| 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.