| Oakmark Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 94.6% | ||||||||
| FINANCIALS – 37.2% | ||||||||
| FINANCIAL SERVICES – 21.7% | ||||||||
| Ally Financial, Inc. | 13,276 | $ | 610,027 | |||||
| Capital One Financial Corp. | 3,018 | 605,471 | ||||||
| Charles Schwab Corp. | 6,058 | 558,979 | ||||||
| Intercontinental Exchange, Inc. | 4,420 | 544,171 | ||||||
| Fiserv, Inc. (a) | 10,152 | 497,965 | ||||||
| Global Payments, Inc. | 5,977 | 433,677 | ||||||
| State Street Corp. | 2,108 | 357,466 | ||||||
| Carlyle Group, Inc. | 7,162 | 301,600 | ||||||
| Raymond James Financial, Inc. | 1,945 | 295,698 | ||||||
| Nasdaq, Inc. | 3,725 | 293,629 | ||||||
| Synchrony Financial | 3,735 | 284,047 | ||||||
| Corebridge Financial, Inc. | 7,780 | 222,741 | ||||||
| Equitable Holdings, Inc. | 4,752 | 208,527 | ||||||
| 5,213,998 | ||||||||
| BANKS – 8.1% | ||||||||
| Citigroup, Inc. | 4,959 | 694,034 | ||||||
| First Citizens BancShares, Inc., Class A | 277 | 575,338 | ||||||
| Bank of America Corp. | 6,860 | 390,877 | ||||||
| Wells Fargo & Co. | 3,592 | 296,843 | ||||||
| 1,957,092 | ||||||||
| INSURANCE – 7.4% | ||||||||
| American International Group, Inc. | 6,839 | 509,714 | ||||||
| Willis Towers Watson PLC | 1,939 | 506,796 | ||||||
| Reinsurance Group of America, Inc. | 1,883 | 400,426 | ||||||
| Marsh & McLennan Cos., Inc. | 2,146 | 357,674 | ||||||
| 1,774,610 | ||||||||
| 8,945,700 | ||||||||
| HEALTH CARE – 11.2% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 6.3% | ||||||||
| Elevance Health, Inc. | 1,705 | 659,375 | ||||||
| Zimmer Biomet Holdings, Inc. | 5,621 | 483,937 | ||||||
| GE HealthCare Technologies, Inc. | 5,954 | 381,115 | ||||||
| 1,524,427 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 4.9% | ||||||||
| Merck & Co., Inc. | 5,309 | 682,207 | ||||||
| IQVIA Holdings, Inc. (a) | 2,565 | 495,667 | ||||||
| 1,177,874 | ||||||||
| 2,702,301 | ||||||||
| INDUSTRIALS – 10.8% | ||||||||
| TRANSPORTATION – 5.2% | ||||||||
| Delta Air Lines, Inc. | 8,020 | 751,162 | ||||||
| Union Pacific Corp. | 1,829 | 497,488 | ||||||
| 1,248,650 | ||||||||
| CAPITAL GOODS – 4.2% | ||||||||
| AerCap Holdings NV | 2,900 | 422,762 | ||||||
| Fortune Brands Innovations, Inc. | 5,673 | 311,464 | ||||||
| Masco Corp. | 3,289 | 267,634 | ||||||
| 1,001,860 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 1.4% | ||||||||
| Equifax, Inc. | 2,180 | 346,010 | ||||||
| 2,596,520 | ||||||||
| CONSUMER DISCRETIONARY – 8.4% | ||||||||
| CONSUMER SERVICES – 3.5% | ||||||||
| Airbnb, Inc., Class A (a) | 4,911 | 702,764 | ||||||
| Booking Holdings, Inc. | 780 | 139,027 | ||||||
| 841,791 | ||||||||
| CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 2.1% | ||||||||
| Amazon.com, Inc. (a) | 1,247 | 297,210 | ||||||
| Genuine Parts Co. | 1,646 | 194,195 | ||||||
| 491,405 | ||||||||
| AUTOMOBILES & COMPONENTS – 1.7% | ||||||||
| General Motors Co. | 5,295 | 408,147 | ||||||
| CONSUMER DURABLES & APPAREL – 1.1% | ||||||||
| NIKE, Inc., Class B | 6,472 | 265,655 | ||||||
| 2,006,998 | ||||||||
| INFORMATION TECHNOLOGY – 6.8% | ||||||||
| SOFTWARE & SERVICES – 4.7% | ||||||||
| Salesforce, Inc. | 3,553 | 556,613 | ||||||
| Roper Technologies, Inc. | 911 | 308,273 | ||||||
| Adobe, Inc. (a) | 1,289 | 264,271 | ||||||
| 1,129,157 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 2.1% | ||||||||
| CDW Corp. | 2,252 | 316,701 | ||||||
| TE Connectivity PLC | 873 | 176,095 | ||||||
| 492,796 | ||||||||
| 1,621,953 | ||||||||
| ENERGY – 6.2% | ||||||||
| Targa Resources Corp. | 2,882 | 772,779 | ||||||
| ConocoPhillips | 5,374 | 558,640 | ||||||
| Phillips 66 | 892 | 150,875 | ||||||
| 1,482,294 | ||||||||
| CONSUMER STAPLES – 5.3% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 3.8% | ||||||||
| Keurig Dr. Pepper, Inc. | 21,623 | 707,711 | ||||||
| Constellation Brands, Inc., Class A | 1,490 | 207,244 | ||||||
| 914,955 | ||||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.5% | ||||||||
| Sysco Corp. | 4,235 | 353,961 | ||||||
| 1,268,916 | ||||||||
| MATERIALS – 4.0% | ||||||||
| Corteva, Inc. | 7,564 | 640,570 | ||||||
| Amrize Ltd. | 6,094 | 324,810 | ||||||
| 965,380 | ||||||||
OAKMARK FUNDS
| Oakmark Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) |
| Shares | Value | |||||||
| COMMON STOCKS – 94.6% (cont.) | ||||||||
| COMMUNICATION SERVICES – 4.0% | ||||||||
| MEDIA & ENTERTAINMENT – 3.7% | ||||||||
| Alphabet, Inc., Class A (b) | 960 | $ | 343,247 | |||||
| Netflix, Inc. (a) | 3,660 | 261,288 | ||||||
| Alphabet, Inc., Class C | 613 | 216,613 | ||||||
| Liberty Broadband Corp., Class C (a) | 2,170 | 72,174 | ||||||
| Charter Communications, Inc., Class A (a) | 33 | 4,750 | ||||||
| 898,072 | ||||||||
| TELECOMMUNICATION SERVICES – 0.3% | ||||||||
| Comcast Corp., Class A | 2,362 | 57,987 | ||||||
| 956,059 | ||||||||
| REAL ESTATE – 0.7% | ||||||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.7% | ||||||||
| CBRE Group, Inc., Class A (a) | 1,258 | 169,440 | ||||||
| TOTAL COMMON STOCKS – 94.6% | ||||||||
| (Cost $18,147,953) | 22,715,561 | |||||||
| TOTAL PURCHASED OPTIONS – 0.1% | ||||||||
| (Premium Paid $13,564) | 12,508 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 5.4% | ||||||||
| REPURCHASE AGREEMENT – 5.4% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 3.62% dated 6/30/26 due 7/1/26, repurchase price $1,301,872, collateralized by United States Treasury Notes, 3.375% - 3.875% due 12/31/27, aggregate value plus accrued interest of $1,327,776 (Cost: $1,301,741) | $ | 1,301,741 | 1,301,741 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 5.4% | ||||||||
| (Cost $1,301,741) | 1,301,741 | |||||||
| TOTAL
INVESTMENTS – 100.1% (Cost $19,463,258) |
24,029,810 | |||||||
| Liabilities In Excess of Other Assets – (0.1)% | (15,653 | ) | ||||||
| TOTAL NET ASSETS – 100.0% | $ | 24,014,157 | ||||||
| (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, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) |
PURCHASED OPTIONS
| Description | Exercise Price | Expiration Date | Number
of Contracts | Notional Amount (in thousands) | Market
Value (in thousands) | Premiums
Paid (in thousands) | Unrealized Gain/(Loss) (in thousands) | |||||||||||||||||||
| CALLS | ||||||||||||||||||||||||||
| Accenture PLC | $ | 130.00 | 8/21/26 | 21,200 | $ | 263,813 | $ | 12,508 | $ | 13,564 | $ | (1,056 | ) | |||||||||||||
| $ | 263,813 | $ | 12,508 | $ | 13,564 | $ | (1,056 | ) | ||||||||||||||||||
WRITTEN OPTIONS
| Description | Exercise Price | Expiration Date | Number
of Contracts | Notional Amount (in thousands) | Market
Value (in thousands) | Premiums (Received) (in thousands) | Unrealized Gain/(Loss) (in thousands) | |||||||||||||||||||
| CALLS | ||||||||||||||||||||||||||
| Alphabet, Inc., Class A | $ | 375.00 | 9/18/26 | (4,000 | ) | $ | (142,948 | ) | $ | (7,020 | ) | $ | (15,506 | ) | $ | 8,486 | ||||||||||
| $ | (142,948 | ) | $ | (7,020 | ) | $ | (15,506 | ) | $ | 8,486 | ||||||||||||||||
| PUTS | ||||||||||||||||||||||||||
| Accenture PLC | $ | 120.00 | 8/21/26 | (22,700 | ) | $ | (282,479 | ) | $ | (14,982 | ) | $ | (18,488 | ) | $ | 3,506 | ||||||||||
| $ | (282,479 | ) | $ | (14,982 | ) | $ | (18,488 | ) | $ | 3,506 | ||||||||||||||||
Fair value measurement
Various inputs are used in determining the value of the 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, 2026, in valuing the Fund’s assets and liabilities.
| (in thousands) | Quoted
Prices in Active Markets for Identical Assets (Level 1) | Other
Significant Observable Inputs (Level 2) | Significant
Unobservable Inputs (Level 3) | |||||||||
| Common Stocks | $ | 22,715,561 | $ | 0 | $ | 0 | ||||||
| Call Options Purchased | 12,508 | 0 | 0 | |||||||||
| Short-Term Investments | 0 | 1,301,741 | 0 | |||||||||
| Call Options Written—Liabilities | (7,020 | ) | 0 | 0 | ||||||||
| Put Options Written—Liabilities | (14,982 | ) | 0 | 0 | ||||||||
| Total | $ | 22,706,067 | $ | 1,301,741 | $ | 0 | ||||||
OAKMARK FUNDS
| Oakmark Select Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 95.0% | ||||||||
| FINANCIALS – 29.8% | ||||||||
| FINANCIAL SERVICES – 17.8% | ||||||||
| Charles Schwab Corp. | 4,617 | $ | 426,005 | |||||
| Intercontinental Exchange, Inc. | 3,342 | 411,416 | ||||||
| Capital One Financial Corp. | 1,750 | 351,104 | ||||||
| Ally Financial, Inc. | 6,306 | 289,752 | ||||||
| 1,478,277 | ||||||||
| BANKS – 6.4% | ||||||||
| First Citizens BancShares, Inc., Class A | 256 | 532,707 | ||||||
| INSURANCE – 5.6% | ||||||||
| Marsh & McLennan Cos., Inc. | 2,821 | 470,226 | ||||||
| 2,481,210 | ||||||||
| HEALTH CARE – 20.9% | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 15.1% | ||||||||
| IQVIA Holdings, Inc. (a) | 2,606 | 503,435 | ||||||
| ICON PLC (a) | 2,369 | 411,519 | ||||||
| Charles River Laboratories International, Inc. (a) | 1,498 | 339,731 | ||||||
| 1,254,685 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 5.8% | ||||||||
| Centene Corp. (a) | 7,525 | 483,030 | ||||||
| 1,737,715 | ||||||||
| CONSUMER DISCRETIONARY – 9.4% | ||||||||
| CONSUMER SERVICES – 4.8% | ||||||||
| Airbnb, Inc., Class A (a) | 2,805 | 401,381 | ||||||
| CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 4.6% | ||||||||
| Lithia Motors, Inc. (b) | 1,309 | 380,280 | ||||||
| 781,661 | ||||||||
| INFORMATION TECHNOLOGY – 8.6% | ||||||||
| SOFTWARE & SERVICES – 8.6% | ||||||||
| Salesforce, Inc. | 3,414 | 534,822 | ||||||
| Gartner, Inc. (a) | 1,394 | 180,690 | ||||||
| 715,512 | ||||||||
| CONSUMER STAPLES – 7.6% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 7.6% | ||||||||
| Keurig Dr. Pepper, Inc. | 19,413 | 635,374 | ||||||
| INDUSTRIALS – 6.5% | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 6.5% | ||||||||
| Paycom Software, Inc. (b) | 2,517 | 316,362 | ||||||
| Equifax, Inc. | 1,414 | 224,430 | ||||||
| 540,792 | ||||||||
| ENERGY – 6.1% | ||||||||
| Targa Resources Corp. | 1,186 | 318,014 | ||||||
| ConocoPhillips | 1,484 | 154,288 | ||||||
| Phillips 66 | 183 | 30,852 | ||||||
| 503,154 | ||||||||
| COMMUNICATION SERVICES – 3.4% | ||||||||
| MEDIA & ENTERTAINMENT – 3.4% | ||||||||
| Alphabet, Inc., Class A (c) | 509 | 181,871 | ||||||
| Alphabet, Inc., Class C | 290 | 102,433 | ||||||
| 284,304 | ||||||||
| REAL ESTATE – 2.7% | ||||||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 2.7% | ||||||||
| CBRE Group, Inc., Class A (a) | 1,690 | 227,593 | ||||||
| TOTAL COMMON STOCKS – 95.0% | ||||||||
| (Cost $6,507,512) | 7,907,315 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 5.4% | ||||||||
| REPURCHASE AGREEMENT – 5.4% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 3.62% dated 6/30/26 due 7/1/26, repurchase price $447,824, collateralized by a United States Treasury Note, 3.875% due 12/31/27, value plus accrued interest of $456,735 (Cost: $447,779) | $ | 447,779 | 447,779 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 5.4% | ||||||||
| (Cost $447,779) | 447,779 | |||||||
| TOTAL
INVESTMENTS – 100.4% (Cost $6,955,291) | 8,355,094 | |||||||
| Liabilities In Excess of Other Assets – (0.4)% | (35,147 | ) | ||||||
| TOTAL NET ASSETS – 100.0% | $ | 8,319,947 | ||||||
| (a) | Non-income producing security. |
| (b) | Affiliated security. |
| (c) | All or a portion of this investment is held in connection with one or more options within the Fund. |
OAKMARK FUNDS
| Oakmark Select Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
WRITTEN OPTIONS
| Description | Exercise Price | Expiration Date | Number
of Contracts | Notional Amount (in thousands) | Market
Value (in thousands) | Premiums (Received) (in thousands) | Unrealized Gain/(Loss) (in thousands) | |||||||||||||||||||
| CALLS | ||||||||||||||||||||||||||
| Alphabet, Inc., Class A | $ | 390.00 | 8/21/26 | (2,500 | ) | $ | (89,343 | ) | $ | (2,194 | ) | $ | (6,795 | ) | $ | 4,601 | ||||||||||
| $ | (89,343 | ) | $ | (2,194 | ) | $ | (6,795 | ) | $ | 4,601 | ||||||||||||||||
Schedule of Transactions with Affiliated Issuers
If a Fund’s holding represents ownership of 5% or more of the outstanding voting securities of a company, the company is deemed to be an affiliate of the Fund as defined in the Investment Company Act of 1940. The industry, country or geographic region for each of the affiliates below can be found in the Schedule of Investments. Transactions in affiliated investments for the period ended June 30, 2026 were as follows:
| Affiliates | Shares
Held (in thousands) |
Purchases (Cost) (in thousands) |
Sales (Proceeds) (in thousands) |
Realized Gain/(Loss) (in thousands) |
Change
in Unrealized (in thousands) |
Dividend Income (in thousands) |
Value September 30, 2025 (in thousands) |
Value June 30, 2026 (in thousands) |
Percent
of Net Assets |
|||||||||||||||||||||||||||
| Lithia Motors Cl A | 1,309 | $ | — | $ | — | $ | — | $ | (33,396 | ) | $ | 2,186 | $ | 413,676 | $ | 380,280 | 4.57 | % | ||||||||||||||||||
| Paycom Software | 2,517 | 494,672 | (271,562 | ) | (75,578 | ) | (46,324 | ) | 1,493 | 215,154 | 316,362 | 3.80 | % | |||||||||||||||||||||||
| TOTAL | 3,826 | $ | 494,672 | $ | (271,562 | ) | $ | (75,578 | ) | $ | (79,720 | ) | $ | 3,679 | $ | 628,830 | $ | 696,642 | 8.37 | % | ||||||||||||||||
Fair value measurement
Various inputs are used in determining the value of the 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, 2026, in valuing the Fund’s assets and liabilities.
| (in thousands) | Quoted
Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
| Common Stocks | $ | 7,907,315 | $ | 0 | $ | 0 | ||||||
| Short-Term Investments | 0 | 447,779 | 0 | |||||||||
| Call Options Written—Liabilities | (2,194 | ) | 0 | 0 | ||||||||
| Total | $ | 7,905,121 | $ | 447,779 | $ | 0 | ||||||
Oakmark.com
| Oakmark Global Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 96.5% | ||||||||
| FINANCIALS – 17.5% | ||||||||
| FINANCIAL SERVICES – 8.2% | ||||||||
| Julius Baer Group Ltd. (Switzerland) | 368 | $ | 31,764 | |||||
| Corebridge Financial, Inc. (United States) | 843 | 24,144 | ||||||
| Intercontinental Exchange, Inc. (United States) | 137 | 16,903 | ||||||
| Capital One Financial Corp. (United States) | 76 | 15,147 | ||||||
| 87,958 | ||||||||
| BANKS – 4.7% | ||||||||
| BNP Paribas SA (France) | 294 | 34,300 | ||||||
| Bank of America Corp. (United States) | 292 | 16,632 | ||||||
| 50,932 | ||||||||
| INSURANCE – 4.6% | ||||||||
| Willis Towers Watson PLC (United States) | 92 | 23,994 | ||||||
| Prudential PLC (United Kingdom) | 1,004 | 13,353 | ||||||
| American International Group, Inc. (United States) | 160 | 11,955 | ||||||
| 49,302 | ||||||||
| 188,192 | ||||||||
| CONSUMER DISCRETIONARY – 16.7% | ||||||||
| CONSUMER DURABLES & APPAREL – 6.1% | ||||||||
| adidas AG (Germany) | 151 | 30,850 | ||||||
| Brunswick Corp. (United States) | 175 | 14,744 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE (France) | 18 | 10,067 | ||||||
| Kering SA (France) | 35 | 9,974 | ||||||
| 65,635 | ||||||||
| CONSUMER SERVICES – 6.0% | ||||||||
| Airbnb, Inc., Class A (United States) (a) | 236 | 33,757 | ||||||
| Compass Group PLC (United Kingdom) | 529 | 17,084 | ||||||
| Vail Resorts, Inc. (United States) | 99 | 13,438 | ||||||
| 64,279 | ||||||||
| CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 3.2% | ||||||||
| Prosus NV (Netherlands) | 505 | 21,905 | ||||||
| Alibaba Group Holding Ltd. (China) | 1,115 | 13,196 | ||||||
| 35,101 | ||||||||
| AUTOMOBILES & COMPONENTS – 1.4% | ||||||||
| Bayerische Motoren Werke AG (Germany) | 236 | 15,460 | ||||||
| 180,475 | ||||||||
| INFORMATION TECHNOLOGY – 15.8% | ||||||||
| SOFTWARE & SERVICES – 8.1% | ||||||||
| Salesforce, Inc. (United States) | 154 | 24,063 | ||||||
| Dassault Systemes SE (France) | 941 | 19,161 | ||||||
| SAP SE (Germany) | 125 | 19,123 | ||||||
| Capgemini SE (France) | 154 | 15,487 | ||||||
| Gartner, Inc. (United States) (a) | 74 | 9,553 | ||||||
| 87,387 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 7.7% | ||||||||
| Samsung Electronics Co. Ltd. (South Korea) | 184 | 39,598 | ||||||
| Hamamatsu Photonics KK (Japan) | 1,130 | 18,563 | ||||||
| Hexagon AB, Class B (Sweden) | 2,013 | 16,635 | ||||||
| TE Connectivity PLC (Ireland) | 40 | 8,104 | ||||||
| 82,900 | ||||||||
| 170,287 | ||||||||
| HEALTH CARE – 15.7% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 8.5% | ||||||||
| Elevance Health, Inc. (United States) | 63 | 24,175 | ||||||
| Envista Holdings Corp. (United States) (a) | 786 | 20,720 | ||||||
| Becton Dickinson & Co. (United States) | 116 | 17,569 | ||||||
| Cooper Cos., Inc. (United States) (a) | 221 | 15,826 | ||||||
| Molina Healthcare, Inc. (United States) (a) | 57 | 13,057 | ||||||
| 91,347 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 7.2% | ||||||||
| IQVIA Holdings, Inc. (United States) (a) | 183 | 35,263 | ||||||
| Bayer AG (Germany) | 501 | 27,722 | ||||||
| AstraZeneca PLC (United Kingdom) | 76 | 14,449 | ||||||
| 77,434 | ||||||||
| 168,781 | ||||||||
| INDUSTRIALS – 13.3% | ||||||||
| CAPITAL GOODS – 10.6% | ||||||||
| Sunbelt Rentals Holdings, Inc. (United States) | 422 | 31,557 | ||||||
| CNH Industrial NV (United States) | 2,673 | 30,018 | ||||||
| Brenntag SE (Germany) | 382 | 23,197 | ||||||
| Owens Corning (United States) | 115 | 18,328 | ||||||
| Deere & Co. (United States) | 17 | 10,784 | ||||||
| 113,884 | ||||||||
| TRANSPORTATION – 2.7% | ||||||||
| DSV AS (Denmark) | 126 | 29,743 | ||||||
| 143,627 | ||||||||
| CONSUMER STAPLES – 9.3% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 7.1% | ||||||||
| Keurig Dr. Pepper, Inc. (United States) | 765 | 25,045 | ||||||
| Mondelez International, Inc., Class A (United States) | 411 | 23,778 | ||||||
| Pernod Ricard SA (France) | 195 | 14,207 | ||||||
| Diageo PLC (United Kingdom) | 651 | 13,145 | ||||||
| 76,175 | ||||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.2% | ||||||||
| Sysco Corp. (United States) | 288 | 24,037 | ||||||
| 100,212 | ||||||||
| MATERIALS – 4.6% | ||||||||
| Symrise AG (Germany) | 266 | 26,722 | ||||||
| Glencore PLC (Switzerland) | 3,338 | 22,750 | ||||||
| 49,472 | ||||||||
OAKMARK FUNDS
| Oakmark Global Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 96.5% (cont.) | ||||||||
| COMMUNICATION SERVICES – 2.6% | ||||||||
| MEDIA & ENTERTAINMENT – 2.6% | ||||||||
| Alphabet, Inc., Class A (United States) | 46 | $ | 16,400 | |||||
| Netflix, Inc. (United States) (a) | 171 | 12,231 | ||||||
| 28,631 | ||||||||
| ENERGY – 1.0% | ||||||||
| Targa Resources Corp. (United States) | 28 | 7,474 | ||||||
| ConocoPhillips (United States) | 34 | 3,515 | ||||||
| 10,989 | ||||||||
| TOTAL COMMON STOCKS – 96.5% | ||||||||
| (Cost $881,013) | 1,040,666 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 3.2% | ||||||||
| REPURCHASE AGREEMENT – 3.2% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 3.62% dated 6/30/26 due 7/1/26, repurchase price $34,255, collateralized by a United States Treasury Note, 3.875% due 12/31/27, value plus accrued interest of $34,937 (Cost: $34,252) | $ | 34,252 | 34,252 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 3.2% | ||||||||
| (Cost $34,252) | 34,252 | |||||||
| TOTAL
INVESTMENTS – 99.7% (Cost $915,265) | 1,074,918 | |||||||
| Foreign Currencies (Cost $2) – 0.0% (b) | 2 | |||||||
| Other Assets In Excess of Liabilities – 0.3% | 3,111 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 1,078,031 | ||||||
| (a) | Non-income producing security. |
| (b) | Amount rounds to less than 0.1%. |
Oakmark.com
OAKMARK GLOBAL FUND
Global Diversification —June 30, 2026 (Unaudited)
| % of Equity Investments | ||||||||||
| North America | 51.3 | % | ||||||||
| United States | 51.3 | % | ||||||||
| Europe | 41.8 | % | ||||||||
| Germany | 13.7 | % | ||||||||
| France | 9.9 | % | ||||||||
| United Kingdom | 5.6 | % | ||||||||
| Switzerland | 5.2 | % | ||||||||
| Denmark | 2.9 | % | ||||||||
| Netherlands | 2.1 | % | ||||||||
| Sweden | 1.6 | % | ||||||||
| Ireland | 0.8 | % | ||||||||
| Asia | 6.9 | % | ||||||||
| South Korea | 3.8 | % | ||||||||
| Japan | 1.8 | % | ||||||||
| China | 1.3 | % | ||||||||
| 100.0 | % | |||||||||
| Oakmark Global Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
Fair value measurement
Various inputs are used in determining the value of the 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, 2026, in valuing the Fund’s assets and liabilities.
| (in thousands) | Quoted
Prices in Active Markets for Identical Assets (Level 1) | Other
Significant Observable Inputs (Level 2) | Significant
Unobservable Inputs (Level 3) | |||||||||
| Common Stocks | $ | 1,040,666 | $ | 0 | $ | 0 | ||||||
| Short-Term Investments | 0 | 34,252 | 0 | |||||||||
| Total | $ | 1,040,666 | $ | 34,252 | $ | 0 | ||||||
OAKMARK FUNDS
| Oakmark Global Select Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 96.4% | ||||||||
| FINANCIALS – 22.4% | ||||||||
| FINANCIAL SERVICES – 11.8% | ||||||||
| Charles Schwab Corp. (United States) | 409 | $ | 37,776 | |||||
| Capital One Financial Corp. (United States) | 150 | 30,133 | ||||||
| Intercontinental Exchange, Inc. (United States) | 239 | 29,448 | ||||||
| 97,357 | ||||||||
| BANKS – 7.4% | ||||||||
| BNP Paribas SA (France) | 523 | 60,990 | ||||||
| INSURANCE – 3.2% | ||||||||
| American International Group, Inc. (United States) | 348 | 25,954 | ||||||
| 184,301 | ||||||||
| HEALTH CARE – 21.4% | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 10.8% | ||||||||
| IQVIA Holdings, Inc. (United States) (a) | 279 | 53,947 | ||||||
| Bayer AG (Germany) | 621 | 34,357 | ||||||
| 88,304 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 10.6% | ||||||||
| Becton Dickinson & Co. (United States) | 248 | 37,562 | ||||||
| Elevance Health, Inc. (United States) | 76 | 29,430 | ||||||
| Molina Healthcare, Inc. (United States) (a) | 89 | 20,364 | ||||||
| 87,356 | ||||||||
| 175,660 | ||||||||
| INDUSTRIALS – 15.0% | ||||||||
| CAPITAL GOODS – 10.5% | ||||||||
| CNH Industrial NV (United States) | 4,748 | 53,320 | ||||||
| Sunbelt Rentals Holdings, Inc. (United States) | 443 | 33,135 | ||||||
| 86,455 | ||||||||
| TRANSPORTATION – 4.5% | ||||||||
| DSV AS (Denmark) | 156 | 36,821 | ||||||
| 123,276 | ||||||||
| CONSUMER STAPLES – 12.6% | ||||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 5.8% | ||||||||
| Sysco Corp. (United States) | 573 | 47,925 | ||||||
| HOUSEHOLD & PERSONAL PRODUCTS – 3.7% | ||||||||
| Reckitt Benckiser Group PLC (United Kingdom) | 466 | 30,338 | ||||||
| FOOD, BEVERAGE & TOBACCO – 3.1% | ||||||||
| Diageo PLC (United Kingdom) | 1,275 | 25,751 | ||||||
| 104,014 | ||||||||
| CONSUMER DISCRETIONARY – 11.7% | ||||||||
| CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 6.6% | ||||||||
| Prosus NV (Netherlands) | 729 | 31,657 | ||||||
| Alibaba Group Holding Ltd. (China) | 1,883 | 22,296 | ||||||
| 53,953 | ||||||||
| CONSUMER SERVICES – 2.8% | ||||||||
| Compass Group PLC (United Kingdom) | 708 | 22,855 | ||||||
| AUTOMOBILES & COMPONENTS – 2.3% | ||||||||
| Bayerische Motoren Werke AG (Germany) | 295 | 19,268 | ||||||
| 96,076 | ||||||||
| INFORMATION TECHNOLOGY – 6.6% | ||||||||
| SOFTWARE & SERVICES – 6.6% | ||||||||
| Salesforce, Inc. (United States) | 199 | 31,144 | ||||||
| SAP SE (Germany) | 75 | 11,498 | ||||||
| Dassault Systemes SE (France) | 564 | 11,481 | ||||||
| 54,123 | ||||||||
| COMMUNICATION SERVICES – 4.3% | ||||||||
| MEDIA & ENTERTAINMENT – 4.3% | ||||||||
| Alphabet, Inc., Class A (United States) | 99 | 35,407 | ||||||
| ENERGY – 2.4% | ||||||||
| ConocoPhillips (United States) | 189 | 19,627 | ||||||
| TOTAL COMMON STOCKS – 96.4% | ||||||||
| (Cost $674,742) | 792,484 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 3.4% | ||||||||
| REPURCHASE AGREEMENT – 3.4% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 3.62% dated 6/30/26 due 7/1/26, repurchase price $28,308, collateralized by a United States Treasury Note, 3.875% due 12/31/27, value plus accrued interest of $28,872 (Cost: $28,305) | $ | 28,305 | 28,305 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 3.4% | ||||||||
| (Cost $28,305) | 28,305 | |||||||
| TOTAL
INVESTMENTS – 99.8% (Cost $703,047) | 820,789 | |||||||
| Foreign Currencies (Cost $1) – 0.0% (b) | 1 | |||||||
| Other Assets In Excess of Liabilities – 0.2% | 1,753 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 822,543 | ||||||
| (a) | Non-income producing security. |
| (b) | Amount rounds to less than 0.1%. |
OAKMARK FUNDS
OAKMARK GLOBAL SELECT FUND
Global Diversification —June 30, 2026 (Unaudited)
| % of Equity Investments | ||||||||||
| North America | 61.2 | % | ||||||||
| United States | 61.2 | % | ||||||||
| Europe | 36.0 | % | ||||||||
| United Kingdom | 10.0 | % | ||||||||
| France | 9.1 | % | ||||||||
| Germany | 8.2 | % | ||||||||
| Denmark | 4.7 | % | ||||||||
| Netherlands | 4.0 | % | ||||||||
| Asia | 2.8 | % | ||||||||
| China | 2.8 | % | ||||||||
| 100.0 | % | |||||||||
| Oakmark Global Select Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
Fair value measurement
Various inputs are used in determining the value of the 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, 2026, in valuing the Fund’s assets and liabilities.
| (in thousands) | Quoted
Prices in Active Markets for Identical Assets (Level 1) | Other
Significant Observable Inputs (Level 2) | Significant
Unobservable Inputs (Level 3) | |||||||||
| Common Stocks | $ | 792,484 | $ | 0 | $ | 0 | ||||||
| Short-Term Investments | 0 | 28,305 | 0 | |||||||||
| Total | $ | 792,484 | $ | 28,305 | $ | 0 | ||||||
OAKMARK FUNDS
| Oakmark International Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 94.9% | ||||||||
| CONSUMER DISCRETIONARY – 22.9% | ||||||||
| CONSUMER DURABLES & APPAREL – 8.7% | ||||||||
| adidas AG (Germany) | 1,876 | $ | 384,543 | |||||
| LVMH Moet Hennessy Louis Vuitton SE (France) | 558 | 308,866 | ||||||
| Cie Financiere Richemont SA, Class A (Switzerland) | 916 | 211,374 | ||||||
| Kering SA (France) | 592 | 167,137 | ||||||
| 1,071,920 | ||||||||
| CONSUMER SERVICES – 5.6% | ||||||||
| Compass Group PLC (United Kingdom) | 11,223 | 362,490 | ||||||
| Accor SA (France) | 5,737 | 333,255 | ||||||
| 695,745 | ||||||||
| CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 5.2% | ||||||||
| Prosus NV (Netherlands) | 6,368 | 276,405 | ||||||
| Coupang, Inc. (South Korea) (a) | 11,182 | 194,226 | ||||||
| Alibaba Group Holding Ltd. (China) | 14,991 | 177,478 | ||||||
| 648,109 | ||||||||
| AUTOMOBILES & COMPONENTS – 3.4% | ||||||||
| Bayerische Motoren Werke AG (Germany) | 3,435 | 224,767 | ||||||
| Continental AG (Germany) | 2,437 | 200,902 | ||||||
| 425,669 | ||||||||
| 2,841,443 | ||||||||
| INDUSTRIALS – 19.2% | ||||||||
| CAPITAL GOODS – 15.7% | ||||||||
| Sunbelt Rentals Holdings, Inc. (United States) | 4,575 | 342,238 | ||||||
| CNH Industrial NV (United States) | 23,993 | 269,436 | ||||||
| Bunzl PLC (United Kingdom) | 7,680 | 267,933 | ||||||
| Airbus SE (France) | 1,149 | 255,484 | ||||||
| Daimler Truck Holding AG (Germany) | 4,880 | 235,305 | ||||||
| Brenntag SE (Germany) | 3,692 | 224,332 | ||||||
| SMC Corp. (Japan) | 417 | 182,765 | ||||||
| IMCD NV (Netherlands) | 1,912 | 172,599 | ||||||
| 1,950,092 | ||||||||
| TRANSPORTATION – 3.0% | ||||||||
| DSV AS (Denmark) | 1,251 | 296,318 | ||||||
| Ryanair Holdings PLC (Italy) | 1,901 | 59,419 | ||||||
| Ryanair Holdings PLC ADR (Ireland) (b) | 218 | 14,135 | ||||||
| 369,872 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 0.5% | ||||||||
| Bureau Veritas SA (France) | 1,831 | 56,011 | ||||||
| 2,375,975 | ||||||||
| FINANCIALS – 15.1% | ||||||||
| BANKS – 8.3% | ||||||||
| BNP Paribas SA (France) | 3,765 | 439,411 | ||||||
| KB Financial Group, Inc. (South Korea) | 1,869 | 191,783 | ||||||
| Axis Bank Ltd. (India) | 12,323 | 175,191 | ||||||
| Intesa Sanpaolo SpA (Italy) | 24,581 | 168,233 | ||||||
| Bank Mandiri Persero Tbk. PT (Indonesia) | 254,752 | 54,854 | ||||||
| 1,029,472 | ||||||||
| INSURANCE – 4.5% | ||||||||
| Prudential PLC (United Kingdom) | 14,446 | 192,187 | ||||||
| ASR Nederland NV (Netherlands) | 2,505 | 188,991 | ||||||
| Allianz SE (Germany) | 384 | 181,831 | ||||||
| 563,009 | ||||||||
| FINANCIAL SERVICES – 2.3% | ||||||||
| London Stock Exchange Group PLC (United Kingdom) | 1,523 | 164,833 | ||||||
| Edenred SE (France) | 4,672 | 120,122 | ||||||
| 284,955 | ||||||||
| 1,877,436 | ||||||||
| CONSUMER STAPLES – 12.7% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 7.2% | ||||||||
| Danone SA (France) | 2,811 | 230,410 | ||||||
| Asahi Group Holdings Ltd. (Japan) | 21,289 | 202,686 | ||||||
| Pernod Ricard SA (France) | 2,641 | 192,705 | ||||||
| Fomento Economico Mexicano SAB de CV ADR (Mexico) (b) | 1,194 | 152,759 | ||||||
| Diageo PLC (United Kingdom) | 6,006 | 121,286 | ||||||
| 899,846 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS – 5.5% | ||||||||
| Reckitt Benckiser Group PLC (United Kingdom) | 4,585 | 298,685 | ||||||
| Unilever PLC (United Kingdom) | 4,201 | 252,267 | ||||||
| Unicharm Corp. (Japan) | 22,126 | 128,404 | ||||||
| 679,356 | ||||||||
| 1,579,202 | ||||||||
| INFORMATION TECHNOLOGY – 9.9% | ||||||||
| SOFTWARE & SERVICES – 6.6% | ||||||||
| SAP SE (Germany) | 2,113 | 323,501 | ||||||
| Dassault Systemes SE (France) | 10,835 | 220,557 | ||||||
| Fujitsu Ltd. (Japan) | 8,587 | 171,477 | ||||||
| Capgemini SE (France) | 1,036 | 104,122 | ||||||
| 819,657 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 2.3% | ||||||||
| Hexagon AB, Class B (Sweden) | 34,477 | 284,882 | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.0% | ||||||||
| ASML Holding NV (Netherlands) | 59 | 117,675 | ||||||
| 1,222,214 | ||||||||
| MATERIALS – 6.8% | ||||||||
| Symrise AG (Germany) | 3,336 | 334,755 | ||||||
| Akzo Nobel NV (Netherlands) | 2,861 | 193,979 | ||||||
| Glencore PLC (Switzerland) | 26,966 | 183,780 | ||||||
| thyssenkrupp AG (Germany) | 11,075 | 131,664 | ||||||
| 844,178 | ||||||||
OAKMARK FUNDS
| Oakmark International Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 94.9% (cont.) | ||||||||
| HEALTH CARE – 6.7% | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 4.3% | ||||||||
| Bayer AG (Germany) | 4,520 | $ | 250,040 | |||||
| AstraZeneca PLC (United Kingdom) | 883 | 167,415 | ||||||
| Haleon PLC ADR (United States) (b) | 13,301 | 124,094 | ||||||
| 541,549 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 2.4% | ||||||||
| Siemens Healthineers AG (Germany) | 4,656 | 181,937 | ||||||
| Fresenius SE & Co. KGaA (Germany) | 2,446 | 111,696 | ||||||
| 293,633 | ||||||||
| 835,182 | ||||||||
| COMMUNICATION SERVICES – 1.6% | ||||||||
| MEDIA & ENTERTAINMENT – 1.6% | ||||||||
| Publicis Groupe SA (France) | 2,038 | 201,372 | ||||||
| TOTAL COMMON STOCKS – 94.9% | ||||||||
| (Cost $10,240,595) | 11,777,002 | |||||||
| PREFERRED STOCKS – 1.7% | ||||||||
| INFORMATION TECHNOLOGY – 1.7% | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 1.7% | ||||||||
| Samsung Electronics Co. Ltd. (South Korea) | 1,537 | 210,352 | ||||||
| TOTAL PREFERRED STOCKS – 1.7% | ||||||||
| (Cost $61,697) | 210,352 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 2.6% | ||||||||
| REPURCHASE AGREEMENT – 2.3% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 3.62% dated 6/30/26 due 7/1/26, repurchase price $290,895, collateralized by a United States Treasury Note, 3.875% due 12/31/27, value plus accrued interest of $296,684 (Cost: $290,866) | $ | 290,866 | 290,866 | |||||
| COMMERCIAL PAPER – 0.3% | ||||||||
| American Honda Finance Corp., | ||||||||
| 4.045% - 4.121%, due 07/06/26 - 07/09/26 (c) (Cost $33,623) | 33,650 | 33,620 | ||||||
| TOTAL COMMERCIAL PAPER – 0.3% | ||||||||
| (Cost $33,623) | 33,620 | |||||||
| TOTAL SHORT-TERM INVESTMENTS – 2.6% | ||||||||
| (Cost $324,489) | 324,486 | |||||||
| TOTAL
INVESTMENTS – 99.2% (Cost $10,626,781) | 12,311,840 | |||||||
| Foreign Currencies (Cost $7,220) – 0.1% | 7,255 | |||||||
| Other Assets In Excess of Liabilities – 0.7% | 87,507 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 12,406,602 | ||||||
| (a) | Non-income producing security. |
| (b) | Sponsored American Depositary Receipt |
| (c) | The rate shown represents the annualized yield at the time of purchase; not a coupon rate. |
Oakmark.com
OAKMARK INTERNATIONAL FUND
Global Diversification —June 30, 2026 (Unaudited)
| % of Equity Investments | ||||||||||
| Europe | 78.4 | % | ||||||||
| Germany | 23.2 | % | ||||||||
| France | 21.9 | % | ||||||||
| United Kingdom | 15.2 | % | ||||||||
| Netherlands | 7.9 | % | ||||||||
| Switzerland | 3.3 | % | ||||||||
| Denmark | 2.5 | % | ||||||||
| Sweden | 2.4 | % | ||||||||
| Italy | 1.9 | % | ||||||||
| Ireland | 0.1 | % | ||||||||
| Asia | 14.2 | % | ||||||||
| Japan | 5.7 | % | ||||||||
| South Korea | 5.0 | % | ||||||||
| China | 1.5 | % | ||||||||
| India | 1.5 | % | ||||||||
| Indonesia | 0.5 | % | ||||||||
| North America | 6.1 | % | ||||||||
| United States | 6.1 | % | ||||||||
| Latin America | 1.3 | % | ||||||||
| Mexico | 1.3 | % | ||||||||
| 100.0 | % | |||||||||
| Oakmark International Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
Fair value measurement
Various inputs are used in determining the value of the 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, 2026, in valuing the Fund’s assets and liabilities.
| (in thousands) | Quoted
Prices in Active Markets for Identical Assets (Level 1) | Other
Significant Observable Inputs (Level 2) | Significant
Unobservable Inputs (Level 3) | |||||||||
| Common Stocks | $ | 11,777,002 | $ | 0 | $ | 0 | ||||||
| Preferred Stocks | 210,352 | 0 | 0 | |||||||||
| Short-Term Investments | 0 | 324,486 | 0 | |||||||||
| Total | $ | 11,987,354 | $ | 324,486 | $ | 0 | ||||||
OAKMARK FUNDS
| Oakmark International Small Cap Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 95.8% | ||||||||
| INDUSTRIALS – 26.3% | ||||||||
| CAPITAL GOODS – 16.8% | ||||||||
| Azelis Group NV (Belgium) | 2,814 | $ | 29,920 | |||||
| Valmet OYJ (Finland) | 1,177 | 28,413 | ||||||
| Howden Joinery Group PLC (United Kingdom) | 2,389 | 26,544 | ||||||
| Duerr AG (Germany) | 1,252 | 25,356 | ||||||
| Fluidra SA (Spain) | 951 | 21,504 | ||||||
| Travis Perkins PLC (United Kingdom) | 2,473 | 18,125 | ||||||
| Konecranes OYJ (Finland) | 483 | 14,831 | ||||||
| dormakaba Holding AG (Switzerland) | 191 | 12,307 | ||||||
| MISUMI Group, Inc. (Japan) | 308 | 7,554 | ||||||
| Hiab OYJ (Finland) | 119 | 7,533 | ||||||
| Metso OYJ (Finland) | 369 | 6,412 | ||||||
| 198,499 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 9.0% | ||||||||
| ISS AS (Denmark) | 500 | 20,436 | ||||||
| Bravida Holding AB (Sweden) | 1,567 | 19,974 | ||||||
| Adecco Group AG (Switzerland) | 871 | 16,054 | ||||||
| Visional, Inc. (Japan) (a) | 320 | 15,350 | ||||||
| Hays PLC (United Kingdom) | 29,028 | 12,005 | ||||||
| Loomis AB (Sweden) | 237 | 11,620 | ||||||
| SThree PLC (United Kingdom) | 2,775 | 5,830 | ||||||
| Randstad NV (Netherlands) | 201 | 5,778 | ||||||
| 107,047 | ||||||||
| TRANSPORTATION – 0.5% | ||||||||
| SATS Ltd. (Singapore) | 1,782 | 6,239 | ||||||
| 311,785 | ||||||||
| CONSUMER DISCRETIONARY – 14.0% | ||||||||
| AUTOMOBILES & COMPONENTS – 6.9% | ||||||||
| Aumovio SE (Germany) (a) | 580 | 23,870 | ||||||
| Pirelli & C SpA (Italy) | 2,840 | 21,462 | ||||||
| Dometic Group AB (Sweden) (a) | 7,172 | 18,418 | ||||||
| Autoliv, Inc. (Sweden) | 154 | 17,879 | ||||||
| 81,629 | ||||||||
| CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 2.6% | ||||||||
| Fielmann Group AG (Germany) | 637 | 31,127 | ||||||
| CONSUMER DURABLES & APPAREL – 2.4% | ||||||||
| Ermenegildo Zegna NV (Italy) | 1,737 | 22,609 | ||||||
| Birkenstock Holding PLC (Germany) (a) | 133 | 5,710 | ||||||
| 28,319 | ||||||||
| CONSUMER SERVICES – 2.1% | ||||||||
| Wynn Macau Ltd. (China) | 29,613 | 19,068 | ||||||
| Minor International PCL (Thailand) | 8,572 | 6,373 | ||||||
| 25,441 | ||||||||
| 166,516 | ||||||||
| INFORMATION TECHNOLOGY – 13.4% | ||||||||
| SOFTWARE & SERVICES – 8.2% | ||||||||
| Atea ASA (Norway) | 2,228 | 38,903 | ||||||
| TeamViewer SE (Germany) (a) | 3,433 | 19,253 | ||||||
| TIS, Inc. (Japan) | 850 | 16,548 | ||||||
| Reply SpA (Italy) | 87 | 9,101 | ||||||
| Alten SA (France) | 117 | 7,067 | ||||||
| DTS Corp. (Japan) | 957 | 5,888 | ||||||
| 96,760 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 5.2% | ||||||||
| Jenoptik AG (Germany) | 453 | 24,280 | ||||||
| Hamamatsu Photonics KK (Japan) | 1,262 | 20,726 | ||||||
| Jeol Ltd. (Japan) | 369 | 16,894 | ||||||
| 61,900 | ||||||||
| 158,660 | ||||||||
| FINANCIALS – 11.5% | ||||||||
| FINANCIAL SERVICES – 8.0% | ||||||||
| Julius Baer Group Ltd. (Switzerland) | 428 | 37,015 | ||||||
| Azimut Holding SpA (Italy) | 713 | 28,890 | ||||||
| EFG International AG (Switzerland) | 765 | 15,357 | ||||||
| St. James's Place PLC (United Kingdom) | 830 | 13,338 | ||||||
| 94,600 | ||||||||
| BANKS – 3.5% | ||||||||
| iM Financial Group Co. Ltd. (South Korea) | 2,190 | 23,764 | ||||||
| BNK Financial Group, Inc. (South Korea) | 1,661 | 18,283 | ||||||
| 42,047 | ||||||||
| 136,647 | ||||||||
| CONSUMER STAPLES – 9.2% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 4.3% | ||||||||
| Davide Campari-Milano NV (Italy) | 4,761 | 29,636 | ||||||
| Bakkafrost P (Faroe Islands) | 534 | 21,725 | ||||||
| 51,361 | ||||||||
| HOUSEHOLD & PERSONAL PRODUCTS – 2.5% | ||||||||
| Kimberly-Clark de Mexico SAB de CV, Class A (Mexico) | 13,129 | 29,076 | ||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.4% | ||||||||
| Sugi Holdings Co. Ltd. (Japan) | 1,477 | 28,622 | ||||||
| 109,059 | ||||||||
| HEALTH CARE – 7.0% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 7.0% | ||||||||
| Convatec Group PLC (United Kingdom) | 11,211 | 31,973 | ||||||
| Amplifon SpA (Italy) | 2,727 | 29,531 | ||||||
| Ansell Ltd. (Australia) | 986 | 21,667 | ||||||
| 83,171 | ||||||||
| REAL ESTATE – 5.3% | ||||||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 5.3% | ||||||||
| Colliers International Group, Inc. (Canada) | 254 | 23,807 | ||||||
| Katitas Co. Ltd. (Japan) | 1,005 | 20,432 | ||||||
| Ayala Land, Inc. (Philippines) | 59,010 | 14,231 | ||||||
| LSL Property Services PLC (United Kingdom) | 1,778 | 4,858 | ||||||
| 63,328 | ||||||||
OAKMARK FUNDS
| Oakmark International Small Cap Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 95.8% (cont.) | ||||||||
| MATERIALS – 4.6% | ||||||||
| Robertet SA (France) | 30 | $ | 27,813 | |||||
| Lanxess AG (Germany) | 1,044 | 18,089 | ||||||
| Kansai Paint Co. Ltd. (Japan) | 434 | 7,071 | ||||||
| Essentra PLC (United Kingdom) | 1,329 | 1,408 | ||||||
| 54,381 | ||||||||
| COMMUNICATION SERVICES – 4.5% | ||||||||
| MEDIA & ENTERTAINMENT – 3.9% | ||||||||
| oOh!media Ltd. (Australia) | 24,102 | 24,196 | ||||||
| Megacable Holdings SAB de CV (Mexico) | 4,222 | 15,147 | ||||||
| Scout24 SE (Germany) | 78 | 6,481 | ||||||
| 45,824 | ||||||||
| TELECOMMUNICATION SERVICES – 0.6% | ||||||||
| Sarana Menara Nusantara Tbk. PT (Indonesia) | 354,368 | 7,214 | ||||||
| 53,038 | ||||||||
| TOTAL COMMON STOCKS – 95.8% | ||||||||
| (Cost $1,049,738) | 1,136,585 | |||||||
| PREFERRED STOCKS – 1.0% | ||||||||
| CONSUMER STAPLES – 1.0% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 1.0% | ||||||||
| Embotelladora Andina SA, Class B (Chile) | 2,377 | 11,833 | ||||||
| TOTAL PREFERRED STOCKS – 1.0% | ||||||||
| (Cost $6,881) | 11,833 | |||||||
| Par Value | Value | |||||||
| SHORT-TERM INVESTMENTS – 2.6% | ||||||||
| REPURCHASE AGREEMENT – 2.6% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 3.62% dated 6/30/26 due 7/1/26, repurchase price $30,318, collateralized by a United States Treasury Note, 3.875% due 12/31/27, value plus accrued interest of $30,922 (Cost: $30,315) | $ | 30,315 | 30,315 | |||||
| TOTAL SHORT-TERM INVESTMENTS – 2.6% | ||||||||
| (Cost $30,315) | 30,315 | |||||||
| TOTAL
INVESTMENTS – 99.4% (Cost $1,086,934) | 1,178,733 | |||||||
| Foreign Currencies (Cost $419) – 0.0% (b) | 420 | |||||||
| Other Assets In Excess of Liabilities – 0.6% | 6,600 | |||||||
| TOTAL NET ASSETS – 100.0% | $ | 1,185,753 | ||||||
| (a) | Non-income producing security. |
| (b) | Amount rounds to less than 0.1%. |
Oakmark.com
OAKMARK INTERNATIONAL SMALL CAP FUND
Global Diversification —June 30, 2026 (Unaudited)
| % of Equity Investments | ||||||||||
| Europe | 68.6 | % | ||||||||
| Germany | 13.4 | % | ||||||||
| Italy | 12.3 | % | ||||||||
| United Kingdom | 9.9 | % | ||||||||
| Switzerland | 7.0 | % | ||||||||
| Sweden | 5.9 | % | ||||||||
| Finland | 5.0 | % | ||||||||
| Norway | 3.4 | % | ||||||||
| France | 3.0 | % | ||||||||
| Belgium | 2.6 | % | ||||||||
| Faroe Islands | 1.9 | % | ||||||||
| Spain | 1.9 | % | ||||||||
| Denmark | 1.8 | % | ||||||||
| Netherlands | 0.5 | % | ||||||||
| Asia | 20.4 | % | ||||||||
| Japan | 12.1 | % | ||||||||
| South Korea | 3.7 | % | ||||||||
| China | 1.7 | % | ||||||||
| Philippines | 1.2 | % | ||||||||
| Indonesia | 0.6 | % | ||||||||
| Thailand | 0.6 | % | ||||||||
| Singapore | 0.5 | % | ||||||||
| Latin America | 4.9 | % | ||||||||
| Mexico | 3.9 | % | ||||||||
| Chile | 1.0 | % | ||||||||
| Australasia | 4.0 | % | ||||||||
| Australia | 4.0 | % | ||||||||
| North America | 2.1 | % | ||||||||
| Canada | 2.1 | % | ||||||||
| 100.0 | % | |||||||||
| Oakmark International Small Cap Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
Fair value measurement
Various inputs are used in determining the value of the 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, 2026, in valuing the Fund’s assets and liabilities.
| (in thousands) | Quoted
Prices in Active Markets for Identical Assets (Level 1) | Other
Significant Observable Inputs (Level 2) | Significant
Unobservable Inputs (Level 3) | |||||||||
| Common Stocks | $ | 1,136,585 | $ | 0 | $ | 0 | ||||||
| Preferred Stocks | 11,833 | 0 | 0 | |||||||||
| Short-Term Investments | 0 | 30,315 | 0 | |||||||||
| Total | $ | 1,148,418 | $ | 30,315 | $ | 0 | ||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 60.1% | ||||||||
| FINANCIALS – 17.0% | ||||||||
| FINANCIAL SERVICES – 10.3% | ||||||||
| Ally Financial, Inc. | 2,331 | $ | 107,128 | |||||
| Intercontinental Exchange, Inc. | 852 | 104,902 | ||||||
| Charles Schwab Corp. | 1,103 | 101,758 | ||||||
| Capital One Financial Corp. | 454 | 90,981 | ||||||
| Corebridge Financial, Inc. | 2,911 | 83,347 | ||||||
| Fiserv, Inc. (a) | 938 | 46,009 | ||||||
| State Street Corp. | 207 | 35,141 | ||||||
| Nasdaq, Inc. | 421 | 33,199 | ||||||
| 602,465 | ||||||||
| INSURANCE – 5.3% | ||||||||
| Reinsurance Group of America, Inc. | 584 | 124,166 | ||||||
| Willis Towers Watson PLC | 394 | 102,954 | ||||||
| American International Group, Inc. | 1,110 | 82,698 | ||||||
| 309,818 | ||||||||
| BANKS – 1.4% | ||||||||
| Bank of America Corp. | 1,457 | 83,026 | ||||||
| 995,309 | ||||||||
| HEALTH CARE – 9.3% | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES – 4.9% | ||||||||
| Elevance Health, Inc. | 313 | 121,085 | ||||||
| Zimmer Biomet Holdings, Inc. | 829 | 71,377 | ||||||
| GE HealthCare Technologies, Inc. | 864 | 55,279 | ||||||
| Centene Corp. (a) | 576 | 36,961 | ||||||
| 284,702 | ||||||||
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 4.4% | ||||||||
| Merck & Co., Inc. | 624 | 80,210 | ||||||
| IQVIA Holdings, Inc. (a) | 394 | 76,148 | ||||||
| Charles River Laboratories International, Inc. (a) | 246 | 55,745 | ||||||
| ICON PLC (a) | 264 | 45,772 | ||||||
| 257,875 | ||||||||
| 542,577 | ||||||||
| INFORMATION TECHNOLOGY – 8.4% | ||||||||
| SOFTWARE & SERVICES – 5.0% | ||||||||
| Salesforce, Inc. | 644 | 100,873 | ||||||
| Accenture PLC, Class A | 471 | 58,624 | ||||||
| Roper Technologies, Inc. | 148 | 50,115 | ||||||
| Gartner, Inc. (a) | 379 | 49,126 | ||||||
| Adobe, Inc. (a) | 154 | 31,553 | ||||||
| 290,291 | ||||||||
| TECHNOLOGY HARDWARE & EQUIPMENT – 3.4% | ||||||||
| CDW Corp. | 805 | 113,201 | ||||||
| TE Connectivity PLC | 432 | 87,071 | ||||||
| 200,272 | ||||||||
| 490,563 | ||||||||
| CONSUMER DISCRETIONARY – 7.0% | ||||||||
| CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 3.5% | ||||||||
| Amazon.com, Inc. (a) | 458 | 109,255 | ||||||
| Lithia Motors, Inc. | 246 | 71,548 | ||||||
| Genuine Parts Co. | 205 | 24,233 | ||||||
| 205,036 | ||||||||
| CONSUMER SERVICES – 2.4% | ||||||||
| Airbnb, Inc., Class A (a) | 775 | 110,903 | ||||||
| Wendy's Co. | 3,397 | 28,164 | ||||||
| 139,067 | ||||||||
| CONSUMER DURABLES & APPAREL – 1.1% | ||||||||
| Brunswick Corp. | 513 | 43,190 | ||||||
| NIKE, Inc., Class B | 540 | 22,171 | ||||||
| 65,361 | ||||||||
| 409,464 | ||||||||
| COMMUNICATION SERVICES – 5.4% | ||||||||
| MEDIA & ENTERTAINMENT – 4.6% | ||||||||
| Alphabet, Inc., Class A (b) | 289 | 103,347 | ||||||
| Alphabet, Inc., Class C | 206 | 72,660 | ||||||
| Netflix, Inc. (a) | 750 | 53,557 | ||||||
| Warner Music Group Corp., Class A | 1,389 | 37,598 | ||||||
| 267,162 | ||||||||
| TELECOMMUNICATION SERVICES – 0.8% | ||||||||
| Comcast Corp., Class A | 1,933 | 47,450 | ||||||
| 314,612 | ||||||||
| CONSUMER STAPLES – 4.6% | ||||||||
| FOOD, BEVERAGE & TOBACCO – 3.7% | ||||||||
| Keurig Dr. Pepper, Inc. | 4,805 | 157,268 | ||||||
| Mondelez International, Inc., Class A | 1,056 | 61,090 | ||||||
| 218,358 | ||||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 0.9% | ||||||||
| Sysco Corp. | 618 | 51,644 | ||||||
| 270,002 | ||||||||
| INDUSTRIALS – 4.6% | ||||||||
| CAPITAL GOODS – 1.9% | ||||||||
| Masco Corp. | 643 | 52,305 | ||||||
| Owens Corning | 254 | 40,344 | ||||||
| Allison Transmission Holdings, Inc. | 146 | 16,426 | ||||||
| 109,075 | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 1.6% | ||||||||
| Equifax, Inc. | 304 | 48,315 | ||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Shares | Value | |||||||
| COMMON STOCKS – 60.1% (cont.) | ||||||||
| INDUSTRIALS – 4.6% (cont.) | ||||||||
| COMMERCIAL & PROFESSIONAL SERVICES – 1.6% (cont.) | ||||||||
| ABM Industries, Inc. | 1,060 | $ | 46,881 | |||||
| 95,196 | ||||||||
| TRANSPORTATION – 1.1% | ||||||||
| Delta Air Lines, Inc. | 668 | 62,574 | ||||||
| 266,845 | ||||||||
| ENERGY – 2.4% | ||||||||
| Targa Resources Corp. | 300 | 80,308 | ||||||
| ConocoPhillips | 551 | 57,313 | ||||||
| 137,621 | ||||||||
| MATERIALS – 1.4% | ||||||||
| Glencore PLC | 6,722 | 45,811 | ||||||
| Amrize Ltd. | 651 | 34,704 | ||||||
| 80,515 | ||||||||
| TOTAL COMMON STOCKS – 60.1% | ||||||||
| (Cost $2,790,148) | 3,507,508 | |||||||
| Par Value | Value | |||||||
| FIXED INCOME – 38.6% | ||||||||
| CORPORATE BONDS – 17.0% | ||||||||
| FINANCIALS – 5.5% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust | ||||||||
| 4.75%, due 01/15/33 | $ | 16,250 | 15,869 | |||||
| Ally Financial, Inc. | ||||||||
| 6.992% (1 day USD SOFR + 3.260%), due 06/13/29 (c) | 9,250 | 9,591 | ||||||
| Ally Financial, Inc., Series C | ||||||||
| 4.70% (7 yr. CMT + 3.481%) (c) (d) | 2,000 | 1,937 | ||||||
| American Express Co. | ||||||||
| 4.456% (1 day USD SOFR + .867%), due 02/10/32 (c) | 10,000 | 9,852 | ||||||
| Bank of America Corp. | ||||||||
| 4.477% (1 day USD SOFR + .870%), due 04/23/30 (c) | 13,575 | 13,489 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 5.95%, due 05/15/31 | 10,000 | 9,845 | ||||||
| Blue Owl Credit Income Corp., 144A | ||||||||
| 6.55%, due 10/15/31 (e) | 9,850 | 9,806 | ||||||
| Capital One Financial Corp. | ||||||||
| 4.722% (1 day USD SOFR + 1.150%), due 01/30/32 (c) | 19,600 | 19,336 | ||||||
| Charles Schwab Corp. | ||||||||
| 5.493% (1 day USD SOFR + 1.280%), due 05/21/37 (c) | 20,000 | 20,270 | ||||||
| Citadel Securities Global Holdings LLC, 144A | ||||||||
| 5.75%, due 03/27/36 (e) | 17,000 | 16,844 | ||||||
| First Citizens BancShares, Inc. | ||||||||
| 4.869% (1 day USD SOFR + 1.487%), due 03/03/32 (c) | 18,125 | 17,628 | ||||||
| 5.60% (5 yr. CMT + 1.850%), due 09/05/35 (c) | 13,250 | 13,010 | ||||||
| Global Payments, Inc. | ||||||||
| 5.55%, due 11/15/35 | 10,250 | 9,937 | ||||||
| Golub Capital Private Credit Fund, 144A | ||||||||
| 5.60%, due 04/15/31 (e) | 10,000 | 9,574 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 4.622% (1 day USD SOFR + .990%), due 04/23/32 (c) | 34,750 | 34,349 | ||||||
| KKR & Co., Inc. | ||||||||
| 5.10%, due 08/07/35 | 19,000 | 18,380 | ||||||
| LPL Holdings, Inc. | ||||||||
| 5.15%, due 06/15/30 | 14,225 | 14,270 | ||||||
| Morgan Stanley | ||||||||
| 4.809% (1 Day USD SOFR Index + 1.180%), due 04/16/32 (c) | 16,000 | 15,876 | ||||||
| Renasant Corp. | ||||||||
| 6.25% (3 mo. USD Term SOFR + 2.450%), due 06/01/36 (c) | 7,850 | 7,872 | ||||||
| South State Bank NA | ||||||||
| 8.375% (3 mo. USD Term SOFR + 4.605%), due 08/15/34 (c) | 9,350 | 9,911 | ||||||
| Stifel Financial Corp. | ||||||||
| 4.00%, due 05/15/30 | 12,242 | 11,827 | ||||||
| Truist Financial Corp. | ||||||||
| 5.281% (1 day USD SOFR + 1.414%), due 04/23/37 (c) | 10,000 | 9,903 | ||||||
| Wells Fargo & Co. | ||||||||
| 4.844% (1 day USD SOFR + .970%), due 05/20/32 (c) | 20,750 | 20,680 | ||||||
| 320,056 | ||||||||
| CONSUMER DISCRETIONARY – 4.6% | ||||||||
| Airbnb, Inc. | ||||||||
| 5.25%, due 03/16/36 | 30,000 | 29,876 | ||||||
| Amazon.com, Inc. | ||||||||
| 4.875%, due 03/13/36 | 10,000 | 9,844 | ||||||
| American Honda Finance Corp. | ||||||||
| 5.20%, due 04/08/33 | 10,000 | 10,013 | ||||||
| 5.10%, due 01/08/36 | 10,000 | 9,825 | ||||||
| Brunswick Corp. | ||||||||
| 2.40%, due 08/18/31 | 35,813 | 31,321 | ||||||
| Carnival Corp. Ltd., 144A | ||||||||
| 5.75%, due 08/01/32 (e) | 9,750 | 9,845 | ||||||
| Daimler Truck Finance North America LLC, 144A | ||||||||
| 4.50%, due 04/12/31 (e) | 17,850 | 17,524 | ||||||
| Expedia Group, Inc. | ||||||||
| 4.625%, due 08/01/27 | 13,576 | 13,585 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.45%, due 01/08/36 | 10,000 | 9,962 | ||||||
| Hilton Domestic Operating Co., Inc., 144A | ||||||||
| 5.50%, due 09/15/31 (e) | 5,000 | 5,013 | ||||||
| 5.50%, due 03/31/34 (e) | 2,500 | 2,478 | ||||||
| Hyatt Hotels Corp. | ||||||||
| 5.75%, due 03/30/32 | 20,000 | 20,622 | ||||||
| Hyundai Capital America, 144A | ||||||||
| 5.00%, due 06/18/31 (e) | 9,350 | 9,335 | ||||||
| Lithia Motors, Inc., 144A | ||||||||
| 3.875%, due 06/01/29 (e) | 8,540 | 8,180 | ||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 38.6% (cont.) | ||||||||
| CORPORATE BONDS – 17.0% (cont.) | ||||||||
| CONSUMER DISCRETIONARY – 4.6% (cont.) | ||||||||
| 4.375%, due 01/15/31 (e) | $ | 5,000 | $ | 4,740 | ||||
| M/I Homes, Inc. | ||||||||
| 3.95%, due 02/15/30 | 7,100 | 6,745 | ||||||
| Marriott International, Inc. | ||||||||
| 4.50%, due 05/01/33 | 10,000 | 9,679 | ||||||
| Mercedes-Benz Finance North America LLC, 144A | ||||||||
| 4.50%, due 03/10/31 (e) | 10,000 | 9,818 | ||||||
| MGM Resorts International | ||||||||
| 4.75%, due 10/15/28 | 13,875 | 13,777 | ||||||
| Phinia, Inc., 144A | ||||||||
| 6.625%, due 10/15/32 (e) | 6,523 | 6,663 | ||||||
| QXO Building Products, Inc., 144A | ||||||||
| 6.75%, due 04/30/32 (e) | 13,750 | 14,198 | ||||||
| Thor Industries, Inc., 144A | ||||||||
| 4.00%, due 10/15/29 (e) | 17,250 | 16,376 | ||||||
| 269,419 | ||||||||
| INDUSTRIALS – 1.4% | ||||||||
| AutoNation, Inc. | ||||||||
| 3.85%, due 03/01/32 | 4,750 | 4,438 | ||||||
| Carlisle Cos., Inc. | ||||||||
| 5.55%, due 09/15/40 | 5,875 | 5,834 | ||||||
| Columbus McKinnon Corp., 144A | ||||||||
| 7.125%, due 02/01/33 (e) | 10,000 | 10,021 | ||||||
| Deere & Co. | ||||||||
| 5.45%, due 01/16/35 | 10,000 | 10,339 | ||||||
| Delta Air Lines, Inc. | ||||||||
| 5.25%, due 07/10/30 | 13,000 | 13,142 | ||||||
| Hilton Domestic Operating Co., Inc., 144A | ||||||||
| 3.625%, due 02/15/32 (e) | 18,500 | 16,933 | ||||||
| Molex Electronic Technologies LLC, 144A | ||||||||
| 5.25%, due 04/30/32 (e) | 7,750 | 7,883 | ||||||
| 4.75%, due 04/30/28 (e) | 3,000 | 3,003 | ||||||
| United Airlines, Inc., 144A | ||||||||
| 4.625%, due 04/15/29 (e) | 10,000 | 9,861 | ||||||
| 81,454 | ||||||||
| ENERGY – 1.1% | ||||||||
| Aker BP ASA, 144A | ||||||||
| 4.00%, due 01/15/31 (e) | 10,000 | 9,629 | ||||||
| Enbridge, Inc. | ||||||||
| 4.85%, due 03/27/31 | 3,250 | 3,247 | ||||||
| Expand Energy Corp. | ||||||||
| 4.75%, due 02/01/32 | 25,000 | 24,365 | ||||||
| MPLX LP | ||||||||
| 5.30%, due 04/01/36 | 10,000 | 9,857 | ||||||
| Valero Energy Corp. | ||||||||
| 5.15%, due 03/10/36 | 9,500 | 9,351 | ||||||
| Williams Cos., Inc. | ||||||||
| 5.15%, due 03/15/36 | 10,000 | 9,829 | ||||||
| 66,278 | ||||||||
| COMMUNICATION SERVICES – 1.0% | ||||||||
| Alphabet, Inc. | ||||||||
| 4.80%, due 02/15/36 | 10,000 | 9,830 | ||||||
| Beignet Investor LLC, 144A | ||||||||
| 6.581%, due 05/30/49 (e) | 10,000 | 10,202 | ||||||
| Booking Holdings, Inc. | ||||||||
| 5.375%, due 05/07/36 | 7,350 | 7,360 | ||||||
| Meta Platforms, Inc. | ||||||||
| 6.30%, due 05/15/56 | 7,850 | 7,814 | ||||||
| 5.25%, due 05/15/36 | 7,850 | 7,795 | ||||||
| Space Exploration Technologies Corp., 144A | ||||||||
| 5.875%, due 07/15/36 (e) | 10,000 | 9,870 | ||||||
| Vail Resorts, Inc., 144A | ||||||||
| 5.625%, due 07/15/30 (e) | 7,750 | 7,740 | ||||||
| 60,611 | ||||||||
| REAL ESTATE – 0.9% | ||||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 5.25%, due 03/15/36 | 14,000 | 13,765 | ||||||
| CBRE Services, Inc. | ||||||||
| 4.90%, due 01/15/33 | 18,125 | 17,864 | ||||||
| GLP Capital LP/GLP Financing II, Inc. | ||||||||
| 4.00%, due 01/15/31 | 9,425 | 8,900 | ||||||
| 5.75%, due 06/01/28 | 4,975 | 5,030 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 5.20%, due 07/01/30 | 2,425 | 2,437 | ||||||
| RHP Hotel Properties LP/RHP Finance Corp., 144A | ||||||||
| 5.75%, due 03/15/34 (e) | 4,875 | 4,830 | ||||||
| 52,826 | ||||||||
| HEALTH CARE – 0.8% | ||||||||
| Centene Corp. | ||||||||
| 3.00%, due 10/15/30 | 10,000 | 9,051 | ||||||
| Cigna Group | ||||||||
| 4.875%, due 09/15/32 | 10,000 | 9,979 | ||||||
| CVS Health Corp. | ||||||||
| 4.78%, due 03/25/38 | 20,000 | 18,751 | ||||||
| GE HealthCare Technologies, Inc. | ||||||||
| 4.95%, due 12/15/35 | 9,875 | 9,638 | ||||||
| 47,419 | ||||||||
| INFORMATION TECHNOLOGY – 0.8% | ||||||||
| Broadcom, Inc. | ||||||||
| 4.60%, due 07/15/30 | 7,750 | 7,724 | ||||||
| Oracle Corp. | ||||||||
| 5.875%, due 09/26/45 | 9,000 | 7,878 | ||||||
| 5.70%, due 02/04/36 | 5,000 | 4,842 | ||||||
| 6.90%, due 11/09/52 | 4,850 | 4,650 | ||||||
| Salesforce, Inc. | ||||||||
| 5.55%, due 03/15/36 | 20,000 | 19,985 | ||||||
| ServiceNow, Inc. | ||||||||
| 5.40%, due 05/15/36 | 1,850 | 1,849 | ||||||
| 46,928 | ||||||||
| UTILITIES – 0.5% | ||||||||
| Southern Co., Series 21-A | ||||||||
| 3.75% (5 yr. CMT + 2.915%), due 09/15/51 (c) | 13,750 | 13,703 | ||||||
| Southern Power Co. | ||||||||
| 4.90%, due 10/01/35 | 4,250 | 4,123 | ||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 38.6% (cont.) | ||||||||
| CORPORATE BONDS – 17.0% (cont.) | ||||||||
| UTILITIES – 0.5% (cont.) | ||||||||
| Vistra Operations Co. LLC, 144A | ||||||||
| 4.70%, due 01/31/31 (e) | $ | 10,000 | $ | 9,800 | ||||
| 27,626 | ||||||||
| MATERIALS – 0.4% | ||||||||
| Celanese U.S. Holdings LLC | ||||||||
| 7.55%, due 11/15/30 | 7,500 | 7,950 | ||||||
| 7.375%, due 02/15/34 | 2,444 | 2,525 | ||||||
| Glencore Funding LLC, 144A | ||||||||
| 2.625%, due 09/23/31 (e) | 10,000 | 8,928 | ||||||
| Westlake Corp. | ||||||||
| 5.55%, due 11/15/35 | 1,850 | 1,834 | ||||||
| 21,237 | ||||||||
| Total Corporate Bonds | ||||||||
| (Cost $1,003,423) | 993,854 | |||||||
| MORTGAGE-BACKED SECURITIES – 6.5% | ||||||||
| Federal Home Loan Mortgage Corp., Pool SD5400 | ||||||||
| 2.00%, due 01/01/52 | 35,226 | 28,480 | ||||||
| Federal National Mortgage Association | ||||||||
| 5.50%, due 12/01/55 | 26,151 | 26,250 | ||||||
| 3.00%, due 05/01/52 | 28,692 | 25,302 | ||||||
| Federal Home Loan Mortgage Corp., Pool SD3470 | ||||||||
| 2.50%, due 06/01/52 | 28,917 | 24,782 | ||||||
| Federal National Mortgage Association, Pool FA1274 | ||||||||
| 2.00%, due 02/01/52 | 29,374 | 23,767 | ||||||
| Federal National Mortgage Association, Pool BW9842 | ||||||||
| 4.50%, due 09/01/52 | 23,909 | 23,138 | ||||||
| Federal Home Loan Mortgage Corp., Pool SL4397 | ||||||||
| 3.00%, due 05/01/52 | 25,007 | 22,018 | ||||||
| Federal Home Loan Mortgage Corp., Pool SD6595 | ||||||||
| 5.50%, due 10/01/54 | 20,615 | 20,837 | ||||||
| Federal Home Loan Mortgage Corp., Pool SD4953 | ||||||||
| 2.50%, due 11/01/51 | 21,071 | 18,022 | ||||||
| Federal National Mortgage Association | ||||||||
| 3.00%, due 04/01/51 | 20,129 | 17,826 | ||||||
| 2.50%, due 03/01/52 | 21,066 | 17,812 | ||||||
| Federal Home Loan Mortgage Corp., Pool SD8188 | ||||||||
| 2.00%, due 01/01/52 | 22,112 | 17,748 | ||||||
| Federal National Mortgage Association | ||||||||
| 3.00%, due 08/01/50 | 18,532 | 16,393 | ||||||
| Federal Home Loan Mortgage Corp., Pool RA7375 | ||||||||
| 3.00%, due 05/01/52 | 17,989 | 15,760 | ||||||
| Federal National Mortgage Association, Pool CB0830 | ||||||||
| 2.50%, due 06/01/51 | 18,171 | 15,467 | ||||||
| Federal National Mortgage Association | ||||||||
| 2.50%, due 05/01/51 | 17,028 | 14,413 | ||||||
| Federal National Mortgage Association, Pool BU1118 | ||||||||
| 2.50%, due 10/01/51 | 14,733 | 12,555 | ||||||
| Federal Home Loan Mortgage Corp., Pool SD6569 | ||||||||
| 5.50%, due 10/01/54 | 8,439 | 8,510 | ||||||
| Federal Home Loan Mortgage Corp., Pool SL5783 | ||||||||
| 2.00%, due 04/01/52 | 10,000 | 8,070 | ||||||
| Federal National Mortgage Association | ||||||||
| 3.00%, due 02/01/52 | 8,517 | 7,495 | ||||||
| 3.00%, due 05/01/52 | 8,166 | 7,200 | ||||||
| Federal National Mortgage Association, Pool FA0201 | ||||||||
| 5.50%, due 12/01/54 | 7,109 | 7,157 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES – 6.5% | ||||||||
| (Cost $376,901) | 379,002 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 6.5% | ||||||||
| Federal Home Loan Mortgage Corp. REMICS, Series 5369-Class Z | ||||||||
| 6.00%, due 01/25/54 | 23,195 | 23,296 | ||||||
| Government National Mortgage Association REMICS, Series 2023-149-Class DZ | ||||||||
| 5.50%, due 10/20/53 | 20,836 | 21,021 | ||||||
| Federal Home Loan Mortgage Corp. REMICS, Series 5408-Class QZ | ||||||||
| 5.50%, due 04/25/54 | 18,415 | 18,301 | ||||||
| Santander Mortgage Asset Receivable Trust, Series 2026-NQMS1-Class A1, 144A | ||||||||
| 5.594%, due 10/25/65 (e) | 18,000 | 18,016 | ||||||
| Chase Home Lending Mortgage Trust, Series 2024-6-Class B1, 144A | ||||||||
| 7.038%, due 05/25/55 (c) (e) | 15,099 | 15,871 | ||||||
| JP Morgan Mortgage Trust, Series 2024-9-Class B1, 144A | ||||||||
| 6.953%, due 02/25/55 (c) (e) | 13,856 | 14,639 | ||||||
| Government National Mortgage Association REMICS, Series 2023-164-Class BZ | ||||||||
| 6.00%, due 11/20/53 | 14,291 | 14,588 | ||||||
| JP Morgan Mortgage Trust, Series 2025-NQM5-Class A2, 144A | ||||||||
| 5.133%, due 05/25/66 (e) | 12,689 | 12,552 | ||||||
| JP Morgan Mortgage Trust, Series 2025-NQM4-Class A2, 144A | ||||||||
| 5.157%, due 03/25/66 (e) | 12,298 | 12,149 | ||||||
| JP Morgan Mortgage Trust, Series 2024-6-Class B2, 144A | ||||||||
| 6.881%, due 12/25/54 (c) (e) | 10,629 | 11,048 | ||||||
| OBX Trust, Series 2026-NQM6-Class A2, 144A | ||||||||
| 5.316%, due 04/26/66 (e) | 10,956 | 10,907 | ||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 38.6% (cont.) | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 6.5% (cont.) | ||||||||
| Federal Home Loan Mortgage Corp. REMICS, Series 5389-Class BZ | ||||||||
| 5.00%, due 03/25/54 | $ | 11,473 | $ | 10,825 | ||||
| JP Morgan Mortgage Trust, Series 2025-NQM3-Class A2, 144A | ||||||||
| 5.648%, due 11/25/65 (e) | 10,698 | 10,683 | ||||||
| Angel Oak Mortgage Trust, Series 2025-13-Class A2, 144A | ||||||||
| 5.183%, due 10/25/70 (e) | 10,086 | 9,988 | ||||||
| JP Morgan Mortgage Trust, Series 2024-12-Class B1, 144A | ||||||||
| 6.582%, due 06/25/55 (c) (e) | 9,153 | 9,496 | ||||||
| Angel Oak Mortgage Trust, Series 2026-1-Class A2, 144A | ||||||||
| 4.971%, due 02/25/71 (e) | 9,325 | 9,187 | ||||||
| A&D Mortgage Trust, Series 2025-NQM4-Class A2, 144A | ||||||||
| 5.479%, due 10/25/70 (e) | 9,219 | 9,168 | ||||||
| New Residential Mortgage Loan Trust, Series 2026-NQM5-Class A2, 144A | ||||||||
| 5.479%, due 04/25/66 (e) | 8,657 | 8,632 | ||||||
| OBX Trust, Series 2025-NQM23-Class A2, 144A | ||||||||
| 5.176%, due 10/25/65 (e) | 8,658 | 8,577 | ||||||
| A&D Mortgage Trust, Series 2026-NQM2-Class A2, 144A | ||||||||
| 5.013%, due 03/25/71 (e) | 7,773 | 7,660 | ||||||
| New Residential Mortgage Loan Trust, Series 2026-NQM7-Class A2, 144A | ||||||||
| 5.57%, due 06/25/66 (e) | 7,500 | 7,477 | ||||||
| Federal National Mortgage Association REMICS, Series 2020-24-Class AH | ||||||||
| 1.50%, due 04/25/50 | 9,527 | 7,461 | ||||||
| Angel Oak Mortgage Trust, Series 2025-12-Class A2, 144A | ||||||||
| 5.14%, due 12/25/70 (e) | 7,530 | 7,447 | ||||||
| JP Morgan Mortgage Trust, Series 2026-NQM1-Class A2, 144A | ||||||||
| 4.948%, due 06/25/66 (e) | 7,551 | 7,444 | ||||||
| GS Mortgage-Backed Securities Trust, Series 2025-PJ6-Class B1, 144A | ||||||||
| 6.523%, due 11/25/55 (c) (e) | 6,899 | 7,055 | ||||||
| JP Morgan Mortgage Trust, Series 2025-9-Class B1, 144A | ||||||||
| 6.407%, due 03/25/56 (c) (e) | 6,690 | 6,795 | ||||||
| Angel Oak Mortgage Trust, Series 2026-3-Class A2, 144A | ||||||||
| 5.614%, due 06/25/71 (e) | 6,210 | 6,209 | ||||||
| Santander Mortgage Asset Receivable Trust, Series 2025-NQM4-Class A2, 144A | ||||||||
| 5.608%, due 07/25/65 (e) | 5,522 | 5,503 | ||||||
| Angel Oak Mortgage Trust, Series 2026-3-Class A1, 144A | ||||||||
| 5.512%, due 06/25/71 (c) (e) | 5,424 | 5,423 | ||||||
| OBX Trust, Series 2025-NQM13-Class A2, 144A | ||||||||
| 5.614%, due 05/25/65 (e) | 5,068 | 5,057 | ||||||
| RCKT Mortgage Trust, Series 2025-1-Class B2A, 144A | ||||||||
| 6.418%, due 03/25/55 (c) (e) | 4,670 | 4,796 | ||||||
| GS Mortgage-Backed Securities Trust, Series 2025-PJ3-Class B2, 144A | ||||||||
| 6.113%, due 07/25/55 (c) (e) | 4,786 | 4,780 | ||||||
| A&D Mortgage Trust, Series 2026-NQM3-Class A2, 144A | ||||||||
| 5.332%, due 04/25/71 (e) | 4,486 | 4,445 | ||||||
| GS Mortgage-Backed Securities Trust, Series 2025-PJ3-Class B1, 144A | ||||||||
| 6.113%, due 07/25/55 (c) (e) | 3,739 | 3,745 | ||||||
| Federal Home Loan Mortgage Corp. REMICS, Series 5020-Class EN | ||||||||
| 1.50%, due 10/25/50 | 4,586 | 3,696 | ||||||
| A&D Mortgage Trust, Series 2026-NQM4-Class A2, 144A | ||||||||
| 5.725%, due 06/25/71 (e) | 3,643 | 3,639 | ||||||
| A&D Mortgage Trust, Series 2025-NQM3-Class A2, 144A | ||||||||
| 5.577%, due 08/25/70 (e) | 3,559 | 3,544 | ||||||
| Angel Oak Mortgage Trust, Series 2025-10-Class A2, 144A | ||||||||
| 5.163%, due 09/25/70 (e) | 3,435 | 3,401 | ||||||
| OBX Trust, Series 2026-NQM2-Class A2, 144A | ||||||||
| 5.042%, due 12/01/65 (e) | 3,341 | 3,318 | ||||||
| Angel Oak Mortgage Trust, Series 2025-9-Class A2, 144A | ||||||||
| 5.395%, due 08/25/70 (e) | 2,730 | 2,715 | ||||||
| JP Morgan Mortgage Trust, Series 2025-10-Class B1, 144A | ||||||||
| 6.379%, due 05/25/56 (c) (e) | 2,524 | 2,535 | ||||||
| OBX Trust, Series 2025-NQM16-Class A2, 144A | ||||||||
| 5.058%, due 08/25/65 (e) | 2,551 | 2,523 | ||||||
| New Residential Mortgage Loan Trust, Series 2026-NQM6-Class A2, 144A | ||||||||
| 5.496%, due 05/25/66 (e) | 2,360 | 2,346 | ||||||
| GS Mortgage-Backed Securities Trust, Series 2025-PJ4-Class B1, 144A | ||||||||
| 6.421%, due 09/25/55 (c) (e) | 1,968 | 1,983 | ||||||
| A&D Mortgage Trust, Series 2026-NQM1-Class A2, 144A | ||||||||
| 5.114%, due 02/25/71 (e) | 1,896 | 1,872 | ||||||
| OBX Trust, Series 2026-NQM1-Class A2, 144A | ||||||||
| 5.07%, due 11/25/65 (e) | 1,862 | 1,844 | ||||||
| OBX Trust, Series 2026-NQM3-Class A2, 144A | ||||||||
| 4.774%, due 01/25/66 (e) | 1,872 | 1,844 | ||||||
| GS Mortgage-Backed Securities Trust, Series 2025-PJ1-Class B2, 144A | ||||||||
| 6.149%, due 06/25/55 (c) (e) | 1,719 | 1,693 | ||||||
| OBX Trust, Series 2026-NQM8-Class A2, 144A | ||||||||
| 5.498%, due 05/25/66 (e) | 1,000 | 998 | ||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 38.6% (cont.) | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 6.5% (cont.) | ||||||||
| OBX Trust, Series 2025-NQM15-Class A2, 144A | ||||||||
| 5.396%, due 07/27/65 (e) | $ | 734 | $ | 730 | ||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS – 6.5% | ||||||||
| (Cost $378,866) | 378,922 | |||||||
| GOVERNMENT AND AGENCY SECURITIES – 5.0% | ||||||||
| U.S. GOVERNMENT BONDS – 3.2% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 4.50%, due 11/15/54 | 72,500 | 67,490 | ||||||
| 4.75%, due 02/15/45 | 43,700 | 42,746 | ||||||
| 3.625%, due 02/15/53 | 50,000 | 39,985 | ||||||
| 4.625%, due 11/15/44 | 29,425 | 28,357 | ||||||
| 4.75%, due 05/15/55 | 8,400 | 8,148 | ||||||
| 186,726 | ||||||||
| U.S. GOVERNMENT NOTES – 1.8% | ||||||||
| U.S. Treasury Notes | ||||||||
| 4.25%, due 05/15/35 | 70,200 | 69,372 | ||||||
| 4.375%, due 05/15/36 | 20,000 | 19,893 | ||||||
| 4.25%, due 08/15/35 | 15,000 | 14,809 | ||||||
| 104,074 | ||||||||
| Total Government and Agency Securities | ||||||||
| (Cost $299,998) | 290,800 | |||||||
| ASSET BACKED SECURITIES – 2.2% | ||||||||
| Carvana Auto Receivables Trust, Series 2025-P4-Class C, | ||||||||
| 5.04%, due 04/12/32 | 12,000 | 11,800 | ||||||
| Exeter Select Automobile Receivables Trust, Series 2026-1-Class N, 144A, | ||||||||
| 6.87%, due 06/15/34 (e) | 11,065 | 11,044 | ||||||
| Exeter Automobile Receivables Trust, Series 2026-3A-Class N, 144A, | ||||||||
| 6.66%, due 07/17/34 (e) | 9,000 | 8,997 | ||||||
| Carvana Auto Receivables Trust, Series 2024-P3-Class D, | ||||||||
| 5.39%, due 09/10/32 | 8,000 | 7,918 | ||||||
| Exeter Automobile Receivables Trust, Series 2026-2A-Class N, 144A, | ||||||||
| 6.89%, due 11/15/33 (e) | 7,107 | 7,102 | ||||||
| Carvana Auto Receivables Trust, Series 2026-P2-Class N, 144A, | ||||||||
| 5.37%, due 06/12/34 (e) | 6,837 | 6,834 | ||||||
| Carvana Auto Receivables Trust, Series 2026-P1-Class N, 144A, | ||||||||
| 5.39%, due 03/10/34 (e) | 6,701 | 6,701 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2026-1A-Class C, 144A, | ||||||||
| 5.19%, due 12/22/42 (e) | 6,570 | 6,502 | ||||||
| M&T Bank RV Trust, Series 2026-1A-Class A, 144A, | ||||||||
| 4.35%, due 01/15/46 (e) | 5,785 | 5,700 | ||||||
| CPS Auto Receivables Trust, Series 2024-C-Class E, 144A, | ||||||||
| 8.04%, due 03/15/32 (e) | 5,000 | 5,189 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2025-1A-Class D, 144A, | ||||||||
| 6.86%, due 01/21/42 (e) | 4,705 | 4,694 | ||||||
| Westlake Automobile Receivables Trust, Series 2025-2A-Class D, 144A, | ||||||||
| 5.08%, due 05/15/31 (e) | 4,600 | 4,600 | ||||||
| Exeter Automobile Receivables Trust, Series 2026-1A-Class N, 144A, | ||||||||
| 6.45%, due 08/15/33 (e) | 4,000 | 3,994 | ||||||
| Flagship Credit Auto Trust, Series 2022-1-Class E, 144A, | ||||||||
| 5.37%, due 06/15/29 (e) | 5,494 | 3,601 | ||||||
| CPS Auto Receivables Trust, Series 2024-A-Class E, 144A, | ||||||||
| 8.42%, due 08/15/31 (e) | 3,100 | 3,217 | ||||||
| CPS Auto Receivables Trust, Series 2022-C-Class E, 144A, | ||||||||
| 9.08%, due 04/15/30 (e) | 3,000 | 3,081 | ||||||
| Flagship Credit Auto Trust, Series 2022-3-Class E, 144A, | ||||||||
| 7.95%, due 10/15/29 (e) | 5,500 | 2,538 | ||||||
| Flagship Credit Auto Trust, Series 2021-2-Class E, 144A, | ||||||||
| 3.16%, due 09/15/28 (e) | 2,600 | 2,528 | ||||||
| Flagship Credit Auto Trust, Series 2022-4-Class C, 144A, | ||||||||
| 7.71%, due 10/16/28 (e) | 2,332 | 2,349 | ||||||
| Carvana Auto Receivables Trust, Series 2025-P4-Class N, 144A, | ||||||||
| 5.46%, due 11/10/33 (e) | 2,217 | 2,217 | ||||||
| Flagship Credit Auto Trust, Series 2023-2-Class E, 144A, | ||||||||
| 10.89%, due 07/15/30 (e) | 3,500 | 2,167 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2024-1A-Class C, 144A, | ||||||||
| 5.94%, due 01/20/43 (e) | 2,002 | 2,016 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2023-2A-Class C, 144A, | ||||||||
| 7.30%, due 04/20/40 (e) | 1,947 | 1,995 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2023-3A-Class C, 144A, | ||||||||
| 7.12%, due 09/20/40 (e) | 1,868 | 1,910 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2024-3A-Class C, 144A, | ||||||||
| 5.32%, due 08/20/41 (e) | 1,747 | 1,740 | ||||||
| Carvana Auto Receivables Trust, Series 2024-P2-Class D, | ||||||||
| 6.10%, due 06/10/31 | 1,625 | 1,644 | ||||||
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 38.6% (cont.) | ||||||||
| ASSET BACKED SECURITIES – 2.2% (cont.) | ||||||||
| Sierra Timeshare Receivables Funding LLC, Series 2024-2A-Class D, 144A, | ||||||||
| 7.48%, due 06/20/41 (e) | $ | 1,513 | $ | 1,524 | ||||
| Sierra Timeshare Receivables Funding LLC, Series 2023-2A-Class D, 144A, | ||||||||
| 9.72%, due 04/20/40 (e) | 1,355 | 1,413 | ||||||
| Carmax Auto Owner Trust, Series 2025-4-Class D, | ||||||||
| 5.11%, due 05/17/32 | 1,000 | 996 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2024-1A-Class D, 144A, | ||||||||
| 8.02%, due 01/20/43 (e) | 979 | 994 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2022-2A-Class C, 144A, | ||||||||
| 6.36%, due 06/20/40 (e) | 267 | 268 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2022-2A-Class D, 144A, | ||||||||
| 9.22%, due 06/20/40 (e) | 133 | 135 | ||||||
| Total Asset Backed Securities | ||||||||
| (Cost $129,198) | 127,408 | |||||||
| BANK LOANS (f) – 1.4% | ||||||||
| CONSUMER STAPLES – 0.6% | ||||||||
| Wand NewCo 3, Inc. 2025 Repriced Term Loan B | ||||||||
| 6.144% (1 mo. USD Term SOFR + 2.500%), due 01/30/31 (c) | 23,353 | 23,314 | ||||||
| Belron Finance 2019 LLC 2026 Repriced Term Loan B | ||||||||
| 5.657% (3 mo. USD Term SOFR + 2.000%), due 10/16/31 (c) | 13,265 | 13,246 | ||||||
| 36,560 | ||||||||
| CONSUMER DISCRETIONARY – 0.6% | ||||||||
| Raising Cane's Restaurants LLC 2024 Term Loan B | ||||||||
| 5.644% (1 mo. USD Term SOFR + 2.000%), due 09/18/31 (c) | 7,840 | 7,801 | ||||||
| Peer Holding III BV 2025 USD Term Loan B5B | ||||||||
| 6.232% (3 mo. USD Term SOFR + 2.500%), due 07/01/31 (c) | 4,925 | 4,931 | ||||||
| Peer Holding III BV 2025 USD Term Loan B | ||||||||
| 5.982% (3 mo. USD Term SOFR + 2.250%), due 10/14/32 (c) | 4,988 | 4,987 | ||||||
| Raising Cane's Restaurants LLC 2025 Term Loan B | ||||||||
| 5.644% (1 mo. USD Term SOFR + 2.000%), due 11/03/32 (c) | 13,433 | 13,365 | ||||||
| Skymiles IP Ltd. 2026 Term Loan B | ||||||||
| 4.925% (3 mo. USD Term SOFR + 1.250%), due 10/20/28 (c) | 3,844 | 3,839 | ||||||
| 34,923 | ||||||||
| FINANCIALS – 0.1% | ||||||||
| Blackstone Mortgage Trust, Inc. 2026 Repriced Term Loan | ||||||||
| 6.144% (1 mo. USD Term SOFR + 2.500%), due 12/10/30 (c) | 6,603 | 6,581 | ||||||
| INDUSTRIALS – 0.1% | ||||||||
| Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | ||||||||
| 6.894% (1 mo. USD Term SOFR + 3.250%), due 04/01/32 (c) | 4,936 | 4,737 | ||||||
| Total Bank Loans | ||||||||
| (Cost $83,400) | 82,801 | |||||||
| TOTAL FIXED INCOME – 38.6% | ||||||||
| (Cost $2,271,786) | 2,252,787 | |||||||
| SHORT-TERM INVESTMENTS – 1.3% | ||||||||
| REPURCHASE AGREEMENT – 1.3% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 3.62% dated 6/30/26 due 7/1/26, repurchase price $77,491, collateralized by United States Treasury Notes, 3.875% - 4.000% due 10/15/27 - 12/31/27, aggregate value plus accrued interest of $79,034 (Cost: $77,484) | 77,484 | 77,484 | ||||||
| TOTAL SHORT-TERM INVESTMENTS – 1.3% | ||||||||
| (Cost $77,484) | 77,484 | |||||||
| TOTAL INVESTMENTS – 100.0% | ||||||||
| (Cost $5,139,418) | 5,837,779 | |||||||
| Liabilities In Excess of Other Assets – 0.0% (g) | (299 | ) | ||||||
| NET ASSETS – 100.0% | $ | 5,837,480 | ||||||
| (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) | Floating Rate Note. Rate shown is as of June 30, 2026. |
| (d) | Security is perpetual and has no stated maturity date. |
| (e) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At June 30, 2026, the value of Rule 144A holdings amounted to $633,878 (in thousands) or 10.86% of net assets. |
| (f) | Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown. |
| (g) | Amount rounds to less than 0.1%. |
Abbreviations:
SOFR: Secured Overnight Financing Rate
OAKMARK FUNDS
| Oakmark Equity and Income Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
WRITTEN OPTIONS
| Description | Exercise Price | Expiration Date | Number
of Contracts | Notional Amount (in thousands) | Market
Value (in thousands) | Premiums (Received) (in thousands) | Unrealized Gain/(Loss) (in thousands) | |||||||||||||||||||
| CALLS | ||||||||||||||||||||||||||
| Alphabet, Inc., Class A | $ | 390.00 | 8/21/26 | (1,700 | ) | $ | (60,753 | ) | $ | (1,491 | ) | $ | (4,620 | ) | $ | 3,129 | ||||||||||
| $ | (60,753 | ) | $ | (1,491 | ) | $ | (4,620 | ) | $ | 3,129 | ||||||||||||||||
Fair value measurement
Various inputs are used in determining the value of the 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, 2026, in valuing the Fund’s assets and liabilities.
| (in thousands) | Quoted
Prices in Active Markets for Identical Assets (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
| Common Stocks | $ | 3,507,508 | $ | 0 | $ | 0 | ||||||
| Corporate Bonds | 0 | 993,854 | 0 | |||||||||
| Mortgage-Backed Securities | 0 | 379,002 | 0 | |||||||||
| Collateralized Mortgage Obligations | 0 | 378,922 | 0 | |||||||||
| Government and Agency Securities | 0 | 290,800 | 0 | |||||||||
| Asset Backed Securities | 0 | 127,408 | 0 | |||||||||
| Bank Loans | 0 | 82,801 | 0 | |||||||||
| Short-Term Investments | 0 | 77,484 | 0 | |||||||||
| Call Options Written—Liabilities | (1,491 | ) | 0 | 0 | ||||||||
| Total | $ | 3,506,017 | $ | 2,330,271 | $ | 0 | ||||||
OAKMARK FUNDS
| Oakmark Bond Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 98.1% | ||||||||
| CORPORATE BONDS – 42.4% | ||||||||
| FINANCIALS – 12.5% | ||||||||
| Ally Financial, Inc., Series C | ||||||||
| 4.70% (7 yr. CMT + 3.481%) (a) (b) | $ | 1,000 | $ | 969 | ||||
| Blackstone Private Credit Fund | ||||||||
| 5.95%, due 05/15/31 | 3,000 | 2,953 | ||||||
| Blue Owl Credit Income Corp. | ||||||||
| 5.80%, due 03/15/30 | 3,000 | 2,923 | ||||||
| Capital One Financial Corp. | ||||||||
| 5.399% (1 day USD SOFR + 1.508%), due 01/30/37 (a) | 2,500 | 2,467 | ||||||
| Charles Schwab Corp. | ||||||||
| 5.493% (1 day USD SOFR + 1.280%), due 05/21/37 (a) | 2,500 | 2,534 | ||||||
| Citadel Securities Global Holdings LLC, 144A | ||||||||
| 5.75%, due 03/27/36 (c) | 2,500 | 2,477 | ||||||
| First Citizens BancShares, Inc. | ||||||||
| 4.869% (1 day USD SOFR + 1.487%), due 03/03/32 (a) | 2,500 | 2,431 | ||||||
| Global Payments, Inc. | ||||||||
| 5.55%, due 11/15/35 | 2,250 | 2,181 | ||||||
| Golub Capital Private Credit Fund, 144A | ||||||||
| 5.60%, due 04/15/31 (c) | 2,500 | 2,394 | ||||||
| KKR & Co., Inc. | ||||||||
| 5.10%, due 08/07/35 | 2,750 | 2,660 | ||||||
| LPL Holdings, Inc. | ||||||||
| 5.15%, due 06/15/30 | 2,000 | 2,006 | ||||||
| Morgan Stanley | ||||||||
| 4.809% (1 Day USD SOFR Index + 1.180%), due 04/16/32 (a) | 1,500 | 1,488 | ||||||
| Renasant Corp. | ||||||||
| 6.25% (3 mo. USD Term SOFR + 2.450%), due 06/01/36 (a) | 2,000 | 2,006 | ||||||
| South State Bank NA | ||||||||
| 8.375% (3 mo. USD Term SOFR + 4.605%), due 08/15/34 (a) | 500 | 530 | ||||||
| Truist Financial Corp. | ||||||||
| 5.281% (1 day USD SOFR + 1.414%), due 04/23/37 (a) | 2,500 | 2,476 | ||||||
| Wells Fargo & Co. | ||||||||
| 4.844% (1 day USD SOFR + .970%), due 05/20/32 (a) | 3,500 | 3,488 | ||||||
| 35,983 | ||||||||
| CONSUMER DISCRETIONARY – 8.6% | ||||||||
| Airbnb, Inc. | ||||||||
| 5.25%, due 03/16/36 | 2,000 | 1,992 | ||||||
| 4.65%, due 03/16/31 | 1,250 | 1,242 | ||||||
| Amazon.com, Inc. | ||||||||
| 4.875%, due 03/13/36 | 2,500 | 2,461 | ||||||
| American Honda Finance Corp. | ||||||||
| 5.10%, due 01/08/36 | 2,000 | 1,965 | ||||||
| Carnival Corp. Ltd., 144A | ||||||||
| 5.75%, due 08/01/32 (c) | 2,000 | 2,020 | ||||||
| Core & Main LP, 144A | ||||||||
| 6.00%, due 07/01/34 (c) | 750 | 754 | ||||||
| Daimler Truck Finance North America LLC, 144A | ||||||||
| 4.50%, due 04/12/31 (c) | 2,000 | 1,963 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 5.45%, due 01/08/36 | 1,500 | 1,494 | ||||||
| Hyatt Hotels Corp. | ||||||||
| 5.75%, due 03/30/32 | 2,000 | 2,062 | ||||||
| Hyundai Capital America, 144A | ||||||||
| 5.00%, due 06/18/31 (c) | 2,000 | 1,997 | ||||||
| Lithia Motors, Inc., 144A | ||||||||
| 4.375%, due 01/15/31 (c) | 2,000 | 1,896 | ||||||
| M/I Homes, Inc. | ||||||||
| 3.95%, due 02/15/30 | 850 | 807 | ||||||
| Mercedes-Benz Finance North America LLC, 144A | ||||||||
| 4.50%, due 03/10/31 (c) | 2,000 | 1,964 | ||||||
| QXO Building Products, Inc., 144A | ||||||||
| 6.75%, due 04/30/32 (c) | 2,000 | 2,065 | ||||||
| 24,682 | ||||||||
| COMMUNICATION SERVICES – 6.5% | ||||||||
| Beignet Investor LLC, 144A | ||||||||
| 6.581%, due 05/30/49 (c) | 3,500 | 3,571 | ||||||
| Booking Holdings, Inc. | ||||||||
| 5.375%, due 05/07/36 | 2,500 | 2,503 | ||||||
| HUT 8 DC LLC, 144A | ||||||||
| 6.192%, due 11/15/42 (c) | 3,500 | 3,545 | ||||||
| Meta Platforms, Inc. | ||||||||
| 6.30%, due 05/15/56 | 2,000 | 1,991 | ||||||
| 5.25%, due 05/15/36 | 2,000 | 1,986 | ||||||
| Space Exploration Technologies Corp., 144A | ||||||||
| 5.875%, due 07/15/36 (c) | 3,000 | 2,961 | ||||||
| Vail Resorts, Inc., 144A | ||||||||
| 5.625%, due 07/15/30 (c) | 2,000 | 1,997 | ||||||
| 18,554 | ||||||||
| INFORMATION TECHNOLOGY – 3.5% | ||||||||
| OAK-Eagle Acquireco, Inc., 144A | ||||||||
| 7.25%, due 07/01/33 (c) | 2,000 | 2,092 | ||||||
| Oracle Corp. | ||||||||
| 6.90%, due 11/09/52 | 2,500 | 2,397 | ||||||
| Salesforce, Inc. | ||||||||
| 5.55%, due 03/15/36 | 2,500 | 2,498 | ||||||
| ServiceNow, Inc. | ||||||||
| 5.40%, due 05/15/36 | 3,000 | 2,999 | ||||||
| 9,986 | ||||||||
| ENERGY – 2.4% | ||||||||
| Aker BP ASA, 144A | ||||||||
| 4.00%, due 01/15/31 (c) | 1,500 | 1,444 | ||||||
| Enbridge, Inc. | ||||||||
| 4.85%, due 03/27/31 | 1,500 | 1,499 | ||||||
| Expand Energy Corp. | ||||||||
| 4.75%, due 02/01/32 | 1,750 | 1,705 | ||||||
| MPLX LP | ||||||||
| 5.30%, due 04/01/36 | 1,500 | 1,479 | ||||||
| Noble Finance II LLC, 144A | ||||||||
| 8.00%, due 04/15/30 (c) | 786 | 814 | ||||||
| 6,941 | ||||||||
| INDUSTRIALS – 2.4% | ||||||||
| AutoNation, Inc. | ||||||||
| 3.85%, due 03/01/32 | 1,500 | 1,401 | ||||||
| Delta Air Lines, Inc. | ||||||||
| 5.25%, due 07/10/30 | 2,000 | 2,022 | ||||||
OAKMARK FUNDS
| Oakmark Bond Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 98.1% (cont.) | ||||||||
| CORPORATE BONDS – 42.4% (cont.) | ||||||||
| INDUSTRIALS – 2.4% (cont.) | ||||||||
| Molex Electronic Technologies LLC, 144A | ||||||||
| 5.25%, due 04/30/32 (c) | $ | 2,000 | $ | 2,035 | ||||
| United Airlines, Inc., 144A | ||||||||
| 4.625%, due 04/15/29 (c) | 1,500 | 1,479 | ||||||
| 6,937 | ||||||||
| HEALTH CARE – 2.4% | ||||||||
| Baxter International, Inc. | ||||||||
| 4.90%, due 12/15/30 | 1,000 | 992 | ||||||
| Centene Corp. | ||||||||
| 3.00%, due 10/15/30 | 2,500 | 2,263 | ||||||
| GE HealthCare Technologies, Inc. | ||||||||
| 4.95%, due 12/15/35 | 2,000 | 1,952 | ||||||
| Insulet Corp., 144A | ||||||||
| 6.50%, due 04/01/33 (c) | 1,500 | 1,521 | ||||||
| 6,728 | ||||||||
| REAL ESTATE – 1.8% | ||||||||
| CBRE Services, Inc. | ||||||||
| 4.90%, due 01/15/33 | 2,000 | 1,971 | ||||||
| Omega Healthcare Investors, Inc. | ||||||||
| 5.20%, due 07/01/30 | 1,250 | 1,256 | ||||||
| RHP Hotel Properties LP/RHP Finance Corp., 144A | ||||||||
| 5.75%, due 03/15/34 (c) | 2,000 | 1,982 | ||||||
| 5,209 | ||||||||
| UTILITIES – 1.4% | ||||||||
| Southern Co., Series 21-A | ||||||||
| 3.75% (5 yr. CMT + 2.915%), due 09/15/51 (a) | 1,000 | 997 | ||||||
| Southern Power Co. | ||||||||
| 4.90%, due 10/01/35 | 1,500 | 1,455 | ||||||
| Vistra Operations Co. LLC, 144A | ||||||||
| 4.70%, due 01/31/31 (c) | 1,500 | 1,470 | ||||||
| 3,922 | ||||||||
| MATERIALS – 0.5% | ||||||||
| Celanese U.S. Holdings LLC | ||||||||
| 7.55%, due 11/15/30 | 1,313 | 1,392 | ||||||
| CONSUMER STAPLES – 0.4% | ||||||||
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 144A | ||||||||
| 5.625%, due 03/10/37 (c) | 1,250 | 1,245 | ||||||
| Total Corporate Bonds | ||||||||
| (Cost $121,902) | 121,579 | |||||||
| MORTGAGE-BACKED SECURITIES – 19.9% | ||||||||
| Federal Home Loan Mortgage Corp., Pool SL5783 | ||||||||
| 2.00%, due 04/01/52 | 10,000 | 8,070 | ||||||
| Federal National Mortgage Association | ||||||||
| 5.50%, due 12/01/55 | 6,071 | 6,094 | ||||||
| Federal Home Loan Mortgage Corp., Pool RA7375 | ||||||||
| 3.00%, due 05/01/52 | 5,947 | 5,210 | ||||||
| Federal National Mortgage Association | ||||||||
| 2.50%, due 03/01/52 | 5,956 | 5,036 | ||||||
| 2.50%, due 05/01/51 | 5,370 | 4,546 | ||||||
| 3.00%, due 05/01/52 | 5,110 | 4,506 | ||||||
| 3.00%, due 08/01/50 | 4,483 | 3,965 | ||||||
| 3.00%, due 04/01/51 | 4,473 | 3,961 | ||||||
| Federal Home Loan Mortgage Corp., Pool SL4397 | ||||||||
| 3.00%, due 05/01/52 | 4,396 | 3,870 | ||||||
| Federal Home Loan Mortgage Corp., Pool SD3470 | ||||||||
| 2.50%, due 06/01/52 | 3,109 | 2,664 | ||||||
| Federal National Mortgage Association | ||||||||
| 3.00%, due 05/01/52 | 2,182 | 1,924 | ||||||
| 2.00%, due 11/01/51 | 2,048 | 1,659 | ||||||
| Federal National Mortgage Association, Pool CB0830 | ||||||||
| 2.50%, due 06/01/51 | 1,664 | 1,416 | ||||||
| Federal National Mortgage Association | ||||||||
| 2.50%, due 11/01/51 | 1,591 | 1,347 | ||||||
| 3.00%, due 02/01/52 | 1,164 | 1,024 | ||||||
| Federal Home Loan Mortgage Corp., Pool SD6595 | ||||||||
| 5.50%, due 10/01/54 | 896 | 906 | ||||||
| Federal Home Loan Mortgage Corp., Pool SD6569 | ||||||||
| 5.50%, due 10/01/54 | 844 | 851 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES – 19.9% | ||||||||
| (Cost $57,087) | 57,049 | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 13.6% | ||||||||
| Federal National Mortgage Association REMICS, Series 2020-24-Class AH | ||||||||
| 1.50%, due 04/25/50 | 3,176 | 2,487 | ||||||
| OBX Trust, Series 2026-NQM1-Class A2, 144A | ||||||||
| 5.07%, due 11/25/65 (c) | 2,327 | 2,305 | ||||||
| Government National Mortgage Association REMICS, Series 2023-164-Class BZ | ||||||||
| 6.00%, due 11/20/53 | 2,101 | 2,145 | ||||||
| JP Morgan Mortgage Trust, Series 2024-6-Class B2, 144A | ||||||||
| 6.881%, due 12/25/54 (a) (c) | 1,945 | 2,021 | ||||||
| Santander Mortgage Asset Receivable Trust, Series 2026-NQMS1-Class A1, 144A | ||||||||
| 5.594%, due 10/25/65 (c) | 2,000 | 2,002 | ||||||
| Angel Oak Mortgage Trust, Series 2026-3-Class A1, 144A | ||||||||
| 5.512%, due 06/25/71 (a) (c) | 2,000 | 2,000 | ||||||
| GS Mortgage-Backed Securities Trust, Series 2025-PJ4-Class B1, 144A | ||||||||
| 6.421%, due 09/25/55 (a) (c) | 1,968 | 1,983 | ||||||
Oakmark.com
| Oakmark Bond Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 98.1% (cont.) | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 13.6% (cont.) | ||||||||
| GS Mortgage-Backed Securities Trust, Series 2025-PJ1-Class B2, 144A | ||||||||
| 6.149%, due 06/25/55 (a) (c) | $ | 1,946 | $ | 1,916 | ||||
| A&D Mortgage Trust, Series 2026-NQM1-Class A2, 144A | ||||||||
| 5.114%, due 02/25/71 (c) | 1,935 | 1,911 | ||||||
| Angel Oak Mortgage Trust, Series 2025-12-Class A2, 144A | ||||||||
| 5.14%, due 12/25/70 (c) | 1,872 | 1,852 | ||||||
| Federal Home Loan Mortgage Corp. REMICS, Series 5408-Class QZ | ||||||||
| 5.50%, due 04/25/54 | 1,689 | 1,679 | ||||||
| Angel Oak Mortgage Trust, Series 2026-3-Class A2, 144A | ||||||||
| 5.614%, due 06/25/71 (c) | 1,500 | 1,500 | ||||||
| New Residential Mortgage Loan Trust, Series 2026-NQM7-Class A2, 144A | ||||||||
| 5.57%, due 06/25/66 (c) | 1,250 | 1,246 | ||||||
| Federal Home Loan Mortgage Corp. REMICS, Series 5369-Class Z | ||||||||
| 6.00%, due 01/25/54 | 1,161 | 1,166 | ||||||
| JP Morgan Mortgage Trust, Series 2025-9-Class B1, 144A | ||||||||
| 6.407%, due 03/25/56 (a) (c) | 991 | 1,007 | ||||||
| New Residential Mortgage Loan Trust, Series 2026-NQM5-Class A2, 144A | ||||||||
| 5.479%, due 04/25/66 (c) | 985 | 982 | ||||||
| New Residential Mortgage Loan Trust, Series 2026-NQM6-Class A2, 144A | ||||||||
| 5.496%, due 05/25/66 (c) | 983 | 977 | ||||||
| OBX Trust, Series 2026-NQM6-Class A2, 144A | ||||||||
| 5.316%, due 04/26/66 (c) | 974 | 970 | ||||||
| A&D Mortgage Trust, Series 2026-NQM3-Class A2, 144A | ||||||||
| 5.332%, due 04/25/71 (c) | 975 | 966 | ||||||
| OBX Trust, Series 2026-NQM3-Class A2, 144A | ||||||||
| 4.774%, due 01/25/66 (c) | 936 | 922 | ||||||
| A&D Mortgage Trust, Series 2025-NQM3-Class A2, 144A | ||||||||
| 5.577%, due 08/25/70 (c) | 902 | 899 | ||||||
| JP Morgan Mortgage Trust, Series 2025-NQM5-Class A2, 144A | ||||||||
| 5.133%, due 05/25/66 (c) | 906 | 896 | ||||||
| JP Morgan Mortgage Trust, Series 2025-NQM4-Class A2, 144A | ||||||||
| 5.157%, due 03/25/66 (c) | 878 | 868 | ||||||
| Angel Oak Mortgage Trust, Series 2025-9-Class A2, 144A | ||||||||
| 5.395%, due 08/25/70 (c) | 853 | 848 | ||||||
| Santander Mortgage Asset Receivable Trust, Series 2025-NQM4-Class A2, 144A | ||||||||
| 5.608%, due 07/25/65 (c) | 849 | 847 | ||||||
| JP Morgan Mortgage Trust, Series 2025-NQM3-Class A2, 144A | ||||||||
| 5.648%, due 11/25/65 (c) | 792 | 791 | ||||||
| OBX Trust, Series 2025-NQM15-Class A2, 144A | ||||||||
| 5.396%, due 07/27/65 (c) | 734 | 730 | ||||||
| OBX Trust, Series 2025-NQM13-Class A2, 144A | ||||||||
| 5.614%, due 05/25/65 (c) | 724 | 722 | ||||||
| OBX Trust, Series 2026-NQM8-Class A2, 144A | ||||||||
| 5.498%, due 05/25/66 (c) | 500 | 499 | ||||||
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS – 13.6% | ||||||||
| (Cost $39,238) | 39,137 | |||||||
| GOVERNMENT AND AGENCY SECURITIES – 12.1% | ||||||||
| U.S. GOVERNMENT BONDS – 7.2% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 5.00%, due 05/15/45 | 4,750 | 4,790 | ||||||
| 4.625%, due 11/15/44 | 2,750 | 2,650 | ||||||
| 4.75%, due 11/15/43 | 2,000 | 1,967 | ||||||
| 4.75%, due 08/15/55 | 2,000 | 1,941 | ||||||
| 4.125%, due 08/15/44 | 2,000 | 1,809 | ||||||
| 3.00%, due 08/15/52 | 2,500 | 1,773 | ||||||
| 4.75%, due 05/15/55 | 1,625 | 1,576 | ||||||
| 4.375%, due 08/15/43 | 1,500 | 1,410 | ||||||
| 3.625%, due 05/15/53 | 1,500 | 1,199 | ||||||
| 4.125%, due 08/15/53 | 500 | 437 | ||||||
| 3.375%, due 08/15/42 | 500 | 417 | ||||||
| 2.00%, due 11/15/41 | 500 | 346 | ||||||
| 2.00%, due 08/15/51 | 500 | 285 | ||||||
| 20,600 | ||||||||
| U.S. GOVERNMENT NOTES – 4.9% | ||||||||
| U.S. Treasury Notes | ||||||||
| 4.25%, due 05/31/33 | 5,000 | 4,981 | ||||||
| 4.375%, due 05/15/36 | 4,250 | 4,228 | ||||||
| 4.125%, due 02/15/36 | 4,000 | 3,903 | ||||||
| 4.25%, due 08/15/35 | 1,000 | 987 | ||||||
| 14,099 | ||||||||
| Total Government and Agency Securities | ||||||||
| (Cost $36,286) | 34,699 | |||||||
| ASSET BACKED SECURITIES – 7.7% | ||||||||
| Exeter Automobile Receivables Trust, Series 2026-3A-Class N, 144A, | ||||||||
| 6.66%, due 07/17/34 (c) | 2,500 | 2,499 | ||||||
| Exeter Automobile Receivables Trust, Series 2026-1A-Class N, 144A, | ||||||||
| 6.45%, due 08/15/33 (c) | 2,000 | 1,997 | ||||||
| Carvana Auto Receivables Trust, Series 2025-P4-Class C, | ||||||||
| 5.04%, due 04/12/32 | 2,000 | 1,967 | ||||||
| M&T Bank RV Trust, Series 2026-1A-Class A, 144A, | ||||||||
| 4.35%, due 01/15/46 (c) | 1,780 | 1,754 | ||||||
OAKMARK FUNDS
| Oakmark Bond Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Par Value | Value | |||||||
| FIXED INCOME – 98.1% (cont.) | ||||||||
| ASSET BACKED SECURITIES – 7.7% (cont.) | ||||||||
| Sierra Timeshare Receivables Funding LLC, Series 2026-1A-Class C, 144A, | ||||||||
| 5.19%, due 12/22/42 (c) | $ | 1,685 | $ | 1,667 | ||||
| Carvana Auto Receivables Trust, Series 2024-P3-Class D, | ||||||||
| 5.39%, due 09/10/32 | 1,320 | 1,306 | ||||||
| CPS Auto Receivables Trust, Series 2024-C-Class E, 144A, | ||||||||
| 8.04%, due 03/15/32 (c) | 1,000 | 1,038 | ||||||
| Carvana Auto Receivables Trust, Series 2024-P2-Class D, | ||||||||
| 6.10%, due 06/10/31 | 1,000 | 1,012 | ||||||
| Carvana Auto Receivables Trust, Series 2026-P2-Class N, 144A, | ||||||||
| 5.37%, due 06/12/34 (c) | 1,000 | 1,000 | ||||||
| Exeter Select Automobile Receivables Trust, Series 2026-1-Class N, 144A, | ||||||||
| 6.87%, due 06/15/34 (c) | 1,000 | 998 | ||||||
| Carmax Auto Owner Trust, Series 2025-4-Class D, | ||||||||
| 5.11%, due 05/17/32 | 1,000 | 996 | ||||||
| Flagship Credit Auto Trust, Series 2021-2-Class E, 144A, | ||||||||
| 3.16%, due 09/15/28 (c) | 1,000 | 972 | ||||||
| Flagship Credit Auto Trust, Series 2023-2-Class E, 144A, | ||||||||
| 10.89%, due 07/15/30 (c) | 1,500 | 929 | ||||||
| CPS Auto Receivables Trust, Series 2022-C-Class E, 144A, | ||||||||
| 9.08%, due 04/15/30 (c) | 750 | 770 | ||||||
| Flagship Credit Auto Trust, Series 2022-4-Class C, 144A, | ||||||||
| 7.71%, due 10/16/28 (c) | 583 | 587 | ||||||
| Flagship Credit Auto Trust, Series 2022-1-Class E, 144A, | ||||||||
| 5.37%, due 06/15/29 (c) | 750 | 492 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2025-1A-Class D, 144A, | ||||||||
| 6.86%, due 01/21/42 (c) | 470 | 469 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2023-2A-Class C, 144A, | ||||||||
| 7.30%, due 04/20/40 (c) | 415 | 425 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2024-3A-Class C, 144A, | ||||||||
| 5.32%, due 08/20/41 (c) | 376 | 374 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2023-2A-Class D, 144A, | ||||||||
| 9.72%, due 04/20/40 (c) | 234 | 244 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2024-2A-Class D, 144A, | ||||||||
| 7.48%, due 06/20/41 (c) | 219 | 220 | ||||||
| Flagship Credit Auto Trust, Series 2023-3-Class C, 144A, | ||||||||
| 6.01%, due 07/16/29 (c) | 220 | 220 | ||||||
| Sierra Timeshare Receivables Funding LLC, Series 2022-2A-Class D, 144A, | ||||||||
| 9.22%, due 06/20/40 (c) | 100 | 102 | ||||||
| Total Asset Backed Securities | ||||||||
| (Cost $22,371) | 22,038 | |||||||
| BANK LOANS (d) – 2.4% | ||||||||
| CONSUMER STAPLES – 1.0% | ||||||||
| Wand NewCo 3, Inc. 2025 Repriced Term Loan B | ||||||||
| 6.144% (1 mo. USD Term SOFR + 2.500%), due 01/30/31 (a) | 1,401 | 1,399 | ||||||
| Belron Finance 2019 LLC 2026 Repriced Term Loan B | ||||||||
| 5.657% (3 mo. USD Term SOFR + 2.000%), due 10/16/31 (a) | 1,474 | 1,472 | ||||||
| 2,871 | ||||||||
| CONSUMER DISCRETIONARY – 0.6% | ||||||||
| Raising Cane's Restaurants LLC 2025 Term Loan B | ||||||||
| 5.644% (1 mo. USD Term SOFR + 2.000%), due 11/03/32 (a) | 1,493 | 1,485 | ||||||
| Skymiles IP Ltd. 2026 Term Loan B | ||||||||
| 4.925% (3 mo. USD Term SOFR + 1.250%), due 10/20/28 (a) | 275 | 274 | ||||||
| 1,759 | ||||||||
| INDUSTRIALS – 0.5% | ||||||||
| Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | ||||||||
| 6.894% (1 mo. USD Term SOFR + 3.250%), due 04/01/32 (a) | 1,481 | 1,421 | ||||||
| FINANCIALS – 0.3% | ||||||||
| Blackstone Mortgage Trust, Inc. 2026 Repriced Term Loan | ||||||||
| 6.144% (1 mo. USD Term SOFR + 2.500%), due 12/10/30 (a) | 991 | 987 | ||||||
| Total Bank Loans | ||||||||
| (Cost $7,102) | 7,038 | |||||||
| TOTAL FIXED INCOME – 98.1% | ||||||||
| (Cost $283,986) | 281,540 | |||||||
| SHORT-TERM INVESTMENTS – 2.6% | ||||||||
| REPURCHASE AGREEMENT – 2.6% | ||||||||
| Fixed Income Clearing Corp. Repurchase Agreement, 3.62% dated 6/30/26 due 7/1/26, repurchase price $7,423, collateralized by United States Treasury Notes, 3.875% due 10/15/27 - 12/31/27, aggregate value plus accrued interest of $7,570 (Cost: $7,422) | 7,422 | 7,422 | ||||||
| TOTAL SHORT-TERM INVESTMENTS – 2.6% | ||||||||
| (Cost $7,422) | 7,422 | |||||||
Oakmark.com
| Oakmark Bond Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
| Value | ||||||||
| TOTAL
INVESTMENTS – 100.7% (Cost $291,408) |
288,962 | |||||||
| Liabilities In Excess of Other Assets – (0.7)% | (1,960 | ) | ||||||
| NET ASSETS – 100.0% | $ | 287,002 | ||||||
| (a) | Floating Rate Note. Rate shown is as of June 30, 2026. |
| (b) | Security is perpetual and has no stated maturity date. |
| (c) | 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. At June 30, 2026, the value of Rule 144A holdings amounted to $92,103 (in thousands) or 32.09% of net assets. |
| (d) | Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown. |
Abbreviations:
SOFR: Secured Overnight Financing Rate
OAKMARK FUNDS
| Oakmark Bond Fund | June 30, 2026 (Unaudited) | |
| Schedule of Investments (in thousands) | ||
Fair value measurement
Various inputs are used in determining the value of the 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, 2026, in valuing the Fund’s assets and liabilities.
| (in thousands) | Quoted Prices in Active Markets
for (Level 1) | Other (Level 2) | Significant Inputs (Level 3) | |||||||||
| Corporate Bonds | $ | 0 | $ | 121,579 | $ | 0 | ||||||
| Mortgage-Backed Securities | 0 | 57,049 | 0 | |||||||||
| Collateralized Mortgage Obligations | 0 | 39,137 | 0 | |||||||||
| Government and Agency Securities | 0 | 34,699 | 0 | |||||||||
| Asset Backed Securities | 0 | 22,038 | 0 | |||||||||
| Bank Loans | 0 | 7,038 | 0 | |||||||||
| Short-Term Investments | 0 | 7,422 | 0 | |||||||||
| Total | $ | 0 | $ | 288,962 | $ | 0 | ||||||
Oakmark.com