia Motors, Inc., 144A
4.625%, due 12/15/27 (d)		2,980		2,950
5.25%, due 08/01/25 (d)		1,990		1,990
Marriott International, Inc.
4.00%, due 04/15/28		9,761		9,828
3.60%, due 04/15/24		6,960		6,998
4.625%, due 06/15/30		900		934
MGM Resorts International
6.75%, due 05/01/25		19,850		19,653
Penn National Gaming, Inc., 144A
5.625%, due 01/15/27 (d)		9,950		9,282
Penske Automotive Group, Inc.
5.50%, due 05/15/26		11,343		11,315
5.375%, due 12/01/24		3,580		3,571
Sands China, Ltd.
5.40%, due 08/08/28		5,000		5,519
5.125%, due 08/08/25		3,000		3,250
4.60%, due 08/08/23		2,000		2,106
Scientific Games International, Inc., 144A
5.00%, due 10/15/25 (d)		19,910		18,382
Starbucks Corp.
3.80%, due 08/15/25		9,950		11,214
4.00%, due 11/15/28		2,985		3,493
Tapestry, Inc.
3.00%, due 07/15/22		12,145		11,950
4.125%, due 07/15/27		4,975		4,685
The William Carter Co., 144A
5.625%, due 03/15/27 (d)		1,750		1,802
Under Armour, Inc.
3.25%, due 06/15/26		12,565		11,091
Wolverine World Wide, Inc., 144A
5.00%, due 09/01/26 (d)		12,140		11,685
Yum! Brands, Inc.
3.875%, due 11/01/23		6,329		6,481
				446,306
FINANCIALS – 4.0%
Ally Financial, Inc.
3.875%, due 05/21/24		7,950		8,220
American Express Credit Corp.
2.60%, due 09/14/20		2,945		2,953
American International Group, Inc.
3.30%, due 03/01/21		14,665		14,912
Bank of America Corp.
4.45%, due 03/03/26		5,000		5,756
BNP Paribas SA, 144A
7.625% (USD 5 Year Swap rate + 6.314%) (c) (d) (e)		5,000		5,075
CenterState Bank Corp.
5.75% (SOFRRATE + 5.617%), due 06/01/30 (c)		4,960		5,083
Citigroup, Inc.

Oakmark.com

Oakmark Equity and Income Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 35.4%  (cont.)
CORPORATE BONDS – 21.7%  (cont.)
FINANCIALS – 4.0%  (cont.)
3.352%(3 mo. USD LIBOR + 0.897%), due 04/24/25 (c)	$	22,860	$	24,700
3.40%, due 05/01/26		15,000		16,632
4.05%, due 07/30/22		13,338		14,144
CNO Financial Group, Inc.
5.25%, due 05/30/25		5,895		6,524
Credit Suisse Group AG, 144A
7.50%(USD 5 Year Swap rate + 4.598%) (c) (d) (e)		30,000		32,250
6.25%(USD 5 Year Swap rate + 3.455%) (c) (d) (e)		7,000		7,292
Credit Suisse Group Funding Guernsey, Ltd.
3.125%, due 12/10/20		25,000		25,286
E*TRADE Financial Corp.
2.95%, due 08/24/22		11,965		12,458
JPMorgan Chase & Co.
2.25% (3 mo. USD LIBOR + 1.230%), due 10/24/23 (c)		19,910		20,133
MSCI, Inc., 144A
5.375%, due 05/15/27 (d)		6,965		7,392
4.75%, due 08/01/26 (d)		5,925		6,129
Principal Life Global Funding II, 144A
2.375%, due 11/21/21 (d)		6,970		7,128
Reinsurance Group of America, Inc.
3.15%, due 06/15/30		6,900		7,159
3.95%, due 09/15/26		4,905		5,433
S&P Global, Inc.
2.95%, due 01/22/27		9,810		10,784
Stifel Financial Corp.
4.00%, due 05/15/30		6,900		7,237
The Charles Schwab Corp.
3.25%, due 05/21/21		19,895		20,354
The Goldman Sachs Group, Inc.
2.35%, due 11/15/21		14,616		14,709
3.20%, due 02/23/23		7,000		7,427
2.637%(3 mo. USD LIBOR + 1.750%), due 10/28/27 (c)		2,975		3,015
2.625%, due 04/25/21		2,000		2,032
2.875%, due 02/25/21		1,000		1,014
Wells Fargo & Co.
3.069%, due 01/24/23		14,930		15,471
1.99%(3 mo. USD LIBOR + 1.230%), due 10/31/23 (c)		8,603		8,665
				325,367
INDUSTRIALS – 3.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons LLC, 144A
3.50%, due 02/15/23 (d)		12,470		12,626
Bacardi, Ltd., 144A
4.45%, due 05/15/25 (d)		14,900		16,295
BAT Capital Corp.
3.557%, due 08/15/27		6,965		7,507
Carrier Global Corp, 144A
2.242%, due 02/15/25 (d)		4,965		5,076
2.493%, due 02/15/27 (d)		4,965		5,058
Delta Air Lines, Inc.
3.40%, due 04/19/21		11,590		11,271
3.80%, due 04/19/23		9,425		8,419
FedEx Corp.
3.80%, due 05/15/25		6,950		7,726
Fortune Brands Home & Security, Inc.
4.00%, due 06/15/25		13,430		14,912
4.00%, due 09/21/23		9,945		10,849
Hilton Domestic Operating Co., Inc, 144A
5.75%, due 05/01/28 (d)		900		909
Hilton Domestic Operating Co., Inc.
5.125%, due 05/01/26		16,915		16,841
4.875%, due 01/15/30		2,880		2,837
Howmet Aerospace, Inc.
6.875%, due 05/01/25		14,890		16,154
Raytheon Technologies Corp.
3.65%, due 08/16/23		169		183
Southwest Airlines Co.
2.65%, due 11/05/20		12,148		12,155
5.125%, due 06/15/27		9,900		10,243
5.25%, due 05/04/25		7,875		8,313
The Boeing Co.
2.70%, due 02/01/27		61,847		60,410
Uber Technologies, Inc., 144A
7.50%, due 05/15/25 (d)		7,940		8,000
7.50%, due 09/15/27 (d)		4,470		4,481
8.00%, due 11/01/26 (d)		21,430		21,805
WESCO Distribution, Inc.
5.375%, due 06/15/24		13,675		13,609
5.375%, due 12/15/21		5,305		5,310
Westinghouse Air Brake Technologies Corp.
1.613% (3 mo. USD LIBOR + 1.300%), due 09/15/21 (c)		4,975		4,975
				285,964
HEALTH CARE – 2.2%
AbbVie, Inc., 144A
2.95%, due 11/21/26 (d)		6,955		7,565
Bausch Health Cos., Inc, 144A
6.25%, due 02/15/29 (d)		5,365		5,392
Becton Dickinson and Co.
3.30%, due 03/01/23		11,204		11,724
1.181%(3 mo. USD LIBOR + 0.875%), due 12/29/20 (c)		7,463		7,464
3.363%, due 06/06/24		2,985		3,222
Centene Corp.
4.75%, due 05/15/22		20,084		20,310
4.25%, due 12/15/27		2,980		3,075
4.75%, due 01/15/25		994		1,018
CVS Health Corp.
5.00%, due 12/01/24		6,880		7,877
HCA, Inc.
5.00%, due 03/15/24		7,465		8,297
5.625%, due 09/01/28		2,985		3,332

OAKMARK FUNDS

Oakmark Equity and Income Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 35.4%  (cont.)
CORPORATE BONDS – 21.7%  (cont.)
HEALTH CARE – 2.2%  (cont.)
5.375%, due 09/01/26	$	500	$	544
IQVIA, Inc., 144A
5.00%, due 10/15/26 (d)		7,800		8,024
McKesson Corp.
3.65%, due 11/30/20		19,890		20,146
3.95%, due 02/16/28		2,985		3,414
Perrigo Finance Unlimite Co.
3.15%, due 06/15/30		1,050		1,061
Universal Health Services, Inc., 144A
4.75%, due 08/01/22 (d)		32,695		32,695
5.00%, due 06/01/26 (d)		12,805		13,121
Zimmer Biomet Holdings, Inc.
3.05%, due 01/15/26		4,965		5,335
1.066%(3 mo. USD LIBOR + 0.750%), due 03/19/21 (c)		4,975		4,974
3.15%, due 04/01/22		3,810		3,952
3.70%, due 03/19/23		2,985		3,172
				175,714
INFORMATION TECHNOLOGY – 1.7%
Avnet, Inc.
4.875%, due 12/01/22		8,275		8,852
3.75%, due 12/01/21		4,710		4,833
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.00%, due 01/15/22		14,930		15,339
3.625%, due 01/15/24		9,955		10,701
3.50%, due 01/15/28		4,975		5,265
Broadcom, Inc, 144A
4.70%, due 04/15/25 (d)		6,950		7,831
CDW LLC / CDW Finance Corp.
5.00%, due 09/01/25		9,955		10,241
CommScope, Inc., 144A
5.50%, due 06/15/24 (d)		13,904		14,159
5.50%, due 03/01/24 (d)		3,480		3,515
5.00%, due 06/15/21 (d)		77		77
Dell International LLC / EMC Corp., 144A
5.45%, due 06/15/23 (d)		14,725		16,106
4.42%, due 06/15/21 (d)		2,940		3,022
Itron, Inc., 144A
5.00%, due 01/15/26 (d)		11,035		10,993
Lam Research Corp.
2.80%, due 06/15/21		4,910		5,020
Motorola Solutions, Inc.
3.75%, due 05/15/22		5,592		5,867
4.60%, due 02/23/28		2,985		3,395
NortonLifeLock, Inc.,144A
5.00%, due 04/15/25 (d)		1,000		1,015
Qorvo, Inc.
5.50%, due 07/15/26		4,975		5,174
Tyco Electronics Group SA
3.70%, due 02/15/26		9,830		10,937
				142,342
REAL ESTATE – 1.7%
CBRE Services, Inc.
5.25%, due 03/15/25		24,930		28,076
4.875%, due 03/01/26		19,665		22,322
GLP Capital, LP / GLP Financing II, Inc.
4.00%, due 01/15/31		9,425		9,357
5.375%, due 11/01/23		12,000		12,773
5.75%, due 06/01/28		4,975		5,481
5.25%, due 06/01/25		4,975		5,410
5.375%, due 04/15/26		3,925		4,288
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. REIT
5.625%, due 05/01/24		2,945		3,048
Omega Healthcare Investors, Inc. REIT
5.25%, due 01/15/26		14,942		15,986
4.375%, due 08/01/23		15,046		15,619
The Howard Hughes Corp., 144A
5.375%, due 03/15/25 (d)		12,440		11,577
Ventas Realty, LP REIT
3.125%, due 06/15/23		2,490		2,562
3.50%, due 02/01/25		900		929
				137,428
ENERGY – 1.2%
Apergy Corp.
6.375%, due 05/01/26		16,119		14,979
Diamondback Energy, Inc.
4.75%, due 05/31/25		2,900		3,103
Marathon Petroleum Corp.
4.70%, due 05/01/25		6,900		7,724
National Oilwell Varco, Inc.
3.60%, due 12/01/29		24,835		24,302
Occidental Petroleum Corp.
3.50%, due 08/15/29		9,920		7,258
1.842%(3 mo. USD LIBOR + 1.450%), due 08/15/22 (c)		4,970		4,573
Oceaneering International, Inc.
4.65%, due 11/15/24		8,485		6,406
Parsley Energy LLC / Parsley Finance Corp, 144A
4.125%, due 02/15/28 (d)		18,076		16,359
PBF Holding Co. LLC / PBF Finance Corp, 144A
9.25%, due 05/15/25 (d)		100		107
PBF Holding Co. LLC / PBF Finance Corp., 144A
6.00%, due 02/15/28 (d)		2,000		1,660
Schlumberger Holdings Corp., 144A
4.00%, due 12/21/25 (d)		9,830		10,802
				97,273
COMMUNICATION SERVICES – 1.1%
Netflix, Inc.
4.875%, due 04/15/28		33,740		36,077
5.875%, due 02/15/25		11,940		13,194
5.875%, due 11/15/28		6,965		7,931

Oakmark.com

Oakmark Equity and Income Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 35.4%  (cont.)
CORPORATE BONDS – 21.7%  (cont.)
COMMUNICATION SERVICES – 1.1%  (cont.)
6.375%, due 05/15/29	$	2,985	$	3,463
5.375%, due 02/01/21		1,990		2,035
Netflix, Inc., 144A
5.375%, due 11/15/29 (d)		4,970		5,443
T-Mobile USA, Inc, 144A
3.75%, due 04/15/27 (d)		19,855		22,003
3.50%, due 04/15/25 (d)		1,985		2,160
Twitter, Inc., 144A
3.875%, due 12/15/27 (d)		700		700
Zayo Group Holdings, Inc., 144A
4.00%, due 03/01/27 (d)		250		238
				93,244
CONSUMER STAPLES – 0.5%
Constellation Brands, Inc.
3.15%, due 08/01/29		23,015		24,678
Kraft Heinz Foods Co, 144A
3.875%, due 05/15/27 (d)		1,900		1,986
Post Holdings, Inc., 144A
5.00%, due 08/15/26 (d)		2,000		2,008
5.75%, due 03/01/27 (d)		500		516
Smithfield Foods, Inc., 144A
3.35%, due 02/01/22 (d)		4,975		4,937
2.65%, due 10/03/21 (d)		3,980		3,936
4.25%, due 02/01/27 (d)		995		1,016
Sysco Corp. 5.65%, due 04/01/25		995		1,161
				40,238
MATERIALS – 0.3%
Glencore Funding LLC, 144A
3.875%, due 10/27/27 (d)		9,950		10,576
3.00%, due 10/27/22 (d)		9,950		10,235
				20,811
Total Corporate Bonds (Cost $1,708,352)				1,764,687
GOVERNMENT AND AGENCY SECURITIES – 13.6%
U.S. GOVERNMENT NOTES – 13.6%
United States Treasury Bonds
(TIPS) 1.25%, due 07/15/20 (f)		493,649		493,705
United States Treasury Notes
2.375%, due 12/31/20		198,945		201,090
1.75%, due 10/31/20		123,550		124,188
2.00%, due 11/30/22		74,625		77,910
1.75%, due 03/31/22		74,645		76,698
2.125%, due 12/31/22		49,745		52,168
1.875%, due 11/30/21		49,785		50,983
2.125%, due 01/31/21		24,570		24,846
Total Government and Agency Securities (Cost $1,088,006)				1,101,588
BANK LOANS – 0.1%
HEALTH CARE – 0.1%
HCA, Inc. Term Loan B13
1.93%, (1 mo. USD LIBOR+1.75%),  due 03/18/26 (c)		4,975		4,856
ENERGY – 0.0%(g)
Apergy Corp. 2020 Term Loan
6.00%, (1 mo. USD LIBOR+5.00%), due 05/28/27 (c)		4,700		4,618
Total Bank Loans (Cost $9,555)				9,474
TOTAL FIXED INCOME – 35.4% (Cost $2,805,913)				2,875,749
SHORT-TERM INVESTMENTS – 0.8%
REPURCHASE AGREEMENT – 0.8%
Fixed Income Clearing Corp. Repurchase Agreement, 0.06% dated 06/30/20 due 07/01/20, repurchase price $65,532, collateralized by a United States Treasury Note, 0.125% due 07/15/24, value plus accrued interest of $66,843  (Cost: $65,532)		65,532		65,532
TOTAL SHORT-TERM INVESTMENTS – 0.8% (Cost $65,532)				65,532
TOTAL INVESTMENTS – 99.6% (Cost $6,089,438)				8,087,127
Foreign Currencies – 0.0%(g)				0	(h)
Other Assets In Excess of Liabilities – 0.4%				28,782
NET ASSETS – 100.0%			$	8,115,909

(a)	Non-income producing security
(b)	Sponsored American Depositary Receipt
(c)	Floating Rate Note. Rate shown is as of June 30, 2020.
(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)	Amount rounds to less than 0.1%.
(h)	Amount rounds to less than $1,000.
Abbreviations:
	REIT: Real Estate Investment Trust

OAKMARK FUNDS

Oakmark Bond Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
PREFERRED STOCKS – 0.3%
FINANCIALS – 0.3%
GMAC Capital Trust I (a), 6.18%, (3 mo. USD LIBOR + 5.785%)		10	$	224
TOTAL PREFERRED STOCKS – 0.3% (Cost $229)				224

	Par Value		Value
FIXED INCOME – 64.5%
CORPORATE BONDS – 46.2%
CONSUMER DISCRETIONARY – 7.8%
Adient US LLC, 144A
7.00%, due 05/15/26 (b)	$	500	$	518
Aramark Services, Inc, 144A
5.00%, due 02/01/28 (b)		500		475
AutoNation, Inc.
4.75%, due 06/01/30		750		813
Booking Holdings, Inc.
3.55%, due 03/15/28		1,000		1,092
Borgwarner, Inc.
2.65%, due 07/01/27		750		770
CCO Holdings LLC / CCO Holdings Capital Corp., 144A
5.125%, due 05/01/27 (b)		500		517
Marriott International, Inc.
4.625%, due 06/15/30		750		778
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc.
4.50%, due 01/15/28		500		475
				5,438
INDUSTRIALS – 7.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons LLC, 144A
3.50%, due 02/15/23 (b)		1,000		1,012
Hilton Domestic Operating Co., Inc.
4.875%, due 01/15/30		1,250		1,231
Howmet Aerospace, Inc.
6.875%, due 05/01/25		750		814
Southwest Airlines Co.
5.25%, due 05/04/25		500		528
The Boeing Co.
2.70%, due 02/01/27		750		733
Uber Technologies, Inc., 144A
7.50%, due 09/15/27 (b)		1,000		1,002
				5,320
HEALTH CARE – 6.7%
AbbVie, Inc., 144A
2.95%, due 11/21/26 (b)		750		816
Bausch Health Cos., Inc, 144A
6.25%, due 02/15/29 (b)		500		502
Merck & Co, Inc.
1.45%, due 06/24/30		1,000		999
Perrigo Finance Unlimite Co.
3.15%, due 06/15/30		750		758
Universal Health Services, Inc., 144A
5.00%, due 06/01/26 (b)		500		512
Zimmer Biomet Holdings, Inc.
3.55%, due 03/20/30		1,000		1,081
				4,668
COMMUNICATION SERVICES – 5.3%
Comcast Corp.
3.15%, due 03/01/26		1,000		1,117
Netflix, Inc.
5.50%, due 02/15/22		1,000		1,043
4.875%, due 04/15/28		500		535
T-Mobile USA, Inc.
4.00%, due 04/15/22		1,000		1,024
				3,719
FINANCIALS – 5.2%
Ally Financial, Inc.
4.125%, due 02/13/22		1,000		1,028
Credit Suisse Group AG, 144A
6.25% (USD 5 Year Swap rate + 3.455%) (a) (b) (c)		500		521
Reinsurance Group of America, Inc.
3.15%, due 06/15/30		1,000		1,037
Wells Fargo & Co.
1.654% (SOFRRATE + 1.600%), due 06/02/24 (a)		1,000		1,016
				3,602
ENERGY – 4.5%
Marathon Petroleum Corp.
4.70%, due 05/01/25		750		840
National Oilwell Varco, Inc.
3.60%, due 12/01/29		750		734
Parsley Energy LLC / Parsley Finance Corp, 144A
4.125%, due 02/15/28 (b)		500		452
Schlumberger Holdings Corp, 144A
3.90%, due 05/17/28 (b)		1,000		1,079
				3,105
INFORMATION TECHNOLOGY – 3.5%
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.875%, due 01/15/27		750		810
CDW LLC / CDW Finance Corp.
4.125%, due 05/01/25		500		501
QUALCOMM, Inc.
3.45%, due 05/20/25		1,000		1,115
				2,426
CONSUMER STAPLES – 3.4%
Anheuser-Busch InBev Finance, Inc.
3.30%, due 02/01/23		1,000		1,059
Kraft Heinz Foods Co, 144A
3.875%, due 05/15/27 (b)		500		523
Sysco Corp.
3.30%, due 07/15/26		750		803
				2,385
REAL ESTATE – 2.2%
GLP Capital, LP / GLP Financing II, Inc.
4.00%, due 01/15/31		500		496
The Howard Hughes Corp., 144A
5.375%, due 03/15/25 (b)		500		465

OAKMARK FUNDS

Oakmark Bond Fund	June 30, 2020 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 64.5%  (cont.)
CORPORATE BONDS – 46.2%  (cont.)
REAL ESTATE – 2.2%  (cont.)
Ventas Realty, LP / Ventas Capital Corp. REIT
3.25%, due 08/15/22	$	590	$	604
				1,565
Total Corporate Bonds (Cost $32,326)				32,228
GOVERNMENT AND AGENCY SECURITIES – 15.7%
U.S. GOVERNMENT NOTES – 8.6%
United States Treasury Notes
0.25%, due 05/31/25		6,000		5,993
U.S. GOVERNMENT AGENCIES – 7.1%
Federal Home Loan Bank,
0.44%, due 06/29/23		5,000		4,994
Total Government and Agency Securities (Cost $10,981)				10,987
BANK LOANS – 2.2%
ENERGY – 2.2%
Chesapeake Energy Corp. 2019 Last Out Term Loan,
9.00%, (1 mo. USD LIBOR+8.00%),  due 06/24/24 (a)		1,000		573
Apergy Corp. 2020 Term Loan,
6.00%,1 mo. USD LIBOR+5.00%),   due 05/28/27 (a)		1,000		983
Total Bank Loans (Cost $1,551)				1,556
CONVERTIBLE BOND – 0.4%
HEALTH CARE – 0.4%
Livanova Usa, Inc., 144A
3.00%, due 12/15/25 (b) (Cost  $250)		250		260
Total Convertible Bond (Cost $250)				260
TOTAL FIXED INCOME – 64.5% (Cost $45,108)				45,031
SHORT-TERM INVESTMENTS – 3.0%
COMMERCIAL PAPER – 3.0%
American Honda Finance Corp.,
0.35% - 0.41%, due 07/07/20 - 07/21/20 (d)		1,070		1,070
Schlumberger Holdings Corp., 144A,
0.36%, due 09/15/20 (b) (d)		1,000		998
Total Commercial Paper (Cost $2,069)				2,068
TOTAL SHORT-TERM INVESTMENTS – 3.0% (Cost $2,069)				2,068
TOTAL INVESTMENTS – 67.8% (Cost $47,406)				47,323
Other Assets In Excess of Liabilities – 32.2%				22,487
NET ASSETS – 100.0%			$	69,810

(a)	Floating Rate Note. Rate shown is as of June 30, 2020.
(b)	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.
(c)	Security is perpetual and has no stated maturity date.
(d)	The rate shown represents the annualized yield at the time of purchase; not a coupon rate.
Abbreviations:
	REIT: Real Estate Investment Trust

Oakmark.com

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 Global Fund (“Global”), Oakmark Global Select Fund (“Global Select”), Oakmark International Fund ("International"), Oakmark International Small Cap Fund ("Int'l Small Cap"), Oakmark Equity and Income Fund ("Equity and Income") and the Oakmark Bond Fund (“Bond”). 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 share price is also called the net asset value (the “NAV”) of a share. The NAV of shares of each class is normally determined by the Funds’ custodian as of the close of regular session trading (usually 4:00 p.m. Eastern time) on the New York Stock Exchange (the “NYSE”) on any day on which the NYSE is open for regular trading. If the NYSE is unexpectedly closed on a day it would normally be open for business, or if the NYSE has an unscheduled early closure, the Funds reserve the right to accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.

The NYSE is closed on Saturdays and Sundays and on New Year’s Day, the third Mondays in January and February, Good Friday, the last Monday in May, Independence Day, Labor Day, Thanksgiving and Christmas. If one of these holidays falls on a Saturday or Sunday, the NYSE will be closed on the preceding Friday or the following Monday, respectively. A Fund’s NAV will not be calculated on days when the NYSE is closed. The NAV of a class of Fund shares is determined by dividing the value of the assets attributable to that class, less liabilities attributable to that class, by the number of outstanding shares of that class.

Trading in securities of non-U.S. issuers takes place in various markets on some days and at times when the NYSE is not open for trading. In addition, securities of non-U.S. issuers may not trade on some days when the NYSE is open for trading. The value of the Funds’ portfolio holdings may change on days when the NYSE is not open for trading and you cannot purchase or redeem Fund shares.

Equity securities principally traded on securities exchanges in the United States are valued at the last sale price or the official closing price as of the time of valuation on that exchange, or lacking a reported sale price on the principal exchange at the time of valuation, at the most recent bid quotation. Each over-the-counter security traded on the NASDAQ National Market System shall be valued at the NASDAQ Official Closing Price (“NOCP”), or lacking a NOCP at the time of valuation, at the most recent bid quotation. Other over-the-counter securities are valued at the last sales prices at the time of valuation or, lacking any reported sales on that day, at the most recent bid quotations. Each equity security principally traded on a securities exchange outside the United States shall be valued, depending on local convention or regulation, at the last sale price, the last bid or asked price, the mean between the last bid and asked prices, the official closing price, an auction price, or the pricing convention accepted as the official closing price by MSCI for their index calculations. If there are unexpected disruptions in the primary market or valuations from the primary market are deemed suspect, equity securities may be valued based on a pricing composite or valuations from another exchange as of the close of the regular trading hours on the appropriate exchange or other designated time. The market value of exchange-traded securities is determined by using prices provided by one or more independent pricing services, or, as needed, by obtaining market quotations from independent broker-dealers. Short-term debt instruments (i.e., debt instruments whose maturities or expiration dates at the time of acquisition are one year or less) or money market instruments are valued at the latest bid quotation or an evaluated price from an independent pricing service. If a bid quotation or evaluated price from a pricing vendor is not available for short-term debt instrument or money market instrument maturing in 60 days or less from date of valuation, such instruments are valued at amortized cost, which approximates market value. All other debt instruments are valued at the latest bid quotation or at 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. 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. In the event that designated pricing vendors are unable to provide valuations or timely valuations for FLEX options on a given day, each FLEX option purchased or written may be valued using the Option Valuation (OVME) function on Bloomberg. The OVME function requires objective inputs (strike price, exercise style and expiration dates) to derive a valuation using Bloomberg’s proprietary calculations. FLEX options shall be valued at the mid of the buy and sell valuations produced by OVME. If values or prices are not readily available or are deemed unreliable, or if an event that is expected to affect the value of a portfolio security occurs after the close of the primary market or exchange on which that security is traded and before the close of the NYSE, the security will be valued at a fair value determined in good faith in accordance with Fund policies and procedures approved by the Board. The Funds may use a systematic fair valuation model provided by an independent pricing service to value securities of non-U.S. issuers in order to adjust for changes in value that may occur between the close of certain foreign exchanges and the NYSE. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at a current exchange price quoted by an independent pricing service or any major bank or dealer. If such quotations are not available, the rate of exchange will be determined in good faith in accordance with Fund policies and procedures. Although fair valuation may be more commonly used with equity securities of non-U.S. issuers, it also may be used in a range of other circumstances, including thinly-traded domestic securities or fixed-income securities. When fair value pricing is employed, the value of a portfolio security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security.

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 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 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 following is a summary of the inputs used as of June 30, 2020, 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 in each Fund’s Schedule of Investments.

(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	$	10,956,419		$	0		$	0
Short Term Investments		0			545,501			0
Call Options Written		(44,914	)		0			0
Total	$	10,911,505		$	545,501		$	0
Select
Common Stocks	$	3,491,195		$	0		$	0
Short Term Investments		0			112,484			0
Call Options Written		(28,852	)		0			0
Total	$	3,462,343		$	112,484		$	0
Global
Common Stocks	$	1,151,352		$	0		$	0
Short Term Investments		0			29,595			0
Forward Foreign Currency Contracts - Liabilities		0			(47	)		0
Total	$	1,151,352		$	29,548		$	0
Global Select
Common Stocks	$	1,289,093		$	0		$	0
Short Term Investments		0			7,429			0
Forward Foreign Currency Contracts - Liabilities		0			(75	)		0
Total	$	1,289,093		$	7,354		$	0
International
Common Stocks	$	20,924,658		$	0		$	0
Preferred Stocks		99,001			0			0
Short Term Investments		0			680,971			0
Forward Foreign Currency Contracts - Liabilities		0			(620	)		0
Total	$	21,023,659		$	680,351		$	0
Int'l Small Cap
Common Stocks	$	1,076,682		$	0		$	0
Short Term Investments		0			39,486			0
Forward Foreign Currency Contracts - Liabilities		0			(38	)		0
Total	$	1,076,682		$	39,448		$	0
Equity and Income
Common Stocks	$	5,134,692		$	0		$	0
Preferred Stocks		11,154			0			0
Corporate Bonds		0			1,764,687			0
Government and Agency Securities		0			1,101,588			0
Bank Loans		0			9,474
Short Term Investments		0			65,532			0
Total	$	5,145,846		$	2,941,281		$	0
Bond
Preferred Stocks	$	224		$	0		$	0
Corporate Bonds		0			32,228			0
Government and Agency Securities		0			10,987			0
Bank Loans		0			1,556			0
Convertible Bond		0			260			0
Short Term Investments		0			2,068			0
Total	$	224		$	47,099		$	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 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 June 30, 2020, Global, Global Select, International and Int’l 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 Fund’s Schedule of Investments.

For the period ended June 30, 2020, 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):

	Currency		Currency
Fund	Contracts Opened		Contracts Settled
Global	$	33,121	$	37,945
Global Select		53,711		68,389
International		452,813		583,998
Int’l Small Cap		24,960		33,912

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, 2020, 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, 2020, 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.

None of the Funds used purchased options for tax management purposes during the period ended June 30, 2020. There were no outstanding purchased options as of June 30, 2020.

Oakmark and Select used options written for tax management purposes during the period ended June 30, 2020. Written options outstanding, if any, are listed on each Fund's Schedule of Investments.

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 Fund’s ability to dispose of the underlying securities. At June 30, 2020, all of the Funds, except the Bond Fund, 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 June 30, 2020, 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 company's voting securities during all or part of the period ended June 30, 2020. Purchase and sale transactions and dividend and interest income earned during the period on these securities are listed after the applicable Fund's 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.