| Oakmark Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 98.7% | ||||||||
| FINANCIALS – 33.1% | ||||||||
| DIVERSIFIED FINANCIALS – 21.2% | ||||||||
| Ally Financial, Inc. | 14,123 | $ | 503,630 | |||||
| Capital One Financial Corp. | 4,564 | 451,151 | ||||||
| The Charles Schwab Corp. (a) | 7,900 | 419,016 | ||||||
| State Street Corp. | 4,351 | 316,651 | ||||||
| The Goldman Sachs Group, Inc. | 1,105 | 291,400 | ||||||
| American Express Co. | 2,004 | 242,340 | ||||||
| The Bank of New York Mellon Corp. | 4,786 | 203,098 | ||||||
| S&P Global, Inc. | 473 | 155,352 | ||||||
| Moody's Corp. | 502 | 145,663 | ||||||
| KKR & Co., Inc. | 2,500 | 101,225 | ||||||
| 2,829,526 | ||||||||
| BANKS – 8.0% | ||||||||
| Citigroup, Inc. | 6,904 | 425,707 | ||||||
| Bank of America Corp. | 13,976 | 423,597 | ||||||
| Wells Fargo & Co. | 7,000 | 211,260 | ||||||
| 1,060,564 | ||||||||
| INSURANCE – 3.9% | ||||||||
| American International Group, Inc. | 7,233 | 273,834 | ||||||
| Reinsurance Group of America, Inc. | 2,134 | 247,311 | ||||||
| 521,145 | ||||||||
| 4,411,235 | ||||||||
| COMMUNICATION SERVICES – 15.4% | ||||||||
| MEDIA & ENTERTAINMENT – 14.4% | ||||||||
| Alphabet, Inc., Class A (b) | 295 | 517,230 | ||||||
| Facebook, Inc., Class A (b) | 1,611 | 440,170 | ||||||
| Comcast Corp., Class A | 7,709 | 403,957 | ||||||
| Charter Communications, Inc., Class A (b) | 427 | 282,151 | ||||||
| Netflix, Inc. (b) | 518 | 280,152 | ||||||
| 1,923,660 | ||||||||
| TELECOMMUNICATION SERVICES – 1.0% | ||||||||
| T-Mobile US, Inc. (b) | 1,000 | 134,850 | ||||||
| 2,058,510 | ||||||||
| CONSUMER DISCRETIONARY – 13.9% | ||||||||
| RETAILING – 5.2% | ||||||||
| Booking Holdings, Inc. (b) | 162 | 359,927 | ||||||
| eBay, Inc. | 4,376 | 219,879 | ||||||
| Qurate Retail, Inc., Class A | 9,976 | 109,432 | ||||||
| 689,238 | ||||||||
| AUTOMOBILES & COMPONENTS – 4.5% | ||||||||
| General Motors Co. (a) | 8,146 | 339,199 | ||||||
| Aptiv PLC | 2,036 | 265,297 | ||||||
| 604,496 | ||||||||
| CONSUMER SERVICES – 4.2% | ||||||||
| Hilton Worldwide Holdings, Inc. | 2,572 | 286,172 | ||||||
| MGM Resorts International | 8,682 | 273,576 | ||||||
| 559,748 | ||||||||
| 1,853,482 | ||||||||
| INFORMATION TECHNOLOGY – 11.8% | ||||||||
| SOFTWARE & SERVICES – 9.9% | ||||||||
| Gartner, Inc. (b) | 1,668 | 267,249 | ||||||
| DXC Technology Co. | 9,139 | 235,332 | ||||||
| Workday, Inc., Class A (b) | 857 | 205,298 | ||||||
| Automatic Data Processing, Inc. | 1,149 | 202,436 | ||||||
| Visa, Inc., Class A | 881 | 192,635 | ||||||
| Fiserv, Inc. (b) | 1,000 | 113,860 | ||||||
| MasterCard, Inc., Class A | 300 | 107,011 | ||||||
| 1,323,821 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 1.9% | ||||||||
| TE Connectivity, Ltd. | 2,051 | 248,283 | ||||||
| 1,572,104 | ||||||||
| INDUSTRIALS – 8.1% | ||||||||
| CAPITAL GOODS – 8.1% | ||||||||
| General Electric Co. (a) | 26,000 | 280,799 | ||||||
| Caterpillar, Inc. | 1,470 | 267,533 | ||||||
| Parker-Hannifin Corp. | 850 | 231,674 | ||||||
| Cummins, Inc. | 822 | 186,676 | ||||||
| General Dynamics Corp. | 800 | 119,056 | ||||||
| 1,085,738 | ||||||||
| HEALTH CARE – 6.2% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 5.6% | ||||||||
| HCA Healthcare, Inc. | 1,683 | 276,785 | ||||||
| Humana, Inc. | 628 | 257,650 | ||||||
| CVS Health Corp. | 3,078 | 210,239 | ||||||
| 744,674 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 0.6% | ||||||||
| Regeneron Pharmaceuticals, Inc. (a) (b) | 174 | 84,011 | ||||||
| 828,685 | ||||||||
| ENERGY – 5.3% | ||||||||
| EOG Resources, Inc. | 6,099 | 304,135 | ||||||
| Apache Corp. | 13,744 | 195,025 | ||||||
| Diamondback Energy, Inc. | 2,600 | 125,840 | ||||||
| Concho Resources, Inc. | 1,300 | 75,855 | ||||||
| 700,855 | ||||||||
| CONSUMER STAPLES – 4.0% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 4.0% | ||||||||
| Constellation Brands, Inc., Class A | 1,565 | 342,791 | ||||||
| Keurig Dr Pepper, Inc. | 5,978 | 191,293 | ||||||
| 534,084 | ||||||||
| REAL ESTATE – 0.9% | ||||||||
| CBRE Group, Inc., Class A (b) | 2,000 | 125,440 | ||||||
| TOTAL COMMON STOCKS – 98.7% | ||||||||
| (Cost $7,213,833) | 13,170,133 | |||||||
| Oakmark Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENT – 1.4% | ||||||||
| REPURCHASE AGREEMENT – 1.4% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 0.05% dated 12/31/20 due 01/04/21, repurchase price $193,977, collateralized by United States Treasury Note, 0.375% due 12/31/25, value plus accrued interest of $197,855 (Cost: $193,976) | $ | 193,976 | $ | 193,976 | ||||
| TOTAL SHORT-TERM INVESTMENTS – 1.4% | ||||||||
| (Cost $193,976) | 193,976 | |||||||
| TOTAL
INVESTMENTS – 100.1% (Cost $7,407,809) | 13,364,109 | |||||||
| Foreign Currencies (Cost $0) – 0.0% (c) | 0(d) | |||||||
| Liabilities In Excess of Other Assets – (0.1)% | (18,776 | ) | ||||||
| TOTAL NET ASSETS – 100.0% | $ | 13,345,333 | ||||||
| (a) | All or a portion of this investment is held in connection with one or more options within the Fund. | |
| (b) | Non-income producing security | |
| (c) | Amount rounds to less than 0.1%. | |
| (d) | Amount rounds to less than $1,000. |
| Oakmark Fund | December 31, 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 | ||||||||||||||||||||||||||
| The Charles Schwab Corp. | $ | 45.00 | 3/19/21 | (8,000 | ) | $ | (42,432 | ) | $ | (7,120 | ) | $ | (5,088 | ) | $ | (2,032 | ) | |||||||||
| Regeneron Pharmaceuticals, Inc. | $ | 555.00 | 2/19/21 | (900 | ) | $ | (43,480 | ) | $ | (459 | ) | $ | (3,603 | ) | $ | 3,144 | ||||||||||
| General Electric Co. | $ | 10.00 | 3/19/21 | (19,999 | ) | $ | (21,599 | ) | $ | (2,680 | ) | $ | (2,433 | ) | $ | (247 | ) | |||||||||
| General Motors Co. | $ | 40.00 | 3/19/21 | (5,000 | ) | $ | (20,820 | ) | $ | (2,063 | ) | $ | (3,423 | ) | $ | 1,360 | ||||||||||
| General Motors Co. | $ | 45.00 | 3/19/21 | (3,000 | ) | $ | (12,492 | ) | $ | (582 | ) | $ | (1,500 | ) | $ | 918 | ||||||||||
| $ | (140,823 | ) | $ | (12,904 | ) | $ | (16,047 | ) | $ | 3,143 | ||||||||||||||||
| Oakmark Select Fund | December 31, 2020 (Unaudited) | ||||||||||
| Schedule of Investments (in thousands) | |||||||||||
| Shares | Value | |||||||
| COMMON STOCKS – 97.1% | ||||||||
| COMMUNICATION SERVICES – 25.7% | ||||||||
| MEDIA & ENTERTAINMENT – 25.7% | ||||||||
| Alphabet, Inc., Class A (a) | 238 | $ | 417,498 | |||||
| Charter Communications, Inc., Class A (a) | 389 | 257,277 | ||||||
| Facebook, Inc., Class A (a) | 760 | 207,602 | ||||||
| Netflix, Inc. (a) | 350 | 189,039 | ||||||
| 1,071,416 | ||||||||
| FINANCIALS – 25.6% | ||||||||
| DIVERSIFIED FINANCIALS – 10.9% | ||||||||
| Ally Financial, Inc. (b) | 7,230 | 257,821 | ||||||
| Capital One Financial Corp. | 1,975 | 195,219 | ||||||
| 453,040 | ||||||||
| BANKS – 10.5% | ||||||||
| Citigroup, Inc. | 3,862 | 238,131 | ||||||
| Bank of America Corp. | 6,603 | 200,149 | ||||||
| 438,280 | ||||||||
| INSURANCE – 4.2% | ||||||||
| American International Group, Inc. | 4,619 | 174,887 | ||||||
| 1,066,207 | ||||||||
| CONSUMER DISCRETIONARY – 15.3% | ||||||||
| CONSUMER SERVICES – 6.5% | ||||||||
| MGM Resorts International | 4,688 | 147,703 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,116 | 124,219 | ||||||
| 271,922 | ||||||||
| AUTOMOBILES & COMPONENTS – 4.4% | ||||||||
| Lear Corp. | 1,150 | 182,885 | ||||||
| RETAILING – 4.4% | ||||||||
| Booking Holdings, Inc. (a) | 82 | 182,636 | ||||||
| 637,443 | ||||||||
| REAL ESTATE – 10.1% | ||||||||
| CBRE Group, Inc., Class A (a) (b) | 6,755 | 423,646 | ||||||
| CONSUMER STAPLES – 4.8% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 4.8% | ||||||||
| Constellation Brands, Inc., Class A | 910 | 199,248 | ||||||
| ENERGY – 4.5% | ||||||||
| EOG Resources, Inc. | 2,054 | 102,415 | ||||||
| Apache Corp. | 6,000 | 85,140 | ||||||
| 187,555 | ||||||||
| INDUSTRIALS – 4.1% | ||||||||
| CAPITAL GOODS – 4.1% | ||||||||
| General Electric Co. | 16,000 | 172,800 | ||||||
| INFORMATION TECHNOLOGY – 3.8% | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 3.8% | ||||||||
| TE Connectivity, Ltd. | 1,303 | 157,747 | ||||||
| HEALTH CARE – 3.2% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 3.0% | ||||||||
| HCA Healthcare, Inc. | 764 | 125,704 | ||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 0.2% | ||||||||
| Regeneron Pharmaceuticals, Inc. (a) | 20 | 9,662 | ||||||
| 135,366 | ||||||||
| TOTAL COMMON
STOCKS – 97.1% (Cost $2,118,200) | 4,051,428 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 4.8% | ||||||||
| REPURCHASE AGREEMENT – 4.8% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 0.05% dated 12/31/20 due 01/04/21, repurchase price $201,487, collateralized by United States Treasury Notes, 0.125% - 0.375% due 12/31/22 - 12/31/25, aggregate value plus accrued interest of $205,516 (Cost: $201,486) | $ | 201,486 | 201,486 | |||||
| TOTAL SHORT-TERM INVESTMENTS –
4.8% (Cost $201,486) | 201,486 | |||||||
| TOTAL INVESTMENTS
– 101.9% (Cost $2,319,686) | 4,252,914 | |||||||
| Liabilities In Excess of Other Assets – (1.9)% | (80,564 | ) | ||||||
| TOTAL NET ASSETS – 100.0% | $ | 4,172,350 |
(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 Select Fund | December 31, 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 | ||||||||||||||||||||||||||
| CBRE Group, Inc., Class A | $ | 60.00 | 3/19/21 | (10,000 | ) | $ | (62,720 | ) | $ | (5,250 | ) | $ | (4,711 | ) | $ | (539 | ) | |||||||||
| Ally Financial, Inc. | $ | 31.00 | 3/19/21 | (10,000 | ) | $ | (35,660 | ) | $ | (5,625 | ) | $ | (2,885 | ) | $ | (2,740 | ) | |||||||||
| $ | (98,380 | ) | $ | (10,875 | ) | $ | (7,596 | ) | $ | (3,279 | ) | |||||||||||||||
| OAKMARK GLOBAL FUND | ||
| Global Diversification —December 31, 2020 (Unaudited) | ||
| % of Equity Investments | ||||||||
| North America | 45.8 | % | ||||||
| United States | 45.8 | % | ||||||
| Europe | 43.4 | % | ||||||
| United Kingdom | 17.1 | % | ||||||
| Germany* | 14.2 | % | ||||||
| Switzerland | 9.6 | % | ||||||
| Ireland* | 1.6 | % | ||||||
| Belgium* | 0.9 | % | ||||||
| Asia | 4.6 | % | ||||||
| India | 2.1 | % | ||||||
| Japan | 1.2 | % | ||||||
| China | 0.8 | % | ||||||
| South Korea | 0.5 | % | ||||||
| Africa | 3.1 | % | ||||||
| South Africa | 3.1 | % | ||||||
| Australasia | 2.3 | % | ||||||
| Australia | 2.3 | % | ||||||
| Latin America | 0.8 | % | ||||||
| Mexico | 0.8 | % | ||||||
| * | Euro currency countries comprise 16.7% of equity investments. |
| Oakmark Global Fund | December 31, 2020 (Unaudited) |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 97.1% | ||||||||
| FINANCIALS – 23.6% | ||||||||
| BANKS – 11.4% | ||||||||
| Lloyds Banking Group PLC (United Kingdom) (a) | 147,280 | $ | 73,392 | |||||
| Bank of America Corp. (United States) | 1,699 | 51,488 | ||||||
| Axis Bank, Ltd. (India) (a) | 3,564 | 30,265 | ||||||
| Citigroup, Inc. (United States) | 194 | 11,931 | ||||||
| 167,076 | ||||||||
| DIVERSIFIED FINANCIALS – 7.3% | ||||||||
| Credit Suisse Group AG (Switzerland) | 5,211 | 67,100 | ||||||
| Julius Baer Group, Ltd. (Switzerland) (a) | 696 | 40,066 | ||||||
| 107,166 | ||||||||
| INSURANCE – 4.9% | ||||||||
| Allianz SE (Germany) | 177 | 43,428 | ||||||
| Prudential PLC (United Kingdom) | 1,502 | 27,667 | ||||||
| 71,095 | ||||||||
| 345,337 | ||||||||
| CONSUMER DISCRETIONARY – 20.1% | ||||||||
| AUTOMOBILES & COMPONENTS – 12.5% | ||||||||
| General Motors Co. (United States) | 1,587 | 66,062 | ||||||
| Daimler AG (Germany) | 769 | 54,298 | ||||||
| Continental AG (Germany) | 296 | 43,889 | ||||||
| Toyota Motor Corp. (Japan) | 228 | 17,570 | ||||||
| 181,819 | ||||||||
| RETAILING – 5.1% | ||||||||
| Naspers, Ltd. (South Africa) | 215 | 44,185 | ||||||
| Booking Holdings, Inc. (United States) (a) | 9 | 19,299 | ||||||
| Alibaba Group Holding, Ltd. (China) (a) (b) | 28 | 6,493 | ||||||
| Alibaba Group Holding, Ltd. (China) (a) | 169 | 5,080 | ||||||
| 75,057 | ||||||||
| CONSUMER SERVICES – 1.3% | ||||||||
| Compass Group PLC (United Kingdom) | 1,003 | 18,701 | ||||||
| CONSUMER DURABLES & APPAREL – 1.2% | ||||||||
| Cie Financiere Richemont SA (Switzerland) | 194 | 17,530 | ||||||
| 293,107 | ||||||||
| INDUSTRIALS – 13.1% | ||||||||
| CAPITAL GOODS – 11.6% | ||||||||
| CNH Industrial N.V. (United Kingdom) (a) | 5,066 | 63,904 | ||||||
| Howmet Aerospace, Inc. (United States) | 1,198 | 34,179 | ||||||
| Travis Perkins PLC (United Kingdom) (a) | 1,659 | 30,567 | ||||||
| Flowserve Corp. (United States) | 615 | 22,644 | ||||||
| Johnson Controls International PLC (United States) | 381 | 17,737 | ||||||
| Rolls-Royce Holdings PLC (United Kingdom) (a) | 254 | 386 | ||||||
| 169,417 | ||||||||
| TRANSPORTATION – 1.5% | ||||||||
| Ryanair Holdings PLC (Ireland) (a) (b) | 192 | 21,132 | ||||||
| Ryanair Holdings PLC (Ireland) (a) | 62 | 1,237 | ||||||
| 22,369 | ||||||||
| 191,786 | ||||||||
| COMMUNICATION SERVICES – 13.0% | ||||||||
| MEDIA & ENTERTAINMENT – 11.1% | ||||||||
| Alphabet, Inc., Class C (United States) (a) | 44 | 76,477 | ||||||
| Liberty Broadband Corp., Class C (United States) (a) | 248 | 39,307 | ||||||
| The Interpublic Group of Cos., Inc. (United States) | 1,211 | 28,491 | ||||||
| Grupo Televisa SAB (Mexico) (a) (b) | 1,281 | 10,554 | ||||||
| Charter Communications, Inc., Class A (United States) (a) | 11 | 7,476 | ||||||
| 162,305 | ||||||||
| TELECOMMUNICATION SERVICES – 1.9% | ||||||||
| Liberty Global PLC, Class A (United Kingdom) (a) | 1,136 | 27,514 | ||||||
| 189,819 | ||||||||
| INFORMATION TECHNOLOGY – 12.4% | ||||||||
| SOFTWARE & SERVICES – 7.1% | ||||||||
| MasterCard, Inc., Class A (United States) | 200 | 71,352 | ||||||
| Oracle Corp. (United States) | 498 | 32,203 | ||||||
| 103,555 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 5.3% | ||||||||
| TE Connectivity, Ltd. (United States) | 587 | 71,104 | ||||||
| Samsung Electronics Co., Ltd. (South Korea) | 86 | 6,428 | ||||||
| 77,532 | ||||||||
| 181,087 | ||||||||
| HEALTH CARE – 8.9% | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 5.0% | ||||||||
| Bayer AG (Germany) | 1,027 | 60,440 | ||||||
| Novartis AG (Switzerland) | 128 | 12,075 | ||||||
| 72,515 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 3.9% | ||||||||
| Tenet Healthcare Corp. (United States) (a) | 972 | 38,802 | ||||||
| Envista Holdings Corp. (United States) (a) | 559 | 18,849 | ||||||
| 57,651 | ||||||||
| 130,166 | ||||||||
| MATERIALS – 2.9% | ||||||||
| Incitec Pivot, Ltd. (Australia) (a) | 18,878 | 33,184 | ||||||
| Arconic Corp. (United States) (a) | 306 | 9,119 | ||||||
| 42,303 | ||||||||
| CONSUMER STAPLES – 1.8% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 1.8% | ||||||||
| Keurig Dr Pepper, Inc. (United States) | 468 | 14,963 | ||||||
| Anheuser-Busch InBev SA/NV (Belgium) | 175 | 12,181 | ||||||
| 27,144 | ||||||||
| Oakmark Global Fund | December 31, 2020 (Unaudited) |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 97.1% (cont.) | ||||||||
| ENERGY – 1.3% | ||||||||
| Nov, Inc. (United States) | 1,357 | $ | 18,632 | |||||
| TOTAL
COMMON STOCKS – 97.1% (Cost $936,171) | 1,419,381 | |||||||
| WARRANT – 0.0%(c) | ||||||||
| CONSUMER DISCRETIONARY – 0.0%(c) | ||||||||
| Cie Financiere Richemont SA, Warrants (Switzerland) (a) | 414 | 107 | ||||||
| TOTAL
WARRANTS – 0.0% (Cost $—) | 107 |
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENT – 2.4% | ||||||||
| REPURCHASE AGREEMENT – 2.4% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 0.05% dated 12/31/20 due 01/04/21, repurchase price $35,061, collateralized by United States Treasury Note, 0.375% due 12/31/25, value plus accrued interest of $35,762 (Cost: $35,061) | $ | 35,061 | 35,061 | |||||
| TOTAL
SHORT-TERM INVESTMENTS – 2.4% (Cost $35,061) | 35,061 | |||||||
| TOTAL
INVESTMENTS – 99.5% (Cost $971,232) | 1,454,549 | |||||||
| Foreign Currencies (Cost $0) – 0.0% (c) | 0 | (d) | ||||||
| Other Assets In Excess of Liabilities – 0.5% | 6,649 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 1,461,198 |
| (a) | Non-income producing security |
| (b) | Sponsored American Depositary Receipt |
| (c) | Amount rounds to less than 0.1%. |
| (d) | Amount rounds to less than $1,000. |
| Oakmark Global Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
| Local Contract Amount | Base Contract Amount | Settlement Date | Valuation
at 12/31/20 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
| Foreign Currency Sold: | ||||||||||||||||||
| Swiss Franc | 17,228 | $ | 19,526 | 06/16/21 | $ | 19,559 | $ | (33 | ) | |||||||||
| $ | 19,559 | $ | (33 | ) | ||||||||||||||
OAKMARK GLOBAL SELECT FUND
Global Diversification—December 31, 2020 (Unaudited)
% of Equity Investments
| North America | 49.1 | % | ||||
| United States | 49.1 | % | ||||
| Europe | 45.7 | % | ||||
| Germany* | 16.0 | % | ||||
| United Kingdom | 15.0 | % | ||||
| Switzerland | 12.1 | % | ||||
| Netherlands* | 2.6 | % | ||||
| Asia | 5.2 | % | ||||
| South Korea | 2.8 | % | ||||
| China | 2.4 | % | ||||
* Euro currency countries comprise 18.6% of equity investments.
| Oakmark Global Select Fund | December 31, 2020 (Unaudited) |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 96.4% | ||||||||
| FINANCIALS – 27.0% | ||||||||
| BANKS – 16.3% | ||||||||
| Lloyds Banking Group PLC (United Kingdom) (a) | 182,534 | $ | 90,960 | |||||
| Bank of America Corp. (United States) | 2,989 | 90,605 | ||||||
| Citigroup, Inc. (United States) | 1,070 | 65,958 | ||||||
| 247,523 | ||||||||
| DIVERSIFIED FINANCIALS – 7.2% | ||||||||
| Credit Suisse Group AG (Switzerland) | 8,537 | 109,926 | ||||||
| INSURANCE – 3.5% | ||||||||
| American International Group, Inc. (United States) | 1,410 | 53,375 | ||||||
| 410,824 | ||||||||
| CONSUMER DISCRETIONARY – 19.3% | ||||||||
| RETAILING – 8.3% | ||||||||
| Booking Holdings, Inc. (United States) (a) | 24 | 54,479 | ||||||
| Prosus N.V. (Netherlands) | 347 | 37,500 | ||||||
| Alibaba Group Holding, Ltd. (China) (a) (b) | 83 | 19,270 | ||||||
| Alibaba Group Holding, Ltd. (China) (a) | 529 | 15,860 | ||||||
| 127,109 | ||||||||
| AUTOMOBILES & COMPONENTS – 6.9% | ||||||||
| Daimler AG (Germany) | 1,481 | 104,550 | ||||||
| CONSUMER SERVICES – 2.1% | ||||||||
| Compass Group PLC (United Kingdom) | 1,739 | 32,421 | ||||||
| CONSUMER DURABLES & APPAREL – 2.0% | ||||||||
| Cie Financiere Richemont SA (Switzerland) | 340 | 30,721 | ||||||
| 294,801 | ||||||||
| COMMUNICATION SERVICES – 18.1% | ||||||||
| MEDIA & ENTERTAINMENT – 18.1% | ||||||||
| Alphabet, Inc., Class A (United States) (a) | 84 | 146,517 | ||||||
| Charter Communications, Inc., Class A (United States) (a) | 133 | 87,986 | ||||||
| NAVER Corp. (South Korea) | 151 | 40,740 | ||||||
| 275,243 | ||||||||
| HEALTH CARE – 15.8% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 8.5% | ||||||||
| HCA Healthcare, Inc. (United States) | 438 | 72,066 | ||||||
| Fresenius Medical Care AG & Co. KGaA (Germany) | 682 | 56,847 | ||||||
| 128,913 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 7.3% | ||||||||
| Bayer AG (Germany) | 1,257 | 73,924 | ||||||
| Novartis AG (Switzerland) | 400 | 37,814 | ||||||
| 111,738 | ||||||||
| 240,651 | ||||||||
| INDUSTRIALS – 6.4% | ||||||||
| CAPITAL GOODS – 6.4% | ||||||||
| CNH Industrial N.V. (United Kingdom) (a) | 7,716 | 97,332 | ||||||
| INFORMATION TECHNOLOGY – 5.5% | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 5.5% | ||||||||
| TE Connectivity, Ltd. (United States) | 700 | 84,761 | ||||||
| REAL ESTATE – 4.3% | ||||||||
| CBRE Group, Inc., Class A (United States) (a) | 1,039 | 65,166 | ||||||
| TOTAL
COMMON STOCKS – 96.4% (Cost $1,087,476) | 1,468,778 | |||||||
| WARRANT – 0.0%(c) | ||||||||
| CONSUMER DISCRETIONARY – 0.0%(c) | ||||||||
| Cie Financiere Richemont SA, Warrants (Switzerland) (a) | 813 | 211 | ||||||
| TOTAL
WARRANTS – 0.0% (Cost $—) | 211 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 3.4% | ||||||||
| REPURCHASE AGREEMENT – 3.4% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 0.05% dated 12/31/20 due 01/04/21, repurchase price $51,618, collateralized by United States Treasury Note, 0.375% due 12/31/25, value plus accrued interest of $52,650 (Cost: $51,617) | $ | 51,617 | 51,617 | |||||
| TOTAL
SHORT-TERM INVESTMENTS – 3.4% (Cost $51,617) | 51,617 | |||||||
| TOTAL
INVESTMENTS – 99.8% (Cost $1,139,093) | 1,520,606 | |||||||
| Foreign Currencies (Cost $0) – 0.0% (c) | 0 | (d) | ||||||
| Other Assets In Excess of Liabilities – 0.2% | 2,961 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 1,523,567 | ||||||
(a) Non-income producing security
(b) Sponsored American Depositary Receipt
(c) Amount rounds to less than 0.1%.
(d) Amount rounds to less than $1,000.
| Oakmark Global Select Fund | December 31, 2020 (Unaudited) |
| Schedule of Investments (in thousands) |
FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
| Local Contract Amount | Base Contract Amount | Settlement Date | Valuation
at 12/31/20 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
| Foreign Currency Sold: | ||||||||||||||||||
| Swiss Franc | 22,516 | $ | 25,520 | 06/16/21 | 25,563 | $ | (43 | ) | ||||||||||
| 25,563 | $ | (43 | ) | |||||||||||||||
| Oakmark International Fund | ||
| Global Diversification —December 31, 2020 (Unaudited) | ||
| % of Equity Investments | ||||||||
| Europe | 83.3 | % | ||||||
| United Kingdom | 22.2 | % | ||||||
| Germany* | 21.1 | % | ||||||
| Switzerland | 14.5 | % | ||||||
| France* | 10.1 | % | ||||||
| Sweden | 4.3 | % | ||||||
| Italy* | 4.2 | % | ||||||
| Netherlands* | 2.2 | % | ||||||
| Ireland* | 1.4 | % | ||||||
| Finland* | 1.1 | % | ||||||
| Spain* | 1.1 | % | ||||||
| Belgium* | 1.1 | % | ||||||
| Asia | 7.4 | % | ||||||
| Japan | 2.3 | % | ||||||
| India | 1.7 | % | ||||||
| South Korea | 1.6 | % | ||||||
| China | 1.2 | % | ||||||
| Indonesia | 0.6 | % | ||||||
| North America | 3.1 | % | ||||||
| Canada | 3.1 | % | ||||||
| Australasia | 2.8 | % | ||||||
| Australia | 2.8 | % | ||||||
| Africa | 2.5 | % | ||||||
| South Africa | 2.5 | % | ||||||
| Latin America | 0.9 | % | ||||||
| Mexico | 0.9 | % | ||||||
* Euro currency countries comprise 42.3% of equity investments.
| Oakmark International Fund | December 31, 2020 (Unaudited) |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 96.8% | ||||||||
| FINANCIALS – 29.6% | ||||||||
| BANKS – 16.0% | ||||||||
| Lloyds Banking Group PLC (United Kingdom) (a) | 2,284,372 | $ | 1,138,342 | |||||
| Intesa Sanpaolo SPA (Italy) (a) | 461,376 | 1,078,019 | ||||||
| BNP Paribas SA (France) (a) | 18,815 | 990,800 | ||||||
| NatWest Group PLC (United Kingdom) (a) | 187,937 | 430,868 | ||||||
| Axis Bank, Ltd. (India) (a) | 50,670 | 430,260 | ||||||
| Bank Mandiri Persero Tbk PT (Indonesia) | 308,156 | 138,725 | ||||||
| 4,207,014 | ||||||||
| DIVERSIFIED FINANCIALS – 8.5% | ||||||||
| Credit Suisse Group AG (Switzerland) | 83,206 | 1,071,448 | ||||||
| EXOR N.V. (Netherlands) | 7,091 | 573,652 | ||||||
| Schroders PLC (United Kingdom) | 8,520 | 388,779 | ||||||
| AMP, Ltd. (Australia) | 171,340 | 206,067 | ||||||
| Schroders PLC, Non-Voting (United Kingdom) | 31 | 980 | ||||||
| 2,240,926 | ||||||||
| INSURANCE – 5.1% | ||||||||
| Allianz SE (Germany) | 3,237 | 793,688 | ||||||
| Prudential PLC (United Kingdom) | 29,496 | 543,321 | ||||||
| 1,337,009 | ||||||||
| 7,784,949 | ||||||||
| CONSUMER DISCRETIONARY – 23.7% | ||||||||
| AUTOMOBILES & COMPONENTS – 12.2% | ||||||||
| Daimler AG (Germany) | 14,138 | 998,128 | ||||||
| Bayerische Motoren Werke AG (Germany) | 9,685 | 854,570 | ||||||
| Continental AG (Germany) | 5,352 | 792,819 | ||||||
| Toyota Motor Corp. (Japan) | 4,047 | 311,871 | ||||||
| Valeo SA (France) | 6,507 | 256,586 | ||||||
| 3,213,974 | ||||||||
| RETAILING – 5.2% | ||||||||
| Naspers, Ltd. (South Africa) | 3,113 | 639,629 | ||||||
| Hennes & Mauritz AB (H&M) - Class B (Sweden) (a) | 20,118 | 420,577 | ||||||
| Alibaba Group Holding, Ltd. (China) (a) (b) | 524 | 121,858 | ||||||
| Alibaba Group Holding, Ltd. (China) (a) | 3,540 | 106,215 | ||||||
| Trip.com Group, Ltd. (China) (a) (b) | 2,587 | 87,263 | ||||||
| 1,375,542 | ||||||||
| CONSUMER SERVICES – 3.5% | ||||||||
| Accor SA (France) (a) (c) | 15,776 | 570,474 | ||||||
| Compass Group PLC (United Kingdom) | 14,076 | 262,365 | ||||||
| Restaurant Brands International, Inc. (Canada) | 1,560 | 95,313 | ||||||
| 928,152 | ||||||||
| CONSUMER DURABLES & APPAREL – 2.8% | ||||||||
| Cie Financiere Richemont SA (Switzerland) | 3,080 | 278,586 | ||||||
| The Swatch Group AG, Bearer Shares (Switzerland) | 969 | 264,356 | ||||||
| EssilorLuxottica SA (France) | 1,190 | 185,438 | ||||||
| 728,380 | ||||||||
| 6,246,048 | ||||||||
| INDUSTRIALS – 13.7% | ||||||||
| CAPITAL GOODS – 10.4% | ||||||||
| CNH Industrial N.V. (United Kingdom) (a) (c) | 74,549 | 940,329 | ||||||
| Volvo AB, Class B (Sweden) (a) | 14,606 | 344,043 | ||||||
| SKF AB, Class B (Sweden) | 12,886 | 334,227 | ||||||
| Rolls-Royce Holdings PLC (United Kingdom) (a) | 197,183 | 299,984 | ||||||
| Komatsu, Ltd. (Japan) | 10,398 | 283,725 | ||||||
| Ashtead Group PLC (United Kingdom) | 5,802 | 272,777 | ||||||
| Smiths Group PLC (United Kingdom) | 8,086 | 166,366 | ||||||
| Bunzl PLC (United Kingdom) | 2,968 | 99,142 | ||||||
| 2,740,593 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 2.0% | ||||||||
| G4S PLC (United Kingdom) (a) (c) | 62,133 | 215,648 | ||||||
| Brambles, Ltd. (Australia) | 25,905 | 211,694 | ||||||
| Bureau Veritas SA (France) (a) | 3,675 | 97,680 | ||||||
| 525,022 | ||||||||
| TRANSPORTATION – 1.3% | ||||||||
| Ryanair Holdings PLC (Ireland) (a) (b) (c) | 2,949 | 324,304 | ||||||
| Ryanair Holdings PLC (Ireland) (a) (c) | 1,147 | 22,785 | ||||||
| 347,089 | ||||||||
| 3,612,704 | ||||||||
| MATERIALS – 9.7% | ||||||||
| Glencore PLC (Switzerland) (a) | 403,000 | 1,284,068 | ||||||
| thyssenkrupp AG (Germany) (a) (c) | 42,821 | 424,989 | ||||||
| Orica, Ltd. (Australia) (c) | 24,895 | 290,768 | ||||||
| LafargeHolcim, Ltd. (Switzerland) | 5,141 | 282,339 | ||||||
| UPM-Kymmene OYJ (Finland) | 7,471 | 278,080 | ||||||
| 2,560,244 | ||||||||
| COMMUNICATION SERVICES – 7.2% | ||||||||
| MEDIA & ENTERTAINMENT – 5.3% | ||||||||
| Publicis Groupe SA (France) (c) | 9,630 | 479,499 | ||||||
| WPP PLC (United Kingdom) | 36,122 | 395,180 | ||||||
| NAVER Corp. (South Korea) | 1,079 | 290,656 | ||||||
| Grupo Televisa SAB (Mexico) (a) (b) | 27,065 | 223,017 | ||||||
| 1,388,352 | ||||||||
| TELECOMMUNICATION SERVICES – 1.9% | ||||||||
| Liberty Global PLC, Class A (United Kingdom) (a) | 17,566 | 425,450 | ||||||
| Liberty Global PLC, Class C (United Kingdom) (a) | 3,155 | 74,621 | ||||||
| 500,071 | ||||||||
| 1,888,423 | ||||||||
| HEALTH CARE – 7.2% | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 5.7% | ||||||||
| Bayer AG (Germany) | 16,325 | 960,387 | ||||||
| Oakmark International Fund | December 31, 2020 (Unaudited) |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 96.8% (cont.) | ||||||||
| HEALTH CARE – 7.2% (cont.) | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 5.7% (cont.) | ||||||||
| Novartis AG (Switzerland) | 3,480 | $ | 328,808 | |||||
| Roche Holding AG (Switzerland) | 579 | 202,126 | ||||||
| 1,491,321 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 1.5% | ||||||||
| Fresenius Medical Care AG & Co. KGaA (Germany) | 4,720 | 393,287 | ||||||
| 1,884,608 | ||||||||
| INFORMATION TECHNOLOGY – 2.5% | ||||||||
| SOFTWARE & SERVICES – 2.0% | ||||||||
| Amadeus IT Group SA (Spain) | 3,741 | 272,201 | ||||||
| Open Text Corp. (Canada) | 5,953 | 270,488 | ||||||
| 542,689 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 0.5% | ||||||||
| Samsung Electronics Co., Ltd. (South Korea) | 1,661 | 123,834 | ||||||
| 666,523 | ||||||||
| ENERGY – 1.7% | ||||||||
| Cenovus Energy, Inc. (Canada) (c) | 71,454 | 435,045 | ||||||
| CONSUMER STAPLES – 1.5% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 1.0% | ||||||||
| Anheuser-Busch InBev SA/NV (Belgium) | 3,846 | 267,845 | ||||||
| HOUSEHOLD & PERSONAL PRODUCTS – 0.5% | ||||||||
| Henkel AG & Co. KGaA (Germany) | 1,209 | 116,498 | ||||||
| 384,343 | ||||||||
| TOTAL
COMMON STOCKS – 96.8% (Cost $23,551,192) | 25,462,887 | |||||||
| PREFERRED STOCKS – 0.2% | ||||||||
| CONSUMER STAPLES – 0.2% | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS – 0.2% | ||||||||
| Henkel AG & Co. KGaA (Germany) | 479 | 53,988 | ||||||
| TOTAL
PREFERRED STOCKS – 0.2% (Cost $48,034) | 53,988 | |||||||
| WARRANT – 0.0%(d) | ||||||||
| CONSUMER DISCRETIONARY – 0.0%(d) | ||||||||
| Cie Financiere Richemont SA, Warrants (Switzerland) (a) | 7,039 | 1,829 | ||||||
| TOTAL
WARRANTS – 0.0% (Cost $—) | 1,829 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 2.6% | ||||||||
| COMMERCIAL PAPER – 1.4% | ||||||||
| Walgreens
Boots, 144A, 0.24% - 0.32%, due 01/13/21 - 02/05/21 (e) (f) | $ | 193,850 | 193,810 | |||||
| American
Honda Finance Corp., 0.20% - 0.23%, due 01/05/21 - 01/21/21 (e) | 157,500 | 157,489 | ||||||
| J.P.
Morgan Securities, 0.17%, due 01/04/21 (e) | 25,000 | 25,000 | ||||||
| TOTAL COMMERCIAL
PAPER – 1.4% (Cost $376,303) | 376,299 | |||||||
| REPURCHASE AGREEMENT – 1.2% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 0.05% dated 12/31/20 due 01/04/21, repurchase price $309,828, collateralized by United States Treasury Note, 0.125% due 12/31/22, value plus accrued interest of $316,023 (Cost: $309,827) | 309,827 | 309,827 | ||||||
| TOTAL
SHORT-TERM INVESTMENTS – 2.6% (Cost $686,130) | 686,126 | |||||||
| TOTAL
INVESTMENTS – 99.6% (Cost $24,285,356) | 26,204,830 | |||||||
| Foreign Currencies (Cost $43,673) – 0.2% | 43,518 | |||||||
| Other Assets In Excess of Liabilities – 0.2% | 54,748 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 26,303,096 | ||||||
| (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%. |
| (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 International Fund | December 31, 2020 (Unaudited) |
| Schedule of Investments (in thousands) |
FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
| Local Contract Amount | Base Contract Amount | Settlement Date | Valuation
at 12/31/20 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
| Foreign Currency Sold: | ||||||||||||||||||
| Swiss Franc | 291,027 | $ | 329,846 | 06/16/21 | $ | 330,405 | $ | (559 | ) | |||||||||
| $ | 330,405 | $ | (559 | ) | ||||||||||||||
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, 2020 | Value December 31, 2020 | Percent
of Net Assets | |||||||||||||||||||||||||||
| Accor SA | 15,776 | $ | 6,978 | $ | 38,966 | (16,033 | ) | $ | 148,568 | $ | 0 | $ | 469,927 | $ | 570,474 | 2.2 | % | |||||||||||||||||||
| Cenovus Energy, Inc. | 71,454 | 31,763 | 20,508 | (4,093 | ) | 169,521 | 0 | 258,362 | 435,045 | 1.7 | % | |||||||||||||||||||||||||
| CNH Industrial N.V. (a) | 74,549 | 0 | 233,704 | (32,741 | ) | 446,265 | 0 | 760,509 | 940,329 | 3.6 | % | |||||||||||||||||||||||||
| G4S PLC (a) | 62,133 | 0 | 168,156 | (18,491 | ) | 101,600 | 0 | 300,695 | 215,648 | 0.8 | % | |||||||||||||||||||||||||
| Orica, Ltd. | 24,895 | 0 | 0 | 0 | 15,637 | 3,015 | 275,131 | 290,768 | 1.1 | % | ||||||||||||||||||||||||||
| Publicis Groupe SA (a) | 9,630 | 0 | 182,045 | (89,818 | ) | 297,451 | 0 | 453,911 | 479,499 | 1.8 | % | |||||||||||||||||||||||||
| Ryanair Holdings PLC ADR (a) | 2,949 | 0 | 197,755 | 10,556 | 106,648 | 0 | 404,855 | 324,304 | 1.2 | % | ||||||||||||||||||||||||||
| Ryanair Holdings PLC (a) | 1,147 | 0 | 0 | 0 | 7,435 | 0 | 15,350 | 22,785 | 0.1 | % | ||||||||||||||||||||||||||
| thyssenkrupp AG | 42,821 | 761 | 10,923 | (18,033 | ) | 231,762 | 0 | 221,422 | 424,989 | 1.6 | % | |||||||||||||||||||||||||
| TOTAL | 305,354 | $ | 39,502 | $ | 852,057 | $ | (168,653 | ) | $ | 1,524,887 | $ | 3,015 | $ | 3,160,162 | $ | 3,703,841 | 14.1 | % | ||||||||||||||||||
(a) Due to transactions during the period ended December 31, 2020, the company is no longer an affiliate
| Oakmark International Small Cap Fund | ||
| Global Diversification —December 31, 2020 (Unaudited) | ||
| % of Equity Investments | ||||||||
| Europe | 69.6 | % | ||||||
| United Kingdom | 22.6 | % | ||||||
| Switzerland | 10.3 | % | ||||||
| Italy* | 6.8 | % | ||||||
| Finland* | 6.8 | % | ||||||
| Germany* | 5.8 | % | ||||||
| Sweden | 5.0 | % | ||||||
| Norway | 3.4 | % | ||||||
| Denmark | 2.9 | % | ||||||
| Spain* | 2.7 | % | ||||||
| Netherlands* | 1.4 | % | ||||||
| Portugal* | 1.1 | % | ||||||
| Belgium* | 0.8 | % | ||||||
| Asia | 9.8 | % | ||||||
| South Korea | 4.3 | % | ||||||
| Japan | 2.1 | % | ||||||
| Indonesia | 1.8 | % | ||||||
| China | 1.6 | % | ||||||
| Australasia | 7.8 | % | ||||||
| Australia | 7.8 | % | ||||||
| Latin America | 7.3 | % | ||||||
| Mexico | 7.3 | % | ||||||
| North America | 5.5 | % | ||||||
| Canada | 5.5 | % | ||||||
* Euro currency countries comprise 25.4% of equity investments.
| Oakmark International Small Cap Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 96.8% | ||||||||
| INDUSTRIALS – 37.2% | ||||||||
| CAPITAL GOODS – 18.8% | ||||||||
| Konecranes OYJ (Finland) | 1,550 | $ | 54,508 | |||||
| Duerr AG (Germany) | 1,303 | 53,175 | ||||||
| Travis Perkins PLC (United Kingdom) (a) | 2,289 | 42,169 | ||||||
| Metso Outotec OYJ (Finland) | 3,811 | 38,060 | ||||||
| Sulzer AG (Switzerland) | 333 | 34,995 | ||||||
| Morgan Advanced Materials PLC (United Kingdom) | 3,116 | 13,252 | ||||||
| Howden Joinery Group PLC (United Kingdom) (a) | 1,342 | 12,658 | ||||||
| dormakaba Holding AG (Switzerland) | 17 | 9,479 | ||||||
| Bucher Industries AG (Switzerland) | 16 | 7,468 | ||||||
| 265,764 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 15.7% | ||||||||
| Applus Services SA (Spain) (a) | 3,374 | 37,175 | ||||||
| ISS A/S (Denmark) (a) | 2,107 | 36,450 | ||||||
| Loomis AB (Sweden) | 1,039 | 28,565 | ||||||
| Pagegroup PLC (United Kingdom) (a) | 3,931 | 24,050 | ||||||
| Hays PLC (United Kingdom) (a) | 10,992 | 21,494 | ||||||
| Mitie Group PLC (United Kingdom) (a) | 35,345 | 19,817 | ||||||
| Randstad N.V. (Netherlands) (a) | 287 | 18,672 | ||||||
| Babcock International Group PLC (United Kingdom) (a) | 4,625 | 17,702 | ||||||
| SThree PLC (United Kingdom) (a) | 4,137 | 16,860 | ||||||
| 220,785 | ||||||||
| TRANSPORTATION – 2.7% | ||||||||
| Controladora Vuela Cia de Aviacion SAB de CV (Mexico) (a) (b) | 2,805 | 34,843 | ||||||
| DSV PANALPINA A/S (Denmark) | 21 | 3,479 | ||||||
| 38,322 | ||||||||
| 524,871 | ||||||||
| FINANCIALS – 17.4% | ||||||||
| DIVERSIFIED FINANCIALS – 13.3% | ||||||||
| Julius Baer Group, Ltd. (Switzerland) (a) | 918 | 52,896 | ||||||
| Azimut Holding SpA (Italy) | 1,785 | 38,760 | ||||||
| Element Fleet Management Corp. (Canada) | 2,312 | 24,302 | ||||||
| Standard Life Aberdeen PLC (United Kingdom) | 6,228 | 23,956 | ||||||
| EFG International AG (Switzerland) | 3,593 | 23,536 | ||||||
| St James's Place PLC (United Kingdom) | 1,514 | 23,473 | ||||||
| 186,923 | ||||||||
| BANKS – 4.1% | ||||||||
| BNK Financial Group, Inc. (South Korea) | 6,991 | 36,555 | ||||||
| DGB Financial Group, Inc. (South Korea) | 3,479 | 21,748 | ||||||
| 58,303 | ||||||||
| 245,226 | ||||||||
| CONSUMER DISCRETIONARY – 9.3% | ||||||||
| AUTOMOBILES & COMPONENTS – 4.3% | ||||||||
| Pirelli & C SpA (Italy) (a) | 6,564 | 35,547 | ||||||
| Autoliv, Inc. (Sweden) | 216 | 19,847 | ||||||
| Dometic Group AB (Sweden) (a) | 401 | 5,305 | ||||||
| 60,699 | ||||||||
| CONSUMER SERVICES – 2.9% | ||||||||
| Wynn Macau, Ltd. (China) (a) | 12,980 | 21,799 | ||||||
| Autogrill SpA (Italy) (a) | 2,797 | 18,691 | ||||||
| 40,490 | ||||||||
| CONSUMER DURABLES & APPAREL – 2.1% | ||||||||
| Gildan Activewear, Inc. (Canada) | 1,069 | 29,897 | ||||||
| 131,086 | ||||||||
| INFORMATION TECHNOLOGY – 9.1% | ||||||||
| SOFTWARE & SERVICES – 9.0% | ||||||||
| Atea ASA (Norway) (a) | 3,285 | 46,429 | ||||||
| Software AG (Germany) | 628 | 25,566 | ||||||
| BlackBerry, Ltd. (Canada) (a) | 3,208 | 21,268 | ||||||
| Link Administration Holdings, Ltd. (Australia) | 3,770 | 16,132 | ||||||
| Equiniti Group PLC (United Kingdom) (a) | 9,383 | 14,166 | ||||||
| TIS, Inc. (Japan) | 160 | 3,280 | ||||||
| 126,841 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 0.1% | ||||||||
| Hirose Electric Co., Ltd. (Japan) | 15 | 2,211 | ||||||
| 129,052 | ||||||||
| COMMUNICATION SERVICES – 7.8% | ||||||||
| MEDIA & ENTERTAINMENT – 5.0% | ||||||||
| Megacable Holdings SAB de CV (Mexico) | 8,995 | 32,853 | ||||||
| oOh!media, Ltd. (Australia) | 17,493 | 22,387 | ||||||
| Hakuhodo DY Holdings, Inc. (Japan) | 975 | 13,365 | ||||||
| Nordic Entertainment Group AB, Class B (Sweden) (a) | 36 | 2,006 | ||||||
| 70,611 | ||||||||
| TELECOMMUNICATION SERVICES – 2.8% | ||||||||
| NOS SGPS SA (Portugal) | 4,158 | 14,517 | ||||||
| Sarana Menara Nusantara Tbk PT (Indonesia) | 190,105 | 12,989 | ||||||
| Tower Bersama Infrastructure Tbk PT (Indonesia) | 101,703 | 11,799 | ||||||
| 39,305 | ||||||||
| 109,916 | ||||||||
| MATERIALS – 5.8% | ||||||||
| Incitec Pivot, Ltd. (Australia) (a) | 21,882 | 38,464 | ||||||
| DS Smith PLC (United Kingdom) (a) | 6,435 | 32,962 | ||||||
| Titan Cement International SA (Belgium) (a) | 606 | 10,257 | ||||||
| 81,683 | ||||||||
| HEALTH CARE – 4.9% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 4.9% | ||||||||
| ConvaTec Group PLC (United Kingdom) | 9,598 | 26,146 | ||||||
| Healius, Ltd. (Australia) | 6,911 | 19,872 | ||||||
| Oakmark International Small Cap Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 96.8% (cont.) | ||||||||
| HEALTH CARE – 4.9% (cont.) | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 4.9% (cont.) | ||||||||
| Elekta AB, Class B (Sweden) | 976 | $ | 13,097 | |||||
| Ansell, Ltd. (Australia) | 376 | 10,085 | ||||||
| 69,200 | ||||||||
| CONSUMER STAPLES – 3.0% | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS – 2.3% | ||||||||
| Kimberly-Clark de Mexico SAB de CV, Class A (Mexico) | 18,957 | 32,380 | ||||||
| FOOD & STAPLES RETAILING – 0.7% | ||||||||
| Sugi Holdings Co., Ltd. (Japan) | 152 | 10,157 | ||||||
| 42,537 | ||||||||
| REAL ESTATE – 2.3% | ||||||||
| LSL Property Services PLC (United Kingdom) (a) | 5,072 | 20,182 | ||||||
| IWG PLC (Switzerland) (a) | 2,732 | 12,824 | ||||||
| 33,006 | ||||||||
| TOTAL
COMMON STOCKS – 96.8% (Cost $1,213,603) | 1,366,577 |
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENT – 2.6% | ||||||||
| REPURCHASE AGREEMENT – 2.6% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 0.05% dated 12/31/20 due 01/04/21, repurchase price $36,555, collateralized by United States Treasury Note, 0.375% due 12/31/25, value plus accrued interest of $37,286 (Cost: $36,555) | $ | 36,555 | 36,555 | |||||
| TOTAL
SHORT-TERM INVESTMENTS – 2.6% (Cost $36,555) | 36,555 | |||||||
| TOTAL
INVESTMENTS – 99.4% (Cost $1,250,158) | 1,403,132 | |||||||
| Foreign Currencies (Cost $8) – 0.0% (c) | 8 | |||||||
| Other Assets In Excess of Liabilities – 0.6% | 8,936 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 1,412,076 | ||||||
| (a) | Non-income producing security | |
| (b) | Sponsored American Depositary Receipt | |
| (c) | Amount rounds to less than 0.1%. |
| Oakmark International Small Cap Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
| Local Contract Amount | Base Contract Amount | Settlement Date | Valuation
at 12/31/20 | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
| Foreign Currency Sold: | ||||||||||||||||||
| Swiss Franc | 16,833 | $ | 19,078 | 06/16/21 | $ | 19,110 | $ | (32 | ) | |||||||||
| $ | 19,110 | $ | (32 | ) | ||||||||||||||
| Oakmark Equity and Income Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 71.7% | ||||||||
| FINANCIALS – 13.5% | ||||||||
| BANKS – 7.7% | ||||||||
| Bank of America Corp. | 13,731 | $ | 416,187 | |||||
| Citigroup, Inc. | 2,837 | 174,919 | ||||||
| 591,106 | ||||||||
| DIVERSIFIED FINANCIALS – 3.4% | ||||||||
| Ally Financial, Inc. | 5,782 | 206,183 | ||||||
| State Street Corp. | 752 | 54,701 | ||||||
| 260,884 | ||||||||
| INSURANCE – 2.4% | ||||||||
| Reinsurance Group of America, Inc. | 1,087 | 125,948 | ||||||
| American International Group, Inc. | 1,460 | 55,261 | ||||||
| 181,209 | ||||||||
| 1,033,199 | ||||||||
| CONSUMER DISCRETIONARY – 12.5% | ||||||||
| AUTOMOBILES & COMPONENTS – 10.9% | ||||||||
| General Motors Co. | 8,728 | 363,451 | ||||||
| BorgWarner, Inc. | 5,384 | 208,053 | ||||||
| Lear Corp. | 1,161 | 184,671 | ||||||
| Thor Industries, Inc. | 808 | 75,110 | ||||||
| 831,285 | ||||||||
| RETAILING – 1.0% | ||||||||
| Booking Holdings, Inc. (a) | 36 | 79,157 | ||||||
| CONSUMER DURABLES & APPAREL – 0.6% | ||||||||
| Carter's, Inc. | 510 | 47,948 | ||||||
| 958,390 | ||||||||
| HEALTH CARE – 9.9% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 7.6% | ||||||||
| CVS Health Corp. | 3,540 | 241,758 | ||||||
| HCA Healthcare, Inc. | 736 | 121,010 | ||||||
| LivaNova PLC (a) | 1,280 | 84,749 | ||||||
| UnitedHealth Group, Inc. | 236 | 82,761 | ||||||
| Zimmer Biomet Holdings, Inc. | 332 | 51,127 | ||||||
| 581,405 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 2.3% | ||||||||
| Agilent Technologies, Inc. | 986 | 116,783 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) | 122 | 58,843 | ||||||
| 175,626 | ||||||||
| 757,031 | ||||||||
| COMMUNICATION SERVICES – 8.9% | ||||||||
| MEDIA & ENTERTAINMENT – 8.9% | ||||||||
| Alphabet, Inc., Class A (a) | 219 | 384,179 | ||||||
| Charter Communications, Inc., Class A (a) | 308 | 203,493 | ||||||
| Comcast Corp., Class A | 1,760 | 92,229 | ||||||
| 679,901 | ||||||||
| CONSUMER STAPLES – 7.8% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 7.8% | ||||||||
| Philip Morris International, Inc. | 2,623 | 217,150 | ||||||
| Nestlé SA (b) | 1,254 | 147,733 | ||||||
| Keurig Dr Pepper, Inc. | 2,606 | 83,376 | ||||||
| Diageo PLC (b) | 484 | 76,800 | ||||||
| Constellation Brands, Inc., Class A | 313 | 68,497 | ||||||
| 593,556 | ||||||||
| INDUSTRIALS – 6.7% | ||||||||
| CAPITAL GOODS – 6.7% | ||||||||
| Howmet Aerospace, Inc. | 6,655 | 189,926 | ||||||
| Johnson Controls International PLC | 2,646 | 123,263 | ||||||
| Carlisle Cos., Inc. | 773 | 120,680 | ||||||
| General Dynamics Corp. | 518 | 77,044 | ||||||
| 510,913 | ||||||||
| INFORMATION TECHNOLOGY – 6.5% | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 4.4% | ||||||||
| TE Connectivity, Ltd. | 2,763 | 334,516 | ||||||
| SOFTWARE & SERVICES – 2.1% | ||||||||
| MasterCard, Inc., Class A | 451 | 160,980 | ||||||
| 495,496 | ||||||||
| MATERIALS – 2.0% | ||||||||
| Glencore PLC (a) | 28,371 | 90,397 | ||||||
| Arconic Corp. (a) | 1,823 | 54,318 | ||||||
| Sealed Air Corp. | 258 | 11,805 | ||||||
| 156,520 | ||||||||
| ENERGY – 2.0% | ||||||||
| PDC Energy, Inc. (a) | 2,465 | 50,598 | ||||||
| ChampionX Corp. (a) | 3,205 | 49,031 | ||||||
| Diamondback Energy, Inc. | 615 | 29,778 | ||||||
| Nov, Inc. | 1,615 | 22,177 | ||||||
| 151,584 | ||||||||
| REAL ESTATE – 1.9% | ||||||||
| Gaming and Leisure Properties, Inc. REIT | 2,207 | 93,577 | ||||||
| The Howard Hughes Corp. (a) | 622 | 49,102 | ||||||
| 142,679 | ||||||||
| TOTAL
COMMON STOCKS – 71.7% (Cost $2,832,570) | 5,479,269 | |||||||
| PREFERRED STOCKS – 0.4% | ||||||||
| FINANCIALS – 0.3% | ||||||||
| GMAC Capital Trust I (c), 6.01% (3 mo. USD LIBOR + 5.785%) | 498 | 13,457 | ||||||
| Signature Bank/New York NY (d), 5.00% | 377 | 9,657 | ||||||
| 23,114 | ||||||||
| Oakmark Equity and Income Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| PREFERRED STOCKS – 0.4% (cont.) | ||||||||
| CONSUMER STAPLES – 0.1% | ||||||||
| Bunge, Ltd. (d), 4.88% | 55 | $ | 5,995 | |||||
| COMMUNICATION SERVICES – 0.0%(e) | ||||||||
| Liberty Broadband Corp. (d), 7.00% | 40 | 1,134 | ||||||
| TOTAL
PREFERRED STOCKS – 0.4% (Cost $29,019) | 30,243 |
| Par Value | Value | |||||||
| FIXED INCOME – 27.8% | ||||||||
| CORPORATE BONDS – 19.0% | ||||||||
| CONSUMER DISCRETIONARY – 4.6% | ||||||||
| Aramark
Services, Inc., 144A 6.375%, due 05/01/25 (f) | $ | 9,900 | 10,581 | |||||
| Asbury
Automotive Group, Inc. 4.50%, due 03/01/28 | 1,600 | 1,668 | ||||||
| Booking Holdings, Inc. | ||||||||
| 3.60%, due 06/01/26 | 14,730 | 16,741 | ||||||
| 3.55%, due 03/15/28 | 9,950 | 11,460 | ||||||
| 4.625%, due 04/13/30 | 4,950 | 6,151 | ||||||
| 4.10%, due 04/13/25 | 1,950 | 2,211 | ||||||
| BorgWarner, Inc. 2.65%, due 07/01/27 | 4,215 | 4,532 | ||||||
| Boyd
Gaming Corp. 6.00%, due 08/15/26 | 4,975 | 5,162 | ||||||
| Caesars
Resort Collection LLC / CRC Finco, Inc., 144A 5.25%, due 10/15/25 (f) | 25,870 | 26,144 | ||||||
| CCO Holdings LLC / CCO Holdings Capital Corp., 144A | ||||||||
| 4.75%, due 03/01/30 (f) | 2,980 | 3,215 | ||||||
| 5.125%, due 05/01/27 (f) | 250 | 265 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.20%, due 03/15/28 | 9,950 | 11,480 | ||||||
| 4.50%, due 02/01/24 | 2,985 | 3,311 | ||||||
| Expedia Group, Inc. | ||||||||
| 5.00%, due 02/15/26 | 31,360 | 35,133 | ||||||
| 3.25%, due 02/15/30 | 10,830 | 11,271 | ||||||
| International Game Technology PLC, 144A | ||||||||
| 6.50%, due 02/15/25 (f) | 19,600 | 21,913 | ||||||
| 6.25%, due 02/15/22 (f) | 8,503 | 8,779 | ||||||
| 6.25%, due 01/15/27 (f) | 200 | 229 | ||||||
| KFC
Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 144A 5.25%, due 06/01/26 (f) | 1,000 | 1,037 | ||||||
| Lear Corp. | ||||||||
| 4.25%, due 05/15/29 | 7,955 | 9,091 | ||||||
| 3.50%, due 05/30/30 | 6,950 | 7,605 | ||||||
| Lithia Motors, Inc., 144A | ||||||||
| 4.625%, due 12/15/27 (f) | 2,980 | 3,144 | ||||||
| 4.375%, due 01/15/31 (f) | 2,000 | 2,145 | ||||||
| 5.25%, due 08/01/25 (f) | 1,990 | 2,065 | ||||||
| Marriott International, Inc. | ||||||||
| 4.00%, due 04/15/28 | 9,761 | 10,798 | ||||||
| 4.15%, due 12/01/23 | 8,094 | 8,745 | ||||||
| 3.60%, due 04/15/24 | 6,960 | 7,420 | ||||||
| 4.625%, due 06/15/30 | 900 | 1,056 | ||||||
| MGM Resorts International | ||||||||
| 4.75%, due 10/15/28 | 13,875 | 14,872 | ||||||
| 6.75%, due 05/01/25 | 9,850 | 10,662 | ||||||
| Penske
Automotive Group, Inc. 5.50%, due 05/15/26 | 11,343 | 11,783 | ||||||
| Sands China, Ltd. | ||||||||
| 5.40%, due 08/08/28 | 5,000 | 5,852 | ||||||
| 5.125%, due 08/08/25 | 3,000 | 3,367 | ||||||
| 4.60%, due 08/08/23 | 2,000 | 2,124 | ||||||
| Scientific
Games International, Inc., 144A 5.00%, due 10/15/25 (f) | 19,910 | 20,545 | ||||||
| Starbucks Corp. | ||||||||
| 3.80%, due 08/15/25 | 9,950 | 11,323 | ||||||
| 4.00%, due 11/15/28 | 2,985 | 3,545 | ||||||
| The
William Carter Co., 144A 5.625%, due 03/15/27 (f) | 1,750 | 1,842 | ||||||
| Tractor
Supply Co. 1.75%, due 11/01/30 | 1,980 | 1,990 | ||||||
| Under
Armour, Inc. 3.25%, due 06/15/26 | 12,565 | 12,643 | ||||||
| Wolverine
World Wide, Inc., 144A 5.00%, due 09/01/26 (f) | 12,140 | 12,383 | ||||||
| Yum!
Brands, Inc. 3.875%, due 11/01/23 | 6,329 | 6,622 | ||||||
| 352,905 | ||||||||
| INDUSTRIALS – 4.2% | ||||||||
| Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons LLC, 144A 3.50%, due 02/15/23 (f) | 12,470 | 12,782 | ||||||
| Bacardi, Ltd.,
144A 4.45%, due 05/15/25 (f) | 14,900 | 16,634 | ||||||
| BAT Capital Corp. | ||||||||
| 3.557%, due 08/15/27 | 6,965 | 7,755 | ||||||
| 2.259%, due 03/25/28 | 2,975 | 3,088 | ||||||
| BAT
International Finance PLC 1.668%, due 03/25/26 | 4,460 | 4,565 | ||||||
| Carrier Global Corp. | ||||||||
| 2.493%, due 02/15/27 | 4,965 | 5,358 | ||||||
| 2.242%, due 02/15/25 | 4,965 | 5,254 | ||||||
| CSX
Corp. 2.50%, due 05/15/51 | 3,400 | 3,386 | ||||||
| Delta Air Lines, Inc. | ||||||||
| 3.40%, due 04/19/21 | 11,590 | 11,666 | ||||||
| 3.80%, due 04/19/23 | 9,425 | 9,677 | ||||||
| FedEx
Corp. 3.80%, due 05/15/25 | 6,950 | 7,846 | ||||||
| Fedex
Corp. Pass Through Trust 1.875%, due 08/20/35 | 10,900 | 11,223 | ||||||
| Fortune Brands Home & Security, Inc. | ||||||||
| 4.00%, due 06/15/25 | 13,430 | 15,195 | ||||||
| 4.00%, due 09/21/23 | 9,945 | 10,836 | ||||||
| Hilton Domestic Operating Co., Inc, 144A | ||||||||
| 4.00%, due 05/01/31 (f) | 19,250 | 20,311 |
| Oakmark Equity and Income Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 27.8% (cont.) | ||||||||
| CORPORATE BONDS – 19.0% (cont.) | ||||||||
| INDUSTRIALS – 4.2% (cont.) | ||||||||
| 3.75%, due 05/01/29 (f) | $ | 9,000 | $ | 9,384 | ||||
| 5.75%, due 05/01/28 (f) | 900 | 979 | ||||||
| Hilton
Domestic Operating Co., Inc. 4.875%, due 01/15/30 | 11,765 | 12,853 | ||||||
| Howmet
Aerospace, Inc. 6.875%, due 05/01/25 | 14,890 | 17,421 | ||||||
| Lennox International, Inc. | ||||||||
| 1.35%, due 08/01/25 | 2,000 | 2,046 | ||||||
| 1.70%, due 08/01/27 | 1,995 | 2,030 | ||||||
| Raytheon
Technologies Corp. 3.65%, due 08/16/23 | 169 | 182 | ||||||
| Southwest Airlines Co. | ||||||||
| 5.125%, due 06/15/27 | 15,853 | 18,859 | ||||||
| 5.25%, due 05/04/25 | 7,875 | 9,121 | ||||||
| The
Boeing Co. 2.70%, due 02/01/27 | 41,847 | 43,527 | ||||||
| Uber Technologies, Inc., 144A | ||||||||
| 8.00%, due 11/01/26 (f) | 21,430 | 23,388 | ||||||
| 7.50%, due 05/15/25 (f) | 7,940 | 8,577 | ||||||
| 7.50%, due 09/15/27 (f) | 4,470 | 4,917 | ||||||
| WESCO Distribution, Inc. | ||||||||
| 5.375%, due 06/15/24 | 13,675 | 14,017 | ||||||
| 5.375%, due 12/15/21 | 5,305 | 5,308 | ||||||
| 318,185 | ||||||||
| FINANCIALS – 3.6% | ||||||||
| Ally
Financial, Inc. 3.875%, due 05/21/24 | 7,950 | 8,711 | ||||||
| Bank
of America Corp. 4.45%, due 03/03/26 | 5,000 | 5,828 | ||||||
| Berkshire
Hathaway Finance Corp. 1.45%, due 10/15/30 | 1,980 | 2,006 | ||||||
| BNP
Paribas SA, 144A 7.625% (USD 5 Year Swap rate + 6.314%) (c) (d) (f) | 5,000 | 5,062 | ||||||
| CenterState
Bank Corp. 5.75% (SOFRRATE + 5.617%), due 06/01/30 (c) | 4,960 | 5,220 | ||||||
| Citigroup, Inc. | ||||||||
| 3.352%(3 mo. USD LIBOR + 0.897%), due 04/24/25 (c) | 22,860 | 24,853 | ||||||
| 3.40%, due 05/01/26 | 15,000 | 16,884 | ||||||
| CNO
Financial Group, Inc. 5.25%, due 05/30/25 | 5,895 | 6,843 | ||||||
| Credit Suisse Group AG, 144A | ||||||||
| 7.50%(USD 5 Year Swap rate + 4.598%) (c) (d) (f) | 30,000 | 33,352 | ||||||
| 6.25%(USD 5 Year Swap rate + 3.455%) (c) (d) (f) | 7,000 | 7,647 | ||||||
| E*TRADE
Financial Corp. 2.95%, due 08/24/22 | 11,965 | 12,430 | ||||||
| JPMorgan
Chase & Co. 1.445% (3 mo. USD LIBOR + 1.230%), due 10/24/23 (c) | 19,910 | 20,267 | ||||||
| MSCI, Inc., 144A | ||||||||
| 5.375%, due 05/15/27 (f) | 6,965 | 7,435 | ||||||
| 4.75%, due 08/01/26 (f) | 5,925 | 6,177 | ||||||
| Nasdaq, Inc. 1.65%, due 01/15/31 | 5,250 | 5,202 | ||||||
| Pershing
Square Holdings, Ltd, 144A 3.25%, due 11/15/30 (f) | 14,000 | 14,181 | ||||||
| Principal
Life Global Funding II, 144A 2.375%, due 11/21/21 (f) | 6,970 | 7,099 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 3.15%, due 06/15/30 | 6,900 | 7,544 | ||||||
| 3.95%, due 09/15/26 | 4,905 | 5,632 | ||||||
| S&P
Global, Inc. 2.95%, due 01/22/27 | 9,810 | 10,856 | ||||||
| Stifel
Financial Corp. 4.00%, due 05/15/30 | 6,900 | 7,885 | ||||||
| The
Charles Schwab Corp. 3.25%, due 05/21/21 | 19,895 | 20,073 | ||||||
| The Goldman Sachs Group, Inc. | ||||||||
| 3.20%, due 02/23/23 | 7,000 | 7,396 | ||||||
| 1.972%(3 mo. USD LIBOR + 1.750%), due 10/28/27 (c) | 2,975 | 3,127 | ||||||
| Wells Fargo & Co. | ||||||||
| 3.069%, due 01/24/23 | 14,930 | 15,356 | ||||||
| 1.444%(3 mo. USD LIBOR + 1.230%), due 10/31/23 (c) | 8,603 | 8,739 | ||||||
| 275,805 | ||||||||
| INFORMATION TECHNOLOGY – 1.4% | ||||||||
| Avnet, Inc. | ||||||||
| 4.875%, due 12/01/22 | 8,275 | 8,879 | ||||||
| 3.75%, due 12/01/21 | 4,710 | 4,824 | ||||||
| Broadcom Corp. / Broadcom Cayman Finance, Ltd. | ||||||||
| 3.00%, due 01/15/22 | 14,930 | 15,273 | ||||||
| 3.625%, due 01/15/24 | 9,955 | 10,760 | ||||||
| 3.50%, due 01/15/28 | 4,975 | 5,483 | ||||||
| Broadcom, Inc. 4.70%, due 04/15/25 | 6,950 | 7,964 | ||||||
| CommScope, Inc.,
144A 5.50%, due 03/01/24 (f) | 3,480 | 3,588 | ||||||
| Dell
International LLC / EMC Corp., 144A 5.45%, due 06/15/23 (f) | 14,725 | 16,286 | ||||||
| Itron, Inc.,
144A 5.00%, due 01/15/26 (f) | 11,035 | 11,270 | ||||||
| Lam
Research Corp. 2.80%, due 06/15/21 | 4,910 | 4,954 | ||||||
| Motorola
Solutions, Inc. 4.60%, due 02/23/28 | 2,985 | 3,601 | ||||||
| NortonLifeLock, Inc.,144A 5.00%, due 04/15/25 (f) | 1,000 | 1,020 | ||||||
| Qorvo, Inc.,
144A 3.375%, due 04/01/31 (f) | 1,000 | 1,033 | ||||||
| Tyco
Electronics Group SA 3.70%, due 02/15/26 | 9,830 | 10,995 | ||||||
| 105,930 | ||||||||
| ENERGY – 1.4% | ||||||||
| Apergy
Corp. 6.375%, due 05/01/26 | 16,119 | 16,280 | ||||||
| Cenovus
Energy, Inc. 5.375%, due 07/15/25 | 4,960 | 5,592 | ||||||
| Diamondback
Energy, Inc. 4.75%, due 05/31/25 | 2,900 | 3,264 |
| Oakmark Equity and Income Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 27.8% (cont.) | ||||||||
| CORPORATE BONDS – 19.0% (cont.) | ||||||||
| ENERGY – 1.4% (cont.) | ||||||||
| National
Oilwell Varco, Inc. 3.60%, due 12/01/29 | $ | 24,835 | $ | 25,970 | ||||
| Occidental
Petroleum Corp. 3.50%, due 08/15/29 | 6,945 | 6,356 | ||||||
| Oceaneering
International, Inc. 4.65%, due 11/15/24 | 7,490 | 6,816 | ||||||
| Parsley
Energy LLC / Parsley Finance Corp, 144A 4.125%, due 02/15/28 (f) | 18,076 | 18,980 | ||||||
| Schlumberger
Holdings Corp., 144A 4.00%, due 12/21/25 (f) | 9,830 | 11,170 | ||||||
| Valero
Energy Corp. 2.85%, due 04/15/25 | 9,915 | 10,560 | ||||||
| 104,988 | ||||||||
| REAL ESTATE – 1.3% | ||||||||
| GLP Capital, LP / GLP Financing II, Inc. REIT | ||||||||
| 5.375%, due 11/01/23 | 12,000 | 13,110 | ||||||
| 4.00%, due 01/15/31 | 9,425 | 10,285 | ||||||
| 5.75%, due 06/01/28 | 4,975 | 5,893 | ||||||
| 5.25%, due 06/01/25 | 4,975 | 5,597 | ||||||
| 5.375%, due 04/15/26 | 3,925 | 4,504 | ||||||
| MGM
Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. REIT 5.625%, due 05/01/24 | 2,945 | 3,199 | ||||||
| MPT
Operating Partnership, LP / MPT Finance Corp. REIT 3.50%, due 03/15/31 | 3,900 | 4,027 | ||||||
| Omega Healthcare Investors, Inc. REIT | ||||||||
| 5.25%, due 01/15/26 | 14,942 | 17,081 | ||||||
| 4.375%, due 08/01/23 | 15,046 | 16,272 | ||||||
| The Howard Hughes Corp., 144A | ||||||||
| 5.375%, due 08/01/28 (f) | 9,400 | 10,110 | ||||||
| 5.375%, due 03/15/25 (f) | 5,895 | 6,079 | ||||||
| Ventas Realty, LP REIT | ||||||||
| 3.125%, due 06/15/23 | 2,490 | 2,631 | ||||||
| 3.50%, due 02/01/25 | 900 | 991 | ||||||
| 99,779 | ||||||||
| COMMUNICATION SERVICES – 1.2% | ||||||||
| Netflix, Inc. | ||||||||
| 4.875%, due 04/15/28 | 33,740 | 38,049 | ||||||
| 5.875%, due 02/15/25 | 11,940 | 13,737 | ||||||
| 5.875%, due 11/15/28 | 6,965 | 8,349 | ||||||
| 5.375%, due 02/01/21 | 1,990 | 1,997 | ||||||
| Netflix, Inc.,
144A 5.375%, due 11/15/29 (f) | 4,970 | 5,858 | ||||||
| T-Mobile USA, Inc., 144A | ||||||||
| 3.75%, due 04/15/27 (f) | 19,855 | 22,611 | ||||||
| 3.50%, due 04/15/25 (f) | 1,985 | 2,193 | ||||||
| Twitter, Inc.,
144A 3.875%, due 12/15/27 (f) | 700 | 746 | ||||||
| Zayo
Group Holdings, Inc., 144A 4.00%, due 03/01/27 (f) | 250 | 251 | ||||||
| 93,791 | ||||||||
| HEALTH CARE – 0.8% | ||||||||
| AbbVie, Inc. 2.95%, due 11/21/26 | 6,955 | 7,691 | ||||||
| Centene Corp. | ||||||||
| 4.25%, due 12/15/27 | 2,980 | 3,159 | ||||||
| 4.75%, due 01/15/25 | 994 | 1,020 | ||||||
| CVS
Health Corp. 5.00%, due 12/01/24 | 6,880 | 7,901 | ||||||
| HCA, Inc. | ||||||||
| 5.625%, due 09/01/28 | 2,985 | 3,522 | ||||||
| 5.375%, due 09/01/26 | 500 | 575 | ||||||
| IQVIA, Inc.,
144A 5.00%, due 10/15/26 (f) | 7,800 | 8,151 | ||||||
| Johnson &
Johnson 1.30%, due 09/01/30 | 915 | 922 | ||||||
| Perrigo
Finance Unlimite Co. 3.15%, due 06/15/30 | 1,050 | 1,122 | ||||||
| Regeneron
Pharmaceuticals, Inc. 1.75%, due 09/15/30 | 5,950 | 5,859 | ||||||
| Universal
Health Services, Inc., 144A 5.00%, due 06/01/26 (f) | 8,325 | 8,596 | ||||||
| Zimmer Biomet Holdings, Inc. | ||||||||
| 3.05%, due 01/15/26 | 4,965 | 5,475 | ||||||
| 3.15%, due 04/01/22 | 3,810 | 3,918 | ||||||
| 57,911 | ||||||||
| MATERIALS – 0.3% | ||||||||
| Glencore Funding LLC, 144A | ||||||||
| 3.875%, due 10/27/27 (f) | 9,950 | 11,213 | ||||||
| 3.00%, due 10/27/22 (f) | 9,950 | 10,321 | ||||||
| 21,534 | ||||||||
| CONSUMER STAPLES – 0.2% | ||||||||
| Kraft
Heinz Foods Co, 144A 3.875%, due 05/15/27 (f) | 1,900 | 2,047 | ||||||
| Philip
Morris International, Inc. 1.75%, due 11/01/30 | 2,970 | 3,007 | ||||||
| Post Holdings, Inc., 144A | ||||||||
| 5.00%, due 08/15/26 (f) | 2,000 | 2,065 | ||||||
| 5.75%, due 03/01/27 (f) | 500 | 529 | ||||||
| Smithfield Foods, Inc., 144A | ||||||||
| 3.35%, due 02/01/22 (f) | 4,975 | 5,044 | ||||||
| 2.65%, due 10/03/21 (f) | 3,980 | 4,015 | ||||||
| 4.25%, due 02/01/27 (f) | 995 | 1,105 | ||||||
| Sysco
Corp. 5.65%, due 04/01/25 | 995 | 1,183 | ||||||
| 18,995 | ||||||||
| Total
Corporate Bonds (Cost $1,342,247) | 1,449,823 | |||||||
| GOVERNMENT AND AGENCY SECURITIES – 8.3% | ||||||||
| U.S. GOVERNMENT NOTES – 7.6% | ||||||||
| United States Treasury Notes | ||||||||
| 2.125%, due 08/15/21 | 300,000 | 303,727 |
| Oakmark Equity and Income Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 27.8% (cont.) | ||||||||
| GOVERNMENT AND AGENCY SECURITIES – 8.3% (cont.) | ||||||||
| U.S. GOVERNMENT NOTES – 7.6% (cont.) | ||||||||
| 2.00%, due 11/30/22 | $ | 74,625 | $ | 77,298 | ||||
| 1.75%, due 03/31/22 | 74,645 | 76,161 | ||||||
| 2.125%, due 12/31/22 | 49,745 | 51,725 | ||||||
| 1.875%, due 11/30/21 | 49,785 | 50,584 | ||||||
| 2.125%, due 01/31/21 | 24,570 | 24,606 | ||||||
| 584,101 | ||||||||
| U.S. GOVERNMENT AGENCIES – 0.7% | ||||||||
| Federal
Home Loan Mortgage Corp., 0.32%, due 07/08/22 | 25,000 | 25,000 | ||||||
| Federal
Farm Credit Banks Funding Corp., 0.37%, due 04/13/23 | 25,000 | 25,000 | ||||||
| 50,000 | ||||||||
| Total
Government and Agency Securities (Cost $626,430) | 634,101 | |||||||
| BANK LOANS – 0.5% | ||||||||
| INDUSTRIALS – 0.2% | ||||||||
| Uber
Technologies, Inc. Term Loan 5.00% (3 mo. USD LIBOR + 4.000%), due 04/04/25 (c) | 995 | 997 | ||||||
| Skymiles
IP, Ltd. 2020 Term Loan B 0.00%, due 10/20/27 (g) | 5,000 | 5,177 | ||||||
| US
Foods, Inc. Term Loan B 0.00%, due 06/27/23 (g) | 10,000 | 9,840 | ||||||
| 16,014 | ||||||||
| ENERGY – 0.2% | ||||||||
| Apergy
Corp. 2020 Term Loan 6.00% (3 mo. USD LIBOR + 5.000%), due 05/28/27 (c) | 13,358 | 13,558 | ||||||
| HEALTH CARE – 0.1% | ||||||||
| HCA, Inc.
Term Loan B13 1.90% (1 mo. USD LIBOR + 1.750%), due 03/18/26 (c) | 4,950 | 4,946 | ||||||
| HCA, Inc.
Term Loan B12 1.90% (1 mo. USD LIBOR + 1.750%), due 03/13/25 (c) | 4,176 | 4,170 | ||||||
| Total
Bank Loans (Cost $38,101) | 38,688 | |||||||
| TOTAL
FIXED INCOME – 27.8% (Cost $2,006,778) | 2,122,612 | |||||||
| SHORT-TERM INVESTMENTS – 1.1% | ||||||||
| REPURCHASE AGREEMENT – 1.1% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 0.05% dated 12/31/20 due 01/04/21, repurchase price $81,039, collateralized by a United States Treasury Note, 0.375% due 12/31/25, value plus accrued interest of $82,659 (Cost: $81,039) | 81,039 | 81,039 | ||||||
| TOTAL SHORT-TERM INVESTMENTS – 1.1% | ||||||||
| (Cost $81,039) | 81,039 | |||||||
| TOTAL
INVESTMENTS – 101.0% (Cost $4,949,406) | 7,713,163 | |||||||
| Foreign Currencies – 0.0%(e) | 0 | (h) | ||||||
| Liabilities In Excess of Other Assets – (1.0)% | (75,134 | ) | ||||||
| NET ASSETS – 100.0% | $ | 7,638,029 | ||||||
| (a) | Non-income producing security | |
| (b) | Sponsored American Depositary Receipt | |
| (c) | Floating Rate Note. Rate shown is as of December 31, 2020. | |
| (d) | Security is perpetual and has no stated maturity date. | |
| (e) | Amount rounds to less than 0.1%. | |
| (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. | |
| (g) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date. | |
| (h) | Amount rounds to less than $1,000. | |
| Abbreviations: | ||
| REIT: Real Estate Investment Trust | ||
| Oakmark Bond Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| RIGHTS – 0.1% | ||||||||
| ENERGY – 0.1% | ||||||||
| Chesapeake Energy Corp. (a) | 13 | $ | 127 | |||||
| TOTAL
RIGHTS – 0.1% (Cost $127) |
127 | |||||||
| PREFERRED STOCKS – 2.4% | ||||||||
| FINANCIALS – 1.2% | ||||||||
| Signature Bank/New York NY (b), 5.00% | 20 | 513 | ||||||
| GMAC Capital Trust I (c), 6.01% (3 mo. USD LIBOR + 5.785%), | 18 | 480 | ||||||
| 993 | ||||||||
| CONSUMER STAPLES – 0.6% | ||||||||
| Bunge, Ltd. (b), 4.88% , | 5 | 545 | ||||||
| COMMUNICATION SERVICES – 0.6% | ||||||||
| Liberty Broadband Corp. (b), 7.00% , | 19 | 541 | ||||||
| TOTAL
PREFERRED STOCKS – 2.4% (Cost $1,902) |
2,079 | |||||||
| Par Value | Value | |||||||
| FIXED INCOME – 88.5% | ||||||||
| CORPORATE BONDS – 56.7% | ||||||||
| INDUSTRIALS – 12.4% | ||||||||
| BAT
Capital Corp. 2.259%, due 03/25/28 |
$ | 1,000 | 1,038 | |||||
| CSX
Corp. 2.50%, due 05/15/51 |
1,000 | 996 | ||||||
| Delta
Air Lines, Inc. / SkyMiles IP, Ltd, 144A 4.75%, due 10/20/28 (d) |
1,000 | 1,091 | ||||||
| Fedex
Corp. Pass Through Trust 1.875%, due 08/20/35 |
1,000 | 1,030 | ||||||
| Hilton
Domestic Operating Co., Inc, 144A 4.00%, due 05/01/31 (d) |
750 | 791 | ||||||
| Hilton
Domestic Operating Co., Inc. 4.875%, due 01/15/30 |
250 | 273 | ||||||
| Howmet
Aerospace, Inc. 6.875%, due 05/01/25 |
750 | 877 | ||||||
| Lennox
International, Inc. 1.70%, due 08/01/27 |
1,000 | 1,018 | ||||||
| Southwest
Airlines Co. 5.125%, due 06/15/27 |
1,000 | 1,190 | ||||||
| The
Boeing Co. 2.70%, due 02/01/27 |
750 | 780 | ||||||
| Uber
Technologies, Inc., 144A 7.50%, due 09/15/27 (d) |
1,000 | 1,100 | ||||||
| United
Rentals North America, Inc. 3.875%, due 02/15/31 |
500 | 525 | ||||||
| 10,709 | ||||||||
| CONSUMER DISCRETIONARY – 9.4% | ||||||||
| Aramark
Services, Inc, 144A 5.00%, due 02/01/28 (d) |
500 | 527 | ||||||
| Booking
Holdings, Inc. 3.55%, due 03/15/28 |
1,000 | 1,152 | ||||||
| BorgWarner, Inc. 2.65%, due 07/01/27 |
750 | 806 | ||||||
| CCO
Holdings LLC / CCO Holdings Capital Corp., 144A 4.25%, due 02/01/31 (d) |
500 | 527 | ||||||
| Lithia
Motors, Inc., 144A 4.375%, due 01/15/31 (d) |
750 | 804 | ||||||
| Marriott International, Inc. | ||||||||
| 4.15%, due 12/01/23 | 1,500 | 1,621 | ||||||
| 4.625%, due 06/15/30 | 750 | 880 | ||||||
| 3.125%, due 06/15/26 | 250 | 267 | ||||||
| MGM
Resorts International 4.75%, due 10/15/28 |
500 | 536 | ||||||
| Tractor
Supply Co. 1.75%, due 11/01/30 |
1,000 | 1,005 | ||||||
| 8,125 | ||||||||
| FINANCIALS – 8.5% | ||||||||
| Berkshire
Hathaway Finance Corp. 1.45%, due 10/15/30 |
1,000 | 1,013 | ||||||
| Credit
Suisse Group AG, 144A 6.25% (USD 5 Year Swap rate + 3.455%) (b) (c) (d) |
500 | 546 | ||||||
| Nasdaq, Inc. 1.65%, due 01/15/31 |
600 | 595 | ||||||
| Pershing
Square Holdings, Ltd, 144A 3.25%, due 11/15/30 (d) |
1,000 | 1,013 | ||||||
| Reinsurance
Group of America, Inc. 3.15%, due 06/15/30 |
1,000 | 1,094 | ||||||
| Signature
Bank/New York NY 4.00%, due 10/15/30 (c) |
1,000 | 1,015 | ||||||
| US
Bancorp 1.375%, due 07/22/30 |
1,000 | 1,002 | ||||||
| Wells
Fargo & Co. 1.654% (SOFRRATE + 1.600%), due 06/02/24 (c) |
1,000 | 1,028 | ||||||
| 7,306 | ||||||||
| HEALTH CARE – 7.9% | ||||||||
| AbbVie, Inc. 2.95%, due 11/21/26 |
750 | 829 | ||||||
| Emergent
BioSolutions, Inc., 144A 3.875%, due 08/15/28 (d) |
250 | 259 | ||||||
| Johnson &
Johnson 1.30%, due 09/01/30 |
1,000 | 1,007 | ||||||
| Merck &
Co, Inc. 1.45%, due 06/24/30 |
1,000 | 1,014 | ||||||
| Perrigo
Finance Unlimite Co. 3.15%, due 06/15/30 |
750 | 802 | ||||||
| Regeneron
Pharmaceuticals, Inc. 1.75%, due 09/15/30 |
1,250 | 1,231 | ||||||
| Tenet
Healthcare Corp, 144A 6.125%, due 10/01/28 (d) |
500 | 521 | ||||||
| Zimmer
Biomet Holdings, Inc. 3.55%, due 03/20/30 |
1,000 | 1,132 | ||||||
| 6,795 | ||||||||
| COMMUNICATION SERVICES – 5.8% | ||||||||
| Comcast
Corp. 3.15%, due 03/01/26 |
1,000 | 1,116 | ||||||
| Netflix, Inc. | ||||||||
| 5.50%, due 02/15/22 | 2,000 | 2,093 | ||||||
| 4.875%, due 04/15/28 | 500 | 564 | ||||||
| Oakmark Bond Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 88.5% (cont.) | ||||||||
| CORPORATE BONDS – 56.7% (cont.) | ||||||||
| COMMUNICATION SERVICES – 5.8% (cont.) | ||||||||
| T-Mobile
USA, Inc. 4.00%, due 04/15/22 |
$ | 1,211 | $ | 1,249 | ||||
| 5,022 | ||||||||
| INFORMATION TECHNOLOGY – 4.1% | ||||||||
| Broadcom
Corp. / Broadcom Cayman Finance, Ltd. 3.875%, due 01/15/27 |
750 | 842 | ||||||
| CDW
LLC / CDW Finance Corp. 4.125%, due 05/01/25 |
500 | 523 | ||||||
| Qorvo, Inc.,
144A 3.375%, due 04/01/31 (d) |
1,000 | 1,033 | ||||||
| QUALCOMM, Inc. 3.45%, due 05/20/25 |
1,000 | 1,113 | ||||||
| 3,511 | ||||||||
| CONSUMER STAPLES – 2.7% | ||||||||
| Kraft
Heinz Foods Co, 144A 3.875%, due 05/15/27 (d) |
500 | 539 | ||||||
| Philip
Morris International, Inc. 1.75%, due 11/01/30 |
1,000 | 1,012 | ||||||
| Sysco
Corp. 3.30%, due 07/15/26 |
750 | 834 | ||||||
| 2,385 | ||||||||
| REAL ESTATE – 2.5% | ||||||||
| GLP
Capital, LP / GLP Financing II, Inc. REIT 4.00%, due 01/15/31 |
500 | 546 | ||||||
| MPT
Operating Partnership, LP / MPT Finance Corp. REIT 3.50%, due 03/15/31 |
1,000 | 1,032 | ||||||
| Ventas
Realty, LP / Ventas Capital Corp. REIT 3.25%, due 08/15/22 |
590 | 612 | ||||||
| 2,190 | ||||||||
| ENERGY – 2.2% | ||||||||
| Cenovus
Energy, Inc. 5.375%, due 07/15/25 |
500 | 564 | ||||||
| National
Oilwell Varco, Inc. 3.60%, due 12/01/29 |
750 | 784 | ||||||
| Parsley
Energy LLC / Parsley Finance Corp, 144A 4.125%, due 02/15/28 (d) |
500 | 525 | ||||||
| 1,873 | ||||||||
| TECHNOLOGY – 0.6% | ||||||||
| Logan
Merger Sub, Inc., 144A 5.50%, due 09/01/27 (d) |
500 | 524 | ||||||
| MATERIALS – 0.6% | ||||||||
| Kraton
Polymers LLC / Kraton Polymers Capital Corp, 144A 4.25%, due 12/15/25 (d) |
500 | 510 | ||||||
| Total
Corporate Bonds (Cost $46,966) |
48,950 | |||||||
| GOVERNMENT AND AGENCY SECURITIES – 26.3% | ||||||||
| U.S. GOVERNMENT AGENCIES – 14.7% | ||||||||
| Federal Farm Credit Banks Funding Corp. | ||||||||
| 0.32%, due 12/23/24 | 5,000 | 4,992 | ||||||
| 0.36%, due 09/24/24 | 4,000 | 3,992 | ||||||
| Federal
Home Loan Bank, 0.44%, due 06/29/23 |
3,658 | 3,658 | ||||||
| 12,642 | ||||||||
| U.S. GOVERNMENT NOTES – 11.6% | ||||||||
| United States Treasury Notes | ||||||||
| 0.25%, due 05/31/25 | 6,000 | 5,988 | ||||||
| 0.375%, due 03/31/22 | 4,000 | 4,013 | ||||||
| 10,001 | ||||||||
| Total
Government and Agency Securities (Cost $22,644) |
22,643 | |||||||
| BANK LOANS – 5.1% | ||||||||
| INDUSTRIALS – 3.5% | ||||||||
| Skymiles IP, Ltd.
2020 Term Loan B 0.00%, due 10/20/27 (e) |
1,000 | 1,035 | ||||||
| US Foods, Inc.
Term Loan B 0.00%, due 06/27/23 (e) |
1,000 | 984 | ||||||
| Uber
Technologies, Inc. Term Loan 5.00% (3 mo. USD LIBOR + 4.00%), due 04/04/25 (c) |
995 | 998 | ||||||
| 3,017 | ||||||||
| ENERGY – 1.6% | ||||||||
| Apergy Corp. 2020 Term
Loan 6.00% (3 mo. USD LIBOR + 5.00%), due 05/28/27 (c) |
975 | 990 | ||||||
| Chesapeake Energy Corp.
2019 Last Out Term Loan 0.00%, due 06/24/24 (e) |
500 | 415 | ||||||
| 1,405 | ||||||||
| Total
Bank Loans (Cost $4,214) |
4,422 | |||||||
| CONVERTIBLE BOND – 0.4% | ||||||||
| Livanova
Usa, Inc., 144A, 3.00%, due 12/15/25 (d) (Cost $250) |
250 | 327 | ||||||
| TOTAL
FIXED INCOME – 88.5% (Cost $74,074) |
76,342 | |||||||
| SHORT-TERM INVESTMENTS – 10.5% | ||||||||
| REPURCHASE AGREEMENT – 10.5% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 0.05% dated 12/31/20 due 01/04/21, repurchase price $9,023, collateralized by a United States Treasury Note, 1.625% due 12/31/21, value plus accrued interest of $9,204 (Cost: $9,023) | $ | 9,023 | $ | 9,023 | ||||
| TOTAL
SHORT-TERM INVESTMENTS – 10.5% (Cost $9,023) |
9,023 | |||||||
| TOTAL
INVESTMENTS – 101.5% (Cost $85,126) | $ | 87,571 | ||||||
| Liabilities In Excess of Other Assets – (1.5)% | (1,305 | ) | ||||||
| NET ASSETS – 100.0% | $ | 86,266 | ||||||
| Oakmark Bond Fund | December 31, 2020 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| (a) | Non-income producing security |
| (b) | Security is perpetual and has no stated maturity date. |
| (c) | Floating Rate Note. Rate shown is as of December 31, 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) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date. |
| Abbreviations: |
| REIT: Real Estate Investment Trust |
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 December 31, 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 (Level 1) | Other (Level 2) | Significant Inputs (Level 3) | |||||||||
| Oakmark | ||||||||||||
| Common Stocks | $ | 13,170,133 | $ | 0 | $ | 0 | ||||||
| Short Term Investments | 0 | 193,976 | 0 | |||||||||
| Call Options Written | (12,904 | ) | 0 | 0 | ||||||||
| Total | $ | 13,157,229 | $ | 193,976 | $ | 0 | ||||||
| Select | ||||||||||||
| Common Stocks | $ | 4,051,428 | $ | 0 | $ | 0 | ||||||
| Short Term Investments | 0 | 201,486 | 0 | |||||||||
| Call Options Written | (10,875 | ) | 0 | 0 | ||||||||
| Total | $ | 4,040,553 | $ | 201,486 | $ | 0 | ||||||
| Global | ||||||||||||
| Common Stocks | $ | 1,419,381 | $ | 0 | $ | 0 | ||||||
| Warrants | 107 | 0 | 0 | |||||||||
| Short Term Investments | 0 | 35,061 | 0 | |||||||||
| Forward Foreign Currency Contracts - Liabilities | 0 | (33 | ) | 0 | ||||||||
| Total | $ | 1,419,488 | $ | 35,028 | $ | 0 | ||||||
| Global Select | ||||||||||||
| Common Stocks | $ | 1,468,778 | $ | 0 | $ | 0 | ||||||
| Warrants | 211 | 0 | 0 | |||||||||
| Short Term Investments | 0 | 51,617 | 0 | |||||||||
| Forward Foreign Currency Contracts - Liabilities | 0 | (43 | ) | 0 | ||||||||
| Total | $ | 1,468,989 | $ | 51,574 | $ | 0 | ||||||
| International | ||||||||||||
| Common Stocks | $ | 25,462,887 | $ | 0 | $ | 0 | ||||||
| Preferred Stocks | 53,988 | 0 | 0 | |||||||||
| Warrants | 1,829 | 0 | 0 | |||||||||
| Short Term Investments | 0 | 686,126 | 0 | |||||||||
| Forward Foreign Currency Contracts - Liabilities | 0 | (559 | ) | 0 | ||||||||
| Total | $ | 25,518,704 | $ | 685,567 | $ | 0 | ||||||
| Int'l Small Cap | ||||||||||||
| Common Stocks | $ | 1,366,577 | $ | 0 | $ | 0 | ||||||
| Short Term Investments | 0 | 36,555 | 0 | |||||||||
| Forward Foreign Currency Contracts - Liabilities | 0 | (32 | ) | 0 | ||||||||
| Total | $ | 1,366,577 | $ | 36,523 | $ | 0 | ||||||
| Equity and Income | ||||||||||||
| Common Stocks | $ | 5,479,269 | $ | 0 | $ | 0 | ||||||
| Preferred Stocks | 30,243 | 0 | 0 | |||||||||
| Corporate Bonds | 0 | 1,449,823 | 0 | |||||||||
| Government and Agency Securities | 0 | 634,101 | 0 | |||||||||
| Bank Loans | 0 | 38,688 | 0 | |||||||||
| Short Term Investments | 0 | 81,039 | 0 | |||||||||
| Total | $ | 5,509,512 | $ | 2,203,651 | $ | 0 | ||||||
| Bond | ||||||||||||
| Rights | $ | 0 | $ | 0 | $ | 127 | ||||||
| Preferred Stocks | 2,079 | 0 | 0 | |||||||||
| Corporate Bonds | 0 | 48,950 | 0 | |||||||||
| Government and Agency Securities | 0 | 22,643 | 0 | |||||||||
| Bank Loans | 0 | 4,422 | 0 | |||||||||
| Convertible Bond | 0 | 327 | 0 | |||||||||
| Short Term Investments | 0 | 9,023 | 0 | |||||||||
| Total | $ | 2,079 | $ | 85,365 | $ | 127 | ||||||
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 December 31, 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 December 31, 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 | 19,526 | 16,577 | ||||||
| Global Select | 25,519 | 26,336 | ||||||
| International | 329,846 | 218,612 | ||||||
| Int’l Small Cap | 19,078 | 13,267 | ||||||
Short sales
Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or loss, unlimited in size, will be recognized upon the termination of the short sale. Each Fund may sell shares of when-issued securities. Typically, a Fund sells when-issued securities when a company announces a spin-off or re-organization, and the post-spin-off or post-re-organization shares begin trading on a when-issued basis prior to the effective date of the corporate action. A sale of a when-issued security is treated as a short sale for accounting purposes. After the effective date, when shares of the new company are received, any shares sold on a when-issued basis will be delivered to the counterparty. At December 31, 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 December 31, 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.
Oakmark and Select used purchased options for tax management purposes during the period ended December 31, 2020. There were no outstanding purchased equity options as of December 31, 2020.
Oakmark and Select used options written for tax management purposes during the period ended December 31, 2020. Written options outstanding, if any, are listed on each Fund's Schedule of Investments.
For the period ended December 31, 2020, the amount of premiums paid (received) for equity options purchased and written are listed by Fund in the table below (in thousands):
| Fund | Equity Options Purchased | Equity Options Written | ||||||
| Oakmark | $ | 8,297 | $ | (23,289 | ) | |||
| Select | 6,332 | (13,066 | ) | |||||
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 December 31, 2020, all of the Funds held repurchase agreements.
Security lending
Each Fund may lend its portfolio securities to broker-dealers and banks. Any such loan must be continuously secured by collateral in cash, cash equivalents or U.S. Treasury or agency securities maintained on a current basis in an amount at least equal to the fair value of the securities loaned by a Fund. The Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and would also receive an additional return that may be in the form of a fixed fee or a percentage of the earnings on the collateral. The Fund has the right to call the loan and attempt to obtain the securities loaned at any time on notice of not more than five business days. In the event of bankruptcy or other default of the borrower, the Fund could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. There could also be a decline in the value of the collateral or in the fair value of the securities loaned while the Fund seeks to enforce its rights thereto and the Fund could experience subnormal levels of income or lack of access to income during that period. A Fund may not exercise proxy voting rights for a security that is on loan if it is unable to recall the security prior to the record date. The Trust, on behalf of the Funds, has entered into an agreement with State Street to serve as its agent for the purpose of lending securities and maintaining the collateral account.
At December 31, 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 December 31, 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.