| Oakmark Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 92.8% | ||||||||
| FINANCIALS – 31.1% | ||||||||
| DIVERSIFIED FINANCIALS – 19.9% | ||||||||
| Ally Financial, Inc. | 13,243 | $ | 443,776 | |||||
| The Charles Schwab Corp. | 5,709 | 360,695 | ||||||
| KKR & Co., Inc. | 7,430 | 343,935 | ||||||
| Capital One Financial Corp. | 3,042 | 316,946 | ||||||
| State Street Corp. | 4,868 | 300,100 | ||||||
| The Goldman Sachs Group, Inc. | 955 | 283,654 | ||||||
| The Bank of New York Mellon Corp. | 5,735 | 239,187 | ||||||
| Intercontinental Exchange, Inc. | 2,400 | 225,696 | ||||||
| American Express Co. | 1,474 | 204,367 | ||||||
| Moody's Corp. | 430 | 116,912 | ||||||
| 2,835,268 | ||||||||
| BANKS – 6.0% | ||||||||
| Citigroup, Inc. | 7,724 | 355,236 | ||||||
| Wells Fargo & Co. | 7,450 | 291,817 | ||||||
| Bank of America Corp. | 6,946 | 216,213 | ||||||
| 863,266 | ||||||||
| INSURANCE – 5.2% | ||||||||
| Willis Towers Watson PLC | 1,450 | 286,215 | ||||||
| American International Group, Inc. | 5,493 | 280,847 | ||||||
| Reinsurance Group of America, Inc. | 1,479 | 173,476 | ||||||
| 740,538 | ||||||||
| 4,439,072 | ||||||||
| COMMUNICATION SERVICES – 17.5% | ||||||||
| MEDIA & ENTERTAINMENT – 16.5% | ||||||||
| Alphabet, Inc., Class A (a) | 205 | 446,563 | ||||||
| Meta Platforms, Inc., Class A (a) | 2,135 | 344,333 | ||||||
| Netflix, Inc. (a) | 1,708 | 298,695 | ||||||
| Pinterest, Inc., Class A (a) | 15,000 | 272,400 | ||||||
| Comcast Corp., Class A | 6,861 | 269,230 | ||||||
| Charter Communications, Inc., Class A (a) | 461 | 215,758 | ||||||
| Take-Two Interactive Software, Inc. (a) | 1,700 | 208,301 | ||||||
| Liberty Broadband Corp., Class C (a) | 1,350 | 156,114 | ||||||
| The Walt Disney Co. (a) | 1,500 | 141,600 | ||||||
| 2,352,994 | ||||||||
| TELECOMMUNICATION SERVICES – 1.0% | ||||||||
| T-Mobile US, Inc. (a) | 1,000 | 134,540 | ||||||
| 2,487,534 | ||||||||
| CONSUMER DISCRETIONARY – 10.7% | ||||||||
| AUTOMOBILES & COMPONENTS – 3.7% | ||||||||
| General Motors Co. (a) | 9,862 | 313,217 | ||||||
| BorgWarner, Inc. | 6,500 | 216,905 | ||||||
| 530,122 | ||||||||
| RETAILING – 3.2% | ||||||||
| Amazon.com, Inc. (a) | 2,530 | 268,712 | ||||||
| eBay, Inc. | 4,598 | 191,586 | ||||||
| 460,298 | ||||||||
| CONSUMER SERVICES – 2.5% | ||||||||
| Booking Holdings, Inc. (a) | 122 | 212,677 | ||||||
| Hilton Worldwide Holdings, Inc. | 1,302 | 145,106 | ||||||
| 357,783 | ||||||||
| CONSUMER DURABLES & APPAREL – 1.3% | ||||||||
| PulteGroup, Inc. | 4,600 | 182,298 | ||||||
| 1,530,501 | ||||||||
| INFORMATION TECHNOLOGY – 10.4% | ||||||||
| SOFTWARE & SERVICES – 9.7% | ||||||||
| Fiserv, Inc. (a) | 3,800 | 338,086 | ||||||
| Salesforce, Inc. (a) | 1,620 | 267,365 | ||||||
| Gartner, Inc. (a) | 1,052 | 254,290 | ||||||
| Global Payments, Inc. | 1,700 | 188,088 | ||||||
| Workday, Inc., Class A (a) | 1,207 | 168,445 | ||||||
| Oracle Corp. | 2,300 | 160,701 | ||||||
| 1,376,975 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 0.7% | ||||||||
| TE Connectivity, Ltd. | 893 | 101,014 | ||||||
| 1,477,989 | ||||||||
| ENERGY – 9.4% | ||||||||
| EOG Resources, Inc. (b) | 4,469 | 493,508 | ||||||
| APA Corp. (b) | 11,004 | 384,033 | ||||||
| ConocoPhillips (b) | 3,156 | 283,414 | ||||||
| Diamondback Energy, Inc. (b) | 1,420 | 172,033 | ||||||
| 1,332,988 | ||||||||
| INDUSTRIALS – 6.9% | ||||||||
| CAPITAL GOODS – 5.3% | ||||||||
| PACCAR, Inc. | 2,000 | 164,680 | ||||||
| Masco Corp. | 3,250 | 164,450 | ||||||
| Parker-Hannifin Corp. | 640 | 157,472 | ||||||
| General Electric Co. | 2,427 | 154,527 | ||||||
| Cummins, Inc. | 602 | 116,505 | ||||||
| 757,634 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 1.6% | ||||||||
| Equifax, Inc. | 1,250 | 228,475 | ||||||
| 986,109 | ||||||||
| HEALTH CARE – 3.4% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 2.4% | ||||||||
| HCA Healthcare, Inc. | 1,500 | 252,089 | ||||||
| Humana, Inc. | 213 | 99,699 | ||||||
| 351,788 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 1.0% | ||||||||
| Regeneron Pharmaceuticals, Inc. (a) | 235 | 138,854 | ||||||
| 490,642 | ||||||||
OAKMARK FUNDS
| Oakmark Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 92.8% (cont.) | ||||||||
| REAL ESTATE – 1.8% | ||||||||
| CBRE Group, Inc., Class A (a) | 3,468 | $ | 255,280 | |||||
| CONSUMER STAPLES – 1.6% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 1.6% | ||||||||
| Altria Group, Inc. | 5,610 | 234,330 | ||||||
| TOTAL COMMON STOCKS – 92.8% | ||||||||
| (Cost $10,584,543) | 13,234,445 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENT – 7.8% | ||||||||
| REPURCHASE AGREEMENT – 7.8% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 1.44% dated 06/30/22 due 07/01/22, repurchase price $1,108,348, collateralized by United States Treasury Notes, 0.125% - 3.250% due 10/15/24 - 09/30/27, aggregate value plus accrued interest of $1,130,469 (Cost: $1,108,303) | $ | 1,108,303 | 1,108,303 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 7.8% | ||||||||
| (Cost $1,108,303) | 1,108,303 | |||||||
| TOTAL INVESTMENTS
– 100.6% (Cost $11,692,846) | 14,342,748 | |||||||
| Liabilities In Excess of Other Assets – (0.6)% | (87,166 | ) | ||||||
| TOTAL NET ASSETS – 100.0% | $ | 14,255,582 |
| (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.com
| Oakmark Fund | June 30, 2022 (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 | ||||||||||||||||||||||||||
| ConocoPhillips | $ | 105.00 | 8/19/22 | (864 | ) | $ | (7,760 | ) | $ | (138 | ) | $ | (916 | ) | $ | 778 | ||||||||||
| Diamondback Energy, Inc. | $ | 155.00 | 9/16/22 | (1,000 | ) | $ | (12,115 | ) | $ | (320 | ) | $ | (1,764 | ) | $ | 1,444 | ||||||||||
| EOG Resources, Inc. | $ | 133.20 | 10/21/22 | (5,790 | ) | $ | (63,945 | ) | $ | (2,635 | ) | $ | (8,459 | ) | $ | 5,824 | ||||||||||
| Apa Corp. | $ | 45.00 | 10/21/22 | (10,058 | ) | $ | (35,102 | ) | $ | (2,147 | ) | $ | (8,289 | ) | $ | 6,142 | ||||||||||
| $ | (118,922 | ) | $ | (5,240 | ) | $ | (19,428 | ) | $ | 14,188 | ||||||||||||||||
| PUTS | ||||||||||||||||||||||||||
| Etsy, Inc. | $ | 80.00 | 7/15/22 | (25,000 | ) | $ | (183,025 | ) | $ | (22,063 | ) | $ | (17,462 | ) | $ | (4,601 | ) | |||||||||
| Etsy, Inc. | $ | 85.00 | 7/15/22 | (11,000 | ) | $ | (80,531 | ) | $ | (14,135 | ) | $ | (9,305 | ) | $ | (4,830 | ) | |||||||||
| $ | (263,556 | ) | $ | (36,198 | ) | $ | (26,767 | ) | $ | (9,431 | ) | |||||||||||||||
OAKMARK FUNDS
| Oakmark Select Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 93.8% | ||||||||
| FINANCIALS – 26.3% | ||||||||
| BANKS – 13.3% | ||||||||
| First Citizens BancShares, Inc., Class A | 330 | $ | 215,769 | |||||
| Bank of America Corp. | 5,962 | 185,594 | ||||||
| Citigroup, Inc. | 4,012 | 184,512 | ||||||
| First Citizens BancShares, Inc., Class B | 14 | 8,738 | ||||||
| 594,613 | ||||||||
| DIVERSIFIED FINANCIALS – 9.1% | ||||||||
| Ally Financial, Inc. | 7,000 | 234,573 | ||||||
| Capital One Financial Corp. | 1,646 | 171,507 | ||||||
| 406,080 | ||||||||
| INSURANCE – 3.9% | ||||||||
| American International Group, Inc. | 3,410 | 174,343 | ||||||
| 1,175,036 | ||||||||
| COMMUNICATION SERVICES – 25.5% | ||||||||
| MEDIA & ENTERTAINMENT – 25.5% | ||||||||
| Alphabet, Inc., Class A (a) | 210 | 457,233 | ||||||
| Charter Communications, Inc., Class A (a) | 559 | 261,861 | ||||||
| Netflix, Inc. (a) | 1,215 | 212,520 | ||||||
| Meta Platforms, Inc., Class A (a) | 1,270 | 204,787 | ||||||
| 1,136,401 | ||||||||
| CONSUMER DISCRETIONARY – 14.2% | ||||||||
| RETAILING – 7.8% | ||||||||
| Lithia Motors, Inc. | 770 | 211,604 | ||||||
| Amazon.com, Inc. (a) | 1,300 | 138,073 | ||||||
| 349,677 | ||||||||
| AUTOMOBILES & COMPONENTS – 3.3% | ||||||||
| Lear Corp. | 1,150 | 144,774 | ||||||
| CONSUMER SERVICES – 3.1% | ||||||||
| Booking Holdings, Inc. (a) | 79 | 137,820 | ||||||
| 632,271 | ||||||||
| ENERGY – 7.1% | ||||||||
| APA Corp. (b) | 4,542 | 158,516 | ||||||
| EOG Resources, Inc. (b) | 1,431 | 157,999 | ||||||
| 316,515 | ||||||||
| INDUSTRIALS – 7.1% | ||||||||
| CAPITAL GOODS – 7.1% | ||||||||
| Allison Transmission Holdings, Inc. | 4,490 | 172,641 | ||||||
| General Electric Co. | 2,253 | 143,429 | ||||||
| 316,070 | ||||||||
| REAL ESTATE – 6.2% | ||||||||
| CBRE Group, Inc., Class A (a) | 3,790 | 278,957 | ||||||
| INFORMATION TECHNOLOGY – 4.6% | ||||||||
| SOFTWARE & SERVICES – 4.6% | ||||||||
| Fiserv, Inc. (a) | 2,300 | 204,631 | ||||||
| HEALTH CARE – 2.8% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 2.8% | ||||||||
| HCA Healthcare, Inc. | 740 | 124,406 | ||||||
| TOTAL COMMON STOCKS – 93.8% | ||||||||
| (Cost $3,295,276) | 4,184,287 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 6.2% | ||||||||
| REPURCHASE AGREEMENT – 6.2% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 1.44% dated 06/30/22 due 07/01/22, repurchase price $276,367, collateralized by a United States Treasury Note, 3.000% due 06/30/24, value plus accrued interest of $281,883 (Cost: $276,356) | $ | 276,356 | 276,356 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 6.2% | ||||||||
| (Cost $276,356) | 276,356 | |||||||
| TOTAL INVESTMENTS – 100.0% (Cost $3,571,632) | 4,460,643 | |||||||
| Other Assets In Excess of Liabilities – 0.0% (c) | 647 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 4,461,290 |
| (a) | Non-income producing security | |
| (b) | All or a portion of this investment is held in connection with one or more options within the Fund. | |
| (c) | Amount rounds to less than 0.1%. |
OAKMARK FUNDS
| Oakmark Select Fund | June 30, 2022 (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 | ||||||||||||||||||||||||||
| EOG Resources, Inc. | $ | 133.20 | 10/21/22 | (1,496 | ) | $ | (16,522 | ) | $ | (680 | ) | $ | (2,185 | ) | $ | 1,505 | ||||||||||
| APA Corp. | $ | 45.00 | 10/21/22 | (1,071 | ) | $ | (3,738 | ) | $ | (229 | ) | $ | (883 | ) | $ | 654 | ||||||||||
| $ | (20,260 | ) | $ | (909 | ) | $ | (3,068 | ) | $ | 2,159 | ||||||||||||||||
Oakmark.com
Oakmark Global Fund
Global Diversification —June 30, 2022 (Unaudited)
| % of Equity Investments | ||||||||||
| North America | 47.6 | % | ||||||||
| United States | 47.6 | % | ||||||||
| Europe | 45.4 | % | ||||||||
| Germany* | 15.4 | % | ||||||||
| United Kingdom | 10.9 | % | ||||||||
| Switzerland | 9.7 | % | ||||||||
| Netherlands* | 4.8 | % | ||||||||
| Belgium* | 2.2 | % | ||||||||
| Ireland* | 1.5 | % | ||||||||
| France* | 0.9 | % | ||||||||
| Asia | 6.0 | % | ||||||||
| China | 4.0 | % | ||||||||
| South Korea | 1.3 | % | ||||||||
| India | 0.7 | % | ||||||||
| Latin America | 1.0 | % | ||||||||
| Mexico | 1.0 | % | ||||||||
| * | Euro currency countries comprise 24.8% of equity investments. |
| Oakmark Global Fund | June 30, 2022 (Unaudited) |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 95.8% | ||||||||
| FINANCIALS – 20.5% | ||||||||
| BANKS – 7.5% | ||||||||
| Lloyds Banking Group PLC (United Kingdom) | 90,439 | $ | 46,580 | |||||
| Bank of America Corp. (United States) | 1,115 | 34,723 | ||||||
| Axis Bank, Ltd. (India) (a) | 955 | 7,698 | ||||||
| 89,001 | ||||||||
| INSURANCE – 6.7% | ||||||||
| Allianz SE (Germany) | 192 | 36,706 | ||||||
| Willis Towers Watson PLC (United States) | 112 | 22,107 | ||||||
| Prudential PLC (United Kingdom) | 1,696 | 20,976 | ||||||
| 79,789 | ||||||||
| DIVERSIFIED FINANCIALS – 5.7% | ||||||||
| Credit Suisse Group AG (Switzerland) | 6,285 | 35,684 | ||||||
| Julius Baer Group, Ltd. (Switzerland) | 685 | 31,587 | ||||||
| 67,271 | ||||||||
| REAL ESTATE – 0.6% | ||||||||
| Cushman & Wakefield PLC (United Kingdom) (a) | 491 | 7,489 | ||||||
| 243,550 | ||||||||
| CONSUMER DISCRETIONARY – 19.6% | ||||||||
| RETAILING – 9.0% | ||||||||
| Prosus N.V. (Netherlands) | 840 | 55,000 | ||||||
| Alibaba Group Holding, Ltd. (China) (a) | 3,282 | 46,797 | ||||||
| Amazon.com, Inc. (United States) (a) | 49 | 5,151 | ||||||
| 106,948 | ||||||||
| AUTOMOBILES & COMPONENTS – 8.7% | ||||||||
| General Motors Co. (United States) (a) | 1,274 | 40,465 | ||||||
| Mercedes-Benz Group AG (Germany) | 558 | 32,273 | ||||||
| Continental AG (Germany) | 434 | 30,224 | ||||||
| 102,962 | ||||||||
| CONSUMER DURABLES & APPAREL – 1.0% | ||||||||
| Kering SA (France) | 21 | 10,786 | ||||||
| Cie Financiere Richemont SA, Class A (Switzerland) | 13 | 1,373 | ||||||
| 12,159 | ||||||||
| CONSUMER SERVICES – 0.9% | ||||||||
| Booking Holdings, Inc. (United States) (a) | 6 | 10,783 | ||||||
| 232,852 | ||||||||
| COMMUNICATION SERVICES – 15.0% | ||||||||
| MEDIA & ENTERTAINMENT – 13.5% | ||||||||
| Alphabet, Inc., Class A (United States) (a) | 34 | 73,038 | ||||||
| Liberty Broadband Corp., Class C (United States) (a) | 239 | 27,638 | ||||||
| The Interpublic Group of Cos., Inc. (United States) | 1,003 | 27,620 | ||||||
| Pinterest, Inc., Class A (United States) (a) | 872 | 15,830 | ||||||
| Grupo Televisa SAB ADR (Mexico) (b) | 1,422 | 11,633 | ||||||
| Charter Communications, Inc., Class A (United States) (a) | 10 | 4,732 | ||||||
| 160,491 | ||||||||
| TELECOMMUNICATION SERVICES – 1.5% | ||||||||
| Liberty Global PLC, Class A (United Kingdom) (a) | 865 | 18,217 | ||||||
| 178,708 | ||||||||
| INFORMATION TECHNOLOGY – 13.4% | ||||||||
| SOFTWARE & SERVICES – 8.8% | ||||||||
| Oracle Corp. (United States) | 395 | 27,592 | ||||||
| Fiserv, Inc. (United States) (a) | 308 | 27,411 | ||||||
| MasterCard, Inc., Class A (United States) | 81 | 25,554 | ||||||
| SAP SE (Germany) | 272 | 24,806 | ||||||
| 105,363 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 4.6% | ||||||||
| TE Connectivity, Ltd. (United States) | 480 | 54,290 | ||||||
| 159,653 | ||||||||
| INDUSTRIALS – 10.7% | ||||||||
| CAPITAL GOODS – 9.2% | ||||||||
| Daimler Truck Holding AG (Germany) (a) | 916 | 23,905 | ||||||
| Howmet Aerospace, Inc. (United States) | 667 | 20,987 | ||||||
| CNH Industrial N.V. (United Kingdom) | 1,724 | 19,915 | ||||||
| Flowserve Corp. (United States) | 587 | 16,818 | ||||||
| Parker-Hannifin Corp. (United States) | 62 | 15,132 | ||||||
| Travis Perkins PLC (United Kingdom) | 1,106 | 13,029 | ||||||
| 109,786 | ||||||||
| TRANSPORTATION – 1.5% | ||||||||
| Ryanair Holdings PLC ADR (Ireland) (a) (b) | 260 | 17,506 | ||||||
| 127,292 | ||||||||
| HEALTH CARE – 8.8% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 4.5% | ||||||||
| Tenet Healthcare Corp. (United States) (a) | 578 | 30,372 | ||||||
| Humana, Inc. (United States) | 51 | 23,778 | ||||||
| 54,150 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 4.3% | ||||||||
| Bayer AG (Germany) | 509 | 30,236 | ||||||
| Novartis AG (Switzerland) | 245 | 20,724 | ||||||
| 50,960 | ||||||||
| 105,110 | ||||||||
| CONSUMER STAPLES – 3.3% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 3.3% | ||||||||
| Anheuser-Busch InBev SA/NV (Belgium) | 471 | 25,351 | ||||||
| Keurig Dr Pepper, Inc. (United States) | 412 | 14,584 | ||||||
| 39,935 | ||||||||
| MATERIALS – 2.6% | ||||||||
| Glencore PLC (Switzerland) | 4,129 | 22,373 | ||||||
OAKMARK FUNDS
| Oakmark Global Fund | June 30, 2022 (Unaudited) |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 95.8% (cont.) | ||||||||
| MATERIALS – 2.6% (cont.) | ||||||||
| Arconic Corp. (United States) (a) | 306 | $ | 8,584 | |||||
| 30,957 | ||||||||
| ENERGY – 1.9% | ||||||||
| Nov, Inc. (United States) | 1,315 | 22,233 | ||||||
| TOTAL COMMON STOCKS – 95.8% (Cost $895,474) | 1,140,290 | |||||||
| PREFERRED STOCKS – 1.2% | ||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 1.2% | ||||||||
| Samsung Electronics Co., Ltd. (South Korea) | 362 | 14,478 | ||||||
| TOTAL PREFERRED STOCKS – 1.2% (Cost $18,652) | 14,478 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENT – 2.7% | ||||||||
| REPURCHASE AGREEMENT – 2.7% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 1.44% dated 06/30/22 due 07/01/22, repurchase price $32,172, collateralized by a United States Treasury Note, 3.000% due 06/30/24, value plus accrued interest of $32,814 (Cost: $32,171) | $ | 32,171 | 32,171 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 2.7% (Cost $32,171) | 32,171 | |||||||
| TOTAL INVESTMENTS – 99.7% (Cost $946,297) | 1,186,939 | |||||||
| Foreign Currencies (Cost $0) (d) – 0.0% (c) | 0 | (d) | ||||||
| Other Assets In Excess of Liabilities – 0.3% | 3,025 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 1,189,964 | ||||||
| (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 SELECT Fund
Global Diversification —June 30, 2022 (Unaudited)
| % of Equity Investments | ||||||||||
| North America | 53.1 | % | ||||||||
| United States | 53.1 | % | ||||||||
| Europe | 37.6 | % | ||||||||
| Germany* | 14.3 | % | ||||||||
| United Kingdom | 7.8 | % | ||||||||
| Switzerland | 6.4 | % | ||||||||
| Netherlands* | 5.8 | % | ||||||||
| France* | 3.3 | % | ||||||||
| Asia | 9.3 | % | ||||||||
| South Korea | 6.0 | % | ||||||||
| China | 3.3 | % | ||||||||
| * | Euro currency countries comprise 23.4% of equity investments. |
| Oakmark Global Select Fund | June 30, 2022 (Unaudited) |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 92.5% | ||||||||
| COMMUNICATION SERVICES – 22.2% | ||||||||
| MEDIA & ENTERTAINMENT – 22.2% | ||||||||
| Alphabet, Inc., Class A (United States) (a) | 66 | $ | 143,206 | |||||
| Charter Communications, Inc., Class A (United States) (a) | 137 | 64,188 | ||||||
| Netflix, Inc. (United States) (a) | 170 | 29,728 | ||||||
| NAVER Corp. (South Korea) | 153 | 28,281 | ||||||
| 265,403 | ||||||||
| FINANCIALS – 19.8% | ||||||||
| BANKS – 12.2% | ||||||||
| Lloyds Banking Group PLC (United Kingdom) | 109,450 | 56,371 | ||||||
| Citigroup, Inc. (United States) | 1,128 | 51,863 | ||||||
| Bank of America Corp. (United States) | 1,192 | 37,113 | ||||||
| 145,347 | ||||||||
| INSURANCE – 4.0% | ||||||||
| American International Group, Inc. (United States) | 946 | 48,359 | ||||||
| DIVERSIFIED FINANCIALS – 3.6% | ||||||||
| Credit Suisse Group AG (Switzerland) | 7,495 | 42,550 | ||||||
| 236,256 | ||||||||
| CONSUMER DISCRETIONARY – 18.7% | ||||||||
| RETAILING – 12.5% | ||||||||
| Prosus N.V. (Netherlands) | 1,013 | 66,294 | ||||||
| Amazon.com, Inc. (United States) (a) | 426 | 45,263 | ||||||
| Alibaba Group Holding, Ltd. (China) (a) | 2,684 | 38,273 | ||||||
| 149,830 | ||||||||
| AUTOMOBILES & COMPONENTS – 3.5% | ||||||||
| Mercedes-Benz Group AG (Germany) | 719 | 41,624 | ||||||
| CONSUMER SERVICES – 2.7% | ||||||||
| Booking Holdings, Inc. (United States) (a) | 19 | 32,715 | ||||||
| 224,169 | ||||||||
| HEALTH CARE – 11.9% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 6.5% | ||||||||
| HCA Healthcare, Inc. (United States) | 293 | 49,174 | ||||||
| Fresenius Medical Care AG & Co. KGaA (Germany) | 587 | 29,292 | ||||||
| 78,466 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 5.4% | ||||||||
| Bayer AG (Germany) | 573 | 34,047 | ||||||
| Novartis AG (Switzerland) | 359 | 30,413 | ||||||
| 64,460 | ||||||||
| 142,926 | ||||||||
| INFORMATION TECHNOLOGY – 9.0% | ||||||||
| SOFTWARE & SERVICES – 9.0% | ||||||||
| Fiserv, Inc. (United States) (a) | 671 | 59,716 | ||||||
| SAP SE (Germany) | 522 | 47,508 | ||||||
| 107,224 | ||||||||
| REAL ESTATE – 4.0% | ||||||||
| CBRE Group, Inc., Class A (United States) (a) | 644 | 47,427 | ||||||
| INDUSTRIALS – 3.7% | ||||||||
| CAPITAL GOODS – 3.7% | ||||||||
| CNH Industrial N.V. (United Kingdom) | 2,886 | 33,333 | ||||||
| Daimler Truck Holding AG (Germany) (a) | 423 | 11,054 | ||||||
| 44,387 | ||||||||
| CONSUMER STAPLES – 3.2% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 3.2% | ||||||||
| Danone SA (France) | 682 | 38,048 | ||||||
| TOTAL COMMON STOCKS – 92.5% (Cost $985,638) | 1,105,840 | |||||||
| PREFERRED STOCKS – 3.3% | ||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 3.3% | ||||||||
| Samsung Electronics Co., Ltd. (South Korea) | 1,002 | 40,133 | ||||||
| TOTAL PREFERRED STOCKS – 3.3% (Cost $53,805) | 40,133 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 4.1% | ||||||||
| REPURCHASE AGREEMENT – 4.1% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 1.44% dated 06/30/22 due 07/01/22, repurchase price $49,151, collateralized by a United States Treasury Note, 0.375% due 09/30/27, value plus accrued interest of $50,132 (Cost: $49,149) | $ | 49,149 | 49,149 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 4.1% (Cost $49,149) | 49,149 | |||||||
| TOTAL INVESTMENTS – 99.9% (Cost $1,088,592) | 1,195,122 | |||||||
| Foreign Currencies (Cost $766) – 0.1% | 766 | |||||||
| Liabilities In Excess of Other Assets – 0.0%(b) | (39 | ) | ||||||
| TOTAL NET ASSETS – 100.0% | $ | 1,195,849 | ||||||
| (a) | Non-income producing security |
| (b) | Amount rounds to less than 0.1%. |
OAKMARK FUNDS
OAKMARK INTERNATIONAL FUND
Global Diversification —June 30, 2022 (Unaudited)
| % of Equity Investments | ||||||||||
| Europe | 85.3 | % | ||||||||
| Germany* | 26.0 | % | ||||||||
| United Kingdom | 14.8 | % | ||||||||
| France* | 14.1 | % | ||||||||
| Switzerland | 10.1 | % | ||||||||
| Netherlands* | 7.3 | % | ||||||||
| Sweden | 4.5 | % | ||||||||
| Italy* | 3.2 | % | ||||||||
| Belgium* | 1.9 | % | ||||||||
| Ireland* | 1.4 | % | ||||||||
| Spain* | 1.3 | % | ||||||||
| Finland* | 0.7 | % | ||||||||
| Asia | 9.6 | % | ||||||||
| China | 4.5 | % | ||||||||
| South Korea | 2.6 | % | ||||||||
| Japan | 1.6 | % | ||||||||
| India | 0.9 | % | ||||||||
| North America | 2.3 | % | ||||||||
| Canada | 2.3 | % | ||||||||
| Australasia | 1.8 | % | ||||||||
| Australia | 1.8 | % | ||||||||
| Latin America | 1.0 | % | ||||||||
| Mexico | 1.0 | % | ||||||||
| * | Euro currency countries comprise 55.9% of equity investments. |
| Oakmark International Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 95.2% | ||||||||
| CONSUMER DISCRETIONARY – 26.5% | ||||||||
| AUTOMOBILES & COMPONENTS – 9.5% | ||||||||
| Bayerische Motoren Werke AG (Germany) | 7,349 | $ | 565,773 | |||||
| Mercedes-Benz Group AG (Germany) | 9,052 | 523,793 | ||||||
| Continental AG (Germany) | 7,060 | 491,975 | ||||||
| Valeo (France) (a) | 14,113 | 272,495 | ||||||
| Toyota Motor Corp. (Japan) | 10,407 | 161,072 | ||||||
| 2,015,108 | ||||||||
| RETAILING – 9.2% | ||||||||
| Prosus N.V. (Netherlands) | 12,205 | 799,122 | ||||||
| Alibaba Group Holding, Ltd. (China) (b) | 37,604 | 536,252 | ||||||
| H & M Hennes & Mauritz AB, Class B (Sweden) | 30,552 | 364,841 | ||||||
| Vipshop Holdings, Ltd. ADR (China) (b) (c) | 25,793 | 255,095 | ||||||
| 1,955,310 | ||||||||
| CONSUMER DURABLES & APPAREL – 4.1% | ||||||||
| adidas AG (Germany) | 1,977 | 349,690 | ||||||
| Kering SA (France) | 412 | 211,678 | ||||||
| The Swatch Group AG, Bearer Shares (Switzerland) | 774 | 183,603 | ||||||
| Cie Financiere Richemont SA, Class A (Switzerland) | 1,083 | 115,350 | ||||||
| 860,321 | ||||||||
| CONSUMER SERVICES – 3.7% | ||||||||
| Accor SA (France) (a) (b) | 12,888 | 348,861 | ||||||
| Restaurant Brands International, Inc. (Canada) | 3,480 | 174,520 | ||||||
| Trip.com Group, Ltd. (China) (b) | 4,464 | 126,068 | ||||||
| Compass Group PLC (United Kingdom) | 5,970 | 122,091 | ||||||
| 771,540 | ||||||||
| 5,602,279 | ||||||||
| FINANCIALS – 20.9% | ||||||||
| BANKS – 10.9% | ||||||||
| Intesa Sanpaolo SPA (Italy) | 354,151 | 660,617 | ||||||
| Lloyds Banking Group PLC (United Kingdom) | 1,278,222 | 658,335 | ||||||
| BNP Paribas SA (France) | 13,291 | 631,857 | ||||||
| Axis Bank, Ltd. (India) (b) | 23,989 | 193,433 | ||||||
| NatWest Group PLC (United Kingdom) | 60,962 | 161,997 | ||||||
| 2,306,239 | ||||||||
| DIVERSIFIED FINANCIALS – 5.9% | ||||||||
| Credit Suisse Group AG (Switzerland) | 85,029 | 482,749 | ||||||
| EXOR N.V. (Netherlands) | 6,729 | 419,437 | ||||||
| Schroders PLC (United Kingdom) | 10,351 | 336,692 | ||||||
| 1,238,878 | ||||||||
| INSURANCE – 4.1% | ||||||||
| Allianz SE (Germany) | 2,959 | 564,714 | ||||||
| Prudential PLC (United Kingdom) | 25,243 | 312,203 | ||||||
| 876,917 | ||||||||
| 4,422,034 | ||||||||
| INDUSTRIALS – 11.3% | ||||||||
| CAPITAL GOODS – 9.1% | ||||||||
| CNH Industrial N.V. (United Kingdom) | 32,731 | 377,992 | ||||||
| Daimler Truck Holding AG (Germany) (b) | 13,193 | 344,385 | ||||||
| SKF AB, Class B (Sweden) | 20,824 | 306,360 | ||||||
| Siemens AG (Germany) | 2,986 | 303,761 | ||||||
| Volvo AB, Class B (Sweden) | 15,681 | 242,781 | ||||||
| Komatsu, Ltd. (Japan) | 6,987 | 154,900 | ||||||
| Smiths Group PLC (United Kingdom) | 7,165 | 122,066 | ||||||
| Rolls-Royce Holdings PLC (United Kingdom) (b) | 75,071 | 75,803 | ||||||
| 1,928,048 | ||||||||
| TRANSPORTATION – 1.4% | ||||||||
| Ryanair Holdings PLC ADR (Ireland) (b) (c) | 4,264 | 286,758 | ||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 0.8% | ||||||||
| Brambles, Ltd. (Australia) | 23,337 | 172,521 | ||||||
| 2,387,327 | ||||||||
| HEALTH CARE – 9.0% | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 4.6% | ||||||||
| Bayer AG (Germany) | 9,222 | 548,158 | ||||||
| Novartis AG (Switzerland) | 3,647 | 308,875 | ||||||
| Roche Holding AG (Switzerland) | 334 | 111,550 | ||||||
| 968,583 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 4.4% | ||||||||
| Fresenius SE & Co. KGaA (Germany) | 12,331 | 373,454 | ||||||
| Fresenius Medical Care AG & Co. KGaA (Germany) | 5,968 | 297,885 | ||||||
| Koninklijke Philips N.V. (Netherlands) | 12,204 | 262,873 | ||||||
| 934,212 | ||||||||
| 1,902,795 | ||||||||
| INFORMATION TECHNOLOGY – 8.2% | ||||||||
| SOFTWARE & SERVICES – 8.2% | ||||||||
| Worldline SA (France) (b) | 11,379 | 421,904 | ||||||
| SAP SE (Germany) | 4,175 | 380,354 | ||||||
| Open Text Corp. (Canada) | 7,842 | 296,645 | ||||||
| Amadeus IT Group SA (Spain) (b) | 4,793 | 266,991 | ||||||
| Capgemini SE (France) | 1,178 | 201,822 | ||||||
| Edenred (France) | 3,809 | 179,500 | ||||||
| 1,747,216 | ||||||||
| COMMUNICATION SERVICES – 7.2% | ||||||||
| MEDIA & ENTERTAINMENT – 5.8% | ||||||||
| Publicis Groupe SA (France) | 7,093 | 346,844 | ||||||
| NAVER Corp. (South Korea) | 1,449 | 267,884 | ||||||
| WPP PLC (United Kingdom) | 21,783 | 218,653 | ||||||
| Grupo Televisa SAB ADR (Mexico) (c) | 24,908 | 203,744 | ||||||
| Informa PLC (United Kingdom) (b) | 28,784 | 185,286 | ||||||
| 1,222,411 | ||||||||
OAKMARK FUNDS
| Oakmark International Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 95.2% (cont.) | ||||||||
| COMMUNICATION SERVICES – 7.2% (cont.) | ||||||||
| TELECOMMUNICATION SERVICES – 1.4% | ||||||||
| Liberty Global PLC, Class A (United Kingdom) (b) | 13,999 | $ | 294,676 | |||||
| 1,517,087 | ||||||||
| MATERIALS – 6.8% | ||||||||
| Glencore PLC (Switzerland) | 80,843 | 438,023 | ||||||
| Holcim AG (Switzerland) | 9,632 | 412,163 | ||||||
| thyssenkrupp AG (Germany) (a) (b) | 43,878 | 248,762 | ||||||
| Orica, Ltd. (Australia) (a) | 17,761 | 193,332 | ||||||
| UPM-Kymmene OYJ (Finland) | 4,548 | 138,273 | ||||||
| 1,430,553 | ||||||||
| CONSUMER STAPLES – 5.3% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 3.1% | ||||||||
| Anheuser-Busch InBev SA/NV (Belgium) | 7,163 | 385,543 | ||||||
| Danone SA (France) | 4,815 | 268,732 | ||||||
| 654,275 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS – 2.2% | ||||||||
| Henkel AG & Co. KGaA (Germany) | 5,136 | 314,355 | ||||||
| Reckitt Benckiser Group PLC (United Kingdom) | 2,103 | 157,974 | ||||||
| 472,329 | ||||||||
| 1,126,604 | ||||||||
| TOTAL COMMON STOCKS – 95.2% | ||||||||
| (Cost $23,522,442) | 20,135,895 | |||||||
| PREFERRED STOCKS – 1.3% | ||||||||
| INFORMATION TECHNOLOGY – 1.3% | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 1.3% | ||||||||
| Samsung Electronics Co., Ltd. (South Korea) | 6,805 | 272,524 | ||||||
| TOTAL PREFERRED STOCKS – 1.3% | ||||||||
| (Cost $391,941) | 272,524 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 3.4% | ||||||||
| REPURCHASE AGREEMENT – 2.7% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 1.44% dated 06/30/22 due 07/01/22, repurchase price $562,009, collateralized by United States Treasury Notes, 0.125% - 3.000% due 06/30/24 - 10/15/24, aggregate value plus accrued interest of $573,227 (Cost: $561,987) | $ | 561,987 | 561,987 | |||||
| COMMERCIAL PAPER – 0.7% | ||||||||
| General Mills Inc., 144A, 1.32% - 1.90%, due 07/05/22 - 07/12/22 (d) (e) | 125,550 | 125,502 | ||||||
| Campbell Soup Co., 144A, 2.34%, due 08/10/22 (d) (e) | 17,500 | 17,458 | ||||||
| TOTAL COMMERCIAL PAPER – 0.7% | ||||||||
| (Cost $142,968) | 142,960 | |||||||
| TOTAL SHORT-TERM INVESTMENTS – 3.4% | ||||||||
| (Cost $704,955) | 704,947 | |||||||
| TOTAL
INVESTMENTS – 99.9% (Cost $24,619,338) | 21,113,366 | |||||||
| Foreign Currencies (Cost $315) – 0.0% (f) | 302 | |||||||
| Other Assets In Excess of Liabilities – 0.1% | 27,497 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 21,141,165 |
| (a) | See Note 2 in the Notes to Schedules of Investments regarding investments in affiliated issuers. | |
| (b) | Non-income producing security | |
| (c) | Sponsored American Depositary Receipt | |
| (d) | 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) | The rate shown represents the annualized yield at the time of purchase; not a coupon rate. | |
| (f) | Amount rounds to less than 0.1%. |
Oakmark.com
| Oakmark International Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
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 June 30, 2022 | Percent of Net Assets | |||||||||||||||||||||||||||
| Accor SA (a) | 12,888 | $ | 22,069 | $ | 152,284 | (44,691 | ) | $ | (66,218 | ) | $ | 0 | $ | $589,985 | $ | 348,861 | 1.7 | % | ||||||||||||||||||
| Orica, Ltd. (a) | 17,761 | 11,728 | 124,335 | (72,698 | ) | 111,619 | 5,168 | 267,018 | 193,332 | 0.9 | % | |||||||||||||||||||||||||
| thyssenkrupp AG | 43,878 | 28,618 | 34,395 | (12,105 | ) | (198,134 | ) | 0 | 464,778 | 248,762 | 1.2 | % | ||||||||||||||||||||||||
| Valeo | 14,113 | 20,749 | 0 | 0 | (118,452 | ) | 5,234 | 370,198 | 272,495 | 1.3 | % | |||||||||||||||||||||||||
| TOTAL | 88,640 | $ | 83,164 | $ | 311,014 | $ | (129,494 | ) | $ | (271,185 | ) | $ | 10,402 | $ | 1,691,979 | $ | 1,063,450 | 5.10 | % | |||||||||||||||||
(a) Due to transactions during the period ended June 30, 2022, the company is no longer an affiliate.
OAKMARK FUNDS
| OAKMARK INTERNATIONAL SMALL CAP FUND | ||
| Global Diversification —June 30, 2022 (Unaudited) |
| % of Equity Investments | ||||||||||
| Europe | 75.6 | % | ||||||||
| United Kingdom | 20.2 | % | ||||||||
| Germany* | 11.2 | % | ||||||||
| Switzerland | 9.7 | % | ||||||||
| Sweden | 8.4 | % | ||||||||
| Italy* | 5.5 | % | ||||||||
| Finland* | 5.3 | % | ||||||||
| Spain* | 4.4 | % | ||||||||
| Netherlands* | 3.7 | % | ||||||||
| Norway | 3.7 | % | ||||||||
| Denmark | 2.2 | % | ||||||||
| Belgium* | 0.8 | % | ||||||||
| Portugal* | 0.5 | % | ||||||||
| Asia | 12.4 | % | ||||||||
| South Korea | 4.5 | % | ||||||||
| Japan | 3.9 | % | ||||||||
| China | 2.7 | % | ||||||||
| Indonesia | 1.3 | % | ||||||||
| Australasia | 4.9 | % | ||||||||
| Australia | 4.9 | % | ||||||||
| Latin America | 4.5 | % | ||||||||
| Mexico | 4.5 | % | ||||||||
| North America | 1.8 | % | ||||||||
| Canada | 1.8 | % | ||||||||
| Middle East | 0.8 | % | ||||||||
| Israel | 0.8 | % | ||||||||
| * | Euro currency countries comprise 31.4% of equity investments. |
| Oakmark International Small Cap Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 97.0% | ||||||||
| INDUSTRIALS – 28.7% | ||||||||
| CAPITAL GOODS – 14.4% | ||||||||
| Konecranes OYJ (Finland) | 1,865 | $ | 43,424 | |||||
| Duerr AG (Germany) | 1,415 | 32,566 | ||||||
| Travis Perkins PLC (United Kingdom) | 2,577 | 30,356 | ||||||
| Metso Outotec Oyj (Finland) | 3,188 | 23,888 | ||||||
| Babcock International Group PLC (United Kingdom) (a) | 5,765 | 21,670 | ||||||
| Sulzer AG (Switzerland) | 242 | 15,049 | ||||||
| Fluidra SA (Spain) | 544 | 11,029 | ||||||
| Howden Joinery Group PLC (United Kingdom) | 1,345 | 9,868 | ||||||
| dormakaba Holding AG (Switzerland) | 2 | 829 | ||||||
| 188,679 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 14.3% | ||||||||
| Loomis AB (Sweden) | 1,660 | 40,371 | ||||||
| Applus Services SA (Spain) | 5,128 | 35,469 | ||||||
| ISS A/S (Denmark) (a) | 1,743 | 27,483 | ||||||
| Hays PLC (United Kingdom) | 18,751 | 25,473 | ||||||
| Mitie Group PLC (United Kingdom) | 27,403 | 18,680 | ||||||
| Randstad N.V. (Netherlands) | 364 | 17,608 | ||||||
| SThree PLC (United Kingdom) | 2,652 | 11,508 | ||||||
| Pagegroup PLC (United Kingdom) | 2,102 | 10,225 | ||||||
| 186,817 | ||||||||
| 375,496 | ||||||||
| FINANCIALS – 20.5% | ||||||||
| DIVERSIFIED FINANCIALS – 13.9% | ||||||||
| Julius Baer Group, Ltd. (Switzerland) | 981 | 45,273 | ||||||
| Azimut Holding SpA (Italy) | 2,101 | 36,511 | ||||||
| EFG International AG (Switzerland) | 4,432 | 32,594 | ||||||
| St James's Place PLC (United Kingdom) | 2,188 | 29,370 | ||||||
| Abrdn PLC (United Kingdom) | 10,772 | 20,962 | ||||||
| Element Fleet Management Corp. (Canada) | 1,667 | 17,379 | ||||||
| 182,089 | ||||||||
| BANKS – 4.3% | ||||||||
| BNK Financial Group, Inc. (South Korea) | 6,662 | 34,426 | ||||||
| DGB Financial Group, Inc. (South Korea) | 3,807 | 22,311 | ||||||
| 56,737 | ||||||||
| INSURANCE – 2.3% | ||||||||
| Talanx AG (Germany) | 770 | 29,315 | ||||||
| 268,141 | ||||||||
| INFORMATION TECHNOLOGY – 11.3% | ||||||||
| SOFTWARE & SERVICES – 9.6% | ||||||||
| Software AG (Germany) | 1,340 | 44,416 | ||||||
| Atea ASA (Norway) | 3,176 | 33,017 | ||||||
| BIPROGY, Inc. (Japan) | 993 | 19,754 | ||||||
| TeamViewer AG (Germany) (a) | 1,966 | 19,565 | ||||||
| Nexi SpA (Italy) (a) | 1,085 | 8,984 | ||||||
| 125,736 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 1.7% | ||||||||
| Softwareone Holding AG (Switzerland) | 1,837 | 22,019 | ||||||
| 147,755 | ||||||||
| CONSUMER DISCRETIONARY – 9.5% | ||||||||
| AUTOMOBILES & COMPONENTS – 6.2% | ||||||||
| Autoliv, Inc. (Sweden) | 391 | 27,969 | ||||||
| Pirelli & C SpA (Italy) | 5,912 | 24,015 | ||||||
| Vitesco Technologies Group AG (Germany) (a) | 431 | 16,666 | ||||||
| Dometic Group AB (Sweden) | 2,027 | 11,891 | ||||||
| 80,541 | ||||||||
| CONSUMER SERVICES – 2.6% | ||||||||
| Wynn Macau, Ltd. (China) (a) | 50,878 | 34,560 | ||||||
| CONSUMER DURABLES & APPAREL – 0.4% | ||||||||
| Gildan Activewear, Inc. (Canada) | 167 | 4,818 | ||||||
| RETAILING – 0.3% | ||||||||
| Wickes Group PLC (United Kingdom) | 2,241 | 4,501 | ||||||
| 124,420 | ||||||||
| COMMUNICATION SERVICES – 8.1% | ||||||||
| MEDIA & ENTERTAINMENT – 6.3% | ||||||||
| Megacable Holdings SAB de CV (Mexico) | 10,763 | 26,156 | ||||||
| oOh!media, Ltd. (Australia) | 25,117 | 20,977 | ||||||
| Schibsted ASA, Class B (Norway) | 837 | 13,644 | ||||||
| Hakuhodo DY Holdings, Inc. (Japan) | 1,371 | 12,584 | ||||||
| Viaplay Group AB (Sweden) (a) | 413 | 8,464 | ||||||
| 81,825 | ||||||||
| TELECOMMUNICATION SERVICES – 1.8% | ||||||||
| Sarana Menara Nusantara Tbk PT (Indonesia) | 229,757 | 16,965 | ||||||
| NOS SGPS SA (Portugal) | 1,524 | 6,126 | ||||||
| 23,091 | ||||||||
| 104,916 | ||||||||
| CONSUMER STAPLES – 6.7% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 3.1% | ||||||||
| JDE Peet's N.V. (Netherlands) | 1,033 | 29,402 | ||||||
| Strauss Group, Ltd. (Israel) | 438 | 10,744 | ||||||
| 40,146 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS – 2.4% | ||||||||
| Kimberly-Clark de Mexico SAB de CV, Class A (Mexico) | 23,012 | 31,161 | ||||||
| FOOD & STAPLES RETAILING – 1.2% | ||||||||
| Sugi Holdings Co., Ltd. (Japan) | 373 | 16,335 | ||||||
| 87,642 | ||||||||
| HEALTH CARE – 6.6% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 5.8% | ||||||||
| Ansell, Ltd. (Australia) | 1,949 | 29,913 | ||||||
| ConvaTec Group PLC (United Kingdom) | 9,767 | 26,681 | ||||||
| Elekta AB, Class B (Sweden) | 2,500 | 17,268 | ||||||
| Healius, Ltd. (Australia) | 787 | 1,993 | ||||||
| 75,855 | ||||||||
OAKMARK FUNDS
| Oakmark International Small Cap Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 97.0% (cont.) | ||||||||
| HEALTH CARE – 6.6% (cont.) | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 0.8% | ||||||||
| Grifols SA ADR (Spain) (b) | 836 | $ | 9,935 | |||||
| 85,790 | ||||||||
| MATERIALS – 3.7% | ||||||||
| DS Smith PLC (United Kingdom) | 8,862 | 29,914 | ||||||
| Titan Cement International SA (Belgium) | 833 | 9,605 | ||||||
| Incitec Pivot, Ltd. (Australia) | 3,888 | 8,883 | ||||||
| 48,402 | ||||||||
| REAL ESTATE – 1.9% | ||||||||
| LSL Property Services PLC (United Kingdom) | 4,132 | 16,849 | ||||||
| IWG PLC (Switzerland) (a) | 3,436 | 7,825 | ||||||
| 24,674 | ||||||||
| TOTAL COMMON STOCKS – 97.0% | ||||||||
| (Cost $1,516,502) | 1,267,236 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENT – 2.3% | ||||||||
| REPURCHASE AGREEMENT – 2.3% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 1.44% dated 06/30/22 due 07/01/22, repurchase price $30,529, collateralized by a United States Treasury Note, 3.000% due 06/30/24, value plus accrued interest of $31,139 (Cost: $30,528) | $ | 30,528 | 30,528 | |||||
TOTAL SHORT-TERM INVESTMENTS – 2.3% (Cost $30,528) |
|
|
|
|
|
|
30,528 |
|
| TOTAL
INVESTMENTS – 99.3% (Cost $1,547,030) | 1,297,764 | |||||||
| Foreign Currencies (Cost $382) – 0.0% (c) | 382 | |||||||
| Other Assets In Excess of Liabilities – 0.7% | 9,152 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 1,307,298 | ||||||
| (a) | Non-income producing security |
| (b) | Sponsored American Depositary Receipt |
| (c) | Amount rounds to less than 0.1%. |
Oakmark.com
| Oakmark Equity and Income Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 57.8% | ||||||||
| FINANCIALS – 12.8% | ||||||||
| DIVERSIFIED FINANCIALS – 6.1% | ||||||||
| Ally Financial, Inc. | 4,607 | $ | 154,367 | |||||
| The Charles Schwab Corp. | 1,091 | 68,923 | ||||||
| State Street Corp. | 966 | 59,560 | ||||||
| KKR & Co., Inc. | 1,284 | 59,432 | ||||||
| BlackRock, Inc. | 74 | 44,887 | ||||||
| 387,169 | ||||||||
| BANKS – 3.4% | ||||||||
| Bank of America Corp. | 4,473 | 139,233 | ||||||
| Citigroup, Inc. | 1,629 | 74,905 | ||||||
| 214,138 | ||||||||
| INSURANCE – 3.3% | ||||||||
| Reinsurance Group of America, Inc. | 1,298 | 152,301 | ||||||
| American International Group, Inc. | 1,160 | 59,290 | ||||||
| 211,591 | ||||||||
| 812,898 | ||||||||
| CONSUMER DISCRETIONARY – 8.7% | ||||||||
| AUTOMOBILES & COMPONENTS – 5.7% | ||||||||
| General Motors Co. (a) | 4,052 | 128,685 | ||||||
| BorgWarner, Inc. | 3,140 | 104,795 | ||||||
| Lear Corp. | 549 | 69,130 | ||||||
| Thor Industries, Inc. | 808 | 60,362 | ||||||
| 362,972 | ||||||||
| RETAILING – 1.8% | ||||||||
| Amazon.com, Inc. (a) | 802 | 85,180 | ||||||
| Lithia Motors, Inc. | 92 | 25,338 | ||||||
| 110,518 | ||||||||
| CONSUMER DURABLES & APPAREL – 0.9% | ||||||||
| Carter's, Inc. | 846 | 59,647 | ||||||
| CONSUMER SERVICES – 0.3% | ||||||||
| Booking Holdings, Inc. (a) | 11 | 19,833 | ||||||
| 552,970 | ||||||||
| COMMUNICATION SERVICES – 8.7% | ||||||||
| MEDIA & ENTERTAINMENT – 8.7% | ||||||||
| Alphabet, Inc., Class A (a) | 130 | 283,086 | ||||||
| Charter Communications, Inc., Class A (a) | 274 | 128,284 | ||||||
| Comcast Corp., Class A | 1,760 | 69,066 | ||||||
| Meta Platforms, Inc., Class A (a) | 245 | 39,506 | ||||||
| Warner Music Group Corp., Class A | 1,231 | 29,995 | ||||||
| 549,937 | ||||||||
| INFORMATION TECHNOLOGY – 5.9% | ||||||||
| SOFTWARE & SERVICES – 3.5% | ||||||||
| Salesforce, Inc. (a) | 463 | 76,380 | ||||||
| Global Payments, Inc. | 671 | 74,250 | ||||||
| Fiserv, Inc. (a) | 776 | 69,059 | ||||||
| 219,689 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 2.4% | ||||||||
| TE Connectivity, Ltd. | 1,364 | 154,323 | ||||||
| 374,012 | ||||||||
| INDUSTRIALS – 5.5% | ||||||||
| CAPITAL GOODS – 4.8% | ||||||||
| Carlisle Cos., Inc. | 580 | 138,288 | ||||||
| Parker-Hannifin Corp. | 321 | 78,957 | ||||||
| Howmet Aerospace, Inc. | 1,991 | 62,610 | ||||||
| Johnson Controls International PLC | 542 | 25,945 | ||||||
| 305,800 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES– 0.7% | ||||||||
| KAR Auction Services, Inc. (a) | 1,873 | 27,664 | ||||||
| ABM Industries, Inc. | 396 | 17,177 | ||||||
| 44,841 | ||||||||
| 350,641 | ||||||||
| ENERGY – 4.6% | ||||||||
| PDC Energy, Inc. | 1,932 | 119,032 | ||||||
| ChampionX Corp. | 3,756 | 74,552 | ||||||
| ConocoPhillips | 805 | 72,297 | ||||||
| Nov, Inc. | 1,615 | 27,313 | ||||||
| 293,194 | ||||||||
| CONSUMER STAPLES – 3.7% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 3.7% | ||||||||
| Philip Morris International, Inc. | 1,230 | 121,431 | ||||||
| Keurig Dr Pepper, Inc. | 3,267 | 115,612 | ||||||
| 237,043 | ||||||||
| MATERIALS – 3.6% | ||||||||
| Glencore PLC | 28,371 | 153,719 | ||||||
| Arconic Corp. (a) | 1,653 | 46,360 | ||||||
| Sealed Air Corp. | 521 | 30,078 | ||||||
| 230,157 | ||||||||
| HEALTH CARE – 3.2% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 3.2% | ||||||||
| HCA Healthcare, Inc. | 714 | 120,028 | ||||||
| LivaNova PLC (a) | 1,280 | 79,962 | ||||||
| 199,990 | ||||||||
| REAL ESTATE – 1.1% | ||||||||
| The Howard Hughes Corp. (a) | 1,028 | 69,973 | ||||||
| TOTAL COMMON STOCKS – 57.8% | ||||||||
| (Cost $2,668,766) | 3,670,815 | |||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| PREFERRED STOCKS – 0.1% | ||||||||
| COMMUNICATION SERVICES – 0.1% | ||||||||
| Liberty Broadband Corp. (b), 7.00% , | 224 | $ | 5,815 | |||||
TOTAL PREFERRED STOCKS – 0.1% (Cost $6,229) |
|
|
|
|
|
|
5,815 |
|
| Par Value | Value | |||||||
| FIXED INCOME – 38.9% | ||||||||
| CORPORATE BONDS – 22.8% | ||||||||
| FINANCIALS – 6.0% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||
| 2.45%, due 10/29/26 | 19,000 | 16,545 | ||||||
| 3.40%, due 10/29/33 | 9,500 | 7,501 | ||||||
| Ally Financial, Inc. | ||||||||
| 4.70%(5 year Treasury Constant Maturity Rate + 3.868%) (b) (c) | 23,750 | 18,834 | ||||||
| 4.75%, due 06/09/27 | 10,000 | 9,603 | ||||||
| 3.875%, due 05/21/24 | 7,950 | 7,880 | ||||||
| 2.20%, due 11/02/28 | 8,750 | 7,126 | ||||||
| 4.70%(5 year Treasury Constant Maturity Rate + 3.868%) (b) (c) | 2,000 | 1,476 | ||||||
| Apollo Commercial Real Estate | ||||||||
| Finance, Inc. REIT, 144A | ||||||||
| 4.625%, due 06/15/29 (d) | 20,373 | 15,178 | ||||||
| Bank Of America Corp. | ||||||||
| 2.551% (SOFR + 1.050%), due 02/04/28 (c) | 13,575 | 12,346 | ||||||
| Bank of America Corp. | 5,000 | 4,976 | ||||||
| 4.45%, due 03/03/26 | ||||||||
| Blackstone Mortgage Trust, Inc. | ||||||||
| REIT, 144A 3.75%, due 01/15/27 (d) | 27,500 | 22,413 | ||||||
| Citigroup, Inc. | ||||||||
| 3.40%, due 05/01/26 | 15,000 | 14,488 | ||||||
| 3.352%(3 mo. USD LIBOR + 0.897%), due 04/24/25 (c) | 6,360 | 6,229 | ||||||
| CNO Financial Group, Inc. | ||||||||
| 5.25%, due 05/30/25 | 5,895 | 5,986 | ||||||
| Equitable Financial Life Global Funding, 144A | ||||||||
| 1.70%, due 11/12/26 (d) | 15,000 | 13,434 | ||||||
| First Citizens BancShares, Inc. | ||||||||
| 3.375% (TSFR3M + 2.465%), due 03/15/30 (c) | 15,000 | 14,353 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 3.615% (SOFR + 1.846%), due 03/15/28 (c) | 14,200 | 13,439 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 1.47%(SOFR + 0.765%), due 09/22/27 (c) | 31,000 | 27,189 | ||||||
| 2.414%(3 mo. USD LIBOR + 1.230%), due 10/24/23 (c) | 19,910 | 19,906 | ||||||
| KKR Group Finance Co. XII LLC, | ||||||||
| 144A 4.85%, due 05/17/32 (d) | 9,000 | 8,885 | ||||||
| LPL Holdings, Inc., | ||||||||
| 144A 4.00%, due 03/15/29 (d) | 9,350 | 7,999 | ||||||
| Morgan Stanley Domestic Holdings, Inc. | ||||||||
| 2.95%, due 08/24/22 | 11,965 | 11,968 | ||||||
| Pershing Square Holdings, Ltd, 144A | ||||||||
| 3.25%, due 11/15/30 (d) | 14,000 | 11,416 | ||||||
| Reinsurance Group of America, Inc. | ||||||||
| 3.15%, due 06/15/30 | 6,900 | 6,096 | ||||||
| 3.95%, due 09/15/26 | 4,905 | 4,827 | ||||||
| RGA Global Funding, 144A | ||||||||
| 2.00%, due 11/30/26 (d) | 3,995 | 3,639 | ||||||
| Stifel Financial Corp. | ||||||||
| 4.00%, due 05/15/30 | 12,242 | 11,363 | ||||||
| SVB Financial Group | ||||||||
| 2.10%, due 05/15/28 | 21,500 | 18,377 | ||||||
| 1.80%, due 10/28/26 | 14,250 | 12,727 | ||||||
| 4.25%(5 year Treasury Constant Maturity Rate + 3.074%) (b) (c) | 13,900 | 10,488 | ||||||
| The Goldman Sachs Group, Inc. | ||||||||
| 1.948%(SOFR + 0.913%), due 10/21/27 (c) | 13,500 | 11,948 | ||||||
| 3.20%, due 02/23/23 | 7,000 | 7,002 | ||||||
| Wells Fargo & Co. | ||||||||
| 2.393%(SOFR + 2.100%), due 06/02/28 (c) | 11,000 | 9,851 | ||||||
| 2.469%(3 mo. USD LIBOR + 1.230%), due 10/31/23 (c) | 8,603 | 8,608 | ||||||
| 384,096 | ||||||||
| INDUSTRIALS – 5.2% | ||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons LLC, 144A | ||||||||
| 3.50%, due 02/15/23 (d) | 12,470 | 12,322 | ||||||
| AutoNation, Inc. | ||||||||
| 3.85%, due 03/01/32 | 9,250 | 7,970 | ||||||
| Bacardi, Ltd., 144A | ||||||||
| 4.45%, due 05/15/25 (d) | 4,900 | 4,851 | ||||||
| BAT Capital Corp. | ||||||||
| 3.557%, due 08/15/27 | 6,965 | 6,372 | ||||||
| 2.259%, due 03/25/28 | 2,975 | 2,492 | ||||||
| BAT International Finance PLC | ||||||||
| 1.668%, due 03/25/26 | 4,460 | 3,947 | ||||||
| Carlisle Cos., Inc. | ||||||||
| 2.20%, due 03/01/32 | 31,055 | 24,361 | ||||||
| Carrier Global Corp. | ||||||||
| 2.242%, due 02/15/25 | 691 | 657 | ||||||
| Delta Air Lines, Inc. / SkyMiles IP, Ltd, 144A | ||||||||
| 4.75%, due 10/20/28 (d) | 18,081 | 17,079 | ||||||
| Fedex Corp. Pass Through Trust | ||||||||
| 1.875%, due 02/20/34 | 9,919 | 8,605 | ||||||
| Fortune Brands Home & Security, Inc. | ||||||||
| 4.00%, due 06/15/25 | 13,430 | 13,249 | ||||||
| 4.00%, due 09/21/23 | 9,945 | 9,977 | ||||||
| GXO Logistics, Inc. | ||||||||
| 1.65%, due 07/15/26 | 6,750 | 5,890 | ||||||
| Hilton Domestic Operating Co., Inc., 144A | ||||||||
| 4.00%, due 05/01/31 (d) | 19,250 | 15,997 | ||||||
| 3.625%, due 02/15/32 (d) | 18,500 | 14,696 | ||||||
| 3.75%, due 05/01/29 (d) | 9,000 | 7,633 | ||||||
Oakmark.com
| Oakmark Equity and Income Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Par Value | Value | |||||||
| FIXED INCOME – 38.9% (cont.) | ||||||||
| CORPORATE BONDS – 22.8% (cont.) | ||||||||
| INDUSTRIALS – 5.2% (cont.) | ||||||||
| Howmet Aerospace, Inc. | ||||||||
| 3.00%, due 01/15/29 | $ | 25,500 | $ | 21,120 | ||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 144A | ||||||||
| 5.75%, due 04/01/33 (d) | 5,000 | 4,761 | ||||||
| Lennox International, Inc. | ||||||||
| 1.35%, due 08/01/25 | 2,000 | 1,832 | ||||||
| MIWD Holdco II LLC / MIWD Finance Corp.,144A | ||||||||
| 5.50%, due 02/01/30 (d) | 8,000 | 6,438 | ||||||
| Southwest Airlines Co. | ||||||||
| 5.125%, due 06/15/27 | 15,853 | 16,000 | ||||||
| 2.625%, due 02/10/30 | 8,444 | 7,132 | ||||||
| 5.25%, due 05/04/25 | 4,925 | 5,018 | ||||||
| The Boeing Co. | ||||||||
| 2.70%, due 02/01/27 | 35,057 | 31,198 | ||||||
| 3.625%, due 02/01/31 | 9,750 | 8,416 | ||||||
| Uber Technologies, Inc., 144A | ||||||||
| 8.00%, due 11/01/26 (d) | 21,430 | 21,334 | ||||||
| 7.50%, due 05/15/25 (d) | 7,940 | 7,864 | ||||||
| 7.50%, due 09/15/27 (d) | 4,470 | 4,330 | ||||||
| 4.50%, due 08/15/29 (d) | 4,710 | 3,874 | ||||||
| US Foods, Inc., 144A | ||||||||
| 4.75%, due 02/15/29 (d) | 5,430 | 4,747 | ||||||
| Viterra Finance BV, 144A | ||||||||
| 5.25%, due 04/21/32 (d) | 19,750 | 18,355 | ||||||
| 2.00%, due 04/21/26 (d) | 11,400 | 10,084 | ||||||
| 328,601 | ||||||||
| CONSUMER DISCRETIONARY – 4.1% | ||||||||
| Aramark Services, Inc., 144A | ||||||||
| 6.375%, due 05/01/25 (d) | 9,900 | 9,686 | ||||||
| AutoNation, Inc. | ||||||||
| 1.95%, due 08/01/28 | 4,940 | 4,110 | ||||||
| Booking Holdings, Inc. | ||||||||
| 3.55%, due 03/15/28 | 9,950 | 9,590 | ||||||
| 3.60%, due 06/01/26 | 8,230 | 8,114 | ||||||
| 4.625%, due 04/13/30 | 4,950 | 4,922 | ||||||
| Brunswick Corp. | ||||||||
| 2.40%, due 08/18/31 | 30,813 | 22,802 | ||||||
| CCO Holdings LLC / CCO Holdings Capital Corp., 144A | ||||||||
| 4.75%, due 03/01/30 (d) | 2,980 | 2,549 | ||||||
| 5.125%, due 05/01/27 (d) | 250 | 236 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.20%, due 03/15/28 | 9,950 | 9,296 | ||||||
| Daimler Trucks Finance North America LLC, 144A | ||||||||
| 2.50%, due 12/14/31 (d) | 3,750 | 3,056 | ||||||
| Dick's Sporting Goods, Inc. | ||||||||
| 3.15%, due 01/15/32 | 20,000 | 15,801 | ||||||
| Expedia Group, Inc. | ||||||||
| 4.625%, due 08/01/27 | 18,526 | 17,799 | ||||||
| 3.25%, due 02/15/30 | 5,860 | 4,887 | ||||||
| 5.00%, due 02/15/26 | 4,334 | 4,333 | ||||||
| International Game Technology PLC, 144A | ||||||||
| 6.50%, due 02/15/25 (d) | 19,600 | 19,502 | ||||||
| 6.25%, due 01/15/27 (d) | 200 | 194 | ||||||
| Kontoor Brands, Inc. 144A | ||||||||
| 4.125%, due 11/15/29 (d) | 3,300 | 2,621 | ||||||
| Lear Corp. | ||||||||
| 2.60%, due 01/15/32 | 11,880 | 9,267 | ||||||
| 3.50%, due 05/30/30 | 6,950 | 6,063 | ||||||
| Lithia Motors, Inc., 144A | ||||||||
| 3.875%, due 06/01/29 (d) | 8,540 | 7,254 | ||||||
| 4.625%, due 12/15/27 (d) | 2,980 | 2,731 | ||||||
| M/I Homes, Inc. | ||||||||
| 3.95%, due 02/15/30 | 7,100 | 5,333 | ||||||
| Marriott International, Inc. | ||||||||
| 2.75%, due 10/15/33 | 13,750 | 10,813 | ||||||
| 4.625%, due 06/15/30 | 9,400 | 9,012 | ||||||
| 3.60%, due 04/15/24 | 3,975 | 3,938 | ||||||
| MGM Resorts International | ||||||||
| 4.75%, due 10/15/28 | 13,875 | 11,668 | ||||||
| 6.75%, due 05/01/25 | 9,850 | 9,665 | ||||||
| Sands China, Ltd. | ||||||||
| 5.40%, due 08/08/28 | 5,000 | 3,850 | ||||||
| 5.125%, due 08/08/25 | 3,000 | 2,516 | ||||||
| Starbucks Corp. | ||||||||
| 3.80%, due 08/15/25 | 9,950 | 9,906 | ||||||
| Tapestry, Inc. | ||||||||
| 3.05%, due 03/15/32 | 6,375 | 5,194 | ||||||
| Thor Industries, Inc., 144A | ||||||||
| 4.00%, due 10/15/29 (d) | 19,500 | 15,444 | ||||||
| Under Armour, Inc. | ||||||||
| 3.25%, due 06/15/26 | 12,565 | 10,812 | ||||||
| 262,964 | ||||||||
| ENERGY – 1.7% | ||||||||
| Boardwalk Pipelines LP | ||||||||
| 3.60%, due 09/01/32 | 3,798 | 3,213 | ||||||
| Chesapeake Energy Corp., 144A | ||||||||
| 5.875%, due 02/01/29 (d) | 14,525 | 13,697 | ||||||
| Diamondback Energy, Inc. | ||||||||
| 3.125%, due 03/24/31 | 10,200 | 8,884 | ||||||
| 3.50%, due 12/01/29 | 2,900 | 2,656 | ||||||
| Florida Gas Transmission Co. LLC, 144A | ||||||||
| 2.30%, due 10/01/31 (d) | 14,750 | 11,964 | ||||||
| Hess Midstream Operations LP, 144A | ||||||||
| 4.25%, due 02/15/30 (d) | 20,000 | 16,749 | ||||||
| NOV, Inc. | ||||||||
| 3.60%, due 12/01/29 | 14,835 | 13,323 | ||||||
| Parsley Energy LLC / Parsley Finance Corp, 144A | ||||||||
| 4.125%, due 02/15/28 (d) | 20,576 | 18,729 | ||||||
| Schlumberger Holdings Corp., 144A | ||||||||
| 4.00%, due 12/21/25 (d) | 9,830 | 9,770 | ||||||
| Vine Energy Holdings LLC, 144A | ||||||||
| 6.75%, due 04/15/29 (d) | 8,000 | 7,736 | ||||||
| 106,721 |
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 38.9% (cont.) | ||||||||
| CORPORATE BONDS – 22.8% (cont.) | ||||||||
| COMMUNICATION SERVICES – 1.4% | ||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 2.30%, due 02/01/32 | $ | 4,665 | $ | 3,530 | ||||
| 4.908%, due 07/23/25 | 2,985 | 2,992 | ||||||
| Magallanes, Inc., 144A | ||||||||
| 4.054%, due 03/15/29 (d) | 3,750 | 3,435 | ||||||
| Netflix, Inc. | ||||||||
| 4.875%, due 04/15/28 | 33,740 | 31,751 | ||||||
| 5.875%, due 02/15/25 | 11,940 | 12,119 | ||||||
| 5.875%, due 11/15/28 | 6,965 | 6,810 | ||||||
| Netflix, Inc., 144A | ||||||||
| 5.375%, due 11/15/29 (d) | 4,970 | 4,697 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 3.75%, due 04/15/27 | 19,855 | 19,119 | ||||||
| 3.50%, due 04/15/25 | 1,985 | 1,941 | ||||||
| Twitter, Inc., 144A | ||||||||
| 5.00%, due 03/01/30 (d) | 750 | 711 | ||||||
| 87,105 | ||||||||
| REAL ESTATE – 1.2% | ||||||||
| CBRE Services, Inc. | ||||||||
| 2.50%, due 04/01/31 | 10,750 | 8,746 | ||||||
| GLP Capital, LP / GLP Financing II, Inc. REIT | ||||||||
| 5.375%, due 11/01/23 | 12,000 | 12,020 | ||||||
| 4.00%, due 01/15/31 | 9,425 | 8,128 | ||||||
| 5.25%, due 06/01/25 | 4,975 | 4,879 | ||||||
| 5.75%, due 06/01/28 | 4,975 | 4,860 | ||||||
| 5.375%, due 04/15/26 | 3,925 | 3,841 | ||||||
| Omega Healthcare Investors, Inc. REIT | ||||||||
| 4.375%, due 08/01/23 | 3,098 | 3,107 | ||||||
| 5.25%, due 01/15/26 | 1,992 | 1,972 | ||||||
| RHP Hotel Properties, LP / RHP Finance Corp. REIT, 144A | ||||||||
| 4.50%, due 02/15/29 (d) | 20,000 | 16,958 | ||||||
| The Howard Hughes Corp., 144A | ||||||||
| 4.375%, due 02/01/31 (d) | 8,750 | 6,476 | ||||||
| 5.375%, due 08/01/28 (d) | 3,400 | 2,847 | ||||||
| 73,834 | ||||||||
| HEALTH CARE – 1.1% | ||||||||
| Bio-Rad Laboratories, Inc. | ||||||||
| 3.70%, due 03/15/32 | 11,000 | 9,775 | ||||||
| CVS Health Corp. | ||||||||
| 5.00%, due 12/01/24 | 6,880 | 7,010 | ||||||
| Embecta Corp., 144A | ||||||||
| 5.00%, due 02/15/30 (d) | 10,000 | 8,394 | ||||||
| Regeneron Pharmaceuticals, Inc. | ||||||||
| 1.75%, due 09/15/30 | 20,959 | 16,804 | ||||||
| Universal Health Services, Inc., 144A | ||||||||
| 1.65%, due 09/01/26 (d) | 7,750 | 6,721 | ||||||
| Zimmer Biomet Holdings, Inc. | ||||||||
| 2.60%, due 11/24/31 | 21,850 | 17,885 | ||||||
| 3.05%, due 01/15/26 | 4,965 | 4,767 | ||||||
| 71,356 | ||||||||
| MATERIALS – 0.8% | ||||||||
| Anglo American Capital PLC, 144A | ||||||||
| 2.25%, due 03/17/28 (d) | 18,750 | 16,158 | ||||||
| 3.875%, due 03/16/29 (d) | 1,000 | 919 | ||||||
| Glencore Funding LLC, 144A | ||||||||
| 3.00%, due 10/27/22 (d) | 9,950 | 9,922 | ||||||
| 2.625%, due 09/23/31 (d) | 10,000 | 8,058 | ||||||
| 3.875%, due 10/27/27 (d) | 4,950 | 4,681 | ||||||
| Novelis Corp., 144A | ||||||||
| 3.875%, due 08/15/31 (d) | 9,681 | 7,456 | ||||||
| 3.25%, due 11/15/26 (d) | 4,345 | 3,673 | ||||||
| 50,867 | ||||||||
| INFORMATION TECHNOLOGY – 0.7% | ||||||||
| Apple, Inc. | ||||||||
| 2.65%, due 02/08/51 | 6,000 | 4,422 | ||||||
| Broadcom Corp. / Broadcom Cayman Finance, Ltd. | ||||||||
| 3.50%, due 01/15/28 | 4,975 | 4,605 | ||||||
| Broadcom, Inc., 144A | ||||||||
| 3.469%, due 04/15/34 (d) | 9,955 | 8,102 | ||||||
| 3.419%, due 04/15/33 (d) | 6,950 | 5,746 | ||||||
| Dell International LLC / EMC Corp. | ||||||||
| 5.45%, due 06/15/23 | 3,927 | 3,967 | ||||||
| Micron Technology, Inc. | ||||||||
| 2.703%, due 04/15/32 | 3,500 | 2,791 | ||||||
| Motorola Solutions, Inc. | ||||||||
| 4.60%, due 02/23/28 | 2,985 | 2,887 | ||||||
| NortonLifeLock, Inc.,144A | ||||||||
| 5.00%, due 04/15/25 (d) | 1,000 | 975 | ||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
| 2.50%, due 05/11/31 | 3,750 | 3,082 | ||||||
| Tyco Electronics Group SA | ||||||||
| 3.70%, due 02/15/26 | 6,840 | 6,807 | ||||||
| 43,384 | ||||||||
| CONSUMER STAPLES – 0.4% | ||||||||
| Altria Group, Inc. | ||||||||
| 2.45%, due 02/04/32 | 30,400 | 22,895 | ||||||
| Smithfield Foods, Inc., 144A | ||||||||
| 4.25%, due 02/01/27 (d) | 995 | 958 | ||||||
| 23,853 | ||||||||
| UTILITIES – 0.2% | ||||||||
| The Southern Co. | ||||||||
| 3.75% (5 year Treasury Constant Maturity Rate + 2.915%), due 09/15/51 (c) | 13,750 | 11,683 | ||||||
| Total
Corporate Bonds (Cost $1,619,217) | 1,444,464 | |||||||
| GOVERNMENT AND AGENCY SECURITIES – 11.2% | ||||||||
| U.S. GOVERNMENT NOTES – 11.2% | ||||||||
| United States Treasury Notes | ||||||||
Oakmark.com
| Oakmark Equity and Income Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 38.9% (cont.) | ||||||||
| GOVERNMENT AND AGENCY SECURITIES – 11.2% (cont.) | ||||||||
| U.S. GOVERNMENT NOTES – 11.2% (cont.) | ||||||||
| 2.875%, due 05/15/32 | $ | 200,000 | $ | 197,750 | ||||
| 1.25%, due 12/31/26 | 150,000 | 138,645 | ||||||
| 2.00%, due 04/30/24 | 100,000 | 98,254 | ||||||
| 2.375%, due 02/15/42 | 100,000 | 84,797 | ||||||
| 2.00%, due 11/30/22 | 74,625 | 74,508 | ||||||
| 1.125%, due 10/31/26 | 75,000 | 69,132 | ||||||
| 2.125%, due 12/31/22 | 49,745 | 49,640 | ||||||
| 712,726 | ||||||||
| Total Government and Agency Securities (Cost $740,023) | 712,726 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7% | ||||||||
| Federal Home Loan Mortgage Corporation Multifamily WI Certificates, Series K-147-Class A2 | ||||||||
| 3.00%, due 08/25/32 | 40,000 | 37,666 | ||||||
| Benchmark Mortgage Trust, Series 2022-B35-Class A5 | ||||||||
| 4.594%, due 05/15/55 | 25,000 | 25,291 | ||||||
| Federal Home Loan Mortgage Corporation, Series 2022-DNA5-Class A2,144A | ||||||||
| 3.729% (SOFR30A + 2.950%), due 06/25/42 (c) (d) | 20,000 | 20,000 | ||||||
| Federal Home Loan Mortgage Corporation Multifamily WI Certificates, Series K-148-Class A2, 144A | ||||||||
| 3.50%, due 09/25/32 (d) | 20,000 | 19,592 | ||||||
| Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, Series K-1522-Class A2 | ||||||||
| 2.361%, due 10/25/36 | 14,500 | 12,022 | ||||||
| Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2022-DNA1-Class M1A, 144A | ||||||||
| 1.926% (SOFR30A + 1.000%), due 01/25/42 (c) (d) | 10,000 | 9,648 | ||||||
| Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, Series K-145-Class A2 | ||||||||
| 2.58%, due 06/25/55 | 10,000 | 9,122 | ||||||
| JP Morgan Mortgage Trust, Series 2020-10-Class B1, Series 2020-10-Class B1 144A | ||||||||
| 2.813%, due 12/25/51 (d) | 10,424 | 8,433 | ||||||
| Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, Series K-143-Class A2 | ||||||||
| 2.35%, due 04/25/55 | 9,000 | 8,051 | ||||||
| Federal National Mortgage Association Connecticut Avenue Securities, Series 2022-R065-Class C, 144A | ||||||||
| 3.698% (SOFR30A + 2.750%), due 05/25/42 (c) (d) | 7,807 | 7,788 | ||||||
| JP Morgan Mortgage Trust, Series 2020-6-Class B1, 144A | ||||||||
| 3.309%, due 11/25/52 (d) | 4,808 | 4,038 | ||||||
| Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, Series K-1521-Class A2 | ||||||||
| 2.184%, due 08/25/36 | 5,000 | 4,000 | ||||||
| Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, Series K-1517-Class A2 | ||||||||
| 1.716%, due 07/25/35 | 4,000 | 3,092 | ||||||
| Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2022-DNA3-Class M1A, 144A | ||||||||
| 2.926% (SOFR30A + 2.000%), due 04/25/42 (c) (d) | 1,629 | 1,604 | ||||||
| TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.7% (Cost $171,978) | 170,347 | |||||||
| BANK LOANS – 1.1% | ||||||||
| HEALTH CARE – 0.3% | ||||||||
| Medline Borrower, LP Usd Term Loan B | ||||||||
| 4.92% (1 mo. USD LIBOR + 3.250%), due 10/23/28 (c) | 22,578 | 20,902 | ||||||
| ENERGY – 0.3% | ||||||||
| Championx Corp. 2022 Term Loan B1 | ||||||||
| 4.49% (1 mo. SOFR + 3.250%), due 06/07/29 (c) | 16,500 | 16,232 | ||||||
| INDUSTRIALS – 0.2% | ||||||||
| Skymiles IP, Ltd. 2020 Term Loan B | ||||||||
| 4.81% (1 mo. USD LIBOR + 3.750%), due 10/20/27 (c) | 14,000 | 13,899 | ||||||
| Naked Juice LLC Term Loan | ||||||||
| 5.40% (3 mo. SOFR + 3.250%), due 01/24/29 (c) | 1,000 | 929 | ||||||
| 14,828 | ||||||||
| MATERIALS – 0.2% | ||||||||
| Asplundh Tree Expert LLC 2021 Term Loan B | ||||||||
| 3.42% (1 mo. USD LIBOR + 1.750%), due 09/07/27 (c) | 13,794 | 13,288 | ||||||
| FINANCIALS – 0.1% | ||||||||
| Allspring Buyer LLC Term Loan B | ||||||||
| 5.56% (3 mo. USD LIBOR + 3.250%), due 11/01/28 (c) | 2,655 | 2,545 | ||||||
| CONSUMER DISCRETIONARY – 0.0%(e) | ||||||||
| Rent A Center, Inc. 2021 First Lien Term Loan B | ||||||||
| 4.94% (1 mo. USD LIBOR + 3.250%), due 02/17/28 (c) | 988 | 886 | ||||||
| Total Bank Loans (Cost $71,493) | 68,681 | |||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 38.9% (cont.) | ||||||||
| ASSET BACKED SECURITIES – 0.9% | ||||||||
| Santander Drive Auto Receivables Trust, Series 2022-3-Class C, 4.49%, due 08/15/29 | $ | 26,000 | $ | 25,547 | ||||
| Santander Drive Auto Receivables Trust, Series 2022-3-Class A3, 3.40%, due 12/15/26 | 12,000 | 11,920 | ||||||
| BMW Vehicle Owner Trust, Series 2022-A-Class A3, 3.21%, due 08/25/26 | 10,750 | 10,629 | ||||||
| CCG Receivables Trust, Series 2022-1-Class B, 144A, 4.42%, due 07/16/29 (d) | 5,000 | 4,991 | ||||||
| CCG Receivables Trust, Series 2022-1-Class C,144A, 4.67%, due 07/16/29 (d) | 3,000 | 2,995 | ||||||
| BMW Vehicle Owner Trust, Series 2022-A-Class A4, 3.44%, due 12/26/28 | 2,000 | 1,973 | ||||||
| Total Asset Backed Securities (Cost $58,742) | 58,055 | |||||||
| CONVERTIBLE BOND – 0.2% | ||||||||
| Peloton Interactive, Inc., 0.00%, due 02/15/26 (f) (Cost $15,900) | 19,265 | 12,136 | ||||||
| Total Convertible Bond (Cost $15,900) | 12,136 | |||||||
| TOTAL FIXED INCOME – 38.9% (Cost $2,677,353) | 2,466,409 | |||||||
| SHORT-TERM INVESTMENTS – 3.0% | ||||||||
| REPURCHASE AGREEMENT – 3.0% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 1.44% dated 06/30/22 due 07/01/22, repurchase price $188,155, collateralized by a United States Treasury Note, 3.000% due 06/30/24, value plus accrued interest of $191,910 (Cost: $188,147) | 188,147 | 188,147 | ||||||
| TOTAL SHORT-TERM INVESTMENTS – 3.0% (Cost $188,147) | 188,147 | |||||||
| TOTAL INVESTMENTS – 99.8% (Cost $5,540,495) | 6,331,186 | |||||||
| Foreign Currencies (Cost $0) (g) – 0.0% (e) | 0(g) | |||||||
| Other Assets In Excess of Liabilities – 0.2% | 14,030 | |||||||
| NET ASSETS – 100.0% | $ | 6,345,216 | ||||||
| (a) | Non-income producing security |
| (b) | Security is perpetual and has no stated maturity date. |
| (c) | Floating Rate Note. Rate shown is as of June 30, 2022. |
| (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) | Amount rounds to less than 0.1%. |
| (f) | Zero Coupon Bond. |
| (g) | Amount rounds to less than $1,000. |
| Abbreviations: | |
| REIT: Real Estate Investment Trust | |
Oakmark.com
| Oakmark Bond Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| PREFERRED STOCKS – 1.0% | ||||||||
| COMMUNICATION SERVICES – 1.0% | ||||||||
| Liberty Broadband Corp. (a), 7.00% , | 35 | $ | 896 | |||||
| TOTAL PREFERRED STOCKS – 1.0% (Cost $929) | 896 | |||||||
| Par Value | Value | |||||||
| FIXED INCOME – 96.2% | ||||||||
| CORPORATE BONDS – 45.8% | ||||||||
| INDUSTRIALS – 10.5% | ||||||||
| AutoNation, Inc. | ||||||||
| 3.85%, due 03/01/32 | $ | 500 | 431 | |||||
| BAT Capital Corp. | ||||||||
| 2.259%, due 03/25/28 | 1,000 | 838 | ||||||
| Carlisle Cos., Inc. | ||||||||
| 2.20%, due 03/01/32 | 500 | 392 | ||||||
| Delta Air Lines, Inc. / SkyMiles IP, Ltd, 144A | ||||||||
| 4.75%, due 10/20/28 (b) | 750 | 708 | ||||||
| Hilton Domestic Operating Co., Inc., 144A | ||||||||
| 3.625%, due 02/15/32 (b) | 1,000 | 794 | ||||||
| Howmet Aerospace, Inc. | ||||||||
| 3.00%, due 01/15/29 | 600 | 497 | ||||||
| JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 144A | ||||||||
| 5.75%, due 04/01/33 (b) | 500 | 476 | ||||||
| Medline Borrower LP , 144A | ||||||||
| 5.25%, due 10/01/29 (b) | 750 | 616 | ||||||
| MIWD Holdco II LLC / MIWD Finance Corp.,144A | ||||||||
| 5.50%, due 02/01/30 (b) | 500 | 402 | ||||||
| Southwest Airlines Co. | ||||||||
| 5.125%, due 06/15/27 | 1,000 | 1,009 | ||||||
| The Boeing Co. | ||||||||
| 2.70%, due 02/01/27 | 600 | 534 | ||||||
| 3.625%, due 02/01/31 | 150 | 130 | ||||||
| Uber Technologies, Inc., 144A | ||||||||
| 4.50%, due 08/15/29 (b) | 1,100 | 905 | ||||||
| US Foods, Inc., 144A | ||||||||
| 4.75%, due 02/15/29 (b) | 370 | 324 | ||||||
| Viterra Finance BV, 144A | ||||||||
| 2.00%, due 04/21/26 (b) | 1,000 | 885 | ||||||
| 5.25%, due 04/21/32 (b) | 250 | 232 | ||||||
| 9,173 | ||||||||
| FINANCIALS – 8.3% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | ||||||||
| 2.45%, due 10/29/26 | 500 | 435 | ||||||
| 3.40%, due 10/29/33 | 500 | 395 | ||||||
| Ally Financial, Inc. | ||||||||
| 4.70%(5 year Treasury Constant Maturity Rate + 3.481%) (a) (c) | 1,000 | 738 | ||||||
| 2.20%, due 11/02/28 | 500 | 407 | ||||||
| Apollo Commercial Real Estate Finance, Inc. REIT, 144A | ||||||||
| 4.625%, due 06/15/29 (b) | 750 | 559 | ||||||
| Blackstone Mortgage Trust, Inc. REIT, 144A | ||||||||
| 3.75%, due 01/15/27 (b) | 1,000 | 815 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 3.615% (SOFR + 1.846%), due 03/15/28 (c) | 500 | 473 | ||||||
| KKR Group Finance Co. XII LLC, 144A | ||||||||
| 4.85%, due 05/17/32 (b) | 1,000 | 987 | ||||||
| LPL Holdings, Inc., 144A | ||||||||
| 4.00%, due 03/15/29 (b) | 500 | 428 | ||||||
| Signature Bank/New York NY | ||||||||
| 4.00% (AMERIBOR + 3.890%), due 10/15/30 (c) | 1,000 | 965 | ||||||
| SVB Financial Group | ||||||||
| 4.25%(5 year Treasury Constant Maturity Rate + 3.074%) (a) (c) | 750 | 566 | ||||||
| 1.80%, due 10/28/26 | 500 | 447 | ||||||
| 7,215 | ||||||||
| ENERGY – 6.5% | ||||||||
| Boardwalk Pipelines LP | ||||||||
| 3.60%, due 09/01/32 | 1,000 | 846 | ||||||
| Chesapeake Energy Corp., 144A | ||||||||
| 5.875%, due 02/01/29 (b) | 1,117 | 1,053 | ||||||
| Diamondback Energy, Inc. | ||||||||
| 3.125%, due 03/24/31 | 500 | 436 | ||||||
| Energy Transfer, LP | ||||||||
| 4.15%, due 09/15/29 | 500 | 458 | ||||||
| Hess Midstream Operations LP, 144A | ||||||||
| 4.25%, due 02/15/30 (b) | 750 | 628 | ||||||
| NOV, Inc. | ||||||||
| 3.60%, due 12/01/29 | 500 | 449 | ||||||
| Oceaneering International, Inc. | ||||||||
| 6.00%, due 02/01/28 | 500 | 441 | ||||||
| Parsley Energy LLC / Parsley Finance Corp, 144A | ||||||||
| 4.125%, due 02/15/28 (b) | 1,500 | 1,365 | ||||||
| 5,676 | ||||||||
| CONSUMER DISCRETIONARY – 5.4% | ||||||||
| Brunswick Corp. | ||||||||
| 2.40%, due 08/18/31 | 1,100 | 814 | ||||||
| Daimler Trucks Finance North America LLC, 144A | ||||||||
| 2.375%, due 12/14/28 (b) | 1,000 | 861 | ||||||
| Dick's Sporting Goods, Inc. | ||||||||
| 3.15%, due 01/15/32 | 500 | 395 | ||||||
| Kontoor Brands, Inc. 144A | ||||||||
| 4.125%, due 11/15/29 (b) | 500 | 397 | ||||||
| Lithia Motors, Inc., 144A | ||||||||
| 4.375%, due 01/15/31 (b) | 500 | 426 | ||||||
| M/I Homes, Inc. | ||||||||
| 3.95%, due 02/15/30 | 500 | 376 | ||||||
| Marriott International, Inc. | ||||||||
| 2.75%, due 10/15/33 | 1,000 | 786 | ||||||
| 3.125%, due 06/15/26 | 250 | 239 | ||||||
| Thor Industries, Inc., 144A | ||||||||
| 4.00%, due 10/15/29 (b) | 500 | 396 | ||||||
| 4,690 | ||||||||
OAKMARK FUNDS
| Oakmark Bond Fund | June 30, 2022 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 96.2% (cont.) | ||||||||
| CORPORATE BONDS – 45.8% (cont.) | ||||||||
| HEALTH CARE – 4.1% | ||||||||
| Bio-Rad Laboratories, Inc. | ||||||||
| 3.70%, due 03/15/32 | $ | 1,000 | $ | 889 | ||||
| Embecta Corp., 144A | ||||||||
| 5.00%, due 02/15/30 (b) | 500 | 420 | ||||||
| Regeneron Pharmaceuticals, Inc. | ||||||||
| 1.75%, due 09/15/30 | 1,250 | 1,002 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 6.875%, due 11/15/31 | 500 | 445 | ||||||
| Zimmer Biomet Holdings, Inc. | ||||||||
| 2.60%, due 11/24/31 | 1,000 | 818 | ||||||
| 3,574 | ||||||||
| MATERIALS – 2.5% | ||||||||
| Anglo American Capital PLC, 144A | ||||||||
| 3.875%, due 03/16/29 (b) | 1,000 | 920 | ||||||
| Glencore Funding LLC, 144A | ||||||||
| 2.625%, due 09/23/31 (b) | 1,000 | 806 | ||||||
| Novelis Corp., 144A | ||||||||
| 3.875%, due 08/15/31 (b) | 362 | 279 | ||||||
| 3.25%, due 11/15/26 (b) | 210 | 177 | ||||||
| 2,182 | ||||||||
| REAL ESTATE – 2.4% | ||||||||
| CBRE Services, Inc. | ||||||||
| 2.50%, due 04/01/31 | 1,000 | 813 | ||||||
| GLP Capital, LP / GLP Financing II, Inc. REIT | ||||||||
| 4.00%, due 01/15/31 | 500 | 431 | ||||||
| Sun Communities Operating, LP REIT | ||||||||
| 2.70%, due 07/15/31 | 1,000 | 806 | ||||||
| 2,050 | ||||||||
| COMMUNICATION SERVICES – 2.1% | ||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 2.30%, due 02/01/32 | 270 | 204 | ||||||
| Magallanes, Inc., 144A | ||||||||
| 4.054%, due 03/15/29 (b) | 1,000 | 916 | ||||||
| Twitter, Inc., 144A | ||||||||
| 5.00%, due 03/01/30 (b) | 750 | 712 | ||||||
| 1,832 | ||||||||
| INFORMATION TECHNOLOGY – 1.9% | ||||||||
| Micron Technology, Inc. | ||||||||
| 2.703%, due 04/15/32 | 1,000 | 797 | ||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||
| 2.50%, due 05/11/31 | 1,000 | 822 | ||||||
| 1,619 | ||||||||
| CONSUMER STAPLES – 1.1% | ||||||||
| Altria Group, Inc. | ||||||||
| 2.45%, due 02/04/32 | 1,250 | 941 | ||||||
| UTILITIES – 1.0% | ||||||||
| The Southern Co. | ||||||||
| 3.75% (5 year Treasury Constant Maturity Rate + 2.915%), due 09/15/51 (c) | 1,000 | 850 | ||||||
| Total Corporate Bonds (Cost $46,336) | 39,802 | |||||||
| GOVERNMENT AND AGENCY SECURITIES – 20.5% | ||||||||
| U.S. GOVERNMENT NOTES – 17.8% | ||||||||
| United States Treasury Notes | ||||||||
| 0.875%, due 09/30/26 | 7,000 | 6,393 | ||||||
| 1.25%, due 06/30/28 | 3,000 | 2,699 | ||||||
| 1.375%, due 10/31/28 | 2,000 | 1,803 | ||||||
| 2.875%, due 05/15/32 | 1,000 | 989 | ||||||
| 1.875%, due 11/15/51 | 1,250 | 938 | ||||||
| 1.875%, due 02/15/32 | 1,000 | 906 | ||||||
| 2.50%, due 03/31/27 | 500 | 488 | ||||||
| United States Treasury Bonds | ||||||||
| 2.875%, due 05/15/52 | 500 | 472 | ||||||
| 2.00%, due 11/15/41 | 500 | 397 | ||||||
| 2.00%, due 08/15/51 | 500 | 386 | ||||||
| 15,471 | ||||||||
| U.S. GOVERNMENT AGENCIES – 2.7% | ||||||||
| Federal Home Loan Banks, | ||||||||
| 0.48%, due 09/10/24 | 2,500 | 2,376 | ||||||
| Total Government and Agency Securities (Cost $19,522) | 17,847 | |||||||
| ASSET BACKED SECURITIES – 19.3% | ||||||||
| Santander Drive Auto Receivables Trust, Series 2022-3-Class A3, 3.40%, due 12/15/26 | 3,000 | 2,980 | ||||||
| Ford Credit Auto Lease Trust , Series 2022-DNA3-Class M1A, 3.23%, due 05/15/25 | 2,500 | 2,490 | ||||||
| BMW Vehicle Owner Trust, Series 2022-A-Class A4, 3.44%, due 12/26/28 | 2,500 | 2,466 | ||||||
| Capital One Prime Auto Receivables Trust, Series 2022-1-Class A4, 3.32%, due 09/15/27 | 2,500 | 2,438 | ||||||
| CarMax Auto Owner Trust, Series 2022-2-Class A4, 3.62%, due 09/15/27 | 1,000 | 991 | ||||||
| Santander Drive Auto Receivables Trust, Series 2022-2-Class C, 3.76%, due 07/16/29 | 1,000 | 966 | ||||||
| Carvana Auto Receivables Trust, Series 2022-P1-Class D, 4.80%, due 01/10/29 | 1,000 | 947 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2022-1A-Class C, 144A, 3.94%, due 10/20/38 (b) | 845 | 811 | ||||||
| Carvana Auto Receivables Trust, Series 2022-Class A1. 144A, 2.31%, due 12/11/28 (b) | 734 | 721 | ||||||
Oakmark.com
| Oakmark Bond Fund | June 30, 2022 (Unaudited) |
| Schedule of Investments (in thousands) |
| Par Value | Value | |||||||
| FIXED INCOME – 96.2% (cont.) | ||||||||
| ASSET BACKED SECURITIES – 19.3% (cont.) | ||||||||
| BMW Vehicle Owner Trust, Series 2022-A-Class A3, 3.21%, due 08/25/26 | $ | 500 | $ | 494 | ||||
| CarMax Auto Owner Trust , Series 2022-2-Class D, 4.75%, due 10/16/28 | 500 | 493 | ||||||
| Santander Drive Auto Receivables Trust, Series 2022-3-Class C, 4.49%, due 08/15/29 | 500 | 491 | ||||||
| Carvana Auto Receivables Trust, Series 2022-N1-Class D,144A, 4.13%, due 12/11/28 (b) | 500 | 483 | ||||||
| Total Asset Backed Securities | ||||||||
| (Cost $17,052) | 16,771 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 5.2% | ||||||||
| Bank, Series 2022-BNK40-Class A4 | ||||||||
| 3.507%, due 03/15/64 | 1,000 | 932 | ||||||
| JP Morgan Mortgage Trust, Series 2022-3-Class B1, 144A | ||||||||
| 3.12%, due 08/25/52 (b) | 995 | 819 | ||||||
| Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, Series K-072-Class A2 | ||||||||
| 3.444%, due 12/25/27 | 750 | 747 | ||||||
| Federal National Mortgage Association Connecticut Avenue Securities1, Series 2022-R06-Class 1M2, 144A | ||||||||
| 4.798% (SOFR30A + 3.850%), due 05/25/42 (b) (c) | 500 | 486 | ||||||
| Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2022-DNA3-Class M1B, 144A | ||||||||
| 3.826% (SOFR30A + 2.900%), due 04/25/42 (b) (c) | 500 | 470 | ||||||
| Federal Home Loan Mortgage Corporation STACR REMIC Trust, Series 2022-DNA3-Class M1A, 144A | ||||||||
| 2.926% (SOFR30A + 2.000%), due 04/25/42 (b) (c) | 476 | 469 | ||||||
| JP Morgan Mortgage Trust, Series 2016-3-Class B1, 144A | ||||||||
| 3.281%, due 10/25/46 (b) | 300 | 285 | ||||||
| JP Morgan Mortgage Trust, Series 2016-3-Class B2 , 144A | ||||||||
| 3.281%, due 10/25/46 (b) | 204 | 194 | ||||||
| JP Morgan Mortgage Trust, Series 2016-3-Class B3 , 144A | ||||||||
| 3.281%, due 10/25/46 (b) | 121 | 114 | ||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS – 5.2% | ||||||||
| (Cost $4,792) | 4,516 | |||||||
| BANK LOANS – 4.9% | ||||||||
| INDUSTRIALS – 2.2% | ||||||||
| Naked Juice LLC Term Loan | ||||||||
| 5.40% (3 mo. Term SOFR + 3.25%), due 01/24/29 (c) | 1,000 | 929 | ||||||
| Skymiles IP, Ltd. 2020 Term Loan B | ||||||||
| 4.81% (3 mo. USD LIBOR + 3.75%), due 10/20/27 (c) | 1,000 | 993 | ||||||
| 1,922 | ||||||||
| ENERGY – 1.1% | ||||||||
| Championx Corp. 2022 Term Loan B1 | ||||||||
| 4.49% (1 mo. Term SOFR + 3.25%), due 06/07/29 (c) | 1,000 | 984 | ||||||
| FINANCIALS – 1.0% | ||||||||
| Allspring Buyer LLC Term Loan B | ||||||||
| 5.56% (3 mo. USD LIBOR + 3.25%), due 11/01/28 (c) | 885 | 848 | ||||||
| HEALTH CARE – 0.6% | ||||||||
| Owens & Minor, Inc. 2022 Term Loan B | ||||||||
| 4.25% (1 mo. Term SOFR + 3.75%), due 03/29/29 (c) | 499 | 494 | ||||||
| Total Bank Loans | ||||||||
| (Cost $4,363) | 4,248 | |||||||
| CONVERTIBLE BOND – 0.5% | ||||||||
| Peloton Interactive, Inc., 144A | ||||||||
| 0.00%, due 02/15/26 (b) (d) | ||||||||
| (Cost $557) | 645 | 406 | ||||||
| Total Convertible Bond | ||||||||
| (Cost $557) | 406 | |||||||
| TOTAL FIXED INCOME – 96.2% | ||||||||
| (Cost $92,622) | 83,590 | |||||||
| SHORT-TERM INVESTMENTS – 2.2% | ||||||||
| REPURCHASE AGREEMENT – 2.2% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 1.44% dated 06/30/22 due 07/01/22, repurchase price $1,956, collateralized by a United States Treasury Note, 3.000% due 06/30/24, value plus accrued interest of $1,996 (Cost: $1,956) | 1,956 | 1,956 | ||||||
| TOTAL SHORT-TERM INVESTMENTS – 2.2% | ||||||||
| (Cost $1,956) | 1,956 | |||||||
| TOTAL INVESTMENTS – 99.4% | ||||||||
| (Cost $95,507) | 86,442 | |||||||
| Other Assets In Excess of Liabilities – 0.6% | 504 | |||||||
| NET ASSETS – 100.0% | $ | 86,946 | ||||||
| (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 June 30, 2022. |
| (d) | Zero Coupon Bond. |
Abbreviations:
REIT: Real Estate Investment Trust
OAKMARK FUNDS
THE OAKMARK FUNDS
Notes to Schedules of Investments (Unaudited)
1. ORGANIZATION
The following are the significant accounting policies of 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 Oakmark Bond Fund (“Bond”) collectively referred to as the “Funds,” each a series of Harris Associates Investment Trust (the “Trust”), a Massachusetts business trust, organized on February 1, 1991, which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services—Investment Companies. 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 June 30, 2022, 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 | Other | Significant | |||||||||
| Oakmark | ||||||||||||
| Common Stocks | $ | 13,234,445 | $ | 0 | $ | 0 | ||||||
| Short Term Investments | 0 | 1,108,303 | 0 | |||||||||
| Call Options Written | (5,240 | ) | 0 | 0 | ||||||||
| Put Options Written | (36,198 | ) | 0 | 0 | ||||||||
| Total | $ | 13,193,007 | $ | 1,108,303 | $ | 0 | ||||||
| Select | ||||||||||||
| Common Stocks | $ | 4,184,287 | $ | 0 | $ | 0 | ||||||
| Short Term Investments | 0 | 276,356 | 0 | |||||||||
| Call Options Written | (909 | ) | 0 | 0 | ||||||||
| Total | $ | 4,183,378 | $ | 276,356 | $ | 0 | ||||||
| Global | ||||||||||||
| Common Stocks | $ | 1,140,290 | $ | 0 | $ | 0 | ||||||
| Preferred Stocks | 14,478 | 0 | 0 | |||||||||
| Short Term Investments | 0 | 32,171 | 0 | |||||||||
| Total | $ | 1,154,768 | $ | 32,171 | $ | 0 | ||||||
| Global Select | ||||||||||||
| Common Stocks | $ | 1,105,840 | $ | 0 | $ | 0 | ||||||
| Preferred Stocks | 40,133 | 0 | 0 | |||||||||
| Short Term Investments | 0 | 49,149 | 0 | |||||||||
| Total | $ | 1,145,973 | $ | 49,149 | $ | 0 | ||||||
| International | ||||||||||||
| Common Stocks | $ | 20,135,895 | $ | 0 | $ | 0 | ||||||
| Preferred Stocks | 272,524 | 0 | 0 | |||||||||
| Short Term Investments | 0 | 704,947 | 0 | |||||||||
| Total | $ | 20,408,419 | $ | 704,947 | $ | 0 | ||||||
| Int'l Small Cap | ||||||||||||
| Common Stocks | $ | 1,267,236 | $ | 0 | $ | 0 | ||||||
| Short Term Investments | 0 | 30,528 | 0 | |||||||||
| Total | $ | 1,267,236 | $ | 30,528 | $ | 0 | ||||||
| Equity and Income | ||||||||||||
| Common Stocks | $ | 3,670,815 | $ | 0 | $ | 0 | ||||||
| Preferred Stocks | 5,815 | 0 | 0 | |||||||||
| Corporate Bonds | 0 | 1,444,464 | 0 | |||||||||
| Government and Agency Securities | 0 | 712,726 | 0 | |||||||||
| Collateralized Mortgage Obligations | 0 | 170,347 | 0 | |||||||||
| Bank Loans | 0 | 68,681 | 0 | |||||||||
| Asset Backed Securities | 0 | 58,055 | 0 | |||||||||
| Convertible Bonds | 0 | 12,136 | 0 | |||||||||
| Short Term Investments | 0 | 188,147 | 0 | |||||||||
| Total | $ | 3,676,630 | $ | 2,654,556 | $ | 0 | ||||||
| (in thousands) | Quoted
Prices | Other | Significant | |||||||||
| Bond | ||||||||||||
| Preferred Stocks | $ | 896 | $ | 0 | $ | 0 | ||||||
| Corporate Bonds | 0 | 39,802 | 0 | |||||||||
| Government and Agency Securities | 0 | 17,847 | 0 | |||||||||
| Asset Backed Securities | 0 | 16,771 | 0 | |||||||||
| Collateralized Mortgage Obligations | 0 | 4,516 | 0 | |||||||||
| Bank Loans | 0 | 4,248 | 0 | |||||||||
| Convertible Bond | 0 | 406 | 0 | |||||||||
| Short Term Investments | 0 | 1,956 | 0 | |||||||||
| Total | $ | 896 | $ | 85,546 | $ | 0 | ||||||
Foreign currency translations
Certain Funds invest in foreign securities, which may involve a number of risk factors and special considerations not present with investments in securities of U.S. corporations. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at current exchange rates obtained by a recognized bank, dealer or independent pricing service on the day of valuation. Purchases and sales of investments and dividend and interest income are converted at the prevailing rate of exchange on the respective dates of such transactions.
Forward foreign currency contracts
Forward foreign currency contracts are agreements to exchange one currency for another at a future date and at a specified price. The Funds’ transactions in forward foreign currency contracts are limited to transaction and portfolio hedging. The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered and could exceed the net unrealized value shown in the tables below. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in currency values. Forward foreign currency contracts are valued at the current day’s interpolated foreign exchange rates. Unrealized gain or loss on the contracts, are measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the end of the period.
At June 30, 2022, none of the Funds had outstanding forward foreign currency contracts.
For the period ended June 30, 2022, 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 | $ | 18,680 | $ | 36,671 | ||||
| Global Select | 18,315 | 33,961 | ||||||
| International | 371,436 | 686,505 | ||||||
| Int’l Small Cap | 19,569 | 37,033 |
Short sales
Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or loss, unlimited in size, will be recognized upon the termination of the short sale. Each Fund may sell shares of when-issued securities. Typically, a Fund sells when-issued securities when a company announces a spin-off or re-organization, and the post-spin-off or post-re-organization shares begin trading on a when-issued basis prior to the effective date of the corporate action. A sale of a when-issued security is treated as a short sale for accounting purposes. After the effective date, when shares of the new company are received, any shares sold on a when-issued basis will be delivered to the counterparty. At June 30, 2022, none of the Funds had short sales.
When-issued or delayed-delivery securities
Each Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time a Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if the Adviser deems it advisable for investment reasons. At June 30, 2022, 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, Select, Global, and, Global Select used purchased options during the period ended June 30, 2022. Purchased options outstanding, if any, are listed on the Fund’s Schedule of Investments.
Oakmark, Select, Global and Global Select used options written for tax management purposes during the period ended June 30, 2022. Written options outstanding, if any, are listed on each Fund’s Schedule of Investments.
For the period ended June 30, 2022, 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 | ||||||
| Oakmark | $ | 57,657 | $ | (251,515 | ) | |||
| Select | 13,911 | (92,359 | ) | |||||
| Global | 6,151 | (6,687 | ) | |||||
| Global Select | 7,124 | (8,367 | ) | |||||
Repurchase agreements
Each Fund may invest in repurchase agreements, which are short-term investments whereby the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price.
The Funds’ custodian receives delivery of the underlying securities collateralizing repurchase agreements. It is the Funds’ policy that the value of the collateral be at least equal to 102% of the repurchase price, including interest. The Adviser is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price, including interest. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. At June 30, 2022, 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 June 30, 2022, 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 June 30, 2022. 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..