Oakmark Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 94.7%
FINANCIALS – 32.2%
DIVERSIFIED FINANCIALS – 21.0%
Ally Financial, Inc.		12,643	$	601,938
Capital One Financial Corp.		3,587		520,438
The Charles Schwab Corp.		6,069		510,403
The Goldman Sachs Group, Inc.		1,105		422,718
State Street Corp.		3,768		350,405
American Express Co.		2,034		332,811
Intercontinental Exchange, Inc.		2,400		328,248
The Bank of New York Mellon Corp.		4,535		263,366
KKR & Co., Inc.		2,970		221,265
Moody's Corp.		392		153,057
S&P Global, Inc.		206		97,256
				3,801,905
BANKS – 6.5%
Citigroup, Inc.		7,324		442,309
Bank of America Corp.		8,746		389,087
Wells Fargo & Co.		7,000		335,860
				1,167,256
INSURANCE – 4.7%
American International Group, Inc.		7,043		400,453
Reinsurance Group of America, Inc.		2,313		253,297
Willis Towers Watson PLC		800		189,992
				843,742
				5,812,903
COMMUNICATION SERVICES – 14.3%
MEDIA & ENTERTAINMENT – 13.0%
Alphabet, Inc., Class A (a)		220		636,813
Meta Platforms, Inc., Class A (a)		1,330		447,480
Netflix, Inc. (a)		678		408,514
Charter Communications, Inc., Class A (a)		561		365,429
Comcast Corp., Class A		6,251		314,618
Take-Two Interactive Software, Inc. (a)		1,000		177,720
				2,350,574
TELECOMMUNICATION SERVICES – 1.3%
T-Mobile US, Inc. (a)		2,000		231,960
				2,582,534
INFORMATION TECHNOLOGY – 11.9%
SOFTWARE & SERVICES – 10.4%
Gartner, Inc. (a)		1,357		453,513
Fiserv, Inc. (a)		3,800		394,402
DXC Technology Co. (a)		8,918		287,074
Workday, Inc., Class A (a)		1,007		275,038
Automatic Data Processing, Inc.		945		233,067
Visa, Inc., Class A		692		149,898
MasterCard, Inc., Class A		220		78,978
				1,871,970
TECHNOLOGY HARDWARE & EQUIPMENT – 1.5%
TE Connectivity, Ltd.		1,748		281,981
				2,153,951
CONSUMER DISCRETIONARY – 9.1%
CONSUMER SERVICES – 4.4%
Booking Holdings, Inc. (a)		167		399,712
Hilton Worldwide Holdings, Inc. (a)		2,472		385,623
				785,335
AUTOMOBILES & COMPONENTS – 2.6%
General Motors Co. (a)		5,062		296,785
BorgWarner, Inc.		4,000		180,280
				477,065
RETAILING – 2.1%
eBay, Inc.		4,548		302,422
Qurate Retail, Inc., Class A		9,641		73,268
				375,690
				1,638,090
ENERGY – 8.3%
EOG Resources, Inc.		5,919		525,746
ConocoPhillips		5,156		372,138
APA Corp.		12,744		342,681
Diamondback Energy, Inc.		2,360		254,526
				1,495,091
HEALTH CARE – 8.2%
HEALTH CARE EQUIPMENT & SERVICES – 6.3%
Humana, Inc.		898		416,546
HCA Healthcare, Inc.		1,580		405,933
CVS Health Corp.		3,078		317,544
				1,140,023
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 1.9%
Regeneron Pharmaceuticals, Inc. (a)		538		339,692
				1,479,715
CONSUMER STAPLES – 5.5%
FOOD, BEVERAGE & TOBACCO – 5.5%
Constellation Brands, Inc., Class A		1,485		372,665
Keurig Dr Pepper, Inc.		8,978		330,926
Altria Group, Inc.		6,000		284,340
				987,931
INDUSTRIALS – 4.1%
CAPITAL GOODS – 4.1%
General Electric Co.		2,527		238,726
PACCAR, Inc.		2,000		176,520
General Dynamics Corp.		800		166,776
Cummins, Inc.		722		157,497
				739,519

OAKMARK FUNDS

Oakmark Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 94.7%  (cont.)
REAL ESTATE – 1.1%
CBRE Group, Inc., Class A (a)		1,868	$	202,697
TOTAL COMMON STOCKS – 94.7%
(Cost $8,883,048)				17,092,431

	Par Value		Value
SHORT-TERM INVESTMENT – 5.2%
REPURCHASE AGREEMENT – 5.2%
Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 12/31/21 due 01/03/22, repurchase price $931,394, collateralized by United States Treasury Note, 1.375% due 12/31/28, value plus accrued interest of $950,021  (Cost: $931,393)	$	931,393		931,393
TOTAL SHORT-TERM INVESTMENTS – 5.2%
(Cost $931,393)				931,393
TOTAL INVESTMENTS – 99.9% (Cost $9,814,441)				18,023,824
Other Assets In Excess of Liabilities – 0.1%				24,165
TOTAL NET ASSETS – 100.0%			$	18,047,989

(a) Non-income producing security

Oakmark.com

Oakmark Select Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 95.7%
COMMUNICATION SERVICES – 23.5%
MEDIA & ENTERTAINMENT – 23.5%
Alphabet, Inc., Class A (a)		193	$	559,161
Meta Platforms, Inc., Class A (a)		783		263,362
Charter Communications, Inc., Class A (a)		389		253,551
Netflix, Inc. (a)		420		252,784
				1,328,858
FINANCIALS – 23.2%
BANKS – 10.0%
Citigroup, Inc.		3,942		238,058
Bank of America Corp.		4,521		201,135
CIT Group, Inc.		1,357		69,644
First Citizens BancShares, Inc., Class A		56		46,413
First Citizens BancShares, Inc., Class B		13		9,882
				565,132
DIVERSIFIED FINANCIALS – 8.9%
Ally Financial, Inc.		6,000		285,665
Capital One Financial Corp.		1,499		217,504
				503,169
INSURANCE – 4.3%
American International Group, Inc.		4,210		239,369
				1,307,670
HEALTH CARE – 10.3%
HEALTH CARE EQUIPMENT & SERVICES – 7.0%
Humana, Inc.		467		216,623
HCA Healthcare, Inc.		703		180,549
				397,172
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 3.3%
Regeneron Pharmaceuticals, Inc. (a)		290		183,141
				580,313
CONSUMER DISCRETIONARY – 9.7%
CONSUMER SERVICES – 6.0%
Booking Holdings, Inc. (a)		82		196,737
Hilton Worldwide Holdings, Inc. (a)		896		139,841
				336,578
AUTOMOBILES & COMPONENTS – 3.7%
Lear Corp.		1,150		210,392
				546,970
REAL ESTATE – 8.4%
CBRE Group, Inc., Class A (a)(b)		4,367		473,826
ENERGY – 6.1%
EOG Resources, Inc.		2,244		199,302
APA Corp.		5,500		147,895
				347,197
INDUSTRIALS – 5.8%
CAPITAL GOODS – 5.8%
General Electric Co.		1,753		165,578
Allison Transmission Holdings, Inc.		4,490		163,211
				328,789
INFORMATION TECHNOLOGY – 4.7%
SOFTWARE & SERVICES – 4.7%
Fiserv, Inc. (a)		2,550		264,665
CONSUMER STAPLES – 4.0%
FOOD, BEVERAGE & TOBACCO – 4.0%
Constellation Brands, Inc., Class A		910		228,282
TOTAL COMMON STOCKS – 95.7%
(Cost $2,798,616)				5,406,570

	Par Value		Value
SHORT-TERM INVESTMENT – 4.8%
REPURCHASE AGREEMENT – 4.8%
Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 12/31/21 due 01/03/22, repurchase price $268,659, collateralized by United States Treasury Note,1.375% due 12/31/28, value plus accrued interest of $274,032  (Cost: $268,659)	$	268,659		268,659
TOTAL SHORT-TERM INVESTMENTS – 4.8%
(Cost $268,659)				268,659
TOTAL INVESTMENTS – 100.5% (Cost $3,067,275)				5,675,229
Liabilities In Excess of Other Assets – (0.5)%				(27,233	)
TOTAL NET ASSETS – 100.0%			$	5,647,996

(a) Non-income producing security

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

OAKMARK FUNDS

Oakmark Select Fund	December 31, 2021 (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.	$	95.00	3/18/22		(20,000	)	$	(217,020	)	$	(30,000	)	$	(18,079	)	$	(11,921	)
							$	(217,020	)	$	(30,000	)	$	(18,079	)	$	(11,921	)

Oakmark.com

Oakmark Global Fund

Global Diversification —December 31, 2021 (Unaudited)

		% of Equity Investments
North America			49.3	%
	United States				49.3	%
Europe			44.2	%
	Germany*				16.3	%
	Switzerland				10.6	%
	United Kingdom				10.6	%
	Netherlands*				3.5	%
	Belgium*				1.9	%
	Ireland*				1.3	%
Asia			4.6	%
	China				3.0	%
	India				1.1	%
	Japan				0.3	%
	Korea				0.2	%
Australasia			1.0	%
	Australia				1.0	%
Latin America			0.9	%
	Mexico				0.9	%

* Euro currency countries comprise 23.0% of equity investments.

 

Oakmark Global Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 98.4%
FINANCIALS – 21.6%
BANKS – 9.7%
Lloyds Banking Group PLC (United Kingdom)		103,280	$	66,822
Bank of America Corp. (United States)		1,222		54,380
Axis Bank, Ltd. (India) (a)		1,837		16,769
Citigroup, Inc. (United States)		194		11,685
				149,656
DIVERSIFIED FINANCIALS – 6.5%
Credit Suisse Group AG (Switzerland)		6,410		62,412
Julius Baer Group, Ltd. (Switzerland)		578		38,821
				101,233
INSURANCE – 5.4%
Allianz SE (Germany)		229		54,191
Prudential PLC (United Kingdom)		910		15,704
Willis Towers Watson PLC (United States)		59		13,917
				83,812
				334,701
CONSUMER DISCRETIONARY – 18.4%
AUTOMOBILES & COMPONENTS – 10.6%
General Motors Co. (United States) (a)		1,240		72,696
Continental AG (Germany) (a)		419		44,395
Daimler AG (Germany)		526		40,484
Toyota Motor Corp. (Japan)		238		4,356
Vitesco Technologies Group AG (Germany) (a)		57		2,789
				164,720
RETAILING – 6.4%
Prosus N.V. (Netherlands)		634		53,113
Alibaba Group Holding, Ltd. (China) (a)		2,996		45,679
				98,792
CONSUMER SERVICES – 1.4%
Booking Holdings, Inc. (United States) (a)		7		17,442
Compass Group PLC (United Kingdom) (a)		154		3,446
				20,888
				284,400
COMMUNICATION SERVICES – 15.2%
MEDIA & ENTERTAINMENT – 13.5%
Alphabet, Inc., Class A (United States) (a)		41		117,808
Liberty Broadband Corp., Class C (United States) (a)		239		38,503
The Interpublic Group of Cos., Inc. (United States)		903		33,823
Grupo Televisa SAB ADR (Mexico) (b)		1,422		13,326
Charter Communications, Inc., Class A (United States) (a)		10		6,585
				210,045
TELECOMMUNICATION SERVICES – 1.7%
Liberty Global PLC, Class A (United Kingdom) (a)		930		25,793
				235,838
INFORMATION TECHNOLOGY – 13.0%
SOFTWARE & SERVICES – 7.9%
Oracle Corp. (United States)		391		34,082
Fiserv, Inc. (United States) (a)		319		33,088
MasterCard, Inc., Class A (United States)		83		29,859
SAP SE (Germany)		181		25,795
				122,824
TECHNOLOGY HARDWARE & EQUIPMENT – 5.1%
TE Connectivity, Ltd. (United States)		490		78,976
				201,800
HEALTH CARE – 12.4%
HEALTH CARE EQUIPMENT & SERVICES – 6.2%
Tenet Healthcare Corp. (United States) (a)		613		50,039
Humana, Inc. (United States)		72		33,398
Envista Holdings Corp. (United States) (a)		289		13,040
				96,477
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 6.2%
Bayer AG (Germany)		1,302		69,663
Novartis AG (Switzerland)		295		25,947
				95,610
				192,087
INDUSTRIALS – 9.4%
CAPITAL GOODS – 8.1%
CNH Industrial N.V. (United Kingdom)		1,758		34,160
Howmet Aerospace, Inc. (United States)		799		25,429
General Dynamics Corp. (United States)		96		20,076
Flowserve Corp. (United States)		615		18,804
Travis Perkins PLC (United Kingdom)		761		16,020
Daimler Truck Holding AG (Germany) (a)		317		11,670
				126,159
TRANSPORTATION – 1.3%
Ryanair Holdings PLC ADR (Ireland) (a) (b)		180		18,444
Ryanair Holdings PLC (Ireland) (a)		62		1,082
				19,526
				145,685
MATERIALS – 3.9%
Glencore PLC (Switzerland)		6,911		35,076
Incitec Pivot, Ltd. (Australia)		6,461		15,231
Arconic Corp. (United States) (a)		306		10,102
				60,409
CONSUMER STAPLES – 3.2%
FOOD, BEVERAGE & TOBACCO – 3.2%
Anheuser-Busch InBev SA/NV (Belgium)		487		29,456

OAKMARK FUNDS

Oakmark Global Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 98.4%  (cont.)
CONSUMER STAPLES – 3.2% (cont.)
FOOD, BEVERAGE & TOBACCO – 3.2%  (cont.)
Keurig Dr Pepper, Inc. (United States)		526	$	19,392
				48,848
ENERGY – 1.3%
Nov, Inc. (United States)		1,500		20,325
TOTAL COMMON STOCKS – 98.4%
(Cost $976,836)				1,524,093
PREFERRED STOCKS – 0.2%
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 0.2%
Samsung Electronics Co., Ltd. (South Korea)		58		3,480
TOTAL PREFERRED STOCKS – 0.2%
(Cost $3,316)				3,480

	Par Value		Value
SHORT-TERM INVESTMENT – 1.4%
REPURCHASE AGREEMENT – 1.4%
Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 12/31/21 due 01/03/22, repurchase price $22,286, collateralized by United States Treasury Note, 1.375% due 12/31/28, value plus accrued interest of $22,731  (Cost: $22,286)	$	22,286		22,286
TOTAL SHORT-TERM INVESTMENTS – 1.4%
(Cost $22,286)				22,286
TOTAL INVESTMENTS – 100.0% (Cost $1,002,438)				1,549,859
Foreign Currencies (Cost $0)(d) – 0.0%(c)				0	(d)
Liabilities In Excess of Other Assets – 0.0%				(721	)
TOTAL NET ASSETS – 100.0%			$	1,549,138

(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.com

 

Oakmark Global Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

FORWARD FOREIGN CURRENCY CONTRACT (in thousands)

	Local Contract Amount		Base Contract Amount		Settlement Date	Valuation at 12/31/21		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sold:
Swiss Franc		17,148	$	18,680	06/15/22	$	18,916	$	(236	)
						$	18,916	$	(236	)

OAKMARK FUNDS

Oakmark Global Select Fund

Global Diversification — December 31, 2021 (Unaudited)

		% of Equity Investments
North America			54.9	%
	United States				54.9	%
Europe			39.7	%
	Germany*				16.0	%
	United Kingdom				9.4	%
	Switzerland				7.5	%
	Netherlands*				4.5	%
	France*				2.3	%
Asia			5.4	%
	South Korea				3.5	%
	China				1.9	%

* Euro currency countries comprise 22.8% of equity investments.

Oakmark Global Select Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 95.6%
FINANCIALS – 23.1%
BANKS – 14.2%
Lloyds Banking Group PLC (United Kingdom)		154,675	$	100,074
Bank of America Corp. (United States)		1,875		83,396
Citigroup, Inc. (United States)		994		60,046
				243,516
DIVERSIFIED FINANCIALS – 4.6%
Credit Suisse Group AG (Switzerland)		8,036		78,242
INSURANCE – 4.3%
American International Group, Inc. (United States)		1,285		73,077
				394,835
HEALTH CARE – 21.6%
HEALTH CARE EQUIPMENT & SERVICES – 14.4%
Humana, Inc. (United States)		212		98,385
HCA Healthcare, Inc. (United States)		345		88,509
Fresenius Medical Care AG & Co. KGaA (Germany)		927		60,312
				247,206
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 7.2%
Bayer AG (Germany)		1,428		76,412
Novartis AG (Switzerland)		536		47,223
				123,635
				370,841
COMMUNICATION SERVICES – 19.7%
MEDIA & ENTERTAINMENT – 19.7%
Alphabet, Inc., Class A (United States) (a)		77		221,705
Charter Communications, Inc., Class A (United States) (a)		123		79,997
NAVER Corp. (South Korea)		110		34,960
				336,662
CONSUMER DISCRETIONARY – 12.9%
RETAILING – 6.2%
Prosus N.V. (Netherlands)		888		74,321
Alibaba Group Holding, Ltd. (China) (a)		2,057		31,361
				105,682
AUTOMOBILES & COMPONENTS – 3.5%
Daimler AG (Germany)		793		61,045
CONSUMER SERVICES – 3.2%
Booking Holdings, Inc. (United States) (a)		23		54,235
				220,962
INFORMATION TECHNOLOGY – 7.6%
SOFTWARE & SERVICES – 7.6%
Fiserv, Inc. (United States) (a)		760		78,828
SAP SE (Germany)		358		50,950
				129,778
REAL ESTATE – 4.3%
CBRE Group, Inc., Class A (United States) (a)		680		73,809
INDUSTRIALS – 4.2%
CAPITAL GOODS – 4.2%
CNH Industrial N.V. (United Kingdom)		2,851		55,404
Daimler Truck Holding AG (Germany) (a)		442		16,251
				71,655
CONSUMER STAPLES – 2.2%
FOOD, BEVERAGE & TOBACCO – 2.2%
Danone SA (France)		619		38,440
TOTAL COMMON STOCKS – 95.6% (Cost $1,146,963)				1,636,982
PREFERRED STOCKS – 1.3%
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.3%
Samsung Electronics Co., Ltd. (South Korea)		379		22,712
TOTAL PREFERRED STOCKS – 1.3% (Cost $22,486)				22,712

	Par Value		Value
SHORT-TERM INVESTMENTS – 2.9%
REPURCHASE AGREEMENT – 2.9%
Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 12/31/21 due 01/03/22, repurchase price $48,871, collateralized by United States Treasury Note, 1.375% due 12/31/28, value plus accrued interest of $49,848  (Cost: $48,871)	$	48,871		48,871
TOTAL SHORT-TERM INVESTMENTS – 2.9% (Cost $48,871)				48,871
TOTAL INVESTMENTS – 99.8% (Cost $1,218,320)				1,708,565
Foreign Currencies (Cost $0)(c) – 0.0% (b)				0	(c)
Other Assets In Excess of Liabilities – 0.2%				3,064
TOTAL NET ASSETS – 100.0%			$	1,711,629

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

OAKMARK FUNDS

 

Oakmark Global Select Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
	Local Contract Amount		Base Contract Amount		Settlement Date	Valuation at 12/31/21		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sold:
Swiss Franc		16,813	$	18,315	06/15/22	$	18,547	$	(232	)
						$	18,547	$	(232	)

Oakmark.com

Oakmark International Fund

Global Diversification —December 31, 2021 (Unaudited)

		% of Equity Investments
Europe		85.1	%
	Germany*			25.2	%
	United Kingdom			16.7	%
	France*			12.8	%
	Switzerland			12.4	%
	Sweden			4.8	%
	Netherlands*			4.2	%
	Italy*			3.3	%
	Belgium*			2.0	%
	Spain*			1.6	%
	Ireland*			1.4	%
	Finland*			0.7	%
Asia		9.4	%
	China			3.2	%
	Japan			1.9	%
	South Korea			2.5	%
	India			1.1	%
	Indonesia			0.7	%
North America		2.0	%
	Canada			2.0	%
Australasia		1.8	%
	Australia			1.8	%
Latin America		0.9	%
	Mexico			0.9	%
Africa		0.8	%
	South Africa			0.8	%

* Euro currency countries comprise 51.2% of equity investments.

Oakmark International Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 95.9%
FINANCIALS – 24.4%
BANKS – 13.2%
Lloyds Banking Group PLC (United Kingdom)		1,545,797	$	1,000,126
BNP Paribas SA (France)		13,703		948,071
Intesa Sanpaolo SPA (Italy)		339,262		878,332
NatWest Group PLC (United Kingdom)		103,140		315,089
Axis Bank, Ltd. (India) (a)		31,446		287,043
Bank Mandiri Persero Tbk PT (Indonesia)		368,836		181,798
				3,610,459
DIVERSIFIED FINANCIALS – 6.8%
Credit Suisse Group AG (Switzerland)		89,979		876,091
EXOR N.V. (Netherlands)		6,564		590,048
Schroders PLC (United Kingdom)		8,392		404,395
				1,870,534
INSURANCE – 4.4%
Allianz SE (Germany)		3,876		916,416
Prudential PLC (United Kingdom)		16,490		284,471
				1,200,887
				6,681,880
CONSUMER DISCRETIONARY – 23.9%
AUTOMOBILES & COMPONENTS – 11.3%
Bayerische Motoren Werke AG (Germany)		8,471		853,406
Continental AG (Germany) (a)		7,169		759,966
Daimler AG (Germany)		8,762		674,212
Valeo (France) (b)		13,265		401,417
Toyota Motor Corp. (Japan)		18,500		338,628
Vitesco Technologies Group AG (Germany) (a)		1,331		65,460
				3,093,089
RETAILING – 7.5%
Alibaba Group Holding, Ltd. (China) (a)		37,184		567,002
Prosus N.V. (Netherlands)		6,407		536,357
H & M Hennes & Mauritz AB, Class B (Sweden)		26,211		516,559
Vipshop Holdings, Ltd. ADR (China) (a) (c)		27,869		234,103
Naspers, Ltd., N Shares (South Africa)		1,320		204,810
				2,058,831
CONSUMER SERVICES – 4.0%
Accor SA (France) (a) (b)		16,698		540,869
Restaurant Brands International, Inc. (Canada)		4,092		248,294
Compass Group PLC (United Kingdom) (a)		10,877		243,066
Trip.com Group, Ltd. (China) (a)		2,330		57,005
				1,089,234
CONSUMER DURABLES & APPAREL – 1.1%
The Swatch Group AG, Bearer Shares (Switzerland)		749		229,351
Cie Financiere Richemont SA, Class A (Switzerland)		417		62,601
				291,952
				6,533,106
HEALTH CARE – 10.1%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 6.6%
Bayer AG (Germany)		19,084		1,021,168
Novartis AG (Switzerland)		6,006		529,115
Roche Holding AG (Switzerland)		620		257,740
				1,808,023
HEALTH CARE EQUIPMENT & SERVICES – 3.5%
Fresenius Medical Care AG & Co. KGaA (Germany)		8,266		537,766
Fresenius SE & Co. KGaA (Germany)		10,098		406,987
				944,753
				2,752,776
INDUSTRIALS – 9.8%
CAPITAL GOODS – 7.7%
CNH Industrial N.V. (United Kingdom)		36,497		709,280
SKF AB, Class B (Sweden)		16,935		402,007
Volvo AB, Class B (Sweden)		15,052		349,219
Daimler Truck Holding AG (Germany) (a)		5,894		216,667
Komatsu, Ltd. (Japan)		7,390		173,049
Smiths Group PLC (United Kingdom)		7,516		160,689
Rolls-Royce Holdings PLC (United Kingdom) (a)		59,244		98,537
				2,109,448
TRANSPORTATION – 1.4%
Ryanair Holdings PLC ADR (Ireland) (a) (c)		3,512		359,364
Ryanair Holdings PLC (Ireland) (a)		1,147		19,921
				379,285
COMMERCIAL & PROFESSIONAL SERVICES – 0.7%
Brambles, Ltd. (Australia)		24,780		191,646
				2,680,379
MATERIALS – 8.3%
Glencore PLC (Switzerland)		154,466		783,938
Holcim, Ltd. (Switzerland)		10,858		554,199
thyssenkrupp AG (Germany) (a) (b)		41,858		461,499
Orica, Ltd. (Australia) (b)		28,452		283,386
UPM-Kymmene OYJ (Finland)		5,191		197,751
				2,280,773
COMMUNICATION SERVICES – 7.3%
MEDIA & ENTERTAINMENT – 5.5%
Publicis Groupe SA (France)		6,565		442,482
NAVER Corp. (South Korea)		991		315,648
WPP PLC (United Kingdom)		19,684		298,274
Grupo Televisa SAB ADR (Mexico) (c)		26,974		252,751
Informa PLC (United Kingdom) (a)		28,930		202,289
				1,511,444

  

OAKMARK FUNDS

Oakmark International Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 95.9%  (cont.)
COMMUNICATION SERVICES – 7.3% (cont.)
TELECOMMUNICATION SERVICES – 1.8%
Liberty Global PLC, Class A (United Kingdom) (a)		17,915	$	496,975
				2,008,419
INFORMATION TECHNOLOGY – 6.9%
SOFTWARE & SERVICES – 6.9%
Worldline SA (France) (a)		9,766		544,905
SAP SE (Germany)		3,202		455,363
Amadeus IT Group SA (Spain) (a)		6,264		425,306
Open Text Corp. (Canada)		5,996		284,606
Capgemini SE (France)		710		174,113
				1,884,293
CONSUMER STAPLES – 5.2%
FOOD, BEVERAGE & TOBACCO – 3.3%
Anheuser-Busch InBev SA/NV (Belgium)		8,889		538,057
Danone SA (France)		5,726		355,850
				893,907
HOUSEHOLD & PERSONAL PRODUCTS – 1.9%
Henkel AG & Co. KGaA (Germany)		3,683		288,046
Reckitt Benckiser Group PLC (United Kingdom)		2,676		229,748
				517,794
				1,411,701
TOTAL COMMON STOCKS – 95.9% (Cost $24,076,814)				26,233,327
PREFERRED STOCKS – 1.4%
INFORMATION TECHNOLOGY – 1.3%
TECHNOLOGY HARDWARE & EQUIPMENT – 1.3%
Samsung Electronics Co., Ltd. (South Korea)		5,866		351,349
CONSUMER STAPLES – 0.1%
HOUSEHOLD & PERSONAL PRODUCTS – 0.1%
Henkel AG & Co. KGaA (Germany)		477		38,650
TOTAL PREFERRED STOCKS – 1.4% (Cost $392,852)				389,999

	Par Value		Value
SHORT-TERM INVESTMENTS – 2.5%
REPURCHASE AGREEMENT – 1.5%
Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 12/31/21 due 01/03/22, repurchase price $405,541, collateralized by United States Treasury Note, 1.375% due 12/31/28, value plus accrued interest of $413,652  (Cost: $405,541)	$	405,541	$	405,541
COMMERCIAL PAPER – 1.0%
American Honda Finance Corp.,
0.17% - 0.24%, due 01/05/22 - 02/03/22 (d)		135,000		134,986
General Mills, Inc., 144A,
0.14% - 0.16%, due 01/07/22 - 01/12/22 (d) (e)		65,000		64,997
Walgreens Boots, 144A,
0.27% - 0.31%, due 01/13/22 - 01/26/22 (d) (e)		60,000		59,989
Anthem, Inc., 144A,
0.10%, due 01/03/22 (d) (e)		20,000		20,000
TOTAL COMMERCIAL PAPER – 1.0% (Cost $279,975)				279,972
TOTAL SHORT-TERM INVESTMENTS – 2.5% (Cost $685,516)				685,513
TOTAL INVESTMENTS – 99.8% (Cost $25,155,182)				27,308,839
Foreign Currencies (Cost $5) – 0.0% (f)				5
Other Assets In Excess of Liabilities – 0.2%				52,564
TOTAL NET ASSETS – 100.0%			$	27,361,408

(a)	Non-income producing security
(b)	See Note 2 in the Notes to Schedules of Investments regarding investments in affiliated issuers.
(c)	Sponsored American Depositary Receipt
(d)	The rate shown represents the annualized yield at the time of purchase; not a coupon rate.
(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers.
(f)	Amount rounds to less than 0.1%.

Oakmark.com

Oakmark International Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
	Local Contract Amount		Base Contract Amount		Settlement Date	Valuation at 12/31/21		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sold:
Swiss Franc		341,128	$	371,436	06/15/22	$	376,302	$	(4,866	)
						$	376,302	$	(4,866	)

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, 2021		Value December 31, 2021		Percent of Net Assets
Accor SA		16,698	$	15,705	$	13,338		(603	)	$	(50,880	)	$	0	$	589,985	$	540,869		2.0	%
Orica, Ltd.		28,452		11,728		0					4,640			3,357		267,018		283,386		1.0	%
thyssenkrupp AG		41,858		6,350		34,395		(12,105	)		36,871			0		464,778		461,499		1.7	%
Valeo		13,265		0		0					31,219			0		370,198		401,417		1.5	%
TOTAL		100,273	$	33,783	$	47,733	$	(12,708	)	$	21,850		$	3,357	$	1,691,979	$	1,687,171		6.2	%

OAKMARK FUNDS

Oakmark International Small Cap Fund

Global Diversification —December 31, 2021 (Unaudited)

	% of Equity Investments
Europe		71.5	%
United Kingdom				19.1	%
Germany*				10.6	%
Switzerland				9.4	%
Finland*				6.4	%
Sweden				5.7	%
Italy*				5.6	%
Netherlands*				4.4	%
Spain*				2.8	%
Norway				2.6	%
Denmark				2.2	%
Portugal*				2.0	%
Belgium*				0.7	%
Asia		11.8	%
South Korea				4.7	%
Japan				3.9	%
China				2.3	%
Indonesia				0.9	%
Australasia		8.0	%
Australia				8.0	%
Latin America		5.1	%
Mexico				5.1	%
North America		2.5	%
Canada				2.5	%
Middle East		1.1	%
Israel				1.1	%

* Euro currency countries comprise 32.5% of equity investments.

Oakmark International Small Cap Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 96.7%
INDUSTRIALS – 27.3%
CAPITAL GOODS – 14.2%
Konecranes OYJ (Finland)		1,555	$	62,235
Duerr AG (Germany)		923		42,164
Metso Outotec Oyj (Finland)		3,730		39,692
Travis Perkins PLC (United Kingdom)		1,627		34,243
Babcock International Group PLC (United Kingdom) (a)		7,191		31,012
Sulzer AG (Switzerland)		181		17,894
Howden Joinery Group PLC (United Kingdom)		381		4,641
dormakaba Holding AG (Switzerland)		2		1,258
				233,139
COMMERCIAL & PROFESSIONAL SERVICES – 13.1%
Loomis AB (Sweden)		1,719		45,790
Applus Services SA (Spain)		4,906		45,158
ISS A/S (Denmark) (a)		1,849		35,388
Mitie Group PLC (United Kingdom)		26,052		22,744
Randstad N.V. (Netherlands)		329		22,488
Hays PLC (United Kingdom)		10,790		21,351
Pagegroup PLC (United Kingdom)		1,411		12,095
SThree PLC (United Kingdom)		1,823		11,452
				216,466
				449,605
FINANCIALS – 21.4%
DIVERSIFIED FINANCIALS – 14.3%
Julius Baer Group, Ltd. (Switzerland)		804		53,984
Azimut Holding SpA (Italy)		1,827		51,334
Abrdn PLC (United Kingdom)		10,800		35,214
Element Fleet Management Corp. (Canada)		3,239		32,980
EFG International AG (Switzerland)		4,311		32,878
St James's Place PLC (United Kingdom)		1,316		29,995
				236,385
BANKS – 4.6%
BNK Financial Group, Inc. (South Korea)		6,657		47,039
DGB Financial Group, Inc. (South Korea)		3,547		27,985
				75,024
INSURANCE – 2.5%
Talanx AG (Germany)		843		40,808
				352,217
INFORMATION TECHNOLOGY – 12.0%
SOFTWARE & SERVICES – 10.2%
Software AG (Germany)		1,232		49,208
Atea ASA (Norway)		2,198		40,933
Nihon Unisys, Ltd. (Japan)		1,049		29,461
Link Administration Holdings, Ltd. (Australia)		6,143		24,893
TeamViewer AG (Germany) (a)		1,789		24,078
				168,573
TECHNOLOGY HARDWARE & EQUIPMENT – 1.8%
Softwareone Holding AG (Switzerland)		1,380		29,930
				198,503
COMMUNICATION SERVICES – 8.6%
MEDIA & ENTERTAINMENT – 5.8%
Megacable Holdings SAB de CV (Mexico)		11,277		38,422
oOh!media, Ltd. (Australia) (a)		23,686		29,124
Hakuhodo DY Holdings, Inc. (Japan)		1,285		21,402
Nordic Entertainment Group AB, Class B (Sweden) (a)		141		7,316
				96,264
TELECOMMUNICATION SERVICES – 2.8%
NOS SGPS SA (Portugal)		8,037		31,201
Sarana Menara Nusantara Tbk PT (Indonesia)		181,538		14,329
				45,530
				141,794
CONSUMER DISCRETIONARY – 8.0%
AUTOMOBILES & COMPONENTS – 4.7%
Pirelli & C SpA (Italy)		5,029		34,974
Autoliv, Inc. (Sweden)		276		28,572
Vitesco Technologies Group AG (Germany) (a)		262		12,866
Dometic Group AB (Sweden)		109		1,436
				77,848
CONSUMER SERVICES – 2.4%
Wynn Macau, Ltd. (China) (a)		44,137		36,056
Autogrill SpA (Italy) (a)		455		3,237
				39,293
RETAILING – 0.5%
Wickes Group PLC (United Kingdom)		2,380		7,636
CONSUMER DURABLES & APPAREL – 0.4%
Gildan Activewear, Inc. (Canada)		164		6,966
				131,743
CONSUMER STAPLES – 7.3%
FOOD, BEVERAGE & TOBACCO – 3.9%
JDE Peet's N.V. (Netherlands)		1,536		47,397
Strauss Group, Ltd. (Israel)		554		17,285
				64,682
HOUSEHOLD & PERSONAL PRODUCTS – 2.7%
Kimberly-Clark de Mexico SAB de CV, Class A (Mexico)		28,608		43,326
FOOD & STAPLES RETAILING – 0.7%
Sugi Holdings Co., Ltd. (Japan)		197		11,943
				119,951
HEALTH CARE – 5.0%
HEALTH CARE EQUIPMENT & SERVICES – 5.0%
Ansell, Ltd. (Australia)		1,572		36,031
ConvaTec Group PLC (United Kingdom)		12,289		32,129
Elekta AB, Class B (Sweden)		593		7,514

OAKMARK FUNDS

Oakmark International Small Cap Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 96.7% (cont.)
HEALTH CARE – 5.0% (cont.)
HEALTH CARE EQUIPMENT & SERVICES – 5.0%  (cont.)
Healius, Ltd. (Australia)		1,861	$	7,148
				82,822
MATERIALS – 4.8%
DS Smith PLC (United Kingdom)		6,914		35,919
Incitec Pivot, Ltd. (Australia)		12,798		30,168
Titan Cement International SA (Belgium)		778		11,740
Essentra PLC (United Kingdom)		210		979
				78,806
REAL ESTATE – 2.3%
LSL Property Services PLC (United Kingdom)		4,369		24,244
IWG PLC (Switzerland) (a)		3,436		13,533
				37,777
TOTAL COMMON STOCKS – 96.7% (Cost $1,403,951)				1,593,218

	Par Value		Value
SHORT-TERM INVESTMENT – 2.7%
REPURCHASE AGREEMENT – 2.7%
Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 12/31/21 due 01/03/22, repurchase price $44,986, collateralized by United States Treasury Note, 1.375% due 12/31/28, value plus accrued interest of $45,885  (Cost: $44,986)	$	44,986		44,986
TOTAL SHORT-TERM INVESTMENTS – 2.7% (Cost $44,986)				44,986
TOTAL INVESTMENTS – 99.4% (Cost $1,448,937)				1,638,204
Foreign Currencies (Cost $0) (c) – 0.0%(b)				0(c)
Other Assets In Excess of Liabilities – 0.6%				10,587
TOTAL NET ASSETS – 100.0%			$	1,648,791

(a) Non-income producing security

(b) Amount rounds to less than 0.1%.

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

Oakmark.com

Oakmark International Small Cap Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

FORWARD FOREIGN CURRENCY CONTRACT (in thousands)
	Local Contract Amount		Base Contract Amount	Settlement Date		Valuation at 12/31/21		Unrealized Appreciation/ (Depreciation)
Foreign Currency Sold:
Swiss Franc	17,964	$	19,569	06/15/22	$	19,816	$	(247	)
					$	19,816	$	(247	)

OAKMARK FUNDS

Oakmark Equity and Income Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 63.9%
FINANCIALS – 12.3%
BANKS – 5.1%
Bank of America Corp.		5,588	$	248,593
Citigroup, Inc.		2,530		152,765
				401,358
DIVERSIFIED FINANCIALS – 4.3%
Ally Financial, Inc.		4,607		219,320
State Street Corp.		653		60,748
The Charles Schwab Corp.		706		59,358
				339,426
INSURANCE – 2.9%
Reinsurance Group of America, Inc.		1,298		142,172
American International Group, Inc.		1,460		82,993
				225,165
				965,949
CONSUMER DISCRETIONARY – 9.4%
AUTOMOBILES & COMPONENTS – 8.1%
General Motors Co. (a)		4,437		260,123
Lear Corp.		832		152,294
BorgWarner, Inc.		3,140		141,538
Thor Industries, Inc.		808		83,818
				637,773
CONSUMER DURABLES & APPAREL – 0.8%
Carter's, Inc.		602		60,904
CONSUMER SERVICES – 0.5%
Booking Holdings, Inc. (a)		16		39,203
				737,880
COMMUNICATION SERVICES – 8.7%
MEDIA & ENTERTAINMENT  – 8.7%
Alphabet, Inc., Class A (a)		118		340,692
Charter Communications, Inc., Class A (a)		274		178,509
Comcast Corp., Class A		1,760		88,586
Meta Platforms, Inc., Class A (a)		213		71,643
Warner Music Group Corp., Class A		124		5,337
				684,767
HEALTH CARE – 8.5%
HEALTH CARE EQUIPMENT & SERVICES – 8.0%
CVS Health Corp.		2,298		237,086
HCA Healthcare, Inc.		636		163,298
LivaNova PLC (a)		1,280		111,911
Humana, Inc.		194		89,803
Zimmer Biomet Holdings, Inc.		236		29,969
				632,067
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 0.5%
Regeneron Pharmaceuticals, Inc. (a)		60		37,886
				669,953
INFORMATION TECHNOLOGY – 6.1%
SOFTWARE & SERVICES – 3.1%
Global Payments, Inc.		671		90,719
Fiserv, Inc. (a)		776		80,562
salesforce.com, Inc. (a)		277		70,470
				241,751
TECHNOLOGY HARDWARE & EQUIPMENT – 3.0%
TE Connectivity, Ltd.		1,480		238,796
				480,547
CONSUMER STAPLES – 5.7%
FOOD, BEVERAGE & TOBACCO – 5.7%
Philip Morris International, Inc.		2,257		214,396
Keurig Dr Pepper, Inc.		3,617		133,315
Constellation Brands, Inc., Class A		280		70,347
Nestlé SA ADR (Switzerland) (b)		213		29,872
				447,930
INDUSTRIALS – 5.7%
CAPITAL GOODS – 5.5%
Carlisle Cos., Inc.		641		159,138
General Dynamics Corp.		518		107,925
Howmet Aerospace, Inc.		3,084		98,158
Johnson Controls International PLC		824		66,980
				432,201
COMMERCIAL & PROFESSIONAL SERVICES – 0.2%
KAR Auction Services, Inc. (a)		971		15,174
				447,375
ENERGY – 3.3%
PDC Energy, Inc.		2,388		116,467
Diamondback Energy, Inc.		615		66,355
ChampionX Corp. (a)		2,837		57,331
Nov, Inc.		1,615		21,886
				262,039
MATERIALS – 3.0%
Glencore PLC		28,371		143,986
Arconic Corp. (a)		1,761		58,123
Sealed Air Corp.		521		35,158
				237,267
REAL ESTATE – 1.2%
The Howard Hughes Corp. (a)		904		91,958
TOTAL COMMON STOCKS – 63.9% (Cost $2,467,454)				5,025,665
PREFERRED STOCKS – 0.5%
CONSUMER STAPLES – 0.4%
Bunge, Ltd. (c), 4.88%		234		29,703

OAKMARK FUNDS

Oakmark Equity and Income Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
PREFERRED STOCKS – 0.5%  (cont.)
COMMUNICATION SERVICES – 0.1%
Liberty Broadband Corp. (c), 7.00%		171	$	4,980
TOTAL PREFERRED STOCKS – 0.5% (Cost $31,393)				34,683
		Par Value		Value
FIXED INCOME – 25.1%
CORPORATE BONDS – 20.5%
FINANCIALS – 5.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.45%, due 10/29/26		19,000		19,168
3.40%, due 10/29/33		2,500		2,549
Ally Financial, Inc.
4.70% (5 year Treasury Constant Maturity Rate + 3.868%) (c) (d)		23,750		24,641
2.20%, due 11/02/28		8,750		8,699
3.875%, due 05/21/24		7,950		8,379
Apollo Commercial Real Estate Finance, Inc. REIT, 144A
4.625%, due 06/15/29 (e)		20,373		19,711
Bank of America Corp.
4.45%, due 03/03/26		5,000		5,508
Blackstone Mortgage Trust, Inc. REIT, 144A
3.75%, due 01/15/27 (e)		27,500		27,401
CenterState Bank Corp.
5.75% (SOFRRATE + 5.617%), due 06/01/30 (d)		4,960		5,516
Citigroup, Inc.
3.352% (3 mo. USD LIBOR + 0.897%), due 04/24/25 (d)		22,860		23,874
3.40%, due 05/01/26		15,000		16,092
CNO Financial Group, Inc.
5.25%, due 05/30/25		5,895		6,508
E*TRADE Financial Corp.
2.95%, due 08/24/22		11,965		12,134
Equitable Financial Life Global Funding, 144A
1.70%, due 11/12/26 (e)		15,000		14,805
Extra Space Storage, LP, REIT
2.35%, due 03/15/32		5,750		5,596
JPMorgan Chase & Co.
1.47% (SOFRRATE + .765%), due 09/22/27 (d)		23,000		22,559
1.354% (3 mo. USD LIBOR + 1.230%), due 10/24/23 (d)		19,910		20,029
LPL Holdings, Inc., 144A
4.00%, due 03/15/29 (e)		5,515		5,646
Nasdaq, Inc.
1.65%, due 01/15/31		8,750		8,154
Pershing Square Holdings, Ltd, 144A
3.25%, due 11/15/30 (e)		14,000		14,035
Reinsurance Group of America, Inc.
3.15%, due 06/15/30		6,900		7,194
3.95%, due 09/15/26		4,905		5,323
RGA Global Funding, 144A
2.00%, due 11/30/26 (e)		8,500		8,534
S&P Global, Inc.
2.95%, due 01/22/27		9,810		10,364
Stifel Financial Corp.
4.00%, due 05/15/30		12,242		13,416
SVB Financial Group
2.10%, due 05/15/28		21,500		21,523
1.80%, due 10/28/26		14,250		14,209
4.25% (5 year Treasury Constant Maturity Rate + 3.074%) (c) (d)		4,250		4,309
The Goldman Sachs Group, Inc.
1.948% (SOFRRATE + 0.913%), due 10/21/27 (d)		13,500		13,449
3.20%, due 02/23/23		7,000		7,179
Wells Fargo & Co.
1.359% (3 mo. USD LIBOR + 1.230%), due 10/31/23 (d)		8,603		8,672
2.393% (SOFRRATE + 2.100%), due 06/02/28 (d)		5,000		5,085
				390,261
CONSUMER DISCRETIONARY – 4.5%
Aramark Services, Inc., 144A
6.375%, due 05/01/25 (e)		9,900		10,346
AutoNation, Inc.
1.95%, due 08/01/28		4,940		4,835
Booking Holdings, Inc.
3.60%, due 06/01/26		14,730		15,891
3.55%, due 03/15/28		9,950		10,810
4.625%, due 04/13/30		4,950		5,778
Brunswick Corp.
2.40%, due 08/18/31		19,576		18,792
CCO Holdings LLC / CCO Holdings Capital Corp., 144A
4.75%, due 03/01/30 (e)		2,980		3,099
5.125%, due 05/01/27 (e)		250		258
Charter Communications Operating LLC / Charter Communications Operating Capital
4.20%, due 03/15/28		9,950		10,899
4.50%, due 02/01/24		2,985		3,175
Daimler Trucks Finance North America LLC, 144A
2.50%, due 12/14/31 (e)		3,750		3,754
Expedia Group, Inc.
5.00%, due 02/15/26		22,860		25,437
3.25%, due 02/15/30		5,860		5,986
Hyatt Hotels Corp.
1.80%, due 10/01/24		14,176		14,178
1.30%, due 10/01/23		2,000		2,000
International Game Technology PLC, 144A
6.50%, due 02/15/25 (e)		19,600		21,266
6.25%, due 01/15/27 (e)		200		224
Kontoor Brands Inc, 144A
4.125%, due 11/15/29 (e)		3,300		3,300
Lear Corp.
2.60%, due 01/15/32		14,850		14,643
4.25%, due 05/15/29		7,955		8,776
3.50%, due 05/30/30		6,950		7,460

Oakmark.com

Oakmark Equity and Income Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

		Par Value		Value
FIXED INCOME – 25.1%  (cont.)
CORPORATE BONDS – 20.5%  (cont.)
CONSUMER DISCRETIONARY – 4.5%  (cont.)
Lithia Motors, Inc., 144A
3.875%, due 06/01/29 (e)	$	4,250	$	4,339
4.625%, due 12/15/27 (e)		2,980		3,134
M/I Homes, Inc.
3.95%, due 02/15/30		1,250		1,231
Marriott International, Inc.
2.75%, due 10/15/33		13,750		13,356
4.625%, due 06/15/30		9,400		10,585
4.15%, due 12/01/23		8,094		8,500
3.60%, due 04/15/24		6,960		7,279
MGM Resorts International
4.75%, due 10/15/28		13,875		14,291
6.75%, due 05/01/25		9,850		10,293
Rent-A-Center, Inc., 144A
6.375%, due 02/15/29 (e)		350		365
Sands China, Ltd.
5.40%, due 08/08/28		5,000		5,387
5.125%, due 08/08/25		3,000		3,147
Scientific Games International, Inc., 144A
5.00%, due 10/15/25 (e)		19,910		20,497
Starbucks Corp.
3.80%, due 08/15/25		9,950		10,739
4.00%, due 11/15/28		2,985		3,334
Tapestry, Inc.
3.05%, due 03/15/32		6,375		6,420
The William Carter Co., 144A
5.625%, due 03/15/27 (e)		1,750		1,809
Thor Industries, Inc., 144A
4.00%, due 10/15/29 (e)		19,500		19,305
Tractor Supply Co.
1.75%, due 11/01/30		1,980		1,856
Under Armour, Inc.
3.25%, due 06/15/26		12,565		12,960
Yum! Brands, Inc.
3.875%, due 11/01/23		6,329		6,590
				356,324
INDUSTRIALS – 4.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons LLC, 144A
3.50%, due 02/15/23 (e)		12,470		12,688
Bacardi, Ltd., 144A
4.45%, due 05/15/25 (e)		4,900		5,312
BAT Capital Corp.
3.557%, due 08/15/27		6,965		7,310
2.259%, due 03/25/28		2,975		2,901
BAT International Finance PLC
1.668%, due 03/25/26		4,460		4,380
Carlisle Cos., Inc.
2.20%, due 03/01/32		25,000		24,106
Carrier Global Corp.
2.493%, due 02/15/27		4,965		5,104
2.242%, due 02/15/25		4,965		5,086
Delta Air Lines, Inc.
3.80%, due 04/19/23		9,425		9,637
Fedex Corp. Pass Through Trust
1.875%, due 08/20/35		10,317		10,169
Fortune Brands Home & Security, Inc.
4.00%, due 06/15/25		13,430		14,404
4.00%, due 09/21/23		9,945		10,420
GXO Logistics, Inc., 144A
1.65%, due 07/15/26 (e)		6,750		6,586
Hilton Domestic Operating Co., Inc., 144A
4.00%, due 05/01/31 (e)		19,250		19,706
3.625%, due 02/15/32 (e)		13,500		13,429
3.75%, due 05/01/29 (e)		9,000		9,067
Howmet Aerospace, Inc.
3.00%, due 01/15/29		25,500		25,525
6.875%, due 05/01/25		462		531
Kraft Heinz Foods Co.
3.875%, due 05/15/27		1,900		2,054
Lennox International, Inc.
1.35%, due 08/01/25		2,000		1,975
Southwest Airlines Co.
5.125%, due 06/15/27		15,853		18,135
5.25%, due 05/04/25		7,875		8,750
2.625%, due 02/10/30		8,444		8,440
The Boeing Co.
2.70%, due 02/01/27		41,847		42,575
Uber Technologies, Inc., 144A
8.00%, due 11/01/26 (e)		21,430		22,823
7.50%, due 05/15/25 (e)		7,940		8,344
7.50%, due 09/15/27 (e)		4,470		4,865
4.50%, due 08/15/29 (e)		850		866
Viterra Finance BV, 144A
2.00%, due 04/21/26 (e)		6,400		6,362
				311,550
ENERGY – 1.7%
Apergy Corp.
6.375%, due 05/01/26		7,447		7,745
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc.
2.061%, due 12/15/26		2,500		2,524
Chesapeake Energy Corp, 144A
5.875%, due 02/01/29 (e)		10,000		10,697
Diamondback Energy, Inc.
3.125%, due 03/24/31		7,250		7,480
4.75%, due 05/31/25		2,900		3,178
Florida Gas Transmission Co. LLC, 144A
2.30%, due 10/01/31 (e)		14,750		14,458
Hess Midstream Operations LP, 144A
4.25%, due 02/15/30 (e)		16,970		16,843
NOV, Inc.
3.60%, due 12/01/29		24,835		25,676
Occidental Petroleum Corp.
3.50%, due 08/15/29		1,985		2,037
Parsley Energy LLC / Parsley Finance Corp, 144A
4.125%, due 02/15/28 (e)		20,576		20,705

OAKMARK FUNDS

Oakmark Equity and Income Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

		Par Value		Value
FIXED INCOME – 25.1%  (cont.)
CORPORATE BONDS – 20.5%  (cont.)
ENERGY – 1.7%  (cont.)
Schlumberger Holdings Corp., 144A
4.00%, due 12/21/25 (e)	$	9,830	$	10,593
Vine Energy Holdings LLC, 144A
6.75%, due 04/15/29 (e)		8,000		8,680
				130,616
REAL ESTATE – 1.2%
CBRE Services, Inc.
2.50%, due 04/01/31		10,750		10,744
GLP Capital, LP / GLP Financing II, Inc. REIT
5.375%, due 11/01/23		12,000		12,734
4.00%, due 01/15/31		9,425		10,056
5.75%, due 06/01/28		4,975		5,744
5.25%, due 06/01/25		4,975		5,449
5.375%, due 04/15/26		3,925		4,371
MGM Growth Properties Operating Partnership, LP / MGP Finance Co-Issuer, Inc. REIT
5.625%, due 05/01/24		2,945		3,147
Omega Healthcare Investors, Inc. REIT
5.25%, due 01/15/26		4,982		5,543
4.375%, due 08/01/23		3,098		3,233
RHP Hotel Properties, LP / RHP Finance Corp. REIT, 144A
4.50%, due 02/15/29 (e)		18,000		18,000
Sun Communities Operating, LP REIT
2.70%, due 07/15/31		1,750		1,738
The Howard Hughes Corp., 144A
4.375%, due 02/01/31 (e)		8,750		8,838
5.375%, due 08/01/28 (e)		3,400		3,621
Ventas Realty, LP REIT
3.50%, due 02/01/25		900		949
				94,167
INFORMATION TECHNOLOGY – 1.0%
Apple, Inc.
1.65%, due 02/08/31		9,750		9,530
2.65%, due 02/08/51		6,000		5,923
Avnet, Inc.
4.875%, due 12/01/22		8,275		8,570
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
3.00%, due 01/15/22		6,684		6,689
3.50%, due 01/15/28		4,975		5,318
Broadcom, Inc., 144A
3.469%, due 04/15/34 (e)		9,955		10,426
3.419%, due 04/15/33 (e)		6,950		7,294
Dell International LLC / EMC Corp.
5.45%, due 06/15/23		3,927		4,143
Micron Technology, Inc.
2.703%, due 04/15/32		3,500		3,504
Motorola Solutions, Inc.
4.60%, due 02/23/28		2,985		3,373
NortonLifeLock, Inc.,144A
5.00%, due 04/15/25 (e)		1,000		1,008
NXP BV / NXP Funding LLC / NXP USA, Inc., 144A
2.50%, due 05/11/31 (e)		3,750		3,778
Tyco Electronics Group SA
3.70%, due 02/15/26		9,830		10,586
				80,142
HEALTH CARE – 0.9%
Charles River Laboratories International, Inc., 144A
4.00%, due 03/15/31 (e)		1,350		1,383
Cigna Corp.
2.375%, due 03/15/31		5,850		5,886
CVS Health Corp.
5.00%, due 12/01/24		6,880		7,524
HCA, Inc.
5.625%, due 09/01/28		2,985		3,488
IQVIA, Inc., 144A
5.00%, due 10/15/26 (e)		7,800		8,005
Regeneron Pharmaceuticals, Inc.
1.75%, due 09/15/30		20,959		19,842
Universal Health Services, Inc., 144A
1.65%, due 09/01/26 (e)		7,750		7,611
Zimmer Biomet Holdings, Inc.
2.60%, due 11/24/31		10,850		10,920
3.05%, due 01/15/26		4,965		5,189
3.15%, due 04/01/22		3,810		3,818
				73,666
COMMUNICATION SERVICES – 0.8%
Netflix, Inc.
4.875%, due 04/15/28		33,740		38,464
5.875%, due 02/15/25		11,940		13,418
5.875%, due 11/15/28		6,965		8,375
Netflix, Inc., 144A
5.375%, due 11/15/29 (e)		4,970		5,902
				66,159
MATERIALS – 0.6%
Anglo American Capital PLC, 144A
2.25%, due 03/17/28 (e)		18,750		18,428
Glencore Funding LLC, 144A
3.00%, due 10/27/22 (e)		9,950		10,103
2.625%, due 09/23/31 (e)		10,000		9,730
3.875%, due 10/27/27 (e)		4,950		5,319
				43,580
CONSUMER STAPLES – 0.3%
Altria Group, Inc.
2.45%, due 02/04/32		20,750		19,724
Philip Morris International, Inc.
1.75%, due 11/01/30		2,970		2,829
Smithfield Foods, Inc., 144A
4.25%, due 02/01/27 (e)		995		1,069
Sysco Corp.
2.45%, due 12/14/31		2,000		2,008
				25,630

Oakmark.com

Oakmark Equity and Income Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

		Par Value		Value
FIXED INCOME – 25.1%  (cont.)
CORPORATE BONDS – 20.5%  (cont.)
COMMUNICATIONS – 0.3%
T-Mobile USA, Inc.
3.75%, due 04/15/27	$	19,855	$	21,514
3.50%, due 04/15/25		1,985		2,104
				23,618
UTILITIES – 0.2%
The Southern Co.
3.75% (5 year Treasury Constant Maturity Rate + 2.915%), due 09/15/51 (d)		13,750		13,750
Total Corporate Bonds (Cost $1,557,457)				1,609,463
GOVERNMENT AND AGENCY SECURITIES – 3.5%
U.S. GOVERNMENT NOTES – 3.5%
United States Treasury Notes
2.00%, due 11/30/22		74,625		75,706
1.75%, due 03/31/22		74,645		74,941
1.125%, due 10/31/26		75,000		74,549
2.125%, due 12/31/22		49,745		50,571
				275,767
Total Government and Agency Securities (Cost $273,529)				275,767
BANK LOANS – 1.0%
INDUSTRIALS – 0.3%
Skymiles IP, Ltd. 2020 Term Loan B
4.75% (3 mo. USD LIBOR + 3.750%), due 10/20/27 (d)		14,000		14,787
Adient US LLC 2021 Term Loan B
3.60% (3 mo. USD LIBOR + 3.500%), due 04/08/28 (d)		5,970		5,964
United Airlines, Inc. 2021 Term Loan B
4.50% (3 mo. USD LIBOR + 3.750%), due 04/21/28 (d) (e)		2,978		2,982
				23,733
HEALTH CARE – 0.2%
Medline Industries, Inc. Usd Term Loan B
3.75% (3 mo. USD LIBOR + 3.250%), due 10/23/28 (d)		20,000		19,991
MATERIALS – 0.2%
Asplundh Tree Expert LLC 2021 Term Loan B
1.85% (3 mo. USD LIBOR + 1.750%), due 09/07/27 (d)		13,865		13,799
ENERGY – 0.2%
Apergy Corp. 2020 Term Loan
6.00% (1 mo. USD LIBOR + 5.000%), due 06/03/27 (d)		12,673		12,826
FINANCIALS – 0.1%
Blackstone Mortgage Trust, Inc. Term Loan B
2.35% (1 mo. USD LIBOR + 2.250%), due 04/23/26 (d)		7,828		7,735
Allspring Buyer LLC Term Loan B
3.75% (6 mo. USD LIBOR + 3.250%), due 11/01/28 (d)		2,661		2,667
				10,402
CONSUMER DISCRETIONARY – 0.0% (f)
Rent A Center, Inc. 2021 First Lien Term Loan B
3.75% (1 mo. USD LIBOR + 3.250%), due 02/17/28 (d)		993		990
Total Bank Loans (Cost $81,286)				81,741
CONVERTIBLE BOND – 0.1%
Peloton Interactive Inc, 144A, 0.00%, due 02/15/26 (e) (g) (Cost  $8,487)		10,000		8,475
Total Convertible Bond (Cost $8,487)				8,475
TOTAL FIXED INCOME – 25.1%
(Cost $1,920,759)				1,975,446
SHORT-TERM INVESTMENTS – 10.4%
COMMERCIAL PAPER – 5.9%
American Honda Finance Corp.,
0.15% - 0.24%, due 01/05/22 - 02/04/22 (h)		156,200		156,180
General Mills, Inc., 144A,
0.13% - 0.16%, due 01/03/22 - 01/13/22 (e) (h)		155,750		155,742
Walgreens Boots, 144A,
0.27% - 0.31%, due 01/12/22 - 01/26/22 (e) (h)		113,750		113,734
Anthem, Inc., 144A,
0.10%, due 01/03/22 (e) (h)		38,500		38,500
Total Commercial Paper (Cost $464,161)				464,156
REPURCHASE AGREEMENT – 4.5%
Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 12/31/21 due 01/03/22, repurchase price $354,956, collateralized by United States Treasury Bonds, 1.375% - 1.875% due 12/31/28 - 02/15/41, aggregate value plus accrued interest of $362,055  (Cost: $354,956)		354,956		354,956
TOTAL SHORT-TERM INVESTMENTS – 10.4%
(Cost $819,117)				819,112
TOTAL INVESTMENTS – 99.9% (Cost $5,238,723)				7,854,906
Foreign Currencies (Cost $0)(i) – 0.0% (f)				0	(i)
Other Assets In Excess of Liabilities – 0.1%				6,502
NET ASSETS – 100.0%			$	7,861,408

 

(a)	Non-income producing security
(b)	Sponsored American Depositary Receipt
(c)	Security is perpetual and has no stated maturity date.
(d)	Floating Rate Note. Rate shown is as of December 31, 2021.
(e)	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers.
(f)	Amount rounds to less than 0.1%.
(g)	Zero Coupon Bond.
(h)	The rate shown represents the annualized yield at the time of purchase; not a coupon rate.
(i)	Amount rounds to less than $1,000.
Abbreviations:
	REIT: Real Estate Investment Trust

OAKMARK FUNDS

Oakmark Bond Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 0.4%
ENERGY – 0.4%
Rattler Midstream, LP		33	$	376
TOTAL COMMON STOCKS – 0.4% (Cost $342)				376
PREFERRED STOCKS – 1.5%
COMMUNICATION SERVICES – 1.0%
Liberty Broadband Corp. (a), 7.00%		35		1,004
CONSUMER STAPLES – 0.5%
Bunge, Ltd. (a), 4.88%		3		431
TOTAL PREFERRED STOCKS – 1.5% (Cost $1,265)				1,435

	Par Value		Value
FIXED INCOME – 94.1%
CORPORATE BONDS – 50.5%
INDUSTRIALS – 11.3%
BAT Capital Corp.
2.259%, due 03/25/28	$	1,000	$	975
Carlisle Cos., Inc.
2.20%, due 03/01/32		500		482
Delta Air Lines, Inc. / SkyMiles IP, Ltd, 144A
4.75%, due 10/20/28 (b)		500		546
Fedex Corp. Pass Through Trust
1.875%, due 08/20/35		947		933
Hilton Domestic Operating Co., Inc., 144A
3.625%, due 02/15/32 (b)		1,000		995
Howmet Aerospace, Inc.
3.00%, due 01/15/29		600		601
6.875%, due 05/01/25		24		28
Kraft Heinz Foods Co.
3.875%, due 05/15/27		500		540
Mozart Debt Merger Sub, 144A
5.25%, due 10/01/29 (b)		500		507
Ritchie Bros Holdings Inc, 144A
4.75%, due 12/15/31 (b)		1,000		1,044
Southwest Airlines Co.
5.125%, due 06/15/27		1,000		1,144
The Boeing Co.
2.70%, due 02/01/27		750		763
Uber Technologies, Inc., 144A
4.50%, due 08/15/29 (b)		1,000		1,018
US Foods, Inc., 144A
4.75%, due 02/15/29 (b)		250		254
Viterra Finance BV, 144A
2.00%, due 04/21/26 (b)		1,000		994
				10,824
FINANCIALS – 9.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.40%, due 10/29/33		500		510
2.45%, due 10/29/26		500		504
Ally Financial, Inc.
4.70% (H15T7Y + 3.481%) (a) (c)		1,000		1,031
2.20%, due 11/02/28		1,000		994
Apollo Commercial Real Estate Finance, Inc. REIT, 144A
4.625%, due 06/15/29 (b)		500		484
Blackstone Mortgage Trust, Inc. REIT, 144A
3.75%, due 01/15/27 (b)		1,000		996
Extra Space Storage, LP, REIT
2.35%, due 03/15/32		1,000		973
LPL Holdings, Inc., 144A
4.00%, due 03/15/29 (b)		500		512
Signature Bank/New York NY
4.00% (AMERIBOR + 3.890%), due 10/15/30 (c)		1,000		1,062
SVB Financial Group
4.25% (H15T5Y + 3.074%) (a) (c)		500		507
1.80%, due 10/28/26		500		499
The Goldman Sachs Group, Inc.
1.948% (SOFRRATE + .913%), due 10/21/27 (c)		1,000		996
				9,068
CONSUMER DISCRETIONARY – 7.6%
Brunswick Corp.
2.40%, due 08/18/31		1,000		960
Daimler Trucks Finance North America LLC, 144A
2.375%, due 12/14/28 (b)		1,000		1,005
Kontoor Brands Inc, 144A
4.125%, due 11/15/29 (b)		500		500
M/I Homes, Inc.
3.95%, due 02/15/30		500		493
Marriott International, Inc.
4.15%, due 12/01/23		1,500		1,575
2.75%, due 10/15/33		1,000		971
3.125%, due 06/15/26		250		260
Rent-A-Center, Inc., 144A
6.375%, due 02/15/29 (b)		500		521
Tapestry, Inc.
3.05%, due 03/15/32		500		504
Thor Industries, Inc., 144A
4.00%, due 10/15/29 (b)		500		495
				7,284
ENERGY – 7.0%
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc.
2.061%, due 12/15/26		1,000		1,010
Chesapeake Energy Corp, 144A
5.875%, due 02/01/29 (b)		1,000		1,070
Diamondback Energy, Inc.
3.125%, due 03/24/31		500		516
Enable Midstream Partners, LP
4.15%, due 09/15/29		500		535
EQT Corp, 144A
3.125%, due 05/15/26 (b)		100		103
Hess Midstream Operations LP, 144A
4.25%, due 02/15/30 (b)		675		670
NOV, Inc.
3.60%, due 12/01/29		750		775
Parsley Energy LLC / Parsley Finance Corp, 144A
4.125%, due 02/15/28 (b)		1,500		1,509

OAKMARK FUNDS

Oakmark Bond Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 94.1%  (cont.)
CORPORATE BONDS – 50.5%  (cont.)
ENERGY – 7.0%  (cont.)
Weatherford International Ltd, 144A
8.625%, due 04/30/30 (b)	$	500	$	519
				6,707
HEALTH CARE – 4.4%
Charles River Laboratories International, Inc., 144A
4.00%, due 03/15/31 (b)		500		512
Regeneron Pharmaceuticals, Inc.
1.75%, due 09/15/30		1,250		1,183
Tenet Healthcare Corp, 144A
4.25%, due 06/01/29 (b)		500		508
Universal Health Services, Inc., 144A
1.65%, due 09/01/26 (b)		1,000		982
Zimmer Biomet Holdings, Inc.
2.60%, due 11/24/31		1,000		1,007
				4,192
REAL ESTATE – 3.7%
CBRE Services, Inc.
2.50%, due 04/01/31		1,000		999
GLP Capital, LP / GLP Financing II, Inc. REIT
4.00%, due 01/15/31		500		534
RHP Hotel Properties, LP / RHP Finance Corp. REIT, 144A
4.50%, due 02/15/29 (b)		1,000		1,000
Sun Communities Operating, LP REIT
2.70%, due 07/15/31		1,000		993
				3,526
INFORMATION TECHNOLOGY – 2.1%
Micron Technology, Inc.
2.703%, due 04/15/32		1,000		1,001
NXP BV / NXP Funding LLC / NXP USA, Inc., 144A
2.50%, due 05/11/31 (b)		1,000		1,008
				2,009
MATERIALS – 1.7%
Anglo American Capital PLC, 144A
2.25%, due 03/17/28 (b)		1,000		983
Kraton Polymers LLC / Kraton Polymers Capital Corp, 144A
4.25%, due 12/15/25 (b)		500		517
Novelis Corp, 144A
3.25%, due 11/15/26 (b)		100		101
				1,601
COMMUNICATION SERVICES – 1.3%
T-Mobile USA, Inc.
4.00%, due 04/15/22		1,211		1,218
UTILITIES – 1.0%
The Southern Co.
3.75% (H15T5Y + 2.915%), due 09/15/51 (c)		1,000		1,000
CONSUMER STAPLES – 1.0%
Altria Group, Inc.
2.45%, due 02/04/32		1,000		951
Total Corporate Bonds (Cost $47,934)				48,380
GOVERNMENT AND AGENCY SECURITIES – 36.1%
U.S. GOVERNMENT NOTES – 24.3%
United States Treasury Notes
0.875%, due 09/30/26		11,500		11,302
1.50%, due 09/30/24		4,000		4,064
1.375%, due 10/31/28		4,000		3,987
1.25%, due 06/30/28		3,000		2,972
2.00%, due 08/15/51		500		512
0.75%, due 08/31/26		500		489
				23,326
U.S. GOVERNMENT AGENCIES – 11.8%
Federal Farm Credit Banks Funding Corp.
0.32%, due 12/23/24		5,000		4,902
0.36%, due 09/24/24		4,000		3,937
Federal Home Loan Banks, 0.48%, due 09/10/24		2,500		2,479
				11,318
Total Government and Agency Securities (Cost $35,019)				34,644
BANK LOANS – 7.1%
INDUSTRIALS – 3.2%
Skymiles IP, Ltd. 2020 Term Loan B
4.75% (1 mo. USD LIBOR + 3.75%), due 10/20/27 (c)		1,000		1,056
Adient US LLC 2021 Term Loan B
3.60% (3 mo. USD LIBOR + 3.50%), due 04/08/28 (c)		995		994
United Airlines, Inc. 2021 Term Loan B
4.50% (3 mo. USD LIBOR + 3.75%), due 04/21/28 (b) (c)		993		994
				3,044
CONSUMER DISCRETIONARY – 1.0%
Rent A Center, Inc. 2021 First Lien Term Loan B
3.75% (1 mo. USD LIBOR +3.25%), due 02/17/28 (c)		993		990
MATERIALS – 1.0%
Asplundh Tree Expert LLC 2021 Term Loan B
1.85% (3 mo. USD LIBOR + 1.75%), due 09/07/27 (c)		990		985
ENERGY – 1.0%
Apergy Corp. 2020 Term Loan
6.00% (1 mo. USD LIBOR + 5.00%), due 06/03/27 (c)		925		936
FINANCIALS – 0.9%
Allspring Buyer LLC Term Loan B
3.75% (6 mo. USD LIBOR + 3.25%), due 11/01/28		887		889

Oakmark.com

Oakmark Bond Fund	December 31, 2021 (Unaudited)
Schedule of Investments (in thousands)

		Par Value		Value
FIXED INCOME – 94.1%  (cont.)
BANK LOANS – 7.1%  (cont.)
Total Bank Loans (Cost $6,789)				6,844
CONVERTIBLE BOND – 0.4%
Peloton Interactive Inc, 144A, 0.00%, due 02/15/26 (b) (d) (Cost  $424)	$	500	$	424
Total Convertible Bond (Cost $424)				424
TOTAL FIXED INCOME – 94.1% (Cost $90,166)				90,292
SHORT-TERM INVESTMENTS – 3.5%
REPURCHASE AGREEMENT – 2.4%
Fixed Income Clearing Corp. Repurchase Agreement, 0.01% dated 12/31/21 due 01/03/22, repurchase price $2,321, collateralized by United States Treasury Note, 1.375% due 12/31/28, value plus accrued interest of $2,368  (Cost: $2,321)		2,321		2,321
COMMERCIAL PAPER – 1.1%
Anthem, Inc., 144A, 0.10%, due 03/01/22 (b) (e) (Cost  $1,000)		1,000		1,000
TOTAL SHORT-TERM INVESTMENTS – 3.5% (Cost $3,321)				3,321
TOTAL INVESTMENTS – 99.5% (Cost $95,094)				95,424
Other Assets In Excess of Liabilities – 0.5%				473
NET ASSETS – 100.0%			$	95,897

(a) Security is perpetual and has no stated maturity date.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers.

(c) Floating Rate Note. Rate shown is as of December 31, 2021.

(d) Zero Coupon Bond.

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

Abbreviations:

REIT: Real Estate Investment Trust

OAKMARK FUNDS

THE OAKMARK FUNDS

Notes to Schedules of Investments (Unaudited)

1. 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”).

2. SIGNIFICANT ACCOUNTING POLICIES

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 Flexible Exchange ("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 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, 2021, in valuing each Fund’s assets and liabilities. Except for the industries or investment types separately stated below, the total amounts for common stocks, fixed income and short-term investments in the table below are presented by industry or investment type in each Fund’s Schedule of Investments. Information on forward foreign currency contracts is presented in each Fund’s Schedule of Investments.

(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Oakmark
Common Stocks	$	17,092,431		$	0		$	0
Short Term Investments		0			931,393			0
Total	$	17,092,431		$	931,393		$	0
Select
Common Stocks	$	5,406,570		$	0		$	0
Short Term Investments		0			268,659			0
Call Options Written		(30,000	)		0			0
Total	$	5,376,570		$	268,659		$	0
Global
Common Stocks	$	1,524,093		$	0		$	0
Preferred Stocks		3,480			0			0
Short Term Investments		0			22,286			0
Forward Foreign Currency Contracts - Liabilities		0			(236	)		0
Total	$	1,527,573		$	22,050		$	0
Global Select
Common Stocks	$	1,636,982		$	0		$	0
Preferred Stocks		22,712			0			0
Short Term Investments		0			48,871			0
Forward Foreign Currency Contracts - Liabilities		0			(232	)		0
Total	$	1,659,694		$	48,639		$	0
International
Common Stocks	$	26,233,327		$	0		$	0
Preferred Stocks		389,999			0			0
Short Term Investments		0			685,513			0
Forward Foreign Currency Contracts - Liabilities		0			(4,866	)		0
Total	$	26,623,326		$	680,647		$	0
Int'l Small Cap
Common Stocks	$	1,593,218		$	0		$	0
Short Term Investments		0			44,986			0
Forward Foreign Currency Contracts - Liabilities		0			(247	)		0
Total	$	1,593,218		$	44,739		$	0
Equity and Income
Common Stocks	$	5,025,665		$	0		$	0
Preferred Stocks		34,683			0			0
Corporate Bonds		0			1,609,463			0
Government and Agency Securities		0			275,767			0
Bank Loans		0			81,741			0
Convertible Bonds		0			8,475			0
Short Term Investments		0			819,112			0
Total	$	5,060,348		$	2,794,558		$	0
Bond
Common Stocks	$	376		$	0		$	0
Preferred Stocks		1,435			0			0
Corporate Bonds		0			48,380			0
Government and Agency Securities		0			34,644			0
Bank Loans		0			6,844			0
Convertible Bond		0			424			0
Short Term Investments		0			3,321			0
Total	$	1,811		$	93,613		$	0

Foreign currency translations

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

Forward foreign currency contracts

Forward foreign currency contracts are agreements to exchange one currency for another at a future date and at a specified price. The Funds’ transactions in forward foreign currency contracts are limited to transaction and portfolio hedging. The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered and could exceed the net unrealized value shown in the tables below. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in currency values. Forward foreign currency contracts are valued at the current day’s interpolated foreign exchange rates. Unrealized gain or loss on the contracts, are measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the end of the period.

At December 31, 2021, Global, Global Select, International and Int’l Small Cap held non-collateralized, forward foreign currency contracts, which are considered derivative instruments. For Global, Global Select, and Int'l Small Cap, the counterparty is Goldman Sachs, and for International, the counterparty is State Street Bank and Trust Company ("State Street"). These forward foreign currency contracts are listed in each Fund's Schedule of Investments.

For the period ended December 31, 2021, the notional value of forward foreign currency contracts opened and the notional value of settled contracts is listed by Fund in the table below (in thousands):

Fund	Currency Contracts Opened		Currency Contracts Settled
Global	$	37,893	$	38,426
Global Select		35,002		33,373
International		709,037		675,202
Int’l Small Cap		38,406		37,674

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, 2021, 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, 2021, 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.

No Funds used purchased options for tax management purposes during the period ended December 31, 2021. There were no outstanding purchased options as of December 31, 2021.

Select used options written for tax management purposes during the period ended December 31, 2021. Written options outstanding, if any, are listed on the Fund's Schedule of Investments.

For the period ended December 31, 2021, the amount of premiums paid (received) for equity options purchased and written are listed by Fund in the table below (in thousands):

	Equity		Equity
	Options		Options
Fund	Purchased		Written
Select	$	-	$	(18,079	)

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, 2021, 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, 2021, none of the Funds had securities on loan.

3. 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, 2021. 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.

4. 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.