Harris Associates Investment Trust NPORT-P Oakmark Global Select Fund (Dec 2024 report)

Oakmark Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 93.3%
FINANCIALS – 38.4%
FINANCIAL SERVICES – 22.7%
Charles Schwab Corp.		9,287	$	687,336
Intercontinental Exchange, Inc.		4,131		615,590
Fiserv, Inc. (a)		2,976		611,268
Capital One Financial Corp.		3,206		571,694
Bank of New York Mellon Corp.		7,241		556,290
State Street Corp.		5,222		512,510
Global Payments, Inc.		4,104		459,939
Nasdaq, Inc.		5,915		457,312
Ally Financial, Inc.		12,516		450,711
Corebridge Financial, Inc.		7,750		231,958
Blackrock, Inc.		125		128,139
Carlyle Group, Inc.		897		45,300
				5,328,047
BANKS – 9.8%
Citigroup, Inc.		10,943		770,264
Wells Fargo & Co.		7,601		533,894
Bank of America Corp.		11,347		498,718
First Citizens BancShares, Inc., Class A		233		492,122
				2,294,998
INSURANCE – 5.9%
American International Group, Inc.		9,015		656,263
Willis Towers Watson PLC		1,605		502,750
Reinsurance Group of America, Inc.		1,117		238,632
				1,397,645
				9,020,690
COMMUNICATION SERVICES – 9.6%
MEDIA & ENTERTAINMENT – 9.6%
Alphabet, Inc., Class A		4,357		824,799
Charter Communications, Inc., Class A (a)		1,433		491,263
Comcast Corp., Class A		11,750		440,978
Warner Bros. Discovery, Inc. (a)		31,882		336,987
Liberty Broadband Corp., Class C (a)		2,020		151,015
				2,245,042
HEALTH CARE – 9.5%
HEALTH CARE EQUIPMENT & SERVICES – 5.4%
Centene Corp. (a)		8,422		510,187
Elevance Health, Inc.		739		272,617
Baxter International, Inc.		6,470		188,665
CVS Health Corp.		3,992		179,192
GE HealthCare Technologies, Inc.		1,440		112,541
				1,263,202
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 4.1%
IQVIA Holdings, Inc. (a)		2,751		540,579
Merck & Co., Inc.		4,281		425,874
				966,453
				2,229,655
INDUSTRIALS – 8.9%
CAPITAL GOODS – 5.6%
Deere & Co.		1,684		713,388
Fortune Brands Innovations, Inc.		4,743		324,117
Masco Corp.		3,764		273,182
				1,310,687
TRANSPORTATION – 1.7%
Delta Air Lines, Inc.		6,449		390,171
COMMERCIAL & PROFESSIONAL SERVICES – 1.6%
Equifax, Inc.		1,501		382,453
				2,083,311
ENERGY – 8.3%
ConocoPhillips		5,585		553,904
EOG Resources, Inc.		4,498		551,397
Phillips 66		4,611		525,286
APA Corp.		13,585		313,673
				1,944,260
CONSUMER DISCRETIONARY – 6.7%
AUTOMOBILES & COMPONENTS – 5.0%
General Motors Co.		13,928		741,950
Magna International, Inc.		5,360		224,010
BorgWarner, Inc.		6,620		210,450
				1,176,410
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 0.9%
Genuine Parts Co.		1,775		207,249
CONSUMER SERVICES – 0.8%
Airbnb, Inc., Class A (a)		1,409		185,183
				1,568,842
CONSUMER STAPLES – 5.9%
CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.5%
Kroger Co.		9,625		588,569
HOUSEHOLD & PERSONAL PRODUCTS – 1.9%
Kenvue, Inc.		20,684		441,601
FOOD, BEVERAGE & TOBACCO – 1.5%
Keurig Dr. Pepper, Inc.		10,832		347,924
				1,378,094
MATERIALS – 2.7%
Corteva, Inc.		9,000		512,646
Celanese Corp.		1,799		124,501
				637,147
REAL ESTATE – 2.2%
REAL ESTATE MANAGEMENT & DEVELOPMENT – 2.2%
CBRE Group, Inc., Class A (a)		4,022		528,049
INFORMATION TECHNOLOGY – 1.1%
TECHNOLOGY HARDWARE & EQUIPMENT – 1.1%
TE Connectivity PLC		1,864		266,560
TOTAL COMMON STOCKS – 93.3%
(Cost $16,929,122)				21,901,650

OAKMARK FUNDS

Oakmark Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
SHORT-TERM INVESTMENT – 6.8%
REPURCHASE AGREEMENT – 6.8%
Fixed Income Clearing Corp. Repurchase Agreement, 4.45% dated 12/31/24 due 1/2/25, repurchase price $1,592,133, collateralized by a United States Treasury Note, 4.250% due 12/31/2026, value plus accrued interest of $1,623,574  (Cost: $1,591,739)	$	1,591,739	$	1,591,739
TOTAL SHORT-TERM INVESTMENTS – 6.8%
(Cost $1,591,739)				1,591,739
TOTAL INVESTMENTS – 100.1% (Cost $18,520,861)				23,493,389
Liabilities In Excess of Other Assets – (0.1)%				(29,757	)
TOTAL NET ASSETS – 100.0%			$	23,463,632

(a) Non-income producing security.

Oakmark.com

Oakmark Select Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 95.5%
FINANCIALS – 26.2%
FINANCIAL SERVICES – 19.5%
Intercontinental Exchange,Inc.		2,319	$	345,488
Charles Schwab Corp.		4,660		344,882
Capital One Financial Corp.		1,902		339,111
Ally Financial,Inc.		5,169		186,128
Fiserv,Inc. (a)		808		165,900
				1,381,509
BANKS – 6.7%
First Citizens BancShares,Inc., Class A		224		473,830
				1,855,339
INDUSTRIALS – 14.4%
COMMERCIAL & PROFESSIONAL SERVICES – 8.2%
Paycom Software,Inc.		1,762		361,055
Equifax,Inc.		863		219,935
				580,990
CAPITAL GOODS – 6.2%
Deere& Co.		1,043		441,919
				1,022,909
COMMUNICATION SERVICES – 12.6%
MEDIA & ENTERTAINMENT – 12.6%
Alphabet,Inc., Class A		2,717		514,408
Warner Bros. Discovery,Inc. (a)		20,021		211,622
Liberty Broadband Corp., Class C (a)		1,399		104,559
Charter Communications,Inc., Class A (a)		183		62,556
				893,145
HEALTH CARE – 10.4%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 7.3%
IQVIA Holdings,Inc. (a)		2,636		518,079
HEALTH CARE EQUIPMENT & SERVICES – 3.1%
Centene Corp. (a)(b)		3,587		217,300
				735,379
ENERGY – 10.2%
Phillips 66		2,577		293,598
ConocoPhillips		2,412		239,189
APA Corp.		8,191		189,126
				721,913
CONSUMER DISCRETIONARY – 9.6%
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 6.4%
Lithia Motors,Inc.		1,273		455,044
CONSUMER SERVICES – 3.2%
Airbnb,Inc., Class A (a)		1,708		224,448
				679,492
REAL ESTATE – 5.2%
REAL ESTATE MANAGEMENT & DEVELOPMENT – 5.2%
CBRE Group,Inc., Class A (a)		2,799		367,527
CONSUMER STAPLES – 3.6%
FOOD, BEVERAGE & TOBACCO – 3.6%
Keurig Dr.Pepper,Inc.		8,047		258,470
INFORMATION TECHNOLOGY – 3.3%
SOFTWARE & SERVICES – 3.3%
Salesforce,Inc.		706		236,137
TOTAL COMMON STOCKS – 95.5%
(Cost $5,139,073)				6,770,311

	Par Value		Value
SHORT-TERM INVESTMENTS – 4.4%
REPURCHASE AGREEMENT – 4.4%
Fixed Income Clearing Corp. Repurchase Agreement, 4.45% dated 12/31/24 due 1/2/25, repurchase price $311,196, collateralized by a United States Treasury Note, 4.250% due 12/31/2026, value plus accrued interest of $317,342(Cost: $311,119)	$	311,119		311,119
TOTAL SHORT-TERM INVESTMENTS – 4.4%
(Cost $311,119)				311,119
TOTAL INVESTMENTS – 99.9% (Cost $5,450,192)				7,081,430
Other Assets In Excess of Liabilities – 0.1%				5,403
TOTAL NET ASSETS – 100.0%			$	7,086,833

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

OAKMARK FUNDS

Oakmark Select Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

WRITTEN OPTIONS
Description	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums (Received) by Fund			Unrealized Gain/(Loss)
PUTS
Centene Corp.	$	57.50	2/21/25		(3,330	)	$	(20,173	)	$	(608	)	$	(1,276	)	$	668
Centene Corp.	$	60.00	2/21/25		(6,670	)	$	(40,407	)	$	(1,834	)	$	(2,600	)	$	766
							$	(60,580	)	$	(2,442	)	$	(3,876	)	$	1,434

Oakmark.com

OAKMARK GLOBAL FUND

Global Diversification —December 31, 2024 (Unaudited)

		% of Equity Investments
North America			56.3	%
	United States				56.3	%
Europe			40.0	%
	Germany*				8.4	%
	United Kingdom				7.9	%
	Switzerland				7.5	%
	France*				5.5	%
	Netherlands*				3.9	%
	Ireland*				3.4	%
	Denmark				2.0	%
	Belgium*				1.4	%
Asia			3.7	%
	China				1.7	%
	South Korea				1.5	%
	Japan				0.5	%

 * Euro currency countries comprise 22.6% of equity investments.

Oakmark Global Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY – 96.6%
FINANCIALS – 28.1%
FINANCIAL SERVICES  – 14.5%
Corebridge Financial, Inc. (United States)		1,160	$	34,707
Capital One Financial Corp. (United States)		171		30,421
Julius Baer Group Ltd. (Switzerland)		390		25,287
Fiserv, Inc. (United States) (a)		115		23,521
Intercontinental Exchange, Inc. (United States)		152		22,605
St. James's Place PLC (United Kingdom)		1,697		18,435
				154,976
INSURANCE – 9.3%
Willis Towers Watson PLC (United States)		92		28,755
American International Group, Inc. (United States)		375		27,285
Allianz SE (Germany)		70		21,523
Prudential PLC (United Kingdom)		2,693		21,472
				99,035
BANKS – 4.3%
Bank of America Corp. (United States)		532		23,364
Lloyds Banking Group PLC (United Kingdom)		32,095		22,010
				45,374
				299,385
HEALTH CARE – 17.4%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 8.9%
IQVIA Holdings, Inc. (United States) (a)		165		32,345
Bayer AG (Germany)		1,474		29,445
Roche Holding AG (Switzerland)		72		20,160
Novartis AG (Switzerland)		139		13,562
				95,512
HEALTH CARE EQUIPMENT & SERVICES – 8.5%
Envista Holdings Corp. (United States) (a)		1,633		31,493
Centene Corp. (United States) (a)		451		27,348
Becton Dickinson & Co. (United States)		88		20,032
Elevance Health, Inc. (United States)		31		11,337
				90,210
				185,722
CONSUMER DISCRETIONARY – 17.2%
AUTOMOBILES & COMPONENTS – 5.8%
Mercedes-Benz Group AG (Germany)		636		35,441
General Motors Co. (United States)		501		26,715
				62,156
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 5.2%
Prosus NV (Netherlands)		383		15,216
Amazon.com, Inc. (United States) (a)		58		12,682
Alibaba Group Holding Ltd. (China)		921		9,769
Etsy, Inc. (United States) (a)		176		9,325
Alibaba Group Holding Ltd. ADR (China) (b)		98		8,325
				55,317
CONSUMER DURABLES & APPAREL – 4.8%
Kering SA (France)		127		31,392
Brunswick Corp. (United States)		300		19,385
				50,777
CONSUMER SERVICES – 1.4%
Vail Resorts, Inc. (United States)		82		15,446
				183,696
INDUSTRIALS – 9.4%
CAPITAL GOODS – 5.8%
CNH Industrial NV (United States)		3,833		43,423
Deere & Co. (United States)		44		18,643
				62,066
TRANSPORTATION – 3.6%
DSV AS (Denmark)		95		20,276
Ryanair Holdings PLC ADR (Ireland) (b)		338		14,749
Ryanair Holdings PLC, Equity-Linked Security (Ireland) (a) (c) (d)		145		2,869
				37,894
				99,960
COMMUNICATION SERVICES – 7.3%
MEDIA & ENTERTAINMENT – 7.3%
Alphabet, Inc., Class A (United States)		222		42,044
Charter Communications, Inc., Class A (United States) (a)		68		23,446
Warner Bros. Discovery, Inc. (United States) (a)		911		9,628
Liberty Broadband Corp., Class C (United States) (a)		33		2,437
				77,555
INFORMATION TECHNOLOGY – 5.9%
TECHNOLOGY HARDWARE & EQUIPMENT – 3.0%
TE Connectivity PLC (Ireland)		119		17,027
Samsung Electronics Co. Ltd. (South Korea)		429		15,323
				32,350
SOFTWARE & SERVICES – 2.9%
Capgemini SE (France)		156		25,556
TIS, Inc. (Japan)		210		4,960
				30,516
				62,866
CONSUMER STAPLES – 5.3%
FOOD, BEVERAGE & TOBACCO – 3.3%
Diageo PLC (United Kingdom)		631		20,039
Anheuser-Busch InBev SA (Belgium)		298		14,894
				34,933

OAKMARK FUNDS

Oakmark Global Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY – 96.6%  (cont.)
CONSUMER STAPLES – 5.3% (cont.)
CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.0%
Kroger Co. (United States)		359	$	21,959
				56,892
MATERIALS – 4.0%
Akzo Nobel NV (Netherlands)		416		24,956
Glencore PLC (Switzerland)		4,113		18,199
				43,155
ENERGY – 2.0%
ConocoPhillips (United States)		221		21,937
TOTAL COMMON STOCKS  AND EQUITY-LINKED SECURITY – 96.6%
(Cost $853,655)				1,031,168

	Par Value		Value
SHORT-TERM INVESTMENT – 3.2%
REPURCHASE AGREEMENT – 3.2%
Fixed Income Clearing Corp. Repurchase Agreement, 4.45% dated 12/31/25 due 1/2/25, repurchase price $34,176, collateralized by a United States Treasury Note, 4.250% due 12/31/2026, value plus accrued interest of $34,851  (Cost: $34,167)	$	34,167		34,167
TOTAL SHORT-TERM INVESTMENTS – 3.2%
(Cost $34,167)				34,167
TOTAL INVESTMENTS – 99.8% (Cost $887,822)				1,065,335
Foreign Currencies (Cost $3) – 0.0% (e)				3
Other Assets In Excess of Liabilities – 0.2%				1,682
TOTAL NET ASSETS – 100.0%			$	1,067,020

(a)	Non-income producing security.
(b)	Sponsored American Depositary Receipt
(c)	Security is an equity-linked security issued by HSBC Bank Plc. As described in the Notes to the Schedule of Investments, equity linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
(d)	Security is restricted. Security was acquired in transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or period noted below.
(e)	Amount rounds to less than 0.1%.

Oakmark.com

Oakmark Global Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

Restricted Security	Acquisition Date	Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC, Equity-Linked Security	11/4/2024-11/8/2024	$	2,912	$	2,869		0.27	%

OAKMARK FUNDS

OAKMARK GLOBAL SELECT FUND

Global Diversification —December 31, 2024 (Unaudited)

		% of Equity Investments
North America			61.2	%
	United States				61.2	%
Europe			36.0	%
	United Kingdom				15.2	%
	Germany*				8.1	%
	Netherlands*				4.3	%
	Switzerland				4.3	%
	France*				4.1	%
Asia			2.8	%
	China				2.8	%

* Euro currency countries comprise 16.5% of equity investments.

Oakmark Global Select Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 95.6%
FINANCIALS – 28.7%
FINANCIAL SERVICES  – 19.1%
Capital One Financial Corp. (United States)		298	$	53,175
Intercontinental Exchange, Inc. (United States)		326		48,532
Charles Schwab Corp. (United States)		584		43,192
Fiserv, Inc. (United States) (a)		189		38,878
				183,777
BANKS – 5.0%
Lloyds Banking Group PLC (United Kingdom)		70,586		48,407
INSURANCE – 4.6%
American International Group, Inc. (United States)		606		44,142
				276,326
HEALTH CARE – 18.9%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 13.4%
IQVIA Holdings, Inc. (United States) (a)		272		53,509
Roche Holding AG (Switzerland)		140		39,173
Bayer AG (Germany)		1,800		35,959
				128,641
HEALTH CARE EQUIPMENT & SERVICES – 5.5%
Centene Corp. (United States) (a)		651		39,435
Elevance Health, Inc. (United States)		38		13,970
				53,405
				182,046
CONSUMER STAPLES – 13.5%
FOOD, BEVERAGE & TOBACCO – 8.8%
Diageo PLC (United Kingdom)		1,462		46,434
Danone SA (France)		558		37,660
				84,094
HOUSEHOLD & PERSONAL PRODUCTS – 4.7%
Reckitt Benckiser Group PLC (United Kingdom)		751		45,420
				129,514
CONSUMER DISCRETIONARY – 13.4%
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 9.3%
Prosus NV (Netherlands)		991		39,359
Amazon.com, Inc. (United States) (a)		111		24,313
Alibaba Group Holding Ltd. (China)		1,743		18,497
Alibaba Group Holding Ltd. ADR (China) (b)		89		7,541
				89,710
AUTOMOBILES & COMPONENTS – 4.1%
Mercedes-Benz Group AG (Germany)		697		38,881
				128,591
COMMUNICATION SERVICES – 11.9%
MEDIA & ENTERTAINMENT – 11.9%
Alphabet, Inc., Class A (United States)		368		69,635
Charter Communications, Inc., Class A (United States) (a)		132		45,135
				114,770
INDUSTRIALS – 6.4%
CAPITAL GOODS – 6.4%
CNH Industrial NV (United States)		5,459		61,850
ENERGY – 2.8%
ConocoPhillips (United States)		270		26,746
TOTAL COMMON STOCKS – 95.6%
(Cost $786,724)				919,843

	Par Value		Value
SHORT-TERM INVESTMENTS – 4.4%
REPURCHASE AGREEMENT – 4.4%
Fixed Income Clearing Corp. Repurchase Agreement, 4.45% dated 12/31/24 due 1/2/25, repurchase price $42,032, collateralized by a United States Treasury Note, 4.250% due 12/31/2026, value plus accrued interest of $42,862  (Cost: $42,022)	$	42,022		42,022
TOTAL SHORT-TERM INVESTMENTS – 4.4%
(Cost $42,022)				42,022
TOTAL INVESTMENTS – 100.0% (Cost $828,746)				961,865
Foreign Currencies (Cost $0) (d) – 0.0% (c)				0	(d)
Other Assets In Excess of Liabilities – 0.0% (c)				264
TOTAL NET ASSETS – 100.0%			$	962,129

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

OAKMARK FUNDS

OAKMARK INTERNATIONAL FUND

Global Diversification —December 31, 2024 (Unaudited)

		% of Equity Investments
Europe			86.6	%
	Germany*				26.8	%
	France*				21.2	%
	United Kingdom				14.8	%
	Switzerland				7.8	%
	Netherlands*				5.7	%
	Sweden				3.7	%
	Italy*				1.8	%
	Denmark				1.8	%
	Ireland*				1.3	%
	Spain*				1.0	%
	Belgium*				0.7	%
Asia			8.0	%
	South Korea				2.6	%
	Japan				2.3	%
	China				1.6	%
	India				0.8	%
	Indonesia				0.7	%
North America			4.8	%
	United States				3.5	%
	Canada				1.3	%
Australasia			0.6	%
	Australia				0.6	%

* Euro currency countries comprise 58.5% of equity investments.

Oakmark International Fund December 31, 2024 (Unaudited)

Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY – 95.3%
INDUSTRIALS – 21.3%
CAPITAL GOODS – 17.8%
CNH Industrial NV (United States)		45,427	$	514,688
Airbus SE (France)		2,189		350,960
Daimler Truck Holding AG (Germany)		8,387		321,253
Brenntag SE (Germany)		4,433		266,609
SKF AB, Class B (Sweden)		11,656		218,787
Siemens AG (Germany)		1,122		218,784
Komatsu Ltd. (Japan)		7,489		204,023
Volvo AB, Class B (Sweden)		7,284		177,010
Sandvik AB (Sweden)		8,421		151,005
Smiths Group PLC (United Kingdom)		6,410		137,952
Ashtead Group PLC (United Kingdom)		1,448		89,978
Schindler Holding AG (Switzerland)		261		72,248
Bunzl PLC (United Kingdom)		412		16,980
				2,740,277
TRANSPORTATION – 3.0%
DSV AS (Denmark)		1,260		268,230
Ryanair Holdings PLC ADR (Ireland) (a)		3,527		153,763
Ryanair Holdings PLC, Equity-Linked Security (Ireland) (b) (c) (d)		2,160		42,714
				464,707
COMMERCIAL & PROFESSIONAL SERVICES – 0.5%
Brambles Ltd. (Australia)		6,603		78,635
				3,283,619
CONSUMER DISCRETIONARY – 21.2%
AUTOMOBILES & COMPONENTS – 8.3%
Continental AG (Germany)		7,372		496,767
Bayerische Motoren Werke AG (Germany)		5,340		436,789
Mercedes-Benz Group AG (Germany)		6,317		352,209
				1,285,765
CONSUMER DURABLES & APPAREL – 7.2%
Kering SA (France)		2,109		520,581
Swatch Group AG (Switzerland)		1,369		248,896
adidas AG (Germany)		700		172,274
Cie Financiere Richemont SA, Class A (Switzerland)		1,132		171,245
				1,112,996
CONSUMER SERVICES – 2.9%
Accor SA (France)		5,013		244,264
Amadeus IT Group SA (Spain)		2,138		151,015
Compass Group PLC (United Kingdom)		1,614		53,801
				449,080
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 2.8%
Alibaba Group Holding Ltd. (China)		22,506		238,776
Prosus NV (Netherlands)		4,726		187,739
				426,515
				3,274,356
FINANCIALS – 19.9%
BANKS – 9.2%
BNP Paribas SA (France)		9,543		585,409
Lloyds Banking Group PLC (United Kingdom)		459,007		314,783
Intesa Sanpaolo SpA (Italy)		67,344		270,104
Axis Bank Ltd. (India)		9,094		113,090
Bank Mandiri Persero Tbk. PT (Indonesia)		301,641		106,178
KB Financial Group, Inc. (South Korea)		402		22,660
				1,412,224
FINANCIAL SERVICES – 6.9%
Edenred SE (France) (e)		13,147		432,382
Schroders PLC (United Kingdom)		70,522		285,694
EXOR NV (Netherlands)		2,319		212,672
Worldline SA (France) (d) (e)		16,013		140,625
				1,071,373
INSURANCE – 3.8%
Prudential PLC (United Kingdom)		37,013		295,167
Allianz SE (Germany)		954		293,254
				588,421
				3,072,018
HEALTH CARE – 13.2%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 7.1%
Bayer AG (Germany)		24,414		487,662
Eurofins Scientific SE (France)		5,133		262,157
Roche Holding AG (Switzerland)		691		193,069
Novartis AG (Switzerland)		1,587		154,457
				1,097,345
HEALTH CARE EQUIPMENT & SERVICES – 6.1%
Fresenius Medical Care AG (Germany)		8,870		403,863
Fresenius SE & Co. KGaA (Germany) (d)		9,645		334,792
Smith & Nephew PLC (United Kingdom)		15,979		198,318
				936,973
				2,034,318
CONSUMER STAPLES – 7.5%
FOOD, BEVERAGE & TOBACCO – 3.7%
Pernod Ricard SA (France)		1,681		189,786
Diageo PLC (United Kingdom)		5,706		181,249
Anheuser-Busch InBev SA (Belgium)		2,032		101,539
Danone SA (France)		1,482		99,995
				572,569
HOUSEHOLD & PERSONAL PRODUCTS – 2.7%
Reckitt Benckiser Group PLC (United Kingdom)		4,727		286,016
Henkel AG & Co. KGaA (Germany)		1,659		127,821
				413,837

OAKMARK FUNDS

Oakmark International Fund December 31, 2024 (Unaudited)

Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY – 95.3%  (cont.)
CONSUMER STAPLES – 7.5% (cont.)
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.1%
Koninklijke Ahold Delhaize NV (Netherlands)	5,466	$	178,285
			1,164,691
MATERIALS – 4.4%
Akzo Nobel NV (Netherlands)	4,442		266,708
Glencore PLC (Switzerland)	57,054		252,419
thyssenkrupp AG (Germany)	20,553		83,395
Holcim AG (Switzerland)	690		66,438
Smurfit WestRock PLC (United States)	184		9,894
			678,854
COMMUNICATION SERVICES – 4.0%
MEDIA & ENTERTAINMENT – 3.5%
WPP PLC (United Kingdom)	27,792		287,875
NAVER Corp. (South Korea) (d)	1,199		159,947
Publicis Groupe SA (France)	911		97,186
			545,008
TELECOMMUNICATION SERVICES – 0.5%
Liberty Global Ltd., Class A (United Kingdom) (d)	5,228		66,707
Sunrise Communications AG, Class A ADR (Switzerland) (a)	246		10,579
			77,286
			622,294
INFORMATION TECHNOLOGY – 3.8%
SOFTWARE & SERVICES – 3.8%
Capgemini SE (France)	1,488		243,709
Open Text Corp. (Canada)	6,883		194,778
Fujitsu Ltd. (Japan)	7,963		139,874
			578,361
COMMON STOCKS AND EQUITY-LINKED SECURITY – 95.3%
(Cost $14,848,119)			14,708,511
PREFERRED STOCKS – 1.4%
INFORMATION TECHNOLOGY – 1.4%
TECHNOLOGY HARDWARE & EQUIPMENT – 1.4%
Samsung Electronics Co. Ltd. (South Korea)	7,260		215,638
TOTAL PREFERRED STOCKS – 1.4%
(Cost $350,713)			215,638

		Par Value		Value
SHORT-TERM INVESTMENTS – 3.2%
REPURCHASE AGREEMENT – 2.5%
Fixed Income Clearing Corp. Repurchase Agreement, 4.45% dated 12/31/24 due 1/2/25, repurchase price $388,686, collateralized by a United States Treasury Note, 4.250% due 12/31/2026, value plus accrued interest of $396,362  (Cost: $388,590)	$	388,590	$	388,590
COMMERCIAL PAPER – 0.7%
American Honda Finance Corp., 4.79% - 4.82%, due 01/07/25 - 02/13/25 (f) (Cost  $103,769)		104,000		103,763
TOTAL COMMERCIAL PAPER – 0.7%
(Cost $103,769)				103,763
TOTAL SHORT-TERM INVESTMENTS – 3.2%
(Cost $492,359)				492,353
TOTAL INVESTMENTS – 99.9% (Cost $15,691,191)				15,416,502
Foreign Currencies (Cost $19) – 0.0% (g)				19
Other Assets In Excess of Liabilities – 0.1%				15,087
TOTAL NET ASSETS – 100.0%			$	15,431,608

(a)	Sponsored American Depositary Receipt
(b)	Security is an equity-linked security issued by HSBC Bank Plc. As described in the Notes to the Schedule of Investments, equity linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.
(c)	Security is restricted. Security was acquired in transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or period noted below.
(d)	Non-income producing security.
(e)	See Note 3 in the Notes to Schedules of Investments regarding investments in affiliated issuers.
(f)	The rate shown represents the annualized yield at the time of purchase; not a coupon rate.
(g)	Amount rounds to less than 0.1%.

Oakmark.com

Oakmark International Fund December 31, 2024 (Unaudited)

Schedule of Investments (in thousands)

Restricted Security	Acquisition Date	Cost		Value		Percentage of Total Net Assets
Ryanair Holdings PLC, Equity-Linked Security	11/4/2024- 11/8/2024	$	43,355	$	42,714		0.28	%

Schedule of Transactions with Affiliated Issuers

Purchase and sale transactions and dividend and interest income earned during the period on these securities are set forth below (in thousands). The industry, country or geographic region for each of the below affiliates can be found in the Schedule of Investments.

Affiliates	Shares Held		Purchases (Cost)		Sales (Proceeds)		Realized Gain/(Loss)			Change in Unrealized			Dividend Income		Value September 30, 2024		Value December 31, 2024		Percent of Net Assets
Edenred		13,147	$	93,214	$	7,536	$	(2	)	$	(53,108	)	$	0	$	399,814	$	432,382		2.8	%
Worldline		16,013		0		488		(239	)		24,318			0		117,034		140,625		0.9	%
TOTAL		29,160	$	93,214	$	8,024	$	(241	)	$	(28,790	)	$	0	$	516,848	$	573,007		3.7	%

OAKMARK FUNDS

OAKMARK INTERNATIONAL SMALL CAP FUND

Global Diversification —June 30, 2023 (Unaudited)

		% of Equity Investments
Europe		73.7	%
	United Kingdom			16.6	%
	Germany*			9.8	%
	Italy*			9.4	%
	Sweden			9.1	%
	Switzerland			8.8	%
	Finland*			5.8	%
	Denmark			3.4	%
	Norway			3.4	%
	Netherlands*			2.9	%
	Spain*			2.6	%
	Belgium*			1.5	%
	France*			0.4	%
Asia		16.6	%
	Japan			7.7	%
	South Korea			5.3	%
	China			2.5	%
	Indonesia			1.1	%
Australasia		3.2	%
	Australia			3.2	%
Latin America		4.3	%
	Mexico			3.0	%
	Chile			1.3	%
Middle East		1.6	%
	Israel			1.6	%
North America		0.6	%
	Canada			0.6	%

* Euro currency countries comprise 32.4% of equity investments.

Oakmark International Small Cap Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 97.0%
INDUSTRIALS – 32.0%
CAPITAL GOODS – 17.4%
Duerr AG (Germany)		1,840	$	40,822
Metso OYJ (Finland)		3,293		30,653
Valmet OYJ (Finland)		1,017		24,654
Travis Perkins PLC (United Kingdom)		2,564		23,399
Azelis Group NV (Belgium)		960		18,896
Howden Joinery Group PLC (United Kingdom)		1,779		17,667
Konecranes OYJ (Finland)		258		16,369
Babcock International Group PLC (United Kingdom)		2,265		14,193
Fluidra SA (Spain)		575		14,016
dormakaba Holding AG (Switzerland)		20		13,972
Sulzer AG (Switzerland)		18		2,657
				217,298
COMMERCIAL & PROFESSIONAL SERVICES – 14.6%
ISS AS (Denmark)		2,305		42,162
Loomis AB (Sweden)		981		29,794
Hays PLC (United Kingdom)		26,718		26,875
Bravida Holding AB (Sweden)		2,953		21,417
Pagegroup PLC (United Kingdom)		4,342		18,675
SThree PLC (United Kingdom)		3,349		12,409
Adecco Group AG (Switzerland)		445		10,985
Randstad NV (Netherlands)		248		10,458
Mitie Group PLC (United Kingdom)		7,303		10,058
				182,833
				400,131
FINANCIALS – 17.7%
FINANCIAL SERVICES  – 12.5%
Azimut Holding SpA (Italy)		1,607		40,036
Julius Baer Group Ltd. (Switzerland)		586		38,001
Nexi SpA (Italy) (a)		5,785		32,202
St. James's Place PLC (United Kingdom)		2,566		27,881
EFG International AG (Switzerland)		1,297		18,853
				156,973
BANKS – 5.2%
BNK Financial Group, Inc. (South Korea)		5,598		39,103
DGB Financial Group, Inc. (South Korea)		4,637		25,615
				64,718
				221,691
CONSUMER DISCRETIONARY – 10.6%
AUTOMOBILES & COMPONENTS – 5.7%
Dometic Group AB (Sweden)		6,371		29,859
Autoliv, Inc. (Sweden)		227		21,272
Pirelli & C SpA (Italy)		3,576		20,285
				71,416
CONSUMER SERVICES – 2.9%
Wynn Macau Ltd. (China)		45,051		31,266
Auction Technology Group PLC (United Kingdom) (a)		655		4,509
				35,775
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 2.0%
Fielmann Group AG (Germany)		493		21,109
Wickes Group PLC (United Kingdom)		2,003		3,792
				24,901
				132,092
INFORMATION TECHNOLOGY – 10.1%
SOFTWARE & SERVICES – 9.3%
Atea ASA (Norway)		3,381		41,992
TeamViewer SE (Germany) (a)		2,568		25,398
TIS, Inc. (Japan)		909		21,461
BIPROGY, Inc. (Japan)		528		15,826
Sapiens International Corp. NV (Israel)		241		6,484
Sopra Steria Group (France)		27		4,847
				116,008
TECHNOLOGY HARDWARE & EQUIPMENT – 0.8%
Softwareone Holding AG (Switzerland)		1,592		10,736
				126,744
CONSUMER STAPLES – 7.9%
FOOD, BEVERAGE & TOBACCO – 4.7%
JDE Peet's NV (Netherlands)		1,435		24,571
Davide Campari-Milano NV (Italy)		3,580		22,407
Strauss Group Ltd. (Israel)		662		12,555
				59,533
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.7%
Sugi Holdings Co. Ltd. (Japan)		1,331		20,858
HOUSEHOLD & PERSONAL PRODUCTS – 1.5%
Kimberly-Clark de Mexico SAB de CV, Class A (Mexico)		13,009		18,344
				98,735
HEALTH CARE – 5.3%
HEALTH CARE EQUIPMENT & SERVICES – 3.9%
Ansell Ltd. (Australia)		999		20,918
ConvaTec Group PLC (United Kingdom)		3,715		10,287
Elekta AB, Class B (Sweden)		1,744		9,636
Medmix AG (Switzerland)		785		7,635
				48,476
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 1.4%
Grifols SA ADR (Spain) (a) (b)		2,459		18,292
				66,768
COMMUNICATION SERVICES – 4.7%
MEDIA & ENTERTAINMENT – 3.6%
Megacable Holdings SAB de CV (Mexico)		11,458		18,634
oOh!media Ltd. (Australia)		24,568		17,944
Hakuhodo DY Holdings, Inc. (Japan)		1,190		9,009
				45,587

OAKMARK FUNDS

Oakmark International Small Cap Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 97.0%  (cont.)
COMMUNICATION SERVICES – 4.7% (cont.)
TELECOMMUNICATION SERVICES – 1.1%
Sarana Menara Nusantara Tbk. PT (Indonesia)		323,009	$	13,136
				58,723
MATERIALS – 4.5%
Lanxess AG (Germany)		1,353		33,083
DS Smith PLC (United Kingdom)		2,169		14,717
Essentra PLC (United Kingdom)		5,207		8,670
				56,470
REAL ESTATE – 4.2%
REAL ESTATE MANAGEMENT & DEVELOPMENT – 4.2%
Katitas Co. Ltd. (Japan)		1,969		28,227
LSL Property Services PLC (United Kingdom)		2,834		10,786
Colliers International Group, Inc. (Canada)		58		7,888
International Workplace Group PLC (Switzerland)		2,566		5,110
				52,011
TOTAL COMMON STOCKS – 97.0%
(Cost $1,236,912)				1,213,365
PREFERRED STOCKS – 1.3%
SOFT DRINKS & NON-ALCOHOLIC BEVERAGES – 1.3%
Embotelladora Andina SA (Chile)		5,444		16,568
TOTAL PREFERRED STOCKS – 1.3% (Cost $16,167)				16,568

	Par Value		Value
SHORT-TERM INVESTMENT – 1.4%
REPURCHASE AGREEMENT – 1.4%
Fixed Income Clearing Corp. Repurchase Agreement, 4.45% dated 12/31/24 due 1/2/25, repurchase price $17,411, collateralized by a United States Treasury Note, 4.250% due 12/31/2026, value plus accrued interest of $17,755  (Cost: $17,407)	$	17,407		17,407
TOTAL SHORT-TERM INVESTMENTS – 1.4%
(Cost $17,407)				17,407
TOTAL INVESTMENTS – 99.7% (Cost $1,270,486)				1,247,340
Foreign Currencies (Cost $43) – 0.0% (c)				43
Other Assets In Excess of Liabilities – 0.3%				3,803
TOTAL NET ASSETS – 100.0%			$	1,251,186

(a)	Non-income producing security.
(b)	Sponsored American Depositary Receipt
(c)	Amount rounds to less than 0.1%.

Oakmark.com

Oakmark Equity and Income Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 59.3%
FINANCIALS – 19.1%
FINANCIAL SERVICES – 12.8%
Charles Schwab Corp.		1,713	$	126,774
Fiserv, Inc. (a)		546		112,118
Corebridge Financial, Inc.		3,646		109,130
Intercontinental Exchange, Inc.		671		99,971
Capital One Financial Corp.		535		95,437
Nasdaq, Inc.		906		70,058
Ally Financial, Inc.		1,800		64,814
LPL Financial Holdings, Inc.		192		62,722
State Street Corp.		568		55,769
Blackrock, Inc.		10		10,149
				806,942
INSURANCE – 4.8%
American International Group, Inc.		1,832		133,348
Willis Towers Watson PLC		274		85,890
Reinsurance Group of America, Inc.		383		81,799
				301,037
BANKS – 1.5%
Bank of America Corp.		2,212		97,223
				1,205,202
CONSUMER DISCRETIONARY – 9.0%
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL – 4.1%
Amazon.com, Inc. (a) (b)		590		129,528
Lithia Motors, Inc.		246		88,035
Genuine Parts Co.		330		38,472
				256,035
AUTOMOBILES & COMPONENTS – 2.2%
General Motors Co.		1,324		70,519
BorgWarner, Inc.		2,199		69,916
				140,435
CONSUMER SERVICES – 1.9%
Wendy's Co.		5,558		90,592
Airbnb, Inc., Class A (a)		247		32,511
				123,103
CONSUMER DURABLES & APPAREL – 0.8%
Brunswick Corp.		739		47,824
				567,397
COMMUNICATION SERVICES – 8.5%
MEDIA & ENTERTAINMENT – 8.5%
Alphabet, Inc., Class A		1,175		222,333
Warner Music Group Corp., Class A		2,842		88,102
Charter Communications, Inc., Class A (a)		251		86,104
Comcast Corp., Class A		1,699		63,771
Warner Bros. Discovery, Inc. (a)		4,554		48,130
Interpublic Group of Cos., Inc.		967		27,098
				535,538
HEALTH CARE – 5.9%
HEALTH CARE EQUIPMENT & SERVICES – 3.3%
Elevance Health, Inc.		255		93,959
Centene Corp. (a)		1,106		66,983
GE HealthCare Technologies, Inc.		565		44,156
				205,098
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – 2.6%
IQVIA Holdings, Inc. (a)		532		104,484
Merck & Co., Inc.		619		61,608
				166,092
				371,190
INDUSTRIALS – 5.8%
COMMERCIAL & PROFESSIONAL SERVICES – 2.4%
OPENLANE, Inc. (a)		2,924		58,012
Equifax, Inc.		209		53,340
ABM Industries, Inc.		841		43,022
				154,374
CAPITAL GOODS – 2.4%
Deere & Co.		282		119,484
Masco Corp.		398		28,868
				148,352
TRANSPORTATION – 1.0%
Delta Air Lines, Inc.		1,041		62,999
				365,725
MATERIALS – 3.3%
Glencore PLC		22,886		101,253
Corteva, Inc.		1,492		85,007
Sealed Air Corp.		711		24,046
				210,306
CONSUMER STAPLES – 3.1%
FOOD, BEVERAGE & TOBACCO – 1.1%
Keurig Dr. Pepper, Inc.		2,091		67,153
HOUSEHOLD & PERSONAL PRODUCTS – 1.0%
Kenvue, Inc.		3,107		66,337
CONSUMER STAPLES DISTRIBUTION & RETAIL – 1.0%
Kroger Co.		1,032		63,131
				196,621
ENERGY – 2.9%
Phillips 66		673		76,663
ConocoPhillips		742		73,574
EOG Resources, Inc.		275		33,673
				183,910

OAKMARK FUNDS

Oakmark Equity and Income Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Shares		Value
COMMON STOCKS – 59.3%  (cont.)
INFORMATION TECHNOLOGY – 1.1%
TECHNOLOGY HARDWARE & EQUIPMENT – 1.1%
TE Connectivity PLC		495	$	70,767
REAL ESTATE – 0.6%
REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.6%
Howard Hughes Holdings, Inc. (a)		508		39,064
Seaport Entertainment Group, Inc. (a)		92		2,583
				41,647
TOTAL COMMON STOCKS – 59.3% (Cost $2,790,400)				3,748,303

	Par Value		Value
FIXED INCOME – 39.2%
CORPORATE BONDS – 16.0%
FINANCIALS – 5.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.45%, due 10/29/26	$	12,500	$	11,966
3.40%, due 10/29/33		10,000		8,516
4.625%, due 09/10/29		4,250		4,156
4.95%, due 09/10/34		2,150		2,047
Ally Financial, Inc.
4.70%(5 yr. CMT + 3.868%) (c) (d)		23,750		22,163
6.992%(1 day USD SOFR + 3.260%), due 06/13/29 (c)		9,250		9,636
4.70%(7 yr. CMT + 3.481%) (c) (d)		2,000		1,748
Apollo Commercial Real Estate Finance, Inc., 144A
4.625%, due 06/15/29 (e)		20,373		17,681
Arthur J Gallagher & Co.
5.55%, due 02/15/55		2,000		1,920
Bank of America Corp.
2.551%(1 day USD SOFR + 1.050%), due 02/04/28 (c)		13,575		12,943
4.45%, due 03/03/26		5,000		4,979
Capital One Financial Corp.
7.624% (1 day USD SOFR + 3.070%), due 10/30/31 (c)		19,600		21,640
Charles Schwab Corp.
5.853% (1 day USD SOFR + 2.500%), due 05/19/34 (c)		23,750		24,447
Citigroup, Inc.
7.625% (5 yr. CMT + 3.211%) (c) (d)		14,500		15,107
CNO Financial Group, Inc.
5.25%, due 05/30/25		5,895		5,896
Equitable Financial Life Global Funding, 144A
1.70%, due 11/12/26 (e)		15,000		14,180
First Citizens BancShares, Inc.
3.375% (3 mo. USD Term SOFR + 2.465%), due 03/15/30 (c)		15,000		14,911
Goldman Sachs Group, Inc.
4.692% (1 day USD SOFR + 1.135%), due 10/23/30 (c)		25,700		25,161
Independent Bank Group, Inc.
8.375% (3 mo. USD Term SOFR + 2.465%), due 08/15/34 (c)		9,350		9,560
JPMorgan Chase & Co.
4.603% (1 day USD SOFR + 1.040%), due 10/22/30 (c)		34,750		34,089
KKR Group Finance Co. XII LLC, 144A
4.85%, due 05/17/32 (e)		9,000		8,674
LPL Holdings, Inc.
6.75%, due 11/17/28		14,225		14,940
Morgan Stanley
4.654% (1 day USD SOFR + 1.100%), due 10/18/30 (c)		15,000		14,679
Pershing Square Holdings Ltd., 144A
3.25%, due 11/15/30 (e)		14,000		11,993
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 144A
4.00%, due 10/15/33 (e)		7,075		5,893
Stifel Financial Corp.
4.00%, due 05/15/30		12,242		11,552
Truist Financial Corp.
5.867% (1 day USD SOFR + 2.361%), due 06/08/34 (c)		9,750		9,927
Wells Fargo & Co.
2.393%(1 day USD SOFR + 2.100%), due 06/02/28 (c)		11,000		10,360
5.707%(1 day USD SOFR + 1.070%), due 04/22/28 (c)		10,000		10,165
5.198%(1 day USD SOFR + 1.500%), due 01/23/30 (c)		1,350		1,354
5.499%(1 day USD SOFR + 1.780%), due 01/23/35 (c)		1,350		1,344
Willis North America, Inc.
5.90%, due 03/05/54		4,600		4,530
				368,157
INDUSTRIALS – 2.7%
AutoNation, Inc.
3.85%, due 03/01/32		11,750		10,532
Boeing Co.
3.75%, due 02/01/50		29,000		19,779
Bombardier, Inc., 144A
7.00%, due 06/01/32 (e)		10,000		10,173
Fortune Brands Innovations, Inc.
4.00%, due 06/15/25		13,430		13,376
5.875%, due 06/01/33		10,000		10,255
GXO Logistics, Inc.
6.50%, due 05/06/34		8,200		8,405
Hilton Domestic Operating Co., Inc., 144A
3.625%, due 02/15/32 (e)		18,500		16,071
3.75%, due 05/01/29 (e)		9,000		8,293
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL
5.75%, due 04/01/33		3,631		3,614
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
6.75%, due 03/15/34		3,482		3,681
MasTec, Inc.
5.90%, due 06/15/29		4,100		4,173

Oakmark.com

Oakmark Equity and Income Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 39.2%  (cont.)
CORPORATE BONDS – 16.0%  (cont.)
INDUSTRIALS – 2.7%  (cont.)
Stanley Black & Decker, Inc.
2.30%, due 03/15/30	$	31,350	$	27,172
United Parcel Service, Inc.
5.15%, due 05/22/34		10,000		9,979
Viterra Finance BV, 144A
5.25%, due 04/21/32 (e)		13,150		12,833
2.00%, due 04/21/26 (e)		11,400		10,918
				169,254
CONSUMER DISCRETIONARY – 2.2%
Aptiv PLC/Aptiv Global Financing DAC
5.15%, due 09/13/34		13,750		12,997
AutoNation, Inc.
1.95%, due 08/01/28		4,940		4,441
Brunswick Corp.
2.40%, due 08/18/31		35,813		29,339
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, due 05/01/32		10,000		8,602
Expedia Group, Inc.
4.625%, due 08/01/27		13,576		13,521
General Motors Financial Co., Inc.
5.95%, due 04/04/34		10,000		10,052
Lear Corp.
2.60%, due 01/15/32		6,935		5,781
Lithia Motors, Inc., 144A
3.875%, due 06/01/29 (e)		8,540		7,800
4.375%, due 01/15/31 (e)		5,000		4,533
M/I Homes, Inc.
3.95%, due 02/15/30		7,100		6,404
Marriott International, Inc.
4.625%, due 06/15/30		9,400		9,225
MGM Resorts International
4.75%, due 10/15/28		13,875		13,286
Thor Industries, Inc., 144A
4.00%, due 10/15/29 (e)		17,250		15,555
				141,536
ENERGY – 1.5%
Aker BP ASA, 144A
6.00%, due 06/13/33 (e)		5,910		5,936
5.125%, due 10/01/34 (e)		4,090		3,841
Apache Corp.
5.35%, due 07/01/49		10,000		8,310
Expand Energy Corp.
5.70%, due 01/15/35		10,000		9,815
Expand Energy Corp., 144A
5.875%, due 02/01/29 (e)		14,525		14,407
6.75%, due 04/15/29 (e)		8,000		8,083
Occidental Petroleum Corp.
5.20%, due 08/01/29		5,600		5,556
Parsley Energy LLC/Parsley Finance Corp., 144A
4.125%, due 02/15/28 (e)		26,312		25,408
Patterson-UTI Energy, Inc.
7.15%, due 10/01/33		10,000		10,479
				91,835
REAL ESTATE – 1.0%
Alexandria Real Estate Equities, Inc.
4.75%, due 04/15/35		9,892		9,273
CBRE Services, Inc.
5.50%, due 04/01/29		10,000		10,180
2.50%, due 04/01/31		10,750		9,150
GLP Capital LP/GLP Financing II, Inc.
4.00%, due 01/15/31		9,425		8,621
5.75%, due 06/01/28		4,975		5,020
5.25%, due 06/01/25		4,975		4,974
5.375%, due 04/15/26		3,925		3,925
Howard Hughes Corp., 144A
4.375%, due 02/01/31 (e)		4,250		3,827
RHP Hotel Properties LP/RHP Finance Corp., 144A
4.50%, due 02/15/29 (e)		10,875		10,267
				65,237
HEALTH CARE – 1.0%
CVS Health Corp.
4.78%, due 03/25/38		20,000		17,294
Embecta Corp., 144A
5.00%, due 02/15/30 (e)		10,000		9,211
Humana, Inc.
5.375%, due 04/15/31		10,000		9,916
Icon Investments Six DAC
6.00%, due 05/08/34		10,000		10,096
Select Medical Corp, 144A
6.25%, due 12/01/32 (e)		18,750		18,046
				64,563
CONSUMER STAPLES – 0.8%
Bacardi Ltd./Bacardi-Martini BV, 144A
5.40%, due 06/15/33 (e)		15,000		14,703
Bunge Ltd. Finance Corp.
4.20%, due 09/17/29		2,500		2,426
4.65%, due 09/17/34		2,000		1,888
Dollar General Corp.
5.45%, due 07/05/33		20,000		19,640
Imperial Brands Finance PLC, 144A
6.125%, due 07/27/27 (e)		4,000		4,107
Philip Morris International, Inc.
5.25%, due 02/13/34		8,750		8,648
				51,412
MATERIALS – 0.3%
Celanese U.S. Holdings LLC
6.95%, due 11/15/33		10,000		10,378
Glencore Funding LLC, 144A
2.625%, due 09/23/31 (e)		10,000		8,435
				18,813
COMMUNICATION SERVICES – 0.3%
Meta Platforms, Inc.
4.75%, due 08/15/34		10,000		9,734

OAKMARK FUNDS

Oakmark Equity and Income Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 39.2%  (cont.)
CORPORATE BONDS – 16.0%  (cont.)
COMMUNICATION SERVICES – 0.3%  (cont.)
Uber Technologies, Inc.
4.30%, due 01/15/30	$	8,250	$	7,984
				17,718
UTILITIES – 0.2%
Southern Co.
3.75% (5 yr. CMT + 2.915%), due 09/15/51 (c)		13,750		13,167
INFORMATION TECHNOLOGY – 0.2%
CDW LLC/CDW Finance Corp.
5.55%, due 08/22/34		10,250		10,103
Total Corporate Bonds (Cost $1,038,117)				1,011,795
MORTGAGE-BACKED SECURITIES – 10.0%
Federal Home Loan Mortgage Corp., Pool SD6595
5.50%, due 10/01/54		40,567		40,259
Federal National Mortgage Association, Pool FS9110
2.00%, due 03/01/52		50,309		39,760
Federal Home Loan Mortgage Corp., Pool SD8146
2.00%, due 05/01/51		47,575		37,291
Federal National Mortgage Association, Pool FS3883
4.50%, due 02/01/53		38,137		35,956
Federal Home Loan Mortgage Corp., Pool RA7486
4.50%, due 07/01/52		33,938		31,987
Federal Home Loan Mortgage Corp., Pool SD5400
2.00%, due 01/01/52		40,202		31,658
Federal National Mortgage Association, Pool CB4555
4.50%, due 09/01/52		33,420		31,506
Federal Home Loan Mortgage Corp., Pool SD4959
2.00%, due 03/01/52		39,038		30,665
Federal Home Loan Mortgage Corp., Pool SD6569
5.50%, due 10/01/54		30,638		30,325
Federal National Mortgage Association, Pool FS5992
2.00%, due 02/01/52		37,033		28,900
Federal National Mortgage Association, Pool CB8992
5.50%, due 08/01/54		26,651		26,448
Federal National Mortgage Association, Pool BW9842
4.50%, due 09/01/52		26,688		25,243
Federal National Mortgage Association, Pool CB4851
4.50%, due 10/01/52		26,445		24,913
Federal National Mortgage Association, Pool MA4733
4.50%, due 09/01/52		25,603		24,129
Federal National Mortgage Association, Pool FS8007
5.50%, due 06/01/54		23,566		23,387
Federal Home Loan Mortgage Corp., Pool SD6577
5.50%, due 09/01/54		20,987		20,758
Federal National Mortgage Association, Pool FS9114
5.50%, due 09/01/54		20,515		20,278
Federal Home Loan Mortgage Corp., Pool QJ4474
5.50%, due 09/01/54		19,605		19,397
Federal National Mortgage Association, Pool CB4851
4.50%, due 08/01/54		19,683		18,551
Federal National Mortgage Association, Pool BW8745
4.50%, due 10/01/52		19,208		18,108
Federal Home Loan Mortgage Corp., Pool RA8038
4.50%, due 10/01/52		19,155		18,057
Federal National Mortgage Association, Pool FS5296
4.50%, due 05/01/53		13,584		12,803
Federal National Mortgage Association, Pool CB2789
2.00%, due 02/01/52		12,049		9,408
Federal National Mortgage Association, Pool DB3999
5.50%, due 05/01/54		8,776		8,673
Federal National Mortgage Association, Pool BW9905
4.50%, due 10/01/52		7,059		6,673
Federal Home Loan Mortgage Corp., Pool SD4990
5.00%, due 10/01/53		6,691		6,480
Federal Home Loan Mortgage Corp., Pool RA7522
4.50%, due 06/01/52		5,360		5,050
Federal National Mortgage Association, Pool FS8870
5.00%, due 09/01/53		2,886		2,797
TOTAL MORTGAGE-BACKED SECURITIES – 10.0%
(Cost $639,371)				629,460
GOVERNMENT AND AGENCY SECURITIES – 4.9%
U.S. GOVERNMENT BONDS – 2.6%
U.S. Treasury Bonds
2.75%, due 08/15/42		90,000		67,616
3.875%, due 02/15/43		50,000		44,116
3.625%, due 02/15/53		50,000		40,625
4.625%, due 05/15/54		9,000		8,744
4.625%, due 11/15/44		4,425		4,291
				165,392
U.S. GOVERNMENT NOTES – 2.3%
U.S. Treasury Notes
2.875%, due 05/15/32		90,000		80,829
3.50%, due 02/15/33		50,000		46,515
4.375%, due 05/15/34		18,250		17,969
				145,313
Total Government and Agency Securities (Cost $339,300)				310,705

Oakmark.com

Oakmark Equity and Income Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 39.2%  (cont.)
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.4%
Chase Home Lending Mortgage Trust, Series 2024-6-Class B1, 144A
7.117%, due 05/25/55 (c) (e)	$	15,435	$	16,054
JP Morgan Mortgage Trust, Series 2024-6-Class B1, 144A
6.951%, due 12/25/54 (c) (e)		14,918		15,342
Bank, Series 2022-BNK40-Class A4
3.393%, due 03/15/64 (c)		17,000		15,136
JP Morgan Mortgage Trust, Series 2024-9-Class B1, 144A
7.023%, due 02/25/55 (c) (e)		14,157		14,524
GS Mortgage-Backed Securities Trust, Series 2024-PJ6-Class B1, 144A
6.778%, due 10/25/54 (c) (e)		13,014		13,226
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through, Series K-167-Class A2
4.76%, due 10/25/34		13,000		12,779
Chase Home Lending Mortgage Trust, Series 2024-1-Class B1, 144A
6.693%, due 01/25/55 (c) (e)		12,546		12,668
JP Morgan Mortgage Trust, Series 2024-4-Class B1, 144A
7.178%, due 10/25/54 (c) (e)		10,705		11,146
JP Morgan Mortgage Trust, Series 2024-6-Class B2, 144A
6.951%, due 12/25/54 (c) (e)		10,871		10,851
GS Mortgage-Backed Securities Trust, Series 2024-PJ5-Class B1, 144A
6.918%, due 09/25/54 (c) (e)		10,330		10,581
JP Morgan Mortgage Trust, Series 2024-2-Class B1, 144A
7.397%, due 08/25/54 (c) (e)		9,958		10,529
Sequoia Mortgage Trust, Series 2024-6-Class B1, 144A
6.599%, due 07/27/54 (c) (e)		10,382		10,440
JP Morgan Mortgage Trust, Series 2024-12-Class B2, 144A
6.671%, due 06/25/55 (c) (e)		10,277		10,309
JP Morgan Mortgage Trust, Series 2024-12-Class B1, 144A
6.671%, due 06/25/55 (c) (e)		9,351		9,449
Sequoia Mortgage Trust, Series 2024-9-Class B1A, 144A
6.00%, due 10/25/54 (c) (e)		8,114		7,929
JP Morgan Mortgage Trust, Series 2021-10-Class B1, 144A
2.802%, due 12/25/51 (c) (e)		9,769		7,658
JP Morgan Mortgage Trust, Series 2021-14-Class B1, 144A
3.15%, due 05/25/52 (c) (e)		9,389		7,640
JP Morgan Mortgage Trust, Series 2024-2-Class B2, 144A
7.397%, due 08/25/54 (c) (e)		7,228		7,512
RCKT Mortgage Trust, Series 2021-5-Class B2A, 144A
2.919%, due 11/25/51 (c) (e)		8,472		6,647
JP Morgan Mortgage Trust, Series 2022-6-Class B1, 144A
3.30%, due 11/25/52 (c) (e)		4,473		3,651
Bank, Series 2022-BNK40-Class AS
3.393%, due 03/15/64 (c)		3,500		3,042
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS – 3.4%
(Cost $221,099)				217,113
BANK LOANS– 2.5%(f)
CONSUMER DISCRETIONARY – 1.0%
Boost Newco Borrower LLC 2024 USD Term Loan B
6.829% (3 mo. USD Term SOFR + 2.500%), due 01/31/31 (c)		14,963		15,022
Wand NewCo 3, Inc. 2024 1st Lien Term Loan B
7.607% (1 mo. USD Term SOFR + 3.250%), due 01/30/31 (c)		24,416		24,491
Raising Cane's Restaurants LLC 2024 Term Loan B
6.357% (1 mo. USD Term SOFR + 2.000%), due 09/18/31 (c)		9,975		10,000
Peer Holding III BV 2023 USD Term Loan B4
7.579% (3 mo. USD Term SOFR + 3.250%), due 10/28/30 (c)		8,833		8,878
Peer Holding III BV 2024 USD Term Loan B5
7.329% (3 mo. USD Term SOFR + 3.000%), due 07/01/31 (c)		5,000		5,020
				63,411
CONSUMER STAPLES – 0.5%
Belron Finance 2019 LLC 2024 USD Term Loan B
7.273% (3 mo. USD Term SOFR + 2.750%), due 10/16/31 (c)		13,466		13,576
Medline Borrower LP 2024 USD Add-on Term Loan B
6.607% (1 mo. USD Term SOFR + 2.250%), due 10/23/28 (c)		20,054		20,107
				33,683
FINANCIALS – 0.5%
Citadel Securities LP 2024 First Lien Term Loan
6.329% (3 mo. USD Term SOFR + 2.000%), due 10/31/31 (c)		19,727		19,772
Blackstone Mortgage Trust, Inc. 2024 Term Loan B
8.164% (3 mo. USD Term SOFR + 3.750%), due 12/11/28 (c)		10,000		10,037
				29,809
ENERGY – 0.3%
ChampionX Corp. 2022 Term Loan B2
7.195% (1 mo. USD Term SOFR + 2.750%), due 06/07/29 (c)		16,172		16,192
INDUSTRIALS – 0.2%
Vestis Corp. Term Loan
6.764% (3 mo. USD Term SOFR + 2.250%), due 02/22/31 (c)		2,078		2,079

OAKMARK FUNDS

Oakmark Equity and Income Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 39.2%  (cont.)
BANK LOANS – 2.5%(f)  (cont.)
INDUSTRIALS – 0.2%  (cont.)
Pactiv Evergreen Group Holdings, Inc. 2024 Term Loan B4
6.857% (1 mo. USD Term SOFR + 2.500%), due 09/24/28 (c)	$	5,149	$	5,166
SkyMiles IP Ltd. 2020 Term Loan B
8.367% (3 mo. USD Term SOFR + 3.750%), due 10/20/27 (c)		5,151		5,238
				12,483
Total Bank Loans (Cost $154,764)				155,578
ASSET BACKED SECURITIES – 2.2%
Santander Drive Auto Receivables Trust, Series 2024-4-Class D,
5.32%, due 12/15/31		22,250		22,041
CPS Auto Receivables Trust, Series 2023-D-Class D, 144A,
7.80%, due 01/15/30 (e)		9,237		9,700
CarMax Auto Owner Trust , Series 2023-1-Class D,
6.27%, due 11/15/29		8,500		8,661
Carvana Auto Receivables Trust, Series 2024-P3-Class D,
5.39%, due 09/10/32		8,000		7,712
CPS Auto Receivables Trust, Series 2024-B-Class E, 144A,
8.36%, due 11/17/31 (e)		7,250		7,475
CPS Auto Receivables Trust, Series 2022-A-Class E, 144A,
4.88%, due 04/16/29 (e)		7,500		7,390
Carvana Auto Receivables Trust, Series 2024-P4-Class N, 144A,
5.86%, due 12/10/32 (e)		7,250		7,250
CPS Auto Receivables Trust, Series 2024-C-Class E, 144A,
8.04%, due 03/15/32 (e)		5,000		5,108
HPEFS Equipment Trust, Series 2023-2A-Class-D, 144A,
6.97%, due 07/21/31 (e)		4,750		4,866
HPEFS Equipment Trust, Series 2024-2A-Class D, 144A,
5.82%, due 04/20/32 (e)		4,460		4,506
Sierra Timeshare Receivables Funding LLC, Series 2024-1A-Class C, 144A,
5.94%, due 01/20/43 (e)		4,276		4,285
Sierra Timeshare Receivables Funding LLC, Series 2024-3A-Class C, 144A,
5.32%, due 08/20/41 (e)		4,204		4,179
Carvana Auto Receivables Trust, Series 2023-P2-Class D, 144A,
6.72%, due 06/10/30 (e)		4,000		4,103
CPS Auto Receivables Trust, Series 2023-C-Class E, 144A,
9.66%, due 02/18/31 (e)		3,750		4,006
Sierra Timeshare Receivables Funding LLC, Series 2023-2A-Class C, 144A,
7.30%, due 04/20/40 (e)		3,877		3,953
Sierra Timeshare Receivables Funding LLC, Series 2023-3A-Class C, 144A,
7.12%, due 09/20/40 (e)		3,877		3,952
CarMax Auto Owner Trust , Series 2023-2-Class D,
6.55%, due 10/15/29		3,610		3,689
Sierra Timeshare Receivables Funding LLC, Series 2024-2A-Class D, 144A,
7.48%, due 06/20/41 (e)		3,459		3,468
CPS Auto Receivables Trust, Series 2024-A-Class D, 144A,
6.13%, due 04/15/30 (e)		3,200		3,247
CPS Auto Receivables Trust, Series 2024-A-Class E, 144A,
8.42%, due 08/15/31 (e)		3,100		3,199
CPS Auto Receivables Trust, Series 2022-C-Class E, 144A,
9.08%, due 04/15/30 (e)		3,000		3,147
Carmax Auto Owner Trust, Series 2023-3-Class D,
6.44%, due 12/16/30		3,000		3,061
Sierra Timeshare Receivables Funding LLC, Series 2023-2A-Class D, 144A,
9.72%, due 04/20/40 (e)		2,699		2,758
Sierra Timeshare Receivables Funding LLC, Series 2024-1A-Class D, 144A,
8.02%, due 01/20/43 (e)		2,090		2,112
Carvana Auto Receivables Trust, Series 2024-P2-Class D,
6.10%, due 06/10/31		1,625		1,620
Sierra Timeshare Receivables Funding LLC, Series 2022-2A-Class C, 144A,
6.36%, due 06/20/40 (e)		546		546
Sierra Timeshare Receivables Funding LLC, Series 2022-2A-Class D, 144A,
9.22%, due 06/20/40 (e)		273		278
Total Asset Backed Securities (Cost $133,782)				136,312

CONVERTIBLE BOND – 0.2%
	Shares		Value
HEALTH CARE – 0.2%
Envista Holdings Corp. 144A,
1.75%, due 08/15/28 (e)		16,440		14,706
Total Convertible Bond (Cost $14,719)				14,706
TOTAL FIXED INCOME – 39.2%
(Cost $2,541,152)				2,475,669

Oakmark.com

Oakmark Equity and Income Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
SHORT-TERM INVESTMENTS – 1.2%
REPURCHASE AGREEMENT – 1.2%
Fixed Income Clearing Corp. Repurchase Agreement, 4.45% dated 12/31/24 due 1/2/25, repurchase price $75,862, collateralized by a United States Treasury Note, 4.250% due 12/31/2026, value plus accrued interest of $77,360  (Cost: $75,843)	$	75,843	$	75,843
TOTAL SHORT-TERM INVESTMENTS – 1.2%
(Cost $75,843)				75,843
TOTAL INVESTMENTS – 99.7% (Cost $5,407,395)				6,299,815
Other Assets In Excess of Liabilities – 0.3%				19,805
NET ASSETS – 100.0%			$	6,319,620

(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 December 31, 2024.
(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.
(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.

Abbreviations:

SOFR: Secured Overnight Financing Rate

WRITTEN OPTIONS

Description	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums (Received) by Fund			Unrealized Gain/(Loss)
CALLS
Amazon.com, Inc.	$	240.00	2/21/25		(1,500	)	$	(32,909	)	$	(604	)	$	(1,095	)	$	491
							$	(32,909	)	$	(604	)	$	(1,095	)	$	491

OAKMARK FUNDS

Oakmark Bond Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value		Value
FIXED INCOME – 96.6%
CORPORATE BONDS – 33.6%
FINANCIALS – 9.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.95%, due 09/10/34	$	850	$	809
4.625%, due 09/10/29		500		489
Ally Financial, Inc.
4.70% (7 yr. CMT + 3.481%) (a) (b)		1,000		874
Apollo Commercial Real Estate Finance, Inc., 144A
4.625%, due 06/15/29 (c)		1,000		868
Arthur J Gallagher & Co.
5.55%, due 02/15/55		750		720
Capital One Financial Corp.
7.624% (1 day USD SOFR + 3.070%), due 10/30/31 (a)		600		663
Charles Schwab Corp.
5.853% (1 day USD SOFR + 2.500%), due 05/19/34 (a)		1,350		1,390
Goldman Sachs Group, Inc.
4.692% (1 day USD SOFR + 1.135%), due 10/23/30 (a)		1,000		979
Independent Bank Group, Inc.
8.375% (3 mo. USD Term SOFR + 2.465%), due 08/15/34 (a)		500		511
JPMorgan Chase & Co.
4.603% (1 day USD SOFR + 1.040%), due 10/22/30 (a)		2,500		2,452
KKR Group Finance Co. XII LLC, 144A
4.85%, due 05/17/32 (c)		1,000		964
LPL Holdings, Inc.
6.75%, due 11/17/28		500		525
Morgan Stanley
4.654% (1 day USD SOFR + 1.100%), due 10/18/30 (a)		1,000		979
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 144A
3.875%, due 03/01/31 (c)		750		654
4.00%, due 10/15/33 (c)		500		416
Truist Financial Corp.
5.867% (1 day USD SOFR + 2.361%), due 06/08/34 (a)		1,100		1,120
Wells Fargo & Co.
5.198%(1 day USD SOFR + 1.500%), due 01/23/30 (a)		850		852
5.499%(1 day USD SOFR + 1.780%), due 01/23/35 (a)		850		846
				16,111
INDUSTRIALS – 5.4%
AAR Escrow Issuer LLC, 144A
6.75%, due 03/15/29 (c)		250		254
AutoNation, Inc.
3.85%, due 03/01/32		1,350		1,210
Boeing Co.
3.75%, due 02/01/50		1,500		1,023
Bombardier, Inc., 144A
7.00%, due 06/01/32 (c)		1,000		1,017
GXO Logistics, Inc.
6.50%, due 05/06/34		1,500		1,537
Hilton Domestic Operating Co., Inc., 144A
3.625%, due 02/15/32 (c)		1,000		869
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
6.75%, due 03/15/34		1,254		1,326
MasTec, Inc.
5.90%, due 06/15/29		1,250		1,272
Viterra Finance BV, 144A
2.00%, due 04/21/26 (c)		1,000		958
5.25%, due 04/21/32 (c)		250		244
				9,710
CONSUMER DISCRETIONARY – 4.4%
Amer Sports Co., 144A
6.75%, due 02/16/31 (c)		500		507
Aptiv PLC/Aptiv Global Financing DAC
5.15%, due 09/13/34		1,000		945
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, due 05/01/32		1,000		860
Daimler Truck Finance North America LLC, 144A
5.40%, due 09/20/28 (c)		500		506
General Motors Financial Co., Inc.
5.95%, due 04/04/34		1,250		1,257
Lithia Motors, Inc., 144A
4.375%, due 01/15/31 (c)		1,100		997
M/I Homes, Inc.
3.95%, due 02/15/30		850		767
Phinia, Inc., 144A
6.75%, due 04/15/29 (c)		1,000		1,020
Starbucks Corp.
5.00%, due 02/15/34		1,000		979
				7,838
ENERGY – 4.3%
Aker BP ASA, 144A
6.00%, due 06/13/33 (c)		590		593
5.125%, due 10/01/34 (c)		410		385
Apache Corp.
5.35%, due 07/01/49		750		623
Cheniere Energy, Inc.
5.65%, due 04/15/34		1,000		1,006
Expand Energy Corp., 144A
5.875%, due 02/01/29 (c)		1,000		992
Noble Finance II LLC, 144A
8.00%, due 04/15/30 (c)		500		505
Occidental Petroleum Corp.
5.20%, due 08/01/29		1,250		1,240
Parsley Energy LLC/Parsley Finance Corp., 144A
4.125%, due 02/15/28 (c)		1,500		1,448
Patterson-UTI Energy, Inc.
7.15%, due 10/01/33		900		943
				7,735
HEALTH CARE – 3.8%
CVS Health Corp.
7.00%(5 yr. CMT + 2.886%), due 03/10/55 (a)		1,500		1,505

OAKMARK FUNDS

Oakmark Bond Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value			Value
FIXED INCOME – 96.6% (cont.)
CORPORATE BONDS – 33.6% (cont.)
HEALTH CARE – 3.8% (cont.)
4.78%, due 03/25/38	$	1,000	$	865
Embecta Corp., 144A
5.00%, due 02/15/30 (c)		830		764
Humana, Inc.
5.375%, due 04/15/31		1,000		992
Icon Investments Six DAC
6.00%, due 05/08/34		1,000		1,010
Select Medical Corp, 144A
6.25%, due 12/01/32 (c)		1,250		1,203
Tenet Healthcare Corp. 144A
6.75%, due 05/15/31 (c)		500		505
				6,844
CONSUMER STAPLES – 2.4%
Bacardi Ltd./Bacardi-Martini BV, 144A
5.40%, due 06/15/33 (c)		1,250		1,225
Dollar General Corp.
5.45%, due 07/05/33		1,350		1,326
Imperial Brands Finance PLC, 144A
6.125%, due 07/27/27 (c)		750		770
Philip Morris International, Inc.
5.25%, due 02/13/34		1,000		988
				4,309
UTILITIES – 1.0%
NRG Energy, Inc., 144A
7.00%, due 03/15/33 (c)		750		809
Southern Co.
3.75% (5 yr. CMT + 2.915%), due 09/15/51 (a)		1,000		958
				1,767
MATERIALS – 0.9%
Celanese U.S. Holdings LLC
6.95%, due 11/15/33		1,500		1,557
REAL ESTATE – 0.9%
Alexandria Real Estate Equities, Inc.
4.75%, due 04/15/35		1,150		1,078
Howard Hughes Corp., 144A
4.375%, due 02/01/31 (c)		500		450
				1,528
COMMUNICATION SERVICES – 0.8%
Uber Technologies, Inc.
4.30%, due 01/15/30		1,500		1,452
INFORMATION TECHNOLOGY – 0.7%
CDW LLC/CDW Finance Corp.
5.55%, due 08/22/34		1,250		1,232
Total Corporate Bonds
(Cost $60,363)				60,083
MORTGAGE-BACKED SECURITIES – 25.8%
Federal National Mortgage Association, Pool MA4733
4.50%, due 09/01/52		6,401		6,032
Federal Home Loan Mortgage Corp., Pool SD6569
5.50%, due 10/01/54		5,954		5,893
Federal National Mortgage Association, Pool CB4851
4.50%, due 10/01/52		6,171		5,813
4.50%, due 08/01/54		5,961		5,619
Federal National Mortgage Association, Pool FS5992
2.00%, due 02/01/52		4,629		3,613
Federal Home Loan Mortgage Corp., Pool SD6595
5.50%, due 10/01/54		3,398		3,372
Federal National Mortgage Association, Pool FS8007
5.50%, due 06/01/54		3,335		3,309
Federal Home Loan Mortgage Corp., Pool SD8146
2.00%, due 05/01/51		3,813		2,988
Federal National Mortgage Association, Pool CB8992
5.50%, due 08/01/54		2,961		2,939
Federal National Mortgage Association, Pool CB2789
2.00%, due 02/01/52		3,530		2,757
Federal Home Loan Mortgage Corp., Pool SD6577
5.50%, due 09/01/54		1,971		1,949
Federal National Mortgage Association, Pool FS6259
4.50%, due 06/01/53		1,882		1,775
TOTAL MORTGAGE-BACKED SECURITIES – 25.8%
(Cost $46,817)				46,059
GOVERNMENT AND AGENCY SECURITIES – 13.0%
U.S. GOVERNMENT BONDS – 9.2%
U.S. Treasury Bonds
4.625%, due 05/15/54		6,250		6,072
4.75%, due 11/15/43		2,000		1,975
4.125%, due 08/15/44		2,000		1,810
3.00%, due 08/15/52		2,500		1,794
4.375%, due 08/15/43		1,500		1,411
3.625%, due 05/15/53		1,500		1,219
4.625%, due 11/15/44		750		727
4.125%, due 08/15/53		500		445
3.375%, due 08/15/42		500		413
2.00%, due 11/15/41		500		336
2.00%, due 08/15/51		500		286
				16,488
U.S. GOVERNMENT NOTES – 3.8%
U.S. Treasury Notes
4.125%, due 03/31/31		4,000		3,927
3.875%, due 08/15/34		2,900		2,742
				6,669
Total Government and Agency Securities
(Cost $25,225)				23,157

Oakmark.com

Oakmark Bond Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value			Value
FIXED INCOME – 96.6% (cont.)
COLLATERALIZED MORTGAGE OBLIGATIONS – 8.9%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through, Series K-167-Class A2
4.76%, due 10/25/34	$	6,000	$	5,898
Bank, Series 2022-BNK40-Class A4
3.393%, due 03/15/64 (a)		2,400		2,137
JP Morgan Mortgage Trust, Series 2024-4-Class B1, 144A
7.178%, due 10/25/54 (a) (c)		1,983		2,065
JP Morgan Mortgage Trust, Series 2024-6-Class B2, 144A
6.951%, due 12/25/54 (a) (c)		1,989		1,985
Sequoia Mortgage Trust, Series 2024-9-Class B1A, 144A
6.00%, due 10/25/54 (a) (c)		1,994		1,948
JP Morgan Mortgage Trust, Series 2024-12-Class B2, 144A
6.671%, due 06/25/55 (a) (c)		1,000		1,003
Chase Home Lending Mortgage Trust, Series 2024-1-Class B1, 144A
6.693%, due 01/25/55 (a) (c)		790		798
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS – 8.9%
(Cost $16,172)				15,834
BANK LOANS – 8.8%(d)
CONSUMER DISCRETIONARY – 3.3%
Boost Newco Borrower LLC 2024 USD Term Loan B
6.829% (3 mo. USD Term SOFR + 2.500%), due 01/31/31 (a)		1,496		1,502
Wand NewCo 3, Inc. 2024 1st Lien Term Loan B
7.607% (1 mo. USD Term SOFR + 3.250%), due 01/30/31 (a)		1,465		1,470
Raising Cane's Restaurants LLC 2024 Term Loan B
6.357% (1 mo. USD Term SOFR + 2.000%), due 09/18/31 (a)		1,496		1,500
Peer Holding III BV 2023 USD Term Loan B4
7.579% (3 mo. USD Term SOFR + 3.250%), due 10/28/30 (a)		1,489		1,496
				5,968
FINANCIALS – 1.8%
Citadel Securities LP 2024 First Lien Term Loan
6.329% (3 mo. USD Term SOFR + 2.000%), due 10/31/31 (a)		1,723		1,727
Blackstone Mortgage Trust, Inc. 2024 Term Loan B
8.164% (3 mo. USD Term SOFR + 3.750%), due 12/11/28 (a)		1,500		1,506
				3,233
CONSUMER STAPLES – 1.6%
Belron Finance 2019 LLC 2024 USD Term Loan B
7.273% (3 mo. USD Term SOFR + 2.750%), due 10/16/31 (a)		1,496		1,508
Medline Borrower LP 2024 USD Add-on Term Loan B
6.607% (1 mo. USD Term SOFR + 2.250%), due 10/23/28 (a)		1,342		1,346
				2,854
INDUSTRIALS – 1.3%
SkyMiles IP Ltd. 2020 Term Loan B
8.367% (3 mo. USD Term SOFR + 3.750%), due 10/20/27 (a)		368		374
Vestis Corp. Term Loan
6.764% (3 mo. USD Term SOFR + 2.250%), due 02/22/31 (a)		1,247		1,248
Pactiv Evergreen Group Holdings, Inc. 2024 Term Loan B4
6.857% (1 mo. USD Term SOFR + 2.500%), due 09/24/28 (a)		717		720
				2,342
ENERGY – 0.6%
ChampionX Corp. 2022 Term Loan B2
7.195% (1 mo. USD Term SOFR + 2.750%), due 06/07/29 (a)		980		981
HEALTH CARE – 0.2%
Owens & Minor, Inc. 2022 Term Loan B
8.207% (1 mo. USD Term SOFR + 3.750%), due 03/29/29 (a)		426		431
Total Bank Loans
(Cost $15,660)				15,809
ASSET BACKED SECURITIES – 6.1%
Carvana Auto Receivables Trust, Series 2024-P3-Class D,
5.39%, due 09/10/32		1,320		1,273
Carvana Auto Receivables Trust, Series 2024-P4-Class D,
5.60%, due 12/10/32		1,250		1,236
CPS Auto Receivables Trust, Series 2024-C-Class E, 144A,
8.04%, due 03/15/32 (c)		1,000		1,022
HPEFS Equipment Trust, Series 2024-2A-Class D, 144A,
5.82%, due 04/20/32 (c)		1,000		1,010
Carvana Auto Receivables Trust, Series 2024-P2-Class D,
6.10%, due 06/10/31		1,000		997
Sierra Timeshare Receivables Funding LLC, Series 2024-3A-Class C, 144A,
5.32%, due 08/20/41 (c)		904		899
CPS Auto Receivables Trust, Series 2022-C-Class E, 144A,
9.08%, due 04/15/30 (c)		750		787
CPS Auto Receivables Trust, Series 2023-C-Class E, 144A,
9.66%, due 02/18/31 (c)		500		534

OAKMARK FUNDS

Oakmark Bond Fund	December 31, 2024 (Unaudited)
Schedule of Investments (in thousands)

	Par Value			Value
FIXED INCOME – 96.6% (cont.)
ASSET BACKED SECURITIES – 6.1% (cont.)
HPEFS Equipment Trust, Series 2023-2A-Class-D, 144A,
6.97%, due 07/21/31 (c)	$	500	$	512
CarMax Auto Owner Trust , Series 2023-2-Class D,
6.55%, due 10/15/29		500		511
Carmax Auto Owner Trust, Series 2023-3-Class D,
6.44%, due 12/16/30		500		510
Sierra Timeshare Receivables Funding LLC, Series 2024-2A-Class D, 144A,
7.48%, due 06/20/41 (c)		500		501
Santander Drive Auto Receivables Trust, Series 2024-4-Class D,
5.32%, due 12/15/31		500		495
Sierra Timeshare Receivables Funding LLC, Series 2023-2A-Class D, 144A,
9.72%, due 04/20/40 (c)		466		476
Sierra Timeshare Receivables Funding LLC, Series 2022-2A-Class D, 144A,
9.22%, due 06/20/40 (c)		205		209
Total Asset Backed Securities
(Cost $10,866)				10,972
CONVERTIBLE BOND – 0.4%

	Shares		Value
HEALTH CARE – 0.4%
Envista Holdings Corp. 144A, 1.75%, due 08/15/28 (c)		850	760
Total Convertible Bond
(Cost $766)			760
TOTAL FIXED INCOME – 96.6%
(Cost $175,869)			172,674

	Par Value			Value
SHORT-TERM INVESTMENTS – 2.2%
REPURCHASE AGREEMENT – 2.2%
Fixed Income Clearing Corp. Repurchase Agreement, 4.45% dated 12/31/24 due 1/2/25, repurchase price $3,846, collateralized by a United States Treasury Note, 4.250% due 12/31/2026, value plus accrued interest of $3,922 (Cost: $3,845)		3,845		3,845
TOTAL SHORT-TERM INVESTMENTS – 2.2%
(Cost $3,845)				3,845
TOTAL INVESTMENTS – 98.8%
(Cost $179,714)				176,519
Other Assets In Excess of Liabilities – 1.2%				2,110
NET ASSETS – 100.0%			$	178,629

(a)	Floating Rate Note. Rate shown is as of December 31, 2024.
(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.
(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.com

THE OAKMARK FUNDS

Notes to Schedules of Investments (Unaudited)

1. ORGANIZATION

The following are the significant accounting policies of Oakmark Fund (“Oakmark”), Oakmark Select Fund (“Select”), Oakmark Global Fund (“Global”), Oakmark Global Select Fund (“Global Select”), Oakmark International Fund (“International”), Oakmark International Small Cap Fund (“Int’l Small Cap”), Oakmark Equity and Income Fund (“Equity and Income”) and Oakmark Bond Fund (“Bond”) collectively referred to as the “Funds,” each a series of Harris Associates Investment Trust (the “Trust”), a Massachusetts business trust, organized on February 1, 1991, which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services— Investment Companies. Each Fund, other than Select and Global Select, is diversified in accordance with the 1940 Act. The following policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

2. SIGNIFICANT ACCOUNTING POLICIES

Security valuation

A Fund’s share price is also called the net asset value (the “NAV”) of a share. The NAV per share of each class of each Fund is normally determined by the Funds’ custodian as of the close of regular session trading (usually 4:00 p.m. Eastern time) on the New York Stock Exchange (the “NYSE”) on any day on which the NYSE is open for regular trading. If the NYSE is unexpectedly closed on a day it would normally be open for business, or if the NYSE has an unscheduled early closure, the Funds reserve the right to accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.

The NYSE is closed on Saturdays and Sundays and on New Year’s Day, the third Mondays in January and February, Good Friday, the last Monday in May, Juneteenth, Independence Day, Labor Day, Thanksgiving, and Christmas. If one of these holidays falls on a Saturday or Sunday, the NYSE will be closed on the preceding Friday or the following Monday, respectively. A Fund’s NAV will not be calculated on days when the NYSE is closed. The NAV of a class of Fund shares is determined by dividing the value of the assets attributable to that class, less liabilities attributable to that class, by the number of outstanding shares of that class.

Trading in securities of non-U.S. issuers takes place in various markets on some days and at times when the NYSE is not open for trading. In addition, securities of non-U.S. issuers may not trade on some days when the NYSE is open for trading. The value of the Funds’ portfolio holdings may change on days when the NYSE is not open for trading and you cannot purchase or redeem Fund shares.

Equity securities principally traded on securities exchanges in the United States are valued at the last reported sale price or the official closing price as of the time of valuation on that exchange, or lacking a reported sale price on the principal exchange at the time of valuation, at the most recent bid quotation on the principal exchange. Each over-the-counter security traded on the NASDAQ National Market System shall be valued at the NASDAQ Official Closing Price (“NOCP”), or lacking a NOCP at the time of valuation, at the most recent bid quotation. Other over-the-counter securities are valued at the last sales prices at the time of valuation or, lacking any reported sales on that day, at the most recent bid quotations.

Each equity security principally traded on a securities exchange outside the United States shall be valued, depending on local convention or regulation, at the last sale price, the last bid or asked price, the mean between the last bid and asked prices, the official closing price, an auction price, or the pricing convention accepted as the official closing price by MSCI for their index calculations. If there are unexpected disruptions in the primary market or valuations from the primary market are deemed suspect, equity securities may be valued based on a pricing composite or valuations from another exchange as of the close of the regular trading hours on the appropriate exchange or other designated time.

Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security typically entitles the holder to a return equal to the market return underlying security or securities. There is no off-balance sheet risk associated with the equity- linked securities that the Funds purchase and, in those cases, the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to transaction.

Short-term debt instruments (i.e., debt instruments whose maturities or expiration dates at the time of acquisition are one year or less) or money market instruments are valued at the latest bid quotation or an evaluated price from an independent pricing service. If a bid quotation or evaluated price from a pricing vendor is not available for short-term debt instrument or money market instrument maturing in 60 days or less from date of valuation, such instruments are valued at amortized cost, which approximates market value.

Long-term debt instruments are valued at the latest bid quotation or at an evaluated price provided by an independent pricing service. The pricing service may use standard inputs, such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data, including market research publications. For certain security types, additional inputs may be used or some of the standard inputs may not be applicable. Additionally, the pricing service monitors market indicators and industry and economic events, which may serve as a trigger to gather and possibly use additional market data.

Options are valued at the mean of the most recent bid and asked quotations. In the event an option is out of the money and no bid is available, a zero value may be assumed as the bid for purposes of calculating the mean of the most recent bid and ask quotations. In the event that designated pricing vendors are unable to provide valuations or timely valuations for Flexible Exchange (“FLEX”) options on a given day, each FLEX option purchased or written may be valued using the Option Valuation (“OVME”) function on Bloomberg. The OVME function requires objective inputs (strike price, exercise style and expiration dates) to derive a valuation using Bloomberg’s proprietary calculations. If Flex options are valued using the OVME function, they shall be valued at the mid of the buy and sell valuations produced by OVME.

To the extent available, prices for all portfolio investments held by the Funds shall be obtained from one or more pricing vendors designated by the custodian. If values or prices are not readily available or are deemed unreliable, or if an event that is expected to affect the value of a portfolio security occurs after the close of the primary market or exchange on which that security is traded and before the close of the NYSE, the security will be valued at a fair value determined in good faith in accordance with the Funds’ valuation procedures approved by the Board. As permitted by Rule 2a-5 of the 1940 Act, the Board has designated the Adviser as the Funds’ valuation designee (as defined in the rule). The valuation designee is responsible for determining fair value in good faith for any and all Fund investments, subject to oversight by the Board. The Funds may use a systematic fair valuation model provided by an independent pricing service to value securities of non-U.S. issuers in order to adjust for changes in value that may occur between the close of certain foreign exchanges and the NYSE. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at a current exchange price quoted by an independent pricing service or any major bank or dealer. If such quotations are not available, the rate of exchange will be determined in good faith in accordance with Fund policies and procedures. Although fair valuation may be more commonly used with equity securities of non-U.S. issuers, it also may be used in a range of other circumstances, including thinly-traded domestic securities or fixed-income securities. When fair value pricing is employed, the value of a portfolio security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security.

Fair value measurement

Various inputs are used in determining the value of each Fund’s investments. These inputs are prioritized into three broad levels as follows:

Level 1 –quoted prices in active markets for identical securities

Level 2 –other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk and others)

Level 3 –significant unobservable inputs (including the assumptions of the Adviser in determining the fair value of investments)

Observable inputs are those based on market data obtained from independent sources and unobservable inputs reflect the Adviser’s own assumptions based on the best information available. The input levels are not necessarily an indication of risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of December 31, 2024, in valuing each Fund’s assets and liabilities. Except for the industries or investment types separately stated below, the total amounts for common stocks, fixed income and short-term investments in the table below are presented by industry or investment type in each Fund’s Schedule of Investments. Information on forward foreign currency contracts is presented in each Fund’s Schedule of Investments.

(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Oakmark
Common Stocks	$	21,901,650		$	0	$	0
Short-Term Investments		0			1,591,739		0
Total	$	21,901,650		$	1,591,739	$	0
Select
Common Stocks	$	6,770,311		$	0	$	0
Short-Term Investments		0			311,119		0
Put Options Written - Liabilities		(2,442	)		0		0
Total	$	6,767,869		$	311,119	$	0
Global
Common Stocks and Equity-Linked Security	$	845,191		$	185,977	$	0
Short Term Investments		0			34,167		0
Total	$	845,191		$	220,144	$	0
Global Select
Common Stocks	$	805,830		$	114,013	$	0
Short-Term Investments		0			42,022		0
Total	$	805,830		$	156,035	$	0
International
Common Stocks and Equity-Linked Security	$	8,088,868		$	6,619,643	$	0
Preferred Stocks		0			215,638		0
Short-Term Investments		0			492,353		0
Total	$	8,088,868		$	7,327,634	$	0
Int'l Small Cap
Common Stocks	$	497,405		$	715,960	$	0
Preferred Stocks		0			16,568		0
Short-Term Investments		0			17,407		0
Total	$	497,405		$	749,935	$	0

(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity and Income
Common Stocks	$	3,748,303		$	0	$	0
Corporate Bonds		0			1,011,795		0
Mortgage-Backed Securities		0			629,460		0
Government and Agency Securities		0			310,705		0
Collateralized Mortgage Obligations		0			217,113		0
Bank Loans		0			155,578		0
Asset Backed Securities		0			136,312		0
Convertible Bonds		0			14,706		0
Short-Term Investments		0			75,843		0
Call Options Written - Liabilities		(604	)		0		0
Total	$	3,747,699		$	2,551,512	$	0
Bond
Corporate Bonds	$	0		$	60,083	$	0
Mortgage-Backed Securities		0			46,059		0
Government and Agency Securities		0			23,157		0
Collateralized Mortgage Obligations		0			15,834		0
Bank Loans		0			15,809		0
Asset Backed Securities		0			10,972		0
Convertible Bond		0			760		0
Short-Term Investments		0			3,845		0
Total	$	0		$	176,519	$	0

Foreign currency translations

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

Forward foreign currency contracts

Forward foreign currency contracts are agreements to exchange one currency for another at a future date and at a specified price. The Funds’ transactions in forward foreign currency contracts are limited to transaction and portfolio hedging. The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered and could exceed the net unrealized value shown in the tables below. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in currency values. Forward foreign currency contracts are valued at the current day’s interpolated foreign exchange rates. Unrealized gain or loss on the contracts, as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the end of the period. At December 31, 2024, none of the Funds engaged in forward foreign currency contracts.

Short sales

Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or loss, unlimited in size, will be recognized upon the termination of the short sale. At December 31, 2024, none of the Funds had short sales.

When-issued or delayed-delivery securities

Each Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time a Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if the Adviser deems it advisable for investment reasons. At December 31, 2024, each Fund qualifies as a limited derivatives user under Rule 18f-4 of the 1940 Act and has adopted policies and procedures to manage its derivatives risk. At December 31, 2024, none of the Funds held when-issued securities.

Accounting for options

When a Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire are recorded by the Fund on the expiration date as realized gains from option transactions. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or a loss. If a put option is exercised, the premium reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. As the writer of a covered call option on a security, a Fund foregoes, during the option's life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the exercise price of the call. Exercise of an option written by the Fund could result in the Fund selling or buying a security or currency at a price different from the current fair value. Options written by the Fund do not give rise to counterparty credit risk, as they obligate the Fund, not its counterparties, to perform.

When a Fund purchases an option, the premium paid by the Fund is recorded as an asset and is subsequently adjusted to the current fair value of the option purchased. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying security to determine the realized gain or loss. The risks associated with purchasing put and call options are potential loss of the premium paid and, in the instances of OTC derivatives, the failure of the counterparty to honor its obligation under the contract.

Oakmark and Select used purchased options for tax management and as an investment strategy in an effort to increase the Funds' returns during the period ended December 31, 2024. There were no purchased options outstanding at December 31, 2024.

Oakmark, Select, and Equity and income used options written for tax management purposes and as an investment strategy in an effort to increase the Funds' returns during the period ended December 31, 2024. Written options outstanding, if any, are listed on each Fund's Schedule of Investments.

For the period ended December 31, 2024, the amount of premiums paid (received) for equity options purchased and written are listed by Fund in the table below (in thousands):

	Equity		Equity
	Options		Options
Fund	Purchased		Written
Oakmark	$	43,901	$	(34,686	)
Select		16,904		(18,384	)
Equity and income		—		(1,095	)

Repurchase agreements

Each Fund may invest in repurchase agreements, which are short-term investments whereby the Fund acquires ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price.

The Funds’ custodian receives delivery of the underlying securities collateralizing repurchase agreements. It is the Funds’ policy that the value of the collateral be at least equal to 102% of the repurchase price, including interest. The Adviser is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price, including interest. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying securities. At December 31, 2024, all of the Funds held repurchase agreements.

Security lending

Each Fund may lend its portfolio securities to broker-dealers and banks. Any such loan must be continuously secured by collateral in cash, cash equivalents, or U.S. Treasury or agency securities maintained on a current basis in an amount at least equal to the fair value of the securities loaned by a Fund. The Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and would also receive an additional return that may be in the form of a fixed fee or a percentage of the earnings on the collateral. The Fund has the right to call the loan and attempt to obtain the securities loaned at any time on notice of not more than five business days. In the event of bankruptcy or other default of the borrower, the Fund could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. There could also be a decline in the value of the collateral or in the fair value of the securities loaned while the Fund seeks to enforce its rights thereto and the Fund could experience subnormal levels of income or lack of access to income during that period. A Fund may not exercise proxy voting rights for a security that is on loan if it is unable to recall the security prior to the record date. The Trust, on behalf of the Funds, has entered into an agreement with State Street to serve as its agent for the purpose of lending securities and maintaining the collateral account.

At December 31, 2024, none of the Funds had securities on loan.

3. INVESTMENTS IN AFFILIATED ISSUERS

A company was considered to be an affiliate of a Fund because that Fund owned 5% or more of the company's voting securities during all or part of the period ended December 31, 2024. Purchase and sale transactions and dividend and interest income earned during the period on these securities are listed after the applicable Fund's Schedule of Investments.

4. RESTRICTED SECURITIES

Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with the equity-linked securities that the Funds purchase and, in those cases, the Fund’s potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

5. SUBSEQUENT EVENTS

The Adviser has evaluated the possibility of subsequent events existing in the Funds' Schedule of Investments. The Adviser has determined that there are no material events that would require adjustment or disclosure in the Funds' Schedule of Investments through the date of the publication of this report.