# EDGAR Filing Document

**Accession Number:** 0000872323
**File Stem:** 0001104659-25-117601
**Filing Date:** 2025-12
**Character Count:** 513621
**Document Hash:** d13b4681a8de9bbc8cb1056540738fe3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-117601.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001104659-25-117601

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HARRIS ASSOCIATES INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000872323

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06279
- **FILM NUMBER:** 251542284

**BUSINESS ADDRESS:**
- **STREET 1:** HARRIS ASSOCIATES LP
- **STREET 2:** 111 S. WACKER DRIVE, SUITE 4600
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 8004769625

**MAIL ADDRESS:**
- **STREET 1:** HARRIS ASSOCIATES LP
- **STREET 2:** 111 S. WACKER DRIVE, SUITE 4600
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Oakmark Fund (Series ID: S000002758)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000007554 | Investor Class      | OAKMX           |
| C000174795 | Advisor Class       | OAYMX           |
| C000174796 | Institutional Class | OANMX           |
| C000225884 | R6 Class            | OAZMX           |

### Oakmark Select Fund (Series ID: S000002759)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000007556 | Investor Class      | OAKLX           |
| C000174797 | Advisor Class       | OAYLX           |
| C000174798 | Institutional Class | OANLX           |
| C000225885 | R6 Class            | OAZLX           |

### Oakmark Equity and Income Fund (Series ID: S000002760)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000007558 | Investor Class      | OAKBX           |
| C000174799 | Advisor Class       | OAYBX           |
| C000174800 | Institutional Class | OANBX           |
| C000225886 | R6 Class            | OAZBX           |

### Oakmark Global Fund (Series ID: S000002761)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000007560 | Investor Class      | OAKGX           |
| C000174801 | Advisor Class       | OAYGX           |
| C000174802 | Institutional Class | OANGX           |
| C000225887 | R6 Class            | OAZGX           |

### Oakmark International Fund (Series ID: S000002762)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000007562 | Investor Class      | OAKIX           |
| C000174803 | Institutional Class | OANIX           |
| C000174804 | Advisor Class       | OAYIX           |
| C000225888 | R6 Class            | OAZIX           |

### Oakmark International Small Cap Fund (Series ID: S000002763)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000007564 | Investor Class      | OAKEX           |
| C000174805 | Advisor Class       | OAYEX           |
| C000174806 | Institutional Class | OANEX           |
| C000225889 | R6 Class            | OAZEX           |

### Oakmark Global Select Fund (Series ID: S000013607)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000036890 | Investor Class      | OAKWX           |
| C000174807 | Advisor Class       | OAYWX           |
| C000174808 | Institutional Class | OANWX           |
| C000225890 | R6 Class            | OAZWX           |

### Oakmark Bond Fund (Series ID: S000068760)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000219731 | Advisor Class       | OAYCX           |
| C000219732 | Institutional Class | OANCX           |
| C000225891 | R6 Class            | OAZCX           |
| C000235267 | Investor Class      | OAKCX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-06279

Harris Associates Investment Trust

(Exact name of Registrant as specified in charter)

111 South Wacker Drive, Suite 4600

Chicago, Illinois 60606-4319

(Address of principal executive offices) (Zip code)

Joseph J. Allessie, Esq. Harris Associates L.P. 111 South Wacker Drive, Suite 4600 Chicago, Illinois 60606-4319 Ndenisarya M. Meekins, Esq. K&L Gates LLP 1601 K Street, N.W. Washington, D.C. 20006-1600

(Name and address of agents for service)

Registrant's telephone number, including area code: (312) 646-3600

Date of fiscal year end: 09/30/25

Date of reporting period: 09/30/25

**Item 1. Reports to Shareholders.**

(a) Following are copies of the annual report transmitted to shareholders pursuant to Rule 30e-1 under the Act.

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Oakmark Fund](#classname6e144cce-7d10-426f-81e2-2574f8bba900)<br> **[Investor Class - OAKMX](#classname6e144cce-7d10-426f-81e2-2574f8bba900)**  |
|  [Oakmark Fund](#classname414d31d2-ea51-4e3e-99ee-80320095a2eb)<br> **[Advisor - OAYMX](#classname414d31d2-ea51-4e3e-99ee-80320095a2eb)**  |
|  [Oakmark Fund](#classnamec86ef496-6f28-4b85-b02d-7d3313b0134f)<br> **[Institutional - OANMX](#classnamec86ef496-6f28-4b85-b02d-7d3313b0134f)**  |
|  [Oakmark Fund](#classname6e219882-c10a-41e7-9564-55b1eaf781bd)<br> **[R6 - OAZMX](#classname6e219882-c10a-41e7-9564-55b1eaf781bd)**  |
|  [Oakmark Select Fund](#classname0f8536f5-38c7-48d6-887a-707d8b9406b8)<br> **[Investor Class - OAKLX](#classname0f8536f5-38c7-48d6-887a-707d8b9406b8)**  |
|  [Oakmark Select Fund](#classnamed33c8e3b-4879-4c70-ab9f-e2dc87fd45ae)<br> **[Advisor - OAYLX](#classnamed33c8e3b-4879-4c70-ab9f-e2dc87fd45ae)**  |
|  [Oakmark Select Fund](#classnamea92e3203-2b7d-4d2e-a1de-c00e4db4c68b)<br> **[Institutional - OANLX](#classnamea92e3203-2b7d-4d2e-a1de-c00e4db4c68b)**  |
|  [Oakmark Select Fund](#classname8ddc263b-58af-4aa9-a4af-a357db3aa77d)<br> **[R6 - OAZLX](#classname8ddc263b-58af-4aa9-a4af-a357db3aa77d)**  |
|  [Oakmark Global Fund](#classname228e00c9-823a-46bf-9813-7111961b2cd5)<br> **[Investor Class - OAKGX](#classname228e00c9-823a-46bf-9813-7111961b2cd5)**  |
|  [Oakmark Global Fund](#classnamea5294cfa-c7f3-45ab-9a17-f7099687a543)<br> **[Advisor - OAYGX](#classnamea5294cfa-c7f3-45ab-9a17-f7099687a543)**  |
|  [Oakmark Global Fund](#classnamebe819566-f195-4f4e-b558-75fce6219e4b)<br> **[Institutional - OANGX](#classnamebe819566-f195-4f4e-b558-75fce6219e4b)**  |
|  [Oakmark Global Fund](#classname18b986f2-ebb9-4c3b-b76c-5f17d7d7fa46)<br> **[R6 - OAZGX](#classname18b986f2-ebb9-4c3b-b76c-5f17d7d7fa46)**  |
|  [Oakmark Equity and Income Fund](#classname90bb0c67-3963-4861-8627-444da13def93)<br> **[Investor Class - OAKBX](#classname90bb0c67-3963-4861-8627-444da13def93)**  |
|  [Oakmark Equity and Income Fund](#classname8580ccf9-9648-49f7-ac75-616c3bdf44f1)<br> **[Advisor - OAYBX](#classname8580ccf9-9648-49f7-ac75-616c3bdf44f1)**  |
|  [Oakmark Equity and Income Fund](#classname7c142848-1934-4b94-b6a3-34f54e841ad1)<br> **[Institutional - OANBX](#classname7c142848-1934-4b94-b6a3-34f54e841ad1)**  |
|  [Oakmark Equity and Income Fund](#classname1ded1eb8-a717-4cd6-b480-0fdc35a929ec)<br> **[R6 - OAZBX](#classname1ded1eb8-a717-4cd6-b480-0fdc35a929ec)**  |
|  [Oakmark International Fund](#classnamed0139e33-1ab7-4e3a-96e7-721eee2b369a)<br> **[Investor Class - OAKIX](#classnamed0139e33-1ab7-4e3a-96e7-721eee2b369a)**  |
|  [Oakmark International Fund](#classname65ac96fe-1e67-4903-8293-138aec14976a)<br> **[Advisor - OAYIX](#classname65ac96fe-1e67-4903-8293-138aec14976a)**  |
|  [Oakmark International Fund](#classname6ecf18e6-4cfc-4386-8ab8-363c35717543)<br> **[Institutional - OANIX](#classname6ecf18e6-4cfc-4386-8ab8-363c35717543)**  |
|  [Oakmark International Fund](#classname4c70c27c-7dfb-4822-b700-4196ac299dc4)<br> **[R6 - OAZIX](#classname4c70c27c-7dfb-4822-b700-4196ac299dc4)**  |
|  [Oakmark International Small Cap Fund](#classname53e64844-69b8-4c60-b3a8-48fec62e3a92)<br> **[Investor Class - OAKEX](#classname53e64844-69b8-4c60-b3a8-48fec62e3a92)**  |
|  [Oakmark International Small Cap Fund](#classname4f23eedc-6379-4444-8cd4-b44d149ba17e)<br> **[Advisor - OAYEX](#classname4f23eedc-6379-4444-8cd4-b44d149ba17e)**  |
|  [Oakmark International Small Cap Fund](#classname4226157a-262a-4c90-8c07-48f91bdf8654)<br> **[Institutional - OANEX](#classname4226157a-262a-4c90-8c07-48f91bdf8654)**  |
|  [Oakmark International Small Cap Fund](#classname7f005a2b-edd0-4764-a720-8d283ef7b4b6)<br> **[R6 - OAZEX](#classname7f005a2b-edd0-4764-a720-8d283ef7b4b6)**  |
|  [Oakmark Global Select Fund](#classname5005ee94-a149-47e5-8aae-cb748854279a)<br> **[Investor Class - OAKWX](#classname5005ee94-a149-47e5-8aae-cb748854279a)**  |
|  [Oakmark Global Select Fund](#classname5d404c5a-e633-4700-80c9-53093284c73b)<br> **[Advisor - OAYWX](#classname5d404c5a-e633-4700-80c9-53093284c73b)**  |
|  [Oakmark Global Select Fund](#classnameca13702d-724e-49b3-8b7b-96c3665b7789)<br> **[Institutional - OANWX](#classnameca13702d-724e-49b3-8b7b-96c3665b7789)**  |
|  [Oakmark Global Select Fund](#classname6f8ed993-1894-4129-92db-d62951a6b917)<br> **[R6 - OAZWX](#classname6f8ed993-1894-4129-92db-d62951a6b917)**  |
|  [Oakmark Bond Fund](#classnamebd6bd6a6-a021-451f-954c-c3f8de544784)<br> **[Investor Class - OAKCX](#classnamebd6bd6a6-a021-451f-954c-c3f8de544784)**  |
|  [Oakmark Bond Fund](#classnameec1a8b9c-122e-4858-82c0-97faaf5fd5cb)<br> **[Advisor - OAYCX](#classnameec1a8b9c-122e-4858-82c0-97faaf5fd5cb)**  |
|  [Oakmark Bond Fund](#classnamef4ebeb9b-94ba-44d7-b3a7-42e2b8b5d681)<br> **[Institutional - OANCX](#classnamef4ebeb9b-94ba-44d7-b3a7-42e2b8b5d681)**  |
|  [Oakmark Bond Fund](#classname40d81242-09eb-4bb5-9142-46488527d37b)<br> **[R6 - OAZCX](#classname40d81242-09eb-4bb5-9142-46488527d37b)**  |

---

OAKMX

Investor Class

#### Oakmark Fund
![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $94 | 0.89% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Fund Investor Class returned 11.13% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, Citigroup led the positive contributors followed by Alphabet Class A and Warner Bros Discovery. Centene, Celanese and Fortune Brands Innovations were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $10,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **10/1/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $10464 | $10704 | $10564 |
| **3/31/2016** | $10399 | $10849 | $10737 |
| **6/30/2016** | $10537 | $11115 | $11229 |
| **9/30/2016** | $11436 | $11543 | $11620 |
| **12/31/2016** | $12385 | $11984 | $12395 |
| **3/31/2017** | $12894 | $12711 | $12800 |
| **6/30/2017** | $13386 | $13104 | $12973 |
| **9/30/2017** | $14157 | $13691 | $13377 |
| **12/31/2017** | $15003 | $14601 | $14089 |
| **3/31/2018** | $14872 | $14490 | $13690 |
| **6/30/2018** | $15188 | $14988 | $13851 |
| **9/30/2018** | $15832 | $16143 | $14641 |
| **12/31/2018** | $13093 | $13961 | $12924 |
| **3/31/2019** | $14773 | $15866 | $14467 |
| **6/30/2019** | $15248 | $16549 | $15023 |
| **9/30/2019** | $14934 | $16830 | $15226 |
| **12/31/2019** | $16626 | $18356 | $16354 |
| **3/31/2020** | $11569 | $14759 | $11983 |
| **6/30/2020** | $14231 | $17791 | $13695 |
| **9/30/2020** | $15110 | $19380 | $14461 |
| **12/31/2020** | $18770 | $21734 | $16812 |
| **3/31/2021** | $21684 | $23076 | $18704 |
| **6/30/2021** | $23615 | $25049 | $19678 |
| **9/30/2021** | $24052 | $25194 | $19525 |
| **12/31/2021** | $25190 | $27973 | $21042 |
| **3/31/2022** | $24528 | $26686 | $20886 |
| **6/30/2022** | $20165 | $22389 | $18336 |
| **9/30/2022** | $19787 | $21296 | $17306 |
| **12/31/2022** | $21824 | $22907 | $19456 |
| **3/31/2023** | $23592 | $24624 | $19651 |
| **6/30/2023** | $25631 | $26776 | $20452 |
| **9/30/2023** | $25296 | $25900 | $19805 |
| **12/31/2023** | $28566 | $28928 | $21686 |
| **3/31/2024** | $31501 | $31982 | $23634 |
| **6/30/2024** | $30247 | $33352 | $23122 |
| **9/30/2024** | $32479 | $35315 | $25303 |
| **12/31/2024** | $33141 | $36166 | $24801 |
| **3/31/2025** | $33520 | $34621 | $25331 |
| **6/30/2025** | $34981 | $38409 | $26291 |
| **9/30/2025** | $36094 | $41530 | $27692 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 11.13% | 19.02% | 13.70% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000 Value Index** | 9.44% | 13.88% | 10.72% |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $24745741575 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid | $141669102 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.5% |
| Citigroup, Inc. | 3.4% |
| Charles Schwab Corp. | 3.0% |
| Phillips 66 | 3.0% |
| Willis Towers Watson PLC | 2.7% |
| ConocoPhillips | 2.5% |
| General Motors Co. | 2.5% |
| Warner Bros Discovery, Inc. | 2.5% |
| Intercontinental Exchange, Inc. | 2.5% |
| Bank of America Corp. | 2.4% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 36.9% |
| Energy | 11.8% |
| Health Care | 10.0% |
| Communication Services | 9.6% |
| Consumer Discretionary | 9.1% |
| Industrials | 8.6% |
| Information Technology | 3.6% |
| Consumer Staples | 3.1% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short Term Investments & Other, Net | 4.3% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAKMX

Investor Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Fund
Annual Shareholder Report September 30, 2025

OAKMX-AR

OAYMX

Advisor Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $74 | 0.70% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Fund Advisor Class returned 11.35% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, Citigroup led the positive contributors followed by Alphabet Class A and Warner Bros Discovery. Centene, Celanese and Fortune Brands Innovations were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $100,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **10/1/2015** | $100000 | $100000 | $100000 |
| **12/31/2015** | $104642 | $107043 | $105635 |
| **3/31/2016** | $103992 | $108485 | $107366 |
| **6/30/2016** | $105374 | $111149 | $112287 |
| **9/30/2016** | $114363 | $115430 | $116195 |
| **12/31/2016** | $123898 | $119845 | $123953 |
| **3/31/2017** | $129042 | $127115 | $128004 |
| **6/30/2017** | $133997 | $131040 | $129726 |
| **9/30/2017** | $141772 | $136911 | $133767 |
| **12/31/2017** | $150294 | $146009 | $140890 |
| **3/31/2018** | $148993 | $144900 | $136898 |
| **6/30/2018** | $152218 | $149876 | $138508 |
| **9/30/2018** | $158723 | $161433 | $146408 |
| **12/31/2018** | $131321 | $139607 | $129243 |
| **3/31/2019** | $148196 | $158661 | $144667 |
| **6/30/2019** | $152987 | $165489 | $150228 |
| **9/30/2019** | $149850 | $168300 | $152265 |
| **12/31/2019** | $166897 | $183564 | $163545 |
| **3/31/2020** | $116159 | $147590 | $119829 |
| **6/30/2020** | $142917 | $177909 | $136954 |
| **9/30/2020** | $151795 | $193796 | $144613 |
| **12/31/2020** | $188617 | $217338 | $168117 |
| **3/31/2021** | $218025 | $230759 | $187039 |
| **6/30/2021** | $237547 | $250486 | $196780 |
| **9/30/2021** | $242092 | $251944 | $195245 |
| **12/31/2021** | $253669 | $279726 | $210416 |
| **3/31/2022** | $247174 | $266863 | $208864 |
| **6/30/2022** | $203306 | $223895 | $183360 |
| **9/30/2022** | $199600 | $212963 | $173060 |
| **12/31/2022** | $220261 | $229065 | $194555 |
| **3/31/2023** | $238205 | $246238 | $196513 |
| **6/30/2023** | $258928 | $267765 | $204520 |
| **9/30/2023** | $255697 | $259000 | $198047 |
| **12/31/2023** | $288858 | $289281 | $216856 |
| **3/31/2024** | $318701 | $319817 | $236342 |
| **6/30/2024** | $306167 | $333517 | $231223 |
| **9/30/2024** | $328903 | $353150 | $253027 |
| **12/31/2024** | $335761 | $361658 | $248015 |
| **3/31/2025** | $339756 | $346208 | $253312 |
| **6/30/2025** | $354744 | $384091 | $262905 |
| **9/30/2025** | $366222 | $415296 | $276917 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 11.35% | 19.26% | 13.86% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000 Value Index** | 9.44% | 13.88% | 10.72% |

---

Advisor Class shares commenced operations on 11/30/2016. The performance attributed to the Advisor Class shares prior to that date is that of the Investor Class shares from 8/5/1991—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Advisor Class shares. During this period, Advisor Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Advisor Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $24745741575 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid | $141669102 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.5% |
| Citigroup, Inc. | 3.4% |
| Charles Schwab Corp. | 3.0% |
| Phillips 66 | 3.0% |
| Willis Towers Watson PLC | 2.7% |
| ConocoPhillips | 2.5% |
| General Motors Co. | 2.5% |
| Warner Bros Discovery, Inc. | 2.5% |
| Intercontinental Exchange, Inc. | 2.5% |
| Bank of America Corp. | 2.4% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 36.9% |
| Energy | 11.8% |
| Health Care | 10.0% |
| Communication Services | 9.6% |
| Consumer Discretionary | 9.1% |
| Industrials | 8.6% |
| Information Technology | 3.6% |
| Consumer Staples | 3.1% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short Term Investments & Other, Net | 4.3% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAYMX

Advisor Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Fund
Annual Shareholder Report September 30, 2025

OAYMX-AR

OANMX

Institutional Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $71 | 0.67% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Fund Institutional Class returned 11.38% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, Citigroup led the positive contributors followed by Alphabet Class A and Warner Bros Discovery. Centene, Celanese and Fortune Brands Innovations were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $250,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg027.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **10/1/2015** | $250000 | $250000 | $250000 |
| **12/31/2015** | $261604 | $267606 | $264088 |
| **3/31/2016** | $259981 | $271213 | $268415 |
| **6/30/2016** | $263435 | $277872 | $280716 |
| **9/30/2016** | $285908 | $288576 | $290488 |
| **12/31/2016** | $309703 | $299612 | $309882 |
| **3/31/2017** | $322561 | $317787 | $320011 |
| **6/30/2017** | $334992 | $327600 | $324314 |
| **9/30/2017** | $354429 | $342278 | $334417 |
| **12/31/2017** | $375777 | $365022 | $352225 |
| **3/31/2018** | $372568 | $362251 | $342246 |
| **6/30/2018** | $380678 | $374690 | $346270 |
| **9/30/2018** | $396987 | $403582 | $366019 |
| **12/31/2018** | $328487 | $349018 | $323106 |
| **3/31/2019** | $370787 | $396652 | $361667 |
| **6/30/2019** | $382866 | $413723 | $375571 |
| **9/30/2019** | $375118 | $420749 | $380662 |
| **12/31/2019** | $417806 | $458911 | $408862 |
| **3/31/2020** | $290859 | $368974 | $299574 |
| **6/30/2020** | $357993 | $444773 | $342384 |
| **9/30/2020** | $380214 | $484489 | $361533 |
| **12/31/2020** | $472511 | $543345 | $420293 |
| **3/31/2021** | $546270 | $576897 | $467597 |
| **6/30/2021** | $595268 | $626215 | $491950 |
| **9/30/2021** | $606652 | $629859 | $488113 |
| **12/31/2021** | $635679 | $699315 | $526040 |
| **3/31/2022** | $619403 | $667157 | $522160 |
| **6/30/2022** | $509472 | $559737 | $458400 |
| **9/30/2022** | $500186 | $532407 | $432650 |
| **12/31/2022** | $552036 | $572663 | $486388 |
| **3/31/2023** | $597063 | $615596 | $491281 |
| **6/30/2023** | $649000 | $669412 | $511299 |
| **9/30/2023** | $640956 | $647499 | $495117 |
| **12/31/2023** | $724161 | $723202 | $542141 |
| **3/31/2024** | $799030 | $799543 | $590856 |
| **6/30/2024** | $767662 | $833794 | $578058 |
| **9/30/2024** | $824770 | $882876 | $632568 |
| **12/31/2024** | $842056 | $904145 | $620037 |
| **3/31/2025** | $852131 | $865519 | $633280 |
| **6/30/2025** | $889774 | $960227 | $657263 |
| **9/30/2025** | $918616 | $1038241 | $692294 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 11.38% | 19.29% | 13.90% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000 Value Index** | 9.44% | 13.88% | 10.72% |

---

Institutional Class shares commenced operations on 11/30/2016. The performance attributed to the Institutional Class shares prior to that date is that of the Investor Class shares from 8/5/1991—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Institutional Class shares. During this period, Institutional Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Institutional Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $24745741575 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid | $141669102 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.5% |
| Citigroup, Inc. | 3.4% |
| Charles Schwab Corp. | 3.0% |
| Phillips 66 | 3.0% |
| Willis Towers Watson PLC | 2.7% |
| ConocoPhillips | 2.5% |
| General Motors Co. | 2.5% |
| Warner Bros Discovery, Inc. | 2.5% |
| Intercontinental Exchange, Inc. | 2.5% |
| Bank of America Corp. | 2.4% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 36.9% |
| Energy | 11.8% |
| Health Care | 10.0% |
| Communication Services | 9.6% |
| Consumer Discretionary | 9.1% |
| Industrials | 8.6% |
| Information Technology | 3.6% |
| Consumer Staples | 3.1% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short Term Investments & Other, Net | 4.3% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OANMX

Institutional Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Fund
Annual Shareholder Report September 30, 2025

OANMX-AR

OAZMX

R6 Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $64 | 0.61% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Fund R6 Class returned 11.44% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, Citigroup led the positive contributors followed by Alphabet Class A and Warner Bros Discovery. Centene, Celanese and Fortune Brands Innovations were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $1,000,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **12/31/2015** | $1045215 | $1070426 | $1056352 |
| **3/31/2016** | $1038730 | $1084853 | $1073659 |
| **6/30/2016** | $1052531 | $1111489 | $1122866 |
| **9/30/2016** | $1142321 | $1154304 | $1161951 |
| **12/31/2016** | $1237050 | $1198448 | $1239529 |
| **3/31/2017** | $1287911 | $1271147 | $1280044 |
| **6/30/2017** | $1337066 | $1310402 | $1297255 |
| **9/30/2017** | $1414040 | $1369114 | $1337667 |
| **12/31/2017** | $1498604 | $1460087 | $1408901 |
| **3/31/2018** | $1485453 | $1449003 | $1368984 |
| **6/30/2018** | $1517085 | $1498760 | $1385078 |
| **9/30/2018** | $1581415 | $1614326 | $1464077 |
| **12/31/2018** | $1307815 | $1396073 | $1292426 |
| **3/31/2019** | $1475577 | $1586607 | $1446666 |
| **6/30/2019** | $1523072 | $1654892 | $1502283 |
| **9/30/2019** | $1491664 | $1682997 | $1522648 |
| **12/31/2019** | $1660701 | $1835645 | $1635449 |
| **3/31/2020** | $1155596 | $1475895 | $1198294 |
| **6/30/2020** | $1421441 | $1779092 | $1369537 |
| **9/30/2020** | $1509294 | $1937955 | $1446133 |
| **12/31/2020** | $1874883 | $2173381 | $1681171 |
| **3/31/2021** | $2167521 | $2307587 | $1870386 |
| **6/30/2021** | $2362128 | $2504858 | $1967799 |
| **9/30/2021** | $2407501 | $2519438 | $1952451 |
| **12/31/2021** | $2523293 | $2797259 | $2104160 |
| **3/31/2022** | $2458701 | $2668627 | $2088639 |
| **6/30/2022** | $2022658 | $2238948 | $1833601 |
| **9/30/2022** | $1985809 | $2129629 | $1730599 |
| **12/31/2022** | $2191736 | $2290651 | $1945551 |
| **3/31/2023** | $2370933 | $2462384 | $1965126 |
| **6/30/2023** | $2577567 | $2677648 | $2045196 |
| **9/30/2023** | $2545843 | $2589998 | $1980467 |
| **12/31/2023** | $2876771 | $2892809 | $2168564 |
| **3/31/2024** | $3174368 | $3198172 | $2363423 |
| **6/30/2024** | $3049989 | $3335175 | $2312231 |
| **9/30/2024** | $3277474 | $3531502 | $2530272 |
| **12/31/2024** | $3346543 | $3616582 | $2480150 |
| **3/31/2025** | $3387016 | $3462075 | $2533120 |
| **6/30/2025** | $3537252 | $3840909 | $2629052 |
| **9/30/2025** | $3652513 | $4152965 | $2769174 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 11.44% | 19.35% | 13.92% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000 Value Index** | 9.44% | 13.88% | 10.72% |

---

R6 Class shares commenced operations on 12/15/2020. The performance attributed to the R6 Class shares prior to that date is that of the Investor Class shares from 8/5/1991—11/30/2016, and then the performance of the Institutional Class shares from 11/30/2016—12/15/2020. Performance prior to 12/15/2020 has not been adjusted to reflect the lower expenses of R6 Class shares. During this period, R6 Class shares would have had returns similar to, but potentially higher than, Institutional and Investor Class shares due to the fact that R6 Class shares represent interests in the same portfolio as Institutional and Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $24745741575 |
| # of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 63% |
| Total Advisory Fees Paid | $141669102 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.5% |
| Citigroup, Inc. | 3.4% |
| Charles Schwab Corp. | 3.0% |
| Phillips 66 | 3.0% |
| Willis Towers Watson PLC | 2.7% |
| ConocoPhillips | 2.5% |
| General Motors Co. | 2.5% |
| Warner Bros Discovery, Inc. | 2.5% |
| Intercontinental Exchange, Inc. | 2.5% |
| Bank of America Corp. | 2.4% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 36.9% |
| Energy | 11.8% |
| Health Care | 10.0% |
| Communication Services | 9.6% |
| Consumer Discretionary | 9.1% |
| Industrials | 8.6% |
| Information Technology | 3.6% |
| Consumer Staples | 3.1% |
| Materials | 1.6% |
| Real Estate | 1.4% |
| Short Term Investments & Other, Net | 4.3% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAZMX

R6 Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Fund
Annual Shareholder Report September 30, 2025

OAZMX-AR

OAKLX

Investor Class

#### Oakmark Select Fund
![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $106 | 1.00% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Select Fund Investor Class returned 11.72% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communications Services contributed the most to returns, while Health Care and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Warner Bros Discovery led the positive contributors followed by Charles Schwab and Alphabet Class A. IQVIA Holdings, Centene, and Keurig Dr Pepper were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $10,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **10/1/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $10690 | $10704 | $10564 |
| **3/31/2016** | $10096 | $10849 | $10737 |
| **6/30/2016** | $10366 | $11115 | $11229 |
| **9/30/2016** | $11176 | $11543 | $11620 |
| **12/31/2016** | $12327 | $11984 | $12395 |
| **3/31/2017** | $12697 | $12711 | $12800 |
| **6/30/2017** | $12935 | $13104 | $12973 |
| **9/30/2017** | $13702 | $13691 | $13377 |
| **12/31/2017** | $14265 | $14601 | $14089 |
| **3/31/2018** | $13710 | $14490 | $13690 |
| **6/30/2018** | $13653 | $14988 | $13851 |
| **9/30/2018** | $13692 | $16143 | $14641 |
| **12/31/2018** | $10717 | $13961 | $12924 |
| **3/31/2019** | $12160 | $15866 | $14467 |
| **6/30/2019** | $12711 | $16549 | $15023 |
| **9/30/2019** | $12276 | $16830 | $15226 |
| **12/31/2019** | $13684 | $18356 | $16354 |
| **3/31/2020** | $9232 | $14759 | $11983 |
| **6/30/2020** | $11379 | $17791 | $13695 |
| **9/30/2020** | $11975 | $19380 | $14461 |
| **12/31/2020** | $15156 | $21734 | $16812 |
| **3/31/2021** | $17594 | $23076 | $18704 |
| **6/30/2021** | $18994 | $25049 | $19678 |
| **9/30/2021** | $19640 | $25194 | $19525 |
| **12/31/2021** | $20316 | $27973 | $21042 |
| **3/31/2022** | $19083 | $26686 | $20886 |
| **6/30/2022** | $15946 | $22389 | $18336 |
| **9/30/2022** | $14998 | $21296 | $17306 |
| **12/31/2022** | $15697 | $22907 | $19456 |
| **3/31/2023** | $17410 | $24624 | $19651 |
| **6/30/2023** | $19570 | $26776 | $20452 |
| **9/30/2023** | $19586 | $25900 | $19805 |
| **12/31/2023** | $22447 | $28928 | $21686 |
| **3/31/2024** | $23844 | $31982 | $23634 |
| **6/30/2024** | $22368 | $33352 | $23122 |
| **9/30/2024** | $24172 | $35315 | $25303 |
| **12/31/2024** | $25624 | $36166 | $24801 |
| **3/31/2025** | $25330 | $34621 | $25331 |
| **6/30/2025** | $26389 | $38409 | $26291 |
| **9/30/2025** | $27006 | $41530 | $27692 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 11.72% | 17.66% | 10.44% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000 Value Index** | 9.44% | 13.88% | 10.72% |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $7529801857 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $50541456 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| IQVIA Holdings, Inc. | 6.7% |
| Warner Bros. Discovery, Inc. | 5.8% |
| Phillips 66 | 5.8% |
| First Citizens BancShares, Inc., Class A | 5.5% |
| Lithia Motors, Inc. | 5.5% |
| Airbnb, Inc., Class A | 5.2% |
| Alphabet, Inc., Class A | 5.1% |
| Salesforce, Inc. | 4.8% |
| Equifax, Inc. | 4.3% |
| Charles Schwab Corp. | 4.3% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 15.6% |
| Communication Services | 12.5% |
| Energy | 12.4% |
| Consumer Discretionary | 10.7% |
| Industrials | 10.4% |
| Information Technology | 4.8% |
| Consumer Staples | 4.0% |
| Real Estate | 3.5% |
| Short Term Investments & Other, Net | 4.6% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAKLX

Investor Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Select Fund
Annual Shareholder Report September 30, 2025

OAKLX-AR

OAYLX

Advisor Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $92 | 0.87% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Select Fund Advisor Class returned 11.87% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communications Services contributed the most to returns, while Health Care and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Warner Bros Discovery led the positive contributors followed by Charles Schwab and Alphabet Class A. IQVIA Holdings, Centene, and Keurig Dr Pepper were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $100,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg012.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **10/1/2015** | $100000 | $100000 | $100000 |
| **12/31/2015** | $106904 | $107043 | $105635 |
| **3/31/2016** | $100960 | $108485 | $107366 |
| **6/30/2016** | $103659 | $111149 | $112287 |
| **9/30/2016** | $111757 | $115430 | $116195 |
| **12/31/2016** | $123302 | $119845 | $123953 |
| **3/31/2017** | $127054 | $127115 | $128004 |
| **6/30/2017** | $129460 | $131040 | $129726 |
| **9/30/2017** | $137193 | $136911 | $133767 |
| **12/31/2017** | $142874 | $146009 | $140890 |
| **3/31/2018** | $137369 | $144900 | $136898 |
| **6/30/2018** | $136861 | $149876 | $138508 |
| **9/30/2018** | $137310 | $161433 | $146408 |
| **12/31/2018** | $107537 | $139607 | $129243 |
| **3/31/2019** | $122029 | $158661 | $144667 |
| **6/30/2019** | $127593 | $165489 | $150228 |
| **9/30/2019** | $123255 | $168300 | $152265 |
| **12/31/2019** | $137457 | $183564 | $163545 |
| **3/31/2020** | $92769 | $147590 | $119829 |
| **6/30/2020** | $114384 | $177909 | $136954 |
| **9/30/2020** | $120406 | $193796 | $144613 |
| **12/31/2020** | $152442 | $217338 | $168117 |
| **3/31/2021** | $176970 | $230759 | $187039 |
| **6/30/2021** | $191141 | $250486 | $196780 |
| **9/30/2021** | $197686 | $251944 | $195245 |
| **12/31/2021** | $204578 | $279726 | $210416 |
| **3/31/2022** | $192230 | $266863 | $208864 |
| **6/30/2022** | $160676 | $223895 | $183360 |
| **9/30/2022** | $151136 | $212963 | $173060 |
| **12/31/2022** | $158244 | $229065 | $194555 |
| **3/31/2023** | $175584 | $246238 | $196513 |
| **6/30/2023** | $197444 | $267765 | $204520 |
| **9/30/2023** | $197637 | $259000 | $198047 |
| **12/31/2023** | $226582 | $289281 | $216856 |
| **3/31/2024** | $240741 | $319817 | $236342 |
| **6/30/2024** | $225937 | $333517 | $231223 |
| **9/30/2024** | $244192 | $353150 | $253027 |
| **12/31/2024** | $258971 | $361658 | $248015 |
| **3/31/2025** | $256057 | $346208 | $253312 |
| **6/30/2025** | $266842 | $384091 | $262905 |
| **9/30/2025** | $273190 | $415296 | $276917 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 11.87% | 17.80% | 10.57% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000 Value Index** | 9.44% | 13.88% | 10.72% |

---

Advisor Class shares commenced operations on 11/30/2016. The performance attributed to the Advisor Class shares prior to that date is that of the Investor Class shares from 11/01/1996—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Advisor Class shares. During this period, Advisor Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Advisor Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $7529801857 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $50541456 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| IQVIA Holdings, Inc. | 6.7% |
| Warner Bros. Discovery, Inc. | 5.8% |
| Phillips 66 | 5.8% |
| First Citizens BancShares, Inc., Class A | 5.5% |
| Lithia Motors, Inc. | 5.5% |
| Airbnb, Inc., Class A | 5.2% |
| Alphabet, Inc., Class A | 5.1% |
| Salesforce, Inc. | 4.8% |
| Equifax, Inc. | 4.3% |
| Charles Schwab Corp. | 4.3% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 15.6% |
| Communication Services | 12.5% |
| Energy | 12.4% |
| Consumer Discretionary | 10.7% |
| Industrials | 10.4% |
| Information Technology | 4.8% |
| Consumer Staples | 4.0% |
| Real Estate | 3.5% |
| Short Term Investments & Other, Net | 4.6% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAYLX

Advisor Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Select Fund
Annual Shareholder Report September 30, 2025

OAYLX-AR

OANLX

Institutional Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $81 | 0.76% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Select Fund Institutional Class returned 11.99% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communications Services contributed the most to returns, while Health Care and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Warner Bros Discovery led the positive contributors followed by Charles Schwab and Alphabet Class A. IQVIA Holdings, Centene, and Keurig Dr Pepper were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $250,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **10/1/2015** | $250000 | $250000 | $250000 |
| **12/31/2015** | $267260 | $267606 | $264088 |
| **3/31/2016** | $252401 | $271213 | $268415 |
| **6/30/2016** | $259148 | $277872 | $280716 |
| **9/30/2016** | $279392 | $288576 | $290488 |
| **12/31/2016** | $308255 | $299612 | $309882 |
| **3/31/2017** | $317635 | $317787 | $320011 |
| **6/30/2017** | $323650 | $327600 | $324314 |
| **9/30/2017** | $343054 | $342278 | $334417 |
| **12/31/2017** | $357309 | $365022 | $352225 |
| **3/31/2018** | $343546 | $362251 | $342246 |
| **6/30/2018** | $342274 | $374690 | $346270 |
| **9/30/2018** | $343396 | $403582 | $366019 |
| **12/31/2018** | $268978 | $349018 | $323106 |
| **3/31/2019** | $305303 | $396652 | $361667 |
| **6/30/2019** | $319220 | $413723 | $375571 |
| **9/30/2019** | $308448 | $420749 | $380662 |
| **12/31/2019** | $343951 | $458911 | $408862 |
| **3/31/2020** | $232129 | $368974 | $299574 |
| **6/30/2020** | $286295 | $444773 | $342384 |
| **9/30/2020** | $301443 | $484489 | $361533 |
| **12/31/2020** | $381705 | $543345 | $420293 |
| **3/31/2021** | $443334 | $576897 | $467597 |
| **6/30/2021** | $478960 | $626215 | $491950 |
| **9/30/2021** | $495421 | $629859 | $488113 |
| **12/31/2021** | $512797 | $699315 | $526040 |
| **3/31/2022** | $481946 | $667157 | $522160 |
| **6/30/2022** | $402980 | $559737 | $458400 |
| **9/30/2022** | $379083 | $532407 | $432650 |
| **12/31/2022** | $397055 | $572663 | $486388 |
| **3/31/2023** | $440610 | $615596 | $491281 |
| **6/30/2023** | $495495 | $669412 | $511299 |
| **9/30/2023** | $496218 | $647499 | $495117 |
| **12/31/2023** | $568943 | $723202 | $542141 |
| **3/31/2024** | $604715 | $799543 | $590856 |
| **6/30/2024** | $567648 | $833794 | $578058 |
| **9/30/2024** | $613779 | $882876 | $632568 |
| **12/31/2024** | $651072 | $904145 | $620037 |
| **3/31/2025** | $643914 | $865519 | $633280 |
| **6/30/2025** | $671164 | $960227 | $657263 |
| **9/30/2025** | $687351 | $1038241 | $692294 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 11.99% | 17.92% | 10.64% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000 Value Index** | 9.44% | 13.88% | 10.72% |

---

Institutional Class shares commenced operations on 11/30/2016. The performance attributed to the Institutional Class shares prior to that date is that of the Investor Class shares from 11/01/1996—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Institutional Class shares. During this period, Institutional Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Institutional Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $7529801857 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $50541456 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| IQVIA Holdings, Inc. | 6.7% |
| Warner Bros. Discovery, Inc. | 5.8% |
| Phillips 66 | 5.8% |
| First Citizens BancShares, Inc., Class A | 5.5% |
| Lithia Motors, Inc. | 5.5% |
| Airbnb, Inc., Class A | 5.2% |
| Alphabet, Inc., Class A | 5.1% |
| Salesforce, Inc. | 4.8% |
| Equifax, Inc. | 4.3% |
| Charles Schwab Corp. | 4.3% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 15.6% |
| Communication Services | 12.5% |
| Energy | 12.4% |
| Consumer Discretionary | 10.7% |
| Industrials | 10.4% |
| Information Technology | 4.8% |
| Consumer Staples | 4.0% |
| Real Estate | 3.5% |
| Short Term Investments & Other, Net | 4.6% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OANLX

Institutional Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Select Fund
Annual Shareholder Report September 30, 2025

OANLX-AR

OAZLX

R6 Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $77 | 0.73% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Select Fund R6 Class returned 12.03% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communications Services contributed the most to returns, while Health Care and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Warner Bros Discovery led the positive contributors followed by Charles Schwab and Alphabet Class A. IQVIA Holdings, Centene, and Keurig Dr Pepper were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $1,000,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **12/31/2015** | $1065274 | $1070426 | $1056352 |
| **3/31/2016** | $1006047 | $1084853 | $1073659 |
| **6/30/2016** | $1032944 | $1111489 | $1122866 |
| **9/30/2016** | $1113634 | $1154304 | $1161951 |
| **12/31/2016** | $1228392 | $1198448 | $1239529 |
| **3/31/2017** | $1265209 | $1271147 | $1280044 |
| **6/30/2017** | $1288898 | $1310402 | $1297255 |
| **9/30/2017** | $1365387 | $1369114 | $1337667 |
| **12/31/2017** | $1421502 | $1460087 | $1408901 |
| **3/31/2018** | $1366142 | $1449003 | $1368984 |
| **6/30/2018** | $1360487 | $1498760 | $1385078 |
| **9/30/2018** | $1364356 | $1614326 | $1464077 |
| **12/31/2018** | $1067880 | $1396073 | $1292426 |
| **3/31/2019** | $1211741 | $1586607 | $1446666 |
| **6/30/2019** | $1266664 | $1654892 | $1502283 |
| **9/30/2019** | $1223287 | $1682997 | $1522648 |
| **12/31/2019** | $1363582 | $1835645 | $1635449 |
| **3/31/2020** | $919947 | $1475895 | $1198294 |
| **6/30/2020** | $1133910 | $1779092 | $1369537 |
| **9/30/2020** | $1193292 | $1937955 | $1446133 |
| **12/31/2020** | $1510646 | $2173381 | $1681171 |
| **3/31/2021** | $1754553 | $2307587 | $1870386 |
| **6/30/2021** | $1895231 | $2504858 | $1967799 |
| **9/30/2021** | $1960693 | $2519438 | $1952451 |
| **12/31/2021** | $2029514 | $2797259 | $2104160 |
| **3/31/2022** | $1907395 | $2668627 | $2088639 |
| **6/30/2022** | $1595138 | $2238948 | $1833601 |
| **9/30/2022** | $1501176 | $2129629 | $1730599 |
| **12/31/2022** | $1572348 | $2290651 | $1945551 |
| **3/31/2023** | $1745179 | $2462384 | $1965126 |
| **6/30/2023** | $1962889 | $2677648 | $2045196 |
| **9/30/2023** | $1965435 | $2589998 | $1980467 |
| **12/31/2023** | $2254266 | $2892809 | $2168564 |
| **3/31/2024** | $2395999 | $3198172 | $2363423 |
| **6/30/2024** | $2249456 | $3335175 | $2312231 |
| **9/30/2024** | $2432234 | $3531502 | $2530272 |
| **12/31/2024** | $2580386 | $3616582 | $2480150 |
| **3/31/2025** | $2552016 | $3462075 | $2533120 |
| **6/30/2025** | $2660338 | $3840909 | $2629052 |
| **9/30/2025** | $2724815 | $4152965 | $2769174 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 12.03% | 17.96% | 10.66% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Russell 1000 Value Index** | 9.44% | 13.88% | 10.72% |

---

R6 Class shares commenced operations on 12/15/2020. The performance attributed to the R6 Class shares prior to that date is that of the Investor Class shares from 11/01/1996—11/30/2016, and then the performance of the Institutional Class shares from 11/30/2016—12/15/2020. Performance prior to 12/15/2020 has not been adjusted to reflect the lower expenses of R6 Class shares. During this period, R6 Class shares would have had returns similar to, but potentially higher than, Institutional and Investor Class shares due to the fact that R6 Class shares represent interests in the same portfolio as Institutional and Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $7529801857 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $50541456 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| IQVIA Holdings, Inc. | 6.7% |
| Warner Bros. Discovery, Inc. | 5.8% |
| Phillips 66 | 5.8% |
| First Citizens BancShares, Inc., Class A | 5.5% |
| Lithia Motors, Inc. | 5.5% |
| Airbnb, Inc., Class A | 5.2% |
| Alphabet, Inc., Class A | 5.1% |
| Salesforce, Inc. | 4.8% |
| Equifax, Inc. | 4.3% |
| Charles Schwab Corp. | 4.3% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 21.5% |
| Health Care | 15.6% |
| Communication Services | 12.5% |
| Energy | 12.4% |
| Consumer Discretionary | 10.7% |
| Industrials | 10.4% |
| Information Technology | 4.8% |
| Consumer Staples | 4.0% |
| Real Estate | 3.5% |
| Short Term Investments & Other, Net | 4.6% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAZLX

R6 Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Select Fund
Annual Shareholder Report September 30, 2025

OAZLX-AR

OAKGX

Investor Class

#### Oakmark Global Fund
![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Global Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $116 | 1.11% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Global Fund Investor Class returned 8.49% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World Index (Net), which returned 17.25% over the same period.

* The Fund's exposure to the United States and the United Kingdom contributed most to returns, while exposure to Germany and Belgium detracted most from returns.

* At the equity sector level, Financials and Consumer Discretionary performed the strongest, while Health Care and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Alphabet Class A (U.S.) led the positive contributors followed by Capital One Financial (U.S.) and Alibaba Group (China). Centene (U.S.), Molina Healthcare (U.S.) and Capgemini (France) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $10,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg031.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **MSCI World Index (Net)** |
| **10/1/2015** | $10000 | $10000 |
| **12/31/2015** | $10585 | $10550 |
| **3/31/2016** | $9816 | $10513 |
| **6/30/2016** | $9457 | $10619 |
| **9/30/2016** | $10293 | $11136 |
| **12/31/2016** | $11078 | $11342 |
| **3/31/2017** | $11919 | $12066 |
| **6/30/2017** | $12432 | $12551 |
| **9/30/2017** | $13550 | $13159 |
| **12/31/2017** | $14078 | $13883 |
| **3/31/2018** | $13717 | $13705 |
| **6/30/2018** | $13674 | $13943 |
| **9/30/2018** | $13687 | $14637 |
| **12/31/2018** | $11408 | $12674 |
| **3/31/2019** | $12844 | $14255 |
| **6/30/2019** | $13397 | $14826 |
| **9/30/2019** | $13348 | $14905 |
| **12/31/2019** | $14785 | $16180 |
| **3/31/2020** | $9630 | $12774 |
| **6/30/2020** | $11644 | $15247 |
| **9/30/2020** | $12449 | $16456 |
| **12/31/2020** | $16116 | $18754 |
| **3/31/2021** | $17896 | $19677 |
| **6/30/2021** | $19056 | $21200 |
| **9/30/2021** | $18420 | $21199 |
| **12/31/2021** | $19146 | $22845 |
| **3/31/2022** | $18087 | $21668 |
| **6/30/2022** | $15471 | $18161 |
| **9/30/2022** | $13678 | $17037 |
| **12/31/2022** | $15921 | $18701 |
| **3/31/2023** | $17600 | $20146 |
| **6/30/2023** | $18350 | $21522 |
| **9/30/2023** | $17355 | $20777 |
| **12/31/2023** | $18667 | $23149 |
| **3/31/2024** | $19479 | $25205 |
| **6/30/2024** | $18893 | $25868 |
| **9/30/2024** | $20315 | $27514 |
| **12/31/2024** | $19140 | $27471 |
| **3/31/2025** | $19979 | $26979 |
| **6/30/2025** | $21171 | $30074 |
| **9/30/2025** | $22039 | $32260 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 8.49% | 12.10% | 8.22% |
| **MSCI World Index (Net)** | 17.25% | 14.41% | 12.43% |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1119908008 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid | $8772816 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| IQVIA Holdings, Inc. | 3.6% |
| Sysco Corp. | 3.4% |
| Becton Dickinson & Co. | 3.2% |
| Kering SA | 3.0% |
| Willis Towers Watson PLC | 2.8% |
| DSV AS | 2.6% |
| Akzo Nobel NV | 2.6% |
| CNH Industrial NV | 2.6% |
| Envista Holdings Corp. | 2.6% |
| adidas AG | 2.5% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 50.2% |
| France | 10.4% |
| Germany | 9.0% |
| Switzerland | 6.6% |
| United Kingdom | 5.7% |
| Netherlands | 4.7% |
| Ireland | 3.9% |
| Denmark | 2.6% |
| China | 2.4% |
| South Korea | 2.3% |
| Other | 1.8% |
| Other Assets and Liabilities, Net | 0.4% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Consumer Discretionary | 19.4% |
| Financials | 18.5% |
| Health Care | 16.1% |
| Industrials | 12.5% |
| Information Technology | 10.4% |
| Consumer Staples | 8.0% |
| Materials | 4.8% |
| Communication Services | 4.1% |
| Energy | 3.5% |
| Short Term Investments & Other, Net | 2.7% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAKGX

Investor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Global Fund
Annual Shareholder Report September 30, 2025

OAKGX-AR

OAYGX

Advisor Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Global Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $96 | 0.92% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Global Fund Advisor Class returned 8.67% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World Index (Net), which returned 17.25% over the same period.

* The Fund's exposure to the United States and the United Kingdom contributed most to returns, while exposure to Germany and Belgium detracted most from returns.

* At the equity sector level, Financials and Consumer Discretionary performed the strongest, while Health Care and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Alphabet Class A (U.S.) led the positive contributors followed by Capital One Financial (U.S.) and Alibaba Group (China). Centene (U.S.), Molina Healthcare (U.S.) and Capgemini (France) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $100,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg018.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **MSCI World Index (Net)** |
| **10/1/2015** | $100000 | $100000 |
| **12/31/2015** | $105854 | $105500 |
| **3/31/2016** | $98162 | $105131 |
| **6/30/2016** | $94570 | $106191 |
| **9/30/2016** | $102926 | $111358 |
| **12/31/2016** | $110820 | $113423 |
| **3/31/2017** | $119269 | $120655 |
| **6/30/2017** | $124480 | $125513 |
| **9/30/2017** | $135653 | $131586 |
| **12/31/2017** | $141012 | $138831 |
| **3/31/2018** | $137394 | $137052 |
| **6/30/2018** | $137011 | $139429 |
| **9/30/2018** | $137139 | $146373 |
| **12/31/2018** | $114367 | $126736 |
| **3/31/2019** | $128815 | $142553 |
| **6/30/2019** | $134361 | $148256 |
| **9/30/2019** | $133923 | $149048 |
| **12/31/2019** | $148427 | $161804 |
| **3/31/2020** | $96660 | $127742 |
| **6/30/2020** | $116982 | $152471 |
| **9/30/2020** | $125071 | $164560 |
| **12/31/2020** | $161998 | $187535 |
| **3/31/2021** | $179947 | $196765 |
| **6/30/2021** | $191711 | $212003 |
| **9/30/2021** | $185423 | $211988 |
| **12/31/2021** | $192784 | $228450 |
| **3/31/2022** | $182219 | $216678 |
| **6/30/2022** | $155917 | $181606 |
| **9/30/2022** | $137901 | $170369 |
| **12/31/2022** | $160607 | $187006 |
| **3/31/2023** | $177673 | $201463 |
| **6/30/2023** | $185308 | $215222 |
| **9/30/2023** | $175371 | $207771 |
| **12/31/2023** | $188707 | $231489 |
| **3/31/2024** | $197044 | $252047 |
| **6/30/2024** | $191173 | $258680 |
| **9/30/2024** | $205675 | $275144 |
| **12/31/2024** | $193866 | $274710 |
| **3/31/2025** | $202435 | $269787 |
| **6/30/2025** | $214633 | $300736 |
| **9/30/2025** | $223499 | $322601 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 8.67% | 12.31% | 8.37% |
| **MSCI World Index (Net)** | 17.25% | 14.41% | 12.43% |

---

Advisor Class shares commenced operations on 11/30/2016. The performance attributed to the Advisor Class shares prior to that date is that of the Investor Class shares from 08/04/1999—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Advisor Class shares. During this period, Advisor Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Advisor Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1119908008 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid | $8772816 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| IQVIA Holdings, Inc. | 3.6% |
| Sysco Corp. | 3.4% |
| Becton Dickinson & Co. | 3.2% |
| Kering SA | 3.0% |
| Willis Towers Watson PLC | 2.8% |
| DSV AS | 2.6% |
| Akzo Nobel NV | 2.6% |
| CNH Industrial NV | 2.6% |
| Envista Holdings Corp. | 2.6% |
| adidas AG | 2.5% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 50.2% |
| France | 10.4% |
| Germany | 9.0% |
| Switzerland | 6.6% |
| United Kingdom | 5.7% |
| Netherlands | 4.7% |
| Ireland | 3.9% |
| Denmark | 2.6% |
| China | 2.4% |
| South Korea | 2.3% |
| Other | 1.8% |
| Other Assets and Liabilities, Net | 0.4% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Consumer Discretionary | 19.4% |
| Financials | 18.5% |
| Health Care | 16.1% |
| Industrials | 12.5% |
| Information Technology | 10.4% |
| Consumer Staples | 8.0% |
| Materials | 4.8% |
| Communication Services | 4.1% |
| Energy | 3.5% |
| Short Term Investments & Other, Net | 2.7% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAYGX

Advisor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Global Fund
Annual Shareholder Report September 30, 2025

OAYGX-AR

OANGX

Institutional Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Global Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $92 | 0.88% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Global Fund Institutional Class returned 8.71% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World Index (Net), which returned 17.25% over the same period.

* The Fund's exposure to the United States and the United Kingdom contributed most to returns, while exposure to Germany and Belgium detracted most from returns.

* At the equity sector level, Financials and Consumer Discretionary performed the strongest, while Health Care and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Alphabet Class A (U.S.) led the positive contributors followed by Capital One Financial (U.S.) and Alibaba Group (China). Centene (U.S.), Molina Healthcare (U.S.) and Capgemini (France) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $250,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI World Index (Net)** |
| **10/1/2015** | $250000 | $250000 |
| **12/31/2015** | $264636 | $263750 |
| **3/31/2016** | $245406 | $262827 |
| **6/30/2016** | $236425 | $265477 |
| **9/30/2016** | $257315 | $278394 |
| **12/31/2016** | $277050 | $283559 |
| **3/31/2017** | $298172 | $301638 |
| **6/30/2017** | $311299 | $313783 |
| **9/30/2017** | $339330 | $328966 |
| **12/31/2017** | $352794 | $347076 |
| **3/31/2018** | $343852 | $342630 |
| **6/30/2018** | $342894 | $348573 |
| **9/30/2018** | $343320 | $365934 |
| **12/31/2018** | $286346 | $316841 |
| **3/31/2019** | $322519 | $356382 |
| **6/30/2019** | $336526 | $370640 |
| **9/30/2019** | $335430 | $372621 |
| **12/31/2019** | $371769 | $404511 |
| **3/31/2020** | $242232 | $319355 |
| **6/30/2020** | $293135 | $381178 |
| **9/30/2020** | $313395 | $411401 |
| **12/31/2020** | $405962 | $468838 |
| **3/31/2021** | $451069 | $491913 |
| **6/30/2021** | $480547 | $530006 |
| **9/30/2021** | $464791 | $529970 |
| **12/31/2021** | $483347 | $571126 |
| **3/31/2022** | $456858 | $541696 |
| **6/30/2022** | $390916 | $454014 |
| **9/30/2022** | $345746 | $425921 |
| **12/31/2022** | $402663 | $467515 |
| **3/31/2023** | $445463 | $503657 |
| **6/30/2023** | $464752 | $538054 |
| **9/30/2023** | $439832 | $519428 |
| **12/31/2023** | $473319 | $578723 |
| **3/31/2024** | $494238 | $630117 |
| **6/30/2024** | $479654 | $646699 |
| **9/30/2024** | $516040 | $687860 |
| **12/31/2024** | $486454 | $686776 |
| **3/31/2025** | $507961 | $674467 |
| **6/30/2025** | $538579 | $751841 |
| **9/30/2025** | $560983 | $806502 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 8.71% | 12.35% | 8.42% |
| **MSCI World Index (Net)** | 17.25% | 14.41% | 12.43% |

---

Institutional Class shares commenced operations on 11/30/2016 The performance attributed to the Institutional Class shares prior to that date is that of the Investor Class shares from 08/04/1999—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Institutional Class shares. During this period, Institutional Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Institutional Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1119908008 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid | $8772816 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| IQVIA Holdings, Inc. | 3.6% |
| Sysco Corp. | 3.4% |
| Becton Dickinson & Co. | 3.2% |
| Kering SA | 3.0% |
| Willis Towers Watson PLC | 2.8% |
| DSV AS | 2.6% |
| Akzo Nobel NV | 2.6% |
| CNH Industrial NV | 2.6% |
| Envista Holdings Corp. | 2.6% |
| adidas AG | 2.5% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 50.2% |
| France | 10.4% |
| Germany | 9.0% |
| Switzerland | 6.6% |
| United Kingdom | 5.7% |
| Netherlands | 4.7% |
| Ireland | 3.9% |
| Denmark | 2.6% |
| China | 2.4% |
| South Korea | 2.3% |
| Other | 1.8% |
| Other Assets and Liabilities, Net | 0.4% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Consumer Discretionary | 19.4% |
| Financials | 18.5% |
| Health Care | 16.1% |
| Industrials | 12.5% |
| Information Technology | 10.4% |
| Consumer Staples | 8.0% |
| Materials | 4.8% |
| Communication Services | 4.1% |
| Energy | 3.5% |
| Short Term Investments & Other, Net | 2.7% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OANGX

Institutional Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Global Fund
Annual Shareholder Report September 30, 2025

OANGX-AR

OAZGX

R6 Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Global Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $89 | 0.85% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Global Fund R6 Class returned 8.78% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World Index (Net), which returned 17.25% over the same period.

* The Fund's exposure to the United States and the United Kingdom contributed most to returns, while exposure to Germany and Belgium detracted most from returns.

* At the equity sector level, Financials and Consumer Discretionary performed the strongest, while Health Care and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Alphabet Class A (U.S.) led the positive contributors followed by Capital One Financial (U.S.) and Alibaba Group (China). Centene (U.S.), Molina Healthcare (U.S.) and Capgemini (France) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $1,000,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg001.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Class** | **MSCI World Index (Net)** |
| **12/31/2015** | $1053746 | $1054998 |
| **3/31/2016** | $977173 | $1051309 |
| **6/30/2016** | $941414 | $1061909 |
| **9/30/2016** | $1024594 | $1113577 |
| **12/31/2016** | $1102785 | $1134234 |
| **3/31/2017** | $1186496 | $1206553 |
| **6/30/2017** | $1237587 | $1255130 |
| **9/30/2017** | $1348809 | $1315863 |
| **12/31/2017** | $1401433 | $1388306 |
| **3/31/2018** | $1365477 | $1370520 |
| **6/30/2018** | $1361247 | $1394291 |
| **9/30/2018** | $1362516 | $1463735 |
| **12/31/2018** | $1135624 | $1267364 |
| **3/31/2019** | $1278542 | $1425528 |
| **6/30/2019** | $1333585 | $1482558 |
| **9/30/2019** | $1328757 | $1490485 |
| **12/31/2019** | $1471805 | $1618044 |
| **3/31/2020** | $958653 | $1277419 |
| **6/30/2020** | $1159103 | $1524712 |
| **9/30/2020** | $1239283 | $1645603 |
| **12/31/2020** | $1604794 | $1875354 |
| **3/31/2021** | $1782602 | $1967652 |
| **6/30/2021** | $1899634 | $2120026 |
| **9/30/2021** | $1837351 | $2119879 |
| **12/31/2021** | $1910503 | $2284504 |
| **3/31/2022** | $1805773 | $2166784 |
| **6/30/2022** | $1545600 | $1816057 |
| **9/30/2022** | $1367559 | $1703686 |
| **12/31/2022** | $1592474 | $1870059 |
| **3/31/2023** | $1761744 | $2014628 |
| **6/30/2023** | $1838027 | $2152217 |
| **9/30/2023** | $1738915 | $2077712 |
| **12/31/2023** | $1871347 | $2314892 |
| **3/31/2024** | $1954686 | $2520469 |
| **6/30/2024** | $1896407 | $2586797 |
| **9/30/2024** | $2040939 | $2751441 |
| **12/31/2024** | $1923924 | $2747104 |
| **3/31/2025** | $2009628 | $2697869 |
| **6/30/2025** | $2130797 | $3007364 |
| **9/30/2025** | $2220048 | $3226008 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 8.78% | 12.37% | 8.43% |
| **MSCI World Index (Net)** | 17.25% | 14.41% | 12.43% |

---

R6 Class shares commenced operations on 12/15/2020. The performance attributed to the R6 Class shares prior to that date is that of the Investor Class shares from 08/04/1999—11/30/2016, and then the performance of the Institutional Class shares from 11/30/2016—12/15/2020. Performance prior to 12/15/2020 has not been adjusted to reflect the lower expenses of R6 Class shares. During this period, R6 Class shares would have had returns similar to, but potentially higher than, Institutional and Investor Class shares due to the fact that R6 Class shares represent interests in the same portfolio as Institutional and Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1119908008 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid | $8772816 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| IQVIA Holdings, Inc. | 3.6% |
| Sysco Corp. | 3.4% |
| Becton Dickinson & Co. | 3.2% |
| Kering SA | 3.0% |
| Willis Towers Watson PLC | 2.8% |
| DSV AS | 2.6% |
| Akzo Nobel NV | 2.6% |
| CNH Industrial NV | 2.6% |
| Envista Holdings Corp. | 2.6% |
| adidas AG | 2.5% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 50.2% |
| France | 10.4% |
| Germany | 9.0% |
| Switzerland | 6.6% |
| United Kingdom | 5.7% |
| Netherlands | 4.7% |
| Ireland | 3.9% |
| Denmark | 2.6% |
| China | 2.4% |
| South Korea | 2.3% |
| Other | 1.8% |
| Other Assets and Liabilities, Net | 0.4% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Consumer Discretionary | 19.4% |
| Financials | 18.5% |
| Health Care | 16.1% |
| Industrials | 12.5% |
| Information Technology | 10.4% |
| Consumer Staples | 8.0% |
| Materials | 4.8% |
| Communication Services | 4.1% |
| Energy | 3.5% |
| Short Term Investments & Other, Net | 2.7% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAZGX

R6 Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Global Fund
Annual Shareholder Report September 30, 2025

OAZGX-AR

OAKBX

Investor Class

#### Oakmark Equity and Income Fund
![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Equity and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $88 | 0.85% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Equity and Income Fund Investor Class returned 7.31% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, Alphabet Class A led the positive contributors followed by Charles Schwab and Warner Bros Discovery. Centene, Wendy's and IQVIA Holdings were the worst performing equities.

* Fixed income securities contributed to absolute returns during the year.

# Fund performance as of September 30, 2025

# Total return based on $10,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg017.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** |
| **10/1/2015** | $10000 | $10000 | $10000 | $10000 |
| **12/31/2015** | $10155 | $10704 | $9943 | $10401 |
| **3/31/2016** | $10233 | $10849 | $10244 | $10621 |
| **6/30/2016** | $10190 | $11115 | $10471 | $10872 |
| **9/30/2016** | $10734 | $11543 | $10519 | $11143 |
| **12/31/2016** | $11268 | $11984 | $10206 | $11265 |
| **3/31/2017** | $11735 | $12711 | $10290 | $11710 |
| **6/30/2017** | $11935 | $13104 | $10438 | $11995 |
| **9/30/2017** | $12376 | $13691 | $10527 | $12357 |
| **12/31/2017** | $12898 | $14601 | $10568 | $12866 |
| **3/31/2018** | $12690 | $14490 | $10413 | $12742 |
| **6/30/2018** | $12718 | $14988 | $10397 | $12995 |
| **9/30/2018** | $13030 | $16143 | $10399 | $13592 |
| **12/31/2018** | $11824 | $13961 | $10569 | $12564 |
| **3/31/2019** | $12862 | $15866 | $10880 | $13734 |
| **6/30/2019** | $13306 | $16549 | $11215 | $14277 |
| **9/30/2019** | $13328 | $16830 | $11470 | $14557 |
| **12/31/2019** | $14106 | $18356 | $11490 | $15351 |
| **3/31/2020** | $10999 | $14759 | $11852 | $13680 |
| **6/30/2020** | $12608 | $17791 | $12195 | $15502 |
| **9/30/2020** | $13208 | $19380 | $12271 | $16376 |
| **12/31/2020** | $15331 | $21734 | $12353 | $17612 |
| **3/31/2021** | $16903 | $23076 | $11936 | $18018 |
| **6/30/2021** | $17919 | $25049 | $12155 | $19070 |
| **9/30/2021** | $17989 | $25194 | $12161 | $19146 |
| **12/31/2021** | $18635 | $27973 | $12162 | $20404 |
| **3/31/2022** | $17939 | $26686 | $11441 | $19369 |
| **6/30/2022** | $15776 | $22389 | $10904 | $17117 |
| **9/30/2022** | $15140 | $21296 | $10385 | $16304 |
| **12/31/2022** | $16228 | $22907 | $10580 | $17183 |
| **3/31/2023** | $16757 | $24624 | $10893 | $18158 |
| **6/30/2023** | $17650 | $26776 | $10801 | $19041 |
| **9/30/2023** | $17320 | $25900 | $10452 | $18425 |
| **12/31/2023** | $19042 | $28928 | $11165 | $20219 |
| **3/31/2024** | $19978 | $31982 | $11078 | $21421 |
| **6/30/2024** | $19540 | $33352 | $11086 | $21978 |
| **9/30/2024** | $20745 | $35315 | $11662 | $23211 |
| **12/31/2024** | $20703 | $36166 | $11304 | $23261 |
| **3/31/2025** | $20893 | $34621 | $11619 | $22924 |
| **6/30/2025** | $21633 | $38409 | $11759 | $24532 |
| **9/30/2025** | $22261 | $41530 | $11998 | $25921 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 7.31% | 11.00% | 8.33% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45%) | 1.84% |
| **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** | 11.67% | 9.62% | 9.99% |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $6240296023 |
| # of Portfolio Holdings | 252 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $33430813 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 2.8% |
| Phillips 66 | 2.3% |
| TE Connectivity PLC | 2.0% |
| Amazon.com, Inc. | 1.9% |
| Reinsurance Group of America, Inc. | 1.8% |
| Capital One Financial Corp. | 1.8% |
| Willis Towers Watson PLC | 1.7% |
| ConocoPhillips | 1.7% |
| Bank of America Corp. | 1.7% |
| Charles Schwab Corp. | 1.7% |

---

# Asset allocation

---

| | |
|:---|:---|
| Common Stocks | 59.6% |
| Corporate Bonds | 18.0% |
| Mortgage-Backed Securities | 7.0% |
| Government and Agency Securities | 5.2% |
| Collateralized Mortgage Obligations | 5.2% |
| Asset Backed Securities | 1.9% |
| Bank Loans | 1.6% |
| Short-Term Investments | 1.3% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 37.7% |
| Consumer Discretionary | 14.5% |
| Industrials | 8.9% |
| Health Care | 8.5% |
| Communication Services | 6.9% |
| Energy | 6.6% |
| U.S. Government | 5.2% |
| Information Technology | 4.0% |
| Consumer Staples | 2.5% |
| Materials | 2.3% |
| Real Estate | 1.1% |
| Utilities | 0.3% |
| Short Term Investments & Other, Net | 1.5% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAKBX

Investor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Equity and Income Fund
Annual Shareholder Report September 30, 2025

OAKBX-AR

OAYBX

Advisor Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Equity and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $65 | 0.63% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Equity and Income Fund Advisor Class returned 7.57% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, Alphabet Class A led the positive contributors followed by Charles Schwab and Warner Bros Discovery. Centene, Wendy's and IQVIA Holdings were the worst performing equities.

* Fixed income securities contributed to absolute returns during the year.

# Fund performance as of September 30, 2025

# Total return based on $100,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg004.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advisor Class** | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** |
| **10/1/2015** | $100000 | $100000 | $100000 | $100000 |
| **12/31/2015** | $101547 | $107043 | $99430 | $104014 |
| **3/31/2016** | $102329 | $108485 | $102445 | $106207 |
| **6/30/2016** | $101902 | $111149 | $104713 | $108719 |
| **9/30/2016** | $107340 | $115430 | $105193 | $111429 |
| **12/31/2016** | $112721 | $119845 | $102063 | $112653 |
| **3/31/2017** | $117425 | $127115 | $102896 | $117103 |
| **6/30/2017** | $119463 | $131040 | $104383 | $119948 |
| **9/30/2017** | $123945 | $136911 | $105269 | $123575 |
| **12/31/2017** | $129220 | $146009 | $105677 | $128661 |
| **3/31/2018** | $127172 | $144900 | $104134 | $127419 |
| **6/30/2018** | $127534 | $149876 | $103969 | $129951 |
| **9/30/2018** | $130665 | $161433 | $103989 | $135919 |
| **12/31/2018** | $118625 | $139607 | $105689 | $125641 |
| **3/31/2019** | $129132 | $158661 | $108800 | $137338 |
| **6/30/2019** | $133591 | $165489 | $112150 | $142773 |
| **9/30/2019** | $133812 | $168300 | $114696 | $145566 |
| **12/31/2019** | $141674 | $183564 | $114902 | $153507 |
| **3/31/2020** | $110539 | $147590 | $118520 | $136801 |
| **6/30/2020** | $126710 | $177909 | $121952 | $155019 |
| **9/30/2020** | $132792 | $193796 | $122707 | $163763 |
| **12/31/2020** | $154201 | $217338 | $123527 | $176117 |
| **3/31/2021** | $170070 | $230759 | $119361 | $180180 |
| **6/30/2021** | $180447 | $250486 | $121545 | $190698 |
| **9/30/2021** | $181253 | $251944 | $121608 | $191465 |
| **12/31/2021** | $187813 | $279726 | $121623 | $204044 |
| **3/31/2022** | $180901 | $266863 | $114405 | $193694 |
| **6/30/2022** | $159235 | $223895 | $109036 | $171168 |
| **9/30/2022** | $152872 | $212963 | $103854 | $163037 |
| **12/31/2022** | $163959 | $229065 | $105799 | $171833 |
| **3/31/2023** | $169426 | $246238 | $108933 | $181581 |
| **6/30/2023** | $178575 | $267765 | $108013 | $190410 |
| **9/30/2023** | $175339 | $259000 | $104523 | $184246 |
| **12/31/2023** | $192883 | $289281 | $111649 | $202193 |
| **3/31/2024** | $202546 | $319817 | $110783 | $214208 |
| **6/30/2024** | $198220 | $333517 | $110855 | $219775 |
| **9/30/2024** | $210512 | $353150 | $116615 | $232112 |
| **12/31/2024** | $210220 | $361658 | $113045 | $232610 |
| **3/31/2025** | $212267 | $346208 | $116188 | $229237 |
| **6/30/2025** | $219929 | $384091 | $117591 | $245321 |
| **9/30/2025** | $226455 | $415296 | $119978 | $259208 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 7.57% | 11.27% | 8.52% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45%) | 1.84% |
| **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** | 11.67% | 9.62% | 9.99% |

---

Advisor Class shares commenced operations on 11/30/2016. The performance attributed to the Advisor Class shares prior to that date is that of the Investor Class shares from 11/01/1995—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Advisor Class shares. During this period, Advisor Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Advisor Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $6240296023 |
| # of Portfolio Holdings | 252 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $33430813 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 2.8% |
| Phillips 66 | 2.3% |
| TE Connectivity PLC | 2.0% |
| Amazon.com, Inc. | 1.9% |
| Reinsurance Group of America, Inc. | 1.8% |
| Capital One Financial Corp. | 1.8% |
| Willis Towers Watson PLC | 1.7% |
| ConocoPhillips | 1.7% |
| Bank of America Corp. | 1.7% |
| Charles Schwab Corp. | 1.7% |

---

# Asset allocation

---

| | |
|:---|:---|
| Common Stocks | 59.6% |
| Corporate Bonds | 18.0% |
| Mortgage-Backed Securities | 7.0% |
| Government and Agency Securities | 5.2% |
| Collateralized Mortgage Obligations | 5.2% |
| Asset Backed Securities | 1.9% |
| Bank Loans | 1.6% |
| Short-Term Investments | 1.3% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 37.7% |
| Consumer Discretionary | 14.5% |
| Industrials | 8.9% |
| Health Care | 8.5% |
| Communication Services | 6.9% |
| Energy | 6.6% |
| U.S. Government | 5.2% |
| Information Technology | 4.0% |
| Consumer Staples | 2.5% |
| Materials | 2.3% |
| Real Estate | 1.1% |
| Utilities | 0.3% |
| Short Term Investments & Other, Net | 1.5% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAYBX

Advisor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Equity and Income Fund
Annual Shareholder Report September 30, 2025

OAYBX-AR

OANBX

Institutional Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Equity and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $61 | 0.59% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Equity and Income Fund Institutional Class returned 7.58% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, Alphabet Class A led the positive contributors followed by Charles Schwab and Warner Bros Discovery. Centene, Wendy's and IQVIA Holdings were the worst performing equities.

* Fixed income securities contributed to absolute returns during the year.

# Fund performance as of September 30, 2025

# Total return based on $250,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg009.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** |
| **10/1/2015** | $250000 | $250000 | $250000 | $250000 |
| **12/31/2015** | $253867 | $267606 | $248576 | $260034 |
| **3/31/2016** | $255822 | $271213 | $256112 | $265518 |
| **6/30/2016** | $254756 | $277872 | $261782 | $271799 |
| **9/30/2016** | $268351 | $288576 | $262981 | $278572 |
| **12/31/2016** | $281802 | $299612 | $255156 | $281631 |
| **3/31/2017** | $293563 | $317787 | $257240 | $292758 |
| **6/30/2017** | $298749 | $327600 | $260958 | $299869 |
| **9/30/2017** | $309862 | $342278 | $263172 | $308936 |
| **12/31/2017** | $323094 | $365022 | $264194 | $321651 |
| **3/31/2018** | $318076 | $362251 | $260335 | $318547 |
| **6/30/2018** | $318878 | $374690 | $259922 | $324877 |
| **9/30/2018** | $326808 | $403582 | $259972 | $339796 |
| **12/31/2018** | $296749 | $349018 | $264223 | $314103 |
| **3/31/2019** | $323034 | $396652 | $271999 | $343345 |
| **6/30/2019** | $334299 | $413723 | $280375 | $356931 |
| **9/30/2019** | $334961 | $420749 | $286739 | $363914 |
| **12/31/2019** | $354620 | $458911 | $287255 | $383768 |
| **3/31/2020** | $276688 | $368974 | $296299 | $342004 |
| **6/30/2020** | $317286 | $444773 | $304879 | $387548 |
| **9/30/2020** | $332509 | $484489 | $306767 | $409407 |
| **12/31/2020** | $386223 | $543345 | $308818 | $440293 |
| **3/31/2021** | $426094 | $576897 | $298403 | $450450 |
| **6/30/2021** | $452087 | $626215 | $303863 | $476745 |
| **9/30/2021** | $454105 | $629859 | $304021 | $478661 |
| **12/31/2021** | $470552 | $699315 | $304057 | $510110 |
| **3/31/2022** | $453236 | $667157 | $286013 | $484235 |
| **6/30/2022** | $398952 | $559737 | $272589 | $427921 |
| **9/30/2022** | $383011 | $532407 | $259635 | $407593 |
| **12/31/2022** | $410785 | $572663 | $264498 | $429582 |
| **3/31/2023** | $424482 | $615596 | $272333 | $453952 |
| **6/30/2023** | $447405 | $669412 | $270034 | $476024 |
| **9/30/2023** | $439438 | $647499 | $261308 | $460615 |
| **12/31/2023** | $483371 | $723202 | $279122 | $505483 |
| **3/31/2024** | $507475 | $799543 | $276957 | $535521 |
| **6/30/2024** | $496664 | $833794 | $277138 | $549439 |
| **9/30/2024** | $527656 | $882876 | $291538 | $580281 |
| **12/31/2024** | $526822 | $904145 | $282612 | $581525 |
| **3/31/2025** | $531991 | $865519 | $290471 | $573091 |
| **6/30/2025** | $551223 | $960227 | $293977 | $613303 |
| **9/30/2025** | $567638 | $1038241 | $299944 | $648020 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 7.58% | 11.29% | 8.55% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45%) | 1.84% |
| **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** | 11.67% | 9.62% | 9.99% |

---

Institutional Class shares commenced operations on 11/30/2016. The performance attributed to the Institutional Class shares prior to that date is that of the Investor Class shares from 11/01/1995—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Institutional Class shares. During this period, Institutional Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Institutional Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $6240296023 |
| # of Portfolio Holdings | 252 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $33430813 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 2.8% |
| Phillips 66 | 2.3% |
| TE Connectivity PLC | 2.0% |
| Amazon.com, Inc. | 1.9% |
| Reinsurance Group of America, Inc. | 1.8% |
| Capital One Financial Corp. | 1.8% |
| Willis Towers Watson PLC | 1.7% |
| ConocoPhillips | 1.7% |
| Bank of America Corp. | 1.7% |
| Charles Schwab Corp. | 1.7% |

---

# Asset allocation

---

| | |
|:---|:---|
| Common Stocks | 59.6% |
| Corporate Bonds | 18.0% |
| Mortgage-Backed Securities | 7.0% |
| Government and Agency Securities | 5.2% |
| Collateralized Mortgage Obligations | 5.2% |
| Asset Backed Securities | 1.9% |
| Bank Loans | 1.6% |
| Short-Term Investments | 1.3% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 37.7% |
| Consumer Discretionary | 14.5% |
| Industrials | 8.9% |
| Health Care | 8.5% |
| Communication Services | 6.9% |
| Energy | 6.6% |
| U.S. Government | 5.2% |
| Information Technology | 4.0% |
| Consumer Staples | 2.5% |
| Materials | 2.3% |
| Real Estate | 1.1% |
| Utilities | 0.3% |
| Short Term Investments & Other, Net | 1.5% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OANBX

Institutional Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Equity and Income Fund
Annual Shareholder Report September 30, 2025

OANBX-AR

OAZBX

R6 Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Equity and Income Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $58 | 0.56% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Equity and Income Fund R6 Class returned 7.65% for the year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% over the same period.

* At the equity sector level, Financials and Communication Services performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, Alphabet Class A led the positive contributors followed by Charles Schwab and Warner Bros Discovery. Centene, Wendy's and IQVIA Holdings were the worst performing equities.

* Fixed income securities contributed to absolute returns during the year.

# Fund performance as of September 30, 2025

# Total return based on $1,000,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg034.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **R6 Class** | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** |
| **12/31/2015** | $1014791 | $1070426 | $994304 | $1040136 |
| **3/31/2016** | $1022605 | $1084853 | $1024447 | $1062073 |
| **6/30/2016** | $1018343 | $1111489 | $1047128 | $1087194 |
| **9/30/2016** | $1072688 | $1154304 | $1051925 | $1114287 |
| **12/31/2016** | $1126088 | $1198448 | $1020626 | $1126525 |
| **3/31/2017** | $1172730 | $1271147 | $1028961 | $1171032 |
| **6/30/2017** | $1192720 | $1310402 | $1043833 | $1199478 |
| **9/30/2017** | $1236771 | $1369114 | $1052690 | $1235746 |
| **12/31/2017** | $1288942 | $1460087 | $1056775 | $1286606 |
| **3/31/2018** | $1268121 | $1449003 | $1041339 | $1274188 |
| **6/30/2018** | $1270924 | $1498760 | $1039686 | $1299509 |
| **9/30/2018** | $1302156 | $1614326 | $1039888 | $1359185 |
| **12/31/2018** | $1181588 | $1396073 | $1056893 | $1256412 |
| **3/31/2019** | $1285329 | $1586607 | $1087997 | $1373381 |
| **6/30/2019** | $1329727 | $1654892 | $1121502 | $1427726 |
| **9/30/2019** | $1331924 | $1682997 | $1146956 | $1455657 |
| **12/31/2019** | $1409695 | $1835645 | $1149022 | $1535073 |
| **3/31/2020** | $1099149 | $1475895 | $1185196 | $1368015 |
| **6/30/2020** | $1259942 | $1779092 | $1219517 | $1550191 |
| **9/30/2020** | $1319939 | $1937955 | $1227067 | $1637629 |
| **12/31/2020** | $1532091 | $2173381 | $1235273 | $1761173 |
| **3/31/2021** | $1690255 | $2307587 | $1193614 | $1801798 |
| **6/30/2021** | $1793362 | $2504858 | $1215453 | $1906981 |
| **9/30/2021** | $1801871 | $2519438 | $1216083 | $1914646 |
| **12/31/2021** | $1866954 | $2797259 | $1216228 | $2040438 |
| **3/31/2022** | $1798797 | $2668627 | $1144054 | $1936941 |
| **6/30/2022** | $1583421 | $2238948 | $1090357 | $1711684 |
| **9/30/2022** | $1520171 | $2129629 | $1038540 | $1630373 |
| **12/31/2022** | $1630459 | $2290651 | $1057993 | $1718327 |
| **3/31/2023** | $1685381 | $2462384 | $1089331 | $1815807 |
| **6/30/2023** | $1776363 | $2677648 | $1080134 | $1904095 |
| **9/30/2023** | $1744741 | $2589998 | $1045233 | $1842460 |
| **12/31/2023** | $1919199 | $2892809 | $1116487 | $2021933 |
| **3/31/2024** | $2015061 | $3198172 | $1107827 | $2142083 |
| **6/30/2024** | $1972302 | $3335175 | $1108550 | $2197754 |
| **9/30/2024** | $2094969 | $3531502 | $1166151 | $2321123 |
| **12/31/2024** | $2091833 | $3616582 | $1130447 | $2326101 |
| **3/31/2025** | $2113146 | $3462075 | $1161884 | $2292366 |
| **6/30/2025** | $2189144 | $3840909 | $1175907 | $2453212 |
| **9/30/2025** | $2255153 | $4152965 | $1199777 | $2592081 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 7.65% | 11.32% | 8.56% |
| **S&P 500 Index** | 17.60% | 16.47% | 15.30% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45%) | 1.84% |
| **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** | 11.67% | 9.62% | 9.99% |

---

R6 Class shares commenced operations on 12/15/2020. The performance attributed to the R6 Class shares prior to that date is that of the Investor Class shares from 11/01/1995—11/30/2016, and then the performance of the Institutional Class shares from 11/30/2016—12/15/2020. Performance prior to 12/15/2020 has not been adjusted to reflect the lower expenses of R6 Class shares. During this period, R6 Class shares would have had returns similar to, but potentially higher than, Institutional and Investor Class shares due to the fact that R6 Class shares represent interests in the same portfolio as Institutional and Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $6240296023 |
| # of Portfolio Holdings | 252 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $33430813 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 2.8% |
| Phillips 66 | 2.3% |
| TE Connectivity PLC | 2.0% |
| Amazon.com, Inc. | 1.9% |
| Reinsurance Group of America, Inc. | 1.8% |
| Capital One Financial Corp. | 1.8% |
| Willis Towers Watson PLC | 1.7% |
| ConocoPhillips | 1.7% |
| Bank of America Corp. | 1.7% |
| Charles Schwab Corp. | 1.7% |

---

# Asset allocation

---

| | |
|:---|:---|
| Common Stocks | 59.6% |
| Corporate Bonds | 18.0% |
| Mortgage-Backed Securities | 7.0% |
| Government and Agency Securities | 5.2% |
| Collateralized Mortgage Obligations | 5.2% |
| Asset Backed Securities | 1.9% |
| Bank Loans | 1.6% |
| Short-Term Investments | 1.3% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 37.7% |
| Consumer Discretionary | 14.5% |
| Industrials | 8.9% |
| Health Care | 8.5% |
| Communication Services | 6.9% |
| Energy | 6.6% |
| U.S. Government | 5.2% |
| Information Technology | 4.0% |
| Consumer Staples | 2.5% |
| Materials | 2.3% |
| Real Estate | 1.1% |
| Utilities | 0.3% |
| Short Term Investments & Other, Net | 1.5% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAZBX

R6 Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Equity and Income Fund
Annual Shareholder Report September 30, 2025

OAZBX-AR

OAKIX

Investor Class

#### Oakmark International Fund
![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark International Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $114 | 1.06% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark International Fund Investor Class returned 15.56% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period.

* The Fund's exposure to Germany and the United Kingdom contributed most to returns, while exposure to Indonesia and Canada detracted most from returns.

* At the equity sector level, the Consumer Discretionary and Industrials performed the strongest, while Communications Services and Real Estate were the worst performing sectors.

* At the equity holdings level, BNP Paribas (France) led the positive contributors followed by Alibaba Group (China) and Continental AG (Germany). WPP (United Kingdom), Edenred (France) and Capgemini (France) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $10,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI World ex U.S. Index Global (Net)** | **MSCI EAFE Index (Net)** |
| **10/1/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $10519 | $10391 | $10471 |
| **3/31/2016** | $10209 | $10189 | $10156 |
| **6/30/2016** | $9416 | $10081 | $10008 |
| **9/30/2016** | $10666 | $10716 | $10652 |
| **12/31/2016** | $11351 | $10677 | $10576 |
| **3/31/2017** | $12421 | $11404 | $11342 |
| **6/30/2017** | $13186 | $12046 | $12036 |
| **9/30/2017** | $14386 | $12723 | $12687 |
| **12/31/2017** | $14728 | $13262 | $13223 |
| **3/31/2018** | $14321 | $12991 | $13021 |
| **6/30/2018** | $13599 | $12895 | $12860 |
| **9/30/2018** | $13476 | $13063 | $13034 |
| **12/31/2018** | $11278 | $11393 | $11400 |
| **3/31/2019** | $12298 | $12584 | $12537 |
| **6/30/2019** | $12711 | $13061 | $12999 |
| **9/30/2019** | $12612 | $12939 | $12859 |
| **12/31/2019** | $14009 | $13955 | $13909 |
| **3/31/2020** | $8669 | $10709 | $10734 |
| **6/30/2020** | $10786 | $12352 | $12331 |
| **9/30/2020** | $11179 | $12960 | $12923 |
| **12/31/2020** | $14697 | $15014 | $14996 |
| **3/31/2021** | $16021 | $15621 | $15518 |
| **6/30/2021** | $16709 | $16503 | $16321 |
| **9/30/2021** | $15869 | $16394 | $16248 |
| **12/31/2021** | $16025 | $16910 | $16686 |
| **3/31/2022** | $14633 | $16096 | $15699 |
| **6/30/2022** | $12910 | $13737 | $13421 |
| **9/30/2022** | $10993 | $12474 | $12165 |
| **12/31/2022** | $13517 | $14493 | $14274 |
| **3/31/2023** | $15397 | $15655 | $15483 |
| **6/30/2023** | $15867 | $16130 | $15940 |
| **9/30/2023** | $14774 | $15468 | $15285 |
| **12/31/2023** | $16059 | $17093 | $16878 |
| **3/31/2024** | $16077 | $18049 | $17854 |
| **6/30/2024** | $15389 | $17940 | $17779 |
| **9/30/2024** | $16742 | $19332 | $19070 |
| **12/31/2024** | $15321 | $17896 | $17523 |
| **3/31/2025** | $16528 | $19006 | $18725 |
| **6/30/2025** | $18617 | $21296 | $20930 |
| **9/30/2025** | $19346 | $22432 | $21928 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 15.56% | 11.59% | 6.82% |
| **MSCI World ex U.S. Index Global (Net)** | 16.03% | 11.60% | 8.41% |
| **MSCI EAFE Index (Net)** | 14.99% | 11.15% | 8.17% |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $14558625245 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $108589195 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| BNP Paribas SA | 2.9% |
| adidas AG | 2.8% |
| Ashtead Group PLC | 2.6% |
| Glencore PLC | 2.6% |
| CNH Industrial NV | 2.5% |
| Reckitt Benckiser Group PLC | 2.5% |
| Kering SA | 2.3% |
| Bayer AG | 2.3% |
| Pernod Ricard SA | 2.2% |
| Bayerische Motoren Werke AG | 2.2% |

---

# Geographic allocation

---

| | |
|:---|:---|
| France | 23.0% |
| Germany | 20.7% |
| United Kingdom | 11.6% |
| Netherlands | 7.6% |
| Switzerland | 6.9% |
| Japan | 6.5% |
| United States | 4.2% |
| South Korea | 4.0% |
| Sweden | 3.8% |
| Denmark | 2.2% |
| Other | 8.3% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Consumer Discretionary | 20.1% |
| Financials | 15.4% |
| Consumer Staples | 11.2% |
| Health Care | 10.4% |
| Information Technology | 10.2% |
| Materials | 5.8% |
| Communication Services | 1.6% |
| Real Estate | 1.0% |
| Short Term Investments & Other, Net | 2.8% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAKIX

Investor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark International Fund
Annual Shareholder Report September 30, 2025

OAKIX-AR

OAYIX

Advisor Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark International Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $96 | 0.89% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark International Fund Advisor Class returned 15.78% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period.

* The Fund's exposure to Germany and the United Kingdom contributed most to returns, while exposure to Indonesia and Canada detracted most from returns.

* At the equity sector level, the Consumer Discretionary and Industrials performed the strongest, while Communications Services and Real Estate were the worst performing sectors.

* At the equity holdings level, BNP Paribas (France) led the positive contributors followed by Alibaba Group (China) and Continental AG (Germany). WPP (United Kingdom), Edenred (France) and Capgemini (France) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $100,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **MSCI World ex U.S. Index Global (Net)** | **MSCI EAFE Index (Net)** |
| **10/1/2015** | $100000 | $100000 | $100000 |
| **12/31/2015** | $105188 | $103915 | $104710 |
| **3/31/2016** | $102085 | $101887 | $101563 |
| **6/30/2016** | $94157 | $100815 | $100078 |
| **9/30/2016** | $106665 | $107161 | $106517 |
| **12/31/2016** | $113561 | $106771 | $105757 |
| **3/31/2017** | $124312 | $114040 | $113419 |
| **6/30/2017** | $132013 | $120461 | $120361 |
| **9/30/2017** | $144114 | $127233 | $126866 |
| **12/31/2017** | $147548 | $132617 | $132232 |
| **3/31/2018** | $143469 | $129914 | $130207 |
| **6/30/2018** | $136293 | $128945 | $128596 |
| **9/30/2018** | $135106 | $130629 | $130338 |
| **12/31/2018** | $113090 | $113931 | $113997 |
| **3/31/2019** | $123386 | $125835 | $125372 |
| **6/30/2019** | $127538 | $130605 | $129986 |
| **9/30/2019** | $126542 | $129390 | $128593 |
| **12/31/2019** | $140607 | $139555 | $139093 |
| **3/31/2020** | $87040 | $107093 | $107343 |
| **6/30/2020** | $108263 | $123524 | $123315 |
| **9/30/2020** | $112271 | $129601 | $129229 |
| **12/31/2020** | $147649 | $150142 | $149964 |
| **3/31/2021** | $161036 | $156211 | $155182 |
| **6/30/2021** | $168013 | $165030 | $163207 |
| **9/30/2021** | $159674 | $163943 | $162480 |
| **12/31/2021** | $161264 | $169096 | $166855 |
| **3/31/2022** | $147403 | $160964 | $156987 |
| **6/30/2022** | $130035 | $137374 | $134205 |
| **9/30/2022** | $110826 | $124742 | $121647 |
| **12/31/2022** | $136311 | $144931 | $142742 |
| **3/31/2023** | $155309 | $156553 | $154825 |
| **6/30/2023** | $160178 | $161297 | $159398 |
| **9/30/2023** | $149135 | $154678 | $152846 |
| **12/31/2023** | $162241 | $170932 | $168775 |
| **3/31/2024** | $162423 | $180490 | $178539 |
| **6/30/2024** | $155577 | $179402 | $177788 |
| **9/30/2024** | $169329 | $193321 | $190699 |
| **12/31/2024** | $155025 | $178965 | $175228 |
| **3/31/2025** | $167332 | $190064 | $187254 |
| **6/30/2025** | $188529 | $212957 | $209304 |
| **9/30/2025** | $196050 | $224317 | $219282 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 15.78% | 11.79% | 6.96% |
| **MSCI World ex U.S. Index Global (Net)** | 16.03% | 11.60% | 8.41% |
| **MSCI EAFE Index (Net)** | 14.99% | 11.15% | 8.17% |

---

Advisor Class shares commenced operations on 11/30/2016. The performance attributed to the Advisor Class shares prior to that date is that of the Investor Class shares from 09/30/1992—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Advisor Class shares. During this period, Advisor Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Advisor Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $14558625245 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $108589195 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| BNP Paribas SA | 2.9% |
| adidas AG | 2.8% |
| Ashtead Group PLC | 2.6% |
| Glencore PLC | 2.6% |
| CNH Industrial NV | 2.5% |
| Reckitt Benckiser Group PLC | 2.5% |
| Kering SA | 2.3% |
| Bayer AG | 2.3% |
| Pernod Ricard SA | 2.2% |
| Bayerische Motoren Werke AG | 2.2% |

---

# Geographic allocation

---

| | |
|:---|:---|
| France | 23.0% |
| Germany | 20.7% |
| United Kingdom | 11.6% |
| Netherlands | 7.6% |
| Switzerland | 6.9% |
| Japan | 6.5% |
| United States | 4.2% |
| South Korea | 4.0% |
| Sweden | 3.8% |
| Denmark | 2.2% |
| Other | 8.3% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Consumer Discretionary | 20.1% |
| Financials | 15.4% |
| Consumer Staples | 11.2% |
| Health Care | 10.4% |
| Information Technology | 10.2% |
| Materials | 5.8% |
| Communication Services | 1.6% |
| Real Estate | 1.0% |
| Short Term Investments & Other, Net | 2.8% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAYIX

Advisor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark International Fund
Annual Shareholder Report September 30, 2025

OAYIX-AR

OANIX

Institutional Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark International Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $88 | 0.82% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark International Fund Institutional Class returned 15.84% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period.

* The Fund's exposure to Germany and the United Kingdom contributed most to returns, while exposure to Indonesia and Canada detracted most from returns.

* At the equity sector level, the Consumer Discretionary and Industrials performed the strongest, while Communications Services and Real Estate were the worst performing sectors.

* At the equity holdings level, BNP Paribas (France) led the positive contributors followed by Alibaba Group (China) and Continental AG (Germany). WPP (United Kingdom), Edenred (France) and Capgemini (France) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $250,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI World ex U.S. Index Global (Net)** | **MSCI EAFE Index (Net)** |
| **10/1/2015** | $250000 | $250000 | $250000 |
| **12/31/2015** | $262969 | $259787 | $261774 |
| **3/31/2016** | $255213 | $254719 | $253907 |
| **6/30/2016** | $235392 | $252037 | $250194 |
| **9/30/2016** | $266662 | $267901 | $266292 |
| **12/31/2016** | $283903 | $266927 | $264392 |
| **3/31/2017** | $310781 | $285100 | $283548 |
| **6/30/2017** | $330033 | $301152 | $300902 |
| **9/30/2017** | $360286 | $318084 | $317165 |
| **12/31/2017** | $369067 | $331541 | $330581 |
| **3/31/2018** | $358869 | $324784 | $325518 |
| **6/30/2018** | $341055 | $322363 | $321491 |
| **9/30/2018** | $338085 | $326573 | $325846 |
| **12/31/2018** | $282983 | $284827 | $284993 |
| **3/31/2019** | $308734 | $314588 | $313429 |
| **6/30/2019** | $319394 | $326513 | $324964 |
| **9/30/2019** | $316902 | $323475 | $321483 |
| **12/31/2019** | $352102 | $348887 | $347733 |
| **3/31/2020** | $218015 | $267733 | $268358 |
| **6/30/2020** | $271283 | $308809 | $308286 |
| **9/30/2020** | $281456 | $324003 | $323072 |
| **12/31/2020** | $370255 | $375355 | $374911 |
| **3/31/2021** | $403927 | $390528 | $387956 |
| **6/30/2021** | $421403 | $412575 | $408017 |
| **9/30/2021** | $400517 | $409857 | $406200 |
| **12/31/2021** | $404604 | $422741 | $417139 |
| **3/31/2022** | $369829 | $402411 | $392468 |
| **6/30/2022** | $326396 | $343435 | $335514 |
| **9/30/2022** | $278202 | $311856 | $304118 |
| **12/31/2022** | $342100 | $362327 | $356855 |
| **3/31/2023** | $389949 | $391381 | $387064 |
| **6/30/2023** | $402173 | $403243 | $398495 |
| **9/30/2023** | $374596 | $386696 | $382114 |
| **12/31/2023** | $407513 | $427329 | $421938 |
| **3/31/2024** | $408122 | $451224 | $446347 |
| **6/30/2024** | $390920 | $448505 | $444469 |
| **9/30/2024** | $425628 | $483302 | $476747 |
| **12/31/2024** | $389706 | $447412 | $438069 |
| **3/31/2025** | $420658 | $475159 | $468136 |
| **6/30/2025** | $474119 | $532394 | $523260 |
| **9/30/2025** | $493034 | $560792 | $548204 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 15.84% | 11.86% | 7.03% |
| **MSCI World ex U.S. Index Global (Net)** | 16.03% | 11.60% | 8.41% |
| **MSCI EAFE Index (Net)** | 14.99% | 11.15% | 8.17% |

---

Institutional Class shares commenced operations on 11/30/2016. The performance attributed to the Institutional Class shares prior to that date is that of the Investor Class shares from 09/30/1992—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Institutional Class shares. During this period, Institutional Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Institutional Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $14558625245 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $108589195 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| BNP Paribas SA | 2.9% |
| adidas AG | 2.8% |
| Ashtead Group PLC | 2.6% |
| Glencore PLC | 2.6% |
| CNH Industrial NV | 2.5% |
| Reckitt Benckiser Group PLC | 2.5% |
| Kering SA | 2.3% |
| Bayer AG | 2.3% |
| Pernod Ricard SA | 2.2% |
| Bayerische Motoren Werke AG | 2.2% |

---

# Geographic allocation

---

| | |
|:---|:---|
| France | 23.0% |
| Germany | 20.7% |
| United Kingdom | 11.6% |
| Netherlands | 7.6% |
| Switzerland | 6.9% |
| Japan | 6.5% |
| United States | 4.2% |
| South Korea | 4.0% |
| Sweden | 3.8% |
| Denmark | 2.2% |
| Other | 8.3% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Consumer Discretionary | 20.1% |
| Financials | 15.4% |
| Consumer Staples | 11.2% |
| Health Care | 10.4% |
| Information Technology | 10.2% |
| Materials | 5.8% |
| Communication Services | 1.6% |
| Real Estate | 1.0% |
| Short Term Investments & Other, Net | 2.8% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OANIX

Institutional Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark International Fund
Annual Shareholder Report September 30, 2025

OANIX-AR

OAZIX

R6 Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark International Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $82 | 0.76% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark International Fund R6 Class returned 15.90% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period.

* The Fund's exposure to Germany and the United Kingdom contributed most to returns, while exposure to Indonesia and Canada detracted most from returns.

* At the equity sector level, the Consumer Discretionary and Industrials performed the strongest, while Communications Services and Real Estate were the worst performing sectors.

* At the equity holdings level, BNP Paribas (France) led the positive contributors followed by Alibaba Group (China) and Continental AG (Germany). WPP (United Kingdom), Edenred (France) and Capgemini (France) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $1,000,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Class** | **MSCI World ex U.S. Index Global (Net)** | **MSCI EAFE Index (Net)** |
| **12/31/2015** | $1049416 | $1039147 | $1047095 |
| **3/31/2016** | $1018464 | $1018875 | $1015626 |
| **6/30/2016** | $939365 | $1008148 | $1000776 |
| **9/30/2016** | $1064155 | $1071606 | $1065169 |
| **12/31/2016** | $1132460 | $1067707 | $1057568 |
| **3/31/2017** | $1239221 | $1140400 | $1134194 |
| **6/30/2017** | $1315550 | $1204607 | $1203609 |
| **9/30/2017** | $1435281 | $1272335 | $1268660 |
| **12/31/2017** | $1469385 | $1326166 | $1322324 |
| **3/31/2018** | $1428755 | $1299135 | $1302073 |
| **6/30/2018** | $1356751 | $1289451 | $1285962 |
| **9/30/2018** | $1344408 | $1306293 | $1303384 |
| **12/31/2018** | $1125177 | $1139309 | $1139971 |
| **3/31/2019** | $1226916 | $1258351 | $1253717 |
| **6/30/2019** | $1268161 | $1306052 | $1299857 |
| **9/30/2019** | $1258262 | $1293901 | $1285930 |
| **12/31/2019** | $1397576 | $1395548 | $1390932 |
| **3/31/2020** | $864873 | $1070934 | $1073431 |
| **6/30/2020** | $1076049 | $1235237 | $1233145 |
| **9/30/2020** | $1115260 | $1296014 | $1292290 |
| **12/31/2020** | $1466325 | $1501419 | $1499643 |
| **3/31/2021** | $1600292 | $1562111 | $1551823 |
| **6/30/2021** | $1670091 | $1650300 | $1632070 |
| **9/30/2021** | $1587346 | $1639428 | $1624801 |
| **12/31/2021** | $1603875 | $1690963 | $1668554 |
| **3/31/2022** | $1466073 | $1609645 | $1569872 |
| **6/30/2022** | $1293964 | $1373742 | $1342055 |
| **9/30/2022** | $1102986 | $1247425 | $1216472 |
| **12/31/2022** | $1356971 | $1449309 | $1427419 |
| **3/31/2023** | $1546687 | $1565525 | $1548254 |
| **6/30/2023** | $1595741 | $1612971 | $1593981 |
| **9/30/2023** | $1486404 | $1546784 | $1528456 |
| **12/31/2023** | $1617223 | $1709316 | $1687751 |
| **3/31/2024** | $1619638 | $1804896 | $1785386 |
| **6/30/2024** | $1551399 | $1794019 | $1777878 |
| **9/30/2024** | $1689690 | $1933207 | $1906989 |
| **12/31/2024** | $1547617 | $1789648 | $1752277 |
| **3/31/2025** | $1670483 | $1900638 | $1872545 |
| **6/30/2025** | $1883327 | $2129574 | $2093039 |
| **9/30/2025** | $1958411 | $2243170 | $2192817 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 15.90% | 11.92% | 7.05% |
| **MSCI World ex U.S. Index Global (Net)** | 16.03% | 11.60% | 8.41% |
| **MSCI EAFE Index (Net)** | 14.99% | 11.15% | 8.17% |

---

R6 Class shares commenced operations on 12/15/2020. The performance attributed to the R6 Class shares prior to that date is that of the Investor Class shares from 09/30/1992—11/30/2016, and then the performance of the Institutional Class shares from 11/30/2016—12/15/2020. Performance prior to 12/15/2020 has not been adjusted to reflect the lower expenses of R6 Class shares. During this period, R6 Class shares would have had returns similar to, but potentially higher than, Institutional and Investor Class shares due to the fact that R6 Class shares represent interests in the same portfolio as Institutional and Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $14558625245 |
| # of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $108589195 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| BNP Paribas SA | 2.9% |
| adidas AG | 2.8% |
| Ashtead Group PLC | 2.6% |
| Glencore PLC | 2.6% |
| CNH Industrial NV | 2.5% |
| Reckitt Benckiser Group PLC | 2.5% |
| Kering SA | 2.3% |
| Bayer AG | 2.3% |
| Pernod Ricard SA | 2.2% |
| Bayerische Motoren Werke AG | 2.2% |

---

# Geographic allocation

---

| | |
|:---|:---|
| France | 23.0% |
| Germany | 20.7% |
| United Kingdom | 11.6% |
| Netherlands | 7.6% |
| Switzerland | 6.9% |
| Japan | 6.5% |
| United States | 4.2% |
| South Korea | 4.0% |
| Sweden | 3.8% |
| Denmark | 2.2% |
| Other | 8.3% |
| Other Assets and Liabilities, Net | 1.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Consumer Discretionary | 20.1% |
| Financials | 15.4% |
| Consumer Staples | 11.2% |
| Health Care | 10.4% |
| Information Technology | 10.2% |
| Materials | 5.8% |
| Communication Services | 1.6% |
| Real Estate | 1.0% |
| Short Term Investments & Other, Net | 2.8% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAZIX

R6 Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark International Fund
Annual Shareholder Report September 30, 2025

OAZIX-AR

OAKEX

Investor Class

#### Oakmark International Small Cap Fund
![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark International Small Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $142 | 1.33% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark International Small Cap Fund Investor Class returned 13.64% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period.

* The Fund's exposure to South Korea and Japan contributed most to returns, while exposure to Belgium and the United Kingdom detracted most from returns.

* At the equity sector level, Financials and Consumer Staples performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, ISS (Denmark) led the positive contributors followed by JDE Peet's (Netherlands) and Azimut Holding (Italy). Softwareone Holding (Switzerland), Azelis Group (Belgium) and Hays (United Kingdom) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $10,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg022.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI World ex U.S. Index Global (Net)** | **MSCI World ex U.S. Small Cap Index (Net)** |
| **10/1/2015** | $10000 | $10000 | $10000 |
| **12/31/2015** | $10184 | $10391 | $10582 |
| **3/31/2016** | $10069 | $10189 | $10646 |
| **6/30/2016** | $9832 | $10081 | $10509 |
| **9/30/2016** | $10666 | $10716 | $11350 |
| **12/31/2016** | $10826 | $10677 | $11039 |
| **3/31/2017** | $11864 | $11404 | $11879 |
| **6/30/2017** | $12940 | $12046 | $12743 |
| **9/30/2017** | $13436 | $12723 | $13668 |
| **12/31/2017** | $13649 | $13262 | $14464 |
| **3/31/2018** | $13188 | $12991 | $14392 |
| **6/30/2018** | $13111 | $12895 | $14257 |
| **9/30/2018** | $12572 | $13063 | $14135 |
| **12/31/2018** | $10410 | $11393 | $11850 |
| **3/31/2019** | $11764 | $12584 | $13145 |
| **6/30/2019** | $12307 | $13061 | $13377 |
| **9/30/2019** | $12207 | $12939 | $13341 |
| **12/31/2019** | $13732 | $13955 | $14862 |
| **3/31/2020** | $8473 | $10709 | $10643 |
| **6/30/2020** | $10567 | $12352 | $12948 |
| **9/30/2020** | $11446 | $12960 | $14258 |
| **12/31/2020** | $14421 | $15014 | $16761 |
| **3/31/2021** | $16085 | $15621 | $17578 |
| **6/30/2021** | $17314 | $16503 | $18423 |
| **9/30/2021** | $16998 | $16394 | $18556 |
| **12/31/2021** | $17177 | $16910 | $18628 |
| **3/31/2022** | $15234 | $16096 | $17281 |
| **6/30/2022** | $12944 | $13737 | $14181 |
| **9/30/2022** | $11495 | $12474 | $12840 |
| **12/31/2022** | $14693 | $14493 | $14793 |
| **3/31/2023** | $15657 | $15655 | $15531 |
| **6/30/2023** | $16258 | $16130 | $15606 |
| **9/30/2023** | $15754 | $15468 | $15063 |
| **12/31/2023** | $17561 | $17093 | $16660 |
| **3/31/2024** | $17651 | $18049 | $17090 |
| **6/30/2024** | $17102 | $17940 | $16824 |
| **9/30/2024** | $19137 | $19332 | $18582 |
| **12/31/2024** | $17047 | $17896 | $17121 |
| **3/31/2025** | $18452 | $19006 | $17702 |
| **6/30/2025** | $21586 | $21296 | $20680 |
| **9/30/2025** | $21749 | $22432 | $22178 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 13.64% | 13.70% | 8.08% |
| **MSCI World ex U.S. Index Global (Net)** | 16.03% | 11.60% | 8.41% |
| **MSCI World ex U.S. Small Cap Index (Net)** | 19.35% | 9.24% | 8.29% |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1337580371 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $13467625 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Azimut Holding SpA | 3.2% |
| Julius Baer Group Ltd. | 3.1% |
| Atea ASA | 3.0% |
| Duerr AG | 2.8% |
| ISS AS | 2.6% |
| BNK Financial Group, Inc. | 2.6% |
| Wynn Macau Ltd. | 2.5% |
| Azelis Group NV | 2.5% |
| Amplifon SpA | 2.2% |
| TeamViewer SE | 2.2% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Italy | 13.0% |
| Germany | 10.9% |
| United Kingdom | 10.4% |
| Japan | 8.3% |
| Sweden | 7.3% |
| Switzerland | 6.2% |
| Finland | 5.4% |
| South Korea | 4.7% |
| Mexico | 3.6% |
| Australia | 3.4% |
| Other | 26.5% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 28.5% |
| Financials | 15.4% |
| Information Technology | 12.3% |
| Consumer Discretionary | 11.7% |
| Consumer Staples | 9.7% |
| Health Care | 7.5% |
| Communication Services | 4.3% |
| Real Estate | 3.7% |
| Materials | 3.7% |
| Short Term Investments & Other, Net | 3.2% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAKEX

Investor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark International Small Cap Fund
Annual Shareholder Report September 30, 2025

OAKEX-AR

OAYEX

Advisor Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark International Small Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $125 | 1.17% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark International Small Cap Fund Advisor Class returned 13.79% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period.

* The Fund's exposure to South Korea and Japan contributed most to returns, while exposure to Belgium and the United Kingdom detracted most from returns.

* At the equity sector level, Financials and Consumer Staples performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, ISS (Denmark) led the positive contributors followed by JDE Peet's (Netherlands) and Azimut Holding (Italy). Softwareone Holding (Switzerland), Azelis Group (Belgium) and Hays (United Kingdom) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $100,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **MSCI World ex U.S. Index Global (Net)** | **MSCI World ex U.S. Small Cap Index (Net)** |
| **10/1/2015** | $100000 | $100000 | $100000 |
| **12/31/2015** | $101842 | $103915 | $105819 |
| **3/31/2016** | $100692 | $101887 | $106457 |
| **6/30/2016** | $98320 | $100815 | $105090 |
| **9/30/2016** | $106657 | $107161 | $113500 |
| **12/31/2016** | $108336 | $106771 | $110385 |
| **3/31/2017** | $118792 | $114040 | $118785 |
| **6/30/2017** | $129544 | $120461 | $127435 |
| **9/30/2017** | $134512 | $127233 | $136682 |
| **12/31/2017** | $136717 | $132617 | $144644 |
| **3/31/2018** | $132090 | $129914 | $143917 |
| **6/30/2018** | $131396 | $128945 | $142566 |
| **9/30/2018** | $125921 | $130629 | $141352 |
| **12/31/2018** | $104341 | $113931 | $118504 |
| **3/31/2019** | $117897 | $125835 | $131453 |
| **6/30/2019** | $123335 | $130605 | $133770 |
| **9/30/2019** | $122499 | $129390 | $133410 |
| **12/31/2019** | $137786 | $139555 | $148616 |
| **3/31/2020** | $84972 | $107093 | $106426 |
| **6/30/2020** | $106047 | $123524 | $129483 |
| **9/30/2020** | $114948 | $129601 | $142582 |
| **12/31/2020** | $144869 | $150142 | $167611 |
| **3/31/2021** | $161574 | $156211 | $175784 |
| **6/30/2021** | $173996 | $165030 | $184234 |
| **9/30/2021** | $170998 | $163943 | $185563 |
| **12/31/2021** | $172766 | $169096 | $186277 |
| **3/31/2022** | $153308 | $160964 | $172805 |
| **6/30/2022** | $130360 | $137374 | $141812 |
| **9/30/2022** | $115875 | $124742 | $128401 |
| **12/31/2022** | $148067 | $144931 | $147928 |
| **3/31/2023** | $157866 | $156553 | $155307 |
| **6/30/2023** | $163925 | $161297 | $156061 |
| **9/30/2023** | $158936 | $154678 | $150634 |
| **12/31/2023** | $177272 | $170932 | $166604 |
| **3/31/2024** | $178182 | $180490 | $170899 |
| **6/30/2024** | $172727 | $179402 | $168240 |
| **9/30/2024** | $193454 | $193321 | $185815 |
| **12/31/2024** | $172298 | $178965 | $171208 |
| **3/31/2025** | $186600 | $190064 | $177023 |
| **6/30/2025** | $218392 | $212957 | $206803 |
| **9/30/2025** | $220132 | $224317 | $221776 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 13.79% | 13.88% | 8.21% |
| **MSCI World ex U.S. Index Global (Net)** | 16.03% | 11.60% | 8.41% |
| **MSCI World ex U.S. Small Cap Index (Net)** | 19.35% | 9.24% | 8.29% |

---

Advisor Class shares commenced operations on 11/30/2016. The performance attributed to the Advisor Class shares prior to that date is that of the Investor Class shares from 11/01/1995—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Advisor Class shares. During this period, Advisor Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Advisor Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1337580371 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $13467625 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Azimut Holding SpA | 3.2% |
| Julius Baer Group Ltd. | 3.1% |
| Atea ASA | 3.0% |
| Duerr AG | 2.8% |
| ISS AS | 2.6% |
| BNK Financial Group, Inc. | 2.6% |
| Wynn Macau Ltd. | 2.5% |
| Azelis Group NV | 2.5% |
| Amplifon SpA | 2.2% |
| TeamViewer SE | 2.2% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Italy | 13.0% |
| Germany | 10.9% |
| United Kingdom | 10.4% |
| Japan | 8.3% |
| Sweden | 7.3% |
| Switzerland | 6.2% |
| Finland | 5.4% |
| South Korea | 4.7% |
| Mexico | 3.6% |
| Australia | 3.4% |
| Other | 26.5% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 28.5% |
| Financials | 15.4% |
| Information Technology | 12.3% |
| Consumer Discretionary | 11.7% |
| Consumer Staples | 9.7% |
| Health Care | 7.5% |
| Communication Services | 4.3% |
| Real Estate | 3.7% |
| Materials | 3.7% |
| Short Term Investments & Other, Net | 3.2% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAYEX

Advisor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark International Small Cap Fund
Annual Shareholder Report September 30, 2025

OAYEX-AR

OANEX

Institutional Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark International Small Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $116 | 1.08% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark International Small Cap Fund Institutional Class returned 13.89% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period.

* The Fund's exposure to South Korea and Japan contributed most to returns, while exposure to Belgium and the United Kingdom detracted most from returns.

* At the equity sector level, Financials and Consumer Staples performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, ISS (Denmark) led the positive contributors followed by JDE Peet's (Netherlands) and Azimut Holding (Italy). Softwareone Holding (Switzerland), Azelis Group (Belgium) and Hays (United Kingdom) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $250,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI World ex U.S. Index Global (Net)** | **MSCI World ex U.S. Small Cap Index (Net)** |
| **10/1/2015** | $250000 | $250000 | $250000 |
| **12/31/2015** | $254604 | $259787 | $264546 |
| **3/31/2016** | $251730 | $254719 | $266142 |
| **6/30/2016** | $245800 | $252037 | $262726 |
| **9/30/2016** | $266643 | $267901 | $283751 |
| **12/31/2016** | $270840 | $266927 | $275963 |
| **3/31/2017** | $296979 | $285100 | $296963 |
| **6/30/2017** | $323859 | $301152 | $318587 |
| **9/30/2017** | $336465 | $318084 | $341706 |
| **12/31/2017** | $342107 | $331541 | $361611 |
| **3/31/2018** | $330537 | $324784 | $359793 |
| **6/30/2018** | $328801 | $322363 | $356416 |
| **9/30/2018** | $315495 | $326573 | $353381 |
| **12/31/2018** | $261611 | $284827 | $296260 |
| **3/31/2019** | $295469 | $314588 | $328632 |
| **6/30/2019** | $309138 | $326513 | $334425 |
| **9/30/2019** | $306825 | $323475 | $333525 |
| **12/31/2019** | $345357 | $348887 | $371540 |
| **3/31/2020** | $212998 | $267733 | $266066 |
| **6/30/2020** | $265773 | $308809 | $323708 |
| **9/30/2020** | $288150 | $324003 | $356454 |
| **12/31/2020** | $363406 | $375355 | $419027 |
| **3/31/2021** | $405437 | $390528 | $439460 |
| **6/30/2021** | $436691 | $412575 | $460585 |
| **9/30/2021** | $429147 | $409857 | $463907 |
| **12/31/2021** | $433997 | $422741 | $465693 |
| **3/31/2022** | $384994 | $402411 | $432013 |
| **6/30/2022** | $327421 | $343435 | $354530 |
| **9/30/2022** | $290943 | $311856 | $321003 |
| **12/31/2022** | $372057 | $362327 | $369821 |
| **3/31/2023** | $396756 | $391381 | $388267 |
| **6/30/2023** | $412025 | $403243 | $390152 |
| **9/30/2023** | $399451 | $386696 | $376586 |
| **12/31/2023** | $445809 | $427329 | $416509 |
| **3/31/2024** | $448102 | $451224 | $427247 |
| **6/30/2024** | $434572 | $448505 | $420600 |
| **9/30/2024** | $486858 | $483302 | $464538 |
| **12/31/2024** | $433660 | $447412 | $428020 |
| **3/31/2025** | $469778 | $475159 | $442557 |
| **6/30/2025** | $549823 | $532394 | $517008 |
| **9/30/2025** | $554460 | $560792 | $554441 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 13.89% | 13.99% | 8.29% |
| **MSCI World ex U.S. Index Global (Net)** | 16.03% | 11.60% | 8.41% |
| **MSCI World ex U.S. Small Cap Index (Net)** | 19.35% | 9.24% | 8.29% |

---

Institutional Class shares commenced operations on 11/30/2016. The performance attributed to the Institutional Class shares prior to that date is that of the Investor Class shares from 11/01/1995—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Institutional Class shares. During this period, Institutional Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Institutional Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1337580371 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $13467625 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Azimut Holding SpA | 3.2% |
| Julius Baer Group Ltd. | 3.1% |
| Atea ASA | 3.0% |
| Duerr AG | 2.8% |
| ISS AS | 2.6% |
| BNK Financial Group, Inc. | 2.6% |
| Wynn Macau Ltd. | 2.5% |
| Azelis Group NV | 2.5% |
| Amplifon SpA | 2.2% |
| TeamViewer SE | 2.2% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Italy | 13.0% |
| Germany | 10.9% |
| United Kingdom | 10.4% |
| Japan | 8.3% |
| Sweden | 7.3% |
| Switzerland | 6.2% |
| Finland | 5.4% |
| South Korea | 4.7% |
| Mexico | 3.6% |
| Australia | 3.4% |
| Other | 26.5% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 28.5% |
| Financials | 15.4% |
| Information Technology | 12.3% |
| Consumer Discretionary | 11.7% |
| Consumer Staples | 9.7% |
| Health Care | 7.5% |
| Communication Services | 4.3% |
| Real Estate | 3.7% |
| Materials | 3.7% |
| Short Term Investments & Other, Net | 3.2% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OANEX

Institutional Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark International Small Cap Fund
Annual Shareholder Report September 30, 2025

OANEX-AR

OAZEX

R6 Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark International Small Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $111 | 1.04% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark International Small Cap Fund R6 Class returned 13.98% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World ex U.S. Index Global (Net), which returned 16.03% over the same period.

* The Fund's exposure to South Korea and Japan contributed most to returns, while exposure to Belgium and the United Kingdom detracted most from returns.

* At the equity sector level, Financials and Consumer Staples performed the strongest, while Health Care and Materials were the worst performing sectors.

* At the equity holdings level, ISS (Denmark) led the positive contributors followed by JDE Peet's (Netherlands) and Azimut Holding (Italy). Softwareone Holding (Switzerland), Azelis Group (Belgium) and Hays (United Kingdom) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $1,000,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg028.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Class** | **MSCI World ex U.S. Index Global (Net)** | **MSCI World ex U.S. Small Cap Index (Net)** |
| **12/31/2015** | $1008765 | $1039147 | $1058185 |
| **3/31/2016** | $997374 | $1018875 | $1064570 |
| **6/30/2016** | $973882 | $1008148 | $1050904 |
| **9/30/2016** | $1056462 | $1071606 | $1135004 |
| **12/31/2016** | $1072358 | $1067707 | $1103853 |
| **3/31/2017** | $1175187 | $1140400 | $1187851 |
| **6/30/2017** | $1281689 | $1204607 | $1274347 |
| **9/30/2017** | $1330900 | $1272335 | $1366824 |
| **12/31/2017** | $1351993 | $1326166 | $1446444 |
| **3/31/2018** | $1306266 | $1299135 | $1439172 |
| **6/30/2018** | $1298645 | $1289451 | $1425664 |
| **9/30/2018** | $1245297 | $1306293 | $1413523 |
| **12/31/2018** | $1031159 | $1139309 | $1185040 |
| **3/31/2019** | $1165226 | $1258351 | $1314530 |
| **6/30/2019** | $1219019 | $1306052 | $1337698 |
| **9/30/2019** | $1209088 | $1293901 | $1334098 |
| **12/31/2019** | $1360150 | $1395548 | $1486159 |
| **3/31/2020** | $839312 | $1070934 | $1064265 |
| **6/30/2020** | $1046652 | $1235237 | $1294831 |
| **9/30/2020** | $1133734 | $1296014 | $1425815 |
| **12/31/2020** | $1429298 | $1501419 | $1676108 |
| **3/31/2021** | $1594608 | $1562111 | $1757842 |
| **6/30/2021** | $1717531 | $1650300 | $1842340 |
| **9/30/2021** | $1687860 | $1639428 | $1855630 |
| **12/31/2021** | $1706441 | $1690963 | $1862770 |
| **3/31/2022** | $1514532 | $1609645 | $1728053 |
| **6/30/2022** | $1288043 | $1373742 | $1418121 |
| **9/30/2022** | $1144543 | $1247425 | $1284011 |
| **12/31/2022** | $1464119 | $1449309 | $1479284 |
| **3/31/2023** | $1561315 | $1565525 | $1553068 |
| **6/30/2023** | $1621400 | $1612971 | $1560607 |
| **9/30/2023** | $1571918 | $1546784 | $1506344 |
| **12/31/2023** | $1754772 | $1709316 | $1666038 |
| **3/31/2024** | $1763799 | $1804896 | $1708990 |
| **6/30/2024** | $1710542 | $1794019 | $1682399 |
| **9/30/2024** | $1915446 | $1933207 | $1858153 |
| **12/31/2024** | $1707508 | $1789648 | $1712080 |
| **3/31/2025** | $1849720 | $1900638 | $1770228 |
| **6/30/2025** | $2164893 | $2129574 | $2068031 |
| **9/30/2025** | $2183150 | $2243170 | $2217764 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 13.98% | 14.01% | 8.30% |
| **MSCI World ex U.S. Index Global (Net)** | 16.03% | 11.60% | 8.41% |
| **MSCI World ex U.S. Small Cap Index (Net)** | 19.35% | 9.24% | 8.29% |

---

R6 Class shares commenced operations on 12/15/2020. The performance attributed to the R6 Class shares prior to that date is that of the Investor Class shares from 11/01/1995—11/30/2016, and then the performance of the Institutional Class shares from 11/30/2016—12/15/2020. Performance prior to 12/15/2020 has not been adjusted to reflect the lower expenses of R6 Class shares. During this period, R6 Class shares would have had returns similar to, but potentially higher than, Institutional and Investor Class shares due to the fact that R6 Class shares represent interests in the same portfolio as Institutional and Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1337580371 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $13467625 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Azimut Holding SpA | 3.2% |
| Julius Baer Group Ltd. | 3.1% |
| Atea ASA | 3.0% |
| Duerr AG | 2.8% |
| ISS AS | 2.6% |
| BNK Financial Group, Inc. | 2.6% |
| Wynn Macau Ltd. | 2.5% |
| Azelis Group NV | 2.5% |
| Amplifon SpA | 2.2% |
| TeamViewer SE | 2.2% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Italy | 13.0% |
| Germany | 10.9% |
| United Kingdom | 10.4% |
| Japan | 8.3% |
| Sweden | 7.3% |
| Switzerland | 6.2% |
| Finland | 5.4% |
| South Korea | 4.7% |
| Mexico | 3.6% |
| Australia | 3.4% |
| Other | 26.5% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 28.5% |
| Financials | 15.4% |
| Information Technology | 12.3% |
| Consumer Discretionary | 11.7% |
| Consumer Staples | 9.7% |
| Health Care | 7.5% |
| Communication Services | 4.3% |
| Real Estate | 3.7% |
| Materials | 3.7% |
| Short Term Investments & Other, Net | 3.2% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAZEX

R6 Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark International Small Cap Fund
Annual Shareholder Report September 30, 2025

OAZEX-AR

OAKWX

Investor Class

#### Oakmark Global Select Fund
![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $117 | 1.11% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Global Select Fund Investor Class returned 11.48% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World Index (Net), which returned 17.25% over the same period.

* The Fund's exposure to the United States and Netherlands contributed most to returns, while exposure to South Korea and Denmark detracted most from returns.

* At the equity sector level, Financials and Consumer Discretionary performed the strongest, while Health Care and Information Technology were the worst performing sectors.

* At the equity holdings level, Prosus (Netherlands) led the positive contributors followed by Alphabet Class A (U.S.) and Capital One Financial (U.S.). Centene (U.S.), Molina Healthcare (U.S.) and IQVIA Holdings (U.S.) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $10,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg010.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **MSCI World Index (Net)** |
| **10/1/2015** | $10000 | $10000 |
| **12/31/2015** | $10742 | $10550 |
| **3/31/2016** | $10332 | $10513 |
| **6/30/2016** | $9949 | $10619 |
| **9/30/2016** | $10992 | $11136 |
| **12/31/2016** | $11809 | $11342 |
| **3/31/2017** | $12497 | $12066 |
| **6/30/2017** | $13270 | $12551 |
| **9/30/2017** | $13895 | $13159 |
| **12/31/2017** | $14310 | $13883 |
| **3/31/2018** | $13835 | $13705 |
| **6/30/2018** | $13531 | $13943 |
| **9/30/2018** | $13776 | $14637 |
| **12/31/2018** | $11277 | $12674 |
| **3/31/2019** | $12711 | $14255 |
| **6/30/2019** | $13202 | $14826 |
| **9/30/2019** | $13101 | $14905 |
| **12/31/2019** | $14637 | $16180 |
| **3/31/2020** | $10150 | $12774 |
| **6/30/2020** | $12492 | $15247 |
| **9/30/2020** | $13297 | $16456 |
| **12/31/2020** | $16546 | $18754 |
| **3/31/2021** | $18344 | $19677 |
| **6/30/2021** | $19606 | $21200 |
| **9/30/2021** | $19283 | $21199 |
| **12/31/2021** | $19724 | $22845 |
| **3/31/2022** | $18320 | $21668 |
| **6/30/2022** | $15268 | $18161 |
| **9/30/2022** | $13543 | $17037 |
| **12/31/2022** | $15293 | $18701 |
| **3/31/2023** | $16685 | $20146 |
| **6/30/2023** | $17633 | $21522 |
| **9/30/2023** | $17294 | $20777 |
| **12/31/2023** | $18764 | $23149 |
| **3/31/2024** | $19317 | $25205 |
| **6/30/2024** | $18992 | $25868 |
| **9/30/2024** | $20668 | $27514 |
| **12/31/2024** | $19642 | $27471 |
| **3/31/2025** | $21319 | $26979 |
| **6/30/2025** | $22286 | $30074 |
| **9/30/2025** | $23040 | $32260 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 11.48% | 11.62% | 8.70% |
| **MSCI World Index (Net)** | 17.25% | 14.41% | 12.43% |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018809351 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $7776599 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Sysco Corp. | 6.7% |
| IQVIA Holdings, Inc. | 6.3% |
| Reckitt Benckiser Group PLC | 5.5% |
| Becton Dickinson & Co. | 5.4% |
| Prosus NV | 5.2% |
| CNH Industrial NV | 5.1% |
| BNP Paribas SA | 5.1% |
| Alibaba Group Holding Ltd. | 4.6% |
| Bayer AG | 4.4% |
| Roche Holding AG | 4.3% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 58.1% |
| United Kingdom | 9.7% |
| Germany | 8.4% |
| France | 6.2% |
| Netherlands | 5.2% |
| China | 4.6% |
| Switzerland | 4.3% |
| Denmark | 3.2% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Health Care | 26.0% |
| Financials | 19.5% |
| Consumer Staples | 16.4% |
| Consumer Discretionary | 13.8% |
| Industrials | 8.3% |
| Communication Services | 7.3% |
| Energy | 3.8% |
| Information Technology | 1.0% |
| Short Term Investments & Other, Net | 3.9% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAKWX

Investor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Global Select Fund
Annual Shareholder Report September 30, 2025

OAKWX-AR

OAYWX

Advisor Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $101 | 0.95% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Global Select Fund Advisor Class returned 11.67% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World Index (Net), which returned 17.25% over the same period.

* The Fund's exposure to the United States and Netherlands contributed most to returns, while exposure to South Korea and Denmark detracted most from returns.

* At the equity sector level, Financials and Consumer Discretionary performed the strongest, while Health Care and Information Technology were the worst performing sectors.

* At the equity holdings level, Prosus (Netherlands) led the positive contributors followed by Alphabet Class A (U.S.) and Capital One Financial (U.S.). Centene (U.S.), Molina Healthcare (U.S.) and IQVIA Holdings (U.S.) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $100,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg035.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **MSCI World Index (Net)** |
| **10/1/2015** | $100000 | $100000 |
| **12/31/2015** | $107420 | $105500 |
| **3/31/2016** | $103318 | $105131 |
| **6/30/2016** | $99494 | $106191 |
| **9/30/2016** | $109923 | $111358 |
| **12/31/2016** | $118086 | $113423 |
| **3/31/2017** | $125111 | $120655 |
| **6/30/2017** | $132838 | $125513 |
| **9/30/2017** | $139160 | $131586 |
| **12/31/2017** | $143314 | $138831 |
| **3/31/2018** | $138562 | $137052 |
| **6/30/2018** | $135592 | $139429 |
| **9/30/2018** | $138116 | $146373 |
| **12/31/2018** | $113039 | $126736 |
| **3/31/2019** | $127511 | $142553 |
| **6/30/2019** | $132361 | $148256 |
| **9/30/2019** | $131422 | $149048 |
| **12/31/2019** | $146891 | $161804 |
| **3/31/2020** | $101944 | $127742 |
| **6/30/2020** | $125488 | $152471 |
| **9/30/2020** | $133573 | $164560 |
| **12/31/2020** | $166262 | $187535 |
| **3/31/2021** | $184436 | $196765 |
| **6/30/2021** | $197213 | $212003 |
| **9/30/2021** | $193959 | $211988 |
| **12/31/2021** | $198536 | $228450 |
| **3/31/2022** | $184467 | $216678 |
| **6/30/2022** | $153795 | $181606 |
| **9/30/2022** | $136493 | $170369 |
| **12/31/2022** | $154265 | $187006 |
| **3/31/2023** | $168321 | $201463 |
| **6/30/2023** | $177896 | $215222 |
| **9/30/2023** | $174558 | $207771 |
| **12/31/2023** | $189470 | $231489 |
| **3/31/2024** | $195150 | $252047 |
| **6/30/2024** | $191955 | $258680 |
| **9/30/2024** | $208994 | $275144 |
| **12/31/2024** | $198688 | $274710 |
| **3/31/2025** | $215680 | $269787 |
| **6/30/2025** | $225659 | $300736 |
| **9/30/2025** | $233391 | $322601 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 11.67% | 11.81% | 8.84% |
| **MSCI World Index (Net)** | 17.25% | 14.41% | 12.43% |

---

Advisor Class shares commenced operations on 11/30/2016. The performance attributed to the Advisor Class shares prior to that date is that of the Investor Class shares from 10/02/2006—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Advisor Class shares. During this period, Advisor Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Advisor Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018809351 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $7776599 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Sysco Corp. | 6.7% |
| IQVIA Holdings, Inc. | 6.3% |
| Reckitt Benckiser Group PLC | 5.5% |
| Becton Dickinson & Co. | 5.4% |
| Prosus NV | 5.2% |
| CNH Industrial NV | 5.1% |
| BNP Paribas SA | 5.1% |
| Alibaba Group Holding Ltd. | 4.6% |
| Bayer AG | 4.4% |
| Roche Holding AG | 4.3% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 58.1% |
| United Kingdom | 9.7% |
| Germany | 8.4% |
| France | 6.2% |
| Netherlands | 5.2% |
| China | 4.6% |
| Switzerland | 4.3% |
| Denmark | 3.2% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Health Care | 26.0% |
| Financials | 19.5% |
| Consumer Staples | 16.4% |
| Consumer Discretionary | 13.8% |
| Industrials | 8.3% |
| Communication Services | 7.3% |
| Energy | 3.8% |
| Information Technology | 1.0% |
| Short Term Investments & Other, Net | 3.9% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAYWX

Advisor Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Global Select Fund
Annual Shareholder Report September 30, 2025

OAYWX-AR

OANWX

Institutional Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $93 | 0.88% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Global Select Fund Institutional Class returned 11.70% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World Index (Net), which returned 17.25% over the same period.

* The Fund's exposure to the United States and Netherlands contributed most to returns, while exposure to South Korea and Denmark detracted most from returns.

* At the equity sector level, Financials and Consumer Discretionary performed the strongest, while Health Care and Information Technology were the worst performing sectors.

* At the equity holdings level, Prosus (Netherlands) led the positive contributors followed by Alphabet Class A (U.S.) and Capital One Financial (U.S.). Centene (U.S.), Molina Healthcare (U.S.) and IQVIA Holdings (U.S.) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $250,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg030.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI World Index (Net)** |
| **10/1/2015** | $250000 | $250000 |
| **12/31/2015** | $268549 | $263750 |
| **3/31/2016** | $258294 | $262827 |
| **6/30/2016** | $248734 | $265477 |
| **9/30/2016** | $274807 | $278394 |
| **12/31/2016** | $295215 | $283559 |
| **3/31/2017** | $312777 | $301638 |
| **6/30/2017** | $332095 | $313783 |
| **9/30/2017** | $347900 | $328966 |
| **12/31/2017** | $358417 | $347076 |
| **3/31/2018** | $346718 | $342630 |
| **6/30/2018** | $339289 | $348573 |
| **9/30/2018** | $345603 | $365934 |
| **12/31/2018** | $283036 | $316841 |
| **3/31/2019** | $319051 | $356382 |
| **6/30/2019** | $331383 | $370640 |
| **9/30/2019** | $329034 | $372621 |
| **12/31/2019** | $367769 | $404511 |
| **3/31/2020** | $255235 | $319355 |
| **6/30/2020** | $314380 | $381178 |
| **9/30/2020** | $334624 | $411401 |
| **12/31/2020** | $416715 | $468838 |
| **3/31/2021** | $462244 | $491913 |
| **6/30/2021** | $494253 | $530006 |
| **9/30/2021** | $486300 | $529970 |
| **12/31/2021** | $497625 | $571126 |
| **3/31/2022** | $462566 | $541696 |
| **6/30/2022** | $385873 | $454014 |
| **9/30/2022** | $342487 | $425921 |
| **12/31/2022** | $386957 | $467515 |
| **3/31/2023** | $422456 | $503657 |
| **6/30/2023** | $446710 | $538054 |
| **9/30/2023** | $438111 | $519428 |
| **12/31/2023** | $475626 | $578723 |
| **3/31/2024** | $490114 | $630117 |
| **6/30/2024** | $482090 | $646699 |
| **9/30/2024** | $525106 | $687860 |
| **12/31/2024** | $499126 | $686776 |
| **3/31/2025** | $542056 | $674467 |
| **6/30/2025** | $567137 | $751841 |
| **9/30/2025** | $586569 | $806502 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 11.70% | 11.88% | 8.90% |
| **MSCI World Index (Net)** | 17.25% | 14.41% | 12.43% |

---

Institutional Class shares commenced operations on 11/30/2016. The performance attributed to the Institutional Class shares prior to that date is that of the Investor Class shares from 10/02/2006—11/30/2016. Performance prior to 11/30/2016 has not been adjusted to reflect the lower expenses of Institutional Class shares. During this period, Institutional Class shares would have had returns similar to, but potentially higher than, Investor Class shares due to the fact that Institutional Class shares represent interests in the same portfolio as Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018809351 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $7776599 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Sysco Corp. | 6.7% |
| IQVIA Holdings, Inc. | 6.3% |
| Reckitt Benckiser Group PLC | 5.5% |
| Becton Dickinson & Co. | 5.4% |
| Prosus NV | 5.2% |
| CNH Industrial NV | 5.1% |
| BNP Paribas SA | 5.1% |
| Alibaba Group Holding Ltd. | 4.6% |
| Bayer AG | 4.4% |
| Roche Holding AG | 4.3% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 58.1% |
| United Kingdom | 9.7% |
| Germany | 8.4% |
| France | 6.2% |
| Netherlands | 5.2% |
| China | 4.6% |
| Switzerland | 4.3% |
| Denmark | 3.2% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Health Care | 26.0% |
| Financials | 19.5% |
| Consumer Staples | 16.4% |
| Consumer Discretionary | 13.8% |
| Industrials | 8.3% |
| Communication Services | 7.3% |
| Energy | 3.8% |
| Information Technology | 1.0% |
| Short Term Investments & Other, Net | 3.9% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OANWX

Institutional Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Global Select Fund
Annual Shareholder Report September 30, 2025

OANWX-AR

OAZWX

R6 Class

![Image](tm2528754d1_tsrimg020.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $87 | 0.82% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Global Select Fund R6 Class returned 11.81% for the year ended September 30, 2025, underperforming its benchmark, the MSCI World Index (Net), which returned 17.25% over the same period.

* The Fund's exposure to the United States and Netherlands contributed most to returns, while exposure to South Korea and Denmark detracted most from returns.

* At the equity sector level, Financials and Consumer Discretionary performed the strongest, while Health Care and Information Technology were the worst performing sectors.

* At the equity holdings level, Prosus (Netherlands) led the positive contributors followed by Alphabet Class A (U.S.) and Capital One Financial (U.S.). Centene (U.S.), Molina Healthcare (U.S.) and IQVIA Holdings (U.S.) were the worst performing equities.

# Fund performance as of September 30, 2025

# Total return based on $1,000,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg025.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Class** | **MSCI World Index (Net)** |
| **12/31/2015** | $1072784 | $1054998 |
| **3/31/2016** | $1031817 | $1051309 |
| **6/30/2016** | $993627 | $1061909 |
| **9/30/2016** | $1097781 | $1113577 |
| **12/31/2016** | $1179307 | $1134234 |
| **3/31/2017** | $1248059 | $1206553 |
| **6/30/2017** | $1325229 | $1255130 |
| **9/30/2017** | $1387667 | $1315863 |
| **12/31/2017** | $1429087 | $1388306 |
| **3/31/2018** | $1381697 | $1370520 |
| **6/30/2018** | $1351339 | $1394291 |
| **9/30/2018** | $1375774 | $1463735 |
| **12/31/2018** | $1126206 | $1267364 |
| **3/31/2019** | $1269414 | $1425528 |
| **6/30/2019** | $1318447 | $1482558 |
| **9/30/2019** | $1308329 | $1490485 |
| **12/31/2019** | $1461811 | $1618044 |
| **3/31/2020** | $1013659 | $1277419 |
| **6/30/2020** | $1247580 | $1524712 |
| **9/30/2020** | $1327917 | $1645603 |
| **12/31/2020** | $1652435 | $1875354 |
| **3/31/2021** | $1833762 | $1967652 |
| **6/30/2021** | $1960690 | $2120026 |
| **9/30/2021** | $1929155 | $2119879 |
| **12/31/2021** | $1974560 | $2284504 |
| **3/31/2022** | $1835506 | $2166784 |
| **6/30/2022** | $1531327 | $1816057 |
| **9/30/2022** | $1359248 | $1703686 |
| **12/31/2022** | $1535664 | $1870059 |
| **3/31/2023** | $1676542 | $2014628 |
| **6/30/2023** | $1773670 | $2152217 |
| **9/30/2023** | $1740419 | $2077712 |
| **12/31/2023** | $1889502 | $2314892 |
| **3/31/2024** | $1947028 | $2520469 |
| **6/30/2024** | $1915168 | $2586797 |
| **9/30/2024** | $2085975 | $2751441 |
| **12/31/2024** | $1983978 | $2747104 |
| **3/31/2025** | $2154547 | $2697869 |
| **6/30/2025** | $2254195 | $3007364 |
| **9/30/2025** | $2332297 | $3226008 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 11.81% | 11.94% | 8.93% |
| **MSCI World Index (Net)** | 17.25% | 14.41% | 12.43% |

---

R6 Class shares commenced operations on 12/15/2020. The performance attributed to the R6 Class shares prior to that date is that of the Investor Class shares from 10/02/2006—11/30/2016, and then the performance of the Institutional Class shares from 11/30/2016—12/15/2020. Performance prior to 12/15/2020 has not been adjusted to reflect the lower expenses of R6 Class shares. During this period, R6 Class shares would have had returns similar to, but potentially higher than, Institutional and Investor Class shares due to the fact that R6 Class shares represent interests in the same portfolio as Institutional and Investor Class shares but are subject to lower expenses.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1018809351 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $7776599 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| Sysco Corp. | 6.7% |
| IQVIA Holdings, Inc. | 6.3% |
| Reckitt Benckiser Group PLC | 5.5% |
| Becton Dickinson & Co. | 5.4% |
| Prosus NV | 5.2% |
| CNH Industrial NV | 5.1% |
| BNP Paribas SA | 5.1% |
| Alibaba Group Holding Ltd. | 4.6% |
| Bayer AG | 4.4% |
| Roche Holding AG | 4.3% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 58.1% |
| United Kingdom | 9.7% |
| Germany | 8.4% |
| France | 6.2% |
| Netherlands | 5.2% |
| China | 4.6% |
| Switzerland | 4.3% |
| Denmark | 3.2% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Health Care | 26.0% |
| Financials | 19.5% |
| Consumer Staples | 16.4% |
| Consumer Discretionary | 13.8% |
| Industrials | 8.3% |
| Communication Services | 7.3% |
| Energy | 3.8% |
| Information Technology | 1.0% |
| Short Term Investments & Other, Net | 3.9% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAZWX

R6 Class

![Image](tm2528754d1_tsrimg032.jpg)

#### Oakmark Global Select Fund
Annual Shareholder Report September 30, 2025

OAZWX-AR

OAKCX

Investor Class

#### Oakmark Bond Fund
![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Bond Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $76 | 0.74% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Bond Fund Investor Class returned 4.16% for the year ended September 30, 2025, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% over the same period.

* The Fund's outperformance was mainly attributable to strong security selection within corporate debt and securitized credit. A small portion of outperformance was due to its duration and yield curve positioning, while overall allocation decisions were a small drag on relative performance.

* The Fund's overweight allocations to loans and securitized products and its underweight position to US treasuries contributed positively to returns relative to the Fund's benchmark, while its overweight allocation to high yield was a detraction for the period.

# Fund performance as of September 30, 2025

# Total return based on $10,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **1/28/2022** | $10000 | $10000 |
| **3/31/2022** | $9661 | $9611 |
| **6/30/2022** | $9111 | $9160 |
| **9/30/2022** | $8857 | $8725 |
| **12/31/2022** | $9049 | $8888 |
| **3/31/2023** | $9199 | $9151 |
| **6/30/2023** | $9222 | $9074 |
| **9/30/2023** | $9014 | $8781 |
| **12/31/2023** | $9653 | $9379 |
| **3/31/2024** | $9686 | $9307 |
| **6/30/2024** | $9740 | $9313 |
| **9/30/2024** | $10231 | $9797 |
| **12/31/2024** | $9963 | $9497 |
| **3/31/2025** | $10235 | $9761 |
| **6/30/2025** | $10429 | $9879 |
| **9/30/2025** | $10656 | $10079 |

---

# Average annual total returns (%)

---

| | | |
|:---|:---|:---|
| Class | 1 Year | Since Inception 1/28/2022 |
| **Investor Class** | 4.16% | 1.74% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | 0.21% |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $211502338 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 144% |
| Total Advisory Fees Paid | $518883 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%, due 07/31/30 | 3.1% |
| U.S. Treasury Bonds, 4.625%, due 05/15/54 | 2.6% |
| U.S. Treasury Bonds, 5.000%, due 05/15/45 | 2.3% |
| U.S. Treasury Notes, 3.875%, due 06/30/30 | 1.9% |
| Federal Home Loan Mortgage Corp., Pool SD6595, 5.500%, due 10/01/54 | 1.5% |
| Federal National Mortgage Association, Pool FS8007, 5.500%, due 06/01/54 | 1.5% |
| Federal Home Loan Mortgage Corp., Pool SD3470, 2.500%, due 06/01/52 | 1.4% |
| Federal Home Loan Mortgage Corp., Pool RJ2202, 5.500%, due 08/01/54 | 1.4% |
| Federal National Mortgage Association, Pool CB8992, 5.500%, due 08/01/54 | 1.3% |
| U.S. Treasury Bonds, 4.625%, due 11/15/44 | 1.3% |

---

#### Asset allocation

---

| | |
|:---|:---|
| Corporate Bonds | 42.6% |
| Government and Agency Securities | 19.6% |
| Collateralized Mortgage Obligations | 12.7% |
| Mortgage-Backed Securities | 11.9% |
| Asset Backed Securities | 5.8% |
| Bank Loans | 5.0% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAKCX

Investor Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Bond Fund
Annual Shareholder Report September 30, 2025

OAKCX-AR

OAYCX

Advisor Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Bond Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

**This report also describes changes to the Fund that occurred after the reporting period.**

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $55 | 0.54% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Bond Fund Advisor Class returned 4.37% for the year ended September 30, 2025, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% over the same period.

* The Fund's outperformance was mainly attributable to strong security selection within corporate debt and securitized credit. A small portion of outperformance was due to its duration and yield curve positioning, while overall allocation decisions were a small drag on relative performance.

* The Fund's overweight allocations to loans and securitized products and its underweight position to US treasuries contributed positively to returns relative to the Fund's benchmark, while its overweight allocation to high yield was a detraction for the period.

# Fund performance as of September 30, 2025

# Total return based on $100,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg033.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **6/10/2020** | $100000 | $100000 |
| **6/30/2020** | $99928 | $100420 |
| **9/30/2020** | $102041 | $101042 |
| **12/31/2020** | $104854 | $101718 |
| **3/31/2021** | $103596 | $98287 |
| **6/30/2021** | $105533 | $100085 |
| **9/30/2021** | $105930 | $100137 |
| **12/31/2021** | $105864 | $100149 |
| **3/31/2022** | $100366 | $94206 |
| **6/30/2022** | $94665 | $89785 |
| **9/30/2022** | $92043 | $85518 |
| **12/31/2022** | $94082 | $87120 |
| **3/31/2023** | $95692 | $89700 |
| **6/30/2023** | $95981 | $88943 |
| **9/30/2023** | $93973 | $86069 |
| **12/31/2023** | $100661 | $91936 |
| **3/31/2024** | $100924 | $91223 |
| **6/30/2024** | $101660 | $91283 |
| **9/30/2024** | $106819 | $96026 |
| **12/31/2024** | $104080 | $93086 |
| **3/31/2025** | $106966 | $95674 |
| **6/30/2025** | $109040 | $96829 |
| **9/30/2025** | $111488 | $98795 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | Since Inception 6/10/2020 |
| **Advisor Class** | 4.37% | 1.79% | 2.07% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45%) | (0.23%) |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $211502338 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 144% |
| Total Advisory Fees Paid | $518883 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%, due 07/31/30 | 3.1% |
| U.S. Treasury Bonds, 4.625%, due 05/15/54 | 2.6% |
| U.S. Treasury Bonds, 5.000%, due 05/15/45 | 2.3% |
| U.S. Treasury Notes, 3.875%, due 06/30/30 | 1.9% |
| Federal Home Loan Mortgage Corp., Pool SD6595, 5.500%, due 10/01/54 | 1.5% |
| Federal National Mortgage Association, Pool FS8007, 5.500%, due 06/01/54 | 1.5% |
| Federal Home Loan Mortgage Corp., Pool SD3470, 2.500%, due 06/01/52 | 1.4% |
| Federal Home Loan Mortgage Corp., Pool RJ2202, 5.500%, due 08/01/54 | 1.4% |
| Federal National Mortgage Association, Pool CB8992, 5.500%, due 08/01/54 | 1.3% |
| U.S. Treasury Bonds, 4.625%, due 11/15/44 | 1.3% |

---

#### Asset allocation

---

| | |
|:---|:---|
| Corporate Bonds | 42.6% |
| Government and Agency Securities | 19.6% |
| Collateralized Mortgage Obligations | 12.7% |
| Mortgage-Backed Securities | 11.9% |
| Asset Backed Securities | 5.8% |
| Bank Loans | 5.0% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at oakmark.com/our-funds/?tab=documents or upon request by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

Effective October 1, 2025, the Fund's contractual expense limitation for Advisor Class was reduced to 0.48% of average daily net assets.

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAYCX

Advisor Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Bond Fund
Annual Shareholder Report September 30, 2025

OAYCX-AR

OANCX

Institutional Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Bond Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

**This report also describes changes to the Fund that occurred after the reporting period.**

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $53 | 0.52% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Bond Fund Institutional Class returned 4.39% for the year ended September 30, 2025, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% over the same period.

* The Fund's outperformance was mainly attributable to strong security selection within corporate debt and securitized credit. A small portion of outperformance was due to its duration and yield curve positioning, while overall allocation decisions were a small drag on relative performance.

* The Fund's overweight allocations to loans and securitized products and its underweight position to US treasuries contributed positively to returns relative to the Fund's benchmark, while its overweight allocation to high yield was a detraction for the period.

# Fund performance as of September 30, 2025

# Total return based on $250,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg002.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **6/10/2020** | $250000 | $250000 |
| **6/30/2020** | $249833 | $251050 |
| **9/30/2020** | $255171 | $252605 |
| **12/31/2020** | $262254 | $254294 |
| **3/31/2021** | $259425 | $245718 |
| **6/30/2021** | $264056 | $250214 |
| **9/30/2021** | $265064 | $250343 |
| **12/31/2021** | $264909 | $250373 |
| **3/31/2022** | $251157 | $235515 |
| **6/30/2022** | $236906 | $224461 |
| **9/30/2022** | $230352 | $213794 |
| **12/31/2022** | $235461 | $217799 |
| **3/31/2023** | $239518 | $224250 |
| **6/30/2023** | $240253 | $222357 |
| **9/30/2023** | $234950 | $215172 |
| **12/31/2023** | $251718 | $229841 |
| **3/31/2024** | $252684 | $228058 |
| **6/30/2024** | $254541 | $228207 |
| **9/30/2024** | $267479 | $240064 |
| **12/31/2024** | $260632 | $232714 |
| **3/31/2025** | $267570 | $239186 |
| **6/30/2025** | $272780 | $242073 |
| **9/30/2025** | $279232 | $246987 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | Since Inception 6/10/2020 |
| **Institutional Class** | 4.39% | 1.82% | 2.10% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45%) | (0.23%) |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $211502338 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 144% |
| Total Advisory Fees Paid | $518883 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%, due 07/31/30 | 3.1% |
| U.S. Treasury Bonds, 4.625%, due 05/15/54 | 2.6% |
| U.S. Treasury Bonds, 5.000%, due 05/15/45 | 2.3% |
| U.S. Treasury Notes, 3.875%, due 06/30/30 | 1.9% |
| Federal Home Loan Mortgage Corp., Pool SD6595, 5.500%, due 10/01/54 | 1.5% |
| Federal National Mortgage Association, Pool FS8007, 5.500%, due 06/01/54 | 1.5% |
| Federal Home Loan Mortgage Corp., Pool SD3470, 2.500%, due 06/01/52 | 1.4% |
| Federal Home Loan Mortgage Corp., Pool RJ2202, 5.500%, due 08/01/54 | 1.4% |
| Federal National Mortgage Association, Pool CB8992, 5.500%, due 08/01/54 | 1.3% |
| U.S. Treasury Bonds, 4.625%, due 11/15/44 | 1.3% |

---

#### Asset allocation

---

| | |
|:---|:---|
| Corporate Bonds | 42.6% |
| Government and Agency Securities | 19.6% |
| Collateralized Mortgage Obligations | 12.7% |
| Mortgage-Backed Securities | 11.9% |
| Asset Backed Securities | 5.8% |
| Bank Loans | 5.0% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at oakmark.com/our-funds/?tab=documents or upon request by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

Effective October 1, 2025, the Fund's contractual expense limitation for Institutional Class was reduced to 0.45% of average daily net assets.

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OANCX

Institutional Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Bond Fund
Annual Shareholder Report September 30, 2025

OANCX-AR

OAZCX

R6 Class

![Image](tm2528754d1_tsrimg026.jpg)

#### Annual Shareholder Report September 30, 2025

# Fund overview
This annual shareholder report contains important information about Oakmark Bond Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025.You can find additional information about the Fund at: oakmark.com/our-funds/?tab=documents. You can also request this information without charge by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

**This report also describes changes to the Fund that occurred after the reporting period.**

# What were the Fund costs for the last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Class | $45 | 0.44% |

---

# How did the Fund perform during the last year and what affected its performance?
Oakmark Bond Fund R6 Class returned 4.48% for the year ended September 30, 2025, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% over the same period.

* The Fund's outperformance was mainly attributable to strong security selection within corporate debt and securitized credit. A small portion of outperformance was due to its duration and yield curve positioning, while overall allocation decisions were a small drag on relative performance.

* The Fund's overweight allocations to loans and securitized products and its underweight position to US treasuries contributed positively to returns relative to the Fund's benchmark, while its overweight allocation to high yield was a detraction for the period.

# Fund performance as of September 30, 2025

# Total return based on $1,000,000 investment (as of September 30, 2025)
![Growth of 10K Chart](tm2528754d1_tsrimg036.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/31/2020** | $1005874 | $1003474 |
| **3/31/2021** | $994321 | $969632 |
| **6/30/2021** | $1013329 | $987373 |
| **9/30/2021** | $1017402 | $987885 |
| **12/31/2021** | $1017017 | $988002 |
| **3/31/2022** | $964410 | $929371 |
| **6/30/2022** | $909818 | $885751 |
| **9/30/2022** | $884826 | $843657 |
| **12/31/2022** | $904628 | $859460 |
| **3/31/2023** | $921395 | $884918 |
| **6/30/2023** | $923381 | $877446 |
| **9/30/2023** | $903227 | $849094 |
| **12/31/2023** | $967890 | $906978 |
| **3/31/2024** | $971948 | $899943 |
| **6/30/2024** | $979306 | $900530 |
| **9/30/2024** | $1029284 | $947322 |
| **12/31/2024** | $1003138 | $918318 |
| **3/31/2025** | $1030041 | $943856 |
| **6/30/2025** | $1050302 | $955247 |
| **9/30/2025** | $1075371 | $974638 |

---

# Average annual total returns (%)

---

| | | |
|:---|:---|:---|
| Class | 1 Year | Since Inception 12/15/2020 |
| **R6 Class** | 4.48% | 1.53% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.53%) |

---

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is no guarantee of future results.** To obtain the most recent month-end performance, please visit oakmark.com/our-funds/?tab=documents.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $211502338 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 144% |
| Total Advisory Fees Paid | $518883 |

---

# What did the Fund invest in? (as a % of total net assets) as of September 30, 2025

# Top 10 holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.875%, due 07/31/30 | 3.1% |
| U.S. Treasury Bonds, 4.625%, due 05/15/54 | 2.6% |
| U.S. Treasury Bonds, 5.000%, due 05/15/45 | 2.3% |
| U.S. Treasury Notes, 3.875%, due 06/30/30 | 1.9% |
| Federal Home Loan Mortgage Corp., Pool SD6595, 5.500%, due 10/01/54 | 1.5% |
| Federal National Mortgage Association, Pool FS8007, 5.500%, due 06/01/54 | 1.5% |
| Federal Home Loan Mortgage Corp., Pool SD3470, 2.500%, due 06/01/52 | 1.4% |
| Federal Home Loan Mortgage Corp., Pool RJ2202, 5.500%, due 08/01/54 | 1.4% |
| Federal National Mortgage Association, Pool CB8992, 5.500%, due 08/01/54 | 1.3% |
| U.S. Treasury Bonds, 4.625%, due 11/15/44 | 1.3% |

---

#### Asset allocation

---

| | |
|:---|:---|
| Corporate Bonds | 42.6% |
| Government and Agency Securities | 19.6% |
| Collateralized Mortgage Obligations | 12.7% |
| Mortgage-Backed Securities | 11.9% |
| Asset Backed Securities | 5.8% |
| Bank Loans | 5.0% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at oakmark.com/our-funds/?tab=documents or upon request by contacting us at 1-800 OAKMARK (625-6275) or contacting your intermediary.

Effective October 1, 2025, the Fund's contractual expense limitation for R6 Class was reduced to 0.41% of average daily net assets.

#### Additional information
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit oakmark.com/our-funds/?tab=documents.

Phone: 1-800-OAKMARK (625-6275)

#### Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, contact + 1-800-OAKMARK (625-6275) or contact your intermediary.

![QR Code](tm2528754d1_tsrimg037.jpg)

OAZCX

R6 Class

![Image](tm2528754d1_tsrimg013.jpg)

#### Oakmark Bond Fund
Annual Shareholder Report September 30, 2025

OAZCX-AR

(b) Not applicable to the Registrant.

**Item 2. Code of Ethics.**

(a) Registrant has adopted a code of ethics (the "Code") that applies to its Principal Executive Officer, Principal Financial
Officer and Treasurer.

(b) No disclosures are required by Item 2(b).

(c) During the period covered by the report, there were no material amendments made to the Code.

(d) During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of
the Code.

(e) Not applicable.

(f) A copy of the Code is incorporated by reference to the Registrant's Form N-CSR, Investment
Company Act file number 811-06279 (filed December 4, 2024). Copies of the Code will also be made available free of charge
upon request, by writing or calling The Oakmark Funds, P.O. Box 8510, Boston, MA 02266-8510, 1-800-OAKMARK (1-800-625-6275).

**Item 3. Audit Committee Financial Expert.**

Registrant's board of trustees has determined that each of the following members of the Registrant's audit committee qualifies as an "audit committee financial expert," as such term is defined in Item 3(b) of Form N-CSR: Hugh T. Hurley, III, Christine M. Maki, Laurence C. Morse, Ph.D., and Mindy M. Posoff. Each of those members of Registrant's audit committee is "independent" as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

**Item 4. Principal Accountant Fees and Services.**

Aggregate fees billed to the Registrant for professional services rendered by the Registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year<br> Ended<br> September 30,<br> 2025 | Fiscal Year<br> Ended<br> September 30,<br> 2024 |
| Audit Fees<sup>1</sup> | $318000 | $327550 |
| Audit-Related Fees<sup>2</sup> | $12524 | $0 |
| Tax Fees<sup>3</sup> | $136298 | $137835 |
| All Other Fees<sup>4</sup> | $73535 | $191318 |

---

During its regularly scheduled periodic meetings, the Registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the Registrant. The audit committee has authorized its chair to exercise that authority in the intervals between meetings; and the chair presents any such pre-approvals to the audit committee at its next regularly scheduled meeting. Under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, pre-approval of non-audit services may be waived provided that: 1) the aggregate amount for all such services provided constitutes no more than five percent of the total amount of revenues paid by the Registrant to its principal accountant during the fiscal year in which such services are provided; 2) such services were not recognized by management at the time of engagement as non-audit services; and 3) such services are promptly brought to the attention of the Registrant's audit committee by management and approved prior to the completion of the audit by the audit committee or by one or more members of the audit committee who are members of the board of trustees to whom authority to grant such approvals has been delegated by the audit committee.

No audit-related, tax or non-audit services were approved by waiver pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

<sup>1</sup> "Audit Fees" include amounts for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.

<sup>2</sup> "Audit-Related Fees" include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements.

<sup>3</sup> "Tax Fees" include amounts for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, specifically distribution consultation.

<sup>4</sup> "All Other Fees" include amounts for products and services provided by the principal accountant.

Less than 50 percent of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

The aggregate non-audit fees billed for the fiscal years ended September 30, 2025 and September 30, 2024 by the Registrant's principal accountant for services rendered to the Registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $73,535 and $191,318, respectively. These non-audit services provided to the Registrant by the principal accountant related to clerical and ministerial tasks for the filing of tax reclaims in certain European Union countries.

The audit committee of Registrant's board of trustees has considered whether the provision of non-audit services that were rendered by Registrant's principal accountant to Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

**Item 5. Audit Committee of Listed Registrants.**

(a) Not applicable.

(b) Not applicable.

**Item 6. Investments.**

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the Registrant's
financial statements, which are included in Item 7 of this Form N-CSR.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](j25287542_aa001.jpg)

September 30, 2025

Annual Financial Statements and Other Information

![](j25287542_aa002.jpg)

Oakmark Fund

Oakmark Select Fund

Oakmark Global Fund

Oakmark Global Select Fund

Oakmark International Fund

Oakmark International Small Cap Fund

Oakmark Equity and Income Fund

Oakmark Bond Fund

------

**Oakmark Funds**

September 30, 2025

Annual Financial Statements and Other Information

**Table of contents**

---

| | |
|:---|:---|
| **Financial Statements** | **Financial Statements** |
| [Schedules of Investments](#ScheduleofInvestments-2) | 1 |
| [Statements of Assets and Liabilities](#StatementsofAssetsandLiabilities-2) | 24 |
| [Statements of Operations](#StatementsofOperations-2) | 27 |
| [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-2) | 30 |
| [Notes to Financial Statements](#NotestoFinancialStatements-2) | 46 |
| [Financial Highlights](#FinancialHighlights-2) | 56 |
| [Report of Independent Registered Public <br>Accounting Firm](#REPORTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM-2) | 64 |
| [Other Information](#OtherInformation-2) | 67 |

---

Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Fund**

September 30, 2025

Schedule of Investments *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks - 95.7%** | **Common stocks - 95.7%** | **Common stocks - 95.7%** |
| **FINANCIALS - 36.9%** | **FINANCIALS - 36.9%** | **FINANCIALS - 36.9%** |
| **FINANCIAL SERVICES - 20.9%** | **FINANCIAL SERVICES - 20.9%** | **FINANCIAL SERVICES - 20.9%** |
| Charles Schwab Corp. | 7690 | $734171 |
| Intercontinental Exchange, Inc. | 3623 | 610437 |
| Capital One Financial Corp. | 2696 | 573116 |
| State Street Corp. | 4936 | 572591 |
| Ally Financial, Inc. | 13826 | 541974 |
| Fiserv, Inc. (a) | 3555 | 458359 |
| Carlyle Group, Inc. | 6687 | 419287 |
| Global Payments, Inc. | 4982 | 413888 |
| Nasdaq, Inc. | 4004 | 354181 |
| Bank of New York Mellon Corp. | 2293 | 249794 |
| Corebridge Financial, Inc. | 7780 | 249349 |
|  |  | **5177147** |
| **BANKS - 9.5%** | **BANKS - 9.5%** | **BANKS - 9.5%** |
| Citigroup, Inc. | 8343 | 846794 |
| Bank of America Corp. | 11307 | 583323 |
| First Citizens BancShares, Inc., Class A | 282 | 503649 |
| Wells Fargo & Co. | 5065 | 424548 |
|  |  | **2358314** |
| **INSURANCE - 6.5%** | **INSURANCE - 6.5%** | **INSURANCE - 6.5%** |
| Willis Towers Watson PLC | 1960 | 677082 |
| American International Group, Inc. | 6894 | 541458 |
| Reinsurance Group of America, Inc. | 1959 | 376388 |
|  |  | **1594928** |
|  |  | **9130389** |
| **ENERGY - 11.8%** | **ENERGY - 11.8%** | **ENERGY - 11.8%** |
| Phillips 66 | 5390 | 733202 |
| ConocoPhillips (b) | 6598 | 624067 |
| Marathon Petroleum Corp. | 2570 | 495342 |
| Targa Resources Corp. | 2433 | 407625 |
| APA Corp. | 14684 | 356533 |
| EOG Resources, Inc. | 2683 | 300847 |
|  |  | **2917616** |
| **HEALTH CARE - 10.0%** | **HEALTH CARE - 10.0%** | **HEALTH CARE - 10.0%** |
| **HEALTH CARE EQUIPMENT & SERVICES - 5.7%** | **HEALTH CARE EQUIPMENT & SERVICES - 5.7%** | **HEALTH CARE EQUIPMENT & SERVICES - 5.7%** |
| Elevance Health, Inc. | 1569 | 506975 |
| GE HealthCare Technologies, Inc. | 5976 | 448798 |
| Zimmer Biomet Holdings, Inc. | 3109 | 306265 |
| Baxter International, Inc. | 6300 | 143451 |
|  |  | **1405489** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.3%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.3%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.3%** |
| Merck & Co., Inc. | 6452 | 541517 |
| IQVIA Holdings, Inc. (a) | 2828 | 537207 |
|  |  | **1078724** |
|  |  | **2484213** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMUNICATION SERVICES - 9.6%** | **COMMUNICATION SERVICES - 9.6%** | **COMMUNICATION SERVICES - 9.6%** |
| **MEDIA & ENTERTAINMENT - 9.6%** | **MEDIA & ENTERTAINMENT - 9.6%** | **MEDIA & ENTERTAINMENT - 9.6%** |
| Alphabet, Inc., Class A | 3586 | $871854 |
| Warner Bros. Discovery, Inc. (a) | 31534 | 615849 |
| Comcast Corp., Class A | 12836 | 403310 |
| Charter Communications, Inc., <br>Class A (a) | 1297 | 356870 |
| Liberty Broadband Corp., Class C (a) | 2170 | 137882 |
|  |  | **2385765** |
| **CONSUMER DISCRETIONARY - 9.1%** | **CONSUMER DISCRETIONARY - 9.1%** | **CONSUMER DISCRETIONARY - 9.1%** |
| **AUTOMOBILES & COMPONENTS - 2.7%** | **AUTOMOBILES & COMPONENTS - 2.7%** | **AUTOMOBILES & COMPONENTS - 2.7%** |
| General Motors Co. | 10155 | 619156 |
| Magna International, Inc. | 1200 | 56856 |
|  |  | **676012** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.4%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.4%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.4%** |
| Amazon.com, Inc. (a) | 1595 | 350214 |
| Genuine Parts Co. | 1775 | 246015 |
|  |  | **596229** |
| **CONSUMER SERVICES - 2.3%** | **CONSUMER SERVICES - 2.3%** | **CONSUMER SERVICES - 2.3%** |
| Airbnb, Inc., Class A (a) | 4575 | 555497 |
| **CONSUMER DURABLES & APPAREL - 1.7%** | **CONSUMER DURABLES & APPAREL - 1.7%** | **CONSUMER DURABLES & APPAREL - 1.7%** |
| NIKE, Inc., Class B | 5935 | 413848 |
|  |  | **2241586** |
| **INDUSTRIALS - 8.6%** | **INDUSTRIALS - 8.6%** | **INDUSTRIALS - 8.6%** |
| **CAPITAL GOODS - 3.2%** | **CAPITAL GOODS - 3.2%** | **CAPITAL GOODS - 3.2%** |
| Masco Corp. | 4361 | 306999 |
| Fortune Brands Innovations, Inc. | 5673 | 302898 |
| Deere & Co. | 424 | 194020 |
|  |  | **803917** |
| **TRANSPORTATION - 3.1%** | **TRANSPORTATION - 3.1%** | **TRANSPORTATION - 3.1%** |
| Delta Air Lines, Inc. | 8904 | 505308 |
| Union Pacific Corp. | 1141 | 269698 |
|  |  | **775006** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 2.3%** | **COMMERCIAL & PROFESSIONAL SERVICES - 2.3%** | **COMMERCIAL & PROFESSIONAL SERVICES - 2.3%** |
| Equifax, Inc. | 2191 | 561980 |
|  |  | **2140903** |
| **INFORMATION TECHNOLOGY - 3.6%** | **INFORMATION TECHNOLOGY - 3.6%** | **INFORMATION TECHNOLOGY - 3.6%** |
| **SOFTWARE & SERVICES - 2.2%** | **SOFTWARE & SERVICES - 2.2%** | **SOFTWARE & SERVICES - 2.2%** |
| Salesforce, Inc. | 2322 | 550314 |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%** |
| TE Connectivity PLC | 1600 | 351345 |
|  |  | **901659** |
| **CONSUMER STAPLES - 3.1%** | **CONSUMER STAPLES - 3.1%** | **CONSUMER STAPLES - 3.1%** |
| **FOOD, BEVERAGE & TOBACCO - 3.1%** | **FOOD, BEVERAGE & TOBACCO - 3.1%** | **FOOD, BEVERAGE & TOBACCO - 3.1%** |
| Keurig Dr. Pepper, Inc. | 21631 | 551807 |
| Constellation Brands, Inc., Class A | 1524 | 205237 |
|  |  | **757044** |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 1

------

**Oakmark Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks - 95.7% (continued)** | **Common stocks - 95.7% (continued)** | **Common stocks - 95.7% (continued)** |
| **MATERIALS - 1.6%** | | |
| Corteva, Inc. | 4057 | $274382 |
| Celanese Corp. | 2700 | 113616 |
|  |  | **387998** |
| **REAL ESTATE - 1.4%** | **REAL ESTATE - 1.4%** | **REAL ESTATE - 1.4%** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%** |
| CBRE Group, Inc., Class A (a) | 2157 | 339857 |
| **Total common stocks - 95.7%<br>(Cost $18,245,791)** | **Total common stocks - 95.7%<br>(Cost $18,245,791)** | **23687030** |
|  | **Par Value** | **Value** |
| **Short-term investments - 4.3%** | **Short-term investments - 4.3%** | **Short-term investments - 4.3%** |
| **REPURCHASE AGREEMENT - 4.3%** | **REPURCHASE AGREEMENT - 4.3%** | **REPURCHASE AGREEMENT - 4.3%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 4.20% <br>dated 9/30/25 due 10/1/25, <br>repurchase price $1,050,017, <br>collateralized by United States <br>Treasury Notes, 2.750% - 3.875% <br>due 4/30/27 - 5/31/27, aggregate <br>value plus accrued interest of <br>$1,070,892 (Cost: $1,049,894) | $1049894 | 1049894 |
| **Total short-term investments - 4.3%<br>(Cost $1,049,894)** | **Total short-term investments - 4.3%<br>(Cost $1,049,894)** | **1049894** |
| **TOTAL INVESTMENTS - 100.0%<br>(COST $19,295,685)** | **TOTAL INVESTMENTS - 100.0%<br>(COST $19,295,685)** | **24736924** |
| Other Assets In Excess of Liabilities - 0.0% (c) |  | 8818 |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | $**24745742** |

---

(a) Non-income producing security.

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

(c) Amount rounds to less than 0.1%.

**WRITTEN OPTIONS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional <br>Amount** | **Market<br>Value** | **Premiums <br>(Received)<br>by Fund** | **Unrealized <br>Gain/(Loss)** |
| **PUTS** | | | | | | | |
| Conocophillips | $97.50 | 10/17/25 | (7500) | $(70943) | $(2943) | $(2436) | $(507) |
| Conocophillips | 95.00 | 10/17/25 | (500) | (4730) | (126) | (152) | 26 |
|  |  |  |  | $(75673) | $(3069) | $(2588) | $(481) |

---

2 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Select Fund**

September 30, 2025

Schedule of Investments *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks - 95.4%** | **Common stocks - 95.4%** | **Common stocks - 95.4%** |
| **FINANCIALS - 21.5%** | **FINANCIALS - 21.5%** | **FINANCIALS - 21.5%** |
| **FINANCIAL SERVICES - 16.0%** | **FINANCIAL SERVICES - 16.0%** | **FINANCIAL SERVICES - 16.0%** |
| Charles Schwab Corp. | 3388 | $323418 |
| Intercontinental Exchange, Inc. | 1911 | 321941 |
| Capital One Financial Corp. | 1505 | 319847 |
| Ally Financial, Inc. | 6048 | 237074 |
|  |  | **1202280** |
| **BANKS - 5.5%** | **BANKS - 5.5%** | **BANKS - 5.5%** |
| First Citizens BancShares, Inc., Class A | 232 | 415321 |
|  |  | **1617601** |
| **HEALTH CARE - 15.6%** | **HEALTH CARE - 15.6%** | **HEALTH CARE - 15.6%** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.6%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.6%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.6%** |
| IQVIA Holdings, Inc. (a) | 2660 | 505240 |
| ICON PLC (a) | 949 | 166075 |
| Charles River Laboratories <br>International, Inc. (a) | 822 | 128610 |
|  |  | **799925** |
| **HEALTH CARE EQUIPMENT & SERVICES - 5.0%** | **HEALTH CARE EQUIPMENT & SERVICES - 5.0%** | **HEALTH CARE EQUIPMENT & SERVICES - 5.0%** |
| Centene Corp. (a) | 5864 | 209228 |
| Molina Healthcare, Inc. (a) | 867 | 165909 |
|  |  | **375137** |
|  |  | **1175062** |
| **COMMUNICATION SERVICES - 12.5%** | **COMMUNICATION SERVICES - 12.5%** | **COMMUNICATION SERVICES - 12.5%** |
| **MEDIA & ENTERTAINMENT - 12.4%** | **MEDIA & ENTERTAINMENT - 12.4%** | **MEDIA & ENTERTAINMENT - 12.4%** |
| Warner Bros. Discovery, Inc. (a) | 22437 | 438194 |
| Alphabet, Inc., Class A | 1570 | 381574 |
| Liberty Broadband Corp., Class C (a) | 1044 | 66355 |
| Charter Communications, Inc., Class A (a) | 183 | 50207 |
|  |  | **936330** |
| **TELECOMMUNICATION SERVICES - 0.1%** | **TELECOMMUNICATION SERVICES - 0.1%** | **TELECOMMUNICATION SERVICES - 0.1%** |
| GCI Liberty, Inc., Class C (a) | 78 | 2911 |
|  |  | **939241** |
| **ENERGY - 12.4%** | **ENERGY - 12.4%** | **ENERGY - 12.4%** |
| Phillips 66 | 3187 | 433496 |
| ConocoPhillips | 3367 | 318476 |
| APA Corp. | 7501 | 182129 |
|  |  | **934101** |
| **CONSUMER DISCRETIONARY - 10.7%** | **CONSUMER DISCRETIONARY - 10.7%** | **CONSUMER DISCRETIONARY - 10.7%** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.5%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.5%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.5%** |
| Lithia Motors, Inc. (b) | 1309 | 413676 |
| **CONSUMER SERVICES - 5.2%** | **CONSUMER SERVICES - 5.2%** | **CONSUMER SERVICES - 5.2%** |
| Airbnb, Inc., Class A (a) | 3237 | 393024 |
|  |  | **806700** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INDUSTRIALS - 10.4%** | **INDUSTRIALS - 10.4%** | **INDUSTRIALS - 10.4%** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 7.2%** | **COMMERCIAL & PROFESSIONAL SERVICES - 7.2%** | **COMMERCIAL & PROFESSIONAL SERVICES - 7.2%** |
| Equifax, Inc. | 1271 | $326050 |
| Paycom Software, Inc. | 1034 | 215154 |
|  |  | **541204** |
| **CAPITAL GOODS - 3.2%** | **CAPITAL GOODS - 3.2%** | **CAPITAL GOODS - 3.2%** |
| Deere & Co. | 526 | 240382 |
|  |  | **781586** |
| **INFORMATION TECHNOLOGY - 4.8%** | **INFORMATION TECHNOLOGY - 4.8%** | **INFORMATION TECHNOLOGY - 4.8%** |
| **SOFTWARE & SERVICES - 4.8%** | **SOFTWARE & SERVICES - 4.8%** | **SOFTWARE & SERVICES - 4.8%** |
| Salesforce, Inc. | 1532 | 363084 |
| **CONSUMER STAPLES - 4.0%** | **CONSUMER STAPLES - 4.0%** | **CONSUMER STAPLES - 4.0%** |
| **FOOD, BEVERAGE & TOBACCO - 4.0%** | **FOOD, BEVERAGE & TOBACCO - 4.0%** | **FOOD, BEVERAGE & TOBACCO - 4.0%** |
| Keurig Dr. Pepper, Inc. | 11947 | 304758 |
| **REAL ESTATE - 3.5%** | **REAL ESTATE - 3.5%** | **REAL ESTATE - 3.5%** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.5%** |
| CBRE Group, Inc., Class A (a) | 1690 | 266237 |
| **Total common stocks - 95.4%<br>(Cost $5,641,849)** | **Total common stocks - 95.4%<br>(Cost $5,641,849)** | **7188370** |
|  | **Par Value** | **Value** |
| **Short-term investments - 4.5%** | **Short-term investments - 4.5%** | **Short-term investments - 4.5%** |
| **REPURCHASE AGREEMENT - 4.5%** | **REPURCHASE AGREEMENT - 4.5%** | **REPURCHASE AGREEMENT - 4.5%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 4.20% <br>dated 9/30/25 due 10/1/25, <br>repurchase price $337,628, <br>collateralized by a United States <br>Treasury Note, 3.750% due 4/30/27, <br>value plus accrued interest of <br>$344,340 (Cost: $337,588) | $337588 | 337588 |
| **Total short-term investments - 4.5%<br>(Cost $337,588)** | **Total short-term investments - 4.5%<br>(Cost $337,588)** | **337588** |
| **TOTAL INVESTMENTS - 99.9%<br>(COST $5,979,437)** | **TOTAL INVESTMENTS - 99.9%<br>(COST $5,979,437)** | **7525958** |
| Other Assets In Excess of Liabilities - 0.1% |  | 3844 |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | $**7529802** |

---

(a) Non-income producing security.

(b) See Note 6 in the Notes to Financial Statements regarding investments in affiliated issuers.

Annual Financial Statements and Other Information: Oakmark Funds \| 3

------

**Oakmark Select Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

**Schedule of Transactions with Affiliated Issuers**

Purchase and sale transactions and dividend and interest income earned during the year 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<br>Held** | **Purchases<br>(Cost)** | **Sales<br>(Proceeds)** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized** | **Dividend<br>Income** | **Value<br>September 30, <br>2024** | **Value<br>September 30,<br>2025** | **Percent of<br>Net Assets** |
| Lithia <br>Motors CI A | 1309 | $11450 | $9761 | $4528 | $(5155) | $2822 | $412614 | $413676 | 5.5% |

---

4 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Global Fund**

September 30, 2025

Schedule of Investments *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks and equity-linked security - 97.3%** | **Common stocks and equity-linked security - 97.3%** | **Common stocks and equity-linked security - 97.3%** |
| **CONSUMER DISCRETIONARY - 19.4%** | **CONSUMER DISCRETIONARY - 19.4%** | **CONSUMER DISCRETIONARY - 19.4%** |
| **CONSUMER DURABLES & APPAREL - 7.2%** | **CONSUMER DURABLES & APPAREL - 7.2%** | **CONSUMER DURABLES & APPAREL - 7.2%** |
| Kering SA (France) | 102 | $33670 |
| adidas AG (Germany) | 132 | 27824 |
| Brunswick Corp. (United States) | 300 | 18953 |
|  |  | **80447** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.4%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.4%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.4%** |
| Alibaba Group Holding Ltd. (China) | 1168 | 26575 |
| Prosus NV (Netherlands) | 330 | 23247 |
|  |  | **49822** |
| **AUTOMOBILES & COMPONENTS - 4.4%** | **AUTOMOBILES & COMPONENTS - 4.4%** | **AUTOMOBILES & COMPONENTS - 4.4%** |
| General Motors Co. (United States) | 319 | 19479 |
| Bayerische Motoren Werke AG <br>(Germany) | 170 | 17043 |
| Mercedes-Benz Group AG (Germany) | 199 | 12486 |
|  |  | **49008** |
| **CONSUMER SERVICES - 3.4%** | **CONSUMER SERVICES - 3.4%** | **CONSUMER SERVICES - 3.4%** |
| Airbnb, Inc., Class A (United States) (a) | 214 | 25996 |
| Vail Resorts, Inc. (United States) | 82 | 12325 |
|  |  | **38321** |
|  |  | **217598** |
| **FINANCIALS - 18.5%** | **FINANCIALS - 18.5%** | **FINANCIALS - 18.5%** |
| **FINANCIAL SERVICES - 7.6%** | **FINANCIAL SERVICES - 7.6%** | **FINANCIAL SERVICES - 7.6%** |
| Julius Baer Group Ltd. (Switzerland) | 402 | 27754 |
| Corebridge Financial, Inc. (United States) | 843 | 27028 |
| Capital One Financial Corp. <br>(United States) | 91 | 19281 |
| Intercontinental Exchange, Inc. <br>(United States) | 67 | 11255 |
|  |  | **85318** |
| **INSURANCE - 6.4%** | **INSURANCE - 6.4%** | **INSURANCE - 6.4%** |
| Willis Towers Watson PLC (United States) | 92 | 31712 |
| American International Group, Inc. <br>(United States) | 271 | 21269 |
| Prudential PLC (United Kingdom) | 1375 | 19248 |
|  |  | **72229** |
| **BANKS - 4.5%** | **BANKS - 4.5%** | **BANKS - 4.5%** |
| BNP Paribas SA (France) | 294 | 26683 |
| Bank of America Corp. (United States) | 451 | 23272 |
|  |  | **49955** |
|  |  | **207502** |
| **HEALTH CARE - 16.1%** | **HEALTH CARE - 16.1%** | **HEALTH CARE - 16.1%** |
| **HEALTH CARE EQUIPMENT & SERVICES - 8.6%** | **HEALTH CARE EQUIPMENT & SERVICES - 8.6%** | **HEALTH CARE EQUIPMENT & SERVICES - 8.6%** |
| Becton Dickinson & Co. (United States) | 191 | 35787 |
| Envista Holdings Corp. (United States) (a) | 1420 | 28915 |
| Molina Healthcare, Inc. (United States) (a) | 91 | 17483 |
| Elevance Health, Inc. (United States) | 45 | 14389 |
|  |  | **96574** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%** | | |
| IQVIA Holdings, Inc. (United States) (a) | 213 | 40495 |
| Roche Holding AG (Switzerland) | 67 | 22006 |
| Bayer AG (Germany) | 640 | 21218 |
|  |  | **83719** |
|  |  | **180293** |
| **INDUSTRIALS - 12.5%** | **INDUSTRIALS - 12.5%** | **INDUSTRIALS - 12.5%** |
| **CAPITAL GOODS - 8.1%** | **CAPITAL GOODS - 8.1%** | **CAPITAL GOODS - 8.1%** |
| CNH Industrial NV (United States) | 2673 | 29003 |
| Ashtead Group PLC (United Kingdom) | 397 | 26489 |
| Brenntag SE (Germany) | 362 | 21655 |
| Deere & Co. (United States) | 29 | 13306 |
|  |  | **90453** |
| **TRANSPORTATION - 4.4%** | **TRANSPORTATION - 4.4%** | **TRANSPORTATION - 4.4%** |
| DSV AS (Denmark) | 149 | 29636 |
| Ryanair Holdings PLC ADR (Ireland) (b) | 260 | 15660 |
| Ryanair Holdings PLC, Equity-Linked <br>Security (Ireland) (a) (c) (d) | 145 | 4193 |
|  |  | **49489** |
|  |  | **139942** |
| **INFORMATION TECHNOLOGY - 10.4%** | **INFORMATION TECHNOLOGY - 10.4%** | **INFORMATION TECHNOLOGY - 10.4%** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%** |
| Samsung Electronics Co. Ltd. <br>(South Korea) | 429 | 25664 |
| TE Connectivity PLC (Ireland) | 110 | 24060 |
| Hexagon AB, Class B (Sweden) | 1701 | 20219 |
|  |  | **69943** |
| **SOFTWARE & SERVICES - 4.2%** | **SOFTWARE & SERVICES - 4.2%** | **SOFTWARE & SERVICES - 4.2%** |
| Capgemini SE (France) | 169 | 24442 |
| Dassault Systemes SE (France) | 342 | 11444 |
| Salesforce, Inc. (United States) | 46 | 10855 |
|  |  | **46741** |
|  |  | **116684** |
| **CONSUMER STAPLES - 8.0%** | **CONSUMER STAPLES - 8.0%** | **CONSUMER STAPLES - 8.0%** |
| **FOOD, BEVERAGE & TOBACCO - 4.6%** | **FOOD, BEVERAGE & TOBACCO - 4.6%** | **FOOD, BEVERAGE & TOBACCO - 4.6%** |
| Pernod Ricard SA (France) | 208 | 20391 |
| Diageo PLC (United Kingdom) | 747 | 17844 |
| Keurig Dr. Pepper, Inc. (United States) | 500 | 12763 |
|  |  | **50998** |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.4%** |
| Sysco Corp. (United States) | 460 | 37835 |
|  |  | **88833** |
| **MATERIALS - 4.8%** | **MATERIALS - 4.8%** | **MATERIALS - 4.8%** |
| Akzo Nobel NV (Netherlands) | 414 | 29432 |
| Glencore PLC (Switzerland) | 5319 | 24435 |
|  |  | **53867** |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 5

------

**Oakmark Global Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks and equity-linked security - 97.3% (continued)** | **Common stocks and equity-linked security - 97.3% (continued)** | **Common stocks and equity-linked security - 97.3% (continued)** |
| **COMMUNICATION SERVICES - 4.1%** | **COMMUNICATION SERVICES - 4.1%** | **COMMUNICATION SERVICES - 4.1%** |
| **MEDIA & ENTERTAINMENT - 4.1%** | **MEDIA & ENTERTAINMENT - 4.1%** | **MEDIA & ENTERTAINMENT - 4.1%** |
| Alphabet, Inc., Class A (United States) | 96 | $23216 |
| Charter Communications, Inc., Class A <br>(United States) (a) | 62 | 16919 |
| Warner Bros. Discovery, Inc. <br>(United States) (a) | 309 | 6027 |
|  |  | **46162** |
| **ENERGY - 3.5%** | **ENERGY - 3.5%** | **ENERGY - 3.5%** |
| Targa Resources Corp. (United States) | 153 | 25550 |
| ConocoPhillips (United States) | 148 | 13962 |
|  |  | **39512** |
| **Total common stocks and equity-linked <br>security - 97.3%<br>(Cost $891,664)** | **Total common stocks and equity-linked <br>security - 97.3%<br>(Cost $891,664)** | **1090393** |
|  | **Par Value** | **Value** |
| **Short-term investments - 2.3%** | **Short-term investments - 2.3%** | **Short-term investments - 2.3%** |
| **REPURCHASE AGREEMENT - 2.3%** | **REPURCHASE AGREEMENT - 2.3%** | **REPURCHASE AGREEMENT - 2.3%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 4.20% <br>dated 9/30/25 due 10/1/25, <br>repurchase price $25,446, <br>collateralized by a United States <br>Treasury Note, 3.750% due 4/30/27, <br>value plus accrued interest of <br>$25,952 (Cost: $25,443) | $25443 | 25443 |
| **Total short-term investments - 2.3%<br>(Cost $25,443)** | **Total short-term investments - 2.3%<br>(Cost $25,443)** | **25443** |
| **TOTAL INVESTMENTS - 99.6%<br>(COST $917,107)** | **TOTAL INVESTMENTS - 99.6%<br>(COST $917,107)** | **1115836** |
| Foreign Currencies (Cost $894) - 0.1% |  | 895 |
| Other Assets In Excess of Liabilities - 0.3% |  | 3177 |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | $**1119908** |

---

(a) Non-income producing security.

(b) Sponsored American Depositary Receipt

(c) Security is an equity-linked security issued by HSBC Bank Plc. 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 notes below. At September 30, 2025, the value of Rule 144A holdings amounted to $4,193 (in thousands) or 0.37% of net assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Cost** | **Value** | **Percentage of Total <br>Net Assets** |
| Ryanair Holdings PLC, Equity-Linked Security (a) (c) (d) | 11/4/2024 - 11/8/2024 | $2912 | $4193 | 0.37% |

---

6 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Global Select Fund**

September 30, 2025

Schedule of Investments *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks - 96.1%** | **Common stocks - 96.1%** | **Common stocks - 96.1%** |
| **HEALTH CARE - 26.0%** | **HEALTH CARE - 26.0%** | **HEALTH CARE - 26.0%** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE <br>SCIENCES - 15.1%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE <br>SCIENCES - 15.1%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE <br>SCIENCES - 15.1%** |
| IQVIA Holdings, Inc. (United States) (a) | 338 | $64200 |
| Bayer AG (Germany) | 1359 | 45049 |
| Roche Holding AG (Switzerland) | 136 | 44304 |
|  |  | **153553** |
| **HEALTH CARE EQUIPMENT & SERVICES - 10.9%** | **HEALTH CARE EQUIPMENT & SERVICES - 10.9%** | **HEALTH CARE EQUIPMENT & SERVICES - 10.9%** |
| Becton Dickinson & Co. (United States) | 295 | 55159 |
| Elevance Health, Inc. (United States) | 136 | 43967 |
| Molina Healthcare, Inc. (United States) (a) | 62 | 11768 |
|  |  | **110894** |
|  |  | **264447** |
| **FINANCIALS - 19.5%** | **FINANCIALS - 19.5%** | **FINANCIALS - 19.5%** |
| **FINANCIAL SERVICES - 10.5%** | **FINANCIAL SERVICES - 10.5%** | **FINANCIAL SERVICES - 10.5%** |
| Charles Schwab Corp. (United States) | 442 | 42236 |
| Capital One Financial Corp. <br>(United States) | 174 | 36925 |
| Intercontinental Exchange, Inc. <br>(United States) | 166 | 27934 |
|  |  | **107095** |
| **BANKS - 5.2%** | **BANKS - 5.2%** | **BANKS - 5.2%** |
| BNP Paribas SA (France) | 577 | 52376 |
| **INSURANCE - 3.8%** | **INSURANCE - 3.8%** | **INSURANCE - 3.8%** |
| American International Group, Inc. <br>(United States) | 498 | 39124 |
|  |  | **198595** |
| **CONSUMER STAPLES - 16.4%** | **CONSUMER STAPLES - 16.4%** | **CONSUMER STAPLES - 16.4%** |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 6.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 6.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 6.7%** |
| Sysco Corp. (United States) | 833 | 68564 |
| **HOUSEHOLD & PERSONAL PRODUCTS - 5.5%** | **HOUSEHOLD & PERSONAL PRODUCTS - 5.5%** | **HOUSEHOLD & PERSONAL PRODUCTS - 5.5%** |
| Reckitt Benckiser Group PLC <br>(United Kingdom) | 723 | 55577 |
| **FOOD, BEVERAGE & TOBACCO - 4.2%** | **FOOD, BEVERAGE & TOBACCO - 4.2%** | **FOOD, BEVERAGE & TOBACCO - 4.2%** |
| Diageo PLC (United Kingdom) | 1794 | 42834 |
|  |  | **166975** |
| **CONSUMER DISCRETIONARY - 13.8%** | **CONSUMER DISCRETIONARY - 13.8%** | **CONSUMER DISCRETIONARY - 13.8%** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 9.8%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 9.8%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 9.8%** |
| Prosus NV (Netherlands) | 756 | 53215 |
| Alibaba Group Holding Ltd. (China) | 2064 | 46953 |
|  |  | **100168** |
| **AUTOMOBILES & COMPONENTS - 4.0%** | **AUTOMOBILES & COMPONENTS - 4.0%** | **AUTOMOBILES & COMPONENTS - 4.0%** |
| Bayerische Motoren Werke AG <br>(Germany) | 230 | 23081 |
| Mercedes-Benz Group AG (Germany) | 275 | 17290 |
|  |  | **40371** |
|  |  | **140539** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INDUSTRIALS - 8.3%** | **INDUSTRIALS - 8.3%** | **INDUSTRIALS - 8.3%** |
| **CAPITAL GOODS - 5.1%** | **CAPITAL GOODS - 5.1%** | **CAPITAL GOODS - 5.1%** |
| CNH Industrial NV (United States) | 4829 | $52391 |
| **TRANSPORTATION - 3.2%** | **TRANSPORTATION - 3.2%** | **TRANSPORTATION - 3.2%** |
| DSV AS (Denmark) | 162 | 32199 |
|  |  | **84590** |
| **COMMUNICATION SERVICES - 7.3%** | **COMMUNICATION SERVICES - 7.3%** | **COMMUNICATION SERVICES - 7.3%** |
| **MEDIA & ENTERTAINMENT - 7.3%** | **MEDIA & ENTERTAINMENT - 7.3%** | **MEDIA & ENTERTAINMENT - 7.3%** |
| Alphabet, Inc., Class A (United States) | 179 | 43576 |
| Charter Communications, Inc., Class A <br>(United States) (a) | 113 | 31059 |
|  |  | **74635** |
| **ENERGY - 3.8%** | **ENERGY - 3.8%** | **ENERGY - 3.8%** |
| ConocoPhillips (United States) | 407 | 38508 |
| **INFORMATION TECHNOLOGY - 1.0%** | **INFORMATION TECHNOLOGY - 1.0%** | **INFORMATION TECHNOLOGY - 1.0%** |
| **SOFTWARE & SERVICES - 1.0%** | **SOFTWARE & SERVICES - 1.0%** | **SOFTWARE & SERVICES - 1.0%** |
| Dassault Systemes SE (France) | 309 | 10340 |
| **Total common stocks - 96.1%<br>(Cost $813,264)** |  | **978629** |
|  | **Par Value** | **Value** |
| **Short-term investments - 3.6%** | **Short-term investments - 3.6%** | **Short-term investments - 3.6%** |
| **REPURCHASE AGREEMENT - 3.6%** | **REPURCHASE AGREEMENT - 3.6%** | **REPURCHASE AGREEMENT - 3.6%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 4.20% <br>dated 9/30/25 due 10/1/25, <br>repurchase price $36,738, <br>collateralized by a United States <br>Treasury Note, 3.750% due <br>4/30/27, value plus accrued interest <br>of $37,469 (Cost: $36,734) | $36734 | 36734 |
| **Total short-term investments - 3.6%<br>(Cost $36,734)** |  | **36734** |
| **TOTAL INVESTMENTS - 99.7%<br>(COST $849,998)** |  | **1015363** |
| Foreign Currencies (Cost $1,752) - 0.2% |  | 1754 |
| Other Assets In Excess of Liabilities - 0.1% |  | 1692 |
| **TOTAL NET ASSETS - 100.0%** |  | $**1018809** |

---

(a) Non-income producing security.

Annual Financial Statements and Other Information: Oakmark Funds \| 7

------

**Oakmark International Fund**

September 30, 2025

Schedule of Investments *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks and equity-linked security - 95.3%** | **Common stocks and equity-linked security - 95.3%** | **Common stocks and equity-linked security - 95.3%** |
| **INDUSTRIALS - 21.5%** | **INDUSTRIALS - 21.5%** | **INDUSTRIALS - 21.5%** |
| **CAPITAL GOODS - 17.1%** | **CAPITAL GOODS - 17.1%** | **CAPITAL GOODS - 17.1%** |
| Ashtead Group PLC (United Kingdom) | 5675 | $378957 |
| CNH Industrial NV (United States) | 34193 | 370997 |
| Brenntag SE (Germany) | 5247 | 313529 |
| Airbus SE (France) | 1259 | 291707 |
| SMC Corp. (Japan) | 816 | 250704 |
| Daimler Truck Holding AG (Germany) | 6058 | 249082 |
| Komatsu Ltd. (Japan) | 5153 | 179784 |
| Sandvik AB (Sweden) | 5481 | 152413 |
| Volvo AB, Class B (Sweden) | 5194 | 148678 |
| Bunzl PLC (United Kingdom) | 3807 | 120107 |
| SKF AB, Class B (Sweden) | 1437 | 35589 |
|  |  | **2491547** |
| **TRANSPORTATION - 3.0%** | **TRANSPORTATION - 3.0%** | **TRANSPORTATION - 3.0%** |
| DSV AS (Denmark) | 1577 | 313628 |
| Ryanair Holdings PLC ADR (Ireland) (a) | 1069 | 64400 |
| Ryanair Holdings PLC, Equity-Linked <br>Security (Ireland) (b) (c) (d) | 2160 | 62434 |
|  |  | **440462** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 1.4%** | **COMMERCIAL & PROFESSIONAL SERVICES - 1.4%** | **COMMERCIAL & PROFESSIONAL SERVICES - 1.4%** |
| Rentokil Initial PLC (United Kingdom) | 29698 | 150100 |
| Intertek Group PLC (United Kingdom) | 808 | 51319 |
|  |  | **201419** |
|  |  | **3133428** |
| **CONSUMER DISCRETIONARY - 20.1%** | **CONSUMER DISCRETIONARY - 20.1%** | **CONSUMER DISCRETIONARY - 20.1%** |
| **CONSUMER DURABLES & APPAREL - 8.6%** | **CONSUMER DURABLES & APPAREL - 8.6%** | **CONSUMER DURABLES & APPAREL - 8.6%** |
| adidas AG (Germany) | 1919 | 404231 |
| Kering SA (France) | 1023 | 339291 |
| LVMH Moet Hennessy Louis Vuitton SE <br>(France) | 413 | 252317 |
| Cie Financiere Richemont SA, Class A <br>(Switzerland) | 1315 | 250509 |
|  |  | **1246348** |
| **AUTOMOBILES & COMPONENTS - 5.1%** | **AUTOMOBILES & COMPONENTS - 5.1%** | **AUTOMOBILES & COMPONENTS - 5.1%** |
| Bayerische Motoren Werke AG <br>(Germany) | 3176 | 318555 |
| Continental AG (Germany) | 3569 | 235130 |
| Mercedes-Benz Group AG (Germany) | 1963 | 123244 |
| Aumovio SE (Germany) (b) | 1784 | 73572 |
|  |  | **750501** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.7%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.7%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.7%** |
| Alibaba Group Holding Ltd. (China) | 13276 | 301962 |
| Prosus NV (Netherlands) | 3308 | 232813 |
|  |  | **534775** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| **CONSUMER SERVICES - 2.7%** | | | |
| Accor SA (France) | 5511 | $| 260729 |
| Flutter Entertainment PLC <br>(United Kingdom) (b) | 499 |  | 126822 |
|  |  |  | **387551** |
|  |  |  | **2919175** |
| **FINANCIALS - 15.4%** | **FINANCIALS - 15.4%** | **FINANCIALS - 15.4%** | **FINANCIALS - 15.4%** |
| **BANKS - 8.9%** | **BANKS - 8.9%** | **BANKS - 8.9%** | **BANKS - 8.9%** |
| BNP Paribas SA (France) | 4665 |  | 423572 |
| KB Financial Group, Inc. (South Korea) | 3708 |  | 305273 |
| Bank Mandiri Persero Tbk. PT <br>(Indonesia) | 905157 |  | 238985 |
| Axis Bank Ltd. (India) | 14766 |  | 188188 |
| Intesa Sanpaolo SpA (Italy) | 21729 |  | 143217 |
|  |  |  | **1299235** |
| **INSURANCE - 4.3%** | **INSURANCE - 4.3%** | **INSURANCE - 4.3%** | **INSURANCE - 4.3%** |
| Prudential PLC (United Kingdom) | 16629 |  | 232809 |
| ASR Nederland NV (Netherlands) | 3197 |  | 216880 |
| Allianz SE (Germany) | 410 |  | 172080 |
|  |  |  | **621769** |
| **FINANCIAL SERVICES - 2.2%** | **FINANCIAL SERVICES - 2.2%** | **FINANCIAL SERVICES - 2.2%** | **FINANCIAL SERVICES - 2.2%** |
| Edenred SE (France) (e) | 8510 |  | 201815 |
| Schroders PLC (United Kingdom) | 18990 |  | 96028 |
| Worldline SA (France) (b) (e) | 5225 |  | 16870 |
| EXOR NV (Netherlands) | 134 |  | 13138 |
|  |  |  | **327851** |
|  |  |  | **2248855** |
| **CONSUMER STAPLES - 11.2%** | **CONSUMER STAPLES - 11.2%** | **CONSUMER STAPLES - 11.2%** | **CONSUMER STAPLES - 11.2%** |
| **FOOD, BEVERAGE & TOBACCO - 7.8%** | **FOOD, BEVERAGE & TOBACCO - 7.8%** | **FOOD, BEVERAGE & TOBACCO - 7.8%** | **FOOD, BEVERAGE & TOBACCO - 7.8%** |
| Pernod Ricard SA (France) | 3337 |  | 327324 |
| Danone SA (France) | 2515 |  | 218940 |
| Fomento Economico Mexicano SAB de <br>CV ADR (Mexico) (a) | 2114 |  | 208490 |
| Asahi Group Holdings Ltd. (Japan) | 16872 |  | 202561 |
| Diageo PLC (United Kingdom) | 7299 |  | 174291 |
|  |  |  | **1131606** |
| **HOUSEHOLD & PERSONAL PRODUCTS - 2.5%** | **HOUSEHOLD & PERSONAL PRODUCTS - 2.5%** | **HOUSEHOLD & PERSONAL PRODUCTS - 2.5%** | **HOUSEHOLD & PERSONAL PRODUCTS - 2.5%** |
| Reckitt Benckiser Group PLC <br>(United Kingdom) | 4711 |  | 362296 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** |
| Koninklijke Ahold Delhaize NV <br>(Netherlands) | 3469 |  | 140323 |
|  |  |  | **1634225** |

---

8 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark International Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks and equity-linked security - 95.3% (continued)** | **Common stocks and equity-linked security - 95.3% (continued)** | **Common stocks and equity-linked security - 95.3% (continued)** |
| **HEALTH CARE - 10.4%** | **HEALTH CARE - 10.4%** | **HEALTH CARE - 10.4%** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%** |
| Bayer AG (Germany) | 9998 | $331385 |
| Roche Holding AG (Switzerland) | 662 | 216232 |
| Eurofins Scientific SE (France) | 2825 | 204918 |
| Novartis AG (Switzerland) | 1286 | 161704 |
|  |  | **914239** |
| **HEALTH CARE EQUIPMENT & SERVICES - 4.1%** | **HEALTH CARE EQUIPMENT & SERVICES - 4.1%** | **HEALTH CARE EQUIPMENT & SERVICES - 4.1%** |
| Fresenius SE & Co. KGaA (Germany) | 4608 | 256426 |
| Fresenius Medical Care AG (Germany) | 4166 | 218461 |
| Siemens Healthineers AG (Germany) | 2438 | 131736 |
|  |  | **606623** |
|  |  | **1520862** |
| **INFORMATION TECHNOLOGY - 8.3%** | **INFORMATION TECHNOLOGY - 8.3%** | **INFORMATION TECHNOLOGY - 8.3%** |
| **SOFTWARE & SERVICES - 5.2%** | **SOFTWARE & SERVICES - 5.2%** | **SOFTWARE & SERVICES - 5.2%** |
| Capgemini SE (France) | 2040 | 295840 |
| Dassault Systemes SE (France) | 8524 | 285327 |
| Fujitsu Ltd. (Japan) | 7423 | 174877 |
|  |  | **756044** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.6%** |
| ASML Holding N.V. (Netherlands) | 235 | 227405 |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 1.5%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.5%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.5%** |
| Hexagon AB, Class B (Sweden) | 18859 | 224160 |
|  |  | **1207609** |
| **MATERIALS - 5.8%** | **MATERIALS - 5.8%** | **MATERIALS - 5.8%** |
| Glencore PLC (Switzerland) | 81777 | 375696 |
| Akzo Nobel NV (Netherlands) | 3963 | 281941 |
| thyssenkrupp AG (Germany) | 13477 | 184729 |
|  |  | **842366** |
| **COMMUNICATION SERVICES - 1.6%** | **COMMUNICATION SERVICES - 1.6%** | **COMMUNICATION SERVICES - 1.6%** |
| **MEDIA & ENTERTAINMENT - 1.6%** | **MEDIA & ENTERTAINMENT - 1.6%** | **MEDIA & ENTERTAINMENT - 1.6%** |
| Publicis Groupe SA (France) | 2365 | 226824 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **REAL ESTATE - 1.0%** | **REAL ESTATE - 1.0%** | **REAL ESTATE - 1.0%** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0%** |
| Mitsubishi Estate Co. Ltd. (Japan) | 6302 | $145021 |
| **Total common stocks and <br>equity-linked security - 95.3% <br>(Cost $11,445,706)** |  | **13878365** |
| **Preferred stocks - 1.9%** | **Preferred stocks - 1.9%** | **Preferred stocks - 1.9%** |
| **INFORMATION TECHNOLOGY - 1.9%** | **INFORMATION TECHNOLOGY - 1.9%** | **INFORMATION TECHNOLOGY - 1.9%** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 1.9%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.9%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.9%** |
| Samsung Electronics Co. Ltd. <br>(South Korea) | 5818 | 275353 |
| **Total preferred stocks - 1.9%<br>(Cost $276,499)** |  | **275353** |
|  | **Par Value** | **Value** |
| **Short-term investments - 1.6%** | **Short-term investments - 1.6%** | **Short-term investments - 1.6%** |
| **REPURCHASE AGREEMENT - 1.6%** | **REPURCHASE AGREEMENT - 1.6%** | **REPURCHASE AGREEMENT - 1.6%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 4.20% <br>dated 9/30/25 due 10/1/25, <br>repurchase price $234,840, <br>collateralized by United States <br>Treasury Notes, 2.750% - 3.750% <br>due 4/30/27, aggregate value plus <br>accrued interest of $239,509 <br>(Cost: $234,812) | $234812 | 234812 |
| **Total short-term investments - 1.6%<br>(Cost $234,812)** |  | **234812** |
| **TOTAL INVESTMENTS - 98.8%<br>(COST $11,957,017)** |  | **14388530** |
| Foreign Currencies (Cost $14,175) - 0.1% |  | 14189 |
| Other Assets In Excess of Liabilities - 1.1% |  | 155906 |
| **TOTAL NET ASSETS - 100.0%** |  | $**14558625** |

---

(a) Sponsored American Depositary Receipt

(b) Non-income producing security.

(c) Security is an equity-linked security issued by HSBC Bank Plc. 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 notes below. At September 30, 2025, the value of Rule 144A holdings amounted to $62,434 (in thousands) or 0.43% of net assets.

(e) See Note 6 in the Notes to Financial Statements regarding investments in affiliated issuers.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Cost** | **Value** | **Percentage of <br>Total Net Assets** |
| Ryanair Holdings PLC, Equity-Linked Security (b) (c) (d) | 11/4/2024 - 11/8/2024 | $43355 | $62434 | 0.43% |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 9

------

**Oakmark International Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

**Schedule of Transactions with Affiliated Issuers**

Purchase and sale transactions and dividend and interest income earned during the year 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<br>Held** | **Purchases<br>(Cost)** | **Sales<br>(Proceeds)** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized** | **Dividend<br>Income** | **Value<br>September 30,<br>2024** | **Value<br>September 30,<br>2025** | **Percent of<br>Net Assets** |
| Edenred (a) | 8510 | $93214 | $164322 | $(65661) | $(61229) | $11765 | $399813 | $201815 | 1.4% |
| Worldline (a) | 5225 | 6481 | 44206 | (633430) | 570991 | 0 | 117034 | 16870 | 0.1% |
| TOTAL | 13735 | $99695 | $208528 | $(699091) | $509762 | $11765 | $516847 | $218685 | 1.5% |

---

(a) Due to transactions during the year ended September 30, 2025, the company is no longer an affiliate.

10 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark International Small Cap Fund**

September 30, 2025

Schedule of Investments *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks - 96.1%** | **Common stocks - 96.1%** | **Common stocks - 96.1%** |
| **INDUSTRIALS - 28.5%** | **INDUSTRIALS - 28.5%** | **INDUSTRIALS - 28.5%** |
| **CAPITAL GOODS - 16.9%** | **CAPITAL GOODS - 16.9%** | **CAPITAL GOODS - 16.9%** |
| Duerr AG (Germany) | 1590 | $37261 |
| Azelis Group NV (Belgium) | 2437 | 33016 |
| Valmet OYJ (Finland) | 855 | 28381 |
| Travis Perkins PLC (United Kingdom) | 3264 | 26800 |
| Metso OYJ (Finland) | 1684 | 23106 |
| Howden Joinery Group PLC <br>(United Kingdom) | 2020 | 22913 |
| Konecranes OYJ (Finland) | 255 | 21030 |
| MISUMI Group, Inc. (Japan) | 1267 | 19758 |
| Fluidra SA (Spain) | 499 | 13507 |
|  |  | **225772** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 11.6%** | **COMMERCIAL & PROFESSIONAL SERVICES - 11.6%** | **COMMERCIAL & PROFESSIONAL SERVICES - 11.6%** |
| ISS AS (Denmark) | 1109 | 35080 |
| Loomis AB (Sweden) | 651 | 27779 |
| Bravida Holding AB (Sweden) | 2098 | 20445 |
| Hays PLC (United Kingdom) | 23051 | 17423 |
| Adecco Group AG (Switzerland) | 575 | 16097 |
| Mitie Group PLC (United Kingdom) | 5744 | 10754 |
| Pagegroup PLC (United Kingdom) | 3320 | 10190 |
| Randstad NV (Netherlands) | 236 | 10004 |
| SThree PLC (United Kingdom) | 3349 | 7341 |
|  |  | **155113** |
|  |  | **380885** |
| **FINANCIALS - 15.4%** | **FINANCIALS - 15.4%** | **FINANCIALS - 15.4%** |
| **FINANCIAL SERVICES - 10.7%** | **FINANCIAL SERVICES - 10.7%** | **FINANCIAL SERVICES - 10.7%** |
| Azimut Holding SpA (Italy) | 1121 | 43329 |
| Julius Baer Group Ltd. (Switzerland) | 606 | 41810 |
| Nexi SpA (Italy) | 4141 | 23417 |
| EFG International AG (Switzerland) | 925 | 18793 |
| St. James's Place PLC (United Kingdom) | 901 | 15386 |
|  |  | **142735** |
| **BANKS - 4.7%** | **BANKS - 4.7%** | **BANKS - 4.7%** |
| BNK Financial Group, Inc. (South Korea) | 3353 | 34865 |
| iM Financial Group Co. Ltd. (South Korea) | 2902 | 28459 |
|  |  | **63324** |
|  |  | **206059** |
| **INFORMATION TECHNOLOGY - 12.3%** | **INFORMATION TECHNOLOGY - 12.3%** | **INFORMATION TECHNOLOGY - 12.3%** |
| **SOFTWARE & SERVICES - 9.1%** | **SOFTWARE & SERVICES - 9.1%** | **SOFTWARE & SERVICES - 9.1%** |
| Atea ASA (Norway) | 2767 | 39867 |
| TeamViewer SE (Germany) (a) | 2909 | 29593 |
| TIS, Inc. (Japan) | 703 | 23201 |
| Sopra Steria Group (France) | 102 | 19350 |
| Alten SA (France) | 122 | 9987 |
|  |  | **121998** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 3.2%** | | |
| Hamamatsu Photonics KK (Japan) | 1921 | 20853 |
| Jenoptik AG (Germany) | 855 | 17242 |
| Jeol, Ltd. (Japan) | 129 | 4439 |
|  |  | **42534** |
|  |  | **164532** |
| **CONSUMER DISCRETIONARY - 11.7%** | **CONSUMER DISCRETIONARY - 11.7%** | **CONSUMER DISCRETIONARY - 11.7%** |
| **AUTOMOBILES & COMPONENTS - 6.0%** | **AUTOMOBILES & COMPONENTS - 6.0%** | **AUTOMOBILES & COMPONENTS - 6.0%** |
| Dometic Group AB (Sweden) | 4969 | 25917 |
| Pirelli & C SpA (Italy) | 3633 | 24711 |
| Autoliv, Inc. (Sweden) | 189 | 23329 |
| Aumovio SE (Germany) (a) | 136 | 5596 |
|  |  | **79553** |
| **CONSUMER SERVICES - 2.5%** | **CONSUMER SERVICES - 2.5%** | **CONSUMER SERVICES - 2.5%** |
| Wynn Macau Ltd. (China) | 35743 | 33162 |
| **CONSUMER DURABLES & APPAREL - 1.8%** | **CONSUMER DURABLES & APPAREL - 1.8%** | **CONSUMER DURABLES & APPAREL - 1.8%** |
| Ermenegildo Zegna NV (Italy) | 2539 | 23994 |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.4%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.4%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.4%** |
| Fielmann Group AG (Germany) | 321 | 19341 |
|  |  | **156050** |
| **CONSUMER STAPLES - 9.0%** | **CONSUMER STAPLES - 9.0%** | **CONSUMER STAPLES - 9.0%** |
| **FOOD, BEVERAGE & TOBACCO - 6.1%** | **FOOD, BEVERAGE & TOBACCO - 6.1%** | **FOOD, BEVERAGE & TOBACCO - 6.1%** |
| Davide Campari-Milano NV (Italy) | 4457 | 28099 |
| JDE Peet's NV (Netherlands) | 649 | 23766 |
| Bakkafrost P (Faroe Islands) | 409 | 18723 |
| Strauss Group Ltd. (Israel) | 400 | 11294 |
|  |  | **81882** |
| **HOUSEHOLD & PERSONAL PRODUCTS - 2.0%** | **HOUSEHOLD & PERSONAL PRODUCTS - 2.0%** | **HOUSEHOLD & PERSONAL PRODUCTS - 2.0%** |
| Kimberly-Clark de Mexico SAB de CV, <br>Class A (Mexico) | 12671 | 26803 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** |
| Sugi Holdings Co. Ltd. (Japan) | 486 | 11719 |
|  |  | **120404** |
| **HEALTH CARE - 7.5%** | **HEALTH CARE - 7.5%** | **HEALTH CARE - 7.5%** |
| **HEALTH CARE EQUIPMENT & SERVICES - 5.4%** | **HEALTH CARE EQUIPMENT & SERVICES - 5.4%** | **HEALTH CARE EQUIPMENT & SERVICES - 5.4%** |
| Amplifon SpA (Italy) | 1849 | 30074 |
| Ansell Ltd. (Australia) | 1043 | 21995 |
| ConvaTec Group PLC (United Kingdom) | 4230 | 13164 |
| Medmix AG (Switzerland) | 581 | 6526 |
|  |  | **71759** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%** |
| Grifols SA ADR (Spain) (b) | 1946 | 19382 |
| Gerresheimer AG (Germany) | 229 | 9507 |
|  |  | **28889** |
|  |  | **100648** |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 11

------

**Oakmark International Small Cap Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks - 96.1% (continued)** | **Common stocks - 96.1% (continued)** | **Common stocks - 96.1% (continued)** |
| **COMMUNICATION SERVICES - 4.3%** | **COMMUNICATION SERVICES - 4.3%** | **COMMUNICATION SERVICES - 4.3%** |
| **MEDIA & ENTERTAINMENT - 3.3%** | **MEDIA & ENTERTAINMENT - 3.3%** | **MEDIA & ENTERTAINMENT - 3.3%** |
| oOh!media Ltd. (Australia) | 23405 | $23075 |
| Megacable Holdings SAB de CV <br>(Mexico) | 6622 | 21341 |
|  |  | **44416** |
| **TELECOMMUNICATION SERVICES - 1.0%** | **TELECOMMUNICATION SERVICES - 1.0%** | **TELECOMMUNICATION SERVICES - 1.0%** |
| Sarana Menara Nusantara Tbk. PT <br>(Indonesia) | 391462 | 13742 |
|  |  | **58158** |
| **REAL ESTATE - 3.7%** | **REAL ESTATE - 3.7%** | **REAL ESTATE - 3.7%** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.7%** |
| Katitas Co. Ltd. (Japan) | 1509 | 28607 |
| Colliers International Group, Inc. <br>(Canada) | 57 | 8946 |
| LSL Property Services PLC <br>(United Kingdom) | 2134 | 7575 |
| Ayala Land, Inc. (Philippines) | 10510 | 4398 |
|  |  | **49526** |
| **MATERIALS - 3.7%** | **MATERIALS - 3.7%** | **MATERIALS - 3.7%** |
| Lanxess AG (Germany) | 1075 | 26628 |
| Robertet SA (France) | 13 | 12305 |
| Essentra PLC (United Kingdom) | 5137 | 7434 |
| Kansai Paint Co. Ltd. (Japan) | 153 | 2487 |
|  |  | **48854** |
| **Total common stocks - 96.1%<br>(Cost $1,078,620)** |  | **1285116** |
| **Preferred stocks - 0.7%** | **Preferred stocks - 0.7%** | **Preferred stocks - 0.7%** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES - 0.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES - 0.7%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES - 0.7%** |
| Embotelladora Andina SA (Chile) | 2516 | 9911 |
| **Total preferred stocks - 0.7%<br>(Cost $7,311)** |  | **9911** |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Short-term investments - 2.9%** | **Short-term investments - 2.9%** | **Short-term investments - 2.9%** |
| **REPURCHASE AGREEMENT - 2.9%** | **REPURCHASE AGREEMENT - 2.9%** | **REPURCHASE AGREEMENT - 2.9%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 4.20% <br>dated 9/30/25 due 10/1/25, <br>repurchase price $38,426, <br>collateralized by a United States <br>Treasury Note, 3.750% due <br>4/30/27, value plus accrued <br>interest of $39,190 (Cost: $38,422) | $38422 | $38422 |
| **Total short-term investments - 2.9%<br>(Cost $38,422)** |  | **38422** |
| **TOTAL INVESTMENTS - 99.7%<br>(COST $1,124,353)** |  | **1333449** |
| Foreign Currencies (Cost $0) (d) - 0.0% (c) |  | 0<br> (d) |
| Other Assets In Excess of Liabilities - 0.3% |  | 4131 |
| **TOTAL NET ASSETS - 100.0%** |  | $**1337580** |

---

(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.

12 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Equity and Income Fund**

September 30, 2025

Schedule of Investments *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks - 59.6%** | **Common stocks - 59.6%** | **Common stocks - 59.6%** |
| **FINANCIALS - 17.7%** | **FINANCIALS - 17.7%** | **FINANCIALS - 17.7%** |
| **FINANCIAL SERVICES - 11.1%** | **FINANCIAL SERVICES - 11.1%** | **FINANCIAL SERVICES - 11.1%** |
| Capital One Financial Corp. | 527 | $111923 |
| Charles Schwab Corp. | 1103 | 105287 |
| Corebridge Financial, Inc. | 2911 | 93303 |
| Ally Financial, Inc. | 2331 | 91391 |
| Intercontinental Exchange, Inc. | 524 | 88351 |
| Fiserv, Inc. (a) | 617 | 79524 |
| State Street Corp. | 568 | 65917 |
| Nasdaq, Inc. | 521 | 46100 |
| Blackrock, Inc. | 10 | 11542 |
|  |  | **693338** |
| **INSURANCE - 4.9%** | **INSURANCE - 4.9%** | **INSURANCE - 4.9%** |
| Reinsurance Group of America, Inc. | 584 | 112185 |
| Willis Towers Watson PLC | 316 | 109024 |
| American International Group, Inc. | 1110 | 87148 |
|  |  | **308357** |
| **BANKS - 1.7%** | **BANKS - 1.7%** | **BANKS - 1.7%** |
| Bank of America Corp. | 2062 | 106385 |
|  |  | **1108080** |
| **CONSUMER DISCRETIONARY - 9.8%** | **CONSUMER DISCRETIONARY - 9.8%** | **CONSUMER DISCRETIONARY - 9.8%** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.8%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.8%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.8%** |
| Amazon.com, Inc. (a) (b) | 533 | 117118 |
| Lithia Motors, Inc. | 246 | 77831 |
| Genuine Parts Co. | 330 | 45669 |
|  |  | **240618** |
| **CONSUMER SERVICES - 2.5%** | **CONSUMER SERVICES - 2.5%** | **CONSUMER SERVICES - 2.5%** |
| Airbnb, Inc., Class A (a) | 775 | 94100 |
| Wendy's Co. | 6849 | 62736 |
|  |  | **156836** |
| **AUTOMOBILES & COMPONENTS - 1.8%** | **AUTOMOBILES & COMPONENTS - 1.8%** | **AUTOMOBILES & COMPONENTS - 1.8%** |
| BorgWarner, Inc. | 1330 | 58462 |
| General Motors Co. | 839 | 51142 |
|  |  | **109604** |
| **CONSUMER DURABLES & APPAREL - 1.7%** | **CONSUMER DURABLES & APPAREL - 1.7%** | **CONSUMER DURABLES & APPAREL - 1.7%** |
| Brunswick Corp. | 1100 | 69577 |
| NIKE, Inc., Class B | 540 | 37661 |
|  |  | **107238** |
|  |  | **614296** |
| **HEALTH CARE - 7.2%** | **HEALTH CARE - 7.2%** | **HEALTH CARE - 7.2%** |
| **HEALTH CARE EQUIPMENT & SERVICES - 4.1%** | **HEALTH CARE EQUIPMENT & SERVICES - 4.1%** | **HEALTH CARE EQUIPMENT & SERVICES - 4.1%** |
| Molina Healthcare, Inc. (a) | 433 | 82821 |
| GE HealthCare Technologies, Inc. | 864 | 64856 |
| Elevance Health, Inc. | 194 | 62814 |
| Zimmer Biomet Holdings, Inc. | 478 | 47083 |
|  |  | **257574** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.1%** | | |
| Merck & Co., Inc. | 624 | 52389 |
| IQVIA Holdings, Inc. (a) | 266 | 50524 |
| ICON PLC (a) | 264 | 46113 |
| Charles River Laboratories <br>International, Inc. (a) | 260 | 40742 |
|  |  | **189768** |
|  |  | **447342** |
| **COMMUNICATION SERVICES - 6.8%** | **COMMUNICATION SERVICES - 6.8%** | **COMMUNICATION SERVICES - 6.8%** |
| **MEDIA & ENTERTAINMENT - 6.8%** | **MEDIA & ENTERTAINMENT - 6.8%** | **MEDIA & ENTERTAINMENT - 6.8%** |
| Alphabet, Inc., Class A | 707 | 171920 |
| Warner Bros. Discovery, Inc. (a) | 3945 | 77042 |
| Comcast Corp., Class A | 2165 | 68031 |
| Warner Music Group Corp., Class A | 1779 | 60579 |
| Charter Communications, Inc., <br>Class A (a) | 168 | 46328 |
|  |  | **423900** |
|  |  | **423900** |
| **INDUSTRIALS - 6.7%** | **INDUSTRIALS - 6.7%** | **INDUSTRIALS - 6.7%** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 2.8%** | **COMMERCIAL & PROFESSIONAL SERVICES - 2.8%** | **COMMERCIAL & PROFESSIONAL SERVICES - 2.8%** |
| Equifax, Inc. | 379 | 97276 |
| ABM Industries, Inc. | 1060 | 48874 |
| OPENLANE, Inc. (a) | 955 | 27476 |
|  |  | **173626** |
| **CAPITAL GOODS - 2.7%** | **CAPITAL GOODS - 2.7%** | **CAPITAL GOODS - 2.7%** |
| Deere & Co. | 116 | 53179 |
| Masco Corp. | 718 | 50526 |
| Owens Corning | 254 | 35902 |
| Allison Transmission Holdings, Inc. | 332 | 28189 |
|  |  | **167796** |
| **TRANSPORTATION - 1.2%** | **TRANSPORTATION - 1.2%** | **TRANSPORTATION - 1.2%** |
| Delta Air Lines, Inc. | 1369 | 77685 |
|  |  | **419107** |
| **ENERGY - 4.8%** | **ENERGY - 4.8%** | **ENERGY - 4.8%** |
| Phillips 66 | 1060 | 144222 |
| ConocoPhillips | 1126 | 106537 |
| Targa Resources Corp. | 300 | 50178 |
|  |  | **300937** |
|  |  | **300937** |
| **INFORMATION TECHNOLOGY - 3.7%** | **INFORMATION TECHNOLOGY - 3.7%** | **INFORMATION TECHNOLOGY - 3.7%** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 2.7%** |
| TE Connectivity PLC | 560 | 122932 |
| CDW Corp. | 270 | 42990 |
|  |  | **165922** |
| **SOFTWARE & SERVICES - 1.0%** | **SOFTWARE & SERVICES - 1.0%** | **SOFTWARE & SERVICES - 1.0%** |
| Salesforce, Inc. | 278 | 65791 |
|  |  | **231713** |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 13

------

**Oakmark Equity and Income Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Common stocks - 59.6% (continued)** | **Common stocks - 59.6% (continued)** | **Common stocks - 59.6% (continued)** |
| **INFORMATION TECHNOLOGY - 3.7% (continued)** | **INFORMATION TECHNOLOGY - 3.7% (continued)** | **INFORMATION TECHNOLOGY - 3.7% (continued)** |
| **MATERIALS - 1.7%** | **MATERIALS - 1.7%** | **MATERIALS - 1.7%** |
| Glencore PLC | 22886 | $105142 |
| **CONSUMER STAPLES - 1.2%** | **CONSUMER STAPLES - 1.2%** | **CONSUMER STAPLES - 1.2%** |
| **FOOD, BEVERAGE & TOBACCO - 1.2%** | **FOOD, BEVERAGE & TOBACCO - 1.2%** | **FOOD, BEVERAGE & TOBACCO - 1.2%** |
| Keurig Dr. Pepper, Inc. | 2845 | 72586 |
| **Total common stocks - 59.6%<br>(Cost $2,749,793)** |  | **3723103** |
|  | **Par Value** | **Value** |
| **Fixed income - 38.9%** | **Fixed income - 38.9%** | **Fixed income - 38.9%** |
| **CORPORATE BONDS - 18.0%** | **CORPORATE BONDS - 18.0%** | **CORPORATE BONDS - 18.0%** |
| **FINANCIALS - 5.7%** | **FINANCIALS - 5.7%** | **FINANCIALS - 5.7%** |
| AerCap Ireland Capital DAC/<br>AerCap Global Aviation Trust<br>4.375%, due 11/15/30 | $29150 | 29005 |
| Ally Financial, Inc.<br>6.992% (1 day USD SOFR + 3.260%), <br>due 06/13/29 (c) | 9250 | 9767 |
| Ally Financial, Inc., Series B<br>4.70% (5 yr. CMT + 3.868%) (c) (d) | 23750 | 23131 |
| Ally Financial, Inc., Series C<br>4.70% (7 yr. CMT + 3.481%) (c) (d) | 2000 | 1843 |
| Arthur J Gallagher & Co.<br>5.55%, due 02/15/55 | 2000 | 1955 |
| Bank of America Corp.<br>4.623% (1 day USD SOFR + 1.110%), <br>due 05/09/29 (c) | 13575 | 13743 |
| Capital One Financial Corp.<br>7.624% (1 day USD SOFR + 3.070%), <br>due 10/30/31 (c) | 19600 | 22167 |
| Carlyle Group, Inc.<br>5.05%, due 09/19/35 | 10000 | 9965 |
| Citadel Securities <br>Global Holdings LLC, 144A<br>6.20%, due 06/18/35 (e) | 20000 | 21010 |
| Citigroup, Inc.<br>4.503% (1 day USD SOFR + 1.171%), <br>due 09/11/31 (c) | 7525 | 7529 |
| Citigroup, Inc., Series AA<br>7.625% (5 yr. CMT + 3.211%) (c) (d) | 7000 | 7349 |
| First Citizens BancShares, Inc.<br>5.231% (1 day USD SOFR + 1.410%), <br>due 03/12/31 (c) | 18250 | 18520 |
| First Citizens BancShares, Inc.<br>6.254% (5 yr. CMT + 1.970%), <br>due 03/12/40 (c) | 13250 | 13423 |
| Goldman Sachs Group, Inc.<br>5.218% (1 day USD SOFR + 1.580%), <br>due 04/23/31 (c) | 25650 | 26525 |
| JPMorgan Chase & Co.<br>5.14% (1 day USD SOFR + 1.010%), <br>due 01/24/31 (c) | 27250 | 28142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Value** | **Value** |
| JPMorgan Chase & Co. <br>5.103% (1 day USD SOFR + 1.435%), <br>due 04/22/31 (c) | $| 7500 | $| 7748 |
| KKR Group Finance Co. XII LLC, 144A<br>4.85%, due 05/17/32 (e) |  | 9000 |  | 9098 |
| LPL Holdings, Inc.<br>5.15%, due 06/15/30 |  | 14225 |  | 14478 |
| Morgan Stanley<br>5.192% (1 day USD SOFR + 1.510%), <br>due 04/17/31 (c) |  | 14850 |  | 15334 |
| Morgan Stanley<br>5.664% (1 day USD SOFR + 1.757%), <br>due 04/17/36 (c) |  | 1350 |  | 1424 |
| Pershing Square Holdings Ltd., 144A<br>3.25%, due 11/15/30 (e) |  | 14000 |  | 12887 |
| South State Bank NA<br>8.375% (3 mo. USD Term <br>SOFR + 4.605%), due 08/15/34 (c) |  | 9350 |  | 9794 |
| Stifel Financial Corp.<br>4.00%, due 05/15/30 |  | 12242 |  | 11987 |
| Truist Financial Corp.<br>5.867% (1 day USD SOFR + 2.361%), <br>due 06/08/34 (c) |  | 9750 |  | 10330 |
| Wells Fargo & Co.<br>5.15% (1 day USD SOFR + 1.500%), <br>due 04/23/31 (c) |  | 20750 |  | 21400 |
| Willis North America, Inc.<br>5.90%, due 03/05/54 |  | 4600 |  | 4686 |
|  |  |  |  | **353240** |
| **CONSUMER DISCRETIONARY - 4.3%** | **CONSUMER DISCRETIONARY - 4.3%** | **CONSUMER DISCRETIONARY - 4.3%** | **CONSUMER DISCRETIONARY - 4.3%** | **CONSUMER DISCRETIONARY - 4.3%** |
| American Honda Finance Corp.<br>5.15%, due 07/09/32 |  | 10000 |  | 10246 |
| American Honda Finance Corp.<br>5.20%, due 03/05/35 |  | 10000 |  | 10159 |
| Aptiv Swiss Holdings Ltd.<br>5.15%, due 09/13/34 |  | 13750 |  | 13670 |
| AutoNation, Inc.<br>4.75%, due 06/01/30 |  | 4750 |  | 4776 |
| Beacon Roofing Supply Inc, 144A<br>6.75%, due 04/30/32 (e) |  | 13750 |  | 14237 |
| Brunswick Corp.<br>2.40%, due 08/18/31 |  | 35813 |  | 31138 |
| Carnival Corp., 144A<br>5.75%, due 08/01/32 (e) |  | 9750 |  | 9922 |
| Carnival Corp., 144A<br>5.125%, due 05/01/29 (e) |  | 1000 |  | 1000 |
| Daimler Truck Finance <br>North America LLC, 144A<br>5.25%, due 01/13/30 (e) |  | 23500 |  | 24171 |
| Expedia Group, Inc.<br>4.625%, due 08/01/27 |  | 13576 |  | 13668 |
| General Motors Financial Co., Inc.<br>6.15%, due 07/15/35 |  | 10000 |  | 10458 |
| Hilton Domestic <br>Operating Co., Inc., 144A<br>5.75%, due 09/15/33 (e) |  | 9000 |  | 9120 |
| Hyatt Hotels Corp.<br>5.75%, due 03/30/32 |  | 20000 |  | 20858 |
| Hyundai Capital America, 144A<br>4.50%, due 09/18/30 (e) |  | 10000 |  | 9952 |

---

14 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Equity and Income Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** |
| **CORPORATE BONDS - 18.0% (continued)** | **CORPORATE BONDS - 18.0% (continued)** | **CORPORATE BONDS - 18.0% (continued)** |
| Lear Corp.<br>2.60%, due 01/15/32 | $6935 | $6093 |
| Lithia Motors, Inc., 144A<br>3.875%, due 06/01/29 (e) | 8540 | 8157 |
| Lithia Motors, Inc., 144A<br>4.375%, due 01/15/31 (e) | 5000 | 4748 |
| M/I Homes, Inc.<br>3.95%, due 02/15/30 | 7100 | 6781 |
| Marriott International, Inc.<br>4.50%, due 10/15/31 | 10000 | 9956 |
| Mercedes-Benz Finance <br>North America LLC, 144A<br>4.85%, due 01/11/29 (e) | 10000 | 10175 |
| MGM Resorts International<br>4.75%, due 10/15/28 | 13875 | 13767 |
| Phinia Inc, 144A<br>6.625%, due 10/15/32 (e) | 6523 | 6723 |
| Thor Industries, Inc., 144A<br>4.00%, due 10/15/29 (e) | 17250 | 16347 |
|  |  | **266122** |
| **INDUSTRIALS - 1.8%** | **INDUSTRIALS - 1.8%** | **INDUSTRIALS - 1.8%** |
| Boeing Co.<br>6.858%, due 05/01/54 | 18500 | 21103 |
| Bombardier, Inc., 144A<br>6.75%, due 06/15/33 (e) | 15000 | 15653 |
| Carlisle Cos., Inc.<br>5.55%, due 09/15/40 | 5875 | 5947 |
| Carlisle Cos., Inc.<br>5.25%, due 09/15/35 | 1875 | 1898 |
| Deere & Co.<br>5.45%, due 01/16/35 | 10000 | 10526 |
| Delta Air Lines, Inc.<br>5.25%, due 07/10/30 | 13000 | 13263 |
| GXO Logistics, Inc.<br>6.50%, due 05/06/34 | 8200 | 8816 |
| Hilton Domestic Operating Co., Inc., <br>144A<br>3.625%, due 02/15/32 (e) | 18500 | 16929 |
| Molex Electronic Technologies LLC, <br>144A<br>5.25%, due 04/30/32 (e) | 7750 | 7887 |
| Molex Electronic Technologies LLC, <br>144A<br>4.75%, due 04/30/28 (e) | 3000 | 3029 |
| United Airlines, Inc., 144A<br>4.625%, due 04/15/29 (e) | 10000 | 9847 |
|  |  | **114898** |
| **ENERGY - 1.8%** | **ENERGY - 1.8%** | **ENERGY - 1.8%** |
| Aker BP ASA, 144A<br>4.00%, due 01/15/31 (e) | 10000 | 9637 |
| APA Corp.<br>5.35%, due 07/01/49 | 10000 | 8357 |
| Expand Energy Corp.<br>4.75%, due 02/01/32 | 25000 | 24569 |
| MPLX LP<br>5.40%, due 09/15/35 | 10000 | 10022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Value** | **Value** |
| Parsley Energy LLC/Parsley <br>Finance Corp., 144A<br>4.125%, due 02/15/28 (e) | $| 26312 | $| 25908 |
| Patterson-UTI Energy, Inc.<br>7.15%, due 10/01/33 |  | 15000 |  | 15891 |
| Plains All American Pipeline LP/<br>PAA Finance Corp.<br>4.70%, due 01/15/31 |  | 3250 |  | 3257 |
| Valero Energy Corp.<br>6.625%, due 06/15/37 |  | 5511 |  | 6111 |
| Williams Cos., Inc.<br>5.30%, due 09/30/35 |  | 10000 |  | 10148 |
|  |  |  |  | **113900** |
| **HEALTH CARE - 1.3%** | **HEALTH CARE - 1.3%** | **HEALTH CARE - 1.3%** | **HEALTH CARE - 1.3%** | **HEALTH CARE - 1.3%** |
| Centene Corp.<br>4.625%, due 12/15/29 |  | 10000 |  | 9694 |
| Cigna Group<br>4.875%, due 09/15/32 |  | 10000 |  | 10101 |
| CVS Health Corp.<br>4.78%, due 03/25/38 |  | 20000 |  | 18745 |
| GE HealthCare Technologies, Inc.<br>5.50%, due 06/15/35 |  | 2625 |  | 2721 |
| Icon Investments Six DAC<br>6.00%, due 05/08/34 |  | 12450 |  | 13069 |
| Select Medical Corp, 144A<br>6.25%, due 12/01/32 (e) |  | 25000 |  | 25010 |
|  |  |  |  | **79340** |
| **REAL ESTATE - 1.1%** | **REAL ESTATE - 1.1%** | **REAL ESTATE - 1.1%** | **REAL ESTATE - 1.1%** | **REAL ESTATE - 1.1%** |
| Alexandria Real Estate Equities, Inc.<br>5.50%, due 10/01/35 |  | 14892 |  | 15287 |
| CBRE Services, Inc.<br>4.80%, due 06/15/30 |  | 10000 |  | 10159 |
| CBRE Services, Inc.<br>2.50%, due 04/01/31 |  | 10750 |  | 9719 |
| GLP Capital LP/GLP Financing II, Inc.<br>4.00%, due 01/15/31 |  | 9425 |  | 9021 |
| GLP Capital LP/GLP Financing II, Inc.<br>5.75%, due 06/01/28 |  | 4975 |  | 5113 |
| Omega Healthcare Investors, Inc.<br>5.20%, due 07/01/30 |  | 2425 |  | 2462 |
| RHP Hotel Properties LP/<br>RHP Finance Corp., 144A<br>4.50%, due 02/15/29 (e) |  | 10875 |  | 10665 |
| RHP Hotel Properties LP/<br>RHP Finance Corp., 144A<br>6.50%, due 06/15/33 (e) |  | 5000 |  | 5149 |
|  |  |  |  | **67575** |
| **CONSUMER STAPLES - 0.7%** | **CONSUMER STAPLES - 0.7%** | **CONSUMER STAPLES - 0.7%** | **CONSUMER STAPLES - 0.7%** | **CONSUMER STAPLES - 0.7%** |
| Bacardi-Martini BV, 144A<br>6.00%, due 02/01/35 (e) |  | 11350 |  | 11803 |
| Bunge Ltd. Finance Corp.<br>5.25%, due 04/21/32 |  | 13150 |  | 13543 |
| Bunge Ltd. Finance Corp.<br>2.00%, due 04/21/26 |  | 11400 |  | 11265 |
| Philip Morris International, Inc.<br>4.875%, due 04/30/35 |  | 10000 |  | 10006 |
|  |  |  |  | **46617** |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 15

------

**Oakmark Equity and Income Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** |
| **CORPORATE BONDS - 18.0% (continued)** | **CORPORATE BONDS - 18.0% (continued)** | **CORPORATE BONDS - 18.0% (continued)** |
| **MATERIALS - 0.6%** | **MATERIALS - 0.6%** | **MATERIALS - 0.6%** |
| Celanese U.S. Holdings LLC<br>6.75%, due 04/15/33 | $10000 | $9958 |
| Glencore Funding LLC, 144A<br>2.625%, due 09/23/31 (e) | 10000 | 8980 |
| LYB International Finance III LLC<br>6.15%, due 05/15/35 | 15000 | 15632 |
|  |  | **34570** |
| **INFORMATION TECHNOLOGY - 0.3%** | **INFORMATION TECHNOLOGY - 0.3%** | **INFORMATION TECHNOLOGY - 0.3%** |
| Broadcom, Inc.<br>4.60%, due 07/15/30 | 7750 | 7867 |
| Oracle Corp.<br>5.20%, due 09/26/35 | 12750 | 12820 |
|  |  | **20687** |
| **UTILITIES - 0.3%** | **UTILITIES - 0.3%** | **UTILITIES - 0.3%** |
| Southern Co., Series 21-A<br>3.75% (5 yr. CMT + 2.915%), <br>due 09/15/51 (c) | 13750 | 13567 |
| Southern Power Co.<br>4.90%, due 10/01/35 | 4250 | 4191 |
|  |  | **17758** |
| **COMMUNICATION SERVICES - 0.1%** | **COMMUNICATION SERVICES - 0.1%** | **COMMUNICATION SERVICES - 0.1%** |
| Vail Resorts, Inc., 144A<br>5.625%, due 07/15/30 (e) | 7750 | 7799 |
| **Total corporate bonds<br>(Cost $1,109,685)** |  | **1122506** |
| **MORTGAGE-BACKED SECURITIES - 7.0%** | **MORTGAGE-BACKED SECURITIES - 7.0%** | **MORTGAGE-BACKED SECURITIES - 7.0%** |
| Federal Home Loan Mortgage Corp., <br>Pool SD6595<br>5.50%, due 10/01/54 | 38460 | 39124 |
| Federal National Mortgage <br>Association, Pool CB8992<br>5.50%, due 08/01/54 | 33664 | 34174 |
| Federal Home Loan Mortgage Corp., <br>Pool SD5400<br>2.00%, due 01/01/52 | 37358 | 30470 |
| Federal National Mortgage <br>Association, Pool FA0201<br>5.50%, due 12/01/54 | 29369 | 29695 |
| Federal National Mortgage <br>Association, Pool FA1274<br>2.00%, due 02/01/52 | 36231 | 29483 |
| Federal Home Loan Mortgage Corp., <br>Pool RJ2202<br>5.50%, due 08/01/54 | 27410 | 27797 |
| Federal Home Loan Mortgage Corp., <br>Pool SD3470<br>2.50%, due 06/01/52 | 31602 | 27145 |
| Federal National Mortgage <br>Association, Pool BW9842<br>4.50%, due 09/01/52 | 26023 | 25446 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Value** | **Value** |
| Federal Home Loan Mortgage Corp., <br>Pool SD6569<br>5.50%, due 10/01/54 | $| 24355 | $| 24776 |
| Federal National Mortgage <br>Association, Pool FS8007<br>5.50%, due 06/01/54 |  | 22172 |  | 22554 |
| Federal Home Loan Mortgage Corp., <br>Pool SD6577<br>5.50%, due 09/01/54 |  | 19827 |  | 20116 |
| Federal Home Loan Mortgage Corp., <br>Pool QJ4474<br>5.50%, due 09/01/54 |  | 19335 |  | 19620 |
| Federal Home Loan Mortgage Corp., <br>Pool SD4953<br>2.50%, due 11/01/51 |  | 22727 |  | 19562 |
| Federal Home Loan Mortgage Corp., <br>Pool SD8188<br>2.00%, due 01/01/52 |  | 23263 |  | 18847 |
| Federal National Mortgage <br>Association, Pool FS9114<br>5.50%, due 09/01/54 |  | 18476 |  | 18659 |
| Federal National Mortgage <br>Association, Pool CB0830<br>2.50%, due 06/01/51 |  | 19396 |  | 16677 |
| Federal National Mortgage <br>Association, Pool BU1118<br>2.50%, due 10/01/51 |  | 15742 |  | 13441 |
| Federal National Mortgage <br>Association, Pool DC7132<br>5.50%, due 12/01/54 |  | 6803 |  | 6898 |
| Federal Home Loan Mortgage Corp., <br>Pool SD4990<br>5.00%, due 10/01/53 |  | 6105 |  | 6092 |
| Federal National Mortgage <br>Association, Pool BW9905<br>4.50%, due 10/01/52 |  | 6136 |  | 5995 |
| Federal Home Loan Mortgage Corp., <br>Pool RA8038<br>4.50%, due 10/01/52 |  | 3145 |  | 3076 |
| **Total mortgage-backed securities<br>(Cost $431,916)** |  |  |  | **439647** |
| **GOVERNMENT AND AGENCY SECURITIES - 5.2%** | **GOVERNMENT AND AGENCY SECURITIES - 5.2%** | **GOVERNMENT AND AGENCY SECURITIES - 5.2%** | **GOVERNMENT AND AGENCY SECURITIES - 5.2%** | **GOVERNMENT AND AGENCY SECURITIES - 5.2%** |
| **U.S. GOVERNMENT BONDS - 3.1%** | **U.S. GOVERNMENT BONDS - 3.1%** | **U.S. GOVERNMENT BONDS - 3.1%** | **U.S. GOVERNMENT BONDS - 3.1%** | **U.S. GOVERNMENT BONDS - 3.1%** |
| 4.50%, due 11/15/54 |  | 72500 |  | 69807 |
| 4.75%, due 02/15/45 |  | 43700 |  | 43973 |
| 3.625%, due 02/15/53 |  | 50000 |  | 41338 |
| 4.625%, due 11/15/44 |  | 29425 |  | 29152 |
| 4.75%, due 05/15/55 |  | 8400 |  | 8426 |
|  |  |  |  | **192696** |
| **U.S. GOVERNMENT NOTES - 2.1%** | **U.S. GOVERNMENT NOTES - 2.1%** | **U.S. GOVERNMENT NOTES - 2.1%** | **U.S. GOVERNMENT NOTES - 2.1%** | **U.S. GOVERNMENT NOTES - 2.1%** |
| 4.25%, due 05/15/35 |  | 70200 |  | 70847 |
| 3.875%, due 06/30/30 |  | 25775 |  | 25933 |
| 4.00%, due 07/31/32 |  | 20450 |  | 20546 |
| 4.25%, due 08/15/35 |  | 15000 |  | 15122 |
|  |  |  |  | **132448** |
| **Total government and agency securities<br>(Cost $325,972)** |  |  |  | **325144** |

---

16 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Equity and Income Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 5.2%** |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5369-Class Z<br>6.00%, due 01/25/54 | $22177 | $22730 |
| Government National Mortgage <br>Association REMICS, <br>Series 2023-149-Class DZ<br>5.50%, due 10/20/53 | 19996 | 20516 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5408-Class QZ<br>5.50%, due 04/25/54 | 17673 | 17817 |
| Chase Home Lending Mortgage Trust, <br>Series 2024-6-Class B1, 144A<br>7.076%, due 05/25/55 (c) (e) | 15274 | 16225 |
| JP Morgan Mortgage Trust, <br>Series 2024-6-Class B1, 144A<br>6.911%, due 12/25/54 (c) (e) | 14755 | 15533 |
| JP Morgan Mortgage Trust, <br>Series 2024-9-Class B1, 144A<br>6.995%, due 02/25/55 (c) (e) | 14013 | 14836 |
| Government National Mortgage <br>Association REMICS, <br>Seres 2023-164-Class BZ<br>6.00%, due 11/20/53 | 13664 | 14321 |
| JP Morgan Mortgage Trust, <br>Series 2025-NQM3-Class A2, 144A<br>5.648%, due 11/25/65 (c) (e) | 13251 | 13336 |
| Chase Home Lending Mortgage Trust, <br>Series 2024-1-Class B1, 144A<br>6.665%, due 01/25/55 (c) (e) | 12405 | 12827 |
| JP Morgan Mortgage Trust, <br>Series 2024-6-Class B2, 144A<br>6.911%, due 12/25/54 (c) (e) | 10752 | 11225 |
| Federal National Mortgage <br>Association REMICS, <br>Series 2023-54-Class GZ<br>6.50%, due 11/25/53 | 10266 | 11018 |
| Sequoia Mortgage Trust, <br>Series 2024-6-Class B1, 144A<br>6.572%, due 07/27/54 (c) (e) | 10280 | 10613 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5389-Class BZ<br>5.00%, due 03/25/54 | 11052 | 10527 |
| JP Morgan Mortgage Trust, <br>Series 2024-12-Class B2, 144A<br>6.634%, due 06/25/55 (c) (e) | 10174 | 10468 |
| A&D Mortgage Trust, <br>Series 2025-NQM4-Class A2, 144A<br>5.479%, due 10/25/70 (e) | 10000 | 10007 |
| JP Morgan Mortgage Trust, <br>Series 2024-12-Class B1, 144A<br>6.634%, due 06/25/55 (c) (e) | 9257 | 9592 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5413-Class Z<br>5.50%, due 05/25/54 | 8643 | 8961 |
| Sequoia Mortgage Trust, <br>Series 2024-9-Class B1A, 144A<br>6.00%, due 10/25/54 (c) (e) | 8030 | 8084 |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ6-Class B1, 144A<br>6.545%, due 11/25/55 (c) (e) | $6976 | $7191 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM1-Class B1, 144A<br>6.101%, due 06/25/55 (c) (e) | 6789 | 6857 |
| RCKT Mortgage Trust, <br>Series 2021-5-Class B2A, 144A<br>2.921%, due 11/25/51 (c) (e) | 8300 | 6855 |
| OBX Trust, <br>Series 2025-NQM13-Class A2, 144A<br>5.614%, due 05/25/65 (e) | 6732 | 6784 |
| Santander Mortgage Asset <br>Receivable Trust, Series <br>2025-NQM4-Class A2, 144A<br>5.608%, due 07/25/65 (e) | 6350 | 6376 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM2-Class B2, 144A<br>6.578%, due 09/25/55 (c) (e) | 6085 | 6150 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM1-Class B2, 144A<br>6.101%, due 06/25/55 (c) (e) | 4949 | 4967 |
| RCKT Mortgage Trust, <br>Series 2025-1-Class B2A, 144A<br>6.47%, due 03/25/55 (c) (e) | 4720 | 4900 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ3-Class B2, 144A<br>6.188%, due 07/25/55 (c) (e) | 4842 | 4850 |
| Chase Home Lending Mortgage Trust, <br>Series 2025-4-Class B1, 144A<br>6.646%, due 03/25/56 (c) (e) | 3975 | 4153 |
| A&D Mortgage Trust, <br>Series 2025-NQM3-Class A2, 144A<br>5.577%, due 08/25/70 (e) | 3895 | 3904 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ7-Class B2, 144A<br>6.562%, due 12/25/55 (c) (e) | 3726 | 3829 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ3-Class B1, 144A<br>6.188%, due 07/25/55 (c) (e) | 3783 | 3828 |
| OBX Trust, <br>Series 2025-NQM16-Class A2, 144A<br>5.058%, due 08/25/65 (e) | 3400 | 3395 |
| Angel Oak Mortgage Trust, <br>Series 2025-9-Class A2,144A<br>5.395%, due 08/25/70 (e) | 3169 | 3177 |
| Bank, Series 2022-BNK40-Class AS<br>3.504%, due 03/15/64 (c) | 3500 | 3170 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ4-Class B1, 144A<br>6.489%, due 09/25/55 (c) (e) | 1989 | 2052 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ1-Class B2, 144A<br>6.193%, due 06/25/55 (c) (e) | 1746 | 1712 |
| OBX Trust, <br>Series 2025-NQM15-Class A2, 144A<br>5.396%, due 07/27/65 (e) | 989 | 993 |
| **Total collateralized mortgage obligations<br>(Cost $317,202)** |  | **323779** |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 17

------

**Oakmark Equity and Income Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** |
| **ASSET BACKED SECURITIES - 1.9%** | **ASSET BACKED SECURITIES - 1.9%** | **ASSET BACKED SECURITIES - 1.9%** |
| Santander Drive Auto Receivables <br>Trust, Series 2024-4-Class D,<br>5.32%, due 12/15/31 | $21750 | $22020 |
| CPS Auto Receivables Trust, <br>Series 2023-D-Class D, 144A,<br>7.80%, due 01/15/30 (e) | 9237 | 9631 |
| Exeter Automobile Receivables Trust, <br>Series 2025-2A-Class D,<br>5.89%, due 07/15/31 | 9000 | 9236 |
| Carvana Auto Receivables Trust, <br>Series 2024-P3-Class D,<br>5.39%, due 09/10/32 | 8000 | 8000 |
| CPS Auto Receivables Trust, <br>Series 2024-B-Class E, 144A,<br>8.36%, due 11/17/31 (e) | 7250 | 7658 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2025-1A-Class D, 144A,<br>6.86%, due 01/21/42 (e) | 7079 | 7140 |
| CPS Auto Receivables Trust, <br>Series 2024-C-Class E, 144A,<br>8.04%, due 03/15/32 (e) | 5000 | 5243 |
| Westlake Automobile Receivables <br>Trust, Series 2025-2A-Class D, 144A,<br>5.08%, due 05/15/31 (e) | 4600 | 4637 |
| Carvana Auto Receivables Trust, <br>Series 2023-P2-Class D, 144A,<br>6.72%, due 06/10/30 (e) | 4000 | 4202 |
| Hyundai Auto Receivables Trust, <br>Series 2025-B-Class C,<br>4.92%, due 07/15/32 | 3800 | 3867 |
| Exeter Automobile Receivables Trust, <br>Series 2025-3A-Class D,<br>5.57%, due 10/15/31 | 3500 | 3557 |
| CPS Auto Receivables Trust, <br>Series 2024-A-Class D, 144A,<br>6.13%, due 04/15/30 (e) | 3200 | 3269 |
| CPS Auto Receivables Trust, <br>Series 2024-A-Class E, 144A,<br>8.42%, due 08/15/31 (e) | 3100 | 3263 |
| CPS Auto Receivables Trust, <br>Series 2022-C-Class E, 144A,<br>9.08%, due 04/15/30 (e) | 3000 | 3135 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2024-1A-Class C, 144A,<br>5.94%, due 01/20/43 (e) | 2855 | 2890 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2023-2A-Class C, 144A,<br>7.30%, due 04/20/40 (e) | 2756 | 2851 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2023-3A-Class C, 144A,<br>7.12%, due 09/20/40 (e) | 2620 | 2704 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2024-3A-Class C, 144A,<br>5.32%, due 08/20/41 (e) | 2599 | 2610 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Value** | **Value** |
| Carvana Auto Receivables Trust, <br>Series 2024-P4-Class D,,<br>5.60%, due 12/10/32 | $| 2532 | $| 2547 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2024-2A-Class D, 144A,<br>7.48%, due 06/20/41 (e) |  | 2217 |  | 2253 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2023-2A-Class D, 144A,<br>9.72%, due 04/20/40 (e) |  | 1919 |  | 2015 |
| Carvana Auto Receivables Trust, <br>Series 2024-P2-Class D,<br>6.10%, due 06/10/31 |  | 1625 |  | 1668 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2024-1A-Class D, 144A,<br>8.02%, due 01/20/43 (e) |  | 1396 |  | 1431 |
| Carvana Auto Receivables Trust, <br>Series 2025-P1-Class N,144A,<br>5.66%, due 03/10/33 (e) |  | 580 |  | 580 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2022-2A-Class C, 144A,<br>6.36%, due 06/20/40 (e) |  | 384 |  | 387 |
| Sierra Timeshare Receivables <br>Funding LLC, <br>Series 2022-2A-Class D, 144A,<br>9.22%, due 06/20/40 (e) |  | 192 |  | 197 |
| **Total asset backed securities<br>(Cost $114,066)** |  |  |  | **116991** |
| **BANK LOANS (f) - 1.6%** | **BANK LOANS (f) - 1.6%** | **BANK LOANS (f) - 1.6%** | **BANK LOANS (f) - 1.6%** | **BANK LOANS (f) - 1.6%** |
| **CONSUMER STAPLES - 0.6%** | **CONSUMER STAPLES - 0.6%** | **CONSUMER STAPLES - 0.6%** | **CONSUMER STAPLES - 0.6%** | **CONSUMER STAPLES - 0.6%** |
| Wand NewCo 3, Inc. 2025 <br>Repriced Term Loan B<br>6.663% (1 mo. USD Term <br>SOFR + 2.500%), due 01/30/31 (c) |  | 23770 |  | 23676 |
| Belron Finance LLC 2025 <br>Repriced Term Loan B<br>6.742% (3 mo. USD Term <br>SOFR + 2.500%), due 10/16/31 (c) |  | 13365 |  | 13424 |
|  |  |  |  | **37100** |
| **CONSUMER DISCRETIONARY - 0.4%** | **CONSUMER DISCRETIONARY - 0.4%** | **CONSUMER DISCRETIONARY - 0.4%** | **CONSUMER DISCRETIONARY - 0.4%** | **CONSUMER DISCRETIONARY - 0.4%** |
| Raising Cane's Restaurants LLC 2024 <br>Term Loan B 6.163% (1 mo. USD Term <br>SOFR + 2.000%), due 09/18/31 (c) |  | 9900 |  | 9929 |
| Peer Holding III BV 2025 USD <br>Term Loan B4B 6.502% <br>(3 mo. USD Term SOFR + 2.500%), <br>due 10/28/30 (c) |  | 8767 |  | 8769 |
| Peer Holding III BV 2025 USD Term <br>Loan B5B 6.502% (3 mo. USD Term <br>SOFR + 2.500%), due 07/01/31 (c) |  | 4963 |  | 4963 |
| Peer Holding III BV 2025 USD <br>Term Loan B 0.00%, <br>due 09/27/32 (g) |  | 5000 |  | 5000 |
|  |  |  |  | **28661** |

---

18 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Equity and Income Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** | **Fixed income - 38.9% (continued)** |
| **BANK LOANS (f) - 1.6% (continued)** | **BANK LOANS (f) - 1.6% (continued)** | **BANK LOANS (f) - 1.6% (continued)** |
| **INDUSTRIALS - 0.4%** | **INDUSTRIALS - 0.4%** | **INDUSTRIALS - 0.4%** |
| Boost Newco Borrower LLC 2025 USD <br>Term Loan B 6.002% <br>(3 mo. USD Term SOFR + 2.000%), <br>due 01/31/31 (c) | $14888 | $14894 |
| Clydesdale Acquisition Holdings, Inc. <br>2025 Term Loan B 7.413% <br>(1 mo. USD Term SOFR + 3.250%), <br>due 04/01/32 (c) | 4902 | 4893 |
| Clydesdale Acquisition Holdings, Inc. <br>2025 Delayed Draw Term Loan<br>3.25%, due 04/01/32 (h) | 86 | 86 |
| SkyMiles IP Ltd. 2020 Skymiles <br>Term Loan B 7.752% (3 mo. USD Term <br>SOFR + 3.750%), due 10/20/27 (c) | 3863 | 3864 |
|  |  | **23737** |
| **FINANCIALS - 0.2%** | **FINANCIALS - 0.2%** | **FINANCIALS - 0.2%** |
| Blackstone Mortgage Trust, Inc. 2025 <br>Term Loan B6 7.163% (1 mo. USD Term <br>SOFR + 3.000%), due 12/10/30 (c) | 9950 | 9987 |
| **Total bank loans<br>(Cost $99,567)** |  | **99485** |
| **Total fixed income - 38.9%<br>(Cost $2,398,408)** |  | **2427552** |

---

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Short-term investments - 1.3%** | **Short-term investments - 1.3%** | **Short-term investments - 1.3%** |
| **REPURCHASE AGREEMENT - 1.3%** | **REPURCHASE AGREEMENT - 1.3%** | **REPURCHASE AGREEMENT - 1.3%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, <br>4.20% dated 9/30/25 due 10/1/25, <br>repurchase price $79,014, <br>collateralized by a United States <br>Treasury Note, 2.750% due 4/30/27, <br>value plus accrued interest of <br>$80,585 (Cost: $79,005) | $79005 | $79005 |
| **Total short-term investments - 1.3%<br>(Cost $79,005)** |  | **79005** |
| **TOTAL INVESTMENTS - 99.8%<br>(COST $5,227,206)** |  | **6229660** |
| Other Assets In Excess of Liabilities - 0.2% |  | 10636 |
| **NET ASSETS - 100.0%** |  | $**6240296** |

---

(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 September 30, 2025.

(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 September 30, 2025, the value of Rule 144A holdings amounted to $596,660 (in thousands) or 9.56% 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) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

(h) All or a portion of this investment is an unfunded loan commitment (See Note 2).

**Abbreviations:**

&nbsp;&nbsp;&nbsp;&nbsp;SOFR: Secured Overnight Financing Rate

**WRITTEN OPTIONS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **<br>Exercise<br>Price** | **Expiration <br>Date** | **Number of <br>Contracts** | **Notional<br>Amount** | **<br>Market<br>Value** | **Premiums<br>Paid<br>by Fund** | **Unrealized<br>Gain/(Loss)** |
| **CALLS** | | | | | | | |
| Amazon.com, Inc. | $245.00 | 12/19/25 | (1000) | $(21957) | $(535) | $(1156) | $621 |
|  |  |  | (1000) | $(21957) | $(535) | $(1156) | $621 |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 19

------

**Oakmark Bond Fund**

September 30, 2025

Schedule of Investments *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 97.6%** | **Fixed income - 97.6%** | **Fixed income - 97.6%** |
| **CORPORATE BONDS - 42.6%** | **CORPORATE BONDS - 42.6%** | **CORPORATE BONDS - 42.6%** |
| **CONSUMER DISCRETIONARY - 8.7%** | **CONSUMER DISCRETIONARY - 8.7%** | **CONSUMER DISCRETIONARY - 8.7%** |
| American Honda Finance Corp.<br>5.20%, due 03/05/35 | $2000 | $2032 |
| Aptiv Swiss Holdings Ltd.<br>5.15%, due 09/13/34 | 1000 | 994 |
| AutoNation, Inc.<br>4.75%, due 06/01/30 | 1500 | 1508 |
| Beacon Roofing Supply Inc, <br>144A 6.75%, due 04/30/32 (a) | 1500 | 1553 |
| Carnival Corp., 144A<br>5.75%, due 08/01/32 (a) | 2000 | 2035 |
| General Motors Financial Co., Inc.<br>6.15%, due 07/15/35 | 1250 | 1307 |
| Hyatt Hotels Corp.<br>5.75%, due 03/30/32 | 2000 | 2086 |
| Hyundai Capital America, 144A<br>4.50%, due 09/18/30 (a) | 2000 | 1990 |
| Lithia Motors, Inc., 144A<br>4.375%, due 01/15/31 (a) | 1100 | 1045 |
| M/I Homes, Inc.<br>3.95%, due 02/15/30 | 850 | 812 |
| Mercedes-Benz Finance <br>North America LLC, 144A<br>4.85%, due 01/11/29 (a) | 2000 | 2035 |
| Phinia Inc, 144A<br>6.625%, due 10/15/32 (a) | 977 | 1007 |
|  |  | **18404** |
| **FINANCIALS - 8.5%** | **FINANCIALS - 8.5%** | **FINANCIALS - 8.5%** |
| AerCap Ireland Capital DAC/<br>AerCap Global Aviation Trust<br>4.375%, due 11/15/30 | 150 | 149 |
| Ally Financial, Inc., Series C<br>4.70% (7 yr. CMT + 3.481%) (b) (c) | 1000 | 922 |
| Arthur J Gallagher & Co.<br>5.55%, due 02/15/55 | 750 | 733 |
| Carlyle Group, Inc.<br>5.05%, due 09/19/35 | 1500 | 1495 |
| Citadel Securities Global<br>Holdings LLC, 144A <br>6.20%, due 06/18/35 (a) | 2000 | 2101 |
| Citigroup, Inc.<br>4.503% (1 day USD SOFR + <br>1.171%), due 09/11/31 (b) | 2200 | 2201 |
| First Citizens BancShares, Inc.<br>5.231% (1 day USD SOFR + 1.410%), <br>due 03/12/31 (b) | 1500 | 1522 |
| Goldman Sachs Group, Inc.<br>5.218% (1 day USD SOFR + 1.580%), <br>due 04/23/31 (b) | 1000 | 1034 |
| JPMorgan Chase & Co.<br>5.103% (1 day USD SOFR + 1.435%), <br>due 04/22/31 (b) | 2500 | 2583 |
| KKR Group Finance Co. XII LLC, 144A <br>4.85%, due 05/17/32 (a) | 1000 | 1011 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Value** | **Value** |
| LPL Holdings, Inc.<br>5.15%, due 06/15/30 | $| 500 | $| 509 |
| Morgan Stanley<br>5.192% (1 day USD SOFR + 1.510%), <br>due 04/17/31 (b) |  | 1000 |  | 1033 |
| South State Bank NA<br>8.375% (3 mo. USD Term SOFR +<br>4.605%), due 08/15/34 (b) |  | 500 |  | 524 |
| Truist Financial Corp.<br>5.867% (1 day USD SOFR + 2.361%), <br>due 06/08/34 (b) |  | 1100 |  | 1165 |
| Wells Fargo & Co.<br>5.15% (1 day USD SOFR + 1.500%), <br>due 04/23/31 (b) |  | 1000 |  | 1031 |
|  |  |  |  | **18013** |
| **ENERGY - 5.8%** | **ENERGY - 5.8%** | **ENERGY - 5.8%** | **ENERGY - 5.8%** | **ENERGY - 5.8%** |
| Aker BP ASA, 144A<br>4.00%, due 01/15/31 (a) |  | 1500 |  | 1446 |
| APA Corp.<br>5.35%, due 07/01/49 |  | 750 |  | 627 |
| Expand Energy Corp.<br>4.75%, due 02/01/32 |  | 1250 |  | 1228 |
| MPLX LP<br>5.40%, due 09/15/35 |  | 1500 |  | 1503 |
| Noble Finance II LLC, 144A<br>8.00%, due 04/15/30 (a) |  | 1000 |  | 1035 |
| Parsley Energy LLC/<br>Parsley Finance Corp., 144A<br>4.125%, due 02/15/28 (a) |  | 1500 |  | 1477 |
| Patterson-UTI Energy, Inc.<br>7.15%, due 10/01/33 |  | 1500 |  | 1589 |
| Plains All American Pipeline LP/<br>PAA Finance Corp.<br>4.70%, due 01/15/31 |  | 1500 |  | 1503 |
| Valero Energy Corp.<br>6.625%, due 06/15/37 |  | 848 |  | 940 |
| Williams Cos., Inc.<br>5.30%, due 09/30/35 |  | 1000 |  | 1015 |
|  |  |  |  | **12363** |
| **INDUSTRIALS - 5.8%** | **INDUSTRIALS - 5.8%** | **INDUSTRIALS - 5.8%** | **INDUSTRIALS - 5.8%** | **INDUSTRIALS - 5.8%** |
| Boeing Co.<br>6.858%, due 05/01/54 |  | 1250 |  | 1426 |
| Bombardier, Inc., 144A<br>6.75%, due 06/15/33 (a) |  | 1500 |  | 1565 |
| Carlisle Cos., Inc.<br>5.55%, due 09/15/40 |  | 1000 |  | 1012 |
| 5.25%, due 09/15/35 |  | 1000 |  | 1012 |
| Delta Air Lines, Inc.<br>5.25%, due 07/10/30 |  | 2000 |  | 2041 |
| GXO Logistics, Inc.<br>6.50%, due 05/06/34 |  | 1500 |  | 1613 |
| Molex Electronic Technologies LLC, <br>144A <br>5.25%, due 04/30/32 (a) |  | 2000 |  | 2035 |
| United Airlines, Inc., 144A<br>4.625%, due 04/15/29 (a) |  | 1500 |  | 1477 |
|  |  |  |  | **12181** |

---

20 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Bond Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 97.6% (continued)** | **Fixed income - 97.6% (continued)** | **Fixed income - 97.6% (continued)** |
| **CORPORATE BONDS - 42.6% (continued)** | **CORPORATE BONDS - 42.6% (continued)** | **CORPORATE BONDS - 42.6% (continued)** |
| **HEALTH CARE - 3.9%** | **HEALTH CARE - 3.9%** | **HEALTH CARE - 3.9%** |
| Centene Corp.<br>4.625%, due 12/15/29 | $1500 | $1454 |
| Cigna Group<br>4.875%, due 09/15/32 | 1000 | 1010 |
| CVS Health Corp.<br>4.78%, due 03/25/38 | 1000 | 937 |
| GE HealthCare Technologies, Inc.<br>5.50%, due 06/15/35 | 2000 | 2073 |
| Insulet Corp., 144A<br>6.50%, due 04/01/33 (a) | 1500 | 1560 |
| Select Medical Corp, 144A<br>6.25%, due 12/01/32 (a) | 1250 | 1251 |
|  |  | **8285** |
| **REAL ESTATE - 2.9%** | **REAL ESTATE - 2.9%** | **REAL ESTATE - 2.9%** |
| Alexandria Real Estate Equities, Inc.<br>5.50%, due 10/01/35 | 1500 | 1540 |
| CBRE Services, Inc.<br>4.80%, due 06/15/30 | 1500 | 1524 |
| Omega Healthcare Investors, Inc.<br>5.20%, due 07/01/30 | 1250 | 1269 |
| RHP Hotel Properties LP/<br>RHP Finance Corp., 144A<br>6.50%, due 06/15/33 (a) | 1750 | 1802 |
|  |  | **6135** |
| **CONSUMER STAPLES - 2.4%** | **CONSUMER STAPLES - 2.4%** | **CONSUMER STAPLES - 2.4%** |
| Bacardi-Martini BV, 144A<br>6.00%, due 02/01/35 (a) | 1050 | 1092 |
| Bunge Ltd. Finance Corp.<br>2.00%, due 04/21/26 | 1000 | 988 |
| 5.25%, due 04/21/32 | 250 | 258 |
| JBS USA LUX Sarl/JBS USA <br>Food Co./JBS USA Foods Group, 144A<br>5.95%, due 04/20/35 (a) | 1250 | 1313 |
| Philip Morris International, Inc.<br>4.875%, due 04/30/35 | 1500 | 1501 |
|  |  | **5152** |
| **MATERIALS - 1.4%** | **MATERIALS - 1.4%** | **MATERIALS - 1.4%** |
| Celanese U.S. Holdings LLC<br>6.75%, due 04/15/33 | 1500 | 1494 |
| LYB International Finance III LLC<br>6.15%, due 05/15/35 | 1500 | 1563 |
|  |  | **3057** |
| **UTILITIES - 1.2%** | **UTILITIES - 1.2%** | **UTILITIES - 1.2%** |
| Southern Co., Series 21-A<br>3.75% (5 yr. CMT + 2.915%), <br>due 09/15/51 (b) | 1000 | 987 |
| Southern Power Co.<br>4.90%, due 10/01/35 | 1500 | 1479 |
|  |  | **2466** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Value** | **Value** |
| **COMMUNICATION SERVICES - 1.0%** | | | | |
| Vail Resorts, Inc., 144A<br>5.625%, due 07/15/30 (a) | $| 2000 | $| 2012 |
| **INFORMATION TECHNOLOGY - 1.0%** | **INFORMATION TECHNOLOGY - 1.0%** | **INFORMATION TECHNOLOGY - 1.0%** | **INFORMATION TECHNOLOGY - 1.0%** | **INFORMATION TECHNOLOGY - 1.0%** |
| Oracle Corp.<br>5.20%, due 09/26/35 |  | 2000 |  | 2011 |
| **Total corporate bonds<br>(Cost $88,075)** |  |  |  | **90079** |
| **GOVERNMENT AND AGENCY SECURITIES - 19.6%** | **GOVERNMENT AND AGENCY SECURITIES - 19.6%** | **GOVERNMENT AND AGENCY SECURITIES - 19.6%** | **GOVERNMENT AND AGENCY SECURITIES - 19.6%** | **GOVERNMENT AND AGENCY SECURITIES - 19.6%** |
| **U.S. GOVERNMENT BONDS - 12.6%** | **U.S. GOVERNMENT BONDS - 12.6%** | **U.S. GOVERNMENT BONDS - 12.6%** | **U.S. GOVERNMENT BONDS - 12.6%** | **U.S. GOVERNMENT BONDS - 12.6%** |
| U.S. Treasury Bonds<br>4.625%, due 05/15/54 |  | 5500 |  | 5404 |
| 5.00%, due 05/15/45 |  | 4750 |  | 4933 |
| 4.625%, due 11/15/44 |  | 2750 |  | 2724 |
| 4.75%, due 11/15/43 |  | 2000 |  | 2021 |
| 4.75%, due 08/15/55 |  | 2000 |  | 2007 |
| 4.125%, due 08/15/44 |  | 2000 |  | 1856 |
| 3.00%, due 08/15/52 |  | 2500 |  | 1829 |
| 4.75%, due 05/15/55 |  | 1625 |  | 1630 |
| 4.375%, due 08/15/43 |  | 1500 |  | 1448 |
| 3.625%, due 05/15/53 |  | 1500 |  | 1239 |
| 4.125%, due 08/15/53 |  | 500 |  | 452 |
| 3.375%, due 08/15/42 |  | 500 |  | 426 |
| 2.00%, due 11/15/41 |  | 500 |  | 351 |
| 2.00%, due 08/15/51 |  | 500 |  | 293 |
|  |  |  |  | **26613** |
| **U.S. GOVERNMENT NOTES - 7.0%** | **U.S. GOVERNMENT NOTES - 7.0%** | **U.S. GOVERNMENT NOTES - 7.0%** | **U.S. GOVERNMENT NOTES - 7.0%** | **U.S. GOVERNMENT NOTES - 7.0%** |
| U.S. Treasury Notes<br>3.875%, due 07/31/30 |  | 6600 |  | 6640 |
| 3.875%, due 06/30/30 |  | 3920 |  | 3944 |
| 4.00%, due 07/31/32 |  | 2150 |  | 2160 |
| 4.25%, due 08/15/35 |  | 2000 |  | 2016 |
|  |  |  |  | **14760** |
| **Total government and agency securities<br>(Cost $42,648)** |  |  |  | **41373** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7%** |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM1-Class B2, 144A<br>6.101%, due 06/25/55 (a) (b) |  | 2293 |  | 2301 |
| Government National Mortgage <br>Association REMICS, <br>Seres 2023-164-Class BZ<br>6.00%, due 11/20/53 |  | 2009 |  | 2105 |
| Chase Home Lending Mortgage Trust, <br>Series 2025-4-Class B1, 144A<br>6.646%, due 03/25/56 (a) (b) |  | 1988 |  | 2076 |
| JP Morgan Mortgage Trust, <br>Series 2024-6-Class B2, 144A<br>6.911%, due 12/25/54 (a) (b) |  | 1967 |  | 2054 |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 21

------

**Oakmark Bond Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 97.6% (continued)** | **Fixed income - 97.6% (continued)** | **Fixed income - 97.6% (continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 12.7% (continued)** |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ4-Class B1, 144A<br>6.489%, due 09/25/55 (a) (b) | $1989 | $2052 |
| Sequoia Mortgage Trust, <br>Series 2024-9-Class B1A, 144A<br>6.00%, due 10/25/54 (a) (b) | 1973 | 1987 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ1-Class B2, 144A<br>6.193%, due 06/25/55 (a) (b) | 1976 | 1937 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5408-Class QZ<br>5.50%, due 04/25/54 | 1621 | 1634 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5369-Class Z<br>6.00%, due 01/25/54 | 1110 | 1138 |
| JP Morgan Mortgage Trust, <br>Series 2024-12-Class B2, 144A<br>6.634%, due 06/25/55 (a) (b) | 990 | 1019 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM2-Class B2, 144A<br>6.578%, due 09/25/55 (a) (b) | 994 | 1005 |
| Angel Oak Mortgage Trust, <br>Series 2025-9-Class A2,144A<br>5.395%, due 08/25/70 (a) | 990 | 993 |
| OBX Trust, Series <br>2025-NQM15-Class A2, 144A<br>5.396%, due 07/27/65 (a) | 989 | 993 |
| A&D Mortgage Trust, Series <br>2025-NQM3-Class A2, 144A<br>5.577%, due 08/25/70 (a) | 988 | 990 |
| JP Morgan Mortgage Trust, <br>Series 2025-NQM3-Class A2, 144A<br>5.648%, due 11/25/65 (a) (b) | 982 | 988 |
| Santander Mortgage Asset <br>Receivable Trust, Series <br>2025-NQM4-Class A2, 144A<br>5.608%, due 07/25/65 (a) | 977 | 981 |
| OBX Trust, Series <br>2025-NQM13-Class A2, 144A<br>5.614%, due 05/25/65 (a) | 962 | 969 |
| Chase Home Lending Mortgage Trust, <br>Series 2024-1-Class B1, 144A<br>6.665%, due 01/25/55 (a) (b) | 781 | 808 |
| JP Morgan Mortgage Trust, <br>Series 2025-1-Class B1, 144A<br>6.431%, due 06/25/55 (a) (b) | 458 | 468 |
| JP Morgan Mortgage Trust, <br>Series 2025-1- Class B2, 144A<br>6.431%, due 06/25/55 (a) (b) | 422 | 427 |
| **Total collateralized mortgage obligations<br>(Cost $26,492)** |  | **26925** |
| **MORTGAGE-BACKED SECURITIES - 11.9%** | **MORTGAGE-BACKED SECURITIES - 11.9%** | **MORTGAGE-BACKED SECURITIES - 11.9%** |
| Federal Home Loan Mortgage Corp., <br>Pool SD6595<br>5.50%, due 10/01/54 | 3221 | 3277 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Value** | **Value** |
| Federal National Mortgage <br>Association, Pool FS8007<br>5.50%, due 06/01/54 | $| 3137 | $| 3191 |
| Federal Home Loan Mortgage Corp., <br>Pool SD3470<br>2.50%, due 06/01/52 |  | 3397 |  | 2918 |
| Federal Home Loan Mortgage Corp., <br>Pool RJ2202<br>5.50%, due 08/01/54 |  | 2836 |  | 2875 |
| Federal National Mortgage <br>Association, Pool CB8992<br>5.50%, due 08/01/54 |  | 2707 |  | 2748 |
| Federal National Mortgage <br>Association, Pool DC7132<br>5.50%, due 12/01/54 |  | 1982 |  | 2009 |
| Federal National Mortgage <br>Association, Pool FA0201<br>5.50%, due 12/01/54 |  | 1895 |  | 1916 |
| Federal Home Loan Mortgage Corp., <br>Pool SD6569<br>5.50%, due 10/01/54 |  | 1873 |  | 1906 |
| Federal Home Loan Mortgage Corp., <br>Pool SD6577<br>5.50%, due 09/01/54 |  | 1862 |  | 1889 |
| Federal National Mortgage <br>Association, Pool CB0830<br>2.50%, due 06/01/51 |  | 1776 |  | 1527 |
| Federal Home Loan Mortgage Corp., <br>Pool SD8188<br>2.00%, due 01/01/52 |  | 1202 |  | 974 |
| **Total mortgage-backed securities<br>(Cost $24,841)** |  |  |  | **25230** |
| **ASSET BACKED SECURITIES - 5.8%** | **ASSET BACKED SECURITIES - 5.8%** | **ASSET BACKED SECURITIES - 5.8%** | **ASSET BACKED SECURITIES - 5.8%** | **ASSET BACKED SECURITIES - 5.8%** |
| Carvana Auto Receivables Trust, <br>Series 2024-P3-Class D,<br>5.39%, due 09/10/32 |  | 1320 |  | 1320 |
| Carvana Auto Receivables Trust, <br>Series 2024-P4-Class D,,<br>5.60%, due 12/10/32 |  | 1250 |  | 1257 |
| CPS Auto Receivables Trust, <br>Series 2024-C-Class E, 144A,<br>8.04%, due 03/15/32 (a) |  | 1000 |  | 1049 |
| Carvana Auto Receivables Trust, <br>Series 2024-P2-Class D,<br>6.10%, due 06/10/31 |  | 1000 |  | 1027 |
| Exeter Automobile Receivables Trust, <br>Series 2025-2A-Class D,<br>5.89%, due 07/15/31 |  | 1000 |  | 1026 |
| Hyundai Auto Receivables Trust, <br>Series 2025-B-Class C,<br>4.92%, due 07/15/32 |  | 1000 |  | 1018 |
| Exeter Automobile Receivables Trust, <br>Series 2025-3A-Class D,<br>5.57%, due 10/15/31 |  | 1000 |  | 1016 |
| Westlake Automobile Receivables <br>Trust, Series 2025-2A-Class D, 144A,<br>5.08%, due 05/15/31 (a) |  | 1000 |  | 1008 |
| CPS Auto Receivables Trust, <br>Series 2022-C-Class E, 144A,<br>9.08%, due 04/15/30 (a) |  | 750 |  | 784 |

---

22 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Bond Fund**

September 30, 2025

Schedule of Investments *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Par Value** | **Value** |
| **Fixed income - 97.6% (continued)** | **Fixed income - 97.6% (continued)** | **Fixed income - 97.6% (continued)** |
| **ASSET BACKED SECURITIES - 5.8% (continued)** | **ASSET BACKED SECURITIES - 5.8% (continued)** | **ASSET BACKED SECURITIES - 5.8% (continued)** |
| Sierra Timeshare Receivables Funding <br>LLC, <br>Series 2025-1A-Class D, 144A,<br>6.86%, due 01/21/42 (a) | $708 | $714 |
| Sierra Timeshare Receivables Funding <br>LLC, <br>Series 2023-2A-Class C, 144A,<br>7.30%, due 04/20/40 (a) | 588 | 608 |
| Sierra Timeshare Receivables Funding <br>LLC, <br>Series 2024-3A-Class C, 144A,<br>5.32%, due 08/20/41 (a) | 559 | 561 |
| Sierra Timeshare Receivables Funding <br>LLC, <br>Series 2023-2A-Class D, 144A,<br>9.72%, due 04/20/40 (a) | 331 | 348 |
| Sierra Timeshare Receivables Funding <br>LLC, <br>Series 2024-2A-Class D, 144A,<br>7.48%, due 06/20/41 (a) | 320 | 325 |
| Sierra Timeshare Receivables Funding <br>LLC, <br>Series 2022-2A-Class D, 144A,<br>9.22%, due 06/20/40 (a) | 144 | 148 |
| **Total asset backed securities<br>(Cost $11,961)** |  | **12209** |
| **BANK LOANS (d) - 5.0%** | **BANK LOANS (d) - 5.0%** | **BANK LOANS (d) - 5.0%** |
| **INDUSTRIALS - 1.5%** | **INDUSTRIALS - 1.5%** | **INDUSTRIALS - 1.5%** |
| SkyMiles IP Ltd. 2020 Skymiles <br>Term Loan B 7.752% <br>(3 mo. USD Term SOFR + 3.750%), <br>due 10/20/27 (b) | 276 | 276 |
| Boost Newco Borrower LLC 2025 <br>USD Term Loan B 6.002% <br>(3 mo. USD Term SOFR + 2.000%), <br>due 01/31/31 (b) | 1489 | 1489 |
| Clydesdale Acquisition Holdings, Inc. <br>2025 Term Loan B 7.413% <br>(1 mo. USD Term SOFR + 3.250%), <br>due 04/01/32 (b) | 1471 | 1468 |
| Clydesdale Acquisition Holdings, Inc. <br>2025 Delayed Draw Term Loan<br>3.25%, due 04/01/32 (e) | 26 | 26 |
|  |  | **3259** |
| **CONSUMER DISCRETIONARY - 1.4%** | **CONSUMER DISCRETIONARY - 1.4%** | **CONSUMER DISCRETIONARY - 1.4%** |
| Raising Cane's Restaurants LLC 2024 <br>Term Loan B 6.163% (1 mo. USD <br>Term SOFR + 2.000%), <br>due 09/18/31 (b) | 1485 | 1489 |
| Peer Holding III BV 2025 USD <br>Term Loan B4B 6.502% <br>(3 mo. USD Term SOFR + 2.500%), <br>due 10/28/30 (b) | 1478 | 1478 |
|  |  | **2967** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par Value** | **Par Value** | **Value** |
| **CONSUMER STAPLES - 1.4%** | | | |
| Wand NewCo 3, Inc. 2025 Repriced <br>Term Loan B 6.663% (1 mo. USD <br>Term SOFR + 2.500%), <br>due 01/30/31 (b) | $| 1426 | $1421 |
| Belron Finance LLC 2025 Repriced <br>Term Loan B 6.742% (3 mo. USD <br>Term SOFR + 2.500%), <br>due 10/16/31 (b) |  | 1485 | 1491 |
|  |  |  | **2912** |
| **FINANCIALS - 0.7%** | **FINANCIALS - 0.7%** | **FINANCIALS - 0.7%** | **FINANCIALS - 0.7%** |
| Citadel Securities LP 2024 First Lien <br>Term Loan 6.163% (1 mo. USD <br>Term SOFR + 2.000%), <br>due 10/31/31 (b) |  | 2 | 3 |
| Blackstone Mortgage Trust, Inc. 2025 <br>Term Loan B6 7.163% (1 mo. USD <br>Term SOFR + 3.000%), <br>due 12/10/30 (b) |  | 1493 | 1498 |
|  |  |  | **1501** |
| **Total bank loans<br>(Cost $10,600)** |  |  | **10639** |
| **Total fixed income - 97.6%<br>(Cost $204,617)** |  |  | **206455** |
| **Short-term investments - 1.1%** | **Short-term investments - 1.1%** | **Short-term investments - 1.1%** | **Short-term investments - 1.1%** |
| **REPURCHASE AGREEMENT - 1.1%** | **REPURCHASE AGREEMENT - 1.1%** | **REPURCHASE AGREEMENT - 1.1%** | **REPURCHASE AGREEMENT - 1.1%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 4.20% <br>dated 09/30/25 due 10/1/25, <br>repurchase price $2,227, <br>collateralized by United States <br>Treasury Notes, 1.500% - 3.750% <br>due 1/31/27 - 4/30/27, aggregate value <br>plus accrued interest of $2,271 <br>(Cost: $2,226) |  | 2226 | 2226 |
| **Total short-term investments - 1.1%<br>(Cost $2,226)** |  |  | **2226** |
| **TOTAL INVESTMENTS - 98.7%<br>(COST $206,843)** |  |  | **208681** |
| Other Assets In Excess of Liabilities - 1.3% |  |  | 2821 |
| **NET ASSETS - 100.0%** |  |  | $**211502** |

---

(a) 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 September 30, 2025, the value of Rule 144A holdings amounted to $58,433 (in thousands) or 27.63% of new assets.

(b) Floating Rate Note. Rate shown is as of September 30, 2025.

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

(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.

(e) All or a portion of this investment is an unfunded loan commitment (See Note 2).

**Abbreviations:**

&nbsp;&nbsp;&nbsp;&nbsp;SOFR: Secured Overnight Financing Rate

Annual Financial Statements and Other Information: Oakmark Funds \| 23

------

**Oakmark Funds**

September 30, 2025

Statements of Assets and Liabilities *(in thousands except per share amounts)*

---

| | | | |
|:---|:---|:---|:---|
| | **Oakmark <br>Fund** | **Oakmark<br>Select<br>Fund** | **Oakmark<br>Global<br>Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** |
| Investments in unaffiliated securities, at value (a) | $24736924 | $7112282 | $1115836 |
| Investments in affiliated securities, at value (b) | 0 | 413676 | 0 |
| Cash | 0<br> <sup>(c)</sup> | 0<br> <sup>(c)</sup> | 0<br> <sup>(c)</sup> |
| Foreign currency, at value (d) | 0 | 0 | 895 |
| Receivable for: | Receivable for: | Receivable for: | Receivable for: |
| Securities sold | 0 | 0 | 0 |
| Fund shares sold | 18736 | 6729 | 850 |
| Dividends and interest from unaffiliated securities <br>(Net of foreign tax withheld) | 18729 | 4276 | 473 |
| Forward foreign currency contracts | 0 | 0 | 0 |
| Tax reclaim from unaffiliated securities | 0 | 0 | 3337 |
| Total receivables | 37465 | 11005 | 4660 |
| Other assets | 1 | 1 | 0<br> <sup>(c)</sup> |
| Total assets | $24774390 | $7536964 | $1121391 |
| **Liabilities and net assets** | **Liabilities and net assets** | **Liabilities and net assets** | **Liabilities and net assets** |
| Payable for: | Payable for: | Payable for: | Payable for: |
| Fund shares redeemed | 13317 | 2968 | 304 |
| Options written, at value | 3069<br> <sup>(e)</sup> | 0 | 0 |
| Investment advisory fee | 2821 | 1025 | 170 |
| Other shareholder servicing fees | 2204 | 1095 | 79 |
| Transfer and dividend disbursing agent fees | 135 | 65 | 28 |
| Trustee fees | 4 | 2 | 1 |
| Deferred trustee compensation | 2626 | 1087 | 601 |
| Other | 4472 | 920 | 300 |
| Total liabilities | 28648 | 7162 | 1483 |
| Net assets applicable to Fund shares outstanding | $24745742 | $7529802 | $1119908 |
| **Analysis of net assets** | **Analysis of net assets** | **Analysis of net assets** | **Analysis of net assets** |
| Paid in capital | $20273784 | $6717039 | $938743 |
| Distributable earnings | 4471958 | 812763 | 181165 |
| Net assets applicable to Fund shares outstanding | $24745742 | $7529802 | $1119908 |
| **Price of shares** | **Price of shares** | **Price of shares** | **Price of shares** |
| Net asset value, offering and redemption price per share: <br>Investor Class | $165.71 | $84.46<br> <sup>(f)</sup> | $37.55 |
| Investor Class—Net assets | $9895149 | $1699109 | $521429 |
| Investor Class—Shares outstanding (Unlimited shares <br>authorized) | 59715 | 20116 | 13888 |
| Net asset value, offering and redemption price per share: <br>Advisor Class | $165.91<br> <sup>(f)</sup> | $84.35 | $37.56 |
| Advisor Class—Net assets | $3786213 | $4275386 | $169135 |
| Advisor Class—Shares outstanding (Unlimited shares <br>authorized) | 22822 | 50684 | 4503 |
| Net asset value, offering and redemption price per share: <br>Institutional Class | $165.94 | $84.50 | $37.57 |
| Institutional Class—Net assets | $8308547 | $844443 | $325175 |
| Institutional Class—Shares outstanding (Unlimited <br>shares authorized) | 50069 | 9993 | 8656 |
| Net asset value, offering and redemption price per share: <br>R6 Class | $166.05<br> <sup>(f)</sup> | $84.52<br> <sup>(f)</sup> | $37.56 |
| R6 Class—Net assets | $2755833 | $710864 | $104169 |
| R6 Class—Shares outstanding (Unlimited shares <br>authorized) | 16597 | 8410 | 2774 |
| (a) Identified cost of investments in unaffiliated securities. | $19295685 | $5675709 | $917107 |
| (b) Identified cost of investments in affiliated securities. | $0 | $303728 | $0 |
| (c) Amount rounds to less than $1,000. |  |  |  |
| (d) Identified cost of foreign currency. | $0 | $0 | $894 |
| (e) Written options premiums received of $2,588 (in thousands) for the Oakmark Fund. |  |  |  |
| (f) Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on September 30, 2025. |  |  |  |

---

*See accompanying Notes to Financial Statements.*

24 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

September 30, 2025

Statements of Assets and Liabilities *(in thousands except per share amounts) (continued)*

---

| | | | |
|:---|:---|:---|:---|
| | **Oakmark <br>Global Select <br>Fund** | **Oakmark<br>International<br>Fund** | **Oakmark<br>International<br>Small Cap Fund** |
| **Assets** | **Assets** | **Assets** | **Assets** |
| Investments in unaffiliated securities, at value (a) | $1015363 | $14169845 | $1333449 |
| Investments in affiliated securities, at value (b) | 0 | 218685 | 0 |
| Cash | 0<br> <sup>(c)</sup> | 1 | 0 |
| Foreign currency, at value (d) | 1754 | 14189 | 0<br> <sup>(c)</sup> |
| Receivable for: | Receivable for: | Receivable for: | Receivable for: |
| Securities sold | 0 | 155163 | 4482 |
| Fund shares sold | 385 | 6980 | 473 |
| Dividends and interest from unaffiliated securities <br>(Net of foreign tax withheld) | 4 | 9853 | 1975 |
| Forward foreign currency contracts | 0 | 0 | 0 |
| Tax reclaim from unaffiliated securities | 2565 | 53814 | 5077 |
| Total receivables | 2954 | 225810 | 12007 |
| Other assets | 0<br> <sup>(c)</sup> | 1 | 1 |
| Total assets | $1020071 | $14628531 | $1345457 |
| **Liabilities and net assets** | **Liabilities and net assets** | **Liabilities and net assets** | **Liabilities and net assets** |
| Payable for: | Payable for: | Payable for: | Payable for: |
| Securities purchased | 0 | 49166 | 4673 |
| Fund shares redeemed | 226 | 8451 | 1874 |
| Investment advisory fee | 149 | 2032 | 253 |
| Other shareholder servicing fees | 98 | 1391 | 111 |
| Transfer and dividend disbursing agent fees | 10 | 46 | 13 |
| Trustee fees | 0<br> <sup>(c)</sup> | 3 | 0<br> <sup>(c)</sup> |
| Deferred trustee compensation | 499 | 3434 | 588 |
| Other | 280 | 5383 | 365 |
| Total liabilities | 1262 | 69906 | 7877 |
| Net assets applicable to Fund shares outstanding | $1018809 | $14558625 | $1337580 |
| **Analysis of net assets** | **Analysis of net assets** | **Analysis of net assets** | **Analysis of net assets** |
| Paid in capital | $933643 | $14083059 | $1072199 |
| Distributable earnings | 85166 | 475566 | 265381 |
| Net assets applicable to Fund shares outstanding | $1018809 | $14558625 | $1337580 |
| **Price of shares** | **Price of shares** | **Price of shares** | **Price of shares** |
| Net asset value, offering and redemption price per share: <br>Investor Class | $25.97 | $31.58 | $22.76 |
| Investor Class—Net assets | $304173 | $4158049 | $375953 |
| Investor Class—Shares outstanding (Unlimited shares <br>authorized) | 11713 | 131658 | 16518 |
| Net asset value, offering and redemption price per share: <br>Advisor Class | $25.96<br> <sup>(e)</sup> | $31.54 | $22.78 |
| Advisor Class—Net assets | $143655 | $1515745 | $197028 |
| Advisor Class—Shares outstanding (Unlimited shares <br>authorized) | 5535 | 48064 | 8649 |
| Net asset value, offering and redemption price per share: <br>Institutional Class | $25.96 | $31.54 | $22.72 |
| Institutional Class—Net assets | $435123 | $5467106 | $593080 |
| Institutional Class—Shares outstanding (Unlimited <br>shares authorized) | 16762 | 173328 | 26105 |
| Net asset value, offering and redemption price per share: <br>R6 Class | $25.98 | $31.56 | $22.72<br> <sup>(e)</sup> |
| R6 Class—Net assets | $135858 | $3417725 | $171519 |
| R6 Class—Shares outstanding (Unlimited shares <br>authorized) | 5230 | 108297 | 7551 |
| (a) Identified cost of investments in unaffiliated securities. | $849998 | $11442969 | $1124353 |
| (b) Identified cost of investments in affiliated securities. | $0 | $514048 | $0 |
| (c) Amount rounds to less than $1,000. |  |  |  |
| (d) Identified cost of foreign currency. | $1752 | $14175 | $0<br> <sup>(c)</sup> |
| (e) Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on September 30, 2025. |  |  |  |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 25

------

**Oakmark Funds**

September 30, 2025

Statements of Assets and Liabilities *(in thousands except per share amounts) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark <br>Equity and <br>Income Fund** | **Oakmark<br>Bond<br>Fund** |
| **Assets** | **Assets** | **Assets** |
| Investments in unaffiliated securities, at value (a) | $6229660 | $208681 |
| Cash | 1 | 0<br> <sup>(b)</sup> |
| Foreign currency, at value (c) | 0 | 0 |
| Receivable for: | Receivable for: | Receivable for: |
| Securities sold | 27278 | 957 |
| Fund shares sold | 706 | 178 |
| Dividends and interest from unaffiliated securities <br>(Net of foreign tax withheld) | 26010 | 2191 |
| Forward foreign currency contracts | 0 | 0 |
| Tax reclaim from unaffiliated securities | 1040 | 0 |
| Total receivables | 55034 | 3326 |
| Other assets | 1 | 0<br> <sup>(b)</sup> |
| Total assets | $6284696 | $212007 |
| **Liabilities and net assets** | **Liabilities and net assets** | **Liabilities and net assets** |
| Payable for: | Payable for: | Payable for: |
| Securities purchased | 35071 | 150 |
| Fund shares redeemed | 3505 | 12 |
| Options written, at value | 535<br> <sup>(d)</sup> | 0 |
| Investment advisory fee | 638 | 15 |
| Other shareholder servicing fees | 639 | 19 |
| Transfer and dividend disbursing agent fees | 76 | 1 |
| Trustee fees | 2 | 0<br> <sup>(b)</sup> |
| Deferred trustee compensation | 2088 | 161 |
| Loan payable | 83 | 25 |
| Other | 1763 | 122 |
| Total liabilities | 44400 | 505 |
| Net assets applicable to Fund shares outstanding | $6240296 | $211502 |
| **Analysis of net assets** | **Analysis of net assets** | **Analysis of net assets** |
| Paid in capital | $5382506 | $218137 |
| Distributable earnings | 857790 | (6635) |
| Net assets applicable to Fund shares outstanding | $6240296 | $211502 |
| **Price of shares** | **Price of shares** | **Price of shares** |
| Net asset value, offering and redemption price per share: <br>Investor Class | $38.00 | $9.03<br> <sup>(e)</sup> |
| Investor Class—Net assets | $3998500 | $7878 |
| Investor Class—Shares outstanding (Unlimited shares <br>authorized) | 105217 | 873 |
| Net asset value, offering and redemption price per share: <br>Advisor Class | $37.96 | $9.05 |
| Advisor Class—Net assets | $708791 | $63281 |
| Advisor Class—Shares outstanding (Unlimited shares <br>authorized) | 18673 | 6993 |
| Net asset value, offering and redemption price per share: <br>Institutional Class | $37.95 | $9.05 |
| Institutional Class—Net assets | $1173864 | $17419 |
| Institutional Class—Shares outstanding (Unlimited <br>shares authorized) | 30932 | 1925 |
| Net asset value, offering and redemption price per share: <br>R6 Class | $37.95<br> <sup>(e)</sup> | $9.05 |
| R6 Class—Net assets | $359141 | $122924 |
| R6 Class—Shares outstanding (Unlimited shares <br>authorized) | 9465 | 13589 |
| (a) Identified cost of investments in unaffiliated securities. | $5227206 | $206843 |
| (b) Amount rounds to less than $1,000. |  |  |
| (c) Identified cost of foreign currency. | $0 | $0 |
| (d) Written options premiums received of $1,156 (in thousands) for the Oakmark Equity and Income Fund. |  |  |
| (e) Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on September 30, 2025. |  |  |

---

*See accompanying Notes to Financial Statements.*

26 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Operations *For the Year Ended September 30, 2025 (in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Oakmark <br>Fund** | **Oakmark<br>Select<br>Fund** | **Oakmark<br>Global<br>Fund** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from unaffiliated securities | $404474 | $81468 | $23457 |
| Dividends from affiliated securities | 0 | 2822 | 0 |
| Interest income from unaffiliated securities | 65941 | 20389 | 1442 |
| Security lending income | 0 | 0 | 0 |
| Other income | 2867 | 3 | 986 |
| Foreign taxes withheld | (1156) | 0 | (1104) |
| Total investment income | 472126 | 104682 | 24781 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 141669 | 50541 | 8773 |
| Transfer and dividend disbursing agent fees | 927 | 439 | 186 |
| Other shareholder servicing fees—Investor Class | 5854 | 1079 | 285 |
| Other shareholder servicing fees—Advisor Class | 2545 | 5250 | 77 |
| Other shareholder servicing fees—Institutional Class | 4270 | 233 | 103 |
| Service fee—Investor Class | 21557 | 3291 | 959 |
| Reports to shareholders | 759 | 393 | 34 |
| Custody and accounting fees | 358 | 146 | 111 |
| Registration and blue sky expenses | 284 | 125 | 76 |
| Trustees fees | 1405 | 452 | 114 |
| Legal fees | 1044 | 324 | 60 |
| Audit and tax services fees | 60 | 58 | 56 |
| Interest expense | 20 | 3 | 0 |
| Other | 748 | 279 | 112 |
| Total expenses | 181500 | 62613 | 10946 |
| Net expenses | 181500 | 62613 | 10946 |
| **Net investment income** | $**290626** | $**42069** | $**13835** |
| **Net realized and unrealized gain (loss):** | **Net realized and unrealized gain (loss):** | **Net realized and unrealized gain (loss):** | **Net realized and unrealized gain (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Unaffiliated investments | (961052) | (324676) | (17595) |
| Unaffiliated in-kind transactions | 3109698 | 1185576 | 158717 |
| Affiliated in-kind transactions | 0 | 4528 | 0 |
| Foreign currency transactions | 0 | 0 | 11 |
| Purchased options | 14472 | (5276) | (1007) |
| Written options | 60252 | 21928 | (920) |
| Net realized gain | 2223370 | 882080 | 139206 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Unaffiliated investments | 17379 | (125191) | (68481) |
| Affiliated investments | 0 | (5155) | 0 |
| Foreign currency translation | 0 | 0 | 189 |
| Written options | (481) | 0 | 0 |
| Net change in unrealized appreciation (depreciation) | 16898 | (130346) | (68292) |
| Net realized and unrealized gain | 2240268 | 751734 | 70914 |
| Net increase in net assets resulting from operations | $2530894 | $793803 | $84749 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 27

------

**Oakmark Funds**

Statements of Operations *For the Year Ended September 30, 2025 (in thousands) (continued)*

---

| | | | |
|:---|:---|:---|:---|
| | **Oakmark <br>Global Select <br>Fund** | **Oakmark<br>International<br>Fund** | **Oakmark<br>International<br>Small Cap Fund** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from unaffiliated securities | $21922 | $435255 | $44319 |
| Dividends from affiliated securities | 0 | 11765 | 0 |
| Interest income from unaffiliated securities | 1970 | 20190 | 1558 |
| Security lending income | 0 | 21 | 11 |
| Other income | 15 | 13667 | 66 |
| Foreign taxes withheld | (755) | (37083) | (3777) |
| Total investment income | 23152 | 443815 | 42177 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 7777 | 108589 | 13468 |
| Transfer and dividend disbursing agent fees | 70 | 380 | 83 |
| Other shareholder servicing fees—Investor Class | 193 | 2984 | 230 |
| Other shareholder servicing fees—Advisor Class | 157 | 2118 | 200 |
| Other shareholder servicing fees—Institutional Class | 267 | 3378 | 208 |
| Service fee—Investor Class | 625 | 9636 | 690 |
| Reports to shareholders | 29 | 832 | 54 |
| Custody and accounting fees | 92 | 896 | 285 |
| Registration and blue sky expenses | 67 | 194 | 78 |
| Trustees fees | 101 | 1068 | 127 |
| Legal fees | 57 | 400 | 46 |
| Audit and tax services fees | 58 | 90 | 100 |
| Other | 107 | 520 | 122 |
| Total expenses | 9600 | 131085 | 15691 |
| Net expenses | 9600 | 131085 | 15691 |
| **Net investment income** | $**13552** | $**312730** | $**26486** |
| **Net realized and unrealized gain (loss):** | **Net realized and unrealized gain (loss):** | **Net realized and unrealized gain (loss):** | **Net realized and unrealized gain (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Unaffiliated investments | (37063) | 1175579<br> <sup>(a)</sup> | 80436 |
| Affiliated investments | 0 | (698925) | 0 |
| Unaffiliated in-kind transactions | 161005 | 26864 | 0 |
| Affiliated in-kind transactions | 0 | (166) | 0 |
| Foreign currency transactions | (82) | (3336) | 176 |
| Net realized gain | 123860 | 500016 | 80612 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Unaffiliated investments | (29957) | 499953<br> <sup>(b)</sup> | 35543 |
| Affiliated investments | 0 | 509762 | 0 |
| Forward foreign currency contracts | 0 | (61) | 0 |
| Foreign currency translation | 161 | 3154 | 286 |
| Net change in unrealized appreciation (depreciation) | (29796) | 1012808 | 35829 |
| Net realized and unrealized gain | 94064 | 1512824 | 116441 |
| Net increase in net assets resulting from operations | $107616 | $1825554 | $142927 |

---

(a) Net of capital gain withholding taxes of $2,226 (in thousands) for the Oakmark International Fund.

(b) Includes net change in capital gain withholding taxes of $(2,629) (in thousands) for the Oakmark International Fund.

*See accompanying Notes to Financial Statements.*

28 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Operations *For the Year Ended September 30, 2025 (in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark <br>Equity and <br>Income Fund** | **Oakmark <br>Bond<br>Fund** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividends from unaffiliated securities | $60828 | $0 |
| Interest income from unaffiliated securities | 135791 | 10577 |
| Security lending income | 0 | 0 |
| Other income | 1180 | 0 |
| Total investment income | 197799 | 10577 |
| **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 33431 | 746 |
| Transfer and dividend disbursing agent fees | 510 | 7 |
| Other shareholder servicing fees—Investor Class | 2954 | 2 |
| Other shareholder servicing fees—Advisor Class | 347 | 23 |
| Other shareholder servicing fees—Institutional Class | 400 | 13 |
| Service fee—Investor Class | 8977 | 95 |
| Reports to shareholders | 147 | 12 |
| Custody and accounting fees | 214 | 120 |
| Registration and blue sky expenses | 101 | 65 |
| Trustees fees | 507 | 29 |
| Legal fees | 287 | 16 |
| Audit and tax services fees | 80 | 56 |
| Other | 267 | 42 |
| Total expenses | 48222 | 1226 |
| Advisory fee waiver / Expense Reimbursement from Advisor | 0 | (227) |
| Net expenses | 48222 | 999 |
| **Net investment income** | $**149577** | $**9578** |
| **Net realized and unrealized gain (loss):** | **Net realized and unrealized gain (loss):** | **Net realized and unrealized gain (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Unaffiliated investments | (6382) | 1681 |
| Unaffiliated in-kind transactions | 415559 | 0 |
| Purchased options | (1880) | 0 |
| Written options | 1042 | 0 |
| Net realized gain | 408339 | 1681 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Unaffiliated investments | (113760) | (2493) |
| Written options | 621 | 0 |
| Net change in unrealized depreciation | (113139) | (2493) |
| Net realized and unrealized gain (loss) | 295200 | (812) |
| Net increase in net assets resulting from operations | $444777 | $8766 |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 29

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Fund** | **Oakmark Fund** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $290626 | $290030 |
| Net realized gain | 2223370 | 2083793 |
| Net change in unrealized appreciation | 16898 | 2634813 |
| **Net increase in net assets from operations** | **2530894** | **5008636** |
| **Distributions to shareholders from:** | **Distributions to shareholders from:** | **Distributions to shareholders from:** |
| Distributions to shareholders—Investor Class | (111179) | (89755) |
| Distributions to shareholders—Advisor Class | (36322) | (27077) |
| Distributions to shareholders—Institutional Class | (102858) | (68850) |
| Distributions to shareholders—R6 Class | (39643) | (29318) |
| **Total distributions to shareholders** | **(290002)** | **(215000)** |
| **From Fund share transactions:** | **From Fund share transactions:** | **From Fund share transactions:** |
| Proceeds from shares sold—Investor Class | 1118738 | 1595819 |
| Proceeds from shares sold—Advisor Class | 1275614 | 691123 |
| Proceeds from shares sold—Institutional Class | 1744199 | 2045309 |
| Proceeds from shares sold—R6 Class | 6755802 | 5369630 |
| Reinvestment of distributions—Investor Class | 108169 | 87267 |
| Reinvestment of distributions—Advisor Class | 35265 | 26091 |
| Reinvestment of distributions—Institutional Class | 87594 | 60610 |
| Reinvestment of distributions—R6 Class | 32055 | 23464 |
| Payment for shares redeemed—Investor Class | (2360307) | (1658019) |
| Payment for shares redeemed—Advisor Class | (611179) | (522012) |
| Payment for shares redeemed—Institutional Class | (1594270) | (1033641) |
| Payment for shares redeemed—R6 Class | (7164675) | (5254752) |
| **Net increase (decrease) in net assets from Fund share transactions** | **(572995)** | **1430889** |
| **Total increase in net assets** | 1667897 | 6224525 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 23077845 | 16853320 |
| End of year | $24745742 | $23077845 |

---

*See accompanying Notes to Financial Statements.*

30 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Fund (continued)** | **Oakmark Fund (continued)** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** |
| Shares sold | 7192 | 11850 |
| Shares issued in reinvestment of dividends | 687 | 662 |
| Less shares redeemed | (15022) | (12279) |
| **Net increase (decrease) in shares outstanding** | **(7143)** | **233** |
| **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** |
| Shares sold | 7995 | 5070 |
| Shares issued in reinvestment of dividends | 224 | 198 |
| Less shares redeemed | (3889) | (3853) |
| **Net increase in shares outstanding** | **4330** | **1415** |
| **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** |
| Shares sold | 11114 | 15209 |
| Shares issued in reinvestment of dividends | 557 | 460 |
| Less shares redeemed | (10385) | (7572) |
| **Net increase in shares outstanding** | **1286** | **8097** |
| **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** |
| Shares sold | 42881 | 39026 |
| Shares issued in reinvestment of dividends | 204 | 178 |
| Less shares redeemed | (45353) | (37977) |
| **Net increase (decrease) in shares outstanding** | **(2268)** | **1227** |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 31

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Select Fund** | **Oakmark Select Fund** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $42069 | $39624 |
| Net realized gain | 882080 | 638724 |
| Net change in unrealized appreciation (depreciation) | (130346) | 598914 |
| **Net increase in net assets from operations** | **793803** | **1277262** |
| **Distributions to shareholders from:** | **Distributions to shareholders from:** | **Distributions to shareholders from:** |
| Distributions to shareholders—Investor Class | (5609) | (9049) |
| Distributions to shareholders—Advisor Class | (16442) | (19168) |
| Distributions to shareholders—Institutional Class | (4278) | (4644) |
| Distributions to shareholders—R6 Class | (3672) | (4142) |
| **Total distributions to shareholders** | **(30001)** | **(37003)** |
| **From Fund share transactions:** | **From Fund share transactions:** | **From Fund share transactions:** |
| Proceeds from shares sold—Investor Class | 51826 | 103800 |
| Proceeds from shares sold—Advisor Class | 868177 | 742169 |
| Proceeds from shares sold—Institutional Class | 130296 | 130923 |
| Proceeds from shares sold—R6 Class | 2581373 | 1958487 |
| Reinvestment of distributions—Investor Class | 5451 | 8793 |
| Reinvestment of distributions—Advisor Class | 16323 | 18993 |
| Reinvestment of distributions—Institutional Class | 3896 | 4227 |
| Reinvestment of distributions—R6 Class | 3367 | 3735 |
| Payment for shares redeemed—Investor Class | (308101) | (292824) |
| Payment for shares redeemed—Advisor Class | (566976) | (511930) |
| Payment for shares redeemed—Institutional Class | (126969) | (111348) |
| Payment for shares redeemed—R6 Class | (2566817) | (1963979) |
| **Net increase in net assets from Fund share transactions** | **91846** | **91046** |
| **Total increase in net assets** | 855648 | 1331305 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 6674154 | 5342849 |
| End of year | $7529802 | $6674154 |

---

*See accompanying Notes to Financial Statements.*

32 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Select Fund (continued)** | **Oakmark Select Fund (continued)** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** |
| Shares sold | 646 | 1497 |
| Shares issued in reinvestment of dividends | 65 | 127 |
| Less shares redeemed | (3809) | (4221) |
| **Net decrease in shares outstanding** | **(3098)** | **(2597)** |
| **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** |
| Shares sold | 10774 | 10666 |
| Shares issued in reinvestment of dividends | 195 | 274 |
| Less shares redeemed | (7036) | (7289) |
| **Net increase in shares outstanding** | **3933** | **3651** |
| **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** |
| Shares sold | 1598 | 1892 |
| Shares issued in reinvestment of dividends | 46 | 61 |
| Less shares redeemed | (1562) | (1623) |
| **Net increase in shares outstanding** | **82** | **330** |
| **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** |
| Shares sold | 31875 | 28241 |
| Shares issued in reinvestment of dividends | 40 | 54 |
| Less shares redeemed | (31717) | (28175) |
| **Net increase in shares outstanding** | **198** | **120** |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 33

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Global Fund** | **Oakmark Global Fund** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $13835 | $17186 |
| Net realized gain | 139206 | 114871 |
| Net change in unrealized appreciation (depreciation) | (68292) | 55558 |
| **Net increase in net assets from operations** | **84749** | **187615** |
| **Distributions to shareholders from:** | **Distributions to shareholders from:** | **Distributions to shareholders from:** |
| Distributions to shareholders—Investor Class | (6290) | (25318) |
| Distributions to shareholders—Advisor Class | (1760) | (6234) |
| Distributions to shareholders—Institutional Class | (4336) | (16376) |
| Distributions to shareholders—R6 Class | (1616) | (5164) |
| **Total distributions to shareholders** | **(14002)** | **(53092)** |
| **From Fund share transactions:** | **From Fund share transactions:** | **From Fund share transactions:** |
| Proceeds from shares sold—Investor Class | 24359 | 30727 |
| Proceeds from shares sold—Advisor Class | 42364 | 6920 |
| Proceeds from shares sold—Institutional Class | 17389 | 17901 |
| Proceeds from shares sold—R6 Class | 345927 | 272478 |
| Reinvestment of distributions—Investor Class | 6123 | 24635 |
| Reinvestment of distributions—Advisor Class | 1664 | 5949 |
| Reinvestment of distributions—Institutional Class | 4178 | 15792 |
| Reinvestment of distributions—R6 Class | 1578 | 4996 |
| Payment for shares redeemed—Investor Class | (130562) | (116465) |
| Payment for shares redeemed—Advisor Class | (23748) | (24510) |
| Payment for shares redeemed—Institutional Class | (46635) | (100659) |
| Payment for shares redeemed—R6 Class | (367632) | (281355) |
| **Net decrease in net assets from Fund share transactions** | **(124995)** | **(143591)** |
| **Total decrease in net assets** | (54248) | (9068) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 1174156 | 1183224 |
| End of year | $1119908 | $1174156 |

---

*See accompanying Notes to Financial Statements.*

34 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Global Fund (continued)** | **Oakmark Global Fund (continued)** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** |
| Shares sold | 724 | 924 |
| Shares issued in reinvestment of dividends | 182 | 772 |
| Less shares redeemed | (3720) | (3604) |
| **Net decrease in shares outstanding** | **(2814)** | **(1908)** |
| **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** |
| Shares sold | 1153 | 217 |
| Shares issued in reinvestment of dividends | 49 | 186 |
| Less shares redeemed | (693) | (757) |
| **Net increase (decrease) in shares outstanding** | **509** | **(354)** |
| **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** |
| Shares sold | 505 | 554 |
| Shares issued in reinvestment of dividends | 124 | 495 |
| Less shares redeemed | (1348) | (3084) |
| **Net decrease in shares outstanding** | **(719)** | **(2035)** |
| **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** |
| Shares sold | 9990 | 8440 |
| Shares issued in reinvestment of dividends | 47 | 157 |
| Less shares redeemed | (10717) | (8663) |
| **Net decrease in shares outstanding** | **(680)** | **(66)** |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 35

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $13552 | $12972 |
| Net realized gain | 123860 | 159315 |
| Net change in unrealized appreciation (depreciation) | (29796) | 19468 |
| **Net increase in net assets from operations** | **107616** | **191755** |
| **Distributions to shareholders from:** | **Distributions to shareholders from:** | **Distributions to shareholders from:** |
| Distributions to shareholders—Investor Class | (3485) | (3008) |
| Distributions to shareholders—Advisor Class | (1654) | (1485) |
| Distributions to shareholders—Institutional Class | (6005) | (5144) |
| Distributions to shareholders—R6 Class | (1856) | (1360) |
| **Total distributions to shareholders** | **(13000)** | **(10997)** |
| **From Fund share transactions:** | **From Fund share transactions:** | **From Fund share transactions:** |
| Proceeds from shares sold—Investor Class | 10935 | 10027 |
| Proceeds from shares sold—Advisor Class | 15948 | 19928 |
| Proceeds from shares sold—Institutional Class | 23258 | 25882 |
| Proceeds from shares sold—R6 Class | 330373 | 330141 |
| Reinvestment of distributions—Investor Class | 3354 | 2909 |
| Reinvestment of distributions—Advisor Class | 1618 | 1457 |
| Reinvestment of distributions—Institutional Class | 5112 | 4189 |
| Reinvestment of distributions—R6 Class | 1812 | 1332 |
| Payment for shares redeemed—Investor Class | (74233) | (86422) |
| Payment for shares redeemed—Advisor Class | (20737) | (47870) |
| Payment for shares redeemed—Institutional Class | (87573) | (112946) |
| Payment for shares redeemed—R6 Class | (341822) | (334645) |
| **Net decrease in net assets from Fund share transactions** | **(131955)** | **(186018)** |
| **Total decrease in net assets** | (37339) | (5260) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 1056148 | 1061408 |
| End of year | $1018809 | $1056148 |

---

*See accompanying Notes to Financial Statements.*

36 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Global Select Fund (continued)** | **Oakmark Global Select Fund (continued)** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** |
| Shares sold | 459 | 470 |
| Shares issued in reinvestment of dividends | 147 | 138 |
| Less shares redeemed | (3112) | (4063) |
| **Net decrease in shares outstanding** | **(2506)** | **(3455)** |
| **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** |
| Shares sold | 654 | 949 |
| Shares issued in reinvestment of dividends | 71 | 70 |
| Less shares redeemed | (872) | (2218) |
| **Net decrease in shares outstanding** | **(147)** | **(1199)** |
| **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** |
| Shares sold | 982 | 1211 |
| Shares issued in reinvestment of dividends | 224 | 199 |
| Less shares redeemed | (3679) | (5294) |
| **Net decrease in shares outstanding** | **(2473)** | **(3884)** |
| **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** |
| Shares sold | 13770 | 15465 |
| Shares issued in reinvestment of dividends | 80 | 63 |
| Less shares redeemed | (14304) | (15571) |
| **Net decrease in shares outstanding** | **(454)** | **(43)** |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 37

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark International Fund** | **Oakmark International Fund** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $312730 | $442322 |
| Net realized gain | 500016 | 1285237 |
| Net change in unrealized appreciation (depreciation) | 1012808 | 671225 |
| **Net increase in net assets from operations** | **1825554** | **2398784** |
| **Distributions to shareholders from:** | **Distributions to shareholders from:** | **Distributions to shareholders from:** |
| Distributions to shareholders—Investor Class | (105988) | (109011) |
| Distributions to shareholders—Advisor Class | (53628) | (52642) |
| Distributions to shareholders—Institutional Class | (182642) | (187845) |
| Distributions to shareholders—R6 Class | (72748) | (60520) |
| **Total distributions to shareholders** | **(415006)** | **(410018)** |
| **From Fund share transactions:** | **From Fund share transactions:** | **From Fund share transactions:** |
| Proceeds from shares sold—Investor Class | 389024 | 423374 |
| Proceeds from shares sold—Advisor Class | 362197 | 485240 |
| Proceeds from shares sold—Institutional Class | 895748 | 1809271 |
| Proceeds from shares sold—R6 Class | 1009813 | 471575 |
| Reinvestment of distributions—Investor Class | 99084 | 102240 |
| Reinvestment of distributions—Advisor Class | 53092 | 52178 |
| Reinvestment of distributions—Institutional Class | 108966 | 126725 |
| Reinvestment of distributions—R6 Class | 62144 | 50785 |
| Payment for shares redeemed—Investor Class | (1849393) | (1890633) |
| Payment for shares redeemed—Advisor Class | (1343857) | (1066349) |
| Payment for shares redeemed—Institutional Class | (4047305) | (2876530) |
| Payment for shares redeemed—R6 Class | (925442) | (621937) |
| **Net decrease in net assets from Fund share transactions** | **(5185929)** | **(2934061)** |
| **Total decrease in net assets** | (3775381) | (945295) |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 18334006 | 19279301 |
| End of year | $14558625 | $18334006 |

---

*See accompanying Notes to Financial Statements.*

38 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark International Fund (continued)** | **Oakmark International Fund (continued)** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** |
| Shares sold | 14422 | 16292 |
| Shares issued in reinvestment of dividends | 3830 | 3829 |
| Less shares redeemed | (67292) | (72682) |
| **Net decrease in shares outstanding** | **(49040)** | **(52561)** |
| **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** |
| Shares sold | 12598 | 18913 |
| Shares issued in reinvestment of dividends | 2059 | 1959 |
| Less shares redeemed | (49054) | (41220) |
| **Net decrease in shares outstanding** | **(34397)** | **(20348)** |
| **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** |
| Shares sold | 32982 | 70418 |
| Shares issued in reinvestment of dividends | 4227 | 4758 |
| Less shares redeemed | (152650) | (109720) |
| **Net decrease in shares outstanding** | **(115441)** | **(34544)** |
| **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** |
| Shares sold | 36250 | 18116 |
| Shares issued in reinvestment of dividends | 2410 | 1907 |
| Less shares redeemed | (33981) | (24010) |
| **Net increase (decrease) in shares outstanding** | **4679** | **(3987)** |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 39

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $26486 | $28109 |
| Net realized gain | 80612 | 104105 |
| Net change in unrealized appreciation (depreciation) | 35829 | 155533 |
| **Net increase in net assets from operations** | **142927** | **287747** |
| **Distributions to shareholders from:** | **Distributions to shareholders from:** | **Distributions to shareholders from:** |
| Distributions to shareholders—Investor Class | (19588) | (7113) |
| Distributions to shareholders—Advisor Class | (9723) | (3597) |
| Distributions to shareholders—Institutional Class | (35014) | (11336) |
| Distributions to shareholders—R6 Class | (26603) | (6957) |
| **Total distributions to shareholders** | **(90928)** | **(29003)** |
| **From Fund share transactions:** | **From Fund share transactions:** | **From Fund share transactions:** |
| Proceeds from shares sold—Investor Class | 33175 | 38954 |
| Proceeds from shares sold—Advisor Class | 27454 | 32871 |
| Proceeds from shares sold—Institutional Class | 60274 | 131817 |
| Proceeds from shares sold—R6 Class | 24120 | 201215 |
| Reinvestment of distributions—Investor Class | 18895 | 6873 |
| Reinvestment of distributions—Advisor Class | 9620 | 3562 |
| Reinvestment of distributions—Institutional Class | 23649 | 7531 |
| Reinvestment of distributions—R6 Class | 17638 | 3483 |
| Payment for shares redeemed—Investor Class | (79164) | (99297) |
| Payment for shares redeemed—Advisor Class | (29733) | (53678) |
| Payment for shares redeemed—Institutional Class | (170831) | (79056) |
| Payment for shares redeemed—R6 Class | (317389) | (102507) |
| **Net increase (decrease) in net assets from Fund share transactions** | **(382292)** | **91768** |
| **Total increase (decrease) in net assets** | (330293) | 350512 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 1667873 | 1317361 |
| End of year | $1337580 | $1667873 |

---

*See accompanying Notes to Financial Statements.*

40 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark International Small Cap Fund (continued)** | **Oakmark International Small Cap Fund (continued)** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** |
| Shares sold | 1614 | 1997 |
| Shares issued in reinvestment of dividends | 1013 | 360 |
| Less shares redeemed | (3895) | (5186) |
| **Net decrease in shares outstanding** | **(1268)** | **(2829)** |
| **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** |
| Shares sold | 1315 | 1753 |
| Shares issued in reinvestment of dividends | 516 | 186 |
| Less shares redeemed | (1500) | (2790) |
| **Net increase (decrease) in shares outstanding** | **331** | **(851)** |
| **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** |
| Shares sold | 3021 | 6921 |
| Shares issued in reinvestment of dividends | 1272 | 395 |
| Less shares redeemed | (8456) | (4113) |
| **Net increase (decrease) in shares outstanding** | **(4163)** | **3203** |
| **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** |
| Shares sold | 1227 | 10025 |
| Shares issued in reinvestment of dividends | 950 | 183 |
| Less shares redeemed | (16790) | (5183) |
| **Net increase (decrease) in shares outstanding** | **(14613)** | **5025** |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 41

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $149577 | $151843 |
| Net realized gain | 408339 | 510952 |
| Net change in unrealized appreciation (depreciation) | (113139) | 487423 |
| **Net increase in net assets from operations** | **444777** | **1150218** |
| **Distributions to shareholders from:** | **Distributions to shareholders from:** | **Distributions to shareholders from:** |
| Distributions to shareholders—Investor Class | (89843) | (171662) |
| Distributions to shareholders—Advisor Class | (15567) | (24988) |
| Distributions to shareholders—Institutional Class | (28828) | (48556) |
| Distributions to shareholders—R6 Class | (8723) | (12812) |
| **Total distributions to shareholders** | **(142961)** | **(258018)** |
| **From Fund share transactions:** | **From Fund share transactions:** | **From Fund share transactions:** |
| Proceeds from shares sold—Investor Class | 132420 | 173449 |
| Proceeds from shares sold—Advisor Class | 188669 | 61086 |
| Proceeds from shares sold—Institutional Class | 146950 | 142634 |
| Proceeds from shares sold—R6 Class | 990590 | 1090623 |
| Reinvestment of distributions—Investor Class | 86014 | 165110 |
| Reinvestment of distributions—Advisor Class | 14989 | 23940 |
| Reinvestment of distributions—Institutional Class | 25747 | 43181 |
| Reinvestment of distributions—R6 Class | 8256 | 11194 |
| Payment for shares redeemed—Investor Class | (868357) | (718182) |
| Payment for shares redeemed—Advisor Class | (120406) | (121689) |
| Payment for shares redeemed—Institutional Class | (250449) | (175240) |
| Payment for shares redeemed—R6 Class | (961793) | (1067104) |
| **Net decrease in net assets from Fund share transactions** | **(607370)** | **(370998)** |
| **Total increase (decrease) in net assets** | (305554) | 521202 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 6545850 | 6024648 |
| End of year | $6240296 | $6545850 |

---

*See accompanying Notes to Financial Statements.*

42 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Equity and Income Fund (continued)** | **Oakmark Equity and Income Fund (continued)** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** |
| Shares sold | 3617 | 5144 |
| Shares issued in reinvestment of dividends | 2341 | 4824 |
| Less shares redeemed | (23697) | (21134) |
| **Net decrease in shares outstanding** | **(17739)** | **(11166)** |
| **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** |
| Shares sold | 5138 | 1813 |
| Shares issued in reinvestment of dividends | 407 | 700 |
| Less shares redeemed | (3266) | (3584) |
| **Net increase (decrease) in shares outstanding** | **2279** | **(1071)** |
| **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** |
| Shares sold | 3998 | 4203 |
| Shares issued in reinvestment of dividends | 701 | 1262 |
| Less shares redeemed | (6831) | (5166) |
| **Net increase (decrease) in shares outstanding** | **(2132)** | **299** |
| **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** |
| Shares sold | 26912 | 32171 |
| Shares issued in reinvestment of dividends | 225 | 327 |
| Less shares redeemed | (26139) | (31420) |
| **Net increase in shares outstanding** | **998** | **1078** |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 43

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Bond Fund** | **Oakmark Bond Fund** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $9578 | $7214 |
| Net realized gain (loss) | 1681 | (2089) |
| Net change in unrealized appreciation (depreciation) | (2493) | 13014 |
| **Net increase in net assets from operations** | **8766** | **18139** |
| **Distributions to shareholders from:** | **Distributions to shareholders from:** | **Distributions to shareholders from:** |
| Distributions to shareholders—Investor Class | (1960) | (998) |
| Distributions to shareholders—Advisor Class | (1344) | (524) |
| Distributions to shareholders—Institutional Class | (812) | (494) |
| Distributions to shareholders—R6 Class | (5823) | (4854) |
| **Total distributions to shareholders** | **(9939)** | **(6870)** |
| **From Fund share transactions:** | **From Fund share transactions:** | **From Fund share transactions:** |
| Proceeds from shares sold—Investor Class | 17093 | 44765 |
| Proceeds from shares sold—Advisor Class | 52799 | 20423 |
| Proceeds from shares sold—Institutional Class | 5275 | 16879 |
| Proceeds from shares sold—R6 Class | 16136 | 13087 |
| Reinvestment of distributions—Investor Class | 1956 | 993 |
| Reinvestment of distributions—Advisor Class | 1344 | 523 |
| Reinvestment of distributions—Institutional Class | 810 | 492 |
| Reinvestment of distributions—R6 Class | 5709 | 4497 |
| Payment for shares redeemed—Investor Class | (53622) | (5274) |
| Payment for shares redeemed—Advisor Class | (11073) | (2241) |
| Payment for shares redeemed—Institutional Class | (3612) | (5534) |
| Payment for shares redeemed—R6 Class | (1521) | (25748) |
| **Net increase in net assets from Fund share transactions** | **31294** | **62862** |
| **Total increase in net assets** | 30121 | 74131 |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 181381 | 107250 |
| End of year | $211502 | $181381 |

---

*See accompanying Notes to Financial Statements.*

44 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Statements of Changes in Net Assets *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Bond Fund (continued)** | **Oakmark Bond Fund (continued)** |
| | **Year Ended <br>September 30, 2025** | **Year Ended <br>September 30, 2024** |
| **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** | **Fund share transactions—Investor Class:** |
| Shares sold | 1927 | 5070 |
| Shares issued in reinvestment of dividends | 221 | 112 |
| Less shares redeemed | (5994) | (597) |
| **Net increase (decrease) in shares outstanding** | **(3846)** | **4585** |
| **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** | **Fund share transactions—Advisor Class:** |
| Shares sold | 5878 | 2309 |
| Shares issued in reinvestment of dividends | 151 | 59 |
| Less shares redeemed | (1243) | (254) |
| **Net increase in shares outstanding** | **4786** | **2114** |
| **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** | **Fund share transactions—Institutional Class:** |
| Shares sold | 590 | 1915 |
| Shares issued in reinvestment of dividends | 91 | 56 |
| Less shares redeemed | (406) | (624) |
| **Net increase in shares outstanding** | **275** | **1347** |
| **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** | **Fund share transactions—R6 Class:** |
| Shares sold | 1820 | 1501 |
| Shares issued in reinvestment of dividends | 642 | 512 |
| Less shares redeemed | (172) | (2935) |
| **Net increase (decrease) in shares outstanding** | **2290** | **(922)** |

---

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 45

------

Oakmark Funds

**Notes to Financial Statements**

**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.*

During the year ended September 30, 2025, the Trust adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations. In connection with the adoption of ASU 2023-07, the Trust's President has been designated as the Funds' Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. The CODM has determined that each Fund is a single operating segment because the CODM monitors the operating results of each Fund separately and evaluates each Fund's performance in accordance with each Fund's principal investment strategies disclosed in its prospectus. The CODM considers changes in net assets from operations, expense ratios, total returns and fund composition to make resource allocation decisions, which is consistent with the results presented in each Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets and Financial Highlights.

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"). The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

Each Fund offers four classes of shares: Investor Class Shares, Advisor Class Shares, Institutional Class Shares and R6 Class Shares. Shares of each Class are offered for purchase directly from the Funds and through certain intermediaries who have entered into an agreement with the Funds' distributor and/or Harris Associates L.P., investment adviser to the Funds (the "Adviser"). Investor Class Shares are also offered to certain retirement plans, such as 401(k) and profit sharing plans. Investor Class Shares of a Fund pay a service fee not to exceed 0.25% per annum of the average daily net assets of the Fund's Investor Shares. This service fee is paid to third-party intermediaries who provide services for and/or maintain shareholder accounts.

Income, realized and unrealized capital gains and losses, and expenses of the Funds not directly attributable to a specific class of shares are allocated to each class pro rata based on the relative net assets of each class. Transfer and dividend disbursing agent fees, service fees, other shareholder servicing fees, and reports to shareholders expenses are specific to each class.

**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 Inc., 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.

46 \| Annual Financial Statements and Other Information: Oakmark Funds

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Oakmark Funds

**Notes to Financial Statements** (continued)

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 September 30, 2025, 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.

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| | | | |
|:---|:---|:---|:---|
| **(in thousands)** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** |
| **Oakmark** |  |  |  |
| Common Stocks | $23687030 | $0 | $0 |
| Short-Term Investments | 0 | 1049894 | 0 |
| Put Options Written—Liabilities | (3069) | 0 | 0 |
| **Total** | $**23683961** | $**1049894** | $**0** |

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Annual Financial Statements and Other Information: Oakmark Funds \| 47

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Oakmark Funds

**Notes to Financial Statements** (continued)

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| | | | |
|:---|:---|:---|:---|
| **(in thousands)** | **Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)** | **Other<br>Significant<br>Observable<br>Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** |
| **Select** |  |  |  |
| Common Stocks | $7188370 | $0 | $0 |
| Short-Term Investments | 0 | 337588 | 0 |
| **Total** | $**7188370** | $**337588** | $**0** |
| **Global** |  |  |  |
| Common Stocks | $1086200 | $0 | $0 |
| Equity-Linked Security | 0 | 4193 | 0 |
| Short-Term Investments | 0 | 25443 | 0 |
| **Total** | $**1086200** | $**29636** | $**0** |
| **Global Select** |  |  |  |
| Common Stocks | $978629 | $0 | $0 |
| Short-Term Investments | 0 | 36734 | 0 |
| **Total** | $**978629** | $**36734** | $**0** |
| **International** |  |  |  |
| Common Stocks | $13815931 | $0 | $0 |
| Equity-Linked Security | 0 | 62434 | 0 |
| Preferred Stocks | 275353 | 0 | 0 |
| Short-Term Investments | 0 | 234812 | 0 |
| **Total** | $**14091284** | $**297246** | $**0** |
| **Int'l Small Cap** |  |  |  |
| Common Stocks | $1285116 | $0 | $0 |
| Preferred Stocks | 9911 | 0 | 0 |
| Short-Term Investments | 0 | 38422 | 0 |
| **Total** | $**1295027** | $**38422** | $**0** |
| **Equity and Income** |  |  |  |
| Common Stocks | $3723103 | $0 | $0 |
| Corporate Bonds | 0 | 1122506 | 0 |
| Mortgage-Backed Securities | 0 | 439647 | 0 |
| Government and Agency Securities | 0 | 325144 | 0 |
| Collateralized Mortgage Obligations | 0 | 323779 | 0 |
| Asset Backed Securities | 0 | 116991 | 0 |
| Bank Loans | 0 | 99485 | 0 |
| Short-Term Investments | 0 | 79005 | 0 |
| Call Options Written—Liabilities | (535) | 0 | 0 |
| **Total** | $**3722568** | $**2506557** | $**0** |
| **Bond** |  |  |  |
| Corporate Bonds | $0 | $90079 | $0 |
| Government and Agency Securities | 0 | 41373 | 0 |
| Collateralized Mortgage Obligations | 0 | 26925 | 0 |
| Mortgage-Backed Securities | 0 | 25230 | 0 |
| Asset Backed Securities | 0 | 12209 | 0 |
| Bank Loans | 0 | 10639 | 0 |
| Short-Term Investments | 0 | 2226 | 0 |
| **Total** | $**0** | $**208681** | $**0** |

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48 \| Annual Financial Statements and Other Information: Oakmark Funds

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Oakmark Funds

**Notes to Financial Statements** (continued)

**Offsetting assets and liabilities**

ASC 210 requires entities to disclose gross and net information about instruments and transactions eligible for offset on the Statement of Assets and Liabilities and disclose instruments and transactions subject to master netting or similar agreements. This disclosure is limited to derivative instruments, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions.

At September 30, 2025, none of the Funds held open forward foreign currency contracts.

At September 30, 2025, each Fund held investments in repurchase agreements. The gross value of these investments and the value of the related collateral are presented in each Fund's Schedule of Investments. The value of the related collateral for each Fund exceeded the value of the repurchase agreements held at year end.

The value of the securities on loan and the value of the related collateral as of year end, if any, are included in the Securities lending section of Note 2 to Financial Statements.

**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.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included in net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments in the Statements of Operations. Net realized gains and losses on foreign currency transactions arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and tax reclaims recorded and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions in the Statements of Operations. Unrealized gains and losses arising from changes in the fair value of assets and liabilities, other than investments in securities, resulting from changes in exchange rates are included in net change in unrealized appreciation (depreciation) on foreign currency translation in the Statements of Operations.

**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 year, if any, is included in the Statements of Assets and Liabilities. Realized gains and losses and the net change in unrealized appreciation (depreciation) on forward foreign currency contracts for the year, if any, are included in the Statements of Operations.

At September 30, 2025, none of the Funds held forward foreign currency contracts.

**Security transactions and investment income**

Security transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date. Interest income and expenses are recorded on an accrual basis. Discount is accreted on long-term fixed income securities using the yield-to-maturity method. Premium is amortized on long-term fixed income securities using the yield-to-earliest call method. Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Net realized gains and losses on investments are determined by the specific identification method.

**Short sales**

Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or loss, unlimited in size, will be recognized upon the termination of the short sale. Each Fund may sell shares of when-issued securities. Typically, a Fund sells when-issued securities when a company announces a spin-off or re-organization, and the post spin-off or post reorganization shares begin trading on a when-issued basis prior to the effective date of the corporate action. A sale of a when-issued security is treated as a short sale under the U.S. Generally Accepted Accounting Principles. After the effective date, when shares of the new company are received, any shares sold on a when-issued basis will be delivered to the counterparty. At September 30, 2025, 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. At September 30, 2025, 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. 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 September 30, 2025, none of the Funds held when-issued securities.

Annual Financial Statements and Other Information: Oakmark Funds \| 49

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Oakmark Funds

**Notes to Financial Statements** (continued)

**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.

**Unfunded Loan Commitments**

The Fund enters into certain agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers' discretion. Funded and unfunded portions of credit agreements are presented in the Schedule of Investments. As of September 30, 2025, unfunded commitments were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Maturity** | **Rate** | **Unfunded <br>commitment <br>(in thousands)** |
| **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** |
| Clydesdale Acquisition Holdings, Inc. <br>2025 Delayed Draw Term Loan | 04/01/32 | 3.25% | $83 |
| **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** |
| Clydesdale Acquisition Holdings, Inc. <br>2025 Delayed Draw Term Loan | 04/01/32 | 3.25% | $25 |

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**Accounting for options**

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

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

OTC derivatives, the failure of the counterparty to honor its obligation under the contract.

Oakmark, Select, Global, and Equity and Income used purchased options for tax management and as an investment strategy in an effort to increase the Funds' returns during the year ended September 30, 2025. Realized gains and losses and the net change in unrealized appreciation (depreciation) on purchased equity options for the year, if any, are included in each Fund's Statement of Operations. At September 30, 2025, there were no purchased options outstanding.

Oakmark, Select, Global, and Equity and Income used options written for tax management and as an investment strategy in an effort to increase the Funds' returns during the year ended September 30, 2025. Realized gains and losses and the net change in unrealized appreciation (depreciation) on written equity options for the year, if any, are included in each Fund's Statement of Operations. Written options outstanding, if any, are listed on each Fund's Schedule of Investments.

For the year ended September 30, 2025, the amount of premiums paid (received) for equity options purchased and written are listed by Fund in the table below (in thousands):

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| | | |
|:---|:---|:---|
| **Fund** | **Equity<br>Options<br>Purchased** | **Equity<br>Options<br>Written** |
| Oakmark | $250074 | $(301244) |
| Select | 38875 | (41375) |
| Global | 1021 | (570) |
| Equity and Income | 4276 | (11014) |

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**Credit facility**

The Trust has a $200 million committed unsecured line of credit and a $300 million uncommitted unsecured discretionary demand line of credit (the "Facility") with State Street. Borrowings under the Facility bear interest at 1.35% above the greater of the Federal Funds Effective Rate or the Overnight Bank Fund Rate, as defined in the credit agreement. To maintain the Facility, an annualized commitment fee of 0.20% on the

50 \| Annual Financial Statements and Other Information: Oakmark Funds

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Oakmark Funds

**Notes to Financial Statements** (continued)

unused committed portion is charged to the Trust. Fees and interest expense, if any, related to the Facility are included in other expenses in the Statements of Operations. There were no borrowings under the Facility during the year ended September 30, 2025.

**Expense offset arrangement**

State Street serves as custodian of the Funds. State Street's fee may be reduced by credits that are an earnings allowance calculated on the average daily cash balances each Fund maintains with State Street. Credit balances used to reduce the Funds' custodian fees, if any, are reported as a reduction of total expenses in the Statements of Operations. At September 30, 2025, none of the Funds received an expense offset credit.

**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 September 30, 2025 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 year. 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. Security lending income, if any, net of any fees retained by the securities lending agent, is included in the Statement of Operations.

At September 30, 2025, none of the Funds had securities on loan.

**Interfund lending**

Pursuant to an exemptive order issued by the SEC, the Funds may participate in an interfund lending program. This program provides an alternative credit facility that allows the Funds to lend money to, and borrow money from, all funds within the Trust and within the Harris Oakmark ETF Trust for temporary purposes (an "Interfund Loan"). All Interfund Loans are subject to conditions pursuant to the SEC exemptive order designed to ensure fair and equitable treatment of participating Funds. Any Interfund Loan would consist only of uninvested cash reserves that the lending Fund otherwise would invest in short-term repurchase agreements or other short-term instruments. During the year ended September 30, 2025, there was one interfund loan. Int'l Small Cap borrowed money from Oakmark. The loan in the amount of $25 million was initiated on December 16, 2024, and the loan was re-paid in full on December 17, 2024. The interest rate on the borrowing was 5.27%. The total interest paid by Int'l Small Cap to Oakmark was $3,660.

**3. TRANSACTIONS WITH AFFILIATES**

Each Fund has an investment advisory agreement with the Adviser. For management services and facilities furnished, the Adviser receives from each Fund a monthly fee based on that Fund's average daily net assets. Annual fee rates are as follows:

The annual rates of fees as a percentage of each Fund's net assets were as follows for the year ended September 30, 2025:

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| | |
|:---|:---|
| **Fund** | **Advisory Fees** |
| Oakmark | 0.666% up to $250 million;<br>0.641% on the next $250 million;<br>0.621% on the next $4.5 billion;<br>0.606% on the next $10 billion;<br>0.576% on the next $5 billion;<br>0.546% on the next $5 billion;<br>0.516% on the next $10 billion; and<br>0.496% over $35 billion |
| Select | 0.758% up to $250 million;<br>0.733% on the next $250 million;<br>0.713% on the next $3.5 billion;<br>0.693% on the next $5 billion;<br>0.633% on the next $2 billion; and<br>0.608% over $11 billion |

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| | |
|:---|:---|
| **Fund** | **Advisory Fees** |
| Global | 0.830% up to $250 million;<br>0.805% on the next $250 million;<br>0.785% on the next $4.5 billion;<br>0.770% on the next $10 billion; and<br>0.760% over $15 billion |
| Global Select | 0.800% up to $250 million;<br>0.775% on the next $250 million;<br>0.755% on the next $4.5 billion;<br>0.740% on the next $10 billion; and<br>0.730% over $15 billion |

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Annual Financial Statements and Other Information: Oakmark Funds \| 51

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Oakmark Funds

**Notes to Financial Statements** (continued)

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| | |
|:---|:---|
| **Fund** | **Advisory Fees** |
| International | 0.785% up to $250 million;<br>0.760% on the next $250 million;<br>0.740% on the next $4.5 billion;<br>0.725% on the next $10 billion;<br>0.710% on the next $20 billion;<br>0.700% on the next $5 billion;<br>0.690% on the next $5 billion; and<br>0.680% over $45 billion |
| Int'l Small Cap | 1.020% up to $250 million;<br>0.995% on the next $250 million;<br>0.975% on the next $4.5 billion;<br>0.960% on the next $10 billion; and<br>0.950% over $15 billion |

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| | |
|:---|:---|
| **Fund** | **Advisory Fees** |
| Equity and Income | 0.580% up to $250 million;<br>0.555% on the next $250 million;<br>0.535% on the next $4.5 billion;<br>0.505% on the next $5 billion;<br>0.475% on the next $3 billion;<br>0.445% on the next $3.5 billion;<br>0.415% on the next $10 billion; and<br>0.385% over $26.5 billion |
| Bond | 0.39% of net assets |

---

The Adviser has contractually agreed, through January 27, 2026, to reimburse each Fund Class, pursuant to an expense limitation agreement ("Expense Cap"), to the extent, but only to the extent that the annualized expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary charges such as litigation costs, but including fees paid to the Adviser) exceed the percent set forth below of average daily net assets of each Fund Class.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Investor<br>Class** | **Advisor<br>Class** | **Institutional<br>Class** | **R6<br>Class** |
| Oakmark | 1.40% | 1.15% | 1.10% | 0.95% |
| Select | 1.50 | 1.25 | 1.20 | 1.05 |
| Global | 1.55 | 1.30 | 1.25 | 1.10 |
| Global Select | 1.55 | 1.30 | 1.25 | 1.10 |
| International | 1.55 | 1.30 | 1.25 | 1.10 |
| Int'l Small Cap | 1.75 | 1.50 | 1.45 | 1.30 |
| Equity and Income | 1.25 | 1.00 | 0.95 | 0.80 |
| Bond | 0.74 | 0.54 | 0.52 | 0.44 |

---

During the year ended September 30, 2025, Fund Class expenses (in thousands) have been reimbursed as follows<sup>@</sup>:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Amount** |
| Bond | Investor | $40 |
| Bond | Advisor | 29 |
| Bond | Institutional | 22 |
| Bond | R6 | 136 |

---

<sup>@</sup> Expenses reimbursed are subject to possible recovery until September 30, 2028.

The Adviser is entitled to recoup from assets attributable to any Fund Class amounts reimbursed to that Fund Class, except to the extent that the Fund Class already has paid such recoupment to the Adviser or such recoupment would cause that Class's total operating expenses to exceed the expense limitation or to exceed any lower limit in effect at the time of recoupment. Any such repayment must be made within three fiscal years after the year in which the reimbursement occurred. As of September 30, 2025, the following amounts are subject to recoupment (in thousands).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Amount & Expiration Date** | **Amount & Expiration Date** | **Amount & Expiration Date** | |
|<br>**Fund** |<br>**Class** | **09/30/26** | **09/30/27** | **09/30/28** |<br>**Total** |
| Bond | Investor | $6 | $45 | $40 | $91 |
| Bond | Advisor | 7 | 22 | 29 | 58 |
| Bond | Institutional | 16 | 26 | 22 | 64 |
| Bond | R6 | 520 | 325 | 136 | 981 |

---

The Adviser and/or the Funds have entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries and have agreed to compensate the intermediaries for providing those services. Certain of those services would be provided by the Funds if the shares of those

customers were registered directly with the Funds' transfer agent. Accordingly, the Funds pay the majority of the intermediary fees pursuant to an agreement with the Adviser and the Adviser pays the remainder of the fees. The fees incurred by the Funds are reflected as other shareholder servicing fees in the Statements of Operations.

52 \| Annual Financial Statements and Other Information: Oakmark Funds

------

Oakmark Funds

**Notes to Financial Statements** (continued)

The Independent Trustees of the Trust may participate in the Trust's Deferred Compensation Plan for Independent Trustees. Participants in the plan may elect to defer all or a portion of their compensation.

Amounts deferred are retained by the Trust and represent an unfunded obligation of the Trust. The value of a participant's deferral account is determined by reference to the change in value of one or more approved funds as specified by the participant. Benefits would be payable after a stated number of years or retirement from the Board of Trustees. The accrued obligations of the Funds under the plan are reflected as deferred Trustee compensation in the Statements of Assets and Liabilities. The change in the accrued obligations for the year is included in Trustees' fees in the Statements of Operations. The Trust pays the compensation of any trustee who is not an "interested person" of the Trust, and any other Trustee who has been approved by the Governance Committee of the Board of Trustees of the Trust to receive compensation from the Trust for his or her service as a Trustee of the Trust, and all expenses

incurred in connection with their services to the Trust. The Trust does not provide any pension or retirement benefits to its Trustees.

The Funds reimburse the Adviser for the compensation paid to the Funds' Chief Compliance Officer ("CCO"). The CCO expenses incurred by the Funds are included in other expenses in the Statements of Operations.

**4. FEDERAL INCOME TAXES**

It is each Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net taxable income, including any net realized gains on investments, to its shareholders. Therefore, no federal income tax provision is required. The Adviser has determined that no income tax provision for uncertain tax positions is required in the Funds' financial statements. Generally, each of the tax years in the four-year year ended September 30, 2025, remains subject to examination by taxing authorities.

At September 30, 2025, the cost of investments for federal income tax purposes and related composition of unrealized gains and losses for each Fund were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of Investments<br>for Federal Income<br>Tax Purposes** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| Oakmark | $19298320 | $5857770 | $(419166) | $5438604 |
| Select | 5983416 | 1710397 | (167855) | 1542542 |
| Global | 917049 | 231211 | (32424) | 198787 |
| Global Select | 850411 | 198232 | (33280) | 164952 |
| International | 12302231 | 2666129 | (579830) | 2086299 |
| Int'l Small Cap | 1136573 | 287148 | (90272) | 196876 |
| Equity and Income | 5223498 | 1115086 | (108924) | 1006162 |
| Bond | 206843 | 3645 | (1807) | 1838 |

---

As of September 30, 2025, the short- and long-term capital losses available to offset future capital gains were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Utilized During<br>the Year** | **Short-Term** | **Long-Term** | **Total at<br>Year End** |
| Oakmark | $— | $1009471 | $99964 | $1109435 |
| Select |  | 552236 | 209539 | 761775 |
| Global |  | 25095 |  | 25095 |
| Global Select |  | 89139 |  | 89139 |
| International | 254722 | 1894742 | 11007 | 1905749 |
| Int'l Small Cap |  |  |  |  |
| Equity and Income |  | 87642 | 62985 | 150627 |
| Bond | 1671 | 1874 | 6664 | 8538 |

---

At September 30, 2025, the components of distributable earnings on a tax basis (excluding unrealized appreciation (depreciation)) were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary Income** | **Undistributed Long-<br>Term Gain** | **Total Distributable<br>Earnings** |
| Oakmark | $198629 | $— | $198629 |
| Select | 31996 |  | 31996 |
| Global | 7122 |  | 7122 |
| Global Select | 9039 |  | 9039 |
| International | 291950 |  | 291950 |
| Int'l Small Cap | 23902 | 44030 | 67932 |
| Equity and Income | 1635 |  | 1635 |
| Bond | 65 |  | 65 |

---

Annual Financial Statements and Other Information: Oakmark Funds \| 53

------

Oakmark Funds

**Notes to Financial Statements** (continued)

During the year ended September 30, 2025, and the year ended September 30, 2024, the tax character of distributions paid was as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2024** | **Year Ended<br>September 30, 2024** |
|<br>**Fund** | **Distributions Paid<br>from Ordinary <br>Income** | **Distributions Paid<br>from Long-Term<br>Capital Gain** | **Distributions Paid<br>from Ordinary<br>Income** | **Distributions Paid<br>from Long-Term<br>Capital Gain** |
| Oakmark | $290002 | $— | $215000 | $— |
| Select | 30001 |  | 37003 |  |
| Global | 14002 |  | 21001 | 32091 |
| Global Select | 13000 |  | 10997 |  |
| International | 415006 |  | 410018 |  |
| Int'l Small Cap | 35127 | 55801 | 29003 |  |
| Equity and Income | 142961 |  | 258018 |  |
| Bond | 9939 |  | 6870 |  |

---

On September 30, 2025, the Funds had temporary book/tax differences in undistributed earnings that were primarily attributable to trustee deferred compensation expenses, foreign dividend withholding taxes, deferrals of capital losses from straddle adjustments, return of capital received from equity securities, and deferrals of capital losses from wash sales. Temporary differences will reverse over time. The Funds have permanent differences in book/tax undistributed earnings primarily attributable to redemptions in kind and equalization.

During the year ended September 30, 2025, the following amounts were classified due to permanent differences between book and tax accounting (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid in<br>Capital** | **Distributable<br>Earnings** |
| Oakmark | $3093824 | $(3093824) |
| Select | 1187133 | (1187133) |
| Global | 159394 | (159394) |
| Global Select | 161063 | (161063) |
| International | 37324 | (37324) |
| Int'l Small Cap | 10513 | (10513) |
| Equity and Income | 416689 | (416689) |
| Bond |  |  |

---

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and the Trust has decided to early adopt.

As of September 30, 2025, the below Funds paid income taxes (net of refunds received) with respect to the below jurisdictions as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Income Taxes Paid (net of refunds received) (in thousands)** | **Income Taxes Paid (net of refunds received) (in thousands)** | **Income Taxes Paid (net of refunds received) (in thousands)** | **Income Taxes Paid (net of refunds received) (in thousands)** |
|<br>**Country** | **Global** | **Global Select** | **International** | **International<br>Small Cap** |
| Belgium |  |  |  | 75 |
| Canada |  |  | 741 | 3 |
| China |  |  |  | 150 |
| Denmark | 21 |  | 171 | 117 |
| Finland |  |  |  | (320) |
| Germany | 536 | 531 | 16600 | 267 |
| India |  |  | 2255 |  |
| Indonesia |  |  | 2657 | 54 |
| Israel |  |  |  | 184 |
| Italy |  |  | 2640 | 862 |
| Japan | 6 |  | 1382 | 208 |
| Luxembourg |  |  | 449 |  |
| Mexico |  |  |  | 292 |

---

54 \| Annual Financial Statements and Other Information: Oakmark Funds

------

Oakmark Funds

**Notes to Financial Statements** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Income Taxes Paid (net of refunds received) (in thousands)** | **Income Taxes Paid (net of refunds received) (in thousands)** | **Income Taxes Paid (net of refunds received) (in thousands)** | **Income Taxes Paid (net of refunds received) (in thousands)** |
| <br>**Country** | **Global** | **Global Select** | **International** | **International<br>Small Cap** |
| Netherlands | 150 |  | 4131 | 263 |
| South Korea | 74 |  | 2248 | 636 |
| Spain |  |  | 260 | 113 |
| Sweden |  |  | 2971 | 415 |
| Switzerland | 317 | 224 | 2804 | 458 |
| **Total** | **1104** | **755** | **39309** | **3777** |

---

**5. INVESTMENT TRANSACTIONS**

For the year ended September 30, 2025, transactions in investment securities (excluding short-term and U.S. Government securities) were as follows (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Oakmark** | **Select** | **Global** | **Global<br>Select** | **International** | **Int'l<br>Small Cap** | **Equity&<br>Income** | **Bond** |
| Purchases | $14067247 | $4089549 | $720984 | $625486 | $7384616 | $486049 | $2993372 | $168253 |
| Proceeds from sales | 8212108 | 1357920 | 501326 | 411281 | 12427060 | 917031 | 2726977 | 143897 |

---

During the year ended September 30, 2025, Oakmark, Select, Global, Global Select, International and Equity and Income had in-kind sales transactions (in thousands) of $6,283,642; $2,532,067; $337,080; $321,482; $71,453; and $920,251, respectively. These amounts are included in the Portfolio Turnover Rate presented in the Financial Highlights.

Purchases at cost (in thousands) of long-term U.S. government securities for the year ended September 30, 2025, were $1,285,728 and $138,724, respectively, for Equity and Income and Bond. Proceeds from sales (in thousands) of long-term U.S. government securities for the year ended September 30, 2025 were $1,213,186 and $125,720, respectively, for Equity and Income and Bond.

During the year ended September 30, 2025, Select, Global, and Equity and Income engaged in purchase transactions (in thousands) totaling $21,864, $4,630 and $25,428, respectively, with a fund that has a common investment advisor. These transactions complied with Rule 17a-7 under the 1940 Act. Select,

Global, and Equity and Income engaged in sale transactions (in thousands) totaling $25,428, $9,597 and$21,864 respectively, with a fund that has a common investment advisor. These transactions complied with Rule 17a-7 under the 1940 Act.

**6. 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 year ended September 30, 2025. Purchase and sale transactions and dividend and interest income earned during the year on these securities are listed after the applicable Fund's Schedule of Investments.

**7. SUBSEQUENT EVENTS**

Effective October 1, 2025, the Board of Trustees approved a change to decrease Bond Fund's existing expense caps for three classes. The expense caps for Bond Fund's Advisor, Institutional and R6 classes were reduced to 0.48%, 0.45% and 0.41%, respectively. This agreement is in place through January 27, 2027.

Annual Financial Statements and Other Information: Oakmark Funds \| 55

------

**Oakmark Funds**

Financial Highlights *For a share outstanding throughout each period*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
| |<br>**Net Asset<br>Value,<br>Beginning of<br>Period** | **Net<br>Investment<br>Income<sup>(a)</sup>** | **Net Gain<br>(Loss) on<br>Investments<br>(Both<br>Realized and<br>Unrealized)** | **Total from<br>Investment<br>Operations** | **Distributions <br>from Net<br>Investment<br>Income** | **Distributions<br>from<br>Capital<br>Gains** | **Total<br>Distributions** | **Redemption<br>Fees** |
| **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $150.72 | 1.70 | 14.99 | 16.69 | (1.70) | 0.00 | (1.70) | 0.00 |
| 9/30/24 | $118.59 | 1.76 | 31.72 | 33.48 | (1.35) | 0.00 | (1.35) | 0.00 |
| 9/30/23 | $93.61 | 1.20 | 24.72 | 25.92 | (0.94) | 0.00 | (0.94) | 0.00 |
| 9/30/22 | $115.48 | 0.91 | (21.04) | (20.13) | (0.62) | (1.12) | (1.74) | 0.00 |
| 9/30/21 | $72.67 | 0.43 | 42.53 | 42.96 | (0.15) | 0.00 | (0.15) | 0.00 |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $150.88 | 2.01 | 15.00 | 17.01 | (1.98) | 0.00 | (1.98) | 0.00 |
| 9/30/24 | $118.70 | 2.02 | 31.74 | 33.76 | (1.58) | 0.00 | (1.58) | 0.00 |
| 9/30/23 | $93.72 | 1.39 | 24.77 | 26.16 | (1.18) | 0.00 | (1.18) | 0.00 |
| 9/30/22 | $115.58 | 1.15 | (21.05) | (19.90) | (0.84) | (1.12) | (1.96) | 0.00 |
| 9/30/21 | $72.67 | 0.61 | 42.54 | 43.15 | (0.24) | 0.00 | (0.24) | 0.00 |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $150.92 | 2.06 | 15.00 | 17.06 | (2.04) | 0.00 | (2.04) | 0.00 |
| 9/30/24 | $118.72 | 2.07 | 31.74 | 33.81 | (1.61) | 0.00 | (1.61) | 0.00 |
| 9/30/23 | $93.73 | 1.46 | 24.73 | 26.19 | (1.20) | 0.00 | (1.20) | 0.00 |
| 9/30/22 | $115.64 | 1.16 | (21.05) | (19.89) | (0.90) | (1.12) | (2.02) | 0.00 |
| 9/30/21 | $72.72 | 0.70 | 42.52 | 43.22 | (0.30) | 0.00 | (0.30) | 0.00 |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $150.99 | 2.12 | 15.04 | 17.16 | (2.10) | 0.00 | (2.10) | 0.00 |
| 9/30/24 | $118.77 | 2.14 | 31.75 | 33.89 | (1.67) | 0.00 | (1.67) | 0.00 |
| 9/30/23 | $93.77 | 1.54 | 24.71 | 26.25 | (1.25) | 0.00 | (1.25) | 0.00 |
| 9/30/22 | $115.67 | 1.25 | (21.10) | (19.85) | (0.93) | (1.12) | (2.05) | 0.00 |
| 9/30/21<sup>(b)</sup> | $88.42 | 0.52 | 26.73 | 27.25 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $75.82 | 0.37 | 8.52 | 8.89 | (0.25) | 0.00 | (0.25) | 0.00 |
| 9/30/24 | $61.75 | 0.38 | 14.05 | 14.43 | (0.36) | 0.00 | (0.36) | 0.00 |
| 9/30/23 | $47.43 | 0.25 | 14.22 | 14.47 | (0.15) | 0.00 | (0.15) | 0.00 |
| 9/30/22 | $62.27 | 0.13 | (14.79) | (14.66) | (0.03) | (0.15) | (0.18) | 0.00 |
| 9/30/21 | $37.98 | (0.03) | 24.32 | 24.29 | 0.00 | 0.00 | 0.00 | 0.00 |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $75.71 | 0.48 | 8.51 | 8.99 | (0.35) | 0.00 | (0.35) | 0.00 |
| 9/30/24 | $61.66 | 0.46 | 14.03 | 14.49 | (0.44) | 0.00 | (0.44) | 0.00 |
| 9/30/23 | $47.37 | 0.31 | 14.21 | 14.52 | (0.23) | 0.00 | (0.23) | 0.00 |
| 9/30/22 | $62.21 | 0.20 | (14.78) | (14.58) | (0.11) | (0.15) | (0.26) | 0.00 |
| 9/30/21 | $37.99 | 0.03 | 24.31 | 24.34 | (0.12) | 0.00 | (0.12) | 0.00 |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $75.84 | 0.57 | 8.52 | 9.09 | (0.43) | 0.00 | (0.43) | 0.00 |
| 9/30/24 | $61.75 | 0.53 | 14.05 | 14.58 | (0.49) | 0.00 | (0.49) | 0.00 |
| 9/30/23 | $47.43 | 0.37 | 14.22 | 14.59 | (0.27) | 0.00 | (0.27) | 0.00 |
| 9/30/22 | $62.29 | 0.25 | (14.79) | (14.54) | (0.17) | (0.15) | (0.32) | 0.00 |
| 9/30/21 | $38.01 | 0.09 | 24.32 | 24.41 | (0.13) | 0.00 | (0.13) | 0.00 |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $75.85 | 0.60 | 8.52 | 9.12 | (0.45) | 0.00 | (0.45) | 0.00 |
| 9/30/24 | $61.75 | 0.56 | 14.06 | 14.62 | (0.52) | 0.00 | (0.52) | 0.00 |
| 9/30/23 | $47.45 | 0.40 | 14.20 | 14.60 | (0.30) | 0.00 | (0.30) | 0.00 |
| 9/30/22 | $62.29 | 0.27 | (14.78) | (14.51) | (0.18) | (0.15) | (0.33) | 0.00 |
| 9/30/21<sup>(b)</sup> | $47.61 | 0.08 | 14.60 | 14.68 | 0.00 | 0.00 | 0.00 | 0.00 |

---

† Data has been annualized.

(a) Computed using average shares outstanding throughout the year.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

56 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Financial Highlights *For a share outstanding throughout each period*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | |
| |<br>**Net Asset<br>Value,<br>End of<br>Period** |<br>**Total<br>Return** | **Net Assets,<br>End of<br>Period<br>($million)** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** |<br>**Portfolio<br>Turnover<br>Rate** |
| **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $165.71 | 11.13% | $9895.1 | 1.09 | % | 0.89 | % | 0.89 | % | 63% |
| 9/30/24 | $150.72 | 28.39% | $10076.8 | 1.29 | % | 0.89 | % | 0.89 | % | 42% |
| 9/30/23 | $118.59 | 27.84% | $7901.4 | 1.06 | % | 0.91 | % | 0.91 | % | 52% |
| 9/30/22 | $93.61 | -17.73% | $6489.9 | 0.81 | % | 0.91 | % | 0.89 | % | 65% |
| 9/30/21 | $115.48 | 59.18% | $8486.6 | 0.43 | % | 0.92 | % | 0.90 | % | 19% |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $165.91 | 11.35% | $3786.2 | 1.28 | % | 0.70 | % | 0.70 | % | 63% |
| 9/30/24 | $150.88 | 28.63% | $2790.1 | 1.48 | % | 0.70 | % | 0.70 | % | 42% |
| 9/30/23 | $118.70 | 28.10% | $2027.0 | 1.25 | % | 0.70 | % | 0.70 | % | 52% |
| 9/30/22 | $93.72 | -17.55% | $2477.4 | 1.03 | % | 0.70 | % | 0.68 | % | 65% |
| 9/30/21 | $115.58 | 59.49% | $2822.8 | 0.61 | % | 0.73 | % | 0.70 | % | 19% |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $165.94 | 11.38% | $8308.5 | 1.31 | % | 0.67 | % | 0.67 | % | 63% |
| 9/30/24 | $150.92 | 28.68% | $7362.5 | 1.51 | % | 0.66 | % | 0.66 | % | 42% |
| 9/30/23 | $118.72 | 28.14% | $4830.2 | 1.30 | % | 0.68 | % | 0.68 | % | 52% |
| 9/30/22 | $93.73 | -17.55% | $3572.1 | 1.03 | % | 0.69 | % | 0.67 | % | 65% |
| 9/30/21 | $115.64 | 59.56% | $4517.7 | 0.68 | % | 0.69 | % | 0.66 | % | 19% |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $166.05 | 11.44% | $2755.8 | 1.36 | % | 0.61 | % | 0.61 | % | 63% |
| 9/30/24 | $150.99 | 28.74% | $2848.4 | 1.56 | % | 0.62 | % | 0.62 | % | 42% |
| 9/30/23 | $118.77 | 28.20% | $2094.8 | 1.36 | % | 0.63 | % | 0.63 | % | 52% |
| 9/30/22 | $93.77 | -17.52% | $1167.2 | 1.13 | % | 0.65 | % | 0.63 | % | 65% |
| 9/30/21<sup>(b)</sup> | $115.67 | 30.82% | $1081.0 | 0.60 | %† | 0.65 | %† | 0.63 | %† | 19% |
| **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** | **Oakmark Select Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $84.46 | 11.72% | $1699.1 | 0.46 | % | 1.00 | % | 1.00 | % | 58% |
| 9/30/24 | $75.82 | 23.42% | $1760.0 | 0.54 | % | 0.99 | % | 0.99 | % | 57% |
| 9/30/23 | $61.75 | 30.59% | $1593.9 | 0.44 | % | 1.00 | % | 1.00 | % | 70% |
| 9/30/22 | $47.43 | -23.64% | $1318.0 | 0.21 | % | 1.00 | % | 0.98 | % | 60% |
| 9/30/21 | $62.27 | 64.01% | $1975.3 | (0.06 | %) | 1.01 | % | 0.98 | % | 20% |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $84.35 | 11.87% | $4275.4 | 0.60 | % | 0.87 | % | 0.87 | % | 58% |
| 9/30/24 | $75.71 | 23.56% | $3539.7 | 0.65 | % | 0.87 | % | 0.87 | % | 57% |
| 9/30/23 | $61.66 | 30.77% | $2657.6 | 0.56 | % | 0.88 | % | 0.88 | % | 70% |
| 9/30/22 | $47.37 | -23.55% | $2146.2 | 0.34 | % | 0.88 | % | 0.86 | % | 60% |
| 9/30/21 | $62.21 | 64.18% | $2454.2 | 0.05 | % | 0.89 | % | 0.87 | % | 20% |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $84.50 | 11.99% | $844.4 | 0.70 | % | 0.76 | % | 0.76 | % | 58% |
| 9/30/24 | $75.84 | 23.69% | $751.6 | 0.76 | % | 0.76 | % | 0.76 | % | 57% |
| 9/30/23 | $61.75 | 30.90% | $591.6 | 0.65 | % | 0.78 | % | 0.78 | % | 70% |
| 9/30/22 | $47.43 | -23.48% | $465.6 | 0.42 | % | 0.80 | % | 0.78 | % | 60% |
| 9/30/21 | $62.29 | 64.35% | $638.6 | 0.18 | % | 0.79 | % | 0.76 | % | 20% |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $84.52 | 12.03% | $710.9 | 0.74 | % | 0.73 | % | 0.73 | % | 58% |
| 9/30/24 | $75.85 | 23.75% | $622.9 | 0.80 | % | 0.73 | % | 0.73 | % | 57% |
| 9/30/23 | $61.75 | 30.93% | $499.7 | 0.69 | % | 0.74 | % | 0.74 | % | 70% |
| 9/30/22 | $47.45 | -23.44% | $295.2 | 0.47 | % | 0.75 | % | 0.73 | % | 60% |
| 9/30/21<sup>(b)</sup> | $62.29 | 30.85% | $331.2 | 0.16 | %† | 0.76 | %† | 0.74 | %† | 20% |

---

† Data has been annualized.

(a) Computed using average shares outstanding throughout the year.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 57

------

**Oakmark Funds**

Financial Highlights *For a share outstanding throughout each period*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
| |<br>**Net Asset<br>Value,<br>Beginning of<br>Period** | **Net<br>Investment<br>Income<sup>(a)</sup>** | **Net Gain<br>(Loss) on<br>Investments<br>(Both<br>Realized and<br>Unrealized)** | **Total from<br>Investment<br>Operations** | **Distributions <br>from Net<br>Investment<br>Income** | **Distributions<br>from<br>Capital<br>Gains** | **Total<br>Distributions** | **Redemption<br>Fees** |
| **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $35.01 | 0.40 | 2.53 | 2.93 | (0.39) | 0.00 | (0.39) | 0.00 |
| 9/30/24 | $31.22 | 0.44 | 4.75 | 5.19 | (0.53) | (0.87) | (1.40) | 0.00 |
| 9/30/23 | $24.79 | 0.41 | 6.24 | 6.65 | (0.22) | 0.00 | (0.22) | 0.00 |
| 9/30/22 | $36.53 | 0.37 | (8.90) | (8.53) | (0.34) | (2.87) | (3.21) | 0.00 |
| 9/30/21 | $24.73 | 0.11 | 11.74 | 11.85 | (0.05) | 0.00 | (0.05) | 0.00 |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $35.03 | 0.47 | 2.51 | 2.98 | (0.45) | 0.00 | (0.45) | 0.00 |
| 9/30/24 | $31.24 | 0.50 | 4.75 | 5.25 | (0.59) | (0.87) | (1.46) | 0.00 |
| 9/30/23 | $24.80 | 0.42 | 6.29 | 6.71 | (0.27) | 0.00 | (0.27) | 0.00 |
| 9/30/22 | $36.57 | 0.43 | (8.91) | (8.48) | (0.42) | (2.87) | (3.29) | 0.00 |
| 9/30/21 | $24.74 | 0.18 | 11.74 | 11.92 | (0.09) | 0.00 | (0.09) | 0.00 |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $35.03 | 0.48 | 2.53 | 3.01 | (0.47) | 0.00 | (0.47) | 0.00 |
| 9/30/24 | $31.24 | 0.51 | 4.76 | 5.27 | (0.61) | (0.87) | (1.48) | 0.00 |
| 9/30/23 | $24.80 | 0.51 | 6.21 | 6.72 | (0.28) | 0.00 | (0.28) | 0.00 |
| 9/30/22 | $36.58 | 0.44 | (8.91) | (8.47) | (0.44) | (2.87) | (3.31) | 0.00 |
| 9/30/21 | $24.75 | 0.18 | 11.76 | 11.94 | (0.11) | 0.00 | (0.11) | 0.00 |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $35.02 | 0.47 | 2.55 | 3.02 | (0.48) | 0.00 | (0.48) | 0.00 |
| 9/30/24 | $31.23 | 0.54 | 4.74 | 5.28 | (0.62) | (0.87) | (1.49) | 0.00 |
| 9/30/23 | $24.80 | 0.54 | 6.18 | 6.72 | (0.29) | 0.00 | (0.29) | 0.00 |
| 9/30/22 | $36.58 | 0.44 | (8.91) | (8.47) | (0.44) | (2.87) | (3.31) | 0.00 |
| 9/30/21<sup>(b)</sup> | $31.38 | 0.23 | 4.97 | 5.20 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $23.57 | 0.28 | 2.38 | 2.66 | (0.26) | 0.00 | (0.26) | 0.00 |
| 9/30/24 | $19.88 | 0.23 | 3.64 | 3.87 | (0.18) | 0.00 | (0.18) | 0.00 |
| 9/30/23 | $15.62 | 0.14 | 4.18 | 4.32 | (0.06) | 0.00 | (0.06) | 0.00 |
| 9/30/22 | $24.45 | 0.26 | (6.88) | (6.62) | (0.20) | (2.01) | (2.21) | 0.00 |
| 9/30/21 | $16.86 | 0.06 | 7.53 | 7.59 | 0.00 | 0.00 | 0.00 | 0.00 |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $23.56 | 0.33 | 2.37 | 2.70 | (0.30) | 0.00 | (0.30) | 0.00 |
| 9/30/24 | $19.87 | 0.26 | 3.64 | 3.90 | (0.21) | 0.00 | (0.21) | 0.00 |
| 9/30/23 | $15.62 | 0.16 | 4.18 | 4.34 | (0.09) | 0.00 | (0.09) | 0.00 |
| 9/30/22 | $24.44 | 0.29 | (6.86) | (6.57) | (0.24) | (2.01) | (2.25) | 0.00 |
| 9/30/21 | $16.85 | 0.09 | 7.52 | 7.61 | (0.02) | 0.00 | (0.02) | 0.00 |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $23.56 | 0.34 | 2.37 | 2.71 | (0.31) | 0.00 | (0.31) | 0.00 |
| 9/30/24 | $19.87 | 0.28 | 3.64 | 3.92 | (0.23) | 0.00 | (0.23) | 0.00 |
| 9/30/23 | $15.63 | 0.19 | 4.16 | 4.35 | (0.11) | 0.00 | (0.11) | 0.00 |
| 9/30/22 | $24.46 | 0.30 | (6.86) | (6.56) | (0.26) | (2.01) | (2.27) | 0.00 |
| 9/30/21 | $16.86 | 0.11 | 7.53 | 7.64 | (0.04) | 0.00 | (0.04) | 0.00 |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $23.58 | 0.36 | 2.37 | 2.73 | (0.33) | 0.00 | (0.33) | 0.00 |
| 9/30/24 | $19.89 | 0.31 | 3.62 | 3.93 | (0.24) | 0.00 | (0.24) | 0.00 |
| 9/30/23 | $15.64 | 0.21 | 4.16 | 4.37 | (0.12) | 0.00 | (0.12) | 0.00 |
| 9/30/22 | $24.47 | 0.31 | (6.86) | (6.55) | (0.27) | (2.01) | (2.28) | 0.00 |
| 9/30/21<sup>(b)</sup> | $20.65 | 0.15 | 3.67 | 3.82 | 0.00 | 0.00 | 0.00 | 0.00 |

---

† Data has been annualized.

(a) Computed using average shares outstanding throughout the year.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

58 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Financial Highlights *For a share outstanding throughout each period*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | |
| |<br>**Net Asset<br>Value,<br>End of<br>Period** |<br>**Total<br>Return** | **Net Assets,<br>End of<br>Period<br>($million)** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** |<br>**Portfolio<br>Turnover<br>Rate** |
| **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $37.55 | 8.49% | $521.4 | 1.15 | % | 1.11 | % | 1.11 | % | 68% |
| 9/30/24 | $35.01 | 17.06% | $584.8 | 1.35 | % | 1.12 | % | 1.12 | % | 48% |
| 9/30/23 | $31.22 | 26.88% | $581.0 | 1.33 | % | 1.13 | % | 1.13 | % | 47% |
| 9/30/22 | $24.79 | -25.74% | $516.9 | 1.13 | % | 1.13 | % | 1.11 | % | 58% |
| 9/30/21 | $36.53 | 47.96% | $802.1 | 0.31 | % | 1.16 | % | 1.13 | % | 40% |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $37.56 | 8.67% | $169.1 | 1.34 | % | 0.92 | % | 0.92 | % | 68% |
| 9/30/24 | $35.03 | 17.28% | $139.9 | 1.56 | % | 0.93 | % | 0.93 | % | 48% |
| 9/30/23 | $31.24 | 27.17% | $135.8 | 1.35 | % | 0.94 | % | 0.94 | % | 47% |
| 9/30/22 | $24.80 | -25.63% | $152.7 | 1.32 | % | 0.93 | % | 0.91 | % | 58% |
| 9/30/21 | $36.57 | 48.25% | $214.6 | 0.51 | % | 0.96 | % | 0.93 | % | 40% |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $37.57 | 8.71% | $325.2 | 1.39 | % | 0.88 | % | 0.88 | % | 68% |
| 9/30/24 | $35.03 | 17.33% | $328.5 | 1.58 | % | 0.89 | % | 0.89 | % | 48% |
| 9/30/23 | $31.24 | 27.21% | $356.4 | 1.65 | % | 0.90 | % | 0.90 | % | 47% |
| 9/30/22 | $24.80 | -25.61% | $285.2 | 1.34 | % | 0.91 | % | 0.89 | % | 58% |
| 9/30/21 | $36.58 | 48.31% | $432.4 | 0.53 | % | 0.92 | % | 0.89 | % | 40% |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $37.56 | 8.78% | $104.2 | 1.37 | % | 0.85 | % | 0.85 | % | 68% |
| 9/30/24 | $35.02 | 17.37% | $121.0 | 1.66 | % | 0.86 | % | 0.86 | % | 48% |
| 9/30/23 | $31.23 | 27.15% | $109.9 | 1.73 | % | 0.87 | % | 0.87 | % | 47% |
| 9/30/22 | $24.80 | -25.57% | $68.8 | 1.37 | % | 0.88 | % | 0.86 | % | 58% |
| 9/30/21<sup>(b)</sup> | $36.58 | 16.57% | $91.9 | 0.77 | %† | 0.89 | %† | 0.87 | %† | 40% |
| **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $25.97 | 11.48% | $304.2 | 1.19 | % | 1.11 | % | 1.11 | % | 65% |
| 9/30/24 | $23.57 | 19.51% | $335.1 | 1.06 | % | 1.13 | % | 1.13 | % | 44% |
| 9/30/23 | $19.88 | 27.70% | $351.3 | 0.73 | % | 1.14 | % | 1.14 | % | 32% |
| 9/30/22 | $15.62 | -29.77% | $334.3 | 1.22 | % | 1.12 | % | 1.10 | % | 46% |
| 9/30/21 | $24.45 | 45.02% | $574.8 | 0.27 | % | 1.12 | % | 1.09 | % | 49% |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $25.96 | 11.67% | $143.7 | 1.37 | % | 0.95 | % | 0.95 | % | 65% |
| 9/30/24 | $23.56 | 19.73% | $133.8 | 1.23 | % | 0.96 | % | 0.96 | % | 44% |
| 9/30/23 | $19.87 | 27.89% | $136.7 | 0.86 | % | 0.97 | % | 0.97 | % | 32% |
| 9/30/22 | $15.62 | -29.63% | $150.4 | 1.37 | % | 0.95 | % | 0.93 | % | 46% |
| 9/30/21 | $24.44 | 45.21% | $257.6 | 0.43 | % | 0.95 | % | 0.92 | % | 49% |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $25.96 | 11.70% | $435.1 | 1.40 | % | 0.88 | % | 0.88 | % | 65% |
| 9/30/24 | $23.56 | 19.86% | $453.2 | 1.31 | % | 0.90 | % | 0.90 | % | 44% |
| 9/30/23 | $19.87 | 27.92% | $459.5 | 1.00 | % | 0.90 | % | 0.90 | % | 32% |
| 9/30/22 | $15.63 | -29.57% | $416.6 | 1.44 | % | 0.89 | % | 0.87 | % | 46% |
| 9/30/21 | $24.46 | 45.33% | $762.7 | 0.46 | % | 0.89 | % | 0.86 | % | 49% |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $25.98 | 11.81% | $135.9 | 1.51 | % | 0.82 | % | 0.82 | % | 65% |
| 9/30/24 | $23.58 | 19.85% | $134.0 | 1.47 | % | 0.84 | % | 0.84 | % | 44% |
| 9/30/23 | $19.89 | 28.04% | $113.9 | 1.09 | % | 0.85 | % | 0.85 | % | 32% |
| 9/30/22 | $15.64 | -29.54% | $87.0 | 1.47 | % | 0.84 | % | 0.82 | % | 46% |
| 9/30/21<sup>(b)</sup> | $24.47 | 18.50% | $124.1 | 0.76 | %† | 0.84 | %† | 0.82 | %† | 49% |

---

† Data has been annualized.

(a) Computed using average shares outstanding throughout the year.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 59

------

**Oakmark Funds**

Financial Highlights *For a share outstanding throughout each period*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
| |<br>**Net Asset<br>Value,<br>Beginning of<br>Period** | **Net<br>Investment<br>Income<sup>(a)</sup>** | **Net Gain<br>(Loss) on<br>Investments<br>(Both<br>Realized and<br>Unrealized)** | **Total from<br>Investment<br>Operations** | **Distributions <br>from Net<br>Investment<br>Income** | **Distributions<br>from<br>Capital<br>Gains** | **Total<br>Distributions** | **Redemption<br>Fees** |
| **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $27.98 | 0.56 | 3.66 | 4.22 | (0.62) | 0.00 | (0.62) | 0.00 |
| 9/30/24 | $25.15 | 0.55 | 2.78 | 3.33 | (0.50) | 0.00 | (0.50) | 0.00 |
| 9/30/23 | $19.27 | 0.51 | 6.05 | 6.56 | (0.68) | 0.00 | (0.68) | 0.00 |
| 9/30/22 | $28.17 | 0.58 | (9.13) | (8.55) | (0.35) | 0.00 | (0.35) | 0.00 |
| 9/30/21 | $19.91 | 0.27 | 8.08 | 8.35 | (0.09) | 0.00 | (0.09) | 0.00 |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $27.95 | 0.50 | 3.76 | 4.26 | (0.67) | 0.00 | (0.67) | 0.00 |
| 9/30/24 | $25.12 | 0.61 | 2.76 | 3.37 | (0.54) | 0.00 | (0.54) | 0.00 |
| 9/30/23 | $19.27 | 0.53 | 6.06 | 6.59 | (0.74) | 0.00 | (0.74) | 0.00 |
| 9/30/22 | $28.15 | 0.62 | (9.12) | (8.50) | (0.38) | 0.00 | (0.38) | 0.00 |
| 9/30/21 | $19.89 | 0.27 | 8.11 | 8.38 | (0.12) | 0.00 | (0.12) | 0.00 |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $27.96 | 0.58 | 3.69 | 4.27 | (0.69) | 0.00 | (0.69) | 0.00 |
| 9/30/24 | $25.13 | 0.63 | 2.77 | 3.40 | (0.57) | 0.00 | (0.57) | 0.00 |
| 9/30/23 | $19.28 | 0.57 | 6.04 | 6.61 | (0.76) | 0.00 | (0.76) | 0.00 |
| 9/30/22 | $28.19 | 0.64 | (9.13) | (8.49) | (0.42) | 0.00 | (0.42) | 0.00 |
| 9/30/21 | $19.92 | 0.37 | 8.04 | 8.41 | (0.14) | 0.00 | (0.14) | 0.00 |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $27.98 | 0.68 | 3.61 | 4.29 | (0.71) | 0.00 | (0.71) | 0.00 |
| 9/30/24 | $25.15 | 0.63 | 2.78 | 3.41 | (0.58) | 0.00 | (0.58) | 0.00 |
| 9/30/23 | $19.29 | 0.58 | 6.05 | 6.63 | (0.77) | 0.00 | (0.77) | 0.00 |
| 9/30/22 | $28.20 | 0.67 | (9.15) | (8.48) | (0.43) | 0.00 | (0.43) | 0.00 |
| 9/30/21<sup>(b)</sup> | $25.83 | 0.38 | 1.99 | 2.37 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $21.25 | 0.38 | 2.27 | 2.65 | (0.39) | (0.75) | (1.14) | 0.00 |
| 9/30/24 | $17.82 | 0.33 | 3.46 | 3.79 | (0.36) | 0.00 | (0.36) | 0.00 |
| 9/30/23 | $13.25 | 0.33 | 4.55 | 4.88 | (0.22) | (0.09) | (0.31) | 0.00 |
| 9/30/22 | $19.92 | 0.29 | (6.64) | (6.35) | (0.32) | 0.00 | (0.32) | 0.00 |
| 9/30/21 | $13.67 | 0.22 | 6.35 | 6.57 | (0.32) | 0.00 | (0.32) | 0.00 |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $21.28 | 0.41 | 2.26 | 2.67 | (0.42) | (0.75) | (1.17) | 0.00 |
| 9/30/24 | $17.84 | 0.36 | 3.47 | 3.83 | (0.39) | 0.00 | (0.39) | 0.00 |
| 9/30/23 | $13.28 | 0.35 | 4.56 | 4.91 | (0.26) | (0.09) | (0.35) | 0.00 |
| 9/30/22 | $19.96 | 0.34 | (6.67) | (6.33) | (0.35) | 0.00 | (0.35) | 0.00 |
| 9/30/21 | $13.69 | 0.23 | 6.38 | 6.61 | (0.34) | 0.00 | (0.34) | 0.00 |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $21.23 | 0.43 | 2.25 | 2.68 | (0.44) | (0.75) | (1.19) | 0.00 |
| 9/30/24 | $17.79 | 0.39 | 3.46 | 3.85 | (0.41) | 0.00 | (0.41) | 0.00 |
| 9/30/23 | $13.24 | 0.38 | 4.53 | 4.91 | (0.27) | (0.09) | (0.36) | 0.00 |
| 9/30/22 | $19.91 | 0.34 | (6.64) | (6.30) | (0.37) | 0.00 | (0.37) | 0.00 |
| 9/30/21 | $13.65 | 0.26 | 6.35 | 6.61 | (0.35) | 0.00 | (0.35) | 0.00 |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $21.22 | 0.34 | 2.36 | 2.70 | (0.45) | (0.75) | (1.20) | 0.00 |
| 9/30/24 | $17.79 | 0.39 | 3.45 | 3.84 | (0.41) | 0.00 | (0.41) | 0.00 |
| 9/30/23 | $13.24 | 0.33 | 4.58 | 4.91 | (0.27) | (0.09) | (0.36) | 0.00 |
| 9/30/22 | $19.91 | 0.37 | (6.67) | (6.30) | (0.37) | 0.00 | (0.37) | 0.00 |
| 9/30/21<sup>(b)</sup> | $16.66 | 0.25 | 3.00 | 3.25 | 0.00 | 0.00 | 0.00 | 0.00 |

---

† Data has been annualized.

(a) Computed using average shares outstanding throughout the year.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

60 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Financial Highlights *For a share outstanding throughout each period*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | |
| |<br>**Net Asset<br>Value,<br>End of<br>Period** |<br>**Total<br>Return** | **Net Assets,<br>End of<br>Period<br>($million)** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** |<br>**Portfolio<br>Turnover<br>Rate** |
| **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $31.58 | 15.56% | $4158.0 | 2.02 | % | 1.06 | % | 1.06 | % | 51% |
| 9/30/24 | $27.98 | 13.32% | $5056.1 | 2.10 | % | 1.05 | % | 1.05 | % | 32% |
| 9/30/23 | $25.15 | 34.39% | $5865.4 | 2.02 | % | 1.05 | % | 1.05 | % | 27% |
| 9/30/22 | $19.27 | -30.72% | $5032.4 | 2.25 | % | 1.06 | % | 1.04 | % | 35% |
| 9/30/21 | $28.17 | 41.96% | $8756.6 | 0.99 | % | 1.05 | % | 1.02 | % | 42% |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $31.54 | 15.78% | $1515.7 | 1.82 | % | 0.89 | % | 0.89 | % | 51% |
| 9/30/24 | $27.95 | 13.54% | $2304.8 | 2.33 | % | 0.88 | % | 0.88 | % | 32% |
| 9/30/23 | $25.12 | 34.57% | $2582.7 | 2.13 | % | 0.88 | % | 0.88 | % | 27% |
| 9/30/22 | $19.27 | -30.59% | $2246.8 | 2.44 | % | 0.88 | % | 0.86 | % | 35% |
| 9/30/21 | $28.15 | 42.22% | $3316.0 | 1.03 | % | 0.88 | % | 0.85 | % | 42% |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $31.54 | 15.84% | $5467.1 | 2.09 | % | 0.82 | % | 0.82 | % | 51% |
| 9/30/24 | $27.96 | 13.62% | $8074.1 | 2.41 | % | 0.81 | % | 0.81 | % | 32% |
| 9/30/23 | $25.13 | 34.65% | $8125.2 | 2.26 | % | 0.81 | % | 0.81 | % | 27% |
| 9/30/22 | $19.28 | -30.54% | $7250.7 | 2.51 | % | 0.81 | % | 0.79 | % | 35% |
| 9/30/21 | $28.19 | 42.30% | $11748.6 | 1.34 | % | 0.80 | % | 0.77 | % | 42% |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $31.56 | 15.90% | $3417.7 | 2.43 | % | 0.76 | % | 0.76 | % | 51% |
| 9/30/24 | $27.98 | 13.68% | $2899.0 | 2.43 | % | 0.75 | % | 0.75 | % | 32% |
| 9/30/23 | $25.15 | 34.76% | $2706.0 | 2.31 | % | 0.75 | % | 0.75 | % | 27% |
| 9/30/22 | $19.29 | -30.51% | $2389.0 | 2.63 | % | 0.77 | % | 0.75 | % | 35% |
| 9/30/21<sup>(b)</sup> | $28.20 | 9.18% | $2997.8 | 1.62 | %† | 0.77 | %† | 0.75 | %† | 42% |
| **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $22.76 | 13.64% | $376.0 | 1.85 | % | 1.33 | % | 1.33 | % | 37% |
| 9/30/24 | $21.25 | 21.48% | $378.0 | 1.71 | % | 1.33 | % | 1.33 | % | 40% |
| 9/30/23 | $17.82 | 37.05% | $367.3 | 1.91 | % | 1.34 | % | 1.34 | % | 32% |
| 9/30/22 | $13.25 | -32.37% | $306.8 | 1.67 | % | 1.36 | % | 1.34 | % | 37% |
| 9/30/21 | $19.92 | 48.51% | $560.1 | 1.18 | % | 1.37 | % | 1.35 | % | 48% |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $22.78 | 13.79% | $197.0 | 2.00 | % | 1.17 | % | 1.17 | % | 37% |
| 9/30/24 | $21.28 | 21.72% | $177.0 | 1.87 | % | 1.17 | % | 1.17 | % | 40% |
| 9/30/23 | $17.84 | 37.16% | $163.5 | 2.02 | % | 1.18 | % | 1.18 | % | 32% |
| 9/30/22 | $13.28 | -32.24% | $131.8 | 1.96 | % | 1.18 | % | 1.16 | % | 37% |
| 9/30/21 | $19.96 | 48.76% | $189.3 | 1.26 | % | 1.20 | % | 1.19 | % | 48% |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $22.72 | 13.89% | $593.1 | 2.09 | % | 1.08 | % | 1.08 | % | 37% |
| 9/30/24 | $21.23 | 21.88% | $642.5 | 2.00 | % | 1.08 | % | 1.08 | % | 40% |
| 9/30/23 | $17.79 | 37.30% | $481.6 | 2.15 | % | 1.10 | % | 1.10 | % | 32% |
| 9/30/22 | $13.24 | -32.20% | $329.0 | 1.95 | % | 1.11 | % | 1.09 | % | 37% |
| 9/30/21 | $19.91 | 48.93% | $526.9 | 1.41 | % | 1.11 | % | 1.09 | % | 48% |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $22.72 | 13.98% | $171.5 | 1.70 | % | 1.04 | % | 1.04 | % | 37% |
| 9/30/24 | $21.22 | 21.85% | $470.4 | 1.99 | % | 1.06 | % | 1.06 | % | 40% |
| 9/30/23 | $17.79 | 37.34% | $304.9 | 1.94 | % | 1.07 | % | 1.07 | % | 32% |
| 9/30/22 | $13.24 | -32.19% | $400.2 | 2.19 | % | 1.08 | % | 1.06 | % | 37% |
| 9/30/21<sup>(b)</sup> | $19.91 | 19.51% | $367.6 | 1.55 | %† | 1.09 | %† | 1.07 | %† | 48% |

---

† Data has been annualized.

(a) Computed using average shares outstanding throughout the year.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 61

------

**Oakmark Funds**

Financial Highlights *For a share outstanding throughout each period*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income from Investment Operations:** | **Income from Investment Operations:** | **Income from Investment Operations:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** | **Less Distributions:** |
| |<br>**Net Asset<br>Value,<br>Beginning of<br>Period** | **Net<br>Investment<br>Income<sup>(a)</sup>** | **Net Gain<br>(Loss) on<br>Investments<br>(Both<br>Realized and<br>Unrealized)** | **Total from<br>Investment<br>Operations** | **Distributions <br>from Net<br>Investment<br>Income** | **Distributions<br>from<br>Capital<br>Gains** | **Total<br>Distributions** | **Redemption<br>Fees** |
| **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $36.20 | 0.84 | 1.77 | 2.61 | (0.81) | 0.00 | (0.81) | 0.00 |
| 9/30/24 | $31.41 | 0.78 | 5.34 | 6.12 | (1.33) | 0.00 | (1.33) | 0.00 |
| 9/30/23 | $27.85 | 0.66 | 3.33 | 3.99 | (0.43) | 0.00 | (0.43) | 0.00 |
| 9/30/22 | $35.94 | 0.44 | (5.63) | (5.19) | (0.29) | (2.61) | (2.90) | 0.00 |
| 9/30/21 | $27.50 | 0.32 | 9.40 | 9.72 | (0.35) | (0.93) | (1.28) | 0.00 |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $36.16 | 0.93 | 1.77 | 2.70 | (0.90) | 0.00 | (0.90) | 0.00 |
| 9/30/24 | $31.43 | 0.86 | 5.34 | 6.20 | (1.47) | 0.00 | (1.47) | 0.00 |
| 9/30/23 | $27.87 | 0.71 | 3.36 | 4.07 | (0.51) | 0.00 | (0.51) | 0.00 |
| 9/30/22 | $35.98 | 0.53 | (5.65) | (5.12) | (0.38) | (2.61) | (2.99) | 0.00 |
| 9/30/21 | $27.51 | 0.39 | 9.40 | 9.79 | (0.39) | (0.93) | (1.32) | 0.00 |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $36.16 | 0.94 | 1.76 | 2.70 | (0.91) | 0.00 | (0.91) | 0.00 |
| 9/30/24 | $31.43 | 0.87 | 5.35 | 6.22 | (1.49) | 0.00 | (1.49) | 0.00 |
| 9/30/23 | $27.87 | 0.75 | 3.32 | 4.07 | (0.51) | 0.00 | (0.51) | 0.00 |
| 9/30/22 | $35.99 | 0.52 | (5.63) | (5.11) | (0.40) | (2.61) | (3.01) | 0.00 |
| 9/30/21 | $27.52 | 0.41 | 9.40 | 9.81 | (0.41) | (0.93) | (1.34) | 0.00 |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $36.15 | 0.95 | 1.77 | 2.71 | (0.92) | 0.00 | (0.92) | 0.00 |
| 9/30/24 | $31.45 | 0.89 | 5.32 | 6.21 | (1.51) | 0.00 | (1.51) | 0.00 |
| 9/30/23 | $27.88 | 0.79 | 3.30 | 4.09 | (0.52) | 0.00 | (0.52) | 0.00 |
| 9/30/22 | $36.00 | 0.57 | (5.68) | (5.11) | (0.40) | (2.61) | (3.01) | 0.00 |
| 9/30/21<sup>(b)</sup> | $30.24 | 0.49 | 5.27 | 5.76 | 0.00 | 0.00 | 0.00 | 0.00 |
| **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $9.11 | 0.43 | (0.07) | 0.36 | (0.44) | 0.00 | (0.44) | 0.00 |
| 9/30/24 | $8.40 | 0.42 | 0.69 | 1.11 | (0.40) | 0.00 | (0.40) | 0.00 |
| 9/30/23 | $8.60 | 0.36 | (0.20) | 0.16 | (0.36) | 0.00 | (0.36) | 0.00 |
| 9/30/22<sup>(c)</sup> | $9.89 | 0.17 | (1.29) | (1.12) | (0.17) | 0.00 | (0.17) | 0.00 |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $9.13 | 0.44 | (0.06) | 0.38 | (0.46) | 0.00 | (0.46) | 0.00 |
| 9/30/24 | $8.41 | 0.44 | 0.70 | 1.14 | (0.42) | 0.00 | (0.42) | 0.00 |
| 9/30/23 | $8.61 | 0.38 | (0.21) | 0.17 | (0.37) | 0.00 | (0.37) | 0.00 |
| 9/30/22 | $10.35 | 0.23 | (1.55) | (1.32) | (0.23) | (0.19) | (0.42) | 0.00 |
| 9/30/21 | $10.16 | 0.16 | 0.24 | 0.40 | (0.16) | (0.05) | (0.21) | 0.00 |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $9.13 | 0.45 | (0.07) | 0.38 | (0.46) | 0.00 | (0.46) | 0.00 |
| 9/30/24 | $8.41 | 0.44 | 0.70 | 1.14 | (0.42) | 0.00 | (0.42) | 0.00 |
| 9/30/23 | $8.61 | 0.39 | (0.21) | 0.18 | (0.38) | 0.00 | (0.38) | 0.00 |
| 9/30/22 | $10.35 | 0.24 | (1.56) | (1.32) | (0.23) | (0.19) | (0.42) | 0.00 |
| 9/30/21 | $10.17 | 0.18 | 0.22 | 0.40 | (0.17) | (0.05) | (0.22) | 0.00 |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $9.13 | 0.45 | (0.06) | 0.39 | (0.47) | 0.00 | (0.47) | 0.00 |
| 9/30/24 | $8.41 | 0.45 | 0.70 | 1.15 | (0.43) | 0.00 | (0.43) | 0.00 |
| 9/30/23 | $8.61 | 0.39 | (0.21) | 0.18 | (0.38) | 0.00 | (0.38) | 0.00 |
| 9/30/22 | $10.35 | 0.25 | (1.56) | (1.31) | (0.24) | (0.19) | (0.43) | 0.00 |
| 9/30/21<sup>(b)</sup> | $10.32 | 0.14 | 0.04 | 0.18 | (0.15) | 0.00 | (0.15) | 0.00 |

---

† Data has been annualized.

(a) Computed using average shares outstanding throughout the year.

(b) Commenced on 12/15/2020.

(c) Commenced on 01/28/2022.

*See accompanying Notes to Financial Statements.*

62 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Financial Highlights *For a share outstanding throughout each period*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | |
| |<br>**Net Asset<br>Value,<br>End of<br>Period** |<br>**Total<br>Return** | **Net Assets,<br>End of<br>Period<br>($million)** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** |<br>**Portfolio<br>Turnover<br>Rate** |
| **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $38.00 | 7.31% | $3998.5 | 2.29 | % | 0.85 | % | 0.85 | % | 69% |
| 9/30/24 | $36.20 | 19.78% | $4451.4 | 2.31 | % | 0.85 | % | 0.85 | % | 38% |
| 9/30/23 | $31.41 | 14.40% | $4213.3 | 2.13 | % | 0.86 | % | 0.86 | % | 45% |
| 9/30/22 | $27.85 | -15.84% | $4194.4 | 1.34 | % | 0.85 | % | 0.83 | % | 49% |
| 9/30/21 | $35.94 | 36.19% | $5587.1 | 0.97 | % | 0.87 | % | 0.84 | % | 14% |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $37.96 | 7.57% | $708.8 | 2.52 | % | 0.63 | % | 0.63 | % | 69% |
| 9/30/24 | $36.16 | 20.06% | $592.9 | 2.54 | % | 0.62 | % | 0.62 | % | 38% |
| 9/30/23 | $31.43 | 14.70% | $549.0 | 2.33 | % | 0.61 | % | 0.61 | % | 45% |
| 9/30/22 | $27.87 | -15.66% | $738.4 | 1.61 | % | 0.60 | % | 0.58 | % | 49% |
| 9/30/21 | $35.98 | 36.49% | $868.4 | 1.20 | % | 0.66 | % | 0.62 | % | 14% |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $37.95 | 7.58% | $1173.9 | 2.56 | % | 0.59 | % | 0.59 | % | 69% |
| 9/30/24 | $36.16 | 20.07% | $1195.5 | 2.57 | % | 0.59 | % | 0.59 | % | 38% |
| 9/30/23 | $31.43 | 14.73% | $1029.9 | 2.42 | % | 0.59 | % | 0.59 | % | 45% |
| 9/30/22 | $27.87 | -15.66% | $911.0 | 1.59 | % | 0.60 | % | 0.58 | % | 49% |
| 9/30/21 | $35.99 | 36.57% | $1138.5 | 1.22 | % | 0.62 | % | 0.58 | % | 14% |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $37.95 | 7.65% | $359.1 | 2.59 | % | 0.56 | % | 0.56 | % | 69% |
| 9/30/24 | $36.15 | 20.07% | $306.1 | 2.61 | % | 0.56 | % | 0.56 | % | 38% |
| 9/30/23 | $31.45 | 14.77% | $232.4 | 2.54 | % | 0.56 | % | 0.56 | % | 45% |
| 9/30/22 | $27.88 | -15.63% | $90.9 | 1.75 | % | 0.56 | % | 0.54 | % | 49% |
| 9/30/21<sup>(b)</sup> | $36.00 | 19.05% | $87.3 | 1.78 | %† | 0.57 | %† | 0.55 | %† | 14% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | |
| |<br>**Net Asset<br>Value,<br>End of<br>Period** |<br>**Total<br>Return** | **Net Assets,<br>End of<br>Period<br>($million)** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Net<br>Investment<br>Income to<br>Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Gross<br>Expenses<br>to Average<br>Net Assets** | **Ratio of <br>Waiver/<br>Reimbursement <br>to Average <br>Net Assets** | **Ratio of <br>Waiver/<br>Reimbursement <br>to Average <br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** | **Ratio of<br>Net<br>Expenses<br>to Average<br>Net Assets** |<br>**Portfolio<br>Turnover<br>Rate** |
| **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** |
| Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class | Investor Class |
| 9/30/25 | $9.03 | 4.16% | $7.9 | 4.79 | % | 0.84 | % | (0.10 | %) | 0.74 | % | 144% |
| 9/30/24 | $9.11 | 13.49% | $43.0 | 4.81 | % | 0.95 | % | (0.21 | %) | 0.74 | % | 90% |
| 9/30/23 | $8.40 | 1.78% | $1.1 | 4.18 | % | 1.33 | % | (0.59 | %) | 0.74 | % | 75% |
| 9/30/22<sup>(c)</sup> | $8.60 | -11.43% | $1.0 | 2.76 | %† | 1.64 | %† | (0.90 | %)† | 0.74 | %† | 97% |
| Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class | Advisor Class |
| 9/30/25 | $9.05 | 4.37% | $63.3 | 4.98 | % | 0.65 | % | (0.11 | %) | 0.54 | % | 144% |
| 9/30/24 | $9.13 | 13.67% | $20.2 | 4.98 | % | 0.74 | % | (0.20 | %) | 0.54 | % | 90% |
| 9/30/23 | $8.41 | 2.10% | $0.8 | 4.31 | % | 1.12 | % | (0.58 | %) | 0.54 | % | 75% |
| 9/30/22 | $8.61 | -13.11% | $1.4 | 2.41 | % | 1.06 | % | (0.52 | %) | 0.54 | % | 97% |
| 9/30/21 | $10.35 | 3.81% | $2.4 | 1.59 | % | 0.93 | % | (0.37 | %) | 0.57 | % | 112% |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| 9/30/25 | $9.05 | 4.39% | $17.4 | 5.01 | % | 0.66 | % | (0.14 | %) | 0.52 | % | 144% |
| 9/30/24 | $9.13 | 13.84% | $15.1 | 5.00 | % | 0.77 | % | (0.25 | %) | 0.52 | % | 90% |
| 9/30/23 | $8.41 | 2.00% | $2.6 | 4.41 | % | 1.08 | % | (0.56 | %) | 0.52 | % | 75% |
| 9/30/22 | $8.61 | -13.10% | $3.0 | 2.50 | % | 1.05 | % | (0.53 | %) | 0.52 | % | 97% |
| 9/30/21 | $10.35 | 3.88% | $3.3 | 1.75 | % | 0.89 | % | (0.43 | %) | 0.46 | % | 112% |
| Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 | Class R6 |
| 9/30/25 | $9.05 | 4.48% | $122.9 | 5.09 | % | 0.56 | % | (0.12 | %) | 0.44 | % | 144% |
| 9/30/24 | $9.13 | 13.96% | $103.2 | 5.12 | % | 0.77 | % | (0.33 | %) | 0.44 | % | 90% |
| 9/30/23 | $8.41 | 2.08% | $102.8 | 4.50 | % | 1.02 | % | (0.58 | %) | 0.44 | % | 75% |
| 9/30/22 | $8.61 | -13.03% | $81.4 | 2.57 | % | 1.02 | % | (0.58 | %) | 0.44 | % | 97% |
| 9/30/21<sup>(b)</sup> | $10.35 | 1.74% | $91.3 | 1.71 | %† | 0.93 | %† | (0.49 | %)† | 0.44 | %† | 112% |

---

† Data has been annualized.

(a) Computed using average shares outstanding throughout the year.

(b) Commenced on 12/15/2020.

(c) Commenced on 01/28/2022.

*See accompanying Notes to Financial Statements.*

Annual Financial Statements and Other Information: Oakmark Funds \| 63

------

**Oakmark Funds**

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

To the shareholders and Board of Trustees of Harris Associates Investment Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Harris Associates Investment Trust comprising the Oakmark Fund, Oakmark Select Fund, Oakmark Global Fund, Oakmark Global Select Fund, Oakmark International Fund, Oakmark International Small Cap Fund, Oakmark Equity and Income Fund, and Oakmark Bond Fund (the "Funds"), including the schedules of investments, as of September 30, 2025; the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights").

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

November 28, 2025

We have served as the auditor of one or more Harris Oakmark investment companies since 2002.

64 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Federal Tax Information

*(Unaudited)*

The below information is reported in regards to distributions paid by the Funds during the fiscal year ended September 30, 2025. For Funds other than Bond and Equity and Income, note that these amounts have been previously reported to shareholders on the 2024 Form 1099-DIV. For Bond and Equity and Income, amounts below include distributions paid in both calendar year 2024 and 2025.

The following percentages of income dividend paid by the Funds qualify for the dividend received deduction available to corporations and are hereby designated as qualified dividend income:

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified <br>Dividend <br>Income** | **Dividend<br>Received<br>Deduction** |
| Oakmark | 100% | 100% |
| Select | 100% | 100% |
| Global | 100% | 50.0% |
| Global Select | 100% | 36.2% |
| International | 100% | 0% |
| Int'l Small Cap | 100% | 1.6% |
| Equity & Income | 39.2% | 38.3% |
| Bond | 0.1% | 0.1% |

---

The following Funds met the requirements of Section 853 of the Code and elected to pass through to its shareholders credit for foreign taxes paid. The percentage of income distributed by the Funds from sources within foreign countries and possessions of the United States and the amounts of taxes paid to such countries was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Foreign Source <br>Income** | **Foreign Taxes<br>Paid** |
| Global | 100% | $1447316 |
| International | 100% | 22316188 |
| Int'l Small Cap | 100% | 3514903 |

---

The Funds intend to distribute the income and gains earned during the year ended September 30, 2025 prior to December 31, 2025. The amount and character of the distributions will be reported on the 2025 Form 1099-DIV. In addition, the amounts will be made available on the Fund's website and will be included in the Shareholder Tax Guide that is mailed to shareholders shortly after calendar year end.

Annual Financial Statements and Other Information: Oakmark Funds \| 65

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66 \| Annual Financial Statements and Other Information: Oakmark Funds

------

**Oakmark Funds**

Other Information

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

On an annual basis, the Board of Trustees (the "Board" or "Trustees") of Harris Associates Investment Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" of the Trust or of Harris Associates L.P. (the "Adviser") (including its affiliates), as such term is defined under the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"), considers whether to continue the investment advisory agreements with the Adviser (each, an "Agreement," and collectively, the "Agreements") with respect to each series of the Trust (each, a "Fund"). At a meeting held on October 30, 2024, the Board, including all of the Independent Trustees, determined that the continuation of the Agreement for each Fund was in the best interest of the Fund and its shareholders, and approved the continuation of each Agreement through October 31, 2025.

At its July 2025 meeting, the Board voted to continue the Agreements without modification, for one month from October 31, 2025 through November 30, 2025 to accommodate the 2025 meeting schedule and provide for more flexibility for scheduling the meetings associated with the Board's contract renewal process in the future. The Board considered that the approval of the extension to the Agreements will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the Agreements; or (iv) the day-to-day management of the Funds or the persons primarily responsible for such management. The Board also considered that since its last approval of the Agreements, the Adviser had provided additional information for each Fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of each Fund's performance and profitability information. After full consideration of the above factors, as well as other factors that were instructive in evaluating the Agreements, the Board, including all of the Independent Trustees, in its business judgment, concluded that the continuation of each Fund's Agreement was in the best interest of the respective Fund and its shareholders, and that the Agreements should be renewed, without modification, through November 30, 2025, with the understanding that the Board would consider the annual renewal for a full one year period ending November 30, 2026 at its November 2025 meeting.

OAKNCSR

Annual Financial Statements and Other Information: Oakmark Funds \| 67

------

**Item** **8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The remuneration paid to trustees, officers, and others is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

The statement regarding the basis for the approval of an extension of the investment advisory contracts is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

During the period covered by this report, no material changes were made to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees.

**Item 16. Controls and Procedures.**

(a) Based on an evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, the "Disclosure Controls"), the Disclosure Controls are effectively designed to ensure that
information required to be disclosed by the Registrant in this report is recorded, processed, summarized, and reported within 90 days
prior to the filing of this report, including ensuring that information required to be disclosed in this report is accumulated and communicated
to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate
to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under
the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| [(a)(1)](https://www.sec.gov/Archives/edgar/data/872323/000110465924125538/tm2426235d1_ex99-xax1.htm) | [A copy of the Code is incorporated by reference to the Registrant's Form N-CSR, Investment Company Act file number 811-0627 (filed December 4, 2024).](https://www.sec.gov/Archives/edgar/data/872323/000110465924125538/tm2426235d1_ex99-xax1.htm) |

---

(a)(2) Not applicable.

---

| | |
|:---|:---|
| [(a)(3)](tm2528754d1_ex99-cert.htm) | [Certifications of Rana J. Wright, Principal Executive Officer, and Zachary D. Weber, Principal Financial Officer, Principal Accounting Officer and Treasurer, pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2), attached hereto as Exhibits (a)(3)(i) and (a)(3)(ii), respectively.](tm2528754d1_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2528754d1_ex99-906cert.htm) [Certification of Rana J. Wright, Principal Executive Officer, and Zachary D. Weber, Principal Financial Officer, Principal Accounting Officer and Treasurer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b).](tm2528754d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Harris Associates Investment Trust

---

| | |
|:---|:---|
| By: | /s/ Rana J. Wright |
|  | Rana J. Wright |
|  | Principal Executive Officer |
| Date: | December 2, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Rana J. Wright |
|  | Rana J. Wright |
|  | Principal Executive Officer |
| Date: | December 2, 2025 |
| By: | /s/ Zachary D. Weber |
|  | Zachary D. Weber |
|  | Principal Financial Officer, Principal Accounting Officer and Treasurer |
| Date: | December 2, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

Exh. (a)(3)(i)

I, Rana J. Wright, certify that:

1. I have reviewed this report on Form N-CSR of Harris Associates Investment Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the
Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 2, 2025 | /s/ Rana J. Wright |
|  |  | Rana J. Wright |
|  |  | Principal Executive Officer |

---

Exh. (a)(3)(ii)

I, Zachary D. Weber, certify that:

1. I have reviewed this report on Form N-CSR of Harris Associates Investment Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the
Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 2, 2025 | /s/ Zachary D. Weber |
|  |  | Zachary D. Weber |
|  |  | Principal Financial Officer, Principal Accounting Officer and Treasurer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

Exh. (b)

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Harris Associates Investment Trust (the "Registrant") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| By: | /s/ Rana J. Wright |
|  | Rana J. Wright |
|  | Principal Executive Officer |
| Date: | December 2, 2025 |
| By: | /s/ Zachary D. Weber |
|  | Zachary D. Weber |
|  | Principal Financial Officer, Principal Accounting Officer and Treasurer |
| Date: | December 2, 2025 |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Commission.