# EDGAR Filing Document

**Accession Number:** 0000872323
**File Stem:** 0001104659-26-065606
**Filing Date:** 2026-5
**Character Count:** 523177
**Document Hash:** c1fa56a9f0151cf91d1d5d16a953816c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-065606.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001104659-26-065606

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**EFFECTIVENESS DATE**: 20260522

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06279
- **FILM NUMBER:** 261012431

**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 <br> (Name and address of agents for service)

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

Date of fiscal year end: September 30, 2026

Date of reporting period: March 31, 2026

**Item 1. Reports to Shareholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Oakmark Fund](#classname7421e473-3416-4b01-a83c-420da048aee5)<br> **[Investor Class - OAKMX](#classname7421e473-3416-4b01-a83c-420da048aee5)**  |
|  [Oakmark Fund](#classname24d7111b-3829-4c28-a363-2c95c03e4bd2)<br> **[Advisor - OAYMX](#classname24d7111b-3829-4c28-a363-2c95c03e4bd2)**  |
|  [Oakmark Fund](#classnamea117d412-7b41-415d-8081-c809b1fdf25d)<br> **[Institutional - OANMX](#classnamea117d412-7b41-415d-8081-c809b1fdf25d)**  |
|  [Oakmark Fund](#classname0ab727a6-34d0-4f7a-ae7e-a0d38fb9c269)<br> **[R6 - OAZMX](#classname0ab727a6-34d0-4f7a-ae7e-a0d38fb9c269)**  |
|  [Oakmark Select Fund](#classname48d2780a-432c-4cfd-bc62-e55c8c6638a3)<br> **[Investor Class - OAKLX](#classname48d2780a-432c-4cfd-bc62-e55c8c6638a3)**  |
|  [Oakmark Select Fund](#classname5ada3b39-c954-4dad-8576-9cafea2a7d15)<br> **[Advisor - OAYLX](#classname5ada3b39-c954-4dad-8576-9cafea2a7d15)**  |
|  [Oakmark Select Fund](#classname0e907520-3775-4c65-a471-408ed68eba82)<br> **[Institutional - OANLX](#classname0e907520-3775-4c65-a471-408ed68eba82)**  |
|  [Oakmark Select Fund](#classname4845dffe-e0c0-4407-8234-be487901dccc)<br> **[R6 - OAZLX](#classname4845dffe-e0c0-4407-8234-be487901dccc)**  |
|  [Oakmark Global Fund](#classname95ab476c-8842-46b1-ace4-8e5a85f31481)<br> **[Investor Class - OAKGX](#classname95ab476c-8842-46b1-ace4-8e5a85f31481)**  |
|  [Oakmark Global Fund](#classname3b8e79ee-fcdd-43ab-b6d9-95d3895e9af8)<br> **[Advisor - OAYGX](#classname3b8e79ee-fcdd-43ab-b6d9-95d3895e9af8)**  |
|  [Oakmark Global Fund](#classnameeb8857eb-92a1-4ac8-9aa3-065d1437c1d3)<br> **[Institutional - OANGX](#classnameeb8857eb-92a1-4ac8-9aa3-065d1437c1d3)**  |
|  [Oakmark Global Fund](#classname5fbe85ec-1470-44ca-ac14-f6598ab4e07f)<br> **[R6 - OAZGX](#classname5fbe85ec-1470-44ca-ac14-f6598ab4e07f)**  |
|  [Oakmark Equity and Income Fund](#classnamea44ba231-e634-4c0c-aaeb-727dd9628f8b)<br> **[Investor Class - OAKBX](#classnamea44ba231-e634-4c0c-aaeb-727dd9628f8b)**  |
|  [Oakmark Equity and Income Fund](#classnamef8dc572e-304e-40ed-ad34-1a34ae8e3469)<br> **[Advisor - OAYBX](#classnamef8dc572e-304e-40ed-ad34-1a34ae8e3469)**  |
|  [Oakmark Equity and Income Fund](#classname32342d2a-7d55-4cc6-ba9f-e193032bade3)<br> **[Institutional - OANBX](#classname32342d2a-7d55-4cc6-ba9f-e193032bade3)**  |
|  [Oakmark Equity and Income Fund](#classname6f2d5037-ad80-41a2-95a5-5a8c12729dc3)<br> **[R6 - OAZBX](#classname6f2d5037-ad80-41a2-95a5-5a8c12729dc3)**  |
|  [Oakmark International Fund](#classnamedcb9a670-9ab4-4a98-8d25-125068ebefe6)<br> **[Investor Class - OAKIX](#classnamedcb9a670-9ab4-4a98-8d25-125068ebefe6)**  |
|  [Oakmark International Fund](#classnamec1439bd9-529d-43dd-8640-ae104a25b7ef)<br> **[Advisor - OAYIX](#classnamec1439bd9-529d-43dd-8640-ae104a25b7ef)**  |
|  [Oakmark International Fund](#classname5de93a72-874e-4c7f-b93b-c4e87a760d4f)<br> **[Institutional - OANIX](#classname5de93a72-874e-4c7f-b93b-c4e87a760d4f)**  |
|  [Oakmark International Fund](#classname5987a320-0907-4d79-860a-cef181fb69f5)<br> **[R6 - OAZIX](#classname5987a320-0907-4d79-860a-cef181fb69f5)**  |
|  [Oakmark International Small Cap Fund](#classname137c7b02-17cb-4eeb-a63e-2227907537f3)<br> **[Investor Class - OAKEX](#classname137c7b02-17cb-4eeb-a63e-2227907537f3)**  |
|  [Oakmark International Small Cap Fund](#classname45d1d55a-216b-41de-947b-3fc79293fc77)<br> **[Advisor - OAYEX](#classname45d1d55a-216b-41de-947b-3fc79293fc77)**  |
|  [Oakmark International Small Cap Fund](#classname49e195f3-e4ec-415c-9fce-be7e361fcc8a)<br> **[Institutional - OANEX](#classname49e195f3-e4ec-415c-9fce-be7e361fcc8a)**  |
|  [Oakmark International Small Cap Fund](#classname08c25470-c247-42e8-9035-be36084a19ea)<br> **[R6 - OAZEX](#classname08c25470-c247-42e8-9035-be36084a19ea)**  |
|  [Oakmark Global Select Fund](#classname2e0e11e5-b5cf-4f8d-adcd-d7a6c850d115)<br> **[Investor Class - OAKWX](#classname2e0e11e5-b5cf-4f8d-adcd-d7a6c850d115)**  |
|  [Oakmark Global Select Fund](#classname4890f034-470c-43bb-a641-81d15c244977)<br> **[Advisor - OAYWX](#classname4890f034-470c-43bb-a641-81d15c244977)**  |
|  [Oakmark Global Select Fund](#classname6fa085b4-eee9-451a-bc39-d8ea7dabca99)<br> **[Institutional - OANWX](#classname6fa085b4-eee9-451a-bc39-d8ea7dabca99)**  |
|  [Oakmark Global Select Fund](#classnameec8297a3-ca25-4b35-a8df-12d5d3f12427)<br> **[R6 - OAZWX](#classnameec8297a3-ca25-4b35-a8df-12d5d3f12427)**  |
|  [Oakmark Bond Fund](#classname1575ccb7-a625-4430-894e-26bf3af542a0)<br> **[Investor Class - OAKCX](#classname1575ccb7-a625-4430-894e-26bf3af542a0)**  |
|  [Oakmark Bond Fund](#classname4b2e423c-b097-404b-84b5-c7b6771df5ad)<br> **[Advisor - OAYCX](#classname4b2e423c-b097-404b-84b5-c7b6771df5ad)**  |
|  [Oakmark Bond Fund](#classname239e832e-72a7-4913-abde-cedf23784b58)<br> **[Institutional - OANCX](#classname239e832e-72a7-4913-abde-cedf23784b58)**  |
|  [Oakmark Bond Fund](#classname1a966a74-47cd-49b7-b012-fefec51d3748)<br> **[R6 - OAZCX](#classname1a966a74-47cd-49b7-b012-fefec51d3748)**  |

---

OAKMX

Investor Class

#### Oakmark Fund
![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $45 | 0.89%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Fund Investor Class returned 2.19% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

* At the equity sector level, Energy and Communication Services performed the strongest, while Financials and Information Technology were the worst performing sectors.

* At the equity holdings level, Targa Resources Corp. led the positive contributors followed by ConocoPhillips and Merck & Co., Inc. Fiserv, Inc., Equifax, Inc. and Salesforce, Inc. were the worst performing equities. 

# Fund performance as of March 31, 2026

# Total return based on $10,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **4/1/2016** | $10000 | $10000 | $10000 |
| **6/30/2016** | $10133 | $10246 | $10458 |
| **9/30/2016** | $10997 | $10640 | $10822 |
| **12/31/2016** | $11909 | $11047 | $11545 |
| **3/31/2017** | $12399 | $11717 | $11922 |
| **6/30/2017** | $12872 | $12079 | $12083 |
| **9/30/2017** | $13613 | $12620 | $12459 |
| **12/31/2017** | $14427 | $13459 | $13122 |
| **3/31/2018** | $14301 | $13357 | $12751 |
| **6/30/2018** | $14605 | $13815 | $12901 |
| **9/30/2018** | $15224 | $14881 | $13636 |
| **12/31/2018** | $12591 | $12869 | $12038 |
| **3/31/2019** | $14206 | $14625 | $13474 |
| **6/30/2019** | $14663 | $15255 | $13992 |
| **9/30/2019** | $14360 | $15514 | $14182 |
| **12/31/2019** | $15988 | $16921 | $15232 |
| **3/31/2020** | $11125 | $13605 | $11161 |
| **6/30/2020** | $13684 | $16399 | $12756 |
| **9/30/2020** | $14530 | $17864 | $13469 |
| **12/31/2020** | $18050 | $20034 | $15658 |
| **3/31/2021** | $20852 | $21271 | $17421 |
| **6/30/2021** | $22708 | $23089 | $18328 |
| **9/30/2021** | $23129 | $23224 | $18185 |
| **12/31/2021** | $24223 | $25785 | $19598 |
| **3/31/2022** | $23586 | $24599 | $19453 |
| **6/30/2022** | $19391 | $20638 | $17078 |
| **9/30/2022** | $19027 | $19631 | $16119 |
| **12/31/2022** | $20986 | $21115 | $18121 |
| **3/31/2023** | $22686 | $22698 | $18303 |
| **6/30/2023** | $24647 | $24682 | $19049 |
| **9/30/2023** | $24325 | $23874 | $18446 |
| **12/31/2023** | $27469 | $26665 | $20198 |
| **3/31/2024** | $30291 | $29480 | $22013 |
| **6/30/2024** | $29085 | $30743 | $21536 |
| **9/30/2024** | $31232 | $32553 | $23567 |
| **12/31/2024** | $31869 | $33337 | $23100 |
| **3/31/2025** | $32233 | $31913 | $23593 |
| **6/30/2025** | $33638 | $35405 | $24487 |
| **9/30/2025** | $34709 | $38281 | $25792 |
| **12/31/2025** | $36367 | $39298 | $26774 |
| **3/31/2026** | $35468 | $37594 | $27337 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 10.04% | 11.21% | 13.50% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000 Value Index** | 15.87% | 9.43% | 10.58% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $24434684995 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $73742898 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Targa Resources Corp. | 3.4% |
| ConocoPhillips | 3.3% |
| Intercontinental Exchange, Inc. | 2.7% |
| Merck & Co., Inc. | 2.7% |
| Corteva, Inc. | 2.7% |
| Airbnb, Inc., Class A | 2.6% |
| Salesforce, Inc. | 2.5% |
| Phillips 66 | 2.4% |
| Willis Towers Watson PLC | 2.4% |
| Keurig Dr. Pepper, Inc. | 2.4% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 34.1% |
| Energy | 11.4% |
| Health Care | 10.7% |
| Industrials | 9.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 7.6% |
| Information Technology | 7.3% |
| Consumer Staples | 4.0% |
| Materials | 3.9% |
| Real Estate | 0.7% |
| Short Term Investments & Other, Net | 3.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAKMX

Investor Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Fund
Semi-Annual Shareholder Report March 31, 2026

OAKMX-SAR

OAYMX

Advisor Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $35 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Fund Advisor Class returned 2.28% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

* At the equity sector level, Energy and Communication Services performed the strongest, while Financials and Information Technology were the worst performing sectors.

* At the equity holdings level, Targa Resources Corp. led the positive contributors followed by ConocoPhillips and Merck & Co., Inc. Fiserv, Inc., Equifax, Inc. and Salesforce, Inc. were the worst performing equities. 

# Fund performance as of March 31, 2026

# Total return based on $100,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg024.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **4/1/2016** | $100000 | $100000 | $100000 |
| **6/30/2016** | $101329 | $102455 | $104583 |
| **9/30/2016** | $109973 | $106402 | $108224 |
| **12/31/2016** | $119142 | $110471 | $115449 |
| **3/31/2017** | $124088 | $117172 | $119223 |
| **6/30/2017** | $128853 | $120791 | $120826 |
| **9/30/2017** | $136329 | $126203 | $124590 |
| **12/31/2017** | $144524 | $134588 | $131224 |
| **3/31/2018** | $143273 | $133567 | $127506 |
| **6/30/2018** | $146375 | $138153 | $129005 |
| **9/30/2018** | $152629 | $148806 | $136363 |
| **12/31/2018** | $126280 | $128688 | $120376 |
| **3/31/2019** | $142506 | $146251 | $134742 |
| **6/30/2019** | $147113 | $152545 | $139922 |
| **9/30/2019** | $144097 | $155136 | $141819 |
| **12/31/2019** | $160490 | $169207 | $152325 |
| **3/31/2020** | $111700 | $136046 | $111608 |
| **6/30/2020** | $137430 | $163994 | $127558 |
| **9/30/2020** | $145967 | $178638 | $134692 |
| **12/31/2020** | $181376 | $200339 | $156583 |
| **3/31/2021** | $209655 | $212710 | $174207 |
| **6/30/2021** | $228427 | $230894 | $183280 |
| **9/30/2021** | $232798 | $232238 | $181850 |
| **12/31/2021** | $243931 | $257847 | $195980 |
| **3/31/2022** | $237685 | $245990 | $194535 |
| **6/30/2022** | $195501 | $206383 | $170781 |
| **9/30/2022** | $191938 | $196306 | $161187 |
| **12/31/2022** | $211805 | $211148 | $181208 |
| **3/31/2023** | $229060 | $226978 | $183031 |
| **6/30/2023** | $248988 | $246821 | $190488 |
| **9/30/2023** | $245881 | $238742 | $184460 |
| **12/31/2023** | $277769 | $266654 | $201979 |
| **3/31/2024** | $306466 | $294802 | $220128 |
| **6/30/2024** | $294413 | $307431 | $215360 |
| **9/30/2024** | $316276 | $325528 | $235668 |
| **12/31/2024** | $322871 | $333371 | $231000 |
| **3/31/2025** | $326713 | $319128 | $235933 |
| **6/30/2025** | $341125 | $354049 | $244868 |
| **9/30/2025** | $352163 | $382813 | $257919 |
| **12/31/2025** | $369153 | $392977 | $267743 |
| **3/31/2026** | $360203 | $375944 | $273366 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 10.25% | 11.43% | 13.67% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000 Value Index** | 15.87% | 9.43% | 10.58% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $24434684995 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $73742898 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Targa Resources Corp. | 3.4% |
| ConocoPhillips | 3.3% |
| Intercontinental Exchange, Inc. | 2.7% |
| Merck & Co., Inc. | 2.7% |
| Corteva, Inc. | 2.7% |
| Airbnb, Inc., Class A | 2.6% |
| Salesforce, Inc. | 2.5% |
| Phillips 66 | 2.4% |
| Willis Towers Watson PLC | 2.4% |
| Keurig Dr. Pepper, Inc. | 2.4% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 34.1% |
| Energy | 11.4% |
| Health Care | 10.7% |
| Industrials | 9.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 7.6% |
| Information Technology | 7.3% |
| Consumer Staples | 4.0% |
| Materials | 3.9% |
| Real Estate | 0.7% |
| Short Term Investments & Other, Net | 3.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAYMX

Advisor Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Fund
Semi-Annual Shareholder Report March 31, 2026

OAYMX-SAR

OANMX

Institutional Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Fund Institutional Class returned 2.31% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

* At the equity sector level, Energy and Communication Services performed the strongest, while Financials and Information Technology were the worst performing sectors.

* At the equity holdings level, Targa Resources Corp. led the positive contributors followed by ConocoPhillips and Merck & Co., Inc. Fiserv, Inc., Equifax, Inc. and Salesforce, Inc. were the worst performing equities. 

# Fund performance as of March 31, 2026

# Total return based on $250,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **4/1/2016** | $250000 | $250000 | $250000 |
| **6/30/2016** | $253322 | $256138 | $261458 |
| **9/30/2016** | $274932 | $266005 | $270559 |
| **12/31/2016** | $297814 | $276177 | $288623 |
| **3/31/2017** | $310178 | $292931 | $298056 |
| **6/30/2017** | $322132 | $301977 | $302064 |
| **9/30/2017** | $340822 | $315507 | $311474 |
| **12/31/2017** | $361350 | $336471 | $328061 |
| **3/31/2018** | $358265 | $333917 | $318766 |
| **6/30/2018** | $366064 | $345383 | $322514 |
| **9/30/2018** | $381747 | $372015 | $340908 |
| **12/31/2018** | $315876 | $321719 | $300940 |
| **3/31/2019** | $356552 | $365627 | $336854 |
| **6/30/2019** | $368167 | $381363 | $349805 |
| **9/30/2019** | $360717 | $387840 | $354546 |
| **12/31/2019** | $401767 | $423017 | $380812 |
| **3/31/2020** | $279693 | $340114 | $279021 |
| **6/30/2020** | $344249 | $409985 | $318895 |
| **9/30/2020** | $365617 | $446594 | $336730 |
| **12/31/2020** | $454371 | $500847 | $391458 |
| **3/31/2021** | $525298 | $531774 | $435517 |
| **6/30/2021** | $572415 | $577234 | $458199 |
| **9/30/2021** | $583362 | $580594 | $454626 |
| **12/31/2021** | $611275 | $644617 | $489951 |
| **3/31/2022** | $595624 | $614974 | $486337 |
| **6/30/2022** | $489913 | $515956 | $426951 |
| **9/30/2022** | $480984 | $490764 | $402968 |
| **12/31/2022** | $530843 | $527871 | $453019 |
| **3/31/2023** | $574141 | $567446 | $457577 |
| **6/30/2023** | $624084 | $617053 | $476221 |
| **9/30/2023** | $616349 | $596854 | $461149 |
| **12/31/2023** | $696360 | $666636 | $504947 |
| **3/31/2024** | $768355 | $737006 | $550320 |
| **6/30/2024** | $738191 | $768577 | $538400 |
| **9/30/2024** | $793107 | $813820 | $589170 |
| **12/31/2024** | $809729 | $833426 | $577499 |
| **3/31/2025** | $819417 | $797821 | $589834 |
| **6/30/2025** | $855616 | $885122 | $612171 |
| **9/30/2025** | $883350 | $957034 | $644798 |
| **12/31/2025** | $926083 | $982443 | $669358 |
| **3/31/2026** | $903741 | $939861 | $683414 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 10.29% | 11.46% | 13.71% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000 Value Index** | 15.87% | 9.43% | 10.58% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $24434684995 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $73742898 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Targa Resources Corp. | 3.4% |
| ConocoPhillips | 3.3% |
| Intercontinental Exchange, Inc. | 2.7% |
| Merck & Co., Inc. | 2.7% |
| Corteva, Inc. | 2.7% |
| Airbnb, Inc., Class A | 2.6% |
| Salesforce, Inc. | 2.5% |
| Phillips 66 | 2.4% |
| Willis Towers Watson PLC | 2.4% |
| Keurig Dr. Pepper, Inc. | 2.4% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 34.1% |
| Energy | 11.4% |
| Health Care | 10.7% |
| Industrials | 9.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 7.6% |
| Information Technology | 7.3% |
| Consumer Staples | 4.0% |
| Materials | 3.9% |
| Real Estate | 0.7% |
| Short Term Investments & Other, Net | 3.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OANMX

Institutional Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Fund
Semi-Annual Shareholder Report March 31, 2026

OANMX-SAR

OAZMX

R6 Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $31 | 0.61%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Fund R6 Class returned 2.34% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

* At the equity sector level, Energy and Communication Services performed the strongest, while Financials and Information Technology were the worst performing sectors.

* At the equity holdings level, Targa Resources Corp. led the positive contributors followed by ConocoPhillips and Merck & Co., Inc. Fiserv, Inc., Equifax, Inc. and Salesforce, Inc. were the worst performing equities. 

# Fund performance as of March 31, 2026

# Total return based on $1,000,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg023.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **4/1/2016** | $1000000 | $1000000 | $1000000 |
| **6/30/2016** | $1013286 | $1024552 | $1045831 |
| **9/30/2016** | $1099728 | $1064019 | $1082235 |
| **12/31/2016** | $1191254 | $1104710 | $1154490 |
| **3/31/2017** | $1240712 | $1171722 | $1192226 |
| **6/30/2017** | $1288526 | $1207907 | $1208256 |
| **9/30/2017** | $1363288 | $1262027 | $1245896 |
| **12/31/2017** | $1445401 | $1345884 | $1312243 |
| **3/31/2018** | $1433060 | $1335668 | $1275064 |
| **6/30/2018** | $1464254 | $1381532 | $1290054 |
| **9/30/2018** | $1526986 | $1488059 | $1363634 |
| **12/31/2018** | $1263504 | $1286877 | $1203758 |
| **3/31/2019** | $1426208 | $1462509 | $1347417 |
| **6/30/2019** | $1472668 | $1525453 | $1399218 |
| **9/30/2019** | $1442867 | $1551359 | $1418186 |
| **12/31/2019** | $1607066 | $1692067 | $1523248 |
| **3/31/2020** | $1118772 | $1360456 | $1116085 |
| **6/30/2020** | $1376997 | $1639938 | $1275580 |
| **9/30/2020** | $1462468 | $1786375 | $1346920 |
| **12/31/2020** | $1817684 | $2003387 | $1565833 |
| **3/31/2021** | $2101395 | $2127095 | $1742068 |
| **6/30/2021** | $2290064 | $2308937 | $1832798 |
| **9/30/2021** | $2334053 | $2322376 | $1818502 |
| **12/31/2021** | $2446312 | $2578467 | $1959803 |
| **3/31/2022** | $2383691 | $2459896 | $1945347 |
| **6/30/2022** | $1960951 | $2063825 | $1707806 |
| **9/30/2022** | $1925226 | $1963057 | $1611871 |
| **12/31/2022** | $2124871 | $2111485 | $1812076 |
| **3/31/2023** | $2298601 | $2269785 | $1830307 |
| **6/30/2023** | $2498931 | $2468212 | $1904884 |
| **9/30/2023** | $2468175 | $2387417 | $1844596 |
| **12/31/2023** | $2789006 | $2666544 | $2019789 |
| **3/31/2024** | $3077524 | $2948022 | $2201279 |
| **6/30/2024** | $2956940 | $3074309 | $2153599 |
| **9/30/2024** | $3177485 | $3255281 | $2356682 |
| **12/31/2024** | $3244446 | $3333706 | $2309998 |
| **3/31/2025** | $3283685 | $3191284 | $2359334 |
| **6/30/2025** | $3429337 | $3540487 | $2448684 |
| **9/30/2025** | $3541083 | $3828135 | $2579194 |
| **12/31/2025** | $3712746 | $3929772 | $2677433 |
| **3/31/2026** | $3623844 | $3759443 | $2733656 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 10.36% | 11.51% | 13.74% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000 Value Index** | 15.87% | 9.43% | 10.58% |

---

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 inception to date returns for the Fund and R6 Class shares, respectively, were 12.75% and 14.33%.

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $24434684995 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $73742898 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Targa Resources Corp. | 3.4% |
| ConocoPhillips | 3.3% |
| Intercontinental Exchange, Inc. | 2.7% |
| Merck & Co., Inc. | 2.7% |
| Corteva, Inc. | 2.7% |
| Airbnb, Inc., Class A | 2.6% |
| Salesforce, Inc. | 2.5% |
| Phillips 66 | 2.4% |
| Willis Towers Watson PLC | 2.4% |
| Keurig Dr. Pepper, Inc. | 2.4% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 34.1% |
| Energy | 11.4% |
| Health Care | 10.7% |
| Industrials | 9.2% |
| Consumer Discretionary | 7.6% |
| Communication Services | 7.6% |
| Information Technology | 7.3% |
| Consumer Staples | 4.0% |
| Materials | 3.9% |
| Real Estate | 0.7% |
| Short Term Investments & Other, Net | 3.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAZMX

R6 Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Fund
Semi-Annual Shareholder Report March 31, 2026

OAZMX-SAR

OAKLX

Investor Class

#### Oakmark Select Fund
![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $49 | 0.99%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Select Fund Investor Class returned -0.25% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

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

* At the equity holdings level, Warner Bros Discovery, Inc. led the positive contributors followed by Targa Resources Corp. and Phillips 66. Paycom Software, Inc., Salesforce, Inc. and Equifax, Inc. were the worst performing equities. 

# Fund performance as of March 31, 2026

# Total return based on $10,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **4/1/2016** | $10000 | $10000 | $10000 |
| **6/30/2016** | $10267 | $10246 | $10458 |
| **9/30/2016** | $11069 | $10640 | $10822 |
| **12/31/2016** | $12210 | $11047 | $11545 |
| **3/31/2017** | $12576 | $11717 | $11922 |
| **6/30/2017** | $12812 | $12079 | $12083 |
| **9/30/2017** | $13572 | $12620 | $12459 |
| **12/31/2017** | $14130 | $13459 | $13122 |
| **3/31/2018** | $13579 | $13357 | $12751 |
| **6/30/2018** | $13523 | $13815 | $12901 |
| **9/30/2018** | $13562 | $14881 | $13636 |
| **12/31/2018** | $10615 | $12869 | $12038 |
| **3/31/2019** | $12045 | $14625 | $13474 |
| **6/30/2019** | $12591 | $15255 | $13992 |
| **9/30/2019** | $12159 | $15514 | $14182 |
| **12/31/2019** | $13554 | $16921 | $15232 |
| **3/31/2020** | $9144 | $13605 | $11161 |
| **6/30/2020** | $11271 | $16399 | $12756 |
| **9/30/2020** | $11861 | $17864 | $13469 |
| **12/31/2020** | $15012 | $20034 | $15658 |
| **3/31/2021** | $17426 | $21271 | $17421 |
| **6/30/2021** | $18813 | $23089 | $18328 |
| **9/30/2021** | $19453 | $23224 | $18185 |
| **12/31/2021** | $20123 | $25785 | $19598 |
| **3/31/2022** | $18902 | $24599 | $19453 |
| **6/30/2022** | $15795 | $20638 | $17078 |
| **9/30/2022** | $14855 | $19631 | $16119 |
| **12/31/2022** | $15548 | $21115 | $18121 |
| **3/31/2023** | $17244 | $22698 | $18303 |
| **6/30/2023** | $19384 | $24682 | $19049 |
| **9/30/2023** | $19400 | $23874 | $18446 |
| **12/31/2023** | $22234 | $26665 | $20198 |
| **3/31/2024** | $23617 | $29480 | $22013 |
| **6/30/2024** | $22155 | $30743 | $21536 |
| **9/30/2024** | $23942 | $32553 | $23567 |
| **12/31/2024** | $25381 | $33337 | $23100 |
| **3/31/2025** | $25089 | $31913 | $23593 |
| **6/30/2025** | $26138 | $35405 | $24487 |
| **9/30/2025** | $26749 | $38281 | $25792 |
| **12/31/2025** | $29000 | $39298 | $26774 |
| **3/31/2026** | $26683 | $37594 | $27337 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 6.35% | 8.89% | 10.31% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000 Value Index** | 15.87% | 9.43% | 10.58% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $7569935706 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $27572758 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Salesforce, Inc. | 7.3% |
| Keurig Dr. Pepper, Inc. | 6.7% |
| First Citizens BancShares, Inc., Class A | 6.4% |
| IQVIA Holdings, Inc. | 5.3% |
| Intercontinental Exchange, Inc. | 5.2% |
| Airbnb, Inc., Class A | 4.7% |
| Lithia Motors, Inc. | 4.3% |
| Centene Corp. | 4.2% |
| Targa Resources Corp. | 4.1% |
| Charles Schwab Corp. | 4.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 25.7% |
| Health Care | 15.9% |
| Energy | 10.4% |
| Information Technology | 9.9% |
| Consumer Discretionary | 9.0% |
| Industrials | 7.5% |
| Communication Services | 7.0% |
| Consumer Staples | 6.7% |
| Real Estate | 3.0% |
| Short Term Investments & Other, Net | 4.9% |
| 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](tm2614019d1_tsrimg004.jpg)

OAKLX

Investor Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Select Fund
Semi-Annual Shareholder Report March 31, 2026

OAKLX-SAR

OAYLX

Advisor Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $43 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Select Fund Advisor Class returned -0.18% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

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

* At the equity holdings level, Warner Bros Discovery, Inc. led the positive contributors followed by Targa Resources Corp. and Phillips 66. Paycom Software, Inc., Salesforce, Inc. and Equifax, Inc. were the worst performing equities. 

# Fund performance as of March 31, 2026

# Total return based on $100,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **4/1/2016** | $100000 | $100000 | $100000 |
| **6/30/2016** | $102674 | $102455 | $104583 |
| **9/30/2016** | $110694 | $106402 | $108224 |
| **12/31/2016** | $122129 | $110471 | $115449 |
| **3/31/2017** | $125846 | $117172 | $119223 |
| **6/30/2017** | $128229 | $120791 | $120826 |
| **9/30/2017** | $135888 | $126203 | $124590 |
| **12/31/2017** | $141515 | $134588 | $131224 |
| **3/31/2018** | $136063 | $133567 | $127506 |
| **6/30/2018** | $135559 | $138153 | $129005 |
| **9/30/2018** | $136004 | $148806 | $136363 |
| **12/31/2018** | $106515 | $128688 | $120376 |
| **3/31/2019** | $120868 | $146251 | $134742 |
| **6/30/2019** | $126379 | $152545 | $139922 |
| **9/30/2019** | $122082 | $155136 | $141819 |
| **12/31/2019** | $136150 | $169207 | $152325 |
| **3/31/2020** | $91886 | $136046 | $111608 |
| **6/30/2020** | $113296 | $163994 | $127558 |
| **9/30/2020** | $119261 | $178638 | $134692 |
| **12/31/2020** | $150992 | $200339 | $156583 |
| **3/31/2021** | $175287 | $212710 | $174207 |
| **6/30/2021** | $189323 | $230894 | $183280 |
| **9/30/2021** | $195805 | $232238 | $181850 |
| **12/31/2021** | $202632 | $257847 | $195980 |
| **3/31/2022** | $190402 | $245990 | $194535 |
| **6/30/2022** | $159147 | $206383 | $170781 |
| **9/30/2022** | $149698 | $196306 | $161187 |
| **12/31/2022** | $156739 | $211148 | $181208 |
| **3/31/2023** | $173914 | $226978 | $183031 |
| **6/30/2023** | $195566 | $246821 | $190488 |
| **9/30/2023** | $195757 | $238742 | $184460 |
| **12/31/2023** | $224426 | $266654 | $201979 |
| **3/31/2024** | $238451 | $294802 | $220128 |
| **6/30/2024** | $223788 | $307431 | $215360 |
| **9/30/2024** | $241869 | $325528 | $235668 |
| **12/31/2024** | $256508 | $333371 | $231000 |
| **3/31/2025** | $253621 | $319128 | $235933 |
| **6/30/2025** | $264303 | $354049 | $244868 |
| **9/30/2025** | $270591 | $382813 | $257919 |
| **12/31/2025** | $293471 | $392977 | $267743 |
| **3/31/2026** | $270093 | $375944 | $273366 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 6.49% | 9.03% | 10.45% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000 Value Index** | 15.87% | 9.43% | 10.58% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $7569935706 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $27572758 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Salesforce, Inc. | 7.3% |
| Keurig Dr. Pepper, Inc. | 6.7% |
| First Citizens BancShares, Inc., Class A | 6.4% |
| IQVIA Holdings, Inc. | 5.3% |
| Intercontinental Exchange, Inc. | 5.2% |
| Airbnb, Inc., Class A | 4.7% |
| Lithia Motors, Inc. | 4.3% |
| Centene Corp. | 4.2% |
| Targa Resources Corp. | 4.1% |
| Charles Schwab Corp. | 4.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 25.7% |
| Health Care | 15.9% |
| Energy | 10.4% |
| Information Technology | 9.9% |
| Consumer Discretionary | 9.0% |
| Industrials | 7.5% |
| Communication Services | 7.0% |
| Consumer Staples | 6.7% |
| Real Estate | 3.0% |
| Short Term Investments & Other, Net | 4.9% |
| 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](tm2614019d1_tsrimg004.jpg)

OAYLX

Advisor Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Select Fund
Semi-Annual Shareholder Report March 31, 2026

OAYLX-SAR

OANLX

Institutional Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Select Fund Institutional Class returned -0.13% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

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

* At the equity holdings level, Warner Bros Discovery, Inc. led the positive contributors followed by Targa Resources Corp. and Phillips 66. Paycom Software, Inc., Salesforce, Inc. and Equifax, Inc. were the worst performing equities. 

# Fund performance as of March 31, 2026

# Total return based on $250,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **4/1/2016** | $250000 | $250000 | $250000 |
| **6/30/2016** | $256684 | $256138 | $261458 |
| **9/30/2016** | $276735 | $266005 | $270559 |
| **12/31/2016** | $305323 | $276177 | $288623 |
| **3/31/2017** | $314614 | $292931 | $298056 |
| **6/30/2017** | $320571 | $301977 | $302064 |
| **9/30/2017** | $339791 | $315507 | $311474 |
| **12/31/2017** | $353910 | $336471 | $328061 |
| **3/31/2018** | $340278 | $333917 | $318766 |
| **6/30/2018** | $339019 | $345383 | $322514 |
| **9/30/2018** | $340130 | $372015 | $340908 |
| **12/31/2018** | $266420 | $321719 | $300940 |
| **3/31/2019** | $302400 | $365627 | $336854 |
| **6/30/2019** | $316184 | $381363 | $349805 |
| **9/30/2019** | $305515 | $387840 | $354546 |
| **12/31/2019** | $340680 | $423017 | $380812 |
| **3/31/2020** | $229922 | $340114 | $279021 |
| **6/30/2020** | $283573 | $409985 | $318895 |
| **9/30/2020** | $298576 | $446594 | $336730 |
| **12/31/2020** | $378075 | $500847 | $391458 |
| **3/31/2021** | $439118 | $531774 | $435517 |
| **6/30/2021** | $474405 | $577234 | $458199 |
| **9/30/2021** | $490709 | $580594 | $454626 |
| **12/31/2021** | $507920 | $644617 | $489951 |
| **3/31/2022** | $477362 | $614974 | $486337 |
| **6/30/2022** | $399148 | $515956 | $426951 |
| **9/30/2022** | $375478 | $490764 | $402968 |
| **12/31/2022** | $393279 | $527871 | $453019 |
| **3/31/2023** | $436419 | $567446 | $457577 |
| **6/30/2023** | $490782 | $617053 | $476221 |
| **9/30/2023** | $491499 | $596854 | $461149 |
| **12/31/2023** | $563532 | $666636 | $504947 |
| **3/31/2024** | $598963 | $737006 | $550320 |
| **6/30/2024** | $562250 | $768577 | $538400 |
| **9/30/2024** | $607941 | $813820 | $589170 |
| **12/31/2024** | $644880 | $833426 | $577499 |
| **3/31/2025** | $637790 | $797821 | $589834 |
| **6/30/2025** | $664781 | $885122 | $612171 |
| **9/30/2025** | $680814 | $957034 | $644798 |
| **12/31/2025** | $738555 | $982443 | $669358 |
| **3/31/2026** | $679947 | $939861 | $683414 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 6.61% | 9.14% | 10.52% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000 Value Index** | 15.87% | 9.43% | 10.58% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $7569935706 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $27572758 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Salesforce, Inc. | 7.3% |
| Keurig Dr. Pepper, Inc. | 6.7% |
| First Citizens BancShares, Inc., Class A | 6.4% |
| IQVIA Holdings, Inc. | 5.3% |
| Intercontinental Exchange, Inc. | 5.2% |
| Airbnb, Inc., Class A | 4.7% |
| Lithia Motors, Inc. | 4.3% |
| Centene Corp. | 4.2% |
| Targa Resources Corp. | 4.1% |
| Charles Schwab Corp. | 4.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 25.7% |
| Health Care | 15.9% |
| Energy | 10.4% |
| Information Technology | 9.9% |
| Consumer Discretionary | 9.0% |
| Industrials | 7.5% |
| Communication Services | 7.0% |
| Consumer Staples | 6.7% |
| Real Estate | 3.0% |
| Short Term Investments & Other, Net | 4.9% |
| 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](tm2614019d1_tsrimg004.jpg)

OANLX

Institutional Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Select Fund
Semi-Annual Shareholder Report March 31, 2026

OANLX-SAR

OAZLX

R6 Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $36 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Select Fund R6 Class returned -0.11% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

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

* At the equity holdings level, Warner Bros Discovery, Inc. led the positive contributors followed by Targa Resources Corp. and Phillips 66. Paycom Software, Inc., Salesforce, Inc. and Equifax, Inc. were the worst performing equities. 

# Fund performance as of March 31, 2026

# Total return based on $1,000,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **4/1/2016** | $1000000 | $1000000 | $1000000 |
| **6/30/2016** | $1026735 | $1024552 | $1045831 |
| **9/30/2016** | $1106940 | $1064019 | $1082235 |
| **12/31/2016** | $1221292 | $1104710 | $1154490 |
| **3/31/2017** | $1258455 | $1171722 | $1192226 |
| **6/30/2017** | $1282286 | $1207907 | $1208256 |
| **9/30/2017** | $1359166 | $1262027 | $1245896 |
| **12/31/2017** | $1415641 | $1345884 | $1312243 |
| **3/31/2018** | $1361113 | $1335668 | $1275064 |
| **6/30/2018** | $1356076 | $1381532 | $1290054 |
| **9/30/2018** | $1360521 | $1488059 | $1363634 |
| **12/31/2018** | $1065681 | $1286877 | $1203758 |
| **3/31/2019** | $1209599 | $1462509 | $1347417 |
| **6/30/2019** | $1264736 | $1525453 | $1399218 |
| **9/30/2019** | $1222059 | $1551359 | $1418186 |
| **12/31/2019** | $1362719 | $1692067 | $1523248 |
| **3/31/2020** | $919686 | $1360456 | $1116085 |
| **6/30/2020** | $1134290 | $1639938 | $1275580 |
| **9/30/2020** | $1194304 | $1786375 | $1346920 |
| **12/31/2020** | $1512299 | $2003387 | $1565833 |
| **3/31/2021** | $1756472 | $2127095 | $1742068 |
| **6/30/2021** | $1897304 | $2308937 | $1832798 |
| **9/30/2021** | $1962837 | $2322376 | $1818502 |
| **12/31/2021** | $2031734 | $2578467 | $1959803 |
| **3/31/2022** | $1909481 | $2459896 | $1945347 |
| **6/30/2022** | $1596883 | $2063825 | $1707806 |
| **9/30/2022** | $1502818 | $1963057 | $1611871 |
| **12/31/2022** | $1574068 | $2111485 | $1812076 |
| **3/31/2023** | $1747088 | $2269785 | $1830307 |
| **6/30/2023** | $1965036 | $2468212 | $1904884 |
| **9/30/2023** | $1967585 | $2387417 | $1844596 |
| **12/31/2023** | $2256731 | $2666544 | $2019789 |
| **3/31/2024** | $2398620 | $2948022 | $2201279 |
| **6/30/2024** | $2251916 | $3074309 | $2153599 |
| **9/30/2024** | $2434894 | $3255281 | $2356682 |
| **12/31/2024** | $2583208 | $3333706 | $2309998 |
| **3/31/2025** | $2554807 | $3191284 | $2359334 |
| **6/30/2025** | $2663248 | $3540487 | $2448684 |
| **9/30/2025** | $2727796 | $3828135 | $2579194 |
| **12/31/2025** | $2959331 | $3929772 | $2677433 |
| **3/31/2026** | $2724819 | $3759443 | $2733656 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 6.65% | 9.18% | 10.54% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000 Value Index** | 15.87% | 9.43% | 10.58% |

---

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 inception to date returns for the Fund and R6 Class shares, respectively, were 11.62% and 11.95%.

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $7569935706 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid | $27572758 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Salesforce, Inc. | 7.3% |
| Keurig Dr. Pepper, Inc. | 6.7% |
| First Citizens BancShares, Inc., Class A | 6.4% |
| IQVIA Holdings, Inc. | 5.3% |
| Intercontinental Exchange, Inc. | 5.2% |
| Airbnb, Inc., Class A | 4.7% |
| Lithia Motors, Inc. | 4.3% |
| Centene Corp. | 4.2% |
| Targa Resources Corp. | 4.1% |
| Charles Schwab Corp. | 4.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 25.7% |
| Health Care | 15.9% |
| Energy | 10.4% |
| Information Technology | 9.9% |
| Consumer Discretionary | 9.0% |
| Industrials | 7.5% |
| Communication Services | 7.0% |
| Consumer Staples | 6.7% |
| Real Estate | 3.0% |
| Short Term Investments & Other, Net | 4.9% |
| 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](tm2614019d1_tsrimg004.jpg)

OAZLX

R6 Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Select Fund
Semi-Annual Shareholder Report March 31, 2026

OAZLX-SAR

OAKGX

Investor Class

#### Oakmark Global Fund
![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Global Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $55 | 1.11%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Global Fund Investor Class returned -0.67% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World Index (Net), which returned -0.57% over the same period.

* The Fund's exposure to Switzerland and South Korea contributed most to returns, while exposure to France and Netherlands detracted most from returns.

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

* At the equity holdings level, Samsung Electronics Co. Ltd. (South Korea) led the positive contributors followed by Glencore PLC (Switzerland) and ConocoPhillips (U.S.). Dassault Systemes SE (France), Prosus NV (Netherlands) and Alibaba Group Holding Ltd. (China) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $10,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg008.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **MSCI World Index (Net)** |
| **4/1/2016** | $10000 | $10000 |
| **6/30/2016** | $9634 | $10101 |
| **9/30/2016** | $10485 | $10592 |
| **12/31/2016** | $11285 | $10789 |
| **3/31/2017** | $12142 | $11477 |
| **6/30/2017** | $12665 | $11939 |
| **9/30/2017** | $13803 | $12516 |
| **12/31/2017** | $14342 | $13205 |
| **3/31/2018** | $13974 | $13036 |
| **6/30/2018** | $13930 | $13262 |
| **9/30/2018** | $13943 | $13923 |
| **12/31/2018** | $11622 | $12055 |
| **3/31/2019** | $13084 | $13560 |
| **6/30/2019** | $13647 | $14102 |
| **9/30/2019** | $13598 | $14177 |
| **12/31/2019** | $15062 | $15391 |
| **3/31/2020** | $9810 | $12151 |
| **6/30/2020** | $11862 | $14503 |
| **9/30/2020** | $12682 | $15653 |
| **12/31/2020** | $16417 | $17838 |
| **3/31/2021** | $18231 | $18716 |
| **6/30/2021** | $19412 | $20166 |
| **9/30/2021** | $18765 | $20164 |
| **12/31/2021** | $19505 | $21730 |
| **3/31/2022** | $18425 | $20610 |
| **6/30/2022** | $15761 | $17274 |
| **9/30/2022** | $13934 | $16205 |
| **12/31/2022** | $16219 | $17788 |
| **3/31/2023** | $17929 | $19163 |
| **6/30/2023** | $18694 | $20472 |
| **9/30/2023** | $17680 | $19763 |
| **12/31/2023** | $19016 | $22019 |
| **3/31/2024** | $19844 | $23975 |
| **6/30/2024** | $19247 | $24605 |
| **9/30/2024** | $20695 | $26172 |
| **12/31/2024** | $19498 | $26130 |
| **3/31/2025** | $20353 | $25662 |
| **6/30/2025** | $21567 | $28606 |
| **9/30/2025** | $22452 | $30686 |
| **12/31/2025** | $23627 | $31642 |
| **3/31/2026** | $22303 | $30512 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 9.58% | 4.11% | 8.35% |
| **MSCI World Index (Net)** | 18.90% | 10.27% | 11.80% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1033767449 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $4453383 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Sunbelt Rentals Holdings, Inc. | 3.1% |
| IQVIA Holdings, Inc. | 3.0% |
| Airbnb, Inc., Class A | 2.9% |
| CNH Industrial NV | 2.8% |
| Salesforce, Inc. | 2.8% |
| DSV AS | 2.8% |
| BNP Paribas SA | 2.7% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Julius Baer Group Ltd. | 2.6% |
| Willis Towers Watson PLC | 2.6% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 54.5% |
| Germany | 11.0% |
| France | 10.3% |
| Switzerland | 5.1% |
| Netherlands | 4.2% |
| United Kingdom | 3.5% |
| Denmark | 2.8% |
| South Korea | 2.6% |
| Sweden | 1.9% |
| China | 1.5% |
| Other | 2.3% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 17.3% |
| Information Technology | 16.9% |
| Consumer Discretionary | 16.4% |
| Health Care | 13.9% |
| Industrials | 12.1% |
| Consumer Staples | 8.8% |
| Materials | 4.5% |
| Communication Services | 3.9% |
| Energy | 3.3% |
| Short Term Investments & Other, Net | 2.9% |
| 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](tm2614019d1_tsrimg004.jpg)

OAKGX

Investor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Global Fund
Semi-Annual Shareholder Report March 31, 2026

OAKGX-SAR

OAYGX

Advisor Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Global Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $46 | 0.92%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Global Fund Advisor Class returned -0.57% for the period ended March 31, 2026, in line with its benchmark, the MSCI World Index (Net), which returned -0.57% over the same period.

* The Fund's exposure to Switzerland and South Korea contributed most to returns, while exposure to France and Netherlands detracted most from returns.

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

* At the equity holdings level, Samsung Electronics Co. Ltd. (South Korea) led the positive contributors followed by Glencore PLC (Switzerland) and ConocoPhillips (U.S.). Dassault Systemes SE (France), Prosus NV (Netherlands) and Alibaba Group Holding Ltd. (China) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $100,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **MSCI World Index (Net)** |
| **4/1/2016** | $100000 | $100000 |
| **6/30/2016** | $96340 | $101008 |
| **9/30/2016** | $104853 | $105923 |
| **12/31/2016** | $112895 | $107888 |
| **3/31/2017** | $121502 | $114767 |
| **6/30/2017** | $126811 | $119387 |
| **9/30/2017** | $138193 | $125164 |
| **12/31/2017** | $143652 | $132055 |
| **3/31/2018** | $139966 | $130363 |
| **6/30/2018** | $139576 | $132624 |
| **9/30/2018** | $139706 | $139230 |
| **12/31/2018** | $116508 | $120551 |
| **3/31/2019** | $131226 | $135595 |
| **6/30/2019** | $136876 | $141020 |
| **9/30/2019** | $136430 | $141774 |
| **12/31/2019** | $151206 | $153908 |
| **3/31/2020** | $98469 | $121508 |
| **6/30/2020** | $119172 | $145030 |
| **9/30/2020** | $127413 | $156529 |
| **12/31/2020** | $165031 | $178383 |
| **3/31/2021** | $183316 | $187162 |
| **6/30/2021** | $195300 | $201656 |
| **9/30/2021** | $188895 | $201642 |
| **12/31/2021** | $196393 | $217301 |
| **3/31/2022** | $185630 | $206103 |
| **6/30/2022** | $158836 | $172742 |
| **9/30/2022** | $140483 | $162054 |
| **12/31/2022** | $163614 | $177879 |
| **3/31/2023** | $180999 | $191630 |
| **6/30/2023** | $188777 | $204718 |
| **9/30/2023** | $178654 | $197631 |
| **12/31/2023** | $192239 | $220191 |
| **3/31/2024** | $200733 | $239746 |
| **6/30/2024** | $194751 | $246055 |
| **9/30/2024** | $209525 | $261716 |
| **12/31/2024** | $197495 | $261303 |
| **3/31/2025** | $206224 | $256620 |
| **6/30/2025** | $218651 | $286059 |
| **9/30/2025** | $227683 | $306856 |
| **12/31/2025** | $239721 | $316423 |
| **3/31/2026** | $226393 | $305117 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 9.78% | 4.31% | 8.51% |
| **MSCI World Index (Net)** | 18.90% | 10.27% | 11.80% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1033767449 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $4453383 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Sunbelt Rentals Holdings, Inc. | 3.1% |
| IQVIA Holdings, Inc. | 3.0% |
| Airbnb, Inc., Class A | 2.9% |
| CNH Industrial NV | 2.8% |
| Salesforce, Inc. | 2.8% |
| DSV AS | 2.8% |
| BNP Paribas SA | 2.7% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Julius Baer Group Ltd. | 2.6% |
| Willis Towers Watson PLC | 2.6% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 54.5% |
| Germany | 11.0% |
| France | 10.3% |
| Switzerland | 5.1% |
| Netherlands | 4.2% |
| United Kingdom | 3.5% |
| Denmark | 2.8% |
| South Korea | 2.6% |
| Sweden | 1.9% |
| China | 1.5% |
| Other | 2.3% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 17.3% |
| Information Technology | 16.9% |
| Consumer Discretionary | 16.4% |
| Health Care | 13.9% |
| Industrials | 12.1% |
| Consumer Staples | 8.8% |
| Materials | 4.5% |
| Communication Services | 3.9% |
| Energy | 3.3% |
| Short Term Investments & Other, Net | 2.9% |
| 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](tm2614019d1_tsrimg004.jpg)

OAYGX

Advisor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Global Fund
Semi-Annual Shareholder Report March 31, 2026

OAYGX-SAR

OANGX

Institutional Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Global Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $44 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Global Fund Institutional Class returned -0.54% for the period ended March 31, 2026, outperforming its benchmark, the MSCI World Index (Net), which returned -0.57% over the same period.

* The Fund's exposure to Switzerland and South Korea contributed most to returns, while exposure to France and Netherlands detracted most from returns.

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

* At the equity holdings level, Samsung Electronics Co. Ltd. (South Korea) led the positive contributors followed by Glencore PLC (Switzerland) and ConocoPhillips (U.S.). Dassault Systemes SE (France), Prosus NV (Netherlands) and Alibaba Group Holding Ltd. (China) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $250,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg032.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI World Index (Net)** |
| **4/1/2016** | $250000 | $250000 |
| **6/30/2016** | $240851 | $252521 |
| **9/30/2016** | $262132 | $264807 |
| **12/31/2016** | $282237 | $269719 |
| **3/31/2017** | $303754 | $286917 |
| **6/30/2017** | $317127 | $298468 |
| **9/30/2017** | $345682 | $312911 |
| **12/31/2017** | $359399 | $330137 |
| **3/31/2018** | $350289 | $325908 |
| **6/30/2018** | $349313 | $331561 |
| **9/30/2018** | $349747 | $348074 |
| **12/31/2018** | $291706 | $301378 |
| **3/31/2019** | $328557 | $338989 |
| **6/30/2019** | $342826 | $352551 |
| **9/30/2019** | $341709 | $354435 |
| **12/31/2019** | $378729 | $384769 |
| **3/31/2020** | $246767 | $303769 |
| **6/30/2020** | $298623 | $362575 |
| **9/30/2020** | $319262 | $391322 |
| **12/31/2020** | $413561 | $445957 |
| **3/31/2021** | $459513 | $467905 |
| **6/30/2021** | $489543 | $504139 |
| **9/30/2021** | $473492 | $504105 |
| **12/31/2021** | $492395 | $543252 |
| **3/31/2022** | $465411 | $515258 |
| **6/30/2022** | $398234 | $431856 |
| **9/30/2022** | $352218 | $405134 |
| **12/31/2022** | $410201 | $444698 |
| **3/31/2023** | $453803 | $479076 |
| **6/30/2023** | $473452 | $511794 |
| **9/30/2023** | $448066 | $494077 |
| **12/31/2023** | $482180 | $550479 |
| **3/31/2024** | $503490 | $599364 |
| **6/30/2024** | $488633 | $615137 |
| **9/30/2024** | $525700 | $654289 |
| **12/31/2024** | $495561 | $653258 |
| **3/31/2025** | $517471 | $641550 |
| **6/30/2025** | $548662 | $715148 |
| **9/30/2025** | $571485 | $767141 |
| **12/31/2025** | $601839 | $791057 |
| **3/31/2026** | $568378 | $762793 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 9.84% | 4.34% | 8.56% |
| **MSCI World Index (Net)** | 18.90% | 10.27% | 11.80% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1033767449 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $4453383 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Sunbelt Rentals Holdings, Inc. | 3.1% |
| IQVIA Holdings, Inc. | 3.0% |
| Airbnb, Inc., Class A | 2.9% |
| CNH Industrial NV | 2.8% |
| Salesforce, Inc. | 2.8% |
| DSV AS | 2.8% |
| BNP Paribas SA | 2.7% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Julius Baer Group Ltd. | 2.6% |
| Willis Towers Watson PLC | 2.6% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 54.5% |
| Germany | 11.0% |
| France | 10.3% |
| Switzerland | 5.1% |
| Netherlands | 4.2% |
| United Kingdom | 3.5% |
| Denmark | 2.8% |
| South Korea | 2.6% |
| Sweden | 1.9% |
| China | 1.5% |
| Other | 2.3% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 17.3% |
| Information Technology | 16.9% |
| Consumer Discretionary | 16.4% |
| Health Care | 13.9% |
| Industrials | 12.1% |
| Consumer Staples | 8.8% |
| Materials | 4.5% |
| Communication Services | 3.9% |
| Energy | 3.3% |
| Short Term Investments & Other, Net | 2.9% |
| 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](tm2614019d1_tsrimg004.jpg)

OANGX

Institutional Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Global Fund
Semi-Annual Shareholder Report March 31, 2026

OANGX-SAR

OAZGX

R6 Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Global Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Global Fund R6 Class returned -0.54% for the period ended March 31, 2026, outperforming its benchmark, the MSCI World Index (Net), which returned -0.57% over the same period.

* The Fund's exposure to Switzerland and South Korea contributed most to returns, while exposure to France and Netherlands detracted most from returns.

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

* At the equity holdings level, Samsung Electronics Co. Ltd. (South Korea) led the positive contributors followed by Glencore PLC (Switzerland) and ConocoPhillips (U.S.). Dassault Systemes SE (France), Prosus NV (Netherlands) and Alibaba Group Holding Ltd. (China) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $1,000,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg029.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Class** | **MSCI World Index (Net)** |
| **4/1/2016** | $1000000 | $1000000 |
| **6/30/2016** | $963405 | $1010082 |
| **9/30/2016** | $1048528 | $1059229 |
| **12/31/2016** | $1128948 | $1078878 |
| **3/31/2017** | $1215017 | $1147667 |
| **6/30/2017** | $1268508 | $1193874 |
| **9/30/2017** | $1382730 | $1251642 |
| **12/31/2017** | $1437596 | $1320550 |
| **3/31/2018** | $1401157 | $1303632 |
| **6/30/2018** | $1397253 | $1326243 |
| **9/30/2018** | $1398988 | $1392297 |
| **12/31/2018** | $1166824 | $1205510 |
| **3/31/2019** | $1314228 | $1355955 |
| **6/30/2019** | $1371304 | $1410202 |
| **9/30/2019** | $1366837 | $1417742 |
| **12/31/2019** | $1514915 | $1539076 |
| **3/31/2020** | $987068 | $1215075 |
| **6/30/2020** | $1194492 | $1450299 |
| **9/30/2020** | $1277049 | $1565289 |
| **12/31/2020** | $1654246 | $1783827 |
| **3/31/2021** | $1837533 | $1871621 |
| **6/30/2021** | $1958171 | $2016558 |
| **9/30/2021** | $1893969 | $2016418 |
| **12/31/2021** | $1969376 | $2173009 |
| **3/31/2022** | $1861418 | $2061034 |
| **6/30/2022** | $1593228 | $1727424 |
| **9/30/2022** | $1409700 | $1620538 |
| **12/31/2022** | $1641547 | $1778791 |
| **3/31/2023** | $1816033 | $1916304 |
| **6/30/2023** | $1894666 | $2047178 |
| **9/30/2023** | $1792500 | $1976309 |
| **12/31/2023** | $1929013 | $2201914 |
| **3/31/2024** | $2014920 | $2397458 |
| **6/30/2024** | $1954845 | $2460548 |
| **9/30/2024** | $2103831 | $2617157 |
| **12/31/2024** | $1983210 | $2613032 |
| **3/31/2025** | $2071555 | $2566200 |
| **6/30/2025** | $2196458 | $2860590 |
| **9/30/2025** | $2288460 | $3068563 |
| **12/31/2025** | $2409570 | $3164227 |
| **3/31/2026** | $2276151 | $3051171 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 9.88% | 4.37% | 8.57% |
| **MSCI World Index (Net)** | 18.90% | 10.27% | 11.80% |

---

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 inception to date returns for the Fund and R6 Class shares, respectively, were 9.20% and 6.58%.

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1033767449 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $4453383 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Sunbelt Rentals Holdings, Inc. | 3.1% |
| IQVIA Holdings, Inc. | 3.0% |
| Airbnb, Inc., Class A | 2.9% |
| CNH Industrial NV | 2.8% |
| Salesforce, Inc. | 2.8% |
| DSV AS | 2.8% |
| BNP Paribas SA | 2.7% |
| Samsung Electronics Co. Ltd. | 2.6% |
| Julius Baer Group Ltd. | 2.6% |
| Willis Towers Watson PLC | 2.6% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 54.5% |
| Germany | 11.0% |
| France | 10.3% |
| Switzerland | 5.1% |
| Netherlands | 4.2% |
| United Kingdom | 3.5% |
| Denmark | 2.8% |
| South Korea | 2.6% |
| Sweden | 1.9% |
| China | 1.5% |
| Other | 2.3% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 17.3% |
| Information Technology | 16.9% |
| Consumer Discretionary | 16.4% |
| Health Care | 13.9% |
| Industrials | 12.1% |
| Consumer Staples | 8.8% |
| Materials | 4.5% |
| Communication Services | 3.9% |
| Energy | 3.3% |
| Short Term Investments & Other, Net | 2.9% |
| 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](tm2614019d1_tsrimg004.jpg)

OAZGX

R6 Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Global Fund
Semi-Annual Shareholder Report March 31, 2026

OAZGX-SAR

OAKBX

Investor Class

#### Oakmark Equity and Income Fund
![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Equity and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $42 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Equity and Income Fund Investor Class returned 0.04% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

* At the equity sector level, Energy and Materials performed the strongest, while Financials and Information Technology were the worst performing sectors.

* At the equity holdings level, Glencore PLC led the positive contributors followed by Phillips 66 and Alphabet, Inc., Class A. Fiserv, Inc., Equifax, Inc. and Corebridge Financial, Inc. were the worst performing equities.

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

# Fund performance as of March 31, 2026

# Total return based on $10,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg019.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** |
| **4/1/2016** | $10000 | $10000 | $10000 | $10000 |
| **6/30/2016** | $9958 | $10246 | $10221 | $10237 |
| **9/30/2016** | $10490 | $10640 | $10268 | $10492 |
| **12/31/2016** | $11012 | $11047 | $9963 | $10607 |
| **3/31/2017** | $11468 | $11717 | $10044 | $11026 |
| **6/30/2017** | $11664 | $12079 | $10189 | $11294 |
| **9/30/2017** | $12094 | $12620 | $10276 | $11635 |
| **12/31/2017** | $12604 | $13459 | $10316 | $12114 |
| **3/31/2018** | $12401 | $13357 | $10165 | $11997 |
| **6/30/2018** | $12428 | $13815 | $10149 | $12236 |
| **9/30/2018** | $12734 | $14881 | $10151 | $12797 |
| **12/31/2018** | $11555 | $12869 | $10317 | $11830 |
| **3/31/2019** | $12569 | $14625 | $10620 | $12931 |
| **6/30/2019** | $13003 | $15255 | $10947 | $13443 |
| **9/30/2019** | $13025 | $15514 | $11196 | $13706 |
| **12/31/2019** | $13785 | $16921 | $11216 | $14454 |
| **3/31/2020** | $10749 | $13605 | $11569 | $12881 |
| **6/30/2020** | $12321 | $16399 | $11904 | $14596 |
| **9/30/2020** | $12908 | $17864 | $11978 | $15419 |
| **12/31/2020** | $14982 | $20034 | $12058 | $16582 |
| **3/31/2021** | $16518 | $21271 | $11651 | $16965 |
| **6/30/2021** | $17511 | $23089 | $11864 | $17955 |
| **9/30/2021** | $17579 | $23224 | $11871 | $18027 |
| **12/31/2021** | $18211 | $25785 | $11872 | $19212 |
| **3/31/2022** | $17531 | $24599 | $11168 | $18237 |
| **6/30/2022** | $15417 | $20638 | $10643 | $16116 |
| **9/30/2022** | $14795 | $19631 | $10138 | $15351 |
| **12/31/2022** | $15858 | $21115 | $10327 | $16179 |
| **3/31/2023** | $16376 | $22698 | $10633 | $17097 |
| **6/30/2023** | $17249 | $24682 | $10544 | $17928 |
| **9/30/2023** | $16925 | $23874 | $10203 | $17348 |
| **12/31/2023** | $18609 | $26665 | $10898 | $19038 |
| **3/31/2024** | $19524 | $29480 | $10814 | $20169 |
| **6/30/2024** | $19096 | $30743 | $10821 | $20693 |
| **9/30/2024** | $20273 | $32553 | $11383 | $21855 |
| **12/31/2024** | $20232 | $33337 | $11035 | $21902 |
| **3/31/2025** | $20417 | $31913 | $11342 | $21584 |
| **6/30/2025** | $21140 | $35405 | $11478 | $23098 |
| **9/30/2025** | $21755 | $38281 | $11711 | $24406 |
| **12/31/2025** | $22469 | $39298 | $11840 | $24902 |
| **3/31/2026** | $21763 | $37594 | $11835 | $24250 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 6.59% | 5.67% | 8.09% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** | 12.35% | 7.41% | 9.26% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $5835000867 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $16290703 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.3% |
| Keurig Dr. Pepper, Inc. | 2.2% |
| Salesforce, Inc. | 2.1% |
| Reinsurance Group of America, Inc. | 2.0% |
| Intercontinental Exchange, Inc. | 2.0% |
| Willis Towers Watson PLC | 2.0% |
| Amazon.com, Inc. | 1.9% |
| Charles Schwab Corp. | 1.8% |
| Airbnb, Inc., Class A | 1.7% |
| Ally Financial, Inc. | 1.6% |

---

# Asset allocation

---

| | |
|:---|:---|
| Common Stocks | 56.2% |
| Corporate Bonds | 17.6% |
| Collateralized Mortgage Obligations | 6.4% |
| Mortgage-Backed Securities | 6.0% |
| Government and Agency Securities | 5.6% |
| Asset Backed Securities | 2.7% |
| Bank Loans | 1.6% |
| Purchased Options | 0.1% |
| Short Term Investments & Other, Net | 3.8% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 37.3% |
| Consumer Discretionary | 11.4% |
| Information Technology | 9.0% |
| Health Care | 7.2% |
| Communication Services | 6.9% |
| Industrials | 5.8% |
| U.S. Government | 5.6% |
| Energy | 4.9% |
| Consumer Staples | 4.3% |
| Materials | 2.3% |
| Real Estate | 0.9% |
| Utilities | 0.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAKBX

Investor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Equity and Income Fund
Semi-Annual Shareholder Report March 31, 2026

OAKBX-SAR

OAYBX

Advisor Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Equity and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $31 | 0.62%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Equity and Income Fund Advisor Class returned 0.13% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

* At the equity sector level, Energy and Materials performed the strongest, while Financials and Information Technology were the worst performing sectors.

* At the equity holdings level, Glencore PLC led the positive contributors followed by Phillips 66 and Alphabet, Inc., Class A. Fiserv, Inc., Equifax, Inc. and Corebridge Financial, Inc. were the worst performing equities.

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

# Fund performance as of March 31, 2026

# Total return based on $100,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg018.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Advisor Class** | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** |
| **4/1/2016** | $100000 | $100000 | $100000 | $100000 |
| **6/30/2016** | $99583 | $102455 | $102214 | $102365 |
| **9/30/2016** | $104898 | $106402 | $102682 | $104916 |
| **12/31/2016** | $110156 | $110471 | $99627 | $106069 |
| **3/31/2017** | $114753 | $117172 | $100441 | $110259 |
| **6/30/2017** | $116744 | $120791 | $101892 | $112937 |
| **9/30/2017** | $121124 | $126203 | $102757 | $116352 |
| **12/31/2017** | $126279 | $134588 | $103156 | $121141 |
| **3/31/2018** | $124278 | $133567 | $101649 | $119972 |
| **6/30/2018** | $124631 | $138153 | $101488 | $122356 |
| **9/30/2018** | $127691 | $148806 | $101507 | $127975 |
| **12/31/2018** | $115925 | $128688 | $103167 | $118298 |
| **3/31/2019** | $126194 | $146251 | $106203 | $129311 |
| **6/30/2019** | $130551 | $152545 | $109474 | $134428 |
| **9/30/2019** | $130767 | $155136 | $111959 | $137058 |
| **12/31/2019** | $138449 | $169207 | $112160 | $144535 |
| **3/31/2020** | $108024 | $136046 | $115691 | $128806 |
| **6/30/2020** | $123826 | $163994 | $119042 | $145959 |
| **9/30/2020** | $129770 | $178638 | $119778 | $154192 |
| **12/31/2020** | $150692 | $200339 | $120579 | $165824 |
| **3/31/2021** | $166200 | $212710 | $116513 | $169649 |
| **6/30/2021** | $176341 | $230894 | $118645 | $179553 |
| **9/30/2021** | $177129 | $232238 | $118706 | $180274 |
| **12/31/2021** | $183538 | $257847 | $118720 | $192118 |
| **3/31/2022** | $176784 | $245990 | $111675 | $182374 |
| **6/30/2022** | $155611 | $206383 | $106434 | $161164 |
| **9/30/2022** | $149393 | $196306 | $101376 | $153509 |
| **12/31/2022** | $160227 | $211148 | $103275 | $161790 |
| **3/31/2023** | $165570 | $226978 | $106334 | $170968 |
| **6/30/2023** | $174511 | $246821 | $105436 | $179281 |
| **9/30/2023** | $171349 | $238742 | $102029 | $173478 |
| **12/31/2023** | $188494 | $266654 | $108984 | $190376 |
| **3/31/2024** | $197937 | $294802 | $108139 | $201689 |
| **6/30/2024** | $193709 | $307431 | $108210 | $206931 |
| **9/30/2024** | $205722 | $325528 | $113832 | $218546 |
| **12/31/2024** | $205436 | $333371 | $110347 | $219015 |
| **3/31/2025** | $207436 | $319128 | $113416 | $215839 |
| **6/30/2025** | $214924 | $354049 | $114785 | $230983 |
| **9/30/2025** | $221302 | $382813 | $117115 | $244059 |
| **12/31/2025** | $228715 | $392977 | $118403 | $249023 |
| **3/31/2026** | $221587 | $375944 | $118348 | $242498 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 6.82% | 5.92% | 8.28% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** | 12.35% | 7.41% | 9.26% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $5835000867 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $16290703 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.3% |
| Keurig Dr. Pepper, Inc. | 2.2% |
| Salesforce, Inc. | 2.1% |
| Reinsurance Group of America, Inc. | 2.0% |
| Intercontinental Exchange, Inc. | 2.0% |
| Willis Towers Watson PLC | 2.0% |
| Amazon.com, Inc. | 1.9% |
| Charles Schwab Corp. | 1.8% |
| Airbnb, Inc., Class A | 1.7% |
| Ally Financial, Inc. | 1.6% |

---

# Asset allocation

---

| | |
|:---|:---|
| Common Stocks | 56.2% |
| Corporate Bonds | 17.6% |
| Collateralized Mortgage Obligations | 6.4% |
| Mortgage-Backed Securities | 6.0% |
| Government and Agency Securities | 5.6% |
| Asset Backed Securities | 2.7% |
| Bank Loans | 1.6% |
| Purchased Options | 0.1% |
| Short Term Investments & Other, Net | 3.8% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 37.3% |
| Consumer Discretionary | 11.4% |
| Information Technology | 9.0% |
| Health Care | 7.2% |
| Communication Services | 6.9% |
| Industrials | 5.8% |
| U.S. Government | 5.6% |
| Energy | 4.9% |
| Consumer Staples | 4.3% |
| Materials | 2.3% |
| Real Estate | 0.9% |
| Utilities | 0.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAYBX

Advisor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Equity and Income Fund
Semi-Annual Shareholder Report March 31, 2026

OAYBX-SAR

OANBX

Institutional Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Equity and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $29 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Equity and Income Fund Institutional Class returned 0.15% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

* At the equity sector level, Energy and Materials performed the strongest, while Financials and Information Technology were the worst performing sectors.

* At the equity holdings level, Glencore PLC led the positive contributors followed by Phillips 66 and Alphabet, Inc., Class A. Fiserv, Inc., Equifax, Inc. and Corebridge Financial, Inc. were the worst performing equities.

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

# Fund performance as of March 31, 2026

# Total return based on $250,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg017.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** |
| **4/1/2016** | $250000 | $250000 | $250000 | $250000 |
| **6/30/2016** | $248958 | $256138 | $255535 | $255913 |
| **9/30/2016** | $262244 | $266005 | $256706 | $262291 |
| **12/31/2016** | $275389 | $276177 | $249067 | $265171 |
| **3/31/2017** | $286883 | $292931 | $251101 | $275648 |
| **6/30/2017** | $291951 | $301977 | $254731 | $282343 |
| **9/30/2017** | $302810 | $315507 | $256892 | $290881 |
| **12/31/2017** | $315741 | $336471 | $257889 | $302852 |
| **3/31/2018** | $310837 | $333917 | $254122 | $299929 |
| **6/30/2018** | $311622 | $345383 | $253719 | $305890 |
| **9/30/2018** | $319370 | $372015 | $253768 | $319937 |
| **12/31/2018** | $289996 | $321719 | $257918 | $295745 |
| **3/31/2019** | $315682 | $365627 | $265508 | $323278 |
| **6/30/2019** | $326691 | $381363 | $273685 | $336070 |
| **9/30/2019** | $327338 | $387840 | $279896 | $342645 |
| **12/31/2019** | $346550 | $423017 | $280400 | $361339 |
| **3/31/2020** | $270392 | $340114 | $289228 | $322015 |
| **6/30/2020** | $310065 | $409985 | $297604 | $364897 |
| **9/30/2020** | $324942 | $446594 | $299446 | $385479 |
| **12/31/2020** | $377434 | $500847 | $301449 | $414560 |
| **3/31/2021** | $416398 | $531774 | $291282 | $424123 |
| **6/30/2021** | $441798 | $577234 | $296612 | $448882 |
| **9/30/2021** | $443771 | $580594 | $296766 | $450686 |
| **12/31/2021** | $459844 | $644617 | $296801 | $480296 |
| **3/31/2022** | $442922 | $614974 | $279188 | $455934 |
| **6/30/2022** | $389873 | $515956 | $266084 | $402911 |
| **9/30/2022** | $374295 | $490764 | $253439 | $383771 |
| **12/31/2022** | $401437 | $527871 | $258186 | $404475 |
| **3/31/2023** | $414822 | $567446 | $265834 | $427420 |
| **6/30/2023** | $437223 | $617053 | $263590 | $448202 |
| **9/30/2023** | $429437 | $596854 | $255072 | $433694 |
| **12/31/2023** | $472371 | $666636 | $272461 | $475940 |
| **3/31/2024** | $495926 | $737006 | $270348 | $504222 |
| **6/30/2024** | $485362 | $768577 | $270524 | $517326 |
| **9/30/2024** | $515648 | $813820 | $284580 | $546366 |
| **12/31/2024** | $514833 | $833426 | $275868 | $547538 |
| **3/31/2025** | $519885 | $797821 | $283539 | $539597 |
| **6/30/2025** | $538679 | $885122 | $286961 | $577458 |
| **9/30/2025** | $554720 | $957034 | $292786 | $610147 |
| **12/31/2025** | $573351 | $982443 | $296008 | $622557 |
| **3/31/2026** | $555532 | $939861 | $295869 | $606244 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 6.86% | 5.94% | 8.31% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** | 12.35% | 7.41% | 9.26% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $5835000867 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $16290703 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.3% |
| Keurig Dr. Pepper, Inc. | 2.2% |
| Salesforce, Inc. | 2.1% |
| Reinsurance Group of America, Inc. | 2.0% |
| Intercontinental Exchange, Inc. | 2.0% |
| Willis Towers Watson PLC | 2.0% |
| Amazon.com, Inc. | 1.9% |
| Charles Schwab Corp. | 1.8% |
| Airbnb, Inc., Class A | 1.7% |
| Ally Financial, Inc. | 1.6% |

---

# Asset allocation

---

| | |
|:---|:---|
| Common Stocks | 56.2% |
| Corporate Bonds | 17.6% |
| Collateralized Mortgage Obligations | 6.4% |
| Mortgage-Backed Securities | 6.0% |
| Government and Agency Securities | 5.6% |
| Asset Backed Securities | 2.7% |
| Bank Loans | 1.6% |
| Purchased Options | 0.1% |
| Short Term Investments & Other, Net | 3.8% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 37.3% |
| Consumer Discretionary | 11.4% |
| Information Technology | 9.0% |
| Health Care | 7.2% |
| Communication Services | 6.9% |
| Industrials | 5.8% |
| U.S. Government | 5.6% |
| Energy | 4.9% |
| Consumer Staples | 4.3% |
| Materials | 2.3% |
| Real Estate | 0.9% |
| Utilities | 0.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OANBX

Institutional Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Equity and Income Fund
Semi-Annual Shareholder Report March 31, 2026

OANBX-SAR

OAZBX

R6 Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Equity and Income Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $27 | 0.55%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Equity and Income Fund R6 Class returned 0.17% for the period ended March 31, 2026, outperforming its benchmark, the S&P 500 Index, which returned -1.79% over the same period.

* At the equity sector level, Energy and Materials performed the strongest, while Financials and Information Technology were the worst performing sectors.

* At the equity holdings level, Glencore PLC led the positive contributors followed by Phillips 66 and Alphabet, Inc., Class A. Fiserv, Inc., Equifax, Inc. and Corebridge Financial, Inc. were the worst performing equities.

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

# Fund performance as of March 31, 2026

# Total return based on $1,000,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg006.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **R6 Class** | **S&P 500 Index** | **Bloomberg U.S. Aggregate Bond Index** | **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** |
| **4/1/2016** | $1000000 | $1000000 | $1000000 | $1000000 |
| **6/30/2016** | $995832 | $1024552 | $1022140 | $1023653 |
| **9/30/2016** | $1048975 | $1064019 | $1026823 | $1049162 |
| **12/31/2016** | $1101557 | $1104710 | $996270 | $1060685 |
| **3/31/2017** | $1147531 | $1171722 | $1004406 | $1102591 |
| **6/30/2017** | $1167802 | $1207907 | $1018924 | $1129374 |
| **9/30/2017** | $1211242 | $1262027 | $1027569 | $1163522 |
| **12/31/2017** | $1262965 | $1345884 | $1031556 | $1211410 |
| **3/31/2018** | $1243348 | $1335668 | $1016489 | $1199717 |
| **6/30/2018** | $1246487 | $1381532 | $1014876 | $1223558 |
| **9/30/2018** | $1277482 | $1488059 | $1015072 | $1279747 |
| **12/31/2018** | $1159985 | $1286877 | $1031672 | $1182981 |
| **3/31/2019** | $1262730 | $1462509 | $1062033 | $1293113 |
| **6/30/2019** | $1306763 | $1525453 | $1094739 | $1344282 |
| **9/30/2019** | $1309354 | $1551359 | $1119585 | $1370581 |
| **12/31/2019** | $1386201 | $1692067 | $1121602 | $1445355 |
| **3/31/2020** | $1081567 | $1360456 | $1156913 | $1288060 |
| **6/30/2020** | $1240260 | $1639938 | $1190415 | $1459589 |
| **9/30/2020** | $1299770 | $1786375 | $1197785 | $1541917 |
| **12/31/2020** | $1509734 | $2003387 | $1205795 | $1658240 |
| **3/31/2021** | $1665590 | $2127095 | $1165130 | $1696492 |
| **6/30/2021** | $1767193 | $2308937 | $1186448 | $1795527 |
| **9/30/2021** | $1775578 | $2322376 | $1187063 | $1802744 |
| **12/31/2021** | $1839710 | $2578467 | $1187204 | $1921184 |
| **3/31/2022** | $1772548 | $2459896 | $1116752 | $1823736 |
| **6/30/2022** | $1560315 | $2063825 | $1064337 | $1611644 |
| **9/30/2022** | $1497988 | $1963057 | $1013757 | $1535086 |
| **12/31/2022** | $1606667 | $2111485 | $1032746 | $1617898 |
| **3/31/2023** | $1660788 | $2269785 | $1063336 | $1709682 |
| **6/30/2023** | $1750442 | $2468212 | $1054358 | $1792810 |
| **9/30/2023** | $1719282 | $2387417 | $1020290 | $1734777 |
| **12/31/2023** | $1891194 | $2666544 | $1089844 | $1903760 |
| **3/31/2024** | $1985657 | $2948022 | $1081390 | $2016888 |
| **6/30/2024** | $1943522 | $3074309 | $1082096 | $2069306 |
| **9/30/2024** | $2064398 | $3255281 | $1138322 | $2185464 |
| **12/31/2024** | $2061309 | $3333706 | $1103470 | $2190152 |
| **3/31/2025** | $2082310 | $3191284 | $1134158 | $2158388 |
| **6/30/2025** | $2157199 | $3540487 | $1147845 | $2309833 |
| **9/30/2025** | $2222245 | $3828135 | $1171146 | $2440586 |
| **12/31/2025** | $2296508 | $3929772 | $1184031 | $2490226 |
| **3/31/2026** | $2225913 | $3759443 | $1183475 | $2424975 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 6.90% | 5.97% | 8.33% |
| **S&P 500 Index** | 17.80% | 12.06% | 14.16% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **60% S&P 500 Index / 40% Bloomberg U.S. Aggregate Index** | 12.35% | 7.41% | 9.26% |

---

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 inception to date returns for the Fund and R6 Class shares, respectively, were 9.49% and 7.86%.

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $5835000867 |
| # of Portfolio Holdings | 270 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $16290703 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Alphabet, Inc., Class A | 3.3% |
| Keurig Dr. Pepper, Inc. | 2.2% |
| Salesforce, Inc. | 2.1% |
| Reinsurance Group of America, Inc. | 2.0% |
| Intercontinental Exchange, Inc. | 2.0% |
| Willis Towers Watson PLC | 2.0% |
| Amazon.com, Inc. | 1.9% |
| Charles Schwab Corp. | 1.8% |
| Airbnb, Inc., Class A | 1.7% |
| Ally Financial, Inc. | 1.6% |

---

# Asset allocation

---

| | |
|:---|:---|
| Common Stocks | 56.2% |
| Corporate Bonds | 17.6% |
| Collateralized Mortgage Obligations | 6.4% |
| Mortgage-Backed Securities | 6.0% |
| Government and Agency Securities | 5.6% |
| Asset Backed Securities | 2.7% |
| Bank Loans | 1.6% |
| Purchased Options | 0.1% |
| Short Term Investments & Other, Net | 3.8% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 37.3% |
| Consumer Discretionary | 11.4% |
| Information Technology | 9.0% |
| Health Care | 7.2% |
| Communication Services | 6.9% |
| Industrials | 5.8% |
| U.S. Government | 5.6% |
| Energy | 4.9% |
| Consumer Staples | 4.3% |
| Materials | 2.3% |
| Real Estate | 0.9% |
| Utilities | 0.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAZBX

R6 Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Equity and Income Fund
Semi-Annual Shareholder Report March 31, 2026

OAZBX-SAR

OAKIX

Investor Class

#### Oakmark International Fund
![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark International Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $52 | 1.05%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark International Fund Investor Class returned -1.91% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World ex U.S. Index (Net), which returned 4.21% over the same period.

* The Fund's exposure to South Korea and Switzerland contributed most to returns, while exposure to France and Ireland detracted most from returns.

* At the equity sector level, Industrials and Materials performed the strongest, while Consumer Discretionary and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Glencore PLC (Switzerland) led the positive contributors followed by Samsung Electronics Co. Ltd. (South Korea) and Bayer AG (Germany). Dassault Systemes SE (France), Flutter Entertainment PLC (United Kingdom) and Prosus NV (Netherlands) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $10,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg030.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI World ex U.S. Index (Net)** | **MSCI EAFE Index (Net)** |
| **4/1/2016** | $10000 | $10000 | $10000 |
| **6/30/2016** | $9223 | $9895 | $9854 |
| **9/30/2016** | $10449 | $10518 | $10488 |
| **12/31/2016** | $11119 | $10479 | $10413 |
| **3/31/2017** | $12168 | $11193 | $11167 |
| **6/30/2017** | $12917 | $11823 | $11851 |
| **9/30/2017** | $14093 | $12488 | $12491 |
| **12/31/2017** | $14427 | $13016 | $13020 |
| **3/31/2018** | $14029 | $12751 | $12820 |
| **6/30/2018** | $13322 | $12656 | $12662 |
| **9/30/2018** | $13200 | $12821 | $12833 |
| **12/31/2018** | $11048 | $11182 | $11224 |
| **3/31/2019** | $12047 | $12350 | $12344 |
| **6/30/2019** | $12452 | $12819 | $12799 |
| **9/30/2019** | $12355 | $12699 | $12661 |
| **12/31/2019** | $13722 | $13697 | $13695 |
| **3/31/2020** | $8492 | $10511 | $10569 |
| **6/30/2020** | $10565 | $12124 | $12142 |
| **9/30/2020** | $10950 | $12720 | $12724 |
| **12/31/2020** | $14397 | $14736 | $14766 |
| **3/31/2021** | $15694 | $15332 | $15279 |
| **6/30/2021** | $16367 | $16197 | $16070 |
| **9/30/2021** | $15545 | $16091 | $15998 |
| **12/31/2021** | $15698 | $16596 | $16429 |
| **3/31/2022** | $14334 | $15798 | $15457 |
| **6/30/2022** | $12647 | $13483 | $13214 |
| **9/30/2022** | $10769 | $12243 | $11978 |
| **12/31/2022** | $13241 | $14225 | $14055 |
| **3/31/2023** | $15082 | $15365 | $15244 |
| **6/30/2023** | $15543 | $15831 | $15695 |
| **9/30/2023** | $14472 | $15181 | $15049 |
| **12/31/2023** | $15731 | $16777 | $16618 |
| **3/31/2024** | $15749 | $17715 | $17579 |
| **6/30/2024** | $15075 | $17608 | $17505 |
| **9/30/2024** | $16400 | $18974 | $18776 |
| **12/31/2024** | $15008 | $17565 | $17253 |
| **3/31/2025** | $16190 | $18654 | $18437 |
| **6/30/2025** | $18237 | $20901 | $20608 |
| **9/30/2025** | $18951 | $22016 | $21591 |
| **12/31/2025** | $19866 | $23160 | $22640 |
| **3/31/2026** | $18588 | $22943 | $22359 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 14.81% | 3.44% | 6.40% |
| **MSCI World ex U.S. Index (Net)** | 22.99% | 8.40% | 8.66% |
| **MSCI EAFE Index (Net)** | 21.27% | 7.91% | 8.38% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $12643810856 |
| # of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $52157992 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| adidas AG | 3.0% |
| BNP Paribas SA | 2.8% |
| Sunbelt Rentals Holdings, Inc. | 2.7% |
| Reckitt Benckiser Group PLC | 2.4% |
| DSV AS | 2.3% |
| Symrise AG | 2.3% |
| Bayerische Motoren Werke AG | 2.3% |
| Accor SA | 2.2% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.1% |
| CNH Industrial NV | 2.1% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Germany | 22.5% |
| France | 20.5% |
| United Kingdom | 14.8% |
| United States | 8.8% |
| Netherlands | 7.7% |
| Japan | 5.4% |
| South Korea | 4.3% |
| Switzerland | 3.5% |
| Denmark | 2.3% |
| Sweden | 2.1% |
| Other | 7.5% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Consumer Discretionary | 22.1% |
| Industrials | 19.5% |
| Financials | 15.3% |
| Consumer Staples | 12.5% |
| Information Technology | 11.0% |
| Health Care | 8.4% |
| Materials | 6.6% |
| Communication Services | 1.8% |
| 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](tm2614019d1_tsrimg004.jpg)

OAKIX

Investor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark International Fund
Semi-Annual Shareholder Report March 31, 2026

OAKIX-SAR

OAYIX

Advisor Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark International Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $43 | 0.87%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark International Fund Advisor Class returned -1.86% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World ex U.S. Index (Net), which returned 4.21% over the same period.

* The Fund's exposure to South Korea and Switzerland contributed most to returns, while exposure to France and Ireland detracted most from returns.

* At the equity sector level, Industrials and Materials performed the strongest, while Consumer Discretionary and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Glencore PLC (Switzerland) led the positive contributors followed by Samsung Electronics Co. Ltd. (South Korea) and Bayer AG (Germany). Dassault Systemes SE (France), Flutter Entertainment PLC (United Kingdom) and Prosus NV (Netherlands) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $100,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg034.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **MSCI World ex U.S. Index (Net)** | **MSCI EAFE Index (Net)** |
| **4/1/2016** | $100000 | $100000 | $100000 |
| **6/30/2016** | $92233 | $98947 | $98538 |
| **9/30/2016** | $104486 | $105175 | $104878 |
| **12/31/2016** | $111242 | $104793 | $104130 |
| **3/31/2017** | $121773 | $111927 | $111674 |
| **6/30/2017** | $129317 | $118229 | $118509 |
| **9/30/2017** | $141171 | $124876 | $124914 |
| **12/31/2017** | $144534 | $130160 | $130198 |
| **3/31/2018** | $140539 | $127507 | $128204 |
| **6/30/2018** | $133509 | $126556 | $126618 |
| **9/30/2018** | $132346 | $128209 | $128333 |
| **12/31/2018** | $110781 | $111820 | $112243 |
| **3/31/2019** | $120866 | $123504 | $123443 |
| **6/30/2019** | $124933 | $128186 | $127986 |
| **9/30/2019** | $123957 | $126993 | $126615 |
| **12/31/2019** | $137735 | $136970 | $136953 |
| **3/31/2020** | $85262 | $105109 | $105692 |
| **6/30/2020** | $106052 | $121235 | $121417 |
| **9/30/2020** | $109978 | $127201 | $127241 |
| **12/31/2020** | $144633 | $147361 | $147657 |
| **3/31/2021** | $157747 | $153317 | $152795 |
| **6/30/2021** | $164581 | $161973 | $160696 |
| **9/30/2021** | $156413 | $160906 | $159980 |
| **12/31/2021** | $157970 | $165964 | $164288 |
| **3/31/2022** | $144393 | $157983 | $154572 |
| **6/30/2022** | $127379 | $134829 | $132141 |
| **9/30/2022** | $108562 | $122432 | $119776 |
| **12/31/2022** | $133527 | $142246 | $140546 |
| **3/31/2023** | $152137 | $153652 | $152443 |
| **6/30/2023** | $156906 | $158309 | $156946 |
| **9/30/2023** | $146089 | $151813 | $150494 |
| **12/31/2023** | $158927 | $167765 | $166178 |
| **3/31/2024** | $159105 | $177146 | $175792 |
| **6/30/2024** | $152399 | $176078 | $175052 |
| **9/30/2024** | $165871 | $189739 | $187765 |
| **12/31/2024** | $151859 | $175649 | $172532 |
| **3/31/2025** | $163915 | $186543 | $184373 |
| **6/30/2025** | $184678 | $209012 | $206084 |
| **9/30/2025** | $192046 | $220161 | $215908 |
| **12/31/2025** | $201340 | $231602 | $226398 |
| **3/31/2026** | $188477 | $229434 | $223588 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 14.98% | 3.62% | 6.54% |
| **MSCI World ex U.S. Index (Net)** | 22.99% | 8.40% | 8.66% |
| **MSCI EAFE Index (Net)** | 21.27% | 7.91% | 8.38% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $12643810856 |
| # of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $52157992 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| adidas AG | 3.0% |
| BNP Paribas SA | 2.8% |
| Sunbelt Rentals Holdings, Inc. | 2.7% |
| Reckitt Benckiser Group PLC | 2.4% |
| DSV AS | 2.3% |
| Symrise AG | 2.3% |
| Bayerische Motoren Werke AG | 2.3% |
| Accor SA | 2.2% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.1% |
| CNH Industrial NV | 2.1% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Germany | 22.5% |
| France | 20.5% |
| United Kingdom | 14.8% |
| United States | 8.8% |
| Netherlands | 7.7% |
| Japan | 5.4% |
| South Korea | 4.3% |
| Switzerland | 3.5% |
| Denmark | 2.3% |
| Sweden | 2.1% |
| Other | 7.5% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Consumer Discretionary | 22.1% |
| Industrials | 19.5% |
| Financials | 15.3% |
| Consumer Staples | 12.5% |
| Information Technology | 11.0% |
| Health Care | 8.4% |
| Materials | 6.6% |
| Communication Services | 1.8% |
| 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](tm2614019d1_tsrimg004.jpg)

OAYIX

Advisor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark International Fund
Semi-Annual Shareholder Report March 31, 2026

OAYIX-SAR

OANIX

Institutional Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark International Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $40 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark International Fund Institutional Class returned -1.81% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World ex U.S. Index (Net), which returned 4.21% over the same period.

* The Fund's exposure to South Korea and Switzerland contributed most to returns, while exposure to France and Ireland detracted most from returns.

* At the equity sector level, Industrials and Materials performed the strongest, while Consumer Discretionary and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Glencore PLC (Switzerland) led the positive contributors followed by Samsung Electronics Co. Ltd. (South Korea) and Bayer AG (Germany). Dassault Systemes SE (France), Flutter Entertainment PLC (United Kingdom) and Prosus NV (Netherlands) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $250,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg011.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI World ex U.S. Index (Net)** | **MSCI EAFE Index (Net)** |
| **4/1/2016** | $250000 | $250000 | $250000 |
| **6/30/2016** | $230584 | $247368 | $246345 |
| **9/30/2016** | $261216 | $262939 | $262195 |
| **12/31/2016** | $278105 | $261982 | $260324 |
| **3/31/2017** | $304433 | $279818 | $279186 |
| **6/30/2017** | $323292 | $295573 | $296273 |
| **9/30/2017** | $352927 | $312191 | $312285 |
| **12/31/2017** | $361529 | $325400 | $325495 |
| **3/31/2018** | $351539 | $318767 | $320510 |
| **6/30/2018** | $334089 | $316391 | $316544 |
| **9/30/2018** | $331180 | $320524 | $320833 |
| **12/31/2018** | $277203 | $279551 | $280608 |
| **3/31/2019** | $302428 | $308760 | $308607 |
| **6/30/2019** | $312870 | $320464 | $319965 |
| **9/30/2019** | $310429 | $317483 | $316536 |
| **12/31/2019** | $344911 | $342424 | $342383 |
| **3/31/2020** | $213562 | $262774 | $264229 |
| **6/30/2020** | $265742 | $303089 | $303543 |
| **9/30/2020** | $275707 | $318001 | $318102 |
| **12/31/2020** | $362692 | $368401 | $369142 |
| **3/31/2021** | $395677 | $383293 | $381987 |
| **6/30/2021** | $412796 | $404932 | $401740 |
| **9/30/2021** | $392337 | $402264 | $399951 |
| **12/31/2021** | $396340 | $414910 | $410721 |
| **3/31/2022** | $362276 | $394956 | $386430 |
| **6/30/2022** | $319730 | $337073 | $330352 |
| **9/30/2022** | $272519 | $306079 | $299439 |
| **12/31/2022** | $335113 | $355615 | $351364 |
| **3/31/2023** | $381985 | $384131 | $381108 |
| **6/30/2023** | $393958 | $395773 | $392364 |
| **9/30/2023** | $366945 | $379532 | $376235 |
| **12/31/2023** | $399190 | $419413 | $415446 |
| **3/31/2024** | $399786 | $442865 | $439479 |
| **6/30/2024** | $382936 | $440196 | $437631 |
| **9/30/2024** | $416935 | $474348 | $469412 |
| **12/31/2024** | $381747 | $439124 | $431329 |
| **3/31/2025** | $412066 | $466357 | $460934 |
| **6/30/2025** | $464435 | $522531 | $515209 |
| **9/30/2025** | $482964 | $550404 | $539770 |
| **12/31/2025** | $506583 | $579004 | $565995 |
| **3/31/2026** | $474208 | $573586 | $558969 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 15.08% | 3.69% | 6.61% |
| **MSCI World ex U.S. Index (Net)** | 22.99% | 8.40% | 8.66% |
| **MSCI EAFE Index (Net)** | 21.27% | 7.91% | 8.38% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $12643810856 |
| # of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $52157992 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| adidas AG | 3.0% |
| BNP Paribas SA | 2.8% |
| Sunbelt Rentals Holdings, Inc. | 2.7% |
| Reckitt Benckiser Group PLC | 2.4% |
| DSV AS | 2.3% |
| Symrise AG | 2.3% |
| Bayerische Motoren Werke AG | 2.3% |
| Accor SA | 2.2% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.1% |
| CNH Industrial NV | 2.1% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Germany | 22.5% |
| France | 20.5% |
| United Kingdom | 14.8% |
| United States | 8.8% |
| Netherlands | 7.7% |
| Japan | 5.4% |
| South Korea | 4.3% |
| Switzerland | 3.5% |
| Denmark | 2.3% |
| Sweden | 2.1% |
| Other | 7.5% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Consumer Discretionary | 22.1% |
| Industrials | 19.5% |
| Financials | 15.3% |
| Consumer Staples | 12.5% |
| Information Technology | 11.0% |
| Health Care | 8.4% |
| Materials | 6.6% |
| Communication Services | 1.8% |
| 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](tm2614019d1_tsrimg004.jpg)

OANIX

Institutional Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark International Fund
Semi-Annual Shareholder Report March 31, 2026

OANIX-SAR

OAZIX

R6 Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark International Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark International Fund R6 Class returned -1.78% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World ex U.S. Index (Net), which returned 4.21% over the same period.

* The Fund's exposure to South Korea and Switzerland contributed most to returns, while exposure to France and Ireland detracted most from returns.

* At the equity sector level, Industrials and Materials performed the strongest, while Consumer Discretionary and Consumer Staples were the worst performing sectors.

* At the equity holdings level, Glencore PLC (Switzerland) led the positive contributors followed by Samsung Electronics Co. Ltd. (South Korea) and Bayer AG (Germany). Dassault Systemes SE (France), Flutter Entertainment PLC (United Kingdom) and Prosus NV (Netherlands) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $1,000,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg010.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Class** | **MSCI World ex U.S. Index (Net)** | **MSCI EAFE Index (Net)** |
| **4/1/2016** | $1000000 | $1000000 | $1000000 |
| **6/30/2016** | $922335 | $989472 | $985378 |
| **9/30/2016** | $1044863 | $1051754 | $1048780 |
| **12/31/2016** | $1112419 | $1047928 | $1041297 |
| **3/31/2017** | $1217734 | $1119274 | $1116743 |
| **6/30/2017** | $1293169 | $1182292 | $1185091 |
| **9/30/2017** | $1411709 | $1248765 | $1249141 |
| **12/31/2017** | $1446115 | $1301598 | $1301979 |
| **3/31/2018** | $1406156 | $1275068 | $1282040 |
| **6/30/2018** | $1336354 | $1265564 | $1266177 |
| **9/30/2018** | $1324720 | $1282094 | $1283331 |
| **12/31/2018** | $1108812 | $1118203 | $1122432 |
| **3/31/2019** | $1209711 | $1235040 | $1234427 |
| **6/30/2019** | $1251482 | $1281858 | $1279858 |
| **9/30/2019** | $1241717 | $1269932 | $1266145 |
| **12/31/2019** | $1379642 | $1369695 | $1369531 |
| **3/31/2020** | $854249 | $1051094 | $1056916 |
| **6/30/2020** | $1062967 | $1212354 | $1214173 |
| **9/30/2020** | $1102828 | $1272005 | $1272407 |
| **12/31/2020** | $1450213 | $1473605 | $1476570 |
| **3/31/2021** | $1582708 | $1533173 | $1527947 |
| **6/30/2021** | $1651739 | $1619728 | $1606959 |
| **9/30/2021** | $1569904 | $1609058 | $1599802 |
| **12/31/2021** | $1586251 | $1659638 | $1642882 |
| **3/31/2022** | $1449964 | $1579826 | $1545718 |
| **6/30/2022** | $1279746 | $1348293 | $1321406 |
| **9/30/2022** | $1090866 | $1224316 | $1197755 |
| **12/31/2022** | $1342061 | $1422461 | $1405457 |
| **3/31/2023** | $1529692 | $1536524 | $1524433 |
| **6/30/2023** | $1578207 | $1583090 | $1569456 |
| **9/30/2023** | $1470071 | $1518130 | $1504940 |
| **12/31/2023** | $1599453 | $1677651 | $1661784 |
| **3/31/2024** | $1601842 | $1771460 | $1757917 |
| **6/30/2024** | $1534352 | $1760785 | $1750524 |
| **9/30/2024** | $1671123 | $1897394 | $1877648 |
| **12/31/2024** | $1530611 | $1756495 | $1725317 |
| **3/31/2025** | $1652127 | $1865428 | $1843734 |
| **6/30/2025** | $1862632 | $2090124 | $2060836 |
| **9/30/2025** | $1936892 | $2201615 | $2159079 |
| **12/31/2025** | $2031584 | $2316016 | $2263981 |
| **3/31/2026** | $1902376 | $2294344 | $2235878 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 15.15% | 3.75% | 6.64% |
| **MSCI World ex U.S. Index (Net)** | 22.99% | 8.40% | 8.66% |
| **MSCI EAFE Index (Net)** | 21.27% | 7.91% | 8.38% |

---

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 inception to date returns for the Fund and R6 Class shares, respectively, were 8.64% and 5.43%.

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $12643810856 |
| # of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $52157992 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| adidas AG | 3.0% |
| BNP Paribas SA | 2.8% |
| Sunbelt Rentals Holdings, Inc. | 2.7% |
| Reckitt Benckiser Group PLC | 2.4% |
| DSV AS | 2.3% |
| Symrise AG | 2.3% |
| Bayerische Motoren Werke AG | 2.3% |
| Accor SA | 2.2% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.1% |
| CNH Industrial NV | 2.1% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Germany | 22.5% |
| France | 20.5% |
| United Kingdom | 14.8% |
| United States | 8.8% |
| Netherlands | 7.7% |
| Japan | 5.4% |
| South Korea | 4.3% |
| Switzerland | 3.5% |
| Denmark | 2.3% |
| Sweden | 2.1% |
| Other | 7.5% |
| Other Assets and Liabilities, Net | 0.6% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Consumer Discretionary | 22.1% |
| Industrials | 19.5% |
| Financials | 15.3% |
| Consumer Staples | 12.5% |
| Information Technology | 11.0% |
| Health Care | 8.4% |
| Materials | 6.6% |
| Communication Services | 1.8% |
| 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](tm2614019d1_tsrimg004.jpg)

OAZIX

R6 Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark International Fund
Semi-Annual Shareholder Report March 31, 2026

OAZIX-SAR

OAKEX

Investor Class

#### Oakmark International Small Cap Fund
![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark International Small Cap Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $64 | 1.32%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark International Small Cap Fund Investor Class returned -6.78% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World ex U.S. Index (Net), which returned 4.21% over the same period.

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

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

* At the equity holdings level, Jenoptik AG (Germany) led the positive contributors followed by Metso OYJ (Finland) and BNK Financial Group, Inc. (South Korea). TeamViewer SE (Germany), Dometic Group AB (Sweden) and Amplifon SpA (Italy) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $10,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI World ex U.S. Index (Net)** | **MSCI World ex U.S. Small Cap Index (Net)** |
| **4/1/2016** | $10000 | $10000 | $10000 |
| **6/30/2016** | $9764 | $9895 | $9872 |
| **9/30/2016** | $10592 | $10518 | $10662 |
| **12/31/2016** | $10752 | $10479 | $10369 |
| **3/31/2017** | $11783 | $11193 | $11158 |
| **6/30/2017** | $12851 | $11823 | $11971 |
| **9/30/2017** | $13344 | $12488 | $12839 |
| **12/31/2017** | $13556 | $13016 | $13587 |
| **3/31/2018** | $13097 | $12751 | $13519 |
| **6/30/2018** | $13021 | $12656 | $13392 |
| **9/30/2018** | $12486 | $12821 | $13278 |
| **12/31/2018** | $10339 | $11182 | $11132 |
| **3/31/2019** | $11683 | $12350 | $12348 |
| **6/30/2019** | $12222 | $12819 | $12566 |
| **9/30/2019** | $12123 | $12699 | $12532 |
| **12/31/2019** | $13637 | $13697 | $13960 |
| **3/31/2020** | $8415 | $10511 | $9997 |
| **6/30/2020** | $10494 | $12124 | $12163 |
| **9/30/2020** | $11367 | $12720 | $13393 |
| **12/31/2020** | $14322 | $14736 | $15744 |
| **3/31/2021** | $15974 | $15332 | $16512 |
| **6/30/2021** | $17195 | $16197 | $17306 |
| **9/30/2021** | $16881 | $16091 | $17431 |
| **12/31/2021** | $17059 | $16596 | $17498 |
| **3/31/2022** | $15129 | $15798 | $16232 |
| **6/30/2022** | $12855 | $13483 | $13321 |
| **9/30/2022** | $11416 | $12243 | $12061 |
| **12/31/2022** | $14592 | $14225 | $13896 |
| **3/31/2023** | $15549 | $15365 | $14589 |
| **6/30/2023** | $16146 | $15831 | $14660 |
| **9/30/2023** | $15646 | $15181 | $14150 |
| **12/31/2023** | $17441 | $16777 | $15650 |
| **3/31/2024** | $17530 | $17715 | $16053 |
| **6/30/2024** | $16985 | $17608 | $15804 |
| **9/30/2024** | $19006 | $18974 | $17454 |
| **12/31/2024** | $16930 | $17565 | $16082 |
| **3/31/2025** | $18325 | $18654 | $16629 |
| **6/30/2025** | $21438 | $20901 | $19426 |
| **9/30/2025** | $21599 | $22016 | $20832 |
| **12/31/2025** | $21913 | $23160 | $21562 |
| **3/31/2026** | $20134 | $22943 | $21482 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 9.87% | 4.74% | 7.25% |
| **MSCI World ex U.S. Index (Net)** | 22.99% | 8.40% | 8.66% |
| **MSCI World ex U.S. Small Cap Index (Net)** | 29.19% | 5.40% | 7.95% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1164901688 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $6318622 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Atea ASA | 3.2% |
| Julius Baer Group Ltd. | 3.0% |
| Azelis Group NV | 3.0% |
| Azimut Holding SpA | 2.8% |
| Amplifon SpA | 2.7% |
| Fielmann Group AG | 2.6% |
| Valmet OYJ | 2.6% |
| Davide Campari-Milano NV | 2.6% |
| Duerr AG | 2.5% |
| Jenoptik AG | 2.5% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Germany | 13.5% |
| Italy | 11.8% |
| Japan | 10.4% |
| United Kingdom | 9.4% |
| Sweden | 6.3% |
| Switzerland | 5.9% |
| South Korea | 4.4% |
| Finland | 4.3% |
| France | 3.9% |
| Mexico | 3.7% |
| Other | 25.6% |
| Other Assets and Liabilities, Net | 0.8% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 26.1% |
| Information Technology | 14.8% |
| Consumer Discretionary | 13.7% |
| Financials | 12.6% |
| Consumer Staples | 8.5% |
| Health Care | 7.4% |
| Real Estate | 5.3% |
| Materials | 4.6% |
| Communication Services | 3.6% |
| Short Term Investments & Other, Net | 3.4% |
| 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](tm2614019d1_tsrimg004.jpg)

OAKEX

Investor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark International Small Cap Fund
Semi-Annual Shareholder Report March 31, 2026

OAKEX-SAR

OAYEX

Advisor Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark International Small Cap Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $56 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark International Small Cap Fund Advisor Class returned -6.75% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World ex U.S. Index (Net), which returned 4.21% over the same period.

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

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

* At the equity holdings level, Jenoptik AG (Germany) led the positive contributors followed by Metso OYJ (Finland) and BNK Financial Group, Inc. (South Korea). TeamViewer SE (Germany), Dometic Group AB (Sweden) and Amplifon SpA (Italy) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $100,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg016.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **MSCI World ex U.S. Index (Net)** | **MSCI World ex U.S. Small Cap Index (Net)** |
| **4/1/2016** | $100000 | $100000 | $100000 |
| **6/30/2016** | $97645 | $98947 | $98716 |
| **9/30/2016** | $105924 | $105175 | $106616 |
| **12/31/2016** | $107592 | $104793 | $103690 |
| **3/31/2017** | $117975 | $111927 | $111580 |
| **6/30/2017** | $128654 | $118229 | $119705 |
| **9/30/2017** | $133588 | $124876 | $128392 |
| **12/31/2017** | $135777 | $130160 | $135871 |
| **3/31/2018** | $131182 | $127507 | $135188 |
| **6/30/2018** | $130493 | $126556 | $133919 |
| **9/30/2018** | $125056 | $128209 | $132779 |
| **12/31/2018** | $103625 | $111820 | $111316 |
| **3/31/2019** | $117087 | $123504 | $123480 |
| **6/30/2019** | $122488 | $128186 | $125656 |
| **9/30/2019** | $121657 | $126993 | $125318 |
| **12/31/2019** | $136839 | $136970 | $139602 |
| **3/31/2020** | $84388 | $105109 | $99971 |
| **6/30/2020** | $105319 | $121235 | $121629 |
| **9/30/2020** | $114158 | $127201 | $133933 |
| **12/31/2020** | $143873 | $147361 | $157445 |
| **3/31/2021** | $160464 | $153317 | $165122 |
| **6/30/2021** | $172801 | $161973 | $173060 |
| **9/30/2021** | $169823 | $160906 | $174308 |
| **12/31/2021** | $171579 | $165964 | $174979 |
| **3/31/2022** | $152255 | $157983 | $162324 |
| **6/30/2022** | $129464 | $134829 | $133211 |
| **9/30/2022** | $115079 | $122432 | $120613 |
| **12/31/2022** | $147049 | $142246 | $138956 |
| **3/31/2023** | $156782 | $153652 | $145887 |
| **6/30/2023** | $162798 | $158309 | $146595 |
| **9/30/2023** | $157843 | $151813 | $141498 |
| **12/31/2023** | $176054 | $167765 | $156499 |
| **3/31/2024** | $176957 | $177146 | $160533 |
| **6/30/2024** | $171540 | $176078 | $158036 |
| **9/30/2024** | $192125 | $189739 | $174545 |
| **12/31/2024** | $171114 | $175649 | $160824 |
| **3/31/2025** | $185318 | $186543 | $166286 |
| **6/30/2025** | $216892 | $209012 | $194260 |
| **9/30/2025** | $218619 | $220161 | $208325 |
| **12/31/2025** | $221884 | $231602 | $215618 |
| **3/31/2026** | $203858 | $229434 | $214817 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 10.00% | 4.90% | 7.38% |
| **MSCI World ex U.S. Index (Net)** | 22.99% | 8.40% | 8.66% |
| **MSCI World ex U.S. Small Cap Index (Net)** | 29.19% | 5.40% | 7.95% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1164901688 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $6318622 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Atea ASA | 3.2% |
| Julius Baer Group Ltd. | 3.0% |
| Azelis Group NV | 3.0% |
| Azimut Holding SpA | 2.8% |
| Amplifon SpA | 2.7% |
| Fielmann Group AG | 2.6% |
| Valmet OYJ | 2.6% |
| Davide Campari-Milano NV | 2.6% |
| Duerr AG | 2.5% |
| Jenoptik AG | 2.5% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Germany | 13.5% |
| Italy | 11.8% |
| Japan | 10.4% |
| United Kingdom | 9.4% |
| Sweden | 6.3% |
| Switzerland | 5.9% |
| South Korea | 4.4% |
| Finland | 4.3% |
| France | 3.9% |
| Mexico | 3.7% |
| Other | 25.6% |
| Other Assets and Liabilities, Net | 0.8% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 26.1% |
| Information Technology | 14.8% |
| Consumer Discretionary | 13.7% |
| Financials | 12.6% |
| Consumer Staples | 8.5% |
| Health Care | 7.4% |
| Real Estate | 5.3% |
| Materials | 4.6% |
| Communication Services | 3.6% |
| Short Term Investments & Other, Net | 3.4% |
| 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](tm2614019d1_tsrimg004.jpg)

OAYEX

Advisor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark International Small Cap Fund
Semi-Annual Shareholder Report March 31, 2026

OAYEX-SAR

OANEX

Institutional Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark International Small Cap Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $52 | 1.08%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark International Small Cap Fund Institutional Class returned -6.70% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World ex U.S. Index (Net), which returned 4.21% over the same period.

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

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

* At the equity holdings level, Jenoptik AG (Germany) led the positive contributors followed by Metso OYJ (Finland) and BNK Financial Group, Inc. (South Korea). TeamViewer SE (Germany), Dometic Group AB (Sweden) and Amplifon SpA (Italy) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $250,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI World ex U.S. Index (Net)** | **MSCI World ex U.S. Small Cap Index (Net)** |
| **4/1/2016** | $250000 | $250000 | $250000 |
| **6/30/2016** | $244111 | $247368 | $246791 |
| **9/30/2016** | $264811 | $262939 | $266540 |
| **12/31/2016** | $268979 | $261982 | $259225 |
| **3/31/2017** | $294938 | $279818 | $278951 |
| **6/30/2017** | $321634 | $295573 | $299263 |
| **9/30/2017** | $334153 | $312191 | $320980 |
| **12/31/2017** | $339757 | $325400 | $339678 |
| **3/31/2018** | $328265 | $318767 | $337970 |
| **6/30/2018** | $326542 | $316391 | $334798 |
| **9/30/2018** | $313327 | $320524 | $331947 |
| **12/31/2018** | $259813 | $279551 | $278291 |
| **3/31/2019** | $293439 | $308760 | $308700 |
| **6/30/2019** | $307014 | $320464 | $314141 |
| **9/30/2019** | $304717 | $317483 | $313295 |
| **12/31/2019** | $342984 | $342424 | $349005 |
| **3/31/2020** | $211535 | $262774 | $249928 |
| **6/30/2020** | $263947 | $303089 | $304074 |
| **9/30/2020** | $286170 | $318001 | $334834 |
| **12/31/2020** | $360909 | $368401 | $393612 |
| **3/31/2021** | $402652 | $383293 | $412806 |
| **6/30/2021** | $433691 | $404932 | $432649 |
| **9/30/2021** | $426199 | $402264 | $435770 |
| **12/31/2021** | $431015 | $414910 | $437447 |
| **3/31/2022** | $382349 | $394956 | $405810 |
| **6/30/2022** | $325171 | $337073 | $333027 |
| **9/30/2022** | $288944 | $306079 | $301533 |
| **12/31/2022** | $369501 | $355615 | $347390 |
| **3/31/2023** | $394030 | $384131 | $364717 |
| **6/30/2023** | $409194 | $395773 | $366488 |
| **9/30/2023** | $396706 | $379532 | $353745 |
| **12/31/2023** | $442746 | $419413 | $391247 |
| **3/31/2024** | $445023 | $442865 | $401333 |
| **6/30/2024** | $431586 | $440196 | $395089 |
| **9/30/2024** | $483513 | $474348 | $436362 |
| **12/31/2024** | $430680 | $439124 | $402059 |
| **3/31/2025** | $466550 | $466357 | $415714 |
| **6/30/2025** | $546045 | $522531 | $485649 |
| **9/30/2025** | $550650 | $550404 | $520812 |
| **12/31/2025** | $558836 | $579004 | $539045 |
| **3/31/2026** | $513781 | $573586 | $537043 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 10.12% | 5.00% | 7.47% |
| **MSCI World ex U.S. Index (Net)** | 22.99% | 8.40% | 8.66% |
| **MSCI World ex U.S. Small Cap Index (Net)** | 29.19% | 5.40% | 7.95% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1164901688 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $6318622 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Atea ASA | 3.2% |
| Julius Baer Group Ltd. | 3.0% |
| Azelis Group NV | 3.0% |
| Azimut Holding SpA | 2.8% |
| Amplifon SpA | 2.7% |
| Fielmann Group AG | 2.6% |
| Valmet OYJ | 2.6% |
| Davide Campari-Milano NV | 2.6% |
| Duerr AG | 2.5% |
| Jenoptik AG | 2.5% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Germany | 13.5% |
| Italy | 11.8% |
| Japan | 10.4% |
| United Kingdom | 9.4% |
| Sweden | 6.3% |
| Switzerland | 5.9% |
| South Korea | 4.4% |
| Finland | 4.3% |
| France | 3.9% |
| Mexico | 3.7% |
| Other | 25.6% |
| Other Assets and Liabilities, Net | 0.8% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 26.1% |
| Information Technology | 14.8% |
| Consumer Discretionary | 13.7% |
| Financials | 12.6% |
| Consumer Staples | 8.5% |
| Health Care | 7.4% |
| Real Estate | 5.3% |
| Materials | 4.6% |
| Communication Services | 3.6% |
| Short Term Investments & Other, Net | 3.4% |
| 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](tm2614019d1_tsrimg004.jpg)

OANEX

Institutional Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark International Small Cap Fund
Semi-Annual Shareholder Report March 31, 2026

OANEX-SAR

OAZEX

R6 Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark International Small Cap Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $50 | 1.04%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark International Small Cap Fund R6 Class returned -6.66% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World ex U.S. Index (Net), which returned 4.21% over the same period.

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

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

* At the equity holdings level, Jenoptik AG (Germany) led the positive contributors followed by Metso OYJ (Finland) and BNK Financial Group, Inc. (South Korea). TeamViewer SE (Germany), Dometic Group AB (Sweden) and Amplifon SpA (Italy) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $1,000,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg014.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Class** | **MSCI World ex U.S. Index (Net)** | **MSCI World ex U.S. Small Cap Index (Net)** |
| **4/1/2016** | $1000000 | $1000000 | $1000000 |
| **6/30/2016** | $976445 | $989472 | $987163 |
| **9/30/2016** | $1059243 | $1051754 | $1066162 |
| **12/31/2016** | $1075918 | $1047928 | $1036900 |
| **3/31/2017** | $1179754 | $1119274 | $1115804 |
| **6/30/2017** | $1286536 | $1182292 | $1197053 |
| **9/30/2017** | $1336613 | $1248765 | $1283922 |
| **12/31/2017** | $1359027 | $1301598 | $1358712 |
| **3/31/2018** | $1313062 | $1275068 | $1351882 |
| **6/30/2018** | $1306167 | $1265564 | $1339192 |
| **9/30/2018** | $1253307 | $1282094 | $1327788 |
| **12/31/2018** | $1039254 | $1118203 | $1113164 |
| **3/31/2019** | $1173755 | $1235040 | $1234799 |
| **6/30/2019** | $1228057 | $1281858 | $1256563 |
| **9/30/2019** | $1218868 | $1269932 | $1253181 |
| **12/31/2019** | $1371937 | $1369695 | $1396019 |
| **3/31/2020** | $846140 | $1051094 | $999714 |
| **6/30/2020** | $1055788 | $1212354 | $1216295 |
| **9/30/2020** | $1144679 | $1272005 | $1339335 |
| **12/31/2020** | $1443638 | $1473605 | $1574446 |
| **3/31/2021** | $1610607 | $1533173 | $1651223 |
| **6/30/2021** | $1734763 | $1619728 | $1730596 |
| **9/30/2021** | $1704795 | $1609058 | $1743080 |
| **12/31/2021** | $1723563 | $1659638 | $1749787 |
| **3/31/2022** | $1529727 | $1579826 | $1623241 |
| **6/30/2022** | $1300967 | $1348293 | $1332107 |
| **9/30/2022** | $1156027 | $1224316 | $1206131 |
| **12/31/2022** | $1478809 | $1422461 | $1389561 |
| **3/31/2023** | $1576980 | $1536524 | $1458870 |
| **6/30/2023** | $1637668 | $1583090 | $1465951 |
| **9/30/2023** | $1587690 | $1518130 | $1414979 |
| **12/31/2023** | $1772378 | $1677651 | $1564987 |
| **3/31/2024** | $1781496 | $1771460 | $1605334 |
| **6/30/2024** | $1727704 | $1760785 | $1580356 |
| **9/30/2024** | $1934664 | $1897394 | $1745450 |
| **12/31/2024** | $1724640 | $1756495 | $1608237 |
| **3/31/2025** | $1868279 | $1865428 | $1662857 |
| **6/30/2025** | $2186614 | $2090124 | $1942598 |
| **9/30/2025** | $2205055 | $2201615 | $2083250 |
| **12/31/2025** | $2238689 | $2316016 | $2156180 |
| **3/31/2026** | $2058199 | $2294344 | $2148173 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 10.17% | 5.03% | 7.49% |
| **MSCI World ex U.S. Index (Net)** | 22.99% | 8.40% | 8.66% |
| **MSCI World ex U.S. Small Cap Index (Net)** | 29.19% | 5.40% | 7.95% |

---

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 inception to date returns for the Fund and R6 Class shares, respectively, were 8.60% and 7.18%.

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $1164901688 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $6318622 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| Atea ASA | 3.2% |
| Julius Baer Group Ltd. | 3.0% |
| Azelis Group NV | 3.0% |
| Azimut Holding SpA | 2.8% |
| Amplifon SpA | 2.7% |
| Fielmann Group AG | 2.6% |
| Valmet OYJ | 2.6% |
| Davide Campari-Milano NV | 2.6% |
| Duerr AG | 2.5% |
| Jenoptik AG | 2.5% |

---

# Geographic allocation

---

| | |
|:---|:---|
| Germany | 13.5% |
| Italy | 11.8% |
| Japan | 10.4% |
| United Kingdom | 9.4% |
| Sweden | 6.3% |
| Switzerland | 5.9% |
| South Korea | 4.4% |
| Finland | 4.3% |
| France | 3.9% |
| Mexico | 3.7% |
| Other | 25.6% |
| Other Assets and Liabilities, Net | 0.8% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Industrials | 26.1% |
| Information Technology | 14.8% |
| Consumer Discretionary | 13.7% |
| Financials | 12.6% |
| Consumer Staples | 8.5% |
| Health Care | 7.4% |
| Real Estate | 5.3% |
| Materials | 4.6% |
| Communication Services | 3.6% |
| Short Term Investments & Other, Net | 3.4% |
| 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](tm2614019d1_tsrimg004.jpg)

OAZEX

R6 Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark International Small Cap Fund
Semi-Annual Shareholder Report March 31, 2026

OAZEX-SAR

OAKWX

Investor Class

#### Oakmark Global Select Fund
![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $53 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Global Select Fund Investor Class returned -5.45% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World Index (Net), which returned -0.57% over the same period.

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

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

* At the equity holdings level, Bayer AG (Germany) led the positive contributors followed by ConocoPhillips (U.S.) and Roche Holdings AG (U.S.). Prosus NV (Netherlands), Alibaba Group Holdings Ltd. (China) and Dassault Systemes SE (France) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $10,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg003.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Class** | **MSCI World Index (Net)** |
| **4/1/2016** | $10000 | $10000 |
| **6/30/2016** | $9630 | $10101 |
| **9/30/2016** | $10639 | $10592 |
| **12/31/2016** | $11429 | $10789 |
| **3/31/2017** | $12096 | $11477 |
| **6/30/2017** | $12844 | $11939 |
| **9/30/2017** | $13449 | $12516 |
| **12/31/2017** | $13850 | $13205 |
| **3/31/2018** | $13391 | $13036 |
| **6/30/2018** | $13097 | $13262 |
| **9/30/2018** | $13334 | $13923 |
| **12/31/2018** | $10915 | $12055 |
| **3/31/2019** | $12303 | $13560 |
| **6/30/2019** | $12778 | $14102 |
| **9/30/2019** | $12680 | $14177 |
| **12/31/2019** | $14167 | $15391 |
| **3/31/2020** | $9824 | $12151 |
| **6/30/2020** | $12091 | $14503 |
| **9/30/2020** | $12870 | $15653 |
| **12/31/2020** | $16015 | $17838 |
| **3/31/2021** | $17755 | $18716 |
| **6/30/2021** | $18976 | $20166 |
| **9/30/2021** | $18663 | $20164 |
| **12/31/2021** | $19091 | $21730 |
| **3/31/2022** | $17731 | $20610 |
| **6/30/2022** | $14778 | $17274 |
| **9/30/2022** | $13108 | $16205 |
| **12/31/2022** | $14802 | $17788 |
| **3/31/2023** | $16149 | $19163 |
| **6/30/2023** | $17067 | $20472 |
| **9/30/2023** | $16738 | $19763 |
| **12/31/2023** | $18162 | $22019 |
| **3/31/2024** | $18697 | $23975 |
| **6/30/2024** | $18383 | $24605 |
| **9/30/2024** | $20004 | $26172 |
| **12/31/2024** | $19011 | $26130 |
| **3/31/2025** | $20634 | $25662 |
| **6/30/2025** | $21570 | $28606 |
| **9/30/2025** | $22300 | $30686 |
| **12/31/2025** | $22948 | $31642 |
| **3/31/2026** | $21085 | $30512 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Investor Class** | 2.18% | 3.50% | 7.74% |
| **MSCI World Index (Net)** | 18.90% | 10.27% | 11.80% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $884982759 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $3801712 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| BNP Paribas SA | 6.2% |
| CNH Industrial NV | 5.9% |
| IQVIA Holdings, Inc. | 5.6% |
| Intercontinental Exchange, Inc. | 4.7% |
| Becton Dickinson & Co. | 4.7% |
| Sysco Corp. | 4.6% |
| Salesforce, Inc. | 4.4% |
| Bayer AG | 4.4% |
| Charles Schwab Corp. | 4.3% |
| DSV AS | 4.3% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 63.5% |
| France | 9.0% |
| United Kingdom | 8.5% |
| Germany | 7.5% |
| Denmark | 4.2% |
| Netherlands | 3.8% |
| China | 3.3% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 21.4% |
| Health Care | 20.5% |
| Industrials | 13.6% |
| Consumer Discretionary | 12.5% |
| Consumer Staples | 10.8% |
| Information Technology | 7.2% |
| Communication Services | 3.7% |
| Energy | 3.5% |
| Short Term Investments & Other, Net | 6.8% |
| 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](tm2614019d1_tsrimg004.jpg)

OAKWX

Investor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Global Select Fund
Semi-Annual Shareholder Report March 31, 2026

OAKWX-SAR

OAYWX

Advisor Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $46 | 0.94%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Global Select Fund Advisor Class returned -5.37% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World Index (Net), which returned -0.57% over the same period.

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

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

* At the equity holdings level, Bayer AG (Germany) led the positive contributors followed by ConocoPhillips (U.S.) and Roche Holdings AG (U.S.). Prosus NV (Netherlands), Alibaba Group Holdings Ltd. (China) and Dassault Systemes SE (France) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $100,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg036.jpg)

---

| | | |
|:---|:---|:---|
| | **Advisor Class** | **MSCI World Index (Net)** |
| **4/1/2016** | $100000 | $100000 |
| **6/30/2016** | $96299 | $101008 |
| **9/30/2016** | $106393 | $105923 |
| **12/31/2016** | $114294 | $107888 |
| **3/31/2017** | $121093 | $114767 |
| **6/30/2017** | $128572 | $119387 |
| **9/30/2017** | $134692 | $125164 |
| **12/31/2017** | $138712 | $132055 |
| **3/31/2018** | $134113 | $130363 |
| **6/30/2018** | $131238 | $132624 |
| **9/30/2018** | $133681 | $139230 |
| **12/31/2018** | $109409 | $120551 |
| **3/31/2019** | $123416 | $135595 |
| **6/30/2019** | $128111 | $141020 |
| **9/30/2019** | $127202 | $141774 |
| **12/31/2019** | $142174 | $153908 |
| **3/31/2020** | $98670 | $121508 |
| **6/30/2020** | $121458 | $145030 |
| **9/30/2020** | $129284 | $156529 |
| **12/31/2020** | $160923 | $178383 |
| **3/31/2021** | $178514 | $187162 |
| **6/30/2021** | $190881 | $201656 |
| **9/30/2021** | $187731 | $201642 |
| **12/31/2021** | $192161 | $217301 |
| **3/31/2022** | $178544 | $206103 |
| **6/30/2022** | $148857 | $172742 |
| **9/30/2022** | $132111 | $162054 |
| **12/31/2022** | $149311 | $177879 |
| **3/31/2023** | $162916 | $191630 |
| **6/30/2023** | $172184 | $204718 |
| **9/30/2023** | $168953 | $197631 |
| **12/31/2023** | $183386 | $220191 |
| **3/31/2024** | $188884 | $239746 |
| **6/30/2024** | $185791 | $246055 |
| **9/30/2024** | $202283 | $261716 |
| **12/31/2024** | $192308 | $261303 |
| **3/31/2025** | $208754 | $256620 |
| **6/30/2025** | $218413 | $286059 |
| **9/30/2025** | $225897 | $306856 |
| **12/31/2025** | $232518 | $316423 |
| **3/31/2026** | $213775 | $305117 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Advisor Class** | 2.40% | 3.67% | 7.89% |
| **MSCI World Index (Net)** | 18.90% | 10.27% | 11.80% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $884982759 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $3801712 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| BNP Paribas SA | 6.2% |
| CNH Industrial NV | 5.9% |
| IQVIA Holdings, Inc. | 5.6% |
| Intercontinental Exchange, Inc. | 4.7% |
| Becton Dickinson & Co. | 4.7% |
| Sysco Corp. | 4.6% |
| Salesforce, Inc. | 4.4% |
| Bayer AG | 4.4% |
| Charles Schwab Corp. | 4.3% |
| DSV AS | 4.3% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 63.5% |
| France | 9.0% |
| United Kingdom | 8.5% |
| Germany | 7.5% |
| Denmark | 4.2% |
| Netherlands | 3.8% |
| China | 3.3% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 21.4% |
| Health Care | 20.5% |
| Industrials | 13.6% |
| Consumer Discretionary | 12.5% |
| Consumer Staples | 10.8% |
| Information Technology | 7.2% |
| Communication Services | 3.7% |
| Energy | 3.5% |
| Short Term Investments & Other, Net | 6.8% |
| 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](tm2614019d1_tsrimg004.jpg)

OAYWX

Advisor Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Global Select Fund
Semi-Annual Shareholder Report March 31, 2026

OAYWX-SAR

OANWX

Institutional Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $43 | 0.88%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Global Select Fund Institutional Class returned -5.36% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World Index (Net), which returned -0.57% over the same period.

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

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

* At the equity holdings level, Bayer AG (Germany) led the positive contributors followed by ConocoPhillips (U.S.) and Roche Holdings AG (U.S.). Prosus NV (Netherlands), Alibaba Group Holdings Ltd. (China) and Dassault Systemes SE (France) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $250,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg022.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **MSCI World Index (Net)** |
| **4/1/2016** | $250000 | $250000 |
| **6/30/2016** | $240747 | $252521 |
| **9/30/2016** | $265983 | $264807 |
| **12/31/2016** | $285735 | $269719 |
| **3/31/2017** | $302733 | $286917 |
| **6/30/2017** | $321431 | $298468 |
| **9/30/2017** | $336729 | $312911 |
| **12/31/2017** | $346908 | $330137 |
| **3/31/2018** | $335584 | $325908 |
| **6/30/2018** | $328395 | $331561 |
| **9/30/2018** | $334506 | $348074 |
| **12/31/2018** | $273948 | $301378 |
| **3/31/2019** | $308807 | $338989 |
| **6/30/2019** | $320742 | $352551 |
| **9/30/2019** | $318469 | $354435 |
| **12/31/2019** | $355960 | $384769 |
| **3/31/2020** | $247040 | $303769 |
| **6/30/2020** | $304285 | $362575 |
| **9/30/2020** | $323879 | $391322 |
| **12/31/2020** | $403335 | $445957 |
| **3/31/2021** | $447401 | $467905 |
| **6/30/2021** | $478383 | $504139 |
| **9/30/2021** | $470685 | $504105 |
| **12/31/2021** | $481646 | $543252 |
| **3/31/2022** | $447712 | $515258 |
| **6/30/2022** | $373483 | $431856 |
| **9/30/2022** | $331490 | $405134 |
| **12/31/2022** | $374532 | $444698 |
| **3/31/2023** | $408891 | $479076 |
| **6/30/2023** | $432366 | $511794 |
| **9/30/2023** | $424043 | $494077 |
| **12/31/2023** | $460354 | $550479 |
| **3/31/2024** | $474376 | $599364 |
| **6/30/2024** | $466610 | $615137 |
| **9/30/2024** | $508245 | $654289 |
| **12/31/2024** | $483099 | $653258 |
| **3/31/2025** | $524651 | $641550 |
| **6/30/2025** | $548926 | $715148 |
| **9/30/2025** | $567734 | $767141 |
| **12/31/2025** | $584675 | $791057 |
| **3/31/2026** | $537323 | $762793 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **Institutional Class** | 2.42% | 3.73% | 7.95% |
| **MSCI World Index (Net)** | 18.90% | 10.27% | 11.80% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $884982759 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $3801712 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| BNP Paribas SA | 6.2% |
| CNH Industrial NV | 5.9% |
| IQVIA Holdings, Inc. | 5.6% |
| Intercontinental Exchange, Inc. | 4.7% |
| Becton Dickinson & Co. | 4.7% |
| Sysco Corp. | 4.6% |
| Salesforce, Inc. | 4.4% |
| Bayer AG | 4.4% |
| Charles Schwab Corp. | 4.3% |
| DSV AS | 4.3% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 63.5% |
| France | 9.0% |
| United Kingdom | 8.5% |
| Germany | 7.5% |
| Denmark | 4.2% |
| Netherlands | 3.8% |
| China | 3.3% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 21.4% |
| Health Care | 20.5% |
| Industrials | 13.6% |
| Consumer Discretionary | 12.5% |
| Consumer Staples | 10.8% |
| Information Technology | 7.2% |
| Communication Services | 3.7% |
| Energy | 3.5% |
| Short Term Investments & Other, Net | 6.8% |
| 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](tm2614019d1_tsrimg004.jpg)

OANWX

Institutional Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Global Select Fund
Semi-Annual Shareholder Report March 31, 2026

OANWX-SAR

OAZWX

R6 Class

![Image](tm2614019d1_tsrimg031.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Global Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $40 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Global Select Fund R6 Class returned -5.33% for the period ended March 31, 2026, underperforming its benchmark, the MSCI World Index (Net), which returned -0.57% over the same period.

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

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

* At the equity holdings level, Bayer AG (Germany) led the positive contributors followed by ConocoPhillips (U.S.) and Roche Holdings AG (U.S.). Prosus NV (Netherlands), Alibaba Group Holdings Ltd. (China) and Dassault Systemes SE (France) were the worst performing equities.

# Fund performance as of March 31, 2026

# Total return based on $1,000,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg020.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Class** | **MSCI World Index (Net)** |
| **4/1/2016** | $1000000 | $1000000 |
| **6/30/2016** | $962988 | $1010082 |
| **9/30/2016** | $1063930 | $1059229 |
| **12/31/2016** | $1142942 | $1078878 |
| **3/31/2017** | $1210933 | $1147667 |
| **6/30/2017** | $1285724 | $1193874 |
| **9/30/2017** | $1346917 | $1251642 |
| **12/31/2017** | $1387633 | $1320550 |
| **3/31/2018** | $1342337 | $1303632 |
| **6/30/2018** | $1313578 | $1326243 |
| **9/30/2018** | $1338024 | $1392297 |
| **12/31/2018** | $1095790 | $1205510 |
| **3/31/2019** | $1235227 | $1355955 |
| **6/30/2019** | $1282969 | $1410202 |
| **9/30/2019** | $1273875 | $1417742 |
| **12/31/2019** | $1423840 | $1539076 |
| **3/31/2020** | $988158 | $1215075 |
| **6/30/2020** | $1217141 | $1450299 |
| **9/30/2020** | $1295517 | $1565289 |
| **12/31/2020** | $1613338 | $1783827 |
| **3/31/2021** | $1790374 | $1871621 |
| **6/30/2021** | $1914300 | $2016558 |
| **9/30/2021** | $1883511 | $2016418 |
| **12/31/2021** | $1927841 | $2173009 |
| **3/31/2022** | $1792077 | $2061034 |
| **6/30/2022** | $1495095 | $1727424 |
| **9/30/2022** | $1327087 | $1620538 |
| **12/31/2022** | $1499329 | $1778791 |
| **3/31/2023** | $1636875 | $1916304 |
| **6/30/2023** | $1731704 | $2047178 |
| **9/30/2023** | $1699240 | $1976309 |
| **12/31/2023** | $1844796 | $2201914 |
| **3/31/2024** | $1900961 | $2397458 |
| **6/30/2024** | $1869854 | $2460548 |
| **9/30/2024** | $2036620 | $2617157 |
| **12/31/2024** | $1937037 | $2613032 |
| **3/31/2025** | $2103569 | $2566200 |
| **6/30/2025** | $2200859 | $2860590 |
| **9/30/2025** | $2277114 | $3068563 |
| **12/31/2025** | $2344716 | $3164227 |
| **3/31/2026** | $2155712 | $3051171 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | 10 Years |
| **R6 Class** | 2.48% | 3.78% | 7.98% |
| **MSCI World Index (Net)** | 18.90% | 10.27% | 11.80% |

---

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 inception to date returns for the Fund and R6 Class shares, respectively, were 7.58% and 5.93%.

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $884982759 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $3801712 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| BNP Paribas SA | 6.2% |
| CNH Industrial NV | 5.9% |
| IQVIA Holdings, Inc. | 5.6% |
| Intercontinental Exchange, Inc. | 4.7% |
| Becton Dickinson & Co. | 4.7% |
| Sysco Corp. | 4.6% |
| Salesforce, Inc. | 4.4% |
| Bayer AG | 4.4% |
| Charles Schwab Corp. | 4.3% |
| DSV AS | 4.3% |

---

# Geographic allocation

---

| | |
|:---|:---|
| United States | 63.5% |
| France | 9.0% |
| United Kingdom | 8.5% |
| Germany | 7.5% |
| Denmark | 4.2% |
| Netherlands | 3.8% |
| China | 3.3% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Financials | 21.4% |
| Health Care | 20.5% |
| Industrials | 13.6% |
| Consumer Discretionary | 12.5% |
| Consumer Staples | 10.8% |
| Information Technology | 7.2% |
| Communication Services | 3.7% |
| Energy | 3.5% |
| Short Term Investments & Other, Net | 6.8% |
| 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](tm2614019d1_tsrimg004.jpg)

OAZWX

R6 Class

![Image](tm2614019d1_tsrimg012.jpg)

#### Oakmark Global Select Fund
Semi-Annual Shareholder Report March 31, 2026

OAZWX-SAR

OAKCX

Investor Class

#### Oakmark Bond Fund
![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $37 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Bond Fund Investor Class returned 0.96% for the period ended March 31, 2026, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 1.05% over the same period.

* The Fund's underperformance was primarily driven by sector allocation with duration and yield curve positioning detracting to a lesser extent. Strong security selection within corporate debt and securitized credit partially offset the underperformance.

* The Fund's overweight allocation to securitized products contributed positively to returns relative to the Fund's benchmark, while its overweight allocation to corporate debt and underweight position to government-guaranteed securities were detractions for the period.

# Fund performance as of March 31, 2026

# Total return based on $10,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg021.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 |
| **12/31/2025** | $10763 | $10190 |
| **3/31/2026** | $10758 | $10185 |

---

# Average annual total returns (%)

---

| | | |
|:---|:---|:---|
| Class | 1 Year | Since Inception 1/28/2022 |
| **Investor Class** | 5.11% | 1.77% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.44% |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $247774423 |
| # of Portfolio Holdings | 154 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $251980 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.000%, due 01/31/33 | 2.4% |
| U.S. Treasury Notes, 3.500%, due 11/30/30 | 2.4% |
| U.S. Treasury Bonds, 4.625%, due 05/15/54 | 2.1% |
| U.S. Treasury Bonds, 5.000%, due 05/15/45 | 1.9% |
| U.S. Treasury Notes, 3.875%, due 07/31/30 | 1.6% |
| U.S. Treasury Notes, 3.500%, due 02/28/31 | 1.6% |
| Wells Fargo & Co., 4.182%, due 01/23/30 (1 day USD SOFR + 0.740%) | 1.4% |
| Federal Home Loan Mortgage Corp., Pool SD6595, 5.500%, due 10/01/54 | 1.3% |
| Federal Home Loan Mortgage Corp., Pool SD3470, 2.500%, due 06/01/52 | 1.1% |
| U.S. Treasury Bonds, 4.625%, due 11/15/44 | 1.1% |

---

#### Asset allocation

---

| | |
|:---|:---|
| Corporate Bonds | 43.9% |
| Government and Agency Securities | 21.6% |
| Collateralized Mortgage Obligations | 13.3% |
| Asset Backed Securities | 10.5% |
| Mortgage-Backed Securities | 4.8% |
| Bank Loans | 3.4% |
| Short Term Investments & Other, Net | 2.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAKCX

Investor Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Bond Fund
Semi-Annual Shareholder Report March 31, 2026

OAKCX-SAR

OAYCX

Advisor Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $24 | 0.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Bond Fund Advisor Class returned 1.08% for the period ended March 31, 2026, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 1.05% over the same period.

* The Fund's underperformance was primarily driven by sector allocation with duration and yield curve positioning detracting to a lesser extent. Strong security selection within corporate debt and securitized credit partially offset the underperformance.

* The Fund's overweight allocation to securitized products contributed positively to returns relative to the Fund's benchmark, while its overweight allocation to corporate debt and underweight position to government-guaranteed securities were detractions for the period.

# Fund performance as of March 31, 2026

# Total return based on $100,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg001.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 |
| **12/31/2025** | $112807 | $99882 |
| **3/31/2026** | $112688 | $99835 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | Since Inception 6/10/2020 |
| **Advisor Class** | 5.35% | 1.70% | 2.08% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | (0.03%) |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $247774423 |
| # of Portfolio Holdings | 154 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $251980 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.000%, due 01/31/33 | 2.4% |
| U.S. Treasury Notes, 3.500%, due 11/30/30 | 2.4% |
| U.S. Treasury Bonds, 4.625%, due 05/15/54 | 2.1% |
| U.S. Treasury Bonds, 5.000%, due 05/15/45 | 1.9% |
| U.S. Treasury Notes, 3.875%, due 07/31/30 | 1.6% |
| U.S. Treasury Notes, 3.500%, due 02/28/31 | 1.6% |
| Wells Fargo & Co., 4.182%, due 01/23/30 (1 day USD SOFR + 0.740%) | 1.4% |
| Federal Home Loan Mortgage Corp., Pool SD6595, 5.500%, due 10/01/54 | 1.3% |
| Federal Home Loan Mortgage Corp., Pool SD3470, 2.500%, due 06/01/52 | 1.1% |
| U.S. Treasury Bonds, 4.625%, due 11/15/44 | 1.1% |

---

#### Asset allocation

---

| | |
|:---|:---|
| Corporate Bonds | 43.9% |
| Government and Agency Securities | 21.6% |
| Collateralized Mortgage Obligations | 13.3% |
| Asset Backed Securities | 10.5% |
| Mortgage-Backed Securities | 4.8% |
| Bank Loans | 3.4% |
| Short Term Investments & Other, Net | 2.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAYCX

Advisor Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Bond Fund
Semi-Annual Shareholder Report March 31, 2026

OAYCX-SAR

OANCX

Institutional Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $23 | 0.45%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Bond Fund Institutional Class returned 1.09% for the period ended March 31, 2026, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 1.05% over the same period.

* The Fund's underperformance was primarily driven by sector allocation with duration and yield curve positioning detracting to a lesser extent. Strong security selection within corporate debt and securitized credit partially offset the underperformance.

* The Fund's overweight allocation to securitized products contributed positively to returns relative to the Fund's benchmark, while its overweight allocation to corporate debt and underweight position to government-guaranteed securities were detractions for the period.

# Fund performance as of March 31, 2026

# Total return based on $250,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg028.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 |
| **12/31/2025** | $282244 | $249704 |
| **3/31/2026** | $282280 | $249587 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | Since Inception 6/10/2020 |
| **Institutional Class** | 5.50% | 1.70% | 2.11% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | (0.03%) |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $247774423 |
| # of Portfolio Holdings | 154 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $251980 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.000%, due 01/31/33 | 2.4% |
| U.S. Treasury Notes, 3.500%, due 11/30/30 | 2.4% |
| U.S. Treasury Bonds, 4.625%, due 05/15/54 | 2.1% |
| U.S. Treasury Bonds, 5.000%, due 05/15/45 | 1.9% |
| U.S. Treasury Notes, 3.875%, due 07/31/30 | 1.6% |
| U.S. Treasury Notes, 3.500%, due 02/28/31 | 1.6% |
| Wells Fargo & Co., 4.182%, due 01/23/30 (1 day USD SOFR + 0.740%) | 1.4% |
| Federal Home Loan Mortgage Corp., Pool SD6595, 5.500%, due 10/01/54 | 1.3% |
| Federal Home Loan Mortgage Corp., Pool SD3470, 2.500%, due 06/01/52 | 1.1% |
| U.S. Treasury Bonds, 4.625%, due 11/15/44 | 1.1% |

---

#### Asset allocation

---

| | |
|:---|:---|
| Corporate Bonds | 43.9% |
| Government and Agency Securities | 21.6% |
| Collateralized Mortgage Obligations | 13.3% |
| Asset Backed Securities | 10.5% |
| Mortgage-Backed Securities | 4.8% |
| Bank Loans | 3.4% |
| Short Term Investments & Other, Net | 2.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OANCX

Institutional Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Bond Fund
Semi-Annual Shareholder Report March 31, 2026

OANCX-SAR

OAZCX

R6 Class

![Image](tm2614019d1_tsrimg013.jpg)

#### Semi-Annual Shareholder Report

#### March 31, 2026

# Fund overview
This semi-annual shareholder report contains important information about Oakmark Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026.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 6 months?

#### (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 | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

# How did the Fund perform during the last 6 months and what affected its performance?
Oakmark Bond Fund R6 Class returned 1.11% for the period ended March 31, 2026, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 1.05% over the same period.

* The Fund's underperformance was primarily driven by sector allocation with duration and yield curve positioning detracting to a lesser extent. Strong security selection within corporate debt and securitized credit partially offset the underperformance.

* The Fund's overweight allocation to securitized products contributed positively to returns relative to the Fund's benchmark, while its overweight allocation to corporate debt and underweight position to government-guaranteed securities were detractions for the period.

# Fund performance as of March 31, 2026

# Total return based on $1,000,000 investment (as of March 31, 2026)
![Growth of 10K Chart](tm2614019d1_tsrimg035.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Class** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/15/2020** | $1000000 | $1000000 |
| **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 |
| **12/31/2025** | $1087109 | $985362 |
| **3/31/2026** | $1087353 | $984899 |

---

# Average annual total returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Class | 1 Year | 5 Years | Since Inception 12/15/2020 |
| **R6 Class** | 5.56% | 1.80% | 1.60% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | (0.29%) |

---

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=performance.

# Key Fund statistics

---

| | |
|:---|:---|
| Total Net Assets | $247774423 |
| # of Portfolio Holdings | 154 |
| Portfolio Turnover Rate | 58% |
| Total Advisory Fees Paid | $251980 |

---

# What did the Fund invest in? (as a % of total net assets) as of March 31, 2026

# Top 10 holdings

---

| | |
|:---|:---|
| U.S. Treasury Notes, 4.000%, due 01/31/33 | 2.4% |
| U.S. Treasury Notes, 3.500%, due 11/30/30 | 2.4% |
| U.S. Treasury Bonds, 4.625%, due 05/15/54 | 2.1% |
| U.S. Treasury Bonds, 5.000%, due 05/15/45 | 1.9% |
| U.S. Treasury Notes, 3.875%, due 07/31/30 | 1.6% |
| U.S. Treasury Notes, 3.500%, due 02/28/31 | 1.6% |
| Wells Fargo & Co., 4.182%, due 01/23/30 (1 day USD SOFR + 0.740%) | 1.4% |
| Federal Home Loan Mortgage Corp., Pool SD6595, 5.500%, due 10/01/54 | 1.3% |
| Federal Home Loan Mortgage Corp., Pool SD3470, 2.500%, due 06/01/52 | 1.1% |
| U.S. Treasury Bonds, 4.625%, due 11/15/44 | 1.1% |

---

#### Asset allocation

---

| | |
|:---|:---|
| Corporate Bonds | 43.9% |
| Government and Agency Securities | 21.6% |
| Collateralized Mortgage Obligations | 13.3% |
| Asset Backed Securities | 10.5% |
| Mortgage-Backed Securities | 4.8% |
| Bank Loans | 3.4% |
| Short Term Investments & Other, Net | 2.5% |
| 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](tm2614019d1_tsrimg004.jpg)

OAZCX

R6 Class

![Image](tm2614019d1_tsrimg007.jpg)

#### Oakmark Bond Fund
Semi-Annual Shareholder Report March 31, 2026

OAZCX-SAR

(b) Not applicable.

 ****

**Item 2. Code of Ethics.**

Not required in this filing.

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

Not required in this filing.

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

Not required in this filing.

**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.**

![](j26140192_aa001.jpg)

March 31, 2026

**Semi-Annual Financial Statements and Other Information**

![](j26140192_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**

March 31, 2026

**Semi-Annual Financial Statements and Other Information**

**Table of contents**

---

| | | |
|:---|:---|:---|
| **Financial Statements** | **Financial Statements** | **Financial Statements** |
|  | [Schedules of Investments](#ca26140192-1) | [1](#ca26140192-1) |
|  | [Statements of Assets and Liabilities](#da26140192-1) | [25](#da26140192-1) |
|  | [Statements of Operations](#da26140192-4) | [28](#da26140192-4) |
|  | [Statements of Changes in Net Assets](#da26140192-7) | [31](#da26140192-7) |
|  | [Notes to Financial Statements](#ea26140192-1) | [47](#ea26140192-1) |
|  | [Financial Highlights](#fa26140192-1) | [56](#fa26140192-1) |
|  | [Other Information](#ha26140192-1) | [64](#ha26140192-1) |

---

Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 96.5%** | **Common stocks - 96.5%** | **Common stocks - 96.5%** |
| **FINANCIALS - 34.1%** | **FINANCIALS - 34.1%** | **FINANCIALS - 34.1%** |
| **FINANCIAL SERVICES - 19.5%** | **FINANCIAL SERVICES - 19.5%** | **FINANCIAL SERVICES - 19.5%** |
| Intercontinental Exchange, Inc. | 4239 | $666741 |
| Fiserv, Inc. (a) | 9926 | 553882 |
| Ally Financial, Inc. | 13826 | 542389 |
| Charles Schwab Corp. | 5763 | 541614 |
| Capital One Financial Corp. | 2696 | 491831 |
| Global Payments, Inc. | 5710 | 384269 |
| State Street Corp. | 2817 | 356482 |
| Carlyle Group, Inc. | 6716 | 324997 |
| Nasdaq, Inc. | 3741 | 317599 |
| Raymond James Financial, Inc. | 1697 | 245709 |
| Corebridge Financial, Inc. | 7780 | 185631 |
| Synchrony Financial | 2370 | 161235 |
|  |  | **4772379** |
| **INSURANCE - 7.3%** | **INSURANCE - 7.3%** | **INSURANCE - 7.3%** |
| Willis Towers Watson PLC | 2038 | 592447 |
| American International Group, Inc. | 6936 | 521937 |
| Reinsurance Group of America, Inc. | 1999 | 408121 |
| Marsh & McLennan Cos., Inc. | 1460 | 253237 |
|  |  | **1775742** |
| **BANKS - 7.3%** | **BANKS - 7.3%** | **BANKS - 7.3%** |
| Citigroup, Inc. | 5159 | 585060 |
| First Citizens BancShares, Inc., Class A | 297 | 558802 |
| Bank of America Corp. | 7060 | 344170 |
| Wells Fargo & Co. | 3592 | 285959 |
|  |  | **1773991** |
|  |  | **8322112** |
| **ENERGY - 11.4%** | **ENERGY - 11.4%** | **ENERGY - 11.4%** |
| Targa Resources Corp. | 3282 | 822896 |
| ConocoPhillips | 6124 | 808315 |
| Phillips 66 | 3257 | 593433 |
| Marathon Petroleum Corp. | 1144 | 279342 |
| EOG Resources, Inc. | 1926 | 278480 |
|  |  | **2782466** |
| **HEALTH CARE - 10.7%** | **HEALTH CARE - 10.7%** | **HEALTH CARE - 10.7%** |
| **HEALTH CARE EQUIPMENT & SERVICES - 6.2%** | **HEALTH CARE EQUIPMENT & SERVICES - 6.2%** | **HEALTH CARE EQUIPMENT & SERVICES - 6.2%** |
| Zimmer Biomet Holdings, Inc. | 5926 | 535855 |
| Elevance Health, Inc. | 1820 | 532805 |
| GE HealthCare Technologies, Inc. | 6176 | 439608 |
|  |  | **1508268** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.5%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.5%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.5%** |
| Merck & Co., Inc. | 5467 | 657626 |
| IQVIA Holdings, Inc. (a) | 2683 | 457610 |
|  |  | **1115236** |
|  |  | **2623504** |

---

---

| | | |
|:---|:---|:---|
| <sup>INDUSTRIALS - 9.2%</sup> | <sup>INDUSTRIALS - 9.2%</sup> | <sup>INDUSTRIALS - 9.2%</sup> |
| **TRANSPORTATION - 4.1%** | **TRANSPORTATION - 4.1%** | **TRANSPORTATION - 4.1%** |
| Delta Air Lines, Inc. | 8470 | $563092 |
| Union Pacific Corp. | 1829 | 443752 |
|  |  | **1006844** |
| **CAPITAL GOODS - 3.4%** | **CAPITAL GOODS - 3.4%** | **CAPITAL GOODS - 3.4%** |
| AerCap Holdings NV | 2900 | 397822 |
| Fortune Brands Innovations, Inc. | 5673 | 221089 |
| Masco Corp. | 3355 | 202565 |
|  |  | **821476** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 1.7%** | **COMMERCIAL & PROFESSIONAL SERVICES - 1.7%** | **COMMERCIAL & PROFESSIONAL SERVICES - 1.7%** |
| Equifax, Inc. | 2367 | 426172 |
|  |  | **2254492** |
| **CONSUMER DISCRETIONARY - 7.6%** | **CONSUMER DISCRETIONARY - 7.6%** | **CONSUMER DISCRETIONARY - 7.6%** |
| **CONSUMER SERVICES - 2.6%** | **CONSUMER SERVICES - 2.6%** | **CONSUMER SERVICES - 2.6%** |
| Airbnb, Inc., Class A (a) | 5080 | 641502 |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.9%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.9%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.9%** |
| Amazon.com, Inc. (a) | 1309 | 272626 |
| Genuine Parts Co. | 1775 | 187706 |
|  |  | **460332** |
| **AUTOMOBILES & COMPONENTS - 1.6%** | **AUTOMOBILES & COMPONENTS - 1.6%** | **AUTOMOBILES & COMPONENTS - 1.6%** |
| General Motors Co. | 5182 | 386066 |
| **CONSUMER DURABLES & APPAREL - 1.5%** | **CONSUMER DURABLES & APPAREL - 1.5%** | **CONSUMER DURABLES & APPAREL - 1.5%** |
| NIKE, Inc., Class B | 6972 | 368235 |
|  |  | **1856135** |
| **COMMUNICATION SERVICES - 7.6%** | **COMMUNICATION SERVICES - 7.6%** | **COMMUNICATION SERVICES - 7.6%** |
| **MEDIA & ENTERTAINMENT - 6.3%** | **MEDIA & ENTERTAINMENT - 6.3%** | **MEDIA & ENTERTAINMENT - 6.3%** |
| Alphabet, Inc., Class A (b) | 1803 | 518384 |
| Netflix, Inc. (a) | 3677 | 353496 |
| Warner Bros Discovery, Inc. (a) | 10339 | 283895 |
| Charter Communications, Inc., Class A (a) | 1250 | 269850 |
| Liberty Broadband Corp., Class C (a) | 2170 | 109151 |
|  |  | **1534776** |
| **TELECOMMUNICATION SERVICES - 1.3%** | **TELECOMMUNICATION SERVICES - 1.3%** | **TELECOMMUNICATION SERVICES - 1.3%** |
| Comcast Corp., Class A | 10955 | 314521 |
|  |  | **1849297** |
| **INFORMATION TECHNOLOGY - 7.3%** | **INFORMATION TECHNOLOGY - 7.3%** | **INFORMATION TECHNOLOGY - 7.3%** |
| **SOFTWARE & SERVICES - 5.6%** | **SOFTWARE & SERVICES - 5.6%** | **SOFTWARE & SERVICES - 5.6%** |
| Salesforce, Inc. | 3337 | 622918 |
| Roper Technologies, Inc. | 744 | 263272 |
| Adobe, Inc. (a) | 959 | 233113 |
| Accenture PLC, Class A | 1165 | 231008 |
|  |  | **1350311** |

---

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

**Oakmark Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 96.5% (continued)** | **Common stocks - 96.5% (continued)** | **Common stocks - 96.5% (continued)** |
| **INFORMATION TECHNOLOGY - 7.3% (continued)** | **INFORMATION TECHNOLOGY - 7.3% (continued)** | **INFORMATION TECHNOLOGY - 7.3% (continued)** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 1.7%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.7%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.7%** |
| CDW Corp. | 2046 | $247583 |
| TE Connectivity PLC | 825 | 172534 |
|  |  | **420117** |
|  |  | **1770428** |
| **CONSUMER STAPLES - 4.0%** | **CONSUMER STAPLES - 4.0%** | **CONSUMER STAPLES - 4.0%** |
| **FOOD, BEVERAGE & TOBACCO - 3.4%** | **FOOD, BEVERAGE & TOBACCO - 3.4%** | **FOOD, BEVERAGE & TOBACCO - 3.4%** |
| Keurig Dr. Pepper, Inc. | 22431 | 590600 |
| Constellation Brands, Inc., Class A | 1624 | 243600 |
|  |  | **834200** |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.6%** |
| Sysco Corp. | 2071 | 147753 |
|  |  | **981953** |
| **MATERIALS - 3.9%** | **MATERIALS - 3.9%** | **MATERIALS - 3.9%** |
| Corteva, Inc. | 7739 | 647807 |
| Amrize Ltd. (a) | 5598 | 313600 |
|  |  | **961407** |
| **REAL ESTATE - 0.7%** | **REAL ESTATE - 0.7%** | **REAL ESTATE - 0.7%** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%** |
| CBRE Group, Inc., Class A (a) | 1335 | 180839 |
| **Total common stocks - 96.5%<br>(Cost $19,553,938)** | **Total common stocks - 96.5%<br>(Cost $19,553,938)** | **23582633** |

---

---

| | | |
|:---|:---|:---|
| **Short-term investments - 4.1%** | **Short-term investments - 4.1%** | **Short-term investments - 4.1%** |
| **REPURCHASE AGREEMENT - 4.1%** | **REPURCHASE AGREEMENT - 4.1%** | **REPURCHASE AGREEMENT - 4.1%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 3.64% <br>dated 3/31/26 due 4/1/26, <br>repurchase price $995,443, <br>collateralized by United States <br>Treasury Notes, 2.250% - 3.750% <br>due 8/15/27 - 8/31/27, aggregate <br>value plus accrued interest of <br>$1,015,249 (Cost: $995,342) | $995342 | $995342 |
| **Total short-term investments - 4.1%<br>(Cost $995,342)** | **Total short-term investments - 4.1%<br>(Cost $995,342)** | **995342** |
| **TOTAL INVESTMENTS - 100.6%<br>(COST $20,549,280)** | **TOTAL INVESTMENTS - 100.6%<br>(COST $20,549,280)** | **24577975** |
| Liabilities In Excess of Other Assets - (0.6)% | Liabilities In Excess of Other Assets - (0.6)% | (143290) |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **$24434685** |

---

(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.

**WRITTEN OPTIONS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>*(in thousands)*** | **Market Value<br>*(in thousands)*** | **Premiums<br>(Received)<br>*(in thousands)*** | **Unrealized<br>Gain/(Loss)<br>*(in thousands)*** |
| **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** |
| Alphabet, Inc., Class A | $330.00 | 4/17/26 | (4000) | $(115024) | $(66) | $(8308) | $8242 |
|  |  |  |  | $(115024) | $(66) | $(8308) | $8242 |

---

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

**Oakmark Select Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 95.1%** | **Common stocks - 95.1%** | **Common stocks - 95.1%** |
| **FINANCIALS - 25.7%** | **FINANCIALS - 25.7%** | **FINANCIALS - 25.7%** |
| **FINANCIAL SERVICES - 15.8%** | **FINANCIAL SERVICES - 15.8%** | **FINANCIAL SERVICES - 15.8%** |
| Intercontinental Exchange, Inc. | 2512 | $395064 |
| Charles Schwab Corp. | 3229 | 303484 |
| Capital One Financial Corp. | 1435 | 261805 |
| Ally Financial, Inc. | 6048 | 237255 |
|  |  | **1197608** |
| **BANKS - 6.4%** | **BANKS - 6.4%** | **BANKS - 6.4%** |
| First Citizens BancShares, Inc., Class A | 256 | 482496 |
| **INSURANCE - 3.5%** | **INSURANCE - 3.5%** | **INSURANCE - 3.5%** |
| Marsh & McLennan Cos., Inc. | 1526 | 264719 |
|  |  | **1944823** |
| **HEALTH CARE - 15.9%** | **HEALTH CARE - 15.9%** | **HEALTH CARE - 15.9%** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.7%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.7%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.7%** |
| IQVIA Holdings, Inc. (a) | 2346 | 400155 |
| ICON PLC (a) | 2256 | 249649 |
| Charles River Laboratories International, <br>Inc. (a) | 1398 | 241155 |
|  |  | **890959** |
| **HEALTH CARE EQUIPMENT & SERVICES - 4.2%** | **HEALTH CARE EQUIPMENT & SERVICES - 4.2%** | **HEALTH CARE EQUIPMENT & SERVICES - 4.2%** |
| Centene Corp. (a) | 9666 | 316465 |
|  |  | **1207424** |
| **ENERGY - 10.4%** | **ENERGY - 10.4%** | **ENERGY - 10.4%** |
| Targa Resources Corp. | 1240 | 310905 |
| ConocoPhillips | 1830 | 241549 |
| Phillips 66 | 1297 | 236251 |
|  |  | **788705** |
| **INFORMATION TECHNOLOGY - 9.9%** | **INFORMATION TECHNOLOGY - 9.9%** | **INFORMATION TECHNOLOGY - 9.9%** |
| **SOFTWARE & SERVICES - 9.9%** | **SOFTWARE & SERVICES - 9.9%** | **SOFTWARE & SERVICES - 9.9%** |
| Salesforce, Inc. | 2957 | 551983 |
| Gartner, Inc. (a) | 1231 | 194917 |
|  |  | **746900** |
| **CONSUMER DISCRETIONARY - 9.0%** | **CONSUMER DISCRETIONARY - 9.0%** | **CONSUMER DISCRETIONARY - 9.0%** |
| **CONSUMER SERVICES - 4.7%** | **CONSUMER SERVICES - 4.7%** | **CONSUMER SERVICES - 4.7%** |
| Airbnb, Inc., Class A (a) | 2805 | 354203 |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.3%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.3%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.3%** |
| Lithia Motors, Inc. (b) | 1309 | 326908 |
|  |  | **681111** |
| **INDUSTRIALS - 7.5%** | **INDUSTRIALS - 7.5%** | **INDUSTRIALS - 7.5%** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 7.0%** | **COMMERCIAL & PROFESSIONAL SERVICES - 7.0%** | **COMMERCIAL & PROFESSIONAL SERVICES - 7.0%** |
| Paycom Software, Inc. | 2394 | 290991 |
| Equifax, Inc. | 1311 | 236072 |
|  |  | **527063** |

---

---

| | | |
|:---|:---|:---|
| **CAPITAL GOODS - 0.5%** | **CAPITAL GOODS - 0.5%** | **CAPITAL GOODS - 0.5%** |
| Deere & Co. | 69 | $39093 |
|  |  | **566156** |
| **COMMUNICATION SERVICES - 7.0%** | **COMMUNICATION SERVICES - 7.0%** | **COMMUNICATION SERVICES - 7.0%** |
| **MEDIA & ENTERTAINMENT - 7.0%** | **MEDIA & ENTERTAINMENT - 7.0%** | **MEDIA & ENTERTAINMENT - 7.0%** |
| Alphabet, Inc., Class A (c) | 1028 | 295704 |
| Warner Bros Discovery, Inc. (a) | 8479 | 232833 |
|  |  | **528537** |
| **CONSUMER STAPLES - 6.7%** | **CONSUMER STAPLES - 6.7%** | **CONSUMER STAPLES - 6.7%** |
| **FOOD, BEVERAGE & TOBACCO - 6.7%** | **FOOD, BEVERAGE & TOBACCO - 6.7%** | **FOOD, BEVERAGE & TOBACCO - 6.7%** |
| Keurig Dr. Pepper, Inc. | 19224 | 506157 |
| **REAL ESTATE - 3.0%** | **REAL ESTATE - 3.0%** | **REAL ESTATE - 3.0%** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.0%** |
| CBRE Group, Inc., Class A (a) | 1690 | 228894 |
| **Total common stocks - 95.1%<br>(Cost $6,119,959)** | **Total common stocks - 95.1%<br>(Cost $6,119,959)** | **7198707** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Short-term investments - 4.9%** | **Short-term investments - 4.9%** | **Short-term investments - 4.9%** |
| **REPURCHASE AGREEMENT - 4.9%** | **REPURCHASE AGREEMENT - 4.9%** | **REPURCHASE AGREEMENT - 4.9%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 3.64% <br>dated 3/31/26 due 4/1/26, <br>repurchase price $367,614, <br>collateralized by United States <br>Treasury Notes, 2.750% - 3.750% <br>due 7/31/27 - 8/15/27, aggregate <br>value plus accrued interest of <br>$374,928 (Cost: $367,576) | $367576 | 367576 |
| **Total short-term investments - 4.9%<br>(Cost $367,576)** | **Total short-term investments - 4.9%<br>(Cost $367,576)** | **367576** |
| **TOTAL INVESTMENTS - 100.0%<br>(COST $6,487,535)** | **TOTAL INVESTMENTS - 100.0%<br>(COST $6,487,535)** | **7566283** |
| Other Assets In Excess of Liabilities - 0.0% (d) | Other Assets In Excess of Liabilities - 0.0% (d) | 3653 |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **$7569936** |

---

(a) Non-income producing security.

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

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

(d) Amount rounds to less than 0.1%.

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

**Oakmark Select Fund**

March 31, 2026 (Unaudited)

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

**WRITTEN OPTIONS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>*(in thousands)*** | **Market Value<br>*(in thousands)*** | **Premiums<br>(Received)<br>*(in thousands)*** | **Unrealized<br>Gain/(Loss)<br>*(in thousands*)** |
| **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** |
| Alphabet, Inc., Class A | $345.00 | 5/15/26 | (2500) | $(71890) | $(256) | $(5737) | $5481 |
|  |  |  |  | $(71890) | $(256) | $(5737) | $5481 |

---

**Schedule of Transactions with Affiliated Issuers**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliates** | **Shares<br>Held** | **Purchases<br>(Cost)** | **Sales<br>(Proceeds)** | **Realized<br>Gain/(Loss)** | **Change in<br>Unrealized** | **Dividend<br>Income** | **Value<br>September 30, <br>2025** | **Value<br>March 31, <br>2026** | **Percent of<br>Net Assets** |
| Lithia <br>Motors Cl A | 1309 | $— | $— | $— | $(86768) | $1440 | $413676 | $326908 | 4.3% |

---

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

**Oakmark Global Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 97.1%** | **Common stocks - 97.1%** | **Common stocks - 97.1%** |
| **FINANCIALS - 17.3%** | **FINANCIALS - 17.3%** | **FINANCIALS - 17.3%** |
| **FINANCIAL SERVICES - 8.0%** | **FINANCIAL SERVICES - 8.0%** | **FINANCIAL SERVICES - 8.0%** |
| Julius Baer Group Ltd. (Switzerland) | 368 | $27046 |
| Intercontinental Exchange, Inc.<br> (United States) | 137 | 21595 |
| Corebridge Financial, Inc. (United States) | 843 | 20121 |
| Capital One Financial Corp. (United States) | 76 | 13773 |
|  |  | **82535** |
| **INSURANCE - 5.1%** | **INSURANCE - 5.1%** | **INSURANCE - 5.1%** |
| Willis Towers Watson PLC (United States) | 92 | 26686 |
| Prudential PLC (United Kingdom) | 1004 | 13955 |
| American International Group, Inc.<br> (United States) | 160 | 12070 |
|  |  | **52711** |
| **BANKS - 4.2%** | **BANKS - 4.2%** | **BANKS - 4.2%** |
| BNP Paribas SA (France) | 294 | 27998 |
| Bank of America Corp. (United States) | 312 | 15215 |
|  |  | **43213** |
|  |  | **178459** |
| **INFORMATION TECHNOLOGY - 16.9%** | **INFORMATION TECHNOLOGY - 16.9%** | **INFORMATION TECHNOLOGY - 16.9%** |
| **SOFTWARE & SERVICES - 10.1%** | **SOFTWARE & SERVICES - 10.1%** | **SOFTWARE & SERVICES - 10.1%** |
| Salesforce, Inc. (United States) | 157 | 29363 |
| Dassault Systemes SE (France) | 1179 | 23866 |
| SAP SE (Germany) | 108 | 18446 |
| Capgemini SE (France) | 154 | 18184 |
| Gartner, Inc. (United States) (a) | 91 | 14472 |
|  |  | **104331** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 6.8%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 6.8%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 6.8%** |
| Samsung Electronics Co. Ltd. <br>(South Korea) | 233 | 27203 |
| Hexagon AB, Class B (Sweden) | 2013 | 19593 |
| Hamamatsu Photonics KK (Japan) | 1309 | 15226 |
| TE Connectivity PLC (Ireland) | 40 | 8402 |
|  |  | **70424** |
|  |  | **174755** |
| **CONSUMER DISCRETIONARY - 16.4%** | **CONSUMER DISCRETIONARY - 16.4%** | **CONSUMER DISCRETIONARY - 16.4%** |
| **CONSUMER DURABLES & APPAREL - 6.0%** | **CONSUMER DURABLES & APPAREL - 6.0%** | **CONSUMER DURABLES & APPAREL - 6.0%** |
| adidas AG (Germany) | 151 | 24360 |
| Kering SA (France) | 71 | 21439 |
| Brunswick Corp. (United States) | 221 | 16065 |
|  |  | **61864** |
| **CONSUMER SERVICES - 4.7%** | **CONSUMER SERVICES - 4.7%** | **CONSUMER SERVICES - 4.7%** |
| Airbnb, Inc., Class A (United States) (a) | 236 | 29790 |
| Compass Group PLC (United Kingdom) | 385 | 10728 |
| Vail Resorts, Inc. (United States) | 61 | 7853 |
|  |  | **48371** |

---

---

| | | |
|:---|:---|:---|
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.6%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.6%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.6%** |
| Prosus NV (Netherlands) | 460 | $21279 |
| Alibaba Group Holding Ltd. (China) | 1019 | 15966 |
|  |  | **37245** |
| **AUTOMOBILES & COMPONENTS - 2.1%** | **AUTOMOBILES & COMPONENTS - 2.1%** | **AUTOMOBILES & COMPONENTS - 2.1%** |
| Bayerische Motoren Werke AG (Germany) | 236 | 21859 |
|  |  | **169339** |
| **HEALTH CARE - 13.9%** | **HEALTH CARE - 13.9%** | **HEALTH CARE - 13.9%** |
| **HEALTH CARE EQUIPMENT & SERVICES - 7.0%** | **HEALTH CARE EQUIPMENT & SERVICES - 7.0%** | **HEALTH CARE EQUIPMENT & SERVICES - 7.0%** |
| Envista Holdings Corp. (United States) (a) | 930 | 23597 |
| Elevance Health, Inc. (United States) | 70 | 20561 |
| Becton Dickinson & Co. (United States) | 116 | 18254 |
| Molina Healthcare, Inc. (United States) (a) | 70 | 9371 |
|  |  | **71783** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%** |
| IQVIA Holdings, Inc. (United States) (a) | 181 | 30817 |
| Bayer AG (Germany) | 501 | 23194 |
| Roche Holding AG (United States) | 28 | 11174 |
| Waters Corp. (United States) (a) | 21 | 6259 |
|  |  | **71444** |
|  |  | **143227** |
| **INDUSTRIALS - 12.1%** | **INDUSTRIALS - 12.1%** | **INDUSTRIALS - 12.1%** |
| **CAPITAL GOODS - 9.3%** | **CAPITAL GOODS - 9.3%** | **CAPITAL GOODS - 9.3%** |
| Sunbelt Rentals Holdings, Inc. <br>(United States) | 486 | 31660 |
| CNH Industrial NV (United States) | 2673 | 29403 |
| Brenntag SE (Germany) | 382 | 25860 |
| Deere & Co. (United States) | 17 | 9576 |
|  |  | **96499** |
| **TRANSPORTATION - 2.8%** | **TRANSPORTATION - 2.8%** | **TRANSPORTATION - 2.8%** |
| DSV AS (Denmark) | 119 | 28718 |
|  |  | **125217** |
| **CONSUMER STAPLES - 8.8%** | **CONSUMER STAPLES - 8.8%** | **CONSUMER STAPLES - 8.8%** |
| **FOOD, BEVERAGE & TOBACCO - 6.8%** | **FOOD, BEVERAGE & TOBACCO - 6.8%** | **FOOD, BEVERAGE & TOBACCO - 6.8%** |
| Mondelez International, Inc., Class A <br>(United States) | 411 | 23696 |
| Keurig Dr. Pepper, Inc. (United States) | 765 | 20148 |
| Pernod Ricard SA (France) | 195 | 14478 |
| Diageo PLC (United Kingdom) | 651 | 12105 |
|  |  | **70427** |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%** |
| Sysco Corp. (United States) | 288 | 20514 |
|  |  | **90941** |
| **MATERIALS - 4.5%** | **MATERIALS - 4.5%** | **MATERIALS - 4.5%** |
| Glencore PLC (Switzerland) | 3338 | 25283 |
| Akzo Nobel NV (Netherlands) | 379 | 21797 |
|  |  | **47080** |

---

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

**Oakmark Global Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 97.1% (continued)** | **Common stocks - 97.1% (continued)** | **Common stocks - 97.1% (continued)** |
| **COMMUNICATION SERVICES - 3.9%** | **COMMUNICATION SERVICES - 3.9%** | **COMMUNICATION SERVICES - 3.9%** |
| **MEDIA & ENTERTAINMENT - 3.9%** | **MEDIA & ENTERTAINMENT - 3.9%** | **MEDIA & ENTERTAINMENT - 3.9%** |
| Alphabet, Inc., Class A (United States) | 58 | $16678 |
| Netflix, Inc. (United States) (a) | 138 | 13221 |
| Charter Communications, Inc., <br>Class A (United States) (a) | 48 | 10362 |
|  |  | **40261** |
| **ENERGY - 3.3%** | **ENERGY - 3.3%** | **ENERGY - 3.3%** |
| ConocoPhillips (United States) | 142 | 18798 |
| Targa Resources Corp. (United States) | 63 | 15821 |
|  |  | **34619** |
| **Total common stocks - 97.1%<br>(Cost $911,206)** | **Total common stocks - 97.1%<br>(Cost $911,206)** | **1003898** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par Value** | **Par Value** | **Value** |
| **Short-term investments - 2.6%** | **Short-term investments - 2.6%** | **Short-term investments - 2.6%** | **Short-term investments - 2.6%** |
| **REPURCHASE AGREEMENT - 2.6%** | **REPURCHASE AGREEMENT - 2.6%** | **REPURCHASE AGREEMENT - 2.6%** | **REPURCHASE AGREEMENT - 2.6%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 3.64% <br>dated 3/31/26 due 4/1/26, <br>repurchase price $26,995, <br>collateralized by a United States <br>Treasury Note, 3.750% due 8/15/27, <br>value plus accrued interest of <br>$27,532 (Cost: $26,992) |  | $26992 | 26992 |
| **Total short-term investments - 2.6%<br>(Cost $26,992)** | **Total short-term investments - 2.6%<br>(Cost $26,992)** | **Total short-term investments - 2.6%<br>(Cost $26,992)** | **26992** |
| **TOTAL INVESTMENTS - 99.7%<br>(COST $938,198)** | **TOTAL INVESTMENTS - 99.7%<br>(COST $938,198)** | **TOTAL INVESTMENTS - 99.7%<br>(COST $938,198)** | **1030890** |
| Foreign Currencies (Cost $1) - 0.0% (b) | Foreign Currencies (Cost $1) - 0.0% (b) |  | 1 |
| Other Assets In Excess of Liabilities - 0.3% | Other Assets In Excess of Liabilities - 0.3% | Other Assets In Excess of Liabilities - 0.3% | 2876 |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **$1033767** |

---

(a) Non-income producing security.

(b) Amount rounds to less than 0.1%.

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

**Oakmark Global Select Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 93.2%** | **Common stocks - 93.2%** | **Common stocks - 93.2%** |
| **FINANCIALS - 21.4%** | **FINANCIALS - 21.4%** | **FINANCIALS - 21.4%** |
| **FINANCIAL SERVICES - 12.2%** | **FINANCIAL SERVICES - 12.2%** | **FINANCIAL SERVICES - 12.2%** |
| Intercontinental Exchange, Inc. <br>(United States) | 267 | $41915 |
| Charles Schwab Corp. (United States) | 409 | 38475 |
| Capital One Financial Corp. <br>(United States) | 150 | 27401 |
|  |  | **107791** |
| **BANKS - 6.2%** | **BANKS - 6.2%** | **BANKS - 6.2%** |
| BNP Paribas SA (France) | 577 | 54958 |
| **INSURANCE - 3.0%** | **INSURANCE - 3.0%** | **INSURANCE - 3.0%** |
| American International Group, Inc. <br>(United States) | 348 | 26205 |
|  |  | **188954** |
| **HEALTH CARE - 20.5%** | **HEALTH CARE - 20.5%** | **HEALTH CARE - 20.5%** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.1%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.1%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 11.1%** |
| IQVIA Holdings, Inc. (United States) (a) | 291 | 49559 |
| Bayer AG (Germany) | 836 | 38707 |
| Waters Corp. (United States) (a) | 35 | 10556 |
|  |  | **98822** |
| **HEALTH CARE EQUIPMENT & SERVICES - 9.4%** | **HEALTH CARE EQUIPMENT & SERVICES - 9.4%** | **HEALTH CARE EQUIPMENT & SERVICES - 9.4%** |
| Becton Dickinson & Co. (United States) | 262 | 41179 |
| Elevance Health, Inc. (United States) | 98 | 28593 |
| Molina Healthcare, Inc. (United States) (a) | 99 | 13223 |
|  |  | **82995** |
|  |  | **181817** |
| **INDUSTRIALS - 13.6%** | **INDUSTRIALS - 13.6%** | **INDUSTRIALS - 13.6%** |
| **CAPITAL GOODS - 9.3%** | **CAPITAL GOODS - 9.3%** | **CAPITAL GOODS - 9.3%** |
| CNH Industrial NV (United States) | 4748 | 52227 |
| Sunbelt Rentals Holdings, Inc. <br>(United States) | 468 | 30443 |
|  |  | **82670** |
| **TRANSPORTATION - 4.3%** | **TRANSPORTATION - 4.3%** | **TRANSPORTATION - 4.3%** |
| DSV AS (Denmark) | 156 | 37555 |
|  |  | **120225** |
| **CONSUMER DISCRETIONARY - 12.5%** | **CONSUMER DISCRETIONARY - 12.5%** | **CONSUMER DISCRETIONARY - 12.5%** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 7.2%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 7.2%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 7.2%** |
| Prosus NV (Netherlands) | 729 | 33763 |
| Alibaba Group Holding Ltd. (China) | 1883 | 29520 |
|  |  | **63283** |
| **AUTOMOBILES & COMPONENTS - 3.1%** | **AUTOMOBILES & COMPONENTS - 3.1%** | **AUTOMOBILES & COMPONENTS - 3.1%** |
| Bayerische Motoren Werke AG (Germany) | 295 | 27243 |
| **CONSUMER SERVICES - 2.2%** | **CONSUMER SERVICES - 2.2%** | **CONSUMER SERVICES - 2.2%** |
| Compass Group PLC (United Kingdom) | 708 | 19743 |
|  |  | **110269** |

---

---

| | | |
|:---|:---|:---|
| <sup>CONSUMER STAPLES - 10.8%</sup> | <sup>CONSUMER STAPLES - 10.8%</sup> | <sup>CONSUMER STAPLES - 10.8%</sup> |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.6%** |
| Sysco Corp. (United States) | 573 | $40901 |
| **HOUSEHOLD & PERSONAL PRODUCTS - 3.5%** | **HOUSEHOLD & PERSONAL PRODUCTS - 3.5%** | **HOUSEHOLD & PERSONAL PRODUCTS - 3.5%** |
| Reckitt Benckiser Group PLC <br>(United Kingdom) | 466 | 31316 |
| **FOOD, BEVERAGE & TOBACCO - 2.7%** | **FOOD, BEVERAGE & TOBACCO - 2.7%** | **FOOD, BEVERAGE & TOBACCO - 2.7%** |
| Diageo PLC (United Kingdom) | 1275 | 23713 |
|  |  | **95930** |
| **INFORMATION TECHNOLOGY - 7.2%** | **INFORMATION TECHNOLOGY - 7.2%** | **INFORMATION TECHNOLOGY - 7.2%** |
| **SOFTWARE & SERVICES - 7.2%** | **SOFTWARE & SERVICES - 7.2%** | **SOFTWARE & SERVICES - 7.2%** |
| Salesforce, Inc. (United States) | 210 | 39238 |
| Dassault Systemes SE (France) | 1216 | 24623 |
|  |  | **63861** |
| **COMMUNICATION SERVICES - 3.7%** | **COMMUNICATION SERVICES - 3.7%** | **COMMUNICATION SERVICES - 3.7%** |
| **MEDIA & ENTERTAINMENT - 3.7%** | **MEDIA & ENTERTAINMENT - 3.7%** | **MEDIA & ENTERTAINMENT - 3.7%** |
| Alphabet, Inc., Class A (United States) | 115 | 32969 |
| **ENERGY - 3.5%** | **ENERGY - 3.5%** | **ENERGY - 3.5%** |
| ConocoPhillips (United States) | 234 | 30914 |
| **Total Common Stocks - 93.2%<br>(Cost $745,464)** | **Total Common Stocks - 93.2%<br>(Cost $745,464)** | **824939** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par Value** | **Par Value** | **Value** |
| **Short-term investments - 6.6%** | **Short-term investments - 6.6%** | **Short-term investments - 6.6%** | **Short-term investments - 6.6%** |
| **REPURCHASE AGREEMENT - 6.6%** | **REPURCHASE AGREEMENT - 6.6%** | **REPURCHASE AGREEMENT - 6.6%** | **REPURCHASE AGREEMENT - 6.6%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 3.64% <br>dated 3/31/26 due 4/1/26, <br>repurchase price $58,320, <br>collateralized by a United States <br>Treasury Note, 3.750% due 8/15/27, <br>value plus accrued interest of <br>$59,481 (Cost: $58,314) |  | $58314 | 58314 |
| **Total short-term investments - 6.6%<br>(Cost $58,314)** | **Total short-term investments - 6.6%<br>(Cost $58,314)** | **Total short-term investments - 6.6%<br>(Cost $58,314)** | **58314** |
| **TOTAL INVESTMENTS - 99.8%<br>(COST $803,778)** | **TOTAL INVESTMENTS - 99.8%<br>(COST $803,778)** | **TOTAL INVESTMENTS - 99.8%<br>(COST $803,778)** | **883253** |
| Foreign Currencies (Cost $1) - 0.0% (b) | Foreign Currencies (Cost $1) - 0.0% (b) |  | 1 |
| Other Assets In Excess of Liabilities - 0.2% | Other Assets In Excess of Liabilities - 0.2% | Other Assets In Excess of Liabilities - 0.2% | 1729 |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **$884983** |

---

(a) Non-income producing security.

(b) Amount rounds to less than 0.1%.

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

**Oakmark International Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 95.8%** | **Common stocks - 95.8%** | **Common stocks - 95.8%** |
| **CONSUMER DISCRETIONARY - 22.1%** | **CONSUMER DISCRETIONARY - 22.1%** | **CONSUMER DISCRETIONARY - 22.1%** |
| **CONSUMER DURABLES & APPAREL - 8.5%** | **CONSUMER DURABLES & APPAREL - 8.5%** | **CONSUMER DURABLES & APPAREL - 8.5%** |
| adidas AG (Germany) | 2333 | $377609 |
| LVMH Moet Hennessy Louis Vuitton <br>SE (France) | 494 | 270260 |
| Cie Financiere Richemont SA, <br>Class A (Switzerland) | 1281 | 226149 |
| Kering SA (France) | 670 | 203303 |
|  |  | **1077321** |
| **CONSUMER SERVICES - 4.9%** | **CONSUMER SERVICES - 4.9%** | **CONSUMER SERVICES - 4.9%** |
| Accor SA (France) | 5746 | 275611 |
| Compass Group PLC (United Kingdom) | 9147 | 255210 |
| Flutter Entertainment PLC <br>(United Kingdom) (a) | 901 | 91887 |
|  |  | **622708** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.7%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.7%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.7%** |
| Prosus NV (Netherlands) | 5621 | 260236 |
| Alibaba Group Holding Ltd. (China) | 11609 | 181961 |
| Coupang, Inc. (South Korea) (a) | 7923 | 149588 |
|  |  | **591785** |
| **AUTOMOBILES & COMPONENTS - 4.0%** | **AUTOMOBILES & COMPONENTS - 4.0%** | **AUTOMOBILES & COMPONENTS - 4.0%** |
| Bayerische Motoren Werke AG <br>(Germany) | 3093 | 286103 |
| Continental AG (Germany) | 2658 | 185557 |
| Aumovio SE (Germany) (a) | 849 | 33245 |
|  |  | **504905** |
|  |  | **2796719** |
| **INDUSTRIALS - 19.5%** | **INDUSTRIALS - 19.5%** | **INDUSTRIALS - 19.5%** |
| **CAPITAL GOODS - 15.5%** | **CAPITAL GOODS - 15.5%** | **CAPITAL GOODS - 15.5%** |
| Sunbelt Rentals Holdings, Inc. <br>(United States) | 5313 | 345840 |
| CNH Industrial NV (United States) | 24132 | 265455 |
| Airbus SE (France) | 1303 | 246281 |
| SMC Corp. (Japan) | 607 | 238693 |
| Brenntag SE (Germany) | 3430 | 232356 |
| Daimler Truck Holding AG (Germany) | 4646 | 228808 |
| Bunzl PLC (United Kingdom) | 7281 | 219210 |
| IMCD NV (Netherlands) | 1759 | 184073 |
|  |  | **1960716** |
| **TRANSPORTATION - 2.8%** | **TRANSPORTATION - 2.8%** | **TRANSPORTATION - 2.8%** |
| DSV AS (Denmark) | 1215 | 293326 |
| Ryanair Holdings PLC (Italy) | 1901 | 53528 |
| Ryanair Holdings PLC ADR (Ireland) (b) | 218 | 12618 |
|  |  | **359472** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 1.2%** | **COMMERCIAL & PROFESSIONAL SERVICES - 1.2%** | **COMMERCIAL & PROFESSIONAL SERVICES - 1.2%** |
| Intertek Group PLC (United Kingdom) | 2982 | 145092 |
|  |  | **2465280** |

---

---

| | | |
|:---|:---|:---|
| <sup>FINANCIALS - 15.3%</sup> | <sup>FINANCIALS - 15.3%</sup> | <sup>FINANCIALS - 15.3%</sup> |
| **BANKS - 8.6%** | **BANKS - 8.6%** | **BANKS - 8.6%** |
| BNP Paribas SA (France) | 3732 | $355479 |
| KB Financial Group, Inc. (South Korea) | 2157 | 211761 |
| Bank Mandiri Persero Tbk. <br>PT (Indonesia) | 705585 | 198059 |
| Intesa Sanpaolo SpA (Italy) | 27606 | 166955 |
| Axis Bank Ltd. (India) | 12562 | 155581 |
|  |  | **1087835** |
| **INSURANCE - 4.5%** | **INSURANCE - 4.5%** | **INSURANCE - 4.5%** |
| Prudential PLC (United Kingdom) | 14152 | 196750 |
| ASR Nederland NV (Netherlands) | 2799 | 192689 |
| Allianz SE (Germany) | 424 | 178978 |
|  |  | **568417** |
| **FINANCIAL SERVICES - 2.2%** | **FINANCIAL SERVICES - 2.2%** | **FINANCIAL SERVICES - 2.2%** |
| London Stock Exchange Group PLC <br>(United Kingdom) | 1190 | 140512 |
| Edenred SE (France) | 7044 | 140317 |
|  |  | **280829** |
|  |  | **1937081** |
| **CONSUMER STAPLES - 12.5%** | **CONSUMER STAPLES - 12.5%** | **CONSUMER STAPLES - 12.5%** |
| **FOOD, BEVERAGE & TOBACCO - 7.5%** | **FOOD, BEVERAGE & TOBACCO - 7.5%** | **FOOD, BEVERAGE & TOBACCO - 7.5%** |
| Pernod Ricard SA (France) | 3048 | 226671 |
| Asahi Group Holdings Ltd. (Japan) | 20423 | 203916 |
| Danone SA (France) | 2534 | 202485 |
| Fomento Economico Mexicano <br>SAB de CV ADR (Mexico) (b) | 1749 | 194284 |
| Diageo PLC (United Kingdom) | 6633 | 123353 |
|  |  | **950709** |
| **HOUSEHOLD & PERSONAL PRODUCTS - 5.0%** | **HOUSEHOLD & PERSONAL PRODUCTS - 5.0%** | **HOUSEHOLD & PERSONAL PRODUCTS - 5.0%** |
| Reckitt Benckiser Group PLC <br>(United Kingdom) | 4451 | 299317 |
| Unilever PLC (United Kingdom) | 4145 | 227541 |
| Unicharm Corp. (Japan) | 17305 | 101461 |
|  |  | **628319** |
|  |  | **1579028** |
| **INFORMATION TECHNOLOGY - 9.6%** | **INFORMATION TECHNOLOGY - 9.6%** | **INFORMATION TECHNOLOGY - 9.6%** |
| **SOFTWARE & SERVICES - 6.6%** | **SOFTWARE & SERVICES - 6.6%** | **SOFTWARE & SERVICES - 6.6%** |
| Dassault Systemes SE (France) | 12920 | 261558 |
| SAP SE (Germany) | 1453 | 247626 |
| Capgemini SE (France) | 1563 | 184434 |
| Fujitsu Ltd. (Japan) | 6689 | 136786 |
|  |  | **830404** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 2.1%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 2.1%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 2.1%** |
| Hexagon AB, Class B (Sweden) | 27183 | 264543 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.9%** |
| ASML Holding NV (Netherlands) | 88 | 115969 |
|  |  | **1210916** |

---

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

**Oakmark International Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 95.8% (continued)** | **Common stocks - 95.8% (continued)** | **Common stocks - 95.8% (continued)** |
| **HEALTH CARE - 8.4%** | **HEALTH CARE - 8.4%** | **HEALTH CARE - 8.4%** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & <br>LIFE SCIENCES - 5.1%** | **PHARMACEUTICALS, BIOTECHNOLOGY & <br>LIFE SCIENCES - 5.1%** | **PHARMACEUTICALS, BIOTECHNOLOGY & <br>LIFE SCIENCES - 5.1%** |
| Bayer AG (Germany) | 5485 | $253859 |
| AstraZeneca PLC ADR <br>(United Kingdom) (b) | 868 | 171128 |
| Haleon PLC ADR (United States) (b) | 11929 | 119404 |
| Roche Holding AG (United States) | 241 | 96221 |
|  |  | **640612** |
| **HEALTH CARE EQUIPMENT & SERVICES - 3.3%** | **HEALTH CARE EQUIPMENT & SERVICES - 3.3%** | **HEALTH CARE EQUIPMENT & SERVICES - 3.3%** |
| Siemens Healthineers AG (Germany) | 5330 | 227406 |
| Fresenius SE & Co. KGaA (Germany) | 3771 | 195695 |
|  |  | **423101** |
|  |  | **1063713** |
| **MATERIALS - 6.6%** | **MATERIALS - 6.6%** | **MATERIALS - 6.6%** |
| Symrise AG (Germany) | 3394 | 289811 |
| Glencore PLC (Switzerland) | 29331 | 222147 |
| Akzo Nobel NV (Netherlands) | 3751 | 215619 |
| thyssenkrupp AG (Germany) | 11844 | 104366 |
|  |  | **831943** |
| **COMMUNICATION SERVICES - 1.8%** | **COMMUNICATION SERVICES - 1.8%** | **COMMUNICATION SERVICES - 1.8%** |
| **MEDIA & ENTERTAINMENT - 1.8%** | **MEDIA & ENTERTAINMENT - 1.8%** | **MEDIA & ENTERTAINMENT - 1.8%** |
| Publicis Groupe SA (France) | 2680 | 221847 |
| **Total common stocks - 95.8%<br>(Cost $11,246,743)** | **Total common stocks - 95.8%<br>(Cost $11,246,743)** | **12106527** |
| **Preferred stocks - 1.4%** | **Preferred stocks - 1.4%** | **Preferred stocks - 1.4%** |
| **INFORMATION TECHNOLOGY - 1.4%** | **INFORMATION TECHNOLOGY - 1.4%** | **INFORMATION TECHNOLOGY - 1.4%** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 1.4%** |
| Samsung Electronics Co. Ltd. <br>(South Korea) | 2263 | 182714 |
| **Total preferred stocks - 1.4%<br>(Cost $91,625)** | **Total preferred stocks - 1.4%<br>(Cost $91,625)** | **182714** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Short-term investments - 2.2%** | **Short-term investments - 2.2%** | **Short-term investments - 2.2%** | **Short-term investments - 2.2%** |
| **REPURCHASE AGREEMENT - 2.1%** | **REPURCHASE AGREEMENT - 2.1%** | **REPURCHASE AGREEMENT - 2.1%** | **REPURCHASE AGREEMENT - 2.1%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 3.64% <br>dated 3/31/26 due 4/1/26, <br>repurchase price $261,396, <br>collateralized by United States <br>Treasury Notes, 2.750% - 3.875% <br>due 7/31/27, aggregate value plus <br>accrued interest of <br>$266,598 (Cost: $261,370) | $261370 | $261370 | $261370 |
| **COMMERCIAL PAPER - 0.1%** | **COMMERCIAL PAPER - 0.1%** | **COMMERCIAL PAPER - 0.1%** | **COMMERCIAL PAPER - 0.1%** |
| American Honda Finance Corp.,<br>3.841%, due 04/10/26 (e)<br>(Cost $18,859) |  | 18877 | 18856 |
| **Total commercial paper - 0.1%<br>(Cost $18,859)** | **Total commercial paper - 0.1%<br>(Cost $18,859)** | **Total commercial paper - 0.1%<br>(Cost $18,859)** | **18856** |
| **Total short-term investments - 2.2%<br>(Cost $280,229)** | **Total short-term investments - 2.2%<br>(Cost $280,229)** | **Total short-term investments - 2.2%<br>(Cost $280,229)** | **280226** |
| **TOTAL INVESTMENTS - 99.4%<br>(COST $11,618,597)** | **TOTAL INVESTMENTS - 99.4%<br>(COST $11,618,597)** | **TOTAL INVESTMENTS - 99.4%<br>(COST $11,618,597)** | **12569467** |
| Foreign Currencies (Cost $0) - 0.0% (c) | Foreign Currencies (Cost $0) - 0.0% (c) |  | 0(d) |
| Other Assets In Excess of Liabilities - 0.6% | Other Assets In Excess of Liabilities - 0.6% | Other Assets In Excess of Liabilities - 0.6% | 74344 |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **$12643811** |

---

(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.

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

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

**Oakmark International Small Cap Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 95.8%** | **Common stocks - 95.8%** | **Common stocks - 95.8%** |
| **INDUSTRIALS - 26.1%** | **INDUSTRIALS - 26.1%** | **INDUSTRIALS - 26.1%** |
| **CAPITAL GOODS - 16.3%** | **CAPITAL GOODS - 16.3%** | **CAPITAL GOODS - 16.3%** |
| Azelis Group NV (Belgium) | 3461 | $35298 |
| Valmet OYJ (Finland) | 1042 | 29821 |
| Duerr AG (Germany) | 1333 | 29655 |
| Howden Joinery Group PLC <br>(United Kingdom) | 2219 | 23500 |
| Travis Perkins PLC (United Kingdom) | 2473 | 18649 |
| MISUMI Group, Inc. (Japan) | 987 | 16910 |
| Fluidra SA (Spain) | 657 | 15247 |
| Konecranes OYJ (Finland) | 427 | 14028 |
| Metso OYJ (Finland) | 369 | 6399 |
|  |  | **189507** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 9.8%** | **COMMERCIAL & PROFESSIONAL SERVICES - 9.8%** | **COMMERCIAL & PROFESSIONAL SERVICES - 9.8%** |
| ISS AS (Denmark) | 636 | 23153 |
| Bravida Holding AB (Sweden) | 1834 | 19192 |
| Adecco Group AG (Switzerland) | 721 | 17342 |
| Loomis AB (Sweden) | 373 | 17030 |
| Hays PLC (United Kingdom) | 28962 | 12859 |
| Visional, Inc. (Japan) (a) | 266 | 11991 |
| SThree PLC (United Kingdom) | 3242 | 6393 |
| Randstad NV (Netherlands) | 236 | 6149 |
|  |  | **114109** |
|  |  | **303616** |
| **INFORMATION TECHNOLOGY - 14.8%** | **INFORMATION TECHNOLOGY - 14.8%** | **INFORMATION TECHNOLOGY - 14.8%** |
| **SOFTWARE & SERVICES - 9.0%** | **SOFTWARE & SERVICES - 9.0%** | **SOFTWARE & SERVICES - 9.0%** |
| Atea ASA (Norway) | 2563 | 37506 |
| TeamViewer SE (Germany) (a) | 4407 | 22845 |
| TIS, Inc. (Japan) | 794 | 16968 |
| Sopra Steria Group (France) | 102 | 14264 |
| Alten SA (France) | 122 | 7546 |
| DTS Corp. (Japan) | 866 | 5688 |
|  |  | **104817** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%** |
| Jenoptik AG (Germany) | 878 | 29540 |
| Hamamatsu Photonics KK (Japan) | 1977 | 23005 |
| Jeol Ltd. (Japan) | 389 | 14477 |
|  |  | **67022** |
|  |  | **171839** |
| **CONSUMER DISCRETIONARY - 13.7%** | **CONSUMER DISCRETIONARY - 13.7%** | **CONSUMER DISCRETIONARY - 13.7%** |
| **AUTOMOBILES & COMPONENTS - 7.0%** | **AUTOMOBILES & COMPONENTS - 7.0%** | **AUTOMOBILES & COMPONENTS - 7.0%** |
| Pirelli & C SpA (Italy) | 3223 | 22304 |
| Aumovio SE (Germany) (a) | 551 | 21578 |
| Dometic Group AB (Sweden) | 7172 | 19842 |
| Autoliv, Inc. (Sweden) | 167 | 17572 |
|  |  | **81296** |

---

---

| | | |
|:---|:---|:---|
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.6%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.6%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.6%** |
| Fielmann Group AG (Germany) | 606 | $30856 |
| **CONSUMER SERVICES - 2.2%** | **CONSUMER SERVICES - 2.2%** | **CONSUMER SERVICES - 2.2%** |
| Wynn Macau Ltd. (China) | 29613 | 20843 |
| Minor International PCL (Thailand) | 7671 | 5113 |
|  |  | **25956** |
| **CONSUMER DURABLES & APPAREL - 1.9%** | **CONSUMER DURABLES & APPAREL - 1.9%** | **CONSUMER DURABLES & APPAREL - 1.9%** |
| Ermenegildo Zegna NV (Italy) | 2098 | 21860 |
|  |  | **159968** |
| **FINANCIALS - 12.6%** | **FINANCIALS - 12.6%** | **FINANCIALS - 12.6%** |
| **FINANCIAL SERVICES - 8.2%** | **FINANCIAL SERVICES - 8.2%** | **FINANCIAL SERVICES - 8.2%** |
| Julius Baer Group Ltd. (Switzerland) | 480 | 35341 |
| Azimut Holding SpA (Italy) | 848 | 32238 |
| EFG International AG (Switzerland) | 765 | 16240 |
| St. James's Place PLC (United Kingdom) | 753 | 11885 |
|  |  | **95704** |
| **BANKS - 4.4%** | **BANKS - 4.4%** | **BANKS - 4.4%** |
| iM Financial Group Co. Ltd. (South Korea) | 2436 | 27427 |
| BNK Financial Group, Inc. (South Korea) | 1948 | 23620 |
|  |  | **51047** |
|  |  | **146751** |
| **CONSUMER STAPLES - 7.7%** | **CONSUMER STAPLES - 7.7%** | **CONSUMER STAPLES - 7.7%** |
| **FOOD, BEVERAGE & TOBACCO - 4.5%** | **FOOD, BEVERAGE & TOBACCO - 4.5%** | **FOOD, BEVERAGE & TOBACCO - 4.5%** |
| Davide Campari-Milano NV (Italy) | 4171 | 29798 |
| Bakkafrost P (Faroe Islands) | 485 | 22743 |
|  |  | **52541** |
| **HOUSEHOLD & PERSONAL PRODUCTS - 2.3%** | **HOUSEHOLD & PERSONAL PRODUCTS - 2.3%** | **HOUSEHOLD & PERSONAL PRODUCTS - 2.3%** |
| Kimberly-Clark de Mexico SAB de CV, <br>Class A (Mexico) | 11585 | 27425 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%** |
| Sugi Holdings Co. Ltd. (Japan) | 457 | 10070 |
|  |  | **90036** |
| **HEALTH CARE - 7.4%** | **HEALTH CARE - 7.4%** | **HEALTH CARE - 7.4%** |
| **HEALTH CARE EQUIPMENT & SERVICES - 6.5%** | **HEALTH CARE EQUIPMENT & SERVICES - 6.5%** | **HEALTH CARE EQUIPMENT & SERVICES - 6.5%** |
| Amplifon SpA (Italy) | 2829 | 31207 |
| Convatec Group PLC (United Kingdom) | 8797 | 25376 |
| Ansell Ltd. (Australia) | 986 | 19350 |
|  |  | **75933** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%** |
| Grifols SA ADR (Spain) (b) | 1311 | 10513 |
|  |  | **86446** |

---

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

**Oakmark International Small Cap Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 95.8% (continued)** | **Common stocks - 95.8% (continued)** | **Common stocks - 95.8% (continued)** |
| **REAL ESTATE - 5.3%** | **REAL ESTATE - 5.3%** | **REAL ESTATE - 5.3%** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 5.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 5.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 5.3%** |
| Colliers International Group, Inc. (Canada) | 225 | $24088 |
| Katitas Co. Ltd. (Japan) | 1013 | 20301 |
| Ayala Land, Inc. (Philippines) | 42385 | 11334 |
| LSL Property Services PLC <br>(United Kingdom) | 1778 | 5247 |
|  |  | **60970** |
| **MATERIALS - 4.6%** | **MATERIALS - 4.6%** | **MATERIALS - 4.6%** |
| Robertet SA (France) | 26 | 23920 |
| Lanxess AG (Germany) | 1010 | 22326 |
| Essentra PLC (United Kingdom) | 4399 | 5264 |
| Kansai Paint Co. Ltd. (Japan) | 153 | 2286 |
|  |  | **53796** |
| **COMMUNICATION SERVICES - 3.6%** | **COMMUNICATION SERVICES - 3.6%** | **COMMUNICATION SERVICES - 3.6%** |
| **MEDIA & ENTERTAINMENT - 2.7%** | **MEDIA & ENTERTAINMENT - 2.7%** | **MEDIA & ENTERTAINMENT - 2.7%** |
| oOh!media Ltd. (Australia) | 24360 | 16000 |
| Megacable Holdings SAB de CV<br> (Mexico) | 4402 | 15294 |
|  |  | **31294** |
| **TELECOMMUNICATION SERVICES - 0.9%** | **TELECOMMUNICATION SERVICES - 0.9%** | **TELECOMMUNICATION SERVICES - 0.9%** |
| Sarana Menara Nusantara Tbk. PT<br>(Indonesia) | 376105 | 10862 |
|  |  | **42156** |
| **Total common stock - 95.8%<br>(Cost $1,054,015)** | **Total common stock - 95.8%<br>(Cost $1,054,015)** | **1115578** |
| **Preferred stocks - 0.8%** | **Preferred stocks - 0.8%** | **Preferred stocks - 0.8%** |
| **CONSUMER STAPLES - 0.8%** | **CONSUMER STAPLES - 0.8%** | **CONSUMER STAPLES - 0.8%** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES - 0.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES - 0.8%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES - 0.8%** |
| Embotelladora Andina SA (Chile) | 2377 | 10056 |
| **Total preferred stocks - 0.8%<br>(Cost $6,880)** | **Total preferred stocks - 0.8%<br>(Cost $6,880)** | **10056** |

---

---

| | | |
|:---|:---|:---|
| **Short-term investments - 2.6%** | **Short-term investments - 2.6%** | **Short-term investments - 2.6%** |
| **REPURCHASE AGREEMENT - 2.6%** | **REPURCHASE AGREEMENT - 2.6%** | **REPURCHASE AGREEMENT - 2.6%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 3.64% <br>dated 3/31/26 due 4/1/26, <br>repurchase price $29,953, <br>collateralized by a United States <br>Treasury Note, 4.125% <br>due 9/30/27, value plus <br>accrued interest of $30,549 <br>(Cost: $29,950) | $29950 | $29950 |
| **Total short-term investments - 2.6%<br>(Cost $29,950)** | **Total short-term investments - 2.6%<br>(Cost $29,950)** | **29950** |
| **TOTAL INVESTMENTS - 99.2%<br>(COST $1,090,845)** | **TOTAL INVESTMENTS - 99.2%<br>(COST $1,090,845)** | **1155584** |
| Foreign Currencies (Cost $1) - 0.0% (c) |  | 1 |
| Other Assets In Excess of Liabilities - 0.8% | Other Assets In Excess of Liabilities - 0.8% | 9317 |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | **$1164902** |

---

(a) Non-income producing security.

(b) Sponsored American Depositary Receipt

(c) Amount rounds to less than 0.1%.

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

**Oakmark Equity and Income Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 56.2%** | **Common stocks - 56.2%** | **Common stocks - 56.2%** |
| **FINANCIALS - 16.5%** | **FINANCIALS - 16.5%** | **FINANCIALS - 16.5%** |
| **FINANCIAL SERVICES - 9.8%** | **FINANCIAL SERVICES - 9.8%** | **FINANCIAL SERVICES - 9.8%** |
| Intercontinental Exchange, Inc. | 739 | $116198 |
| Charles Schwab Corp. | 1103 | 103643 |
| Ally Financial, Inc. | 2331 | 91461 |
| Capital One Financial Corp. | 454 | 82732 |
| State Street Corp. | 568 | 71911 |
| Corebridge Financial, Inc. | 2911 | 69461 |
| Nasdaq, Inc. | 421 | 35756 |
|  |  | **571162** |
| **INSURANCE - 5.5%** | **INSURANCE - 5.5%** | **INSURANCE - 5.5%** |
| Reinsurance Group of America, Inc. | 584 | 119209 |
| Willis Towers Watson PLC | 394 | 114507 |
| American International Group, Inc. | 1110 | 83497 |
|  |  | **317213** |
| **BANKS - 1.2%** | **BANKS - 1.2%** | **BANKS - 1.2%** |
| Bank of America Corp. | 1457 | 71035 |
|  |  | **959410** |
| **INFORMATION TECHNOLOGY - 8.2%** | **INFORMATION TECHNOLOGY - 8.2%** | **INFORMATION TECHNOLOGY - 8.2%** |
| **SOFTWARE & SERVICES - 5.6%** | **SOFTWARE & SERVICES - 5.6%** | **SOFTWARE & SERVICES - 5.6%** |
| Salesforce, Inc. | 644 | 120197 |
| Gartner, Inc. (a) | 379 | 60011 |
| Accenture PLC, Class A | 292 | 57841 |
| Roper Technologies, Inc. | 148 | 52407 |
| Adobe, Inc. (a) | 154 | 37410 |
|  |  | **327866** |
| **TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%** | **TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%** |
| CDW Corp. | 643 | 77816 |
| TE Connectivity PLC | 360 | 75242 |
|  |  | **153058** |
|  |  | **480924** |
| **CONSUMER DISCRETIONARY - 6.7%** | **CONSUMER DISCRETIONARY - 6.7%** | **CONSUMER DISCRETIONARY - 6.7%** |
| **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.3%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.3%** | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.3%** |
| Amazon.com, Inc. (a) | 533 | 111091 |
| Lithia Motors, Inc. | 246 | 61506 |
| Genuine Parts Co. | 205 | 21721 |
|  |  | **194318** |
| **CONSUMER SERVICES - 2.1%** | **CONSUMER SERVICES - 2.1%** | **CONSUMER SERVICES - 2.1%** |
| Airbnb, Inc., Class A (a) | 775 | 97867 |
| Wendy's Co. | 3397 | 23612 |
|  |  | **121479** |

---

---

| | | |
|:---|:---|:---|
| **CONSUMER DURABLES & APPAREL - 1.3%** | **CONSUMER DURABLES & APPAREL - 1.3%** | **CONSUMER DURABLES & APPAREL - 1.3%** |
| Brunswick Corp. | 613 | $44580 |
| NIKE, Inc., Class B | 540 | 28528 |
|  |  | **73108** |
|  |  | **388905** |
| **HEALTH CARE - 6.4%** | **HEALTH CARE - 6.4%** | **HEALTH CARE - 6.4%** |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.4%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.4%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.4%** |
| Merck & Co., Inc. | 624 | 75085 |
| IQVIA Holdings, Inc. (a) | 318 | 54215 |
| Charles River Laboratories <br>International, Inc. (a) | 246 | 42400 |
| ICON PLC (a) | 264 | 29159 |
|  |  | **200859** |
| **HEALTH CARE EQUIPMENT & SERVICES - 3.0%** | **HEALTH CARE EQUIPMENT & SERVICES - 3.0%** | **HEALTH CARE EQUIPMENT & SERVICES - 3.0%** |
| Zimmer Biomet Holdings, Inc. | 829 | 74967 |
| GE HealthCare Technologies, Inc. | 864 | 61471 |
| Centene Corp. (a) | 1171 | 38332 |
|  |  | **174770** |
|  |  | **375629** |
| **COMMUNICATION SERVICES - 5.8%** | **COMMUNICATION SERVICES - 5.8%** | **COMMUNICATION SERVICES - 5.8%** |
| **MEDIA & ENTERTAINMENT - 4.8%** | **MEDIA & ENTERTAINMENT - 4.8%** | **MEDIA & ENTERTAINMENT - 4.8%** |
| Alphabet, Inc., Class A (b) | 674 | 193729 |
| Netflix, Inc. (a) | 548 | 52661 |
| Warner Music Group Corp., Class A | 1389 | 35473 |
|  |  | **281863** |
| **TELECOMMUNICATION SERVICES - 1.0%** | **TELECOMMUNICATION SERVICES - 1.0%** | **TELECOMMUNICATION SERVICES - 1.0%** |
| Comcast Corp., Class A | 1933 | 55491 |
|  |  | **337354** |
| **INDUSTRIALS - 4.1%** | **INDUSTRIALS - 4.1%** | **INDUSTRIALS - 4.1%** |
| **COMMERCIAL & PROFESSIONAL SERVICES - 1.6%** | **COMMERCIAL & PROFESSIONAL SERVICES - 1.6%** | **COMMERCIAL & PROFESSIONAL SERVICES - 1.6%** |
| Equifax, Inc. | 304 | 54813 |
| ABM Industries, Inc. | 1060 | 40820 |
|  |  | **95633** |
| **CAPITAL GOODS - 1.6%** | **CAPITAL GOODS - 1.6%** | **CAPITAL GOODS - 1.6%** |
| Masco Corp. | 718 | 43334 |
| Owens Corning | 254 | 27466 |
| Allison Transmission Holdings, Inc. | 201 | 23494 |
|  |  | **94294** |
| **TRANSPORTATION - 0.9%** | **TRANSPORTATION - 0.9%** | **TRANSPORTATION - 0.9%** |
| Delta Air Lines, Inc. | 748 | 49734 |
|  |  | **239661** |
| **CONSUMER STAPLES - 3.5%** | **CONSUMER STAPLES - 3.5%** | **CONSUMER STAPLES - 3.5%** |
| **FOOD, BEVERAGE & TOBACCO - 3.2%** | **FOOD, BEVERAGE & TOBACCO - 3.2%** | **FOOD, BEVERAGE & TOBACCO - 3.2%** |
| Keurig Dr. Pepper, Inc. | 4805 | 126516 |
| Mondelez International, Inc., Class A | 1056 | 60879 |
|  |  | **187395** |

---

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

**Oakmark Equity and Income Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Shares** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Common stocks - 56.2% (continued)** | **Common stocks - 56.2% (continued)** | **Common stocks - 56.2% (continued)** |
| **CONSUMER STAPLES - 3.5% (continued)** | **CONSUMER STAPLES - 3.5% (continued)** | **CONSUMER STAPLES - 3.5% (continued)** |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3%** |
| Sysco Corp. | 248 | $17718 |
|  |  | **205113** |
| **ENERGY - 3.5%** | **ENERGY - 3.5%** | **ENERGY - 3.5%** |
| Targa Resources Corp. | 300 | 75094 |
| ConocoPhillips | 551 | 72771 |
| Phillips 66 (b) | 312 | 56749 |
|  |  | **204614** |
| **MATERIALS - 1.5%** | **MATERIALS - 1.5%** | **MATERIALS - 1.5%** |
| Glencore PLC | 6722 | 50910 |
| Amrize Ltd. (a) | 651 | 36475 |
|  |  | **87385** |
| **Total common stocks - 56.2%<br>(Cost $2,616,729)** | **Total common stocks - 56.2%<br>(Cost $2,616,729)** | **3278995** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par Value** | **Par Value** | **Value** |
| **Fixed income - 39.9%** | **Fixed income - 39.9%** | **Fixed income - 39.9%** | **Fixed income - 39.9%** |
| **CORPORATE BONDS - 17.6%** | **CORPORATE BONDS - 17.6%** | **CORPORATE BONDS - 17.6%** | **CORPORATE BONDS - 17.6%** |
| **FINANCIALS - 5.6%** | **FINANCIALS - 5.6%** | **FINANCIALS - 5.6%** | **FINANCIALS - 5.6%** |
| AerCap Ireland Capital DAC/<br>AerCap Global Aviation Trust<br>4.75%, due 01/15/33 |  | $16250 | 15794 |
| 3.30%, due 01/30/32 |  | 10129 | 9199 |
| Ally Financial, Inc.<br>6.992% (1 day USD SOFR + 3.260%), <br>due 06/13/29 (c) | Ally Financial, Inc.<br>6.992% (1 day USD SOFR + 3.260%), <br>due 06/13/29 (c) | 9250 | 9634 |
| Ally Financial, Inc., Series B<br>4.70% (5 yr. CMT + 3.868%) (c) (d) |  | 23750 | 23528 |
| Ally Financial, Inc., Series C<br>4.70% (7 yr. CMT + 3.481%) (c) (d) |  | 2000 | 1857 |
| American Express Co.<br>4.456% (1 day USD SOFR + .867%), <br>due 02/10/32 (c) |  | 10000 | 9896 |
| Arthur J Gallagher & Co.<br>5.55%, due 02/15/55 |  | 2000 | 1867 |
| Bank of America Corp.<br>4.623% (1 day USD SOFR + 1.110%), <br>due 05/09/29 (c) |  | 13575 | 13634 |
| Blackstone Private Credit Fund<br>5.35%, due 03/12/31 |  | 10000 | 9498 |
| Capital One Financial Corp.<br>4.722% (1 day USD SOFR + 1.150%), <br>due 01/30/32 (c) |  | 19600 | 19303 |
| Citadel Securities Global Holdings <br>LLC, 144A 5.75%, due 03/27/36 (e) |  | 17000 | 16775 |
| First Citizens BancShares, Inc.<br>4.869%(1 day USD SOFR + 1.487%), <br>due 03/03/32 (c) | First Citizens BancShares, Inc.<br>4.869%(1 day USD SOFR + 1.487%), <br>due 03/03/32 (c) | 18125 | 17512 |
| 5.60%(5 yr. CMT + 1.850%), <br>due 09/05/35 (c) |  | 13250 | 12950 |
| Global Payments, Inc.<br>5.55%, due 11/15/35 |  | 10250 | 9877 |

---

---

| | | |
|:---|:---|:---|
| JPMorgan Chase & Co.<br>4.347% (1 day USD SOFR + <br>.840%), due 01/22/32 (c) | $34750 | $34260 |
| KKR & Co., Inc.<br>5.10%, due 08/07/35 | 19000 | 18381 |
| LPL Holdings, Inc.<br>5.15%, due 06/15/30 | 14225 | 14287 |
| Marsh & McLennan Cos., Inc.<br>4.95%, due 03/15/36 | 10100 | 10005 |
| Morgan Stanley<br>4.708% (1 day USD SOFR + <br>1.195%), due 03/12/32 (c) | 16000 | 15892 |
| South State Bank NA<br>8.375% (3 mo. USD Term SOFR + <br>4.605%), due 08/15/34 (c) | 9350 | 9888 |
| Stifel Financial Corp.<br>4.00%, due 05/15/30 | 12242 | 11888 |
| Truist Financial Corp., Series I<br>4.964% (1 day USD SOFR + <br>1.395%), due 10/23/36 (c) | 10000 | 9686 |
| Wells Fargo & Co.<br>4.182% (1 day USD SOFR + <br>.740%), due 01/23/30 (c) | 20750 | 20566 |
| Willis North America, Inc.<br>5.90%, due 03/05/54 | 10000 | 9707 |
|  |  | **325884** |
| **CONSUMER DISCRETIONARY - 3.9%** | **CONSUMER DISCRETIONARY - 3.9%** | **CONSUMER DISCRETIONARY - 3.9%** |
| American Honda Finance Corp.<br>5.15%, due 07/09/32 | 10000 | 10019 |
| 5.10%, due 01/08/36 | 10000 | 9648 |
| Brunswick Corp.<br>2.40%, due 08/18/31 | 35813 | 31054 |
| Carnival Corp., 144A<br>5.75%, due 08/01/32 (e) | 9750 | 9747 |
| Daimler Truck Finance <br>North America LLC, 144A<br>4.50%, due 04/12/31 (e) | 17850 | 17504 |
| Expedia Group, Inc.<br>4.625%, due 08/01/27 | 13576 | 13587 |
| General Motors Financial Co., Inc.<br>5.45%, due 01/08/36 | 10000 | 9850 |
| Hilton Domestic Operating Co., Inc., <br>144A 5.50%, due 03/31/34 (e) | 9000 | 8793 |
| Hyatt Hotels Corp.<br>5.75%, due 03/30/32 | 20000 | 20548 |
| Hyundai Capital America, 144A<br>5.00%, due 04/07/31 (e) | 9350 | 9356 |
| Lithia Motors, Inc., 144A<br>3.875%, due 06/01/29 (e) | 8540 | 8111 |
| 4.375%, due 01/15/31 (e) | 5000 | 4699 |
| M/I Homes, Inc.<br>3.95%, due 02/15/30 | 7100 | 6659 |
| Marriott International, Inc.<br>4.50%, due 05/01/33 | 10000 | 9662 |
| Mercedes-Benz Finance <br>North America LLC, 144A<br>4.50%, due 03/10/31 (e) | 10000 | 9874 |
| MGM Resorts International<br>4.75%, due 10/15/28 | 13875 | 13616 |

---

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

**Oakmark Equity and Income Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** |
| **CORPORATE BONDS - 17.6% (continued)** | **CORPORATE BONDS - 17.6% (continued)** | **CORPORATE BONDS - 17.6% (continued)** |
| Phinia Inc, 144A<br>6.625%, due 10/15/32 (e) | $6523 | $6630 |
| QXO Building Products, Inc., 144A<br>6.75%, due 04/30/32 (e) | 13750 | 14025 |
| Thor Industries, Inc., 144A<br>4.00%, due 10/15/29 (e) | 17250 | 16285 |
|  |  | **229667** |
| **INDUSTRIALS - 1.6%** | **INDUSTRIALS - 1.6%** | **INDUSTRIALS - 1.6%** |
| AutoNation, Inc.<br>3.85%, due 03/01/32 | 4750 | 4417 |
| Carlisle Cos., Inc.<br>5.55%, due 09/15/40 | 5875 | 5823 |
| Columbus McKinnon Corp., 144A<br>7.125%, due 02/01/33 (e) | 10000 | 9995 |
| Deere & Co.<br>5.45%, due 01/16/35 | 10000 | 10388 |
| Delta Air Lines, Inc.<br>5.25%, due 07/10/30 | 13000 | 13086 |
| Hilton Domestic Operating Co., <br>Inc., 144A 3.625%, due 02/15/32 (e) | 18500 | 16810 |
| Honeywell Aerospace, Inc, 144A<br>4.95%, due 03/16/36 (e) | 10000 | 9922 |
| Molex Electronic Technologies LLC, <br>144A 5.25%, due 04/30/32 (e) | 7750 | 7852 |
| 4.75%, due 04/30/28 (e) | 3000 | 3013 |
| United Airlines, Inc., 144A<br>4.625%, due 04/15/29 (e) | 10000 | 9811 |
|  |  | **91117** |
| **ENERGY - 1.4%** | **ENERGY - 1.4%** | **ENERGY - 1.4%** |
| Aker BP ASA, 144A<br>4.00%, due 01/15/31 (e) | 10000 | 9593 |
| APA Corp.<br>5.35%, due 07/01/49 | 10000 | 8427 |
| Expand Energy Corp.<br>4.75%, due 02/01/32 | 25000 | 24359 |
| MPLX LP<br>5.30%, due 04/01/36 | 10000 | 9857 |
| Patterson-UTI Energy, Inc.<br>7.15%, due 10/01/33 | 8150 | 8760 |
| Plains All American Pipeline <br>LP/PAA Finance Corp.<br>4.70%, due 01/15/31 | 3250 | 3240 |
| Valero Energy Corp.<br>5.15%, due 03/10/36 | 9500 | 9365 |
| Williams Cos., Inc.<br>5.15%, due 03/15/36 | 10000 | 9851 |
|  |  | **83452** |
| **COMMUNICATION SERVICES - 1.1%** | **COMMUNICATION SERVICES - 1.1%** | **COMMUNICATION SERVICES - 1.1%** |
| Airbnb, Inc. 5.25%, due 03/16/36 | 30000 | 30030 |
| Alphabet, Inc.<br>4.80%, due 02/15/36 | 10000 | 9957 |
| Amazon.com, Inc.<br>4.875%, due 03/13/36 | 10000 | 9909 |

---

---

| | | |
|:---|:---|:---|
| Meta Platforms, Inc.<br>5.625%, due 11/15/55 | $10000 | $9374 |
| Vail Resorts, Inc., 144A<br>5.625%, due 07/15/30 (e) | 7750 | 7686 |
|  |  | **66956** |
| **REAL ESTATE - 0.9%** | **REAL ESTATE - 0.9%** | **REAL ESTATE - 0.9%** |
| Alexandria Real Estate Equities, Inc.<br>5.25%, due 03/15/36 | 14000 | 13672 |
| CBRE Services, Inc.<br>4.90%, due 01/15/33 | 18125 | 17873 |
| GLP Capital LP/GLP Financing II, Inc.<br>4.00%, due 01/15/31 | 9425 | 8912 |
| 5.75%, due 06/01/28 | 4975 | 5051 |
| Omega Healthcare Investors, Inc.<br>5.20%, due 07/01/30 | 2425 | 2435 |
| RHP Hotel Properties LP/RHP <br>Finance Corp., 144A<br>5.75%, due 03/15/34 (e) | 4875 | 4811 |
|  |  | **52754** |
| **HEALTH CARE - 0.8%** | **HEALTH CARE - 0.8%** | **HEALTH CARE - 0.8%** |
| Centene Corp.<br>3.00%, due 10/15/30 | 10000 | 8764 |
| Cigna Group<br>4.875%, due 09/15/32 | 10000 | 9985 |
| CVS Health Corp.<br>4.78%, due 03/25/38 | 20000 | 18431 |
| GE HealthCare Technologies, Inc.<br>4.95%, due 12/15/35 | 9875 | 9680 |
|  |  | **46860** |
| **MATERIALS - 0.8%** | **MATERIALS - 0.8%** | **MATERIALS - 0.8%** |
| Celanese U.S. Holdings LLC<br>7.05%, due 11/15/30 | 7500 | 7928 |
| 7.375%, due 02/15/34 | 2444 | 2504 |
| Glencore Funding LLC, 144A<br>2.625%, due 09/23/31 (e) | 10000 | 8912 |
| LYB International Finance III LLC<br>5.875%, due 01/15/36 | 15000 | 15049 |
| Westlake Corp.<br>6.375%, due 11/15/55 | 10000 | 9853 |
| 5.55%, due 11/15/35 | 1850 | 1844 |
|  |  | **46090** |
| **INFORMATION TECHNOLOGY - 0.8%** | **INFORMATION TECHNOLOGY - 0.8%** | **INFORMATION TECHNOLOGY - 0.8%** |
| Broadcom, Inc.<br>4.60%, due 07/15/30 | 7750 | 7789 |
| Oracle Corp.<br>5.875%, due 09/26/45 | 9000 | 7765 |
| 5.70%, due 02/04/36 | 5000 | 4807 |
| 6.90%, due 11/09/52 | 4850 | 4579 |
| Salesforce, Inc.<br>5.55%, due 03/15/36 | 20000 | 19938 |
|  |  | **44878** |
| **UTILITIES - 0.5%** | **UTILITIES - 0.5%** | **UTILITIES - 0.5%** |
| Southern Co., Series 21-A<br>3.75% (5 yr. CMT + 2.915%), <br>due 09/15/51 (c) | 13750 | 13613 |

---

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

**Oakmark Equity and Income Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** |
| **CORPORATE BONDS - 17.6% (continued)** | **CORPORATE BONDS - 17.6% (continued)** | **CORPORATE BONDS - 17.6% (continued)** |
| Southern Power Co.<br>4.90%, due 10/01/35 | $4250 | $4110 |
| Vistra Operations Co. LLC, 144A<br>4.70%, due 01/31/31 (e) | 10000 | 9839 |
|  |  | **27562** |
| **CONSUMER STAPLES - 0.2%** | **CONSUMER STAPLES - 0.2%** | **CONSUMER STAPLES - 0.2%** |
| Bacardi-Martini BV, 144A<br>6.00%, due 02/01/35 (e) | 11350 | 11491 |
| **Total corporate bonds<br>(Cost $1,039,831)** | **Total corporate bonds<br>(Cost $1,039,831)** | **1026711** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.4%** |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5369-Class Z<br>6.00%, due 01/25/54 | 22850 | 23208 |
| Government National Mortgage <br>Association REMICS, <br>Series 2023-149-Class DZ<br>5.50%, due 10/20/53 | 20553 | 20896 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5408-Class QZ<br>5.50%, due 04/25/54 | 18164 | 18188 |
| Chase Home Lending Mortgage <br>Trust, Series 2024-6-Class B1, 144A<br>7.054%, due 05/25/55 (c) (e) | 15159 | 15914 |
| JP Morgan Mortgage Trust, <br>Series 2024-9-Class B1, 144A<br>6.962%, due 02/25/55 (c) (e) | 13910 | 14711 |
| Government National Mortgage <br>Association REMICS, <br>Seres 2023-164-Class BZ<br>6.00%, due 11/20/53 | 14079 | 14490 |
| JP Morgan Mortgage Trust, <br>Series 2025-NQM5-Class A2, 144A<br>5.133%, due 05/25/66 (e) | 13391 | 13290 |
| JP Morgan Mortgage Trust, <br>Series 2025 NQM4-Class A2, 144A<br>5.157%, due 03/25/66 (e) | 12985 | 12893 |
| Chase Home Lending Mortgage <br>Trust, Series 2024-1-Class B1, 144A<br>6.644%, due 01/25/55 (c) (e) | 12305 | 12714 |
| JP Morgan Mortgage Trust, <br>Series 2025-NQM3-Class A2, 144A<br>5.648%, due 11/25/65 (e) | 11584 | 11602 |
| Federal National Mortgage <br>Association REMICS, <br>Series 2023-54-Class GZ<br>6.50%, due 11/25/53 | 10604 | 11193 |
| JP Morgan Mortgage Trust, <br>Series 2024-6-Class B2, 144A<br>6.889%, due 12/25/54 (c) (e) | 10675 | 11139 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5389-Class BZ<br>5.00%, due 03/25/54 | 11331 | 10755 |
| Angel Oak Mortgage Trust, <br>Series 2025-13-Class A2, 144A<br>5.183%, due 10/25/70 (e) | 10769 | 10703 |

---

---

| | | |
|:---|:---|:---|
| Angel Oak Mortgage Trust, <br>Series 2026-1-Class A2, 144A<br>4.971%, due 02/25/71 (e) | $9781 | $9672 |
| JP Morgan Mortgage Trust, <br>Series 2024-12-Class B1, 144A<br>6.597%, due 06/25/55 (c) (e) | 9189 | 9536 |
| A&D Mortgage Trust, <br>Series 2025-NQM4-Class A2, 144A<br>5.479%, due 10/25/70 (e) | 9497 | 9464 |
| OBX Trust, Series 2025-NQM23-<br>Class A2, 144A<br>5.176%, due 10/25/65 (e) | 9405 | 9380 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5413-Class Z<br>5.50%, due 05/25/54 | 8883 | 9158 |
| A&D Mortgage Trust, Series 2026-<br>NQM2-Class A2, 144A<br>5.013%, due 03/25/71 (e) | 7960 | 7860 |
| JP Morgan Mortgage Trust, <br>Series 2026-NQM1-Class A2, 144A<br>4.948%, due 06/25/66 (e) | 7849 | 7764 |
| Federal National Mortgage <br>Association REMICS, <br>Series 2020-24-Class AH<br>1.50%, due 04/25/50 | 9830 | 7743 |
| Angel Oak Mortgage Trust, <br>Series 2025-12-Class A2,144A<br>5.14%, due 12/25/70 (e) | 7725 | 7667 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ6-Class B1, 144A<br>6.526%, due 11/25/55 (c) (e) | 6925 | 7078 |
| JP Morgan Mortgage Trust, <br>Series 2025-9-Class B1, 144A<br>6.406%, due 03/25/56 (c) (e) | 6713 | 6793 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM1-Class B1, 144A<br>6.083%, due 06/25/55 (c) (e) | 6733 | 6745 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM2-Class B2, 144A<br>6.549%, due 09/25/55 (c) (e) | 6039 | 6209 |
| Santander Mortgage Asset <br>Receivable Trust, Series 2025-<br>NQM4-Class A2, 144A<br>5.608%, due 07/25/65 (e) | 5845 | 5848 |
| OBX Trust, Series 2025-NQM13-<br>Class A2, 144A<br>5.614%, due 05/25/65 (e) | 5452 | 5462 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM1-Class B2, 144A<br>6.083%, due 06/25/55 (c) (e) | 4909 | 4887 |
| RCKT Mortgage Trust, Series 2025-<br>1-Class B2A, 144A<br>6.444%, due 03/25/55 (c) (e) | 4688 | 4817 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ3-Class B2, 144A<br>6.118%, due 07/25/55 (c) (e) | 4805 | 4794 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5020-Class EN<br>1.50%, due 10/25/50 | 4736 | 3831 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ3-Class B1, 144A<br>6.118%, due 07/25/55 (c) (e) | 3754 | 3756 |

---

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

**Oakmark Equity and Income Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.4% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.4% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.4% (continued)** |
| A&D Mortgage Trust, Series 2025-<br>NQM3-Class A2, 144A<br>5.577%, due 08/25/70 (e) | $3685 | $3679 |
| Angel Oak Mortgage Trust, <br>Series 2025-10-Class A2, 144A<br>5.163%, due 09/25/70 (e) | 3659 | 3635 |
| OBX Trust, Series 2026-NQM2-<br>Class A2, 144A<br>5.042%, due 12/01/65 (e) | 3445 | 3414 |
| Bank, Series 2022-BNK40-Class AS<br>3.39%, due 03/15/64 (c) | 3500 | 3169 |
| Angel Oak Mortgage Trust, <br>Series 2025-9-Class A2,144A<br>5.395%, due 08/25/70 (e) | 2941 | 2935 |
| OBX Trust, Series 2025-NQM16-<br>Class A2, 144A<br>5.058%, due 08/25/65 (e) | 2851 | 2832 |
| JP Morgan Mortgage Trust, <br>Series 2025-10-Class B1, 144A<br>6.391%, due 05/25/56 (c) (e) | 2537 | 2539 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ4-Class B1, 144A<br>6.436%, due 09/25/55 (c) (e) | 1975 | 1991 |
| OBX Trust, Series 2026-NQM3-<br>Class A2, 144A<br>4.774%, due 01/25/66 (e) | 1977 | 1949 |
| OBX Trust, Series 2026-NQM1-<br>Class A2, 144A<br>5.07%, due 11/25/65 (e) | 1953 | 1937 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ1-Class B2, 144A<br>6.155%, due 06/25/55 (c) (e) | 1728 | 1694 |
| OBX Trust, Series 2025-NQM15-<br>Class A2, 144A<br>5.396%, due 07/27/65 (e) | 812 | 813 |
| A&D Mortgage Trust, Series 2026-<br>NQM1-Class A2, 144A<br>5.114%, due 02/25/71 (e) | 494 | 488 |
| **Total collateralized mortgage <br>obligations - 6.4%<br>(Cost $368,644)** | **Total collateralized mortgage <br>obligations - 6.4%<br>(Cost $368,644)** | **371235** |
| **MORTGAGE-BACKED SECURITIES - 6.0%** | **MORTGAGE-BACKED SECURITIES - 6.0%** | **MORTGAGE-BACKED SECURITIES - 6.0%** |
| Federal Home Loan Mortgage Corp., <br>Pool SD6595<br>5.50%, due 10/01/54 | 36443 | 36990 |
| Federal National Mortgage <br>Association, Pool CB8992<br>5.50%, due 08/01/54 | 31813 | 32205 |
| Federal Home Loan Mortgage Corp., <br>Pool SD5400<br>2.00%, due 01/01/52 | 36156 | 29476 |
| Federal National Mortgage <br>Association, Pool FA0201<br>5.50%, due 12/01/54 | 28265 | 28489 |
| Federal National Mortgage <br>Association, Pool FA1274<br>2.00%, due 02/01/52 | 31597 | 25779 |

---

---

| | | |
|:---|:---|:---|
| Federal Home Loan Mortgage Corp., <br>Pool SD3470<br>2.50%, due 06/01/52 | $29869 | $25739 |
| Federal National Mortgage <br>Association, Pool BW9842<br>4.50%, due 09/01/52 | 24789 | 24133 |
| Federal Home Loan Mortgage Corp., <br>Pool SD6569<br>5.50%, due 10/01/54 | 22457 | 22713 |
| Federal Home Loan Mortgage Corp., <br>Pool QJ4474<br>5.50%, due 09/01/54 | 18509 | 18761 |
| Federal Home Loan Mortgage Corp., <br>Pool SD4953<br>2.50%, due 11/01/51 | 21644 | 18614 |
| Federal Home Loan Mortgage Corp., <br>Pool SD8188<br>2.00%, due 01/01/52 | 22541 | 18250 |
| Federal National Mortgage <br>Association, Pool FS9114<br>5.50%, due 09/01/54 | 16643 | 16761 |
| Federal National Mortgage <br>Association, Pool CB0830<br>2.50%, due 06/01/51 | 18679 | 16083 |
| Federal Home Loan Mortgage Corp., <br>Pool SD6577<br>5.50%, due 09/01/54 | 14979 | 15082 |
| Federal National Mortgage <br>Association, Pool BU1118<br>2.50%, due 10/01/51 | 14966 | 12825 |
| Federal Home Loan Mortgage Corp., <br>Pool RJ2202<br>5.50%, due 08/01/54 | 5585 | 5652 |
| Federal Home Loan Mortgage Corp., <br>Pool SD4990<br>5.00%, due 10/01/53 | 5539 | 5487 |
| **Total mortgage-backed securities - 6.0%<br>(Cost $347,550)** | **Total mortgage-backed securities - 6.0%<br>(Cost $347,550)** | **353039** |
| **GOVERNMENT AND AGENCY SECURITIES - 5.6%** | **GOVERNMENT AND AGENCY SECURITIES - 5.6%** | **GOVERNMENT AND AGENCY SECURITIES - 5.6%** |
| **U.S. GOVERNMENT BONDS - 3.2%** | **U.S. GOVERNMENT BONDS - 3.2%** | **U.S. GOVERNMENT BONDS - 3.2%** |
| U.S. Treasury Bonds<br>4.50%, due 11/15/54 | 72500 | 67731 |
| 4.75%, due 02/15/45 | 43700 | 42939 |
| 3.625%, due 02/15/53 | 50000 | 40129 |
| 4.625%, due 11/15/44 | 29425 | 28472 |
| 4.75%, due 05/15/55 | 8400 | 8179 |
|  |  | **187450** |
| **U.S. GOVERNMENT NOTES - 2.4%** | **U.S. GOVERNMENT NOTES - 2.4%** | **U.S. GOVERNMENT NOTES - 2.4%** |
| U.S. Treasury Notes<br>4.25%, due 05/15/35 | 70200 | 70013 |
| 3.875%, due 06/30/30 | 25775 | 25736 |
| 4.00%, due 07/31/32 | 20450 | 20347 |
| 4.25%, due 08/15/35 | 15000 | 14944 |
| 3.50%, due 11/30/30 | 8000 | 7853 |
|  |  | **138893** |
| **Total government and agency securities<br>(Cost $334,070)** | **Total government and agency securities<br>(Cost $334,070)** | **326343** |

---

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

**Oakmark Equity and Income Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** |
| **ASSET BACKED SECURITIES - 2.7%** | **ASSET BACKED SECURITIES - 2.7%** | **ASSET BACKED SECURITIES - 2.7%** |
| Carvana Auto Receivables Trust, <br>Series 2025-P4-Class C,<br>5.04%, due 04/12/32 | $12000 | $11983 |
| Carvana Auto Receivables Trust, <br>Series 2026-P1-Class N, 144A,<br>5.39%, due 03/10/34 (e) | 10000 | 9999 |
| Exeter Automobile Receivables Trust, <br>Series 2025-2A-Class D,<br>5.89%, due 07/15/31 | 9000 | 9123 |
| Carvana Auto Receivables Trust, <br>Series 2024-P3-Class D,<br>5.39%, due 09/10/32 | 8000 | 7944 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2026-1A-<br>Class C, 144A,<br>5.19%, due 12/22/42 (e) | 7800 | 7768 |
| CPS Auto Receivables Trust, <br>Series 2024-B-Class E, 144A,<br>8.36%, due 11/17/31 (e) | 7250 | 7530 |
| Exeter Automobile Receivables Trust, <br>Series-2026-2A-Class N, 144A,<br>6.89%, due 11/15/33 (e) | 7107 | 7111 |
| Exeter Automobile Receivables Trust, <br>Series 2025-5A-Class D,<br>5.16%, due 03/15/32 | 7000 | 6947 |
| M&T Bank RV Trust, Series 2026-1A-<br>Class A, 144A,<br>4.35%, due 01/15/46 (e) | 6221 | 6151 |
| Carvana Auto Receivables Trust, <br>Series 2025-P4-Class N, 144A,<br>5.46%, due 11/10/33 (e) | 5515 | 5515 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2025-1A-<br>Class D, 144A,<br>6.86%, due 01/21/42 (e) | 5322 | 5353 |
| CPS Auto Receivables Trust, <br>Series 2024-C-Class E, 144A,<br>8.04%, due 03/15/32 (e) | 5000 | 5158 |
| Westlake Automobile Receivables Trust, <br>Series 2025-2A-Class D, 144A,<br>5.08%, due 05/15/31 (e) | 4600 | 4598 |
| Westlake Automobile Receivables Trust, <br>Series 2026-1A-Class D, 144A,<br>4.75%, due 07/15/31 (e) | 4500 | 4455 |
| Bridgecrest Lending Auto <br>Securitization Trust, Series 2026-1-<br>Class D, 4.99%, due 11/17/31 | 4500 | 4449 |
| Exeter Automobile Receivables Trust, <br>Series 2026-1A-Class N, 144A,<br>6.45%, due 08/15/33 (e) | 4000 | 3996 |
| Flagship Credit Auto Trust, <br>Series 2022-1-Class E, 144A,<br>5.37%, due 06/15/29 (e) | 5494 | 3992 |

---

---

| | | |
|:---|:---|:---|
| Flagship Credit Auto Trust, <br>Series 2022-4-Class C, 144A,<br>7.71%, due 10/16/28 (e) | $3789 | $3827 |
| Exeter Automobile Receivables Trust, <br>Series 2025-3A-Class D,<br>5.57%, due 10/15/31 | 3500 | 3524 |
| Carvana Auto Receivables Trust, <br>Series 2024-P4-Class D,<br>5.60%, due 12/10/32 | 3292 | 3295 |
| CPS Auto Receivables Trust, <br>Series 2024-A-Class D, 144A,<br>6.13%, due 04/15/30 (e) | 3200 | 3248 |
| CPS Auto Receivables Trust, <br>Series 2024-A-Class E, 144A,<br>8.42%, due 08/15/31 (e) | 3100 | 3212 |
| CPS Auto Receivables Trust, <br>Series 2022-C-Class E, 144A,<br>9.08%, due 04/15/30 (e) | 3000 | 3128 |
| Santander Drive Auto Receivables <br>Trust, Series 2025-4-Class D,<br>4.95%, due 01/15/32 | 3000 | 2978 |
| Flagship Credit Auto Trust, <br>Series 2022-3-Class E, 144A,<br>7.95%, due 10/15/29 (e) | 5500 | 2950 |
| Flagship Credit Auto Trust, <br>Series 2021-2-Class E, 144A,<br>3.16%, due 09/15/28 (e) | 2600 | 2552 |
| Flagship Credit Auto Trust, <br>Series 2023-2-Class E, 144A,<br>10.89%, due 07/15/30 (e) | 3500 | 2434 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2024-1A-<br>Class C, 144A,<br>5.94%, due 01/20/43 (e) | 2242 | 2264 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2023-2A-<br>Class C, 144A,<br>7.30%, due 04/20/40 (e) | 2194 | 2257 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2023-3A-<br>Class C, 144A,<br>7.12%, due 09/20/40 (e) | 2099 | 2155 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2024-3A-<br>Class C, 144A,<br>5.32%, due 08/20/41 (e) | 2002 | 1996 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2024-2A-<br>Class D, 144A,<br>7.48%, due 06/20/41 (e) | 1719 | 1739 |
| Carvana Auto Receivables Trust, <br>Series 2024-P2-Class D,<br>6.10%, due 06/10/31 | 1625 | 1655 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2023-2A-<br>Class D, 144A,<br>9.72%, due 04/20/40 (e) | 1527 | 1597 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2024-1A-<br>Class D, 144A,<br>8.02%, due 01/20/43 (e) | 1096 | 1119 |

---

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

**Oakmark Equity and Income Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** | **Fixed income - 39.9% (continued)** |
| **ASSET BACKED SECURITIES - 2.7% (continued)** | **ASSET BACKED SECURITIES - 2.7% (continued)** | **ASSET BACKED SECURITIES - 2.7% (continued)** |
| Carmax Auto Owner Trust, <br>Series 2025-4-Class D,<br>5.11%, due 05/17/32 | $1000 | $997 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2022-2A-<br>Class C, 144A,<br>6.36%, due 06/20/40 (e) | 304 | 306 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2022-2A-<br>Class D, 144A,<br>9.22%, due 06/20/40 (e) | 152 | 155 |
| **Total asset backed securities<br>(Cost $159,209)** | **Total asset backed securities<br>(Cost $159,209)** | **159460** |
| **BANK LOANS (f) - 1.6%** | **BANK LOANS (f) - 1.6%** | **BANK LOANS (f) - 1.6%** |
| **CONSUMER DISCRETIONARY - 0.8%** | **CONSUMER DISCRETIONARY - 0.8%** | **CONSUMER DISCRETIONARY - 0.8%** |
| Raising Cane's Restaurants LLC 2024 <br>Term Loan B 5.668% <br>(1 mo. USD Term SOFR + <br>2.000%), due 09/18/31 (c) | 7860 | 7821 |
| Peer Holding III BV 2025 USD <br>Term Loan B4B 6.20% <br>(3 mo. USD Term SOFR + <br>2.500%), due 10/28/30 (c) | 8722 | 8700 |
| Peer Holding III BV 2025 USD <br>Term Loan B5B 6.20% <br>(3 mo. USD Term SOFR + <br>2.500%), due 07/01/31 (c) | 4938 | 4922 |
| SkyMiles IP Ltd. 2025 Repriced <br>Term Loan B 5.168% <br>(3 mo. USD Term SOFR + <br>1.500%), due 10/20/28 (c) | 3854 | 3866 |
| Peer Holding III BV 2025 USD <br>Term Loan B 5.95% <br>(3 mo. USD Term SOFR + <br>2.250%), due 09/29/32 (c) | 5000 | 4950 |
| Raising Cane's Restaurants LLC 2025 <br>Term Loan B 5.668% <br>(1 mo. USD Term SOFR + <br>2.000%), due 11/03/32 (c) | 13466 | 13374 |
|  |  | **43633** |
| **CONSUMER STAPLES - 0.6%** | **CONSUMER STAPLES - 0.6%** | **CONSUMER STAPLES - 0.6%** |
| Wand NewCo 3, Inc. 2025 Repriced <br>Term Loan B 6.168% <br>(1 mo. USD Term SOFR + 2.500%), <br>due 01/30/31 (c) | 23416 | 23196 |
| Belron Finance 2019 LLC 2026 Repriced <br>Term Loan B 5.66% <br>(3 mo. USD Term SOFR + 2.000%), <br>due 10/16/31 (c) | 13298 | 13285 |
|  |  | **36481** |

---

---

| | | |
|:---|:---|:---|
| **FINANCIALS - 0.1%** | **FINANCIALS - 0.1%** | **FINANCIALS - 0.1%** |
| Blackstone Mortgage Trust, Inc. 2026 <br>Repriced Term Loan<br>6.168% (1 mo. USD Term SOFR + <br>2.500%), due 12/10/30 (c) | $6620 | $6603 |
| **INDUSTRIALS - 0.1%** | **INDUSTRIALS - 0.1%** | **INDUSTRIALS - 0.1%** |
| Clydesdale Acquisition Holdings, Inc. <br>2025 Term Loan B 6.918% <br>(1 mo. USD Term SOFR + <br>3.250%), due 04/01/32 (c) | 4948 | 4610 |
| **Total bank loans<br>(Cost $92,315)** | **Total bank loans<br>(Cost $92,315)** | **91327** |
| **Total fixed income - 39.9%<br>(Cost $2,341,619)** | **Total fixed income - 39.9%<br>(Cost $2,341,619)** | **2328115** |
| **Total purchased options - 0.1%<br>(Premiums Paid $8,826)** | **Total purchased options - 0.1%<br>(Premiums Paid $8,826)** | **5430** |
| **Short-term investments - 4.0%** | **Short-term investments - 4.0%** | **Short-term investments - 4.0%** |
| **REPURCHASE AGREEMENT - 4.0%** | **REPURCHASE AGREEMENT - 4.0%** | **REPURCHASE AGREEMENT - 4.0%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, <br>3.64% dated 3/31/26 due 4/1/26, <br>repurchase price $236,371, <br>collateralized by United States <br>Treasury Notes, 3.875% - 4.125% <br>due 9/30/27 - 3/31/28, aggregate <br>value plus accrued interest of <br>$241,074 (Cost: $236,347) | 236347 | 236347 |
| **Total short-term investments - 4.0%<br>(Cost $236,347)** | **Total short-term investments - 4.0%<br>(Cost $236,347)** | **236347** |
| **TOTAL INVESTMENTS - 100.2%<br>(COST $5,203,521)** | **TOTAL INVESTMENTS - 100.2%<br>(COST $5,203,521)** | **5848887** |
| Liabilities In Excess of Other Assets - (0.2)% | Liabilities In Excess of Other Assets - (0.2)% | (13886) |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **$5835001** |

---

(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 March 31, 2026.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $586,703 (in thousands) or 10.05% 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.

**Abbreviations:**

SOFR: Secured Overnight Financing Rate

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

**Oakmark Equity and Income Fund**

March 31, 2026 (Unaudited)

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

**PURCHASED OPTIONS**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Description** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>*(in thousands)*** | **Notional<br>Amount<br>*(in thousands)*** | **Market Value<br>*(in thousands)*** | **Premiums Paid<br>*(in thousands)*** | **Premiums Paid<br>*(in thousands)*** | **Unrealized<br>Gain/(Loss)<br>*(in thousands)*** |
| **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** |
| Elevance Health, Inc. | $300.00 | $300.00 | 5/15/26 | 5/15/26 | 3400 | $99535 |  | $5287 | $6010 |  | $(723) |
| Fiserv, Inc. |  | 65.00 |  | 4/17/26 | 9500 | 53010 |  | 143 | 2816 |  | (2673) |
| $152545 | $152545 | $152545 | $152545 | $152545 | $152545 | $152545 | $5430 | $5430 | $8826 | $(3396) | $(3396) |

---

**WRITTEN OPTIONS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount<br>*(in thousands)*** | **Market Value<br>*(in thousands)*** | **Premiums<br>(Received)<br>*(in thousands)*** | **Unrealized<br>Gain/(Loss)<br>*(in thousands)*** |
| **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** | **CALLS** |
| Alphabet, Inc., Class A | $345.00 | 5/15/26 | 5/15/26 | (1700) | $(48885) | $(174) | $(3901) | $3727 |
| Phillips 66 | 185.00 | 5/15/26 | 5/15/26 | (1246) | (22700) | (1103) | (931) | (172) |
| $(71585) | $(71585) | $(71585) | $(71585) | $(71585) | $(71585) | $(1277) | $(4832) | $3555 |
| **PUTS** | **PUTS** | **PUTS** | **PUTS** | **PUTS** | **PUTS** | **PUTS** | **PUTS** | **PUTS** |
| Elevance Health, Inc. | $280.00 | 5/15/26 | 5/15/26 | (3900) | $(114173) | $(4758) | $(6601) | $1843 |
| Fiserv, Inc. | 60.00 |  | 4/17/26 | (11750) | (65565) | (5699) | (3108) | (2591) |
| $(179738) | $(179738) | $(179738) | $(179738) | $(179738) | $(179738) | $(10457) | $(9709) | $(748) |

---

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

**Oakmark Bond Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 97.5%** | **Fixed income - 97.5%** | **Fixed income - 97.5%** |
| **CORPORATE BONDS - 43.9%** | **CORPORATE BONDS - 43.9%** | **CORPORATE BONDS - 43.9%** |
| **FINANCIALS - 11.0%** | **FINANCIALS - 11.0%** | **FINANCIALS - 11.0%** |
| AerCap Ireland Capital DAC/<br>AerCap Global Aviation Trust<br>3.30%, due 01/30/32 | $150 | $136 |
| Ally Financial, Inc., Series C<br>4.70% (7 yr. CMT + 3.481%) (a) (b) | 1000 | 928 |
| Arthur J Gallagher & Co.<br>5.55%, due 02/15/55 | 750 | 700 |
| Blackstone Private Credit Fund<br>5.35%, due 03/12/31 | 2250 | 2137 |
| Capital One Financial Corp.<br>5.399% (1 day USD SOFR + 1.508%), <br>due 01/30/37 (a) | 2500 | 2450 |
| Citadel Securities Global Holdings LLC, <br>144A 5.75%, due 03/27/36 (c) | 2000 | 1974 |
| First Citizens BancShares, Inc.<br>4.869% (1 day USD SOFR + 1.487%), <br>due 03/03/32 (a) | 1500 | 1449 |
| Global Payments, Inc.<br>5.55%, due 11/15/35 | 2250 | 2168 |
| KKR & Co., Inc.<br>5.10%, due 08/07/35 | 2750 | 2660 |
| LPL Holdings, Inc.<br>5.15%, due 06/15/30 | 2000 | 2009 |
| Marsh & McLennan Cos., Inc.<br>4.95%, due 03/15/36 | 2000 | 1981 |
| Morgan Stanley<br>4.708% (1 day USD SOFR + 1.195%), <br>due 03/12/32 (a) | 1500 | 1490 |
| South State Bank NA<br>8.375% (3 mo. USD Term SOFR + <br>4.605%), due 08/15/34 (a) | 500 | 529 |
| Truist Financial Corp., Series I<br>4.964% (1 day USD SOFR + 1.395%), <br>due 10/23/36 (a) | 1500 | 1453 |
| Wells Fargo & Co.<br>4.182% (1 day USD SOFR + .740%), <br>due 01/23/30 (a) | 3500 | 3469 |
| Willis North America, Inc.<br>5.90%, due 03/05/54 | 1750 | 1699 |
|  |  | **27232** |
| **CONSUMER DISCRETIONARY - 7.5%** | **CONSUMER DISCRETIONARY - 7.5%** | **CONSUMER DISCRETIONARY - 7.5%** |
| American Honda Finance Corp.<br>5.10%, due 01/08/36 | 2000 | 1930 |
| Carnival Corp., 144A<br>5.75%, due 08/01/32 (c) | 2000 | 1999 |
| Daimler Truck Finance North <br>America LLC, 144A<br>4.50%, due 04/12/31 (c) | 2000 | 1961 |
| General Motors Financial Co., Inc.<br>5.45%, due 01/08/36 | 1500 | 1478 |
| Hyatt Hotels Corp.<br>5.75%, due 03/30/32 | 2000 | 2055 |
| Hyundai Capital America, 144A<br>5.00%, due 04/07/31 (c) | 2000 | 2001 |

---

---

| | | |
|:---|:---|:---|
| Lithia Motors, Inc., 144A<br>4.375%, due 01/15/31 (c) | $2000 | $1880 |
| M/I Homes, Inc.<br>3.95%, due 02/15/30 | 850 | 797 |
| Mercedes-Benz Finance <br>North America LLC, 144A<br>4.50%, due 03/10/31 (c) | 2000 | 1975 |
| Phinia Inc, 144A<br>6.625%, due 10/15/32 (c) | 977 | 993 |
| QXO Building Products, Inc., 144A<br>6.75%, due 04/30/32 (c) | 1500 | 1530 |
|  |  | **18599** |
| **COMMUNICATION SERVICES - 5.4%** | **COMMUNICATION SERVICES - 5.4%** | **COMMUNICATION SERVICES - 5.4%** |
| Airbnb, Inc.<br>5.25%, due 03/16/36 | 2500 | 2503 |
| 4.65%, due 03/16/31 | 2500 | 2494 |
| Alphabet, Inc. <br>4.80%, due 02/15/36 | 2000 | 1991 |
| Amazon.com, Inc.<br>4.875%, due 03/13/36 | 2500 | 2477 |
| Meta Platforms, Inc.<br>5.625%, due 11/15/55 | 2000 | 1875 |
| Vail Resorts, Inc., 144A<br>5.625%, due 07/15/30 (c) | 2000 | 1984 |
|  |  | **13324** |
| **INDUSTRIALS - 4.0%** | **INDUSTRIALS - 4.0%** | **INDUSTRIALS - 4.0%** |
| AutoNation, Inc.<br>3.85%, due 03/01/32 | 1500 | 1395 |
| Carlisle Cos., Inc.<br>5.55%, due 09/15/40 | 1000 | 991 |
| Delta Air Lines, Inc.<br>5.25%, due 07/10/30 | 2000 | 2013 |
| Honeywell Aerospace, Inc, 144A<br>4.95%, due 03/16/36 (c) | 2000 | 1984 |
| Molex Electronic Technologies LLC, <br>144A 5.25%, due 04/30/32 (c) | 2000 | 2026 |
| United Airlines, Inc., 144A<br>4.625%, due 04/15/29 (c) | 1500 | 1472 |
|  |  | **9881** |
| **ENERGY - 3.9%** | **ENERGY - 3.9%** | **ENERGY - 3.9%** |
| Aker BP ASA, 144A<br>4.00%, due 01/15/31 (c) | 1500 | 1439 |
| APA Corp.<br>5.35%, due 07/01/49 | 750 | 632 |
| Expand Energy Corp.<br>4.75%, due 02/01/32 | 1750 | 1705 |
| MPLX LP<br>5.30%, due 04/01/36 | 1500 | 1478 |
| Noble Finance II LLC, 144A<br>8.00%, due 04/15/30 (c) | 1000 | 1030 |
| Plains All American Pipeline LP/PAA <br>Finance Corp.<br>4.70%, due 01/15/31 | 1500 | 1495 |
| Valero Energy Corp.<br>5.15%, due 03/10/36 | 1000 | 986 |
| Williams Cos., Inc.<br>5.15%, due 03/15/36 | 1000 | 985 |
|  |  | **9750** |

---

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

**Oakmark Bond Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 97.5% (continued)** | **Fixed income - 97.5% (continued)** | **Fixed income - 97.5% (continued)** |
| **CORPORATE BONDS - 43.9% (continued)** | **CORPORATE BONDS - 43.9% (continued)** | **CORPORATE BONDS - 43.9% (continued)** |
| **HEALTH CARE - 3.1%** | **HEALTH CARE - 3.1%** | **HEALTH CARE - 3.1%** |
| Baxter International, Inc.<br>4.90%, due 12/15/30 | $1000 | $987 |
| Centene Corp.<br>3.00%, due 10/15/30 | 2500 | 2191 |
| CVS Health Corp.<br>4.78%, due 03/25/38 | 1000 | 921 |
| GE HealthCare Technologies, Inc.<br>4.95%, due 12/15/35 | 2000 | 1961 |
| Insulet Corp., 144A<br>6.50%, due 04/01/33 (c) | 1500 | 1531 |
|  |  | **7591** |
| **INFORMATION TECHNOLOGY - 2.7%** | **INFORMATION TECHNOLOGY - 2.7%** | **INFORMATION TECHNOLOGY - 2.7%** |
| OAK-Eagle Acquireco, Inc., 144A<br>7.25%, due 07/01/33 (c) | 2000 | 2072 |
| Oracle Corp.<br>6.90%, due 11/09/52 | 2250 | 2124 |
| Salesforce, Inc.<br>5.55%, due 03/15/36 | 1500 | 1495 |
| 6.55%, due 03/15/56 | 1000 | 1004 |
|  |  | **6695** |
| **REAL ESTATE - 2.1%** | **REAL ESTATE - 2.1%** | **REAL ESTATE - 2.1%** |
| CBRE Services, Inc.<br>4.90%, due 01/15/33 | 2000 | 1972 |
| Omega Healthcare Investors, Inc.<br>5.20%, due 07/01/30 | 1250 | 1255 |
| RHP Hotel Properties LP/RHP <br>Finance Corp., 144A<br>5.75%, due 03/15/34 (c) | 2000 | 1974 |
|  |  | **5201** |
| **MATERIALS - 1.7%** | **MATERIALS - 1.7%** | **MATERIALS - 1.7%** |
| Celanese U.S. Holdings LLC<br>7.05%, due 11/15/30 | 1313 | 1388 |
| 7.375%, due 02/15/34 | 477 | 489 |
| LYB International Finance III LLC<br>5.875%, due 01/15/36 | 1500 | 1505 |
| Westlake Corp.<br>6.375%, due 11/15/55 | 1000 | 985 |
|  |  | **4367** |
| **UTILITIES - 1.6%** | **UTILITIES - 1.6%** | **UTILITIES - 1.6%** |
| Southern Co., Series 21-A<br>3.75% (5 yr. CMT + 2.915%), <br>due 09/15/51 (a) | 1000 | 990 |
| Southern Power Co.<br>4.90%, due 10/01/35 | 1500 | 1451 |
| Vistra Operations Co. LLC, 144A<br>4.70%, due 01/31/31 (c) | 1500 | 1476 |
|  |  | **3917** |

---

---

| | | |
|:---|:---|:---|
| **CONSUMER STAPLES - 0.9%** | **CONSUMER STAPLES - 0.9%** | **CONSUMER STAPLES - 0.9%** |
| Bacardi-Martini BV, 144A<br>6.00%, due 02/01/35 (c) | $1050 | $1063 |
| JBS NV/JBS USA Foods Group <br>Holdings, Inc./JBS USA Food Co. <br>Holdings, 144A 5.625%, <br>due 03/10/37 (c) | 1250 | 1254 |
|  |  | **2317** |
| **Total corporate bonds<br>(Cost $109,772)** | **Total corporate bonds<br>(Cost $109,772)** | **108874** |
| **GOVERNMENT AND AGENCY SECURITIES - 21.6%** | **GOVERNMENT AND AGENCY SECURITIES - 21.6%** | **GOVERNMENT AND AGENCY SECURITIES - 21.6%** |
| **U.S. GOVERNMENT NOTES - 11.1%** | **U.S. GOVERNMENT NOTES - 11.1%** | **U.S. GOVERNMENT NOTES - 11.1%** |
| U.S. Treasury Notes<br>4.00%, due 01/31/33 | 6000 | 5954 |
| 3.50%, due 11/30/30 | 6000 | 5890 |
| 3.875%, due 07/31/30 | 4000 | 3993 |
| 3.50%, due 02/28/31 | 4000 | 3922 |
| 4.25%, due 08/15/35 | 2000 | 1993 |
| 3.875%, due 12/31/32 | 2000 | 1971 |
| 4.00%, due 11/15/35 | 2000 | 1951 |
| 3.875%, due 06/30/30 | 1920 | 1917 |
|  |  | **27591** |
| **U.S. GOVERNMENT BONDS - 10.5%** | **U.S. GOVERNMENT BONDS - 10.5%** | **U.S. GOVERNMENT BONDS - 10.5%** |
| U.S. Treasury Bonds<br>4.625%, due 05/15/54 | 5500 | 5244 |
| 5.00%, due 05/15/45 | 4750 | 4812 |
| 4.625%, due 11/15/44 | 2750 | 2661 |
| 4.75%, due 11/15/43 | 2000 | 1976 |
| 4.75%, due 08/15/55 | 2000 | 1949 |
| 4.125%, due 08/15/44 | 2000 | 1814 |
| 3.00%, due 08/15/52 | 2500 | 1777 |
| 4.75%, due 05/15/55 | 1625 | 1582 |
| 4.375%, due 08/15/43 | 1500 | 1416 |
| 3.625%, due 05/15/53 | 1500 | 1203 |
| 4.125%, due 08/15/53 | 500 | 438 |
| 3.375%, due 08/15/42 | 500 | 418 |
| 2.00%, due 11/15/41 | 500 | 346 |
| 2.00%, due 08/15/51 | 500 | 285 |
|  |  | **25921** |
| **Total government and agency securities<br>(Cost $55,816)** | **Total government and agency securities<br>(Cost $55,816)** | **53512** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3%** |
| Federal National Mortgage <br>Association REMICS, <br>Series 2020-24-Class AH<br>1.50%, due 04/25/50 | 3277 | 2581 |
| OBX Trust, Series 2026-NQM1-<br>Class A2, 144A<br>5.07%, due 11/25/65 (c) | 2442 | 2422 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM1-Class B2, 144A<br>6.083%, due 06/25/55 (a) (c) | 2274 | 2264 |

---

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

**Oakmark Bond Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 97.5% (continued)** | **Fixed income - 97.5% (continued)** | **Fixed income - 97.5% (continued)** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 13.3% (continued)** |
| Government National Mortgage <br>Association REMICS, <br>Seres 2023-164-Class BZ<br>6.00%, due 11/20/53 | $2070 | $2130 |
| JP Morgan Mortgage Trust, <br>Series 2024-6-Class B2, 144A<br>6.889%, due 12/25/54 (a) (c) | 1953 | 2038 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ4-Class B1, 144A<br>6.436%, due 09/25/55 (a) (c) | 1975 | 1991 |
| A&D Mortgage Trust, Series 2026-<br>NQM1-Class A2, 144A<br>5.114%, due 02/25/71 (c) | 1975 | 1953 |
| GS Mortgage-Backed Securities Trust, <br>Series 2025-PJ1-Class B2, 144A<br>6.155%, due 06/25/55 (a) (c) | 1956 | 1917 |
| Angel Oak Mortgage Trust, <br>Series 2025-12-Class A2,144A<br>5.14%, due 12/25/70 (c) | 1921 | 1906 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5408-Class QZ<br>5.50%, due 04/25/54 | 1666 | 1669 |
| Federal Home Loan Mortgage Corp. <br>REMICS, Series 5369-Class Z<br>6.00%, due 01/25/54 | 1144 | 1162 |
| JP Morgan Mortgage Trust, <br>Series 2025-CCM2-Class B2, 144A<br>6.549%, due 09/25/55 (a) (c) | 986 | 1014 |
| JP Morgan Mortgage Trust, <br>Series 2025 - 9-Class B1, 144A<br>6.406%, due 03/25/56 (a) (c) | 994 | 1006 |
| OBX Trust, Series 2026-NQM3-<br>Class A2, 144A<br>4.774%, due 01/25/66 (c) | 989 | 975 |
| JP Morgan Mortgage Trust, <br>Series 2025-NQM5-Class A2, 144A<br>5.133%, due 05/25/66 (c) | 956 | 949 |
| A&D Mortgage Trust, <br>Series 2025-NQM3-Class A2, 144A<br>5.577%, due 08/25/70 (c) | 934 | 933 |
| JP Morgan Mortgage Trust, <br>Series 2025 NQM4-Class A2, 144A<br>5.157%, due 03/25/66 (c) | 927 | 921 |
| Angel Oak Mortgage Trust, <br>Series 2025-9-Class A2,144A<br>5.395%, due 08/25/70 (c) | 919 | 917 |
| Santander Mortgage Asset <br>Receivable Trust, Series 2025-<br>NQM4-Class A2, 144A<br>5.608%, due 07/25/65 (c) | 899 | 900 |
| JP Morgan Mortgage Trust, <br>Series 2025-NQM3-Class A2, 144A<br>5.648%, due 11/25/65 (c) | 858 | 859 |
| OBX Trust, Series 2025-NQM15-<br>Class A2, 144A<br>5.396%, due 07/27/65 (c) | 812 | 813 |
| Chase Home Lending Mortgage Trust, <br>Series 2024-1-Class B1, 144A<br>6.644%, due 01/25/55 (a) (c) | 775 | 801 |

---

---

| | | |
|:---|:---|:---|
| OBX Trust, Series 2025-NQM13-<br>Class A2, 144A<br>5.614%, due 05/25/65 (c) | $779 | $780 |
| **Total collateralized mortgage obligations<br>(Cost $32,811)** | **Total collateralized mortgage obligations<br>(Cost $32,811)** | **32901** |
| **ASSET BACKED SECURITIES - 10.5%** | **ASSET BACKED SECURITIES - 10.5%** | **ASSET BACKED SECURITIES - 10.5%** |
| Exeter Automobile Receivables Trust, <br>Series 2026-1A-Class N, 144A,<br>6.45%, due 08/15/33 (c) | 2000 | 1998 |
| Carvana Auto Receivables Trust, <br>Series 2025-P4-Class C,<br>5.04%, due 04/12/32 | 2000 | 1997 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2026-1A-<br>Class C, 144A,<br>5.19%, due 12/22/42 (c) | 2000 | 1992 |
| Santander Drive Auto Receivables <br>Trust, Series 2025-4-Class D,<br>4.95%, due 01/15/32 | 2000 | 1985 |
| M&T Bank RV Trust, Series 2026-1A-<br>Class A, 144A,<br>4.35%, due 01/15/46 (c) | 1914 | 1892 |
| Carvana Auto Receivables Trust, <br>Series 2024-P3-Class D,<br>5.39%, due 09/10/32 | 1320 | 1311 |
| Carvana Auto Receivables Trust, <br>Series 2024-P4-Class D,<br>5.60%, due 12/10/32 | 1250 | 1251 |
| Flagship Credit Auto Trust, <br>Series 2023-2-Class E, 144A,<br>10.89%, due 07/15/30 (c) | 1500 | 1043 |
| CPS Auto Receivables Trust, <br>Series 2024-C-Class E, 144A,<br>8.04%, due 03/15/32 (c) | 1000 | 1032 |
| Carvana Auto Receivables Trust, <br>Series 2024-P2-Class D,<br>6.10%, due 06/10/31 | 1000 | 1019 |
| Exeter Automobile Receivables Trust, <br>Series 2025-2A-Class D,<br>5.89%, due 07/15/31 | 1000 | 1014 |
| Carmax Auto Owner Trust, <br>Series 2025-4-Class D,<br>5.11%, due 05/17/32 | 1000 | 997 |
| Exeter Automobile Receivables Trust, <br>Series 2025-5A-Class D,<br>5.16%, due 03/15/32 | 1000 | 992 |
| Bridgecrest Lending Auto <br>Securitization Trust, Series 2026-1-<br>Class D, 4.99%, due 11/17/31 | 1000 | 989 |
| Flagship Credit Auto Trust, <br>Series 2021-2-Class E, 144A,<br>3.16%, due 09/15/28 (c) | 1000 | 982 |
| Flagship Credit Auto Trust, <br>Series 2022-4-Class C, 144A,<br>7.71%, due 10/16/28 (c) | 947 | 957 |
| CPS Auto Receivables Trust, <br>Series 2022-C-Class E, 144A,<br>9.08%, due 04/15/30 (c) | 750 | 782 |

---

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

**Oakmark Bond Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Fixed income - 97.5% (continued)** | **Fixed income - 97.5% (continued)** | **Fixed income - 97.5% (continued)** |
| **ASSET BACKED SECURITIES - 10.5% (continued)** | **ASSET BACKED SECURITIES - 10.5% (continued)** | **ASSET BACKED SECURITIES - 10.5% (continued)** |
| Flagship Credit Auto Trust, <br>Series 2022-1-Class E, 144A,<br>5.37%, due 06/15/29 (c) | $750 | $545 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2025-1A-<br>Class D, 144A,<br>6.86%, due 01/21/42 (c) | 532 | 535 |
| Westlake Automobile Receivables Trust, <br>Series 2026-1A-Class D, 144A,<br>4.75%, due 07/15/31 (c) | 500 | 495 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2023-2A-<br>Class C, 144A, 7.30%, due 04/20/40 (c) | 468 | 481 |
| Flagship Credit Auto Trust, <br>Series 2023-1-Class B, 144A,<br>5.05%, due 01/18/28 (c) | 474 | 475 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2024-3A-<br>Class C, 144A, <br>5.32%, due 08/20/41 (c) | 431 | 429 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2023-2A-<br>Class D, 144A,<br>9.72%, due 04/20/40 (c) | 264 | 276 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2024-2A-<br>Class D, 144A,<br>7.48%, due 06/20/41 (c) | 248 | 251 |
| Flagship Credit Auto Trust, <br>Series 2023-3-Class C, 144A,<br>6.01%, due 07/16/29 (c) | 220 | 222 |
| Sierra Timeshare Receivables <br>Funding LLC, Series 2022-2A-<br>Class D, 144A,<br>9.22%, due 06/20/40 (c) | 114 | 116 |
| **Total asset backed securities<br>(Cost $26,132)** | **Total asset backed securities<br>(Cost $26,132)** | **26058** |
| **MORTGAGE-BACKED SECURITIES - 4.8%** | **MORTGAGE-BACKED SECURITIES - 4.8%** | **MORTGAGE-BACKED SECURITIES - 4.8%** |
| Federal Home Loan Mortgage Corp., <br>Pool SD6595<br>5.50%, due 10/01/54 | 3052 | 3098 |
| Federal Home Loan Mortgage Corp., <br>Pool SD3470<br>2.50%, due 06/01/52 | 3211 | 2767 |
| Federal National Mortgage Association, <br>Pool FA0201<br>5.50%, due 12/01/54 | 1824 | 1838 |
| Federal Home Loan Mortgage Corp., <br>Pool SD6569<br>5.50%, due 10/01/54 | 1727 | 1747 |
| Federal National Mortgage Association, <br>Pool CB0830<br>2.50%, due 06/01/51 | 1710 | 1473 |

---

---

| | | |
|:---|:---|:---|
| Federal National Mortgage Association, <br>Pool FS8007<br>5.50%, due 06/01/54 | $838 | $849 |
| **Total mortgage-backed securities<br>(Cost $11,620)** | **Total mortgage-backed securities<br>(Cost $11,620)** | **11772** |
| **BANK LOANS (d) - 3.4%** | **BANK LOANS (d) - 3.4%** | **BANK LOANS (d) - 3.4%** |
| **CONSUMER DISCRETIONARY - 1.3%** | **CONSUMER DISCRETIONARY - 1.3%** | **CONSUMER DISCRETIONARY - 1.3%** |
| SkyMiles IP Ltd. 2025 Repriced <br>Term Loan B<br>5.168% (3 mo. USD Term SOFR + <br>1.500%), due 10/20/28 (a) | 275 | 276 |
| Raising Cane's Restaurants LLC <br>2025 Term Loan B<br>5.668% (1 mo. USD Term SOFR + <br>2.000%), due 11/03/32 (a) | 1496 | 1486 |
| Peer Holding III BV 2025 USD Term <br>Loan B4B<br>6.20% (3 mo. USD Term SOFR + <br>2.500%), due 10/28/30 (a) | 1470 | 1466 |
|  |  | **3228** |
| **CONSUMER STAPLES - 1.1%** | **CONSUMER STAPLES - 1.1%** | **CONSUMER STAPLES - 1.1%** |
| Wand NewCo 3, Inc. 2025 Repriced <br>Term Loan B<br>6.168% (1 mo. USD Term SOFR + <br>2.500%), due 01/30/31 (a) | 1405 | 1392 |
| Belron Finance 2019 LLC 2026 <br>Repriced Term Loan B<br>5.66% (3 mo. USD Term SOFR + <br>2.000%), due 10/16/31 (a) | 1478 | 1476 |
|  |  | **2868** |
| **INDUSTRIALS - 0.6%** | **INDUSTRIALS - 0.6%** | **INDUSTRIALS - 0.6%** |
| Clydesdale Acquisition Holdings, <br>Inc. 2025 Term Loan B<br>6.918% (1 mo. USD Term SOFR + <br>3.250%), due 04/01/32 (a) | 1485 | 1383 |
| **FINANCIALS - 0.4%** | **FINANCIALS - 0.4%** | **FINANCIALS - 0.4%** |
| Blackstone Mortgage Trust, Inc. <br>2026 Repriced Term Loan<br>6.168% (1 mo. USD Term SOFR + <br>2.500%), due 12/10/30 (a) | 993 | 991 |
| **Total bank loans<br>(Cost $8,584)** | **Total bank loans<br>(Cost $8,584)** | **8470** |
| **Total fixed income - 97.5%<br>(Cost $244,735)** | **Total fixed income - 97.5%<br>(Cost $244,735)** | **241587** |

---

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 23

**Oakmark Bond Fund**

March 31, 2026 (Unaudited)

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

---

| | |
|:---|:---|
| **Par Value** | **Value** |

---

---

| | | |
|:---|:---|:---|
| **Short-term investments - 1.7%** | **Short-term investments - 1.7%** | **Short-term investments - 1.7%** |
| **REPURCHASE AGREEMENT - 1.7%** | **REPURCHASE AGREEMENT - 1.7%** | **REPURCHASE AGREEMENT - 1.7%** |
| Fixed Income Clearing Corp. <br>Repurchase Agreement, 3.64% <br>dated 3/31/26 due 4/1/26, <br>repurchase price $4,187, <br>collateralized by a United States <br>Treasury Note, 4.375% due 7/15/27, <br>value plus accrued interest of <br>$4,270 (Cost: $4,186) | $4186 | $4186 |
| **Total short-term investments - 1.7%<br>(Cost $4,186)** | **Total short-term investments - 1.7%<br>(Cost $4,186)** | **4186** |
| **TOTAL INVESTMENTS - 99.2%<br>(COST $248,921)** | **TOTAL INVESTMENTS - 99.2%<br>(COST $248,921)** | **245773** |
| Other Assets In Excess of Liabilities - 0.8% | Other Assets In Excess of Liabilities - 0.8% | 2001 |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** | **$247774** |

---

(a) Floating Rate Note. Rate shown is as of March 31, 2026.

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold, normally only to qualified institutional buyers. At March 31, 2026, the value of Rule 144A holdings amounted to $73,480 (in thousands) or 29.66% of Net Assets.

(d) Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

**Abbreviations:**

SOFR: Secured Overnight Financing Rate

24 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

March 31, 2026 (Unaudited)

**Statement of Assets and Liabilities** *(in thousands except per share amounts)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Oakmark<br>Fund** | **Oakmark<br>Fund** | **Oakmark<br>Fund** | **Oakmark<br>Select<br>Fund** | | **Oakmark<br>Global<br>Fund** |
| **Assets** | **Assets** | | | | |
| Investments in unaffiliated securities, at value (a) | Investments in unaffiliated securities, at value (a) | $24577975 | $7239375 | $1030890 | $1030890 |
| Investments in affiliated securities, at value (b) | Investments in affiliated securities, at value (b) | 0 | 326908 | 0 | 0 |
| Cash | Cash | 0<br> <sup>(c)</sup> | 0<br> <sup>(c)</sup> | 0 | 0 |
| Foreign currency, at value (d) | Foreign currency, at value (d) | 0 | 0 | 1 | 1 |
| Receivable for: | Receivable for: |  |  |  |  |
| Fund shares sold | Fund shares sold | 15092 | 8309 | 72 | 72 |
| Dividends and interest from unaffiliated securities <br>(Net of foreign tax withheld) | Dividends and interest from unaffiliated securities <br>(Net of foreign tax withheld) | 18031 | 4571 | 1121 | 1121 |
| Tax reclaim from unaffiliated securities | Tax reclaim from unaffiliated securities | 0 | 0 | 3397 | 3397 |
| Total receivables | Total receivables | 33123 | 12880 | 4591 | 4591 |
| Other assets | Other assets | 93 | 31 | 6 | 6 |
| Total assets | Total assets | $24611191 | $7579194 | $1035487 | $1035487 |
| **Liabilities and net assets** | **Liabilities and net assets** |  |  |  |  |
| Payable for: | Payable for: |  |  |  |  |
| Due to custodian | Due to custodian | $0 | $0 | $3 | $3 |
| Securities purchased | Securities purchased | 144364 | 0 | 0 | 0 |
| Fund shares redeemed | Fund shares redeemed | 20843 | 4885 | 617 | 617 |
| Options written, at value | Options written, at value | 66<br> <sup>(e)</sup> | 256<br> <sup>(e)</sup> | 0 | 0 |
| Investment advisory fee | Investment advisory fee | 2747 | 1021 | 157 | 157 |
| Other shareholder servicing fees | Other shareholder servicing fees | 1744 | 1094 | 51 | 51 |
| Transfer and dividend disbursing agent fees | Transfer and dividend disbursing agent fees | 192 | 94 | 41 | 41 |
| Trustee fees | Trustee fees | 37 | 11 | 2 | 2 |
| Deferred trustee compensation | Deferred trustee compensation | 2614 | 1070 | 577 | 577 |
| Other | Other | 3899 | 827 | 272 | 272 |
| Total liabilities | Total liabilities | 176506 | 9258 | 1720 | 1720 |
| Net assets applicable to Fund shares outstanding | Net assets applicable to Fund shares outstanding | $24434685 | $7569936 | $1033767 | $1033767 |
| **Analysis of net assets** | **Analysis of net assets** |  |  |  |  |
| Paid in capital | Paid in capital | $19642664 | $6816508 | $870296 | $870296 |
| Distributable earnings | Distributable earnings | 4792021 | 753428 | 163471 | 163471 |
| Net assets applicable to Fund shares outstanding | Net assets applicable to Fund shares outstanding | $24434685 | $7569936 | $1033767 | $1033767 |
| **Price of shares** | **Price of shares** |  |  |  |  |
| Net asset value, offering and redemption price per share:  | Net asset value, offering and redemption price per share:  |  |  |  |  |
| Investor Class | Investor Class | $167.84 | $83.93 | $36.89 | $36.89 |
| Investor Class—Net assets | Investor Class—Net assets | $9448248 | $1562389 | $472039 | $472039 |
| Investor Class—Shares outstanding (Unlimited shares <br>authorized) | Investor Class—Shares outstanding (Unlimited shares <br>authorized) | 56294 | 18615 | 12797 | 12797 |
| Net asset value, offering and redemption price per share:  | Net asset value, offering and redemption price per share:  |  |  |  |  |
| Advisor Class | Advisor Class | $167.85<br> <sup>(f)</sup> | $83.76 | $36.86 | $36.86 |
| Advisor Class—Net assets | Advisor Class—Net assets | $3780626 | $4452052 | $164967 | $164967 |
| Advisor Class—Shares outstanding (Unlimited shares <br>authorized) | Advisor Class—Shares outstanding (Unlimited shares <br>authorized) | 22523 | 53152 | 4475 | 4475 |
| Net asset value, offering and redemption price per share:  | Net asset value, offering and redemption price per share:  |  |  |  |  |
| Institutional Class | Institutional Class | $167.89 | $83.88 | $36.86 | $36.86 |
| Institutional Class—Net assets | Institutional Class—Net assets | $8463066 | $825077 | $306907 | $306907 |
| Institutional Class—Shares outstanding (Unlimited shares <br>authorized) | Institutional Class—Shares outstanding (Unlimited shares <br>authorized) | 50407 | 9836 | 8326 | 8326 |
| Net asset value, offering and redemption price per share:  | Net asset value, offering and redemption price per share:  |  |  |  |  |
| R6 Class | R6 Class | $167.96 | $83.89 | $36.85 | $36.85<br> <sup>(f)</sup> |
| R6 Class—Net assets | R6 Class—Net assets | $2742745 | $730418 | $89854 | $89854 |
| R6 Class—Shares outstanding (Unlimited shares <br>authorized) | R6 Class—Shares outstanding (Unlimited shares <br>authorized) | 16330 | 8707 | 2439 | 2439 |
| (a) | Identified cost of investments in unaffiliated securities. | $20549280 | $6183807 |  | $938198 |
| (b) | Identified cost of investments in affiliated securities. | $0 | $303728 |  | $0 |
| (c) | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. |
| (d) | Identified cost of foreign currency. | $0 | $0 |  | $1 |
| (e) | Written options premiums received of $8,308 and $5,737 (in thousands) for the Oakmark Fund and the Oakmark Select Fund, respectively. | Written options premiums received of $8,308 and $5,737 (in thousands) for the Oakmark Fund and the Oakmark Select Fund, respectively. | Written options premiums received of $8,308 and $5,737 (in thousands) for the Oakmark Fund and the Oakmark Select Fund, respectively. | Written options premiums received of $8,308 and $5,737 (in thousands) for the Oakmark Fund and the Oakmark Select Fund, respectively. | Written options premiums received of $8,308 and $5,737 (in thousands) for the Oakmark Fund and the Oakmark Select Fund, respectively. |
| (f) | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 25

**Oakmark Funds**

March 31, 2026 (Unaudited)

**Statement of Assets and Liabilities** *(in thousands except per share amounts) (continued)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Oakmark<br>Global Select<br>Fund** | **Oakmark<br>Global Select<br>Fund** | **Oakmark<br>Global Select<br>Fund** | **Oakmark<br>International<br>Fund** | **Oakmark<br>International<br>Small Cap Fund** |
|  | **Assets** | | | |
|  | Investments in unaffiliated securities, at value (a) | $883253 | $12569467 | $1155584 |
|  | Cash | 0 | 0 | 0<br> <sup>(b)</sup> |
|  | Foreign currency, at value (c) | 1 | 0<br> <sup>(b)</sup> | 1 |
|  | Receivable for: |  |  |  |
|  | Securities sold | 0 | 63494 | 5138 |
|  | Fund shares sold | 890 | 6896 | 694 |
|  | Dividends and interest from unaffiliated securities <br>(Net of foreign tax withheld) | 6 | 12076 | 3931 |
|  | Forward foreign currency contracts | 0 | 0 | 0 |
|  | Tax reclaim from unaffiliated securities | 2568 | 45755 | 5257 |
|  | Total receivables | 3465 | 128221 | 15021 |
|  | Other assets | 5 | 59 | 6 |
|  | Total assets | $886723 | $12697747 | $1170611 |
|  | **Liabilities and net assets** |  |  |  |
|  | Payable for: |  |  |  |
|  | Due to custodian | $3 | $5 | $0 |
|  | Securities purchased | 0 | 19443 | 2853 |
|  | Fund shares redeemed | 769 | 23987 | 1671 |
|  | Investment advisory fee | 130 | 1752 | 217 |
|  | Other shareholder servicing fees | 90 | 1137 | 95 |
|  | Transfer and dividend disbursing agent fees | 16 | 69 | 19 |
|  | Trustee fees | 2 | 19 | 2 |
|  | Deferred trustee compensation | 479 | 3331 | 565 |
|  | Other | 251 | 4193 | 287 |
|  | Total liabilities | 1740 | 53936 | 5709 |
|  | Net assets applicable to Fund shares outstanding | $884983 | $12643811 | $1164902 |
|  | **Analysis of net assets** |  |  |  |
|  | Paid in capital | $864931 | $12646054 | $1052776 |
|  | Distributable earnings | 20052 | (2243) | 112126 |
|  | Net assets applicable to Fund shares outstanding | $884983 | $12643811 | $1164902 |
|  | **Price of shares** |  |  |  |
|  | Net asset value, offering and redemption price per share:  |  |  |  |
|  | Investor Class | $24.21 | $30.41 | $20.14 |
|  | Investor Class—Net assets | $265127 | $3438108 | $311935 |
|  | Investor Class—Shares outstanding (Unlimited shares <br>authorized) | 10951 | 113065 | 15492 |
|  | Net asset value, offering and redemption price per share:  |  |  |  |
|  | Advisor Class | $24.18<br> <sup>(d)</sup> | $30.33 | $20.13<br> <sup>(d)</sup> |
|  | Advisor Class—Net assets | $129910 | $1373994 | $170165 |
|  | Advisor Class—Shares outstanding (Unlimited shares <br>authorized) | 5374 | 45297 | 8451 |
|  | Net asset value, offering and redemption price per share:  |  |  |  |
|  | Institutional Class | $24.17 | $30.32 | $20.07 |
|  | Institutional Class—Net assets | $360584 | $4877049 | $531915 |
|  | Institutional Class—Shares outstanding (Unlimited shares <br>authorized) | 14917 | 160829 | 26503 |
|  | Net asset value, offering and redemption price per share:  |  |  |  |
|  | R6 Class | $24.18 | $30.33 | $20.07<br> <sup>(d)</sup> |
|  | R6 Class—Net assets | $129362 | $2954660 | $150887 |
|  | R6 Class—Shares outstanding (Unlimited shares <br>authorized) | 5350 | 97419 | 7521 |
| (a) | Identified cost of investments in unaffiliated securities. | $803778 | $11618597 | $1090845 |
| (b) | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. |
| (c) | Identified cost of foreign currency. | $1 | $0<br> <sup>(b)</sup> | $1 |
| (d) | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. | Net assets have been rounded for presentation purposes. The net asset value per share shown is as reported on March 31, 2026. |

---

*See accompanying Notes to Financial Statements.*

26 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

March 31, 2026 (Unaudited)

**Statement of Assets and Liabilities** *(in thousands except per share amounts) (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Oakmark<br>Equity and<br>Income Fund** | **Oakmark<br>Equity and<br>Income Fund** | **Oakmark<br>Equity and<br>Income Fund** | **Oakmark<br>Bond<br>Fund** |
|  | **Assets** | |  |
|  | Investments in unaffiliated securities, at value (a) | $5848887 | $245773 |
|  | Cash | 1 | 0<br> <sup>(b)</sup> |
|  | Receivable for: |  |  |
|  | Securities sold | 10854 | 3031 |
|  | Fund shares sold | 1370 | 3513 |
|  | Dividends and interest from unaffiliated securities (Net of foreign tax withheld) | 21433 | 2079 |
|  | Tax reclaim from unaffiliated securities | 1040 | 0 |
|  | Total receivables | 34698 | 8623 |
|  | Other assets | 28 | 1 |
|  | Total assets | $5883613 | $254397 |
|  | **Liabilities and net assets** |  |  |
|  | Payable for: |  |  |
|  | Securities purchased | 27517 | 6245 |
|  | Fund shares redeemed | 4529 | 76 |
|  | Options written, at value | 11734<br> <sup>(c)</sup> | 0 |
|  | Investment advisory fee | 591 | 21 |
|  | Other shareholder servicing fees | 517 | 25 |
|  | Transfer and dividend disbursing agent fees | 113 | 1 |
|  | Trustee fees | 10 | 0<br> <sup>(b)</sup> |
|  | Deferred trustee compensation | 2014 | 156 |
|  | Other | 1587 | 99 |
|  | Total liabilities | 48612 | 6623 |
|  | Net assets applicable to Fund shares outstanding | $5835001 | $247774 |
|  | **Analysis of net assets** |  |  |
|  | Paid in capital | $5034978 | $257718 |
|  | Distributable earnings | 800023 | (9944) |
|  | Net assets applicable to Fund shares outstanding | $5835001 | $247774 |
|  | **Price of shares** |  |  |
|  | Net asset value, offering and redemption price per share:  |  |  |
|  | Investor Class | $37.60 | $8.91 |
|  | Investor Class—Net assets | $3637434 | $23698 |
|  | Investor Class—Shares outstanding (Unlimited shares authorized) | 96737 | 2661 |
|  | Net asset value, offering and redemption price per share:  |  |  |
|  | Advisor Class | $37.56 | $8.93 |
|  | Advisor Class—Net assets | $685303 | $78572 |
|  | Advisor Class—Shares outstanding (Unlimited shares authorized) | 18247 | 8798 |
|  | Net asset value, offering and redemption price per share:  |  |  |
|  | Institutional Class | $37.55 | $8.93 |
|  | Institutional Class—Net assets | $1146850 | $17449 |
|  | Institutional Class—Shares outstanding (Unlimited shares authorized) | 30544 | 1955 |
|  | Net asset value, offering and redemption price per share:  |  |  |
|  | R6 Class | $37.54 | $8.93 |
|  | R6 Class—Net assets | $365414 | $128055 |
|  | R6 Class—Shares outstanding (Unlimited shares authorized) | 9734 | 14345 |
| (a) | Identified cost of investments in unaffiliated securities. | $5203521 | $248921 |
| (b) | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. | Amount rounds to less than $1,000. |
| (c) | Written options premiums received of $14,541 (in thousands) for the Oakmark Equity and Income Fund. | Written options premiums received of $14,541 (in thousands) for the Oakmark Equity and Income Fund. | Written options premiums received of $14,541 (in thousands) for the Oakmark Equity and Income Fund. |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 27

**Oakmark Funds**

**Statements of Operations** *March 31, 2026 (Unaudited) (in thousands)*

---

| | | | |
|:---|:---|:---|:---|
| **Oakmark<br>Fund** | **Oakmark<br>Fund** | **Oakmark<br>Select<br>Fund** | **Oakmark<br>Global<br>Fund** |
| **Investment Income:** | | |  |
| Dividends from unaffiliated securities | $193432 | $37803 | $7247 |
| Dividends from affiliated securities | 0 | 1440 | 0 |
| Interest income from unaffiliated securities | 22760 | 8853 | 526 |
| Other income | 548 | 203 | 3 |
| Foreign taxes withheld | 0 | 0 | (152) |
| Total investment income | 216740 | 48299 | 7624 |
| **Expenses:** |  |  |  |
| Investment advisory fee | 73743 | 27573 | 4453 |
| Transfer and dividend disbursing agent fees | 466 | 220 | 92 |
| Other shareholder servicing fees—Investor Class | 2846 | 531 | 130 |
| Other shareholder servicing fees—Advisor Class | 1808 | 3074 | 57 |
| Other shareholder servicing fees—Institutional Class | 2385 | 122 | 54 |
| Service fee—Investor Class | 10577 | 1600 | 463 |
| Reports to shareholders | 379 | 207 | 17 |
| Custody and accounting fees | 182 | 76 | 59 |
| Registration and blue sky expenses | 137 | 60 | 41 |
| Trustees fees | 588 | 181 | 19 |
| Legal fees | 304 | 99 | 19 |
| Audit and tax services fees | 31 | 30 | 30 |
| Other | 376 | 145 | 62 |
| Total expenses | 93822 | 33918 | 5496 |
| Net expenses | 93822 | 33918 | 5496 |
| **Net investment income** | **$122918** | **$14381** | **$2128** |
| **Net realized and unrealized gain (loss):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Unaffiliated investments | 400933 | (169403) | 16537 |
| Unaffiliated in-kind transactions | 1454087 | 612809 | 83833 |
| Foreign currency transactions | 0 | 0 | (121) |
| Purchased options | (28369) | (10716) | 0 |
| Written options | 44318 | (2111) | 0 |
| Net realized gain | 1870969 | 430579 | 100249 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Unaffiliated investments | (1412544) | (381005) | (106037) |
| Affiliated investments | 0 | (86768) | 0 |
| Foreign currency translation | 0 | 0 | (35) |
| Written options | 8723 | 5481 | 0 |
| Net change in unrealized (depreciation) | (1403821) | (462292) | (106072) |
| Net realized and unrealized gain (loss) | 467148 | (31713) | (5823) |
| Net increase (decrease) in net assets resulting from <br>operations | $590066 | $(17332) | $(3695) |

---

*See accompanying Notes to Financial Statements.*

28 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Operations** *March 31, 2026 (Unaudited) (in thousands) (continued)*

---

| | | | |
|:---|:---|:---|:---|
| **Oakmark<br>Global Select<br>Fund** | **Oakmark<br>Global Select<br>Fund** | **Oakmark<br>International<br>Fund** | **Oakmark<br>International<br>Small Cap Fund** |
| **Investment Income:** | | |  |
| Dividends from unaffiliated securities | $6685 | $92490 | $10511 |
| Interest income from unaffiliated securities | 784 | 6599 | 689 |
| Other income | 2 | 28 | 2 |
| Foreign taxes withheld | (25) | (6753) | (765) |
| Total investment income | 7446 | 92364 | 10437 |
| **Expenses:** |  |  |  |
| Investment advisory fee | 3802 | 52158 | 6319 |
| Transfer and dividend disbursing agent fees | 35 | 193 | 41 |
| Other shareholder servicing fees—Investor Class | 91 | 1302 | 108 |
| Other shareholder servicing fees—Advisor Class | 85 | 854 | 109 |
| Other shareholder servicing fees—Institutional Class | 129 | 1346 | 112 |
| Service fee—Investor Class | 299 | 4282 | 334 |
| Reports to shareholders | 14 | 421 | 27 |
| Custody and accounting fees | 49 | 448 | 127 |
| Registration and blue sky expenses | 36 | 96 | 48 |
| Trustees fees | 18 | 300 | 23 |
| Legal fees | 17 | 194 | 23 |
| Audit and tax services fees | 30 | 57 | 37 |
| Other | 59 | 240 | 62 |
| Total expenses | 4664 | 61891 | 7370 |
| Net expenses | 4664 | 61891 | 7370 |
| **Net investment income** | **$2782** | **$30473** | **$3067** |
| **Net realized and unrealized gain (loss):** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| Unaffiliated investments | (10918) | 1215140<br> <sup>(a)</sup> | 56895 |
| Unaffiliated in-kind transactions | 44953 | 56286 | 0 |
| Foreign currency transactions | (20) | (2261) | (191) |
| Net realized gain | 34015 | 1269165 | 56704 |
| Net change in unrealized depreciation on: |  |  |  |
| Unaffiliated investments | (85890) | (1479880)<sup>(b)</sup> | (144357) |
| Foreign currency translation | (20) | (2159) | (135) |
| Net change in unrealized (depreciation) | (85910) | (1482039) | (144492) |
| Net realized and unrealized loss | (51895) | (212874) | (87788) |
| Net (decrease) in net assets resulting from operations | $(49113) | $(182401) | $(84721) |

---

(a) Net of capital gain withholding taxes of $1,335 (in thousands) for the Oakmark International Fund.

(b) Includes net change in capital gain withholding taxes of $763 (in thousands) for the Oakmark International Fund.

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 29

**Oakmark Funds**

**Statements of Operations** *March 31, 2026 (Unaudited) (in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| **Oakmark<br>Equity and<br>Income Fund** | **Oakmark<br>Equity and<br>Income Fund** | **Oakmark<br>Bond <br>Fund** |
| **Investment Income:** | |  |
| Dividends from unaffiliated securities | $28612 | $0 |
| Interest income from unaffiliated securities | 64684 | 5878 |
| Other income | 4 | 0 |
| Total investment income | 93300 | 5878 |
| **Expenses:** |  |  |
| Investment advisory fee | 16291 | 436 |
| Transfer and dividend disbursing agent fees | 253 | 4 |
| Other shareholder servicing fees—Investor Class | 1336 | 2 |
| Other shareholder servicing fees—Advisor Class | 213 | 53 |
| Other shareholder servicing fees—Institutional Class | 198 | 8 |
| Service fee—Investor Class | 4173 | 14 |
| Reports to shareholders | 77 | 9 |
| Custody and accounting fees | 108 | 62 |
| Registration and blue sky expenses | 51 | 37 |
| Trustees fees | 117 | 5 |
| Legal fees | 79 | 8 |
| Audit and tax services fees | 30 | 29 |
| Other | 129 | 25 |
| Total expenses | 23055 | 692 |
| Advisory fee waiver / Expense Reimbursement from Advisor | 0 | (184) |
| Net expenses | 23055 | 508 |
| **Net investment income** | **$70245** | **$5370** |
| **Net realized and unrealized gain (loss):** |  |  |
| Net realized gain (loss) on: |  |  |
| Unaffiliated investments | 910 | 1799 |
| Unaffiliated in-kind transactions | 292138 | 0 |
| Foreign currency transactions | (16) | 0 |
| Written options | 2390 | 0 |
| Net realized gain | 295422 | 1799 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Unaffiliated investments | (353692) | (4986) |
| Purchased options | (3396) | 0 |
| Written options | 2186 | 0 |
| Net change in unrealized (depreciation) | (354902) | (4986) |
| Net realized and unrealized loss | (59480) | (3187) |
| Net increase in net assets resulting from operations | $10765 | $2183 |

---

*See accompanying Notes to Financial Statements.*

30 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Fund** | **Oakmark Fund** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **From Operations:** | | |
| Net investment income | $122918 | $290626 |
| Net realized gain | 1870969 | 2223370 |
| Net change in unrealized appreciation (depreciation) | (1403821) | 16898 |
| **Net increase in net assets from operations** | **590066** | **2530894** |
| **Distributions to shareholders from:** |  |  |
| Distributions to shareholders—Investor Class | (92489) | (111179) |
| Distributions to shareholders—Advisor Class | (44399) | (36322) |
| Distributions to shareholders—Institutional Class | (99092) | (102858) |
| Distributions to shareholders—R6 Class | (34023) | (39643) |
| **Total distributions to shareholders** | **(270003)** | **(290002)** |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold—Investor Class | 413084 | 1118738 |
| Proceeds from shares sold—Advisor Class | 454484 | 1275614 |
| Proceeds from shares sold—Institutional Class | 881808 | 1744199 |
| Proceeds from shares sold—R6 Class | 2988913 | 6755802 |
| Reinvestment of distributions—Investor Class | 89769 | 108169 |
| Reinvestment of distributions—Advisor Class | 43504 | 35265 |
| Reinvestment of distributions—Institutional Class | 85897 | 87594 |
| Reinvestment of distributions—R6 Class | 31030 | 32055 |
| Payment for shares redeemed—Investor Class | (1082260) | (2360307) |
| Payment for shares redeemed—Advisor Class | (551118) | (611179) |
| Payment for shares redeemed—Institutional Class | (914859) | (1594270) |
| Payment for shares redeemed—R6 Class | (3071372) | (7164675) |
| **Net decrease in net assets from Fund share transactions** | **(631120)** | **(572995)** |
| **Total increase (decrease) in net assets** | (311057) | 1667897 |
| **Net assets:** |  |  |
| Beginning of period | 24745742 | 23077845 |
| End of period | $24434685 | $24745742 |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 31

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Fund (continued)** | **Oakmark Fund (continued)** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **Fund share transactions—Investor Class:** | | |
| Shares sold | 2446 | 7192 |
| Shares issued in reinvestment of dividends | 517 | 687 |
| Less shares redeemed | (6384) | (15022) |
| **Net decrease in shares outstanding** | **(3421)** | **(7143)** |
| **Fund share transactions—Advisor Class:** |  |  |
| Shares sold | 2676 | 7995 |
| Shares issued in reinvestment of dividends | 250 | 224 |
| Less shares redeemed | (3225) | (3889) |
| **Net increase (decrease) in shares outstanding** | **(299)** | **4330** |
| **Fund share transactions—Institutional Class:** |  |  |
| Shares sold | 5214 | 11114 |
| Shares issued in reinvestment of dividends | 495 | 557 |
| Less shares redeemed | (5371) | (10385) |
| **Net increase in shares outstanding** | **338** | **1286** |
| **Fund share transactions—R6 Class:** |  |  |
| Shares sold | 17769 | 42881 |
| Shares issued in reinvestment of dividends | 179 | 204 |
| Less shares redeemed | (18215) | (45353) |
| **Net decrease in shares outstanding** | **(267)** | **(2268)** |

---

*See accompanying Notes to Financial Statements.*

32 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Select Fund** | **Oakmark Select Fund** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **From Operations:** | | |
| Net investment income | $14381 | $42069 |
| Net realized gain | 430579 | 882080 |
| Net change in unrealized (depreciation) | (462292) | (130346) |
| **Net increase (decrease) in net assets from operations** | **(17332)** | **793803** |
| **Distributions to shareholders from:** |  |  |
| Distributions to shareholders—Investor Class | (6926) | (5609) |
| Distributions to shareholders—Advisor Class | (24611) | (16442) |
| Distributions to shareholders—Institutional Class | (5512) | (4278) |
| Distributions to shareholders—R6 Class | (4954) | (3672) |
| **Total distributions to shareholders** | **(42003)** | **(30001)** |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold—Investor Class | 15260 | 51826 |
| Proceeds from shares sold—Advisor Class | 509484 | 868177 |
| Proceeds from shares sold—Institutional Class | 66225 | 130296 |
| Proceeds from shares sold—R6 Class | 1447379 | 2581373 |
| Reinvestment of distributions—Investor Class | 6714 | 5451 |
| Reinvestment of distributions—Advisor Class | 24474 | 16323 |
| Reinvestment of distributions—Institutional Class | 5031 | 3896 |
| Reinvestment of distributions—R6 Class | 4541 | 3367 |
| Payment for shares redeemed—Investor Class | (153951) | (308101) |
| Payment for shares redeemed—Advisor Class | (320700) | (566976) |
| Payment for shares redeemed—Institutional Class | (84077) | (126969) |
| Payment for shares redeemed—R6 Class | (1420911) | (2566817) |
| **Net increase in net assets from Fund share transactions** | **99469** | **91846** |
| **Total increase in net assets** | 40134 | 855648 |
| **Net assets:** |  |  |
| Beginning of period | 7529802 | 6674154 |
| End of period | $7569936 | $7529802 |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 33

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Select Fund (continued)** | **Oakmark Select Fund (continued)** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **Fund share transactions—Investor Class:** | | |
| Shares sold | 175 | 646 |
| Shares issued in reinvestment of dividends | 73 | 65 |
| Less shares redeemed | (1749) | (3809) |
| **Net decrease in shares outstanding** | **(1501)** | **(3098)** |
| **Fund share transactions—Advisor Class:** |  |  |
| Shares sold | 5853 | 10774 |
| Shares issued in reinvestment of dividends | 266 | 195 |
| Less shares redeemed | (3651) | (7036) |
| **Net increase in shares outstanding** | **2468** | **3933** |
| **Fund share transactions—Institutional Class:** |  |  |
| Shares sold | 746 | 1598 |
| Shares issued in reinvestment of dividends | 55 | 46 |
| Less shares redeemed | (958) | (1562) |
| **Net increase (decrease) in shares outstanding** | **(157)** | **82** |
| **Fund share transactions—R6 Class:** |  |  |
| Shares sold | 16656 | 31875 |
| Shares issued in reinvestment of dividends | 49 | 40 |
| Less shares redeemed | (16408) | (31717) |
| **Net increase in shares outstanding** | **297** | **198** |

---

*See accompanying Notes to Financial Statements.*

34 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Global Fund** | **Oakmark Global Fund** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **From Operations:** | | |
| Net investment income | $2128 | $13835 |
| Net realized gain | 100249 | 139206 |
| Net change in unrealized (depreciation) | (106072) | (68292) |
| **Net increase (decrease) in net assets from operations** | **(3695)** | **84749** |
| **Distributions to shareholders from:** |  |  |
| Distributions to shareholders—Investor Class | (5884) | (6290) |
| Distributions to shareholders—Advisor Class | (2289) | (1760) |
| Distributions to shareholders—Institutional Class | (4304) | (4336) |
| Distributions to shareholders—R6 Class | (1522) | (1616) |
| **Total distributions to shareholders** | **(13999)** | **(14002)** |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold—Investor Class | 4938 | 24359 |
| Proceeds from shares sold—Advisor Class | 23242 | 42364 |
| Proceeds from shares sold—Institutional Class | 23552 | 17389 |
| Proceeds from shares sold—R6 Class | 177635 | 345927 |
| Reinvestment of distributions—Investor Class | 5705 | 6123 |
| Reinvestment of distributions—Advisor Class | 2192 | 1664 |
| Reinvestment of distributions—Institutional Class | 4148 | 4178 |
| Reinvestment of distributions—R6 Class | 1485 | 1578 |
| Payment for shares redeemed—Investor Class | (53491) | (130562) |
| Payment for shares redeemed—Advisor Class | (26434) | (23748) |
| Payment for shares redeemed—Institutional Class | (39851) | (46635) |
| Payment for shares redeemed—R6 Class | (191568) | (367632) |
| **Net decrease in net assets from Fund share transactions** | **(68447)** | **(124995)** |
| **Total decrease in net assets** | (86141) | (54248) |
| **Net assets:** |  |  |
| Beginning of period | 1119908 | 1174156 |
| End of period | $1033767 | $1119908 |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 35

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Global Fund (continued)** | **Oakmark Global Fund (continued)** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **Fund share transactions—Investor Class:** | | |
| Shares sold | 127 | 724 |
| Shares issued in reinvestment of dividends | 146 | 182 |
| Less shares redeemed | (1364) | (3720) |
| **Net decrease in shares outstanding** | **(1091)** | **(2814)** |
| **Fund share transactions—Advisor Class:** |  |  |
| Shares sold | 581 | 1153 |
| Shares issued in reinvestment of dividends | 56 | 49 |
| Less shares redeemed | (665) | (693) |
| **Net increase (decrease) in shares outstanding** | **(28)** | **509** |
| **Fund share transactions—Institutional Class:** |  |  |
| Shares sold | 598 | 505 |
| Shares issued in reinvestment of dividends | 107 | 124 |
| Less shares redeemed | (1035) | (1348) |
| **Net decrease in shares outstanding** | **(330)** | **(719)** |
| **Fund share transactions—R6 Class:** |  |  |
| Shares sold | 4577 | 9990 |
| Shares issued in reinvestment of dividends | 38 | 47 |
| Less shares redeemed | (4950) | (10717) |
| **Net decrease in shares outstanding** | **(335)** | **(680)** |

---

*See accompanying Notes to Financial Statements.*

36 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Global Select Fund** | **Oakmark Global Select Fund** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **From Operations:** | | |
| Net investment income | $2782 | $13552 |
| Net realized gain | 34015 | 123860 |
| Net change in unrealized (depreciation) | (85910) | (29796) |
| **Net increase (decrease) in net assets from operations** | **(49113)** | **107616** |
| **Distributions to shareholders from:** |  |  |
| Distributions to shareholders—Investor Class | (4285) | (3485) |
| Distributions to shareholders—Advisor Class | (2305) | (1654) |
| Distributions to shareholders—Institutional Class | (7042) | (6005) |
| Distributions to shareholders—R6 Class | (2369) | (1856) |
| **Total distributions to shareholders** | **(16001)** | **(13000)** |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold—Investor Class | 4965 | 10935 |
| Proceeds from shares sold—Advisor Class | 6178 | 15948 |
| Proceeds from shares sold—Institutional Class | 11790 | 23258 |
| Proceeds from shares sold—R6 Class | 109398 | 330373 |
| Reinvestment of distributions—Investor Class | 4100 | 3354 |
| Reinvestment of distributions—Advisor Class | 2266 | 1618 |
| Reinvestment of distributions—Institutional Class | 5974 | 5112 |
| Reinvestment of distributions—R6 Class | 2336 | 1812 |
| Payment for shares redeemed—Investor Class | (28860) | (74233) |
| Payment for shares redeemed—Advisor Class | (12657) | (20737) |
| Payment for shares redeemed—Institutional Class | (66375) | (87573) |
| Payment for shares redeemed—R6 Class | (107827) | (341822) |
| **Net decrease in net assets from Fund share transactions** | **(68712)** | **(131955)** |
| **Total decrease in net assets** | (133826) | (37339) |
| **Net assets:** |  |  |
| Beginning of period | 1018809 | 1056148 |
| End of period | $884983 | $1018809 |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 37

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Global Select Fund (continued)** | **Oakmark Global Select Fund (continued)** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **Fund share transactions—Investor Class:** | | |
| Shares sold | 189 | 459 |
| Shares issued in reinvestment of dividends | 155 | 147 |
| Less shares redeemed | (1106) | (3112) |
| **Net decrease in shares outstanding** | **(762)** | **(2506)** |
| **Fund share transactions—Advisor Class:** |  |  |
| Shares sold | 232 | 654 |
| Shares issued in reinvestment of dividends | 86 | 71 |
| Less shares redeemed | (479) | (872) |
| **Net decrease in shares outstanding** | **(161)** | **(147)** |
| **Fund share transactions—Institutional Class:** |  |  |
| Shares sold | 449 | 982 |
| Shares issued in reinvestment of dividends | 226 | 224 |
| Less shares redeemed | (2520) | (3679) |
| **Net decrease in shares outstanding** | **(1845)** | **(2473)** |
| **Fund share transactions—R6 Class:** |  |  |
| Shares sold | 4193 | 13770 |
| Shares issued in reinvestment of dividends | 88 | 80 |
| Less shares redeemed | (4161) | (14304) |
| **Net increase (decrease) in shares outstanding** | **120** | **(454)** |

---

*See accompanying Notes to Financial Statements.*

38 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark International Fund** | **Oakmark International Fund** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **From Operations:** | | |
| Net investment income | $30473 | $312730 |
| Net realized gain | 1269165 | 500016 |
| Net change in unrealized appreciation (depreciation) | (1482039) | 1012808 |
| **Net increase (decrease) in net assets from operations** | **(182401)** | **1825554** |
| **Distributions to shareholders from:** |  |  |
| Distributions to shareholders—Investor Class | (72993) | (105988) |
| Distributions to shareholders—Advisor Class | (31030) | (53628) |
| Distributions to shareholders—Institutional Class | (116216) | (182642) |
| Distributions to shareholders—R6 Class | (75169) | (72748) |
| **Total distributions to shareholders** | **(295408)** | **(415006)** |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold—Investor Class | 93967 | 389024 |
| Proceeds from shares sold—Advisor Class | 131208 | 362197 |
| Proceeds from shares sold—Institutional Class | 291694 | 895748 |
| Proceeds from shares sold—R6 Class | 252099 | 1009813 |
| Reinvestment of distributions—Investor Class | 68578 | 99084 |
| Reinvestment of distributions—Advisor Class | 30592 | 53092 |
| Reinvestment of distributions—Institutional Class | 89684 | 108966 |
| Reinvestment of distributions—R6 Class | 67686 | 62144 |
| Payment for shares redeemed—Investor Class | (764355) | (1849393) |
| Payment for shares redeemed—Advisor Class | (250361) | (1343857) |
| Payment for shares redeemed—Institutional Class | (777307) | (4047305) |
| Payment for shares redeemed—R6 Class | (670490) | (925442) |
| **Net decrease in net assets from Fund share transactions** | **(1437005)** | **(5185929)** |
| **Total decrease in net assets** | (1914814) | (3775381) |
| **Net assets:** |  |  |
| Beginning of period | 14558625 | 18334006 |
| End of period | $12643811 | $14558625 |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 39

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark International Fund (continued)** | **Oakmark International Fund (continued)** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **Fund share transactions—Investor Class:** | | |
| Shares sold | 2911 | 14422 |
| Shares issued in reinvestment of dividends | 2130 | 3830 |
| Less shares redeemed | (23634) | (67292) |
| **Net decrease in shares outstanding** | **(18593)** | **(49040)** |
| **Fund share transactions—Advisor Class:** |  |  |
| Shares sold | 4020 | 12598 |
| Shares issued in reinvestment of dividends | 953 | 2059 |
| Less shares redeemed | (7740) | (49054) |
| **Net decrease in shares outstanding** | **(2767)** | **(34397)** |
| **Fund share transactions—Institutional Class:** |  |  |
| Shares sold | 9036 | 32982 |
| Shares issued in reinvestment of dividends | 2797 | 4227 |
| Less shares redeemed | (24332) | (152650) |
| **Net decrease in shares outstanding** | **(12499)** | **(115441)** |
| **Fund share transactions—R6 Class:** |  |  |
| Shares sold | 7712 | 36250 |
| Shares issued in reinvestment of dividends | 2110 | 2410 |
| Less shares redeemed | (20700) | (33981) |
| **Net increase (decrease) in shares outstanding** | **(10878)** | **4679** |

---

*See accompanying Notes to Financial Statements.*

40 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark International Small Cap Fund** | **Oakmark International Small Cap Fund** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **From Operations:** | | |
| Net investment income | $3067 | $26486 |
| Net realized gain | 56704 | 80612 |
| Net change in unrealized appreciation (depreciation) | (144492) | 35829 |
| **Net increase (decrease) in net assets from operations** | **(84721)** | **142927** |
| **Distributions to shareholders from:** |  |  |
| Distributions to shareholders—Investor Class | (17925) | (19588) |
| Distributions to shareholders—Advisor Class | (9755) | (9723) |
| Distributions to shareholders—Institutional Class | (31795) | (35014) |
| Distributions to shareholders—R6 Class | (9059) | (26603) |
| **Total distributions to shareholders** | **(68534)** | **(90928)** |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold—Investor Class | 8249 | 33175 |
| Proceeds from shares sold—Advisor Class | 12435 | 27454 |
| Proceeds from shares sold—Institutional Class | 43308 | 60274 |
| Proceeds from shares sold—R6 Class | 1085 | 24120 |
| Reinvestment of distributions—Investor Class | 17233 | 18895 |
| Reinvestment of distributions—Advisor Class | 9638 | 9620 |
| Reinvestment of distributions—Institutional Class | 21311 | 23649 |
| Reinvestment of distributions—R6 Class | 5703 | 17638 |
| Payment for shares redeemed—Investor Class | (48706) | (79164) |
| Payment for shares redeemed—Advisor Class | (26628) | (29733) |
| Payment for shares redeemed—Institutional Class | (55480) | (170831) |
| Payment for shares redeemed—R6 Class | (7571) | (317389) |
| **Net decrease in net assets from Fund share transactions** | **(19423)** | **(382292)** |
| **Total decrease in net assets** | (172678) | (330293) |
| **Net assets:** |  |  |
| Beginning of period | 1337580 | 1667873 |
| End of period | $1164902 | $1337580 |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 41

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark International Small Cap Fund (continued)** | **Oakmark International Small Cap Fund (continued)** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **Fund share transactions—Investor Class:** | |  |
| Shares sold | 375 | 1614 |
| Shares issued in reinvestment of dividends | 801 | 1013 |
| Less shares redeemed | (2202) | (3895) |
| **Net decrease in shares outstanding** | **(1026)** | **(1268)** |
| **Fund share transactions—Advisor Class:** |  |  |
| Shares sold | 563 | 1315 |
| Shares issued in reinvestment of dividends | 448 | 516 |
| Less shares redeemed | (1209) | (1500) |
| **Net increase (decrease) in shares outstanding** | **(198)** | **331** |
| **Fund share transactions—Institutional Class:** |  |  |
| Shares sold | 1958 | 3021 |
| Shares issued in reinvestment of dividends | 994 | 1272 |
| Less shares redeemed | (2554) | (8456) |
| **Net increase (decrease) in shares outstanding** | **398** | **(4163)** |
| **Fund share transactions—R6 Class:** |  |  |
| Shares sold | 50 | 1227 |
| Shares issued in reinvestment of dividends | 266 | 950 |
| Less shares redeemed | (346) | (16790) |
| **Net decrease in shares outstanding**  | **(30)** | **(14613)** |

---

*See accompanying Notes to Financial Statements.*

42 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **From Operations:** | | |
| Net investment income | $70245 | $149577 |
| Net realized gain | 295422 | 408339 |
| Net change in unrealized (depreciation) | (354902) | (113139) |
| **Net increase in net assets from operations** | **10765** | **444777** |
| **Distributions to shareholders from:** |  |  |
| Distributions to shareholders—Investor Class | (41138) | (89843) |
| Distributions to shareholders—Advisor Class | (8500) | (15567) |
| Distributions to shareholders—Institutional Class | (14322) | (28828) |
| Distributions to shareholders—R6 Class | (4572) | (8723) |
| **Total distributions to shareholders** | **(68532)** | **(142961)** |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold—Investor Class | 64752 | 132420 |
| Proceeds from shares sold—Advisor Class | 51746 | 188669 |
| Proceeds from shares sold—Institutional Class | 75768 | 146950 |
| Proceeds from shares sold—R6 Class | 567662 | 990590 |
| Reinvestment of distributions—Investor Class | 39213 | 86014 |
| Reinvestment of distributions—Advisor Class | 8226 | 14989 |
| Reinvestment of distributions—Institutional Class | 12765 | 25747 |
| Reinvestment of distributions—R6 Class | 4183 | 8256 |
| Payment for shares redeemed—Investor Class | (431911) | (868357) |
| Payment for shares redeemed—Advisor Class | (76579) | (120406) |
| Payment for shares redeemed—Institutional Class | (103254) | (250449) |
| Payment for shares redeemed—R6 Class | (560099) | (961793) |
| **Net decrease in net assets from Fund share transactions** | **(347528)** | **(607370)** |
| **Total decrease in net assets** | (405295) | (305554) |
| **Net assets:** |  |  |
| Beginning of period | 6240296 | 6545850 |
| End of period | $5835001 | $6240296 |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 43

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Equity and Income Fund (continued)** | **Oakmark Equity and Income Fund (continued)** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **Fund share transactions—Investor Class:** | | |
| Shares sold | 1678 | 3617 |
| Shares issued in reinvestment of dividends | 1028 | 2341 |
| Less shares redeemed | (11186) | (23697) |
| **Net decrease in shares outstanding** | **(8480)** | **(17739)** |
| **Fund share transactions—Advisor Class:** |  |  |
| Shares sold | 1330 | 5138 |
| Shares issued in reinvestment of dividends | 216 | 407 |
| Less shares redeemed | (1972) | (3266) |
| **Net increase (decrease) in shares outstanding** | **(426)** | **2279** |
| **Fund share transactions—Institutional Class:** |  |  |
| Shares sold | 1950 | 3998 |
| Shares issued in reinvestment of dividends | 335 | 701 |
| Less shares redeemed | (2673) | (6831) |
| **Net decrease in shares outstanding** | **(388)** | **(2132)** |
| **Fund share transactions—R6 Class:** |  |  |
| Shares sold | 14710 | 26912 |
| Shares issued in reinvestment of dividends | 110 | 225 |
| Less shares redeemed | (14551) | (26139) |
| **Net increase in shares outstanding** | **269** | **998** |

---

*See accompanying Notes to Financial Statements.*

44 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Bond Fund** | **Oakmark Bond Fund** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **From Operations:** | | |
| Net investment income | $5370 | $9578 |
| Net realized gain | 1799 | 1681 |
| Net change in unrealized (depreciation) | (4986) | (2493) |
| **Net increase in net assets from operations** | **2183** | **8766** |
| **Distributions to shareholders from:** |  |  |
| Distributions to shareholders—Investor Class | (342) | (1960) |
| Distributions to shareholders—Advisor Class | (1624) | (1344) |
| Distributions to shareholders—Institutional Class | (449) | (812) |
| Distributions to shareholders—R6 Class | (3077) | (5823) |
| **Total distributions to shareholders** | **(5492)** | **(9939)** |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold—Investor Class | 19518 | 17093 |
| Proceeds from shares sold—Advisor Class | 23240 | 52799 |
| Proceeds from shares sold—Institutional Class | 2827 | 5275 |
| Proceeds from shares sold—R6 Class | 5207 | 16136 |
| Reinvestment of distributions—Investor Class | 340 | 1956 |
| Reinvestment of distributions—Advisor Class | 1623 | 1344 |
| Reinvestment of distributions—Institutional Class | 448 | 810 |
| Reinvestment of distributions—R6 Class | 3017 | 5709 |
| Payment for shares redeemed—Investor Class | (3638) | (53622) |
| Payment for shares redeemed—Advisor Class | (8630) | (11073) |
| Payment for shares redeemed—Institutional Class | (3004) | (3612) |
| Payment for shares redeemed—R6 Class | (1367) | (1521) |
| **Net increase in net assets from Fund share transactions** | **39581** | **31294** |
| **Total increase in net assets** | 36272 | 30121 |
| **Net assets:** |  |  |
| Beginning of period | 211502 | 181381 |
| End of period | $247774 | $211502 |

---

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 45

**Oakmark Funds**

**Statements of Changes in Net Assets** *(in thousands) (continued)*

---

| | | |
|:---|:---|:---|
| | **Oakmark Bond Fund (continued)** | **Oakmark Bond Fund (continued)** |
| **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Six Months Ended<br>March 31, 2026<br>(Unaudited)** | **Year Ended<br>September 30, 2025** |
| **Fund share transactions—Investor Class:** | | |
| Shares sold | 2155 | 1927 |
| Shares issued in reinvestment of dividends | 38 | 221 |
| Less shares redeemed | (405) | (5994) |
| **Net increase (decrease) in shares outstanding** | **1788** | **(3846)** |
| **Fund share transactions—Advisor Class:** |  |  |
| Shares sold | 2579 | 5878 |
| Shares issued in reinvestment of dividends | 179 | 151 |
| Less shares redeemed | (953) | (1243) |
| **Net increase in shares outstanding** | **1805** | **4786** |
| **Fund share transactions—Institutional Class:** |  |  |
| Shares sold | 312 | 590 |
| Shares issued in reinvestment of dividends | 49 | 91 |
| Less shares redeemed | (331) | (406) |
| **Net increase in shares outstanding** | **30** | **275** |
| **Fund share transactions—R6 Class:** |  |  |
| Shares sold | 574 | 1820 |
| Shares issued in reinvestment of dividends | 334 | 642 |
| Less shares redeemed | (152) | (172) |
| **Net increase in shares outstanding** | **756** | **2290** |

---

*See accompanying Notes to Financial Statements.*

46 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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"), each a "Fund" and collectively the "Funds". Each Fund is a series of Harris Associates Investment Trust (the "Trust"), a Massachusetts business trust, organized on February 1, 1991, which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 *Financial Services—Investment Companies.*

Each Fund, other than Select and Global Select, is diversified in accordance with the 1940 Act. The following policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). 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 National Independence Day, Independence Day, the first Monday in September, 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.

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

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 47

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)** (continued)

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 March 31, 2026, in valuing each Fund's assets and liabilities**.** Except for the industries or investment types separately stated below, the total amounts for common stocks, fixed income and short-term investments in the table below are presented by industry or investment type in each Fund's Schedule of Investments. Information on forward foreign currency contracts is presented in each Fund's Schedule of Investments.

---

| | | | |
|:---|:---|:---|:---|
| **(in thousands)** | **Quoted Prices<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** | **Oakmark** | **Oakmark** | **Oakmark** |
| Common Stocks | $23582633 | $0 | $0 |
| Short-Term Investments | 0 | 995342 | 0 |
| Call Options Written—Liabilities | (66) | 0 | 0 |
| **Total** | **$23582567** | **$995342** | **$0** |
| **Select** | **Select** | **Select** | **Select** |
| Common Stocks | $7198707 | $0 | $0 |
| Short-Term Investments | 0 | 367576 | 0 |
| Call Options Written—Liabilities | (256) | 0 | 0 |
| **Total** | **$7198451** | **$367576** | **$0** |
| **Global** | **Global** | **Global** | **Global** |
| Common Stocks | $534142 | $469756 | $0 |
| Short-Term Investments | 0 | 26992 | 0 |
| **Total** | **$534142** | **$496748** | **$0** |

---

48 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **Quoted Prices<br>in Active<br>Markets for <br>Identical <br>Assets<br>(Level 1)** | **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)** |
| **Global Select** | **Global Select** | **Global Select** | **Global Select** | **Global Select** |
| Common Stocks |  | $503798 | $321141 | $0 |
| Short-Term Investments |  | 0 | 58314 | 0 |
| **Total** | **Total** | **$503798** | **$379455** | **$0** |
| **International** | **International** | **International** | **International** | **International** |
| Common Stocks |  | $1567634 | $10538893 | $0 |
| Preferred Stocks |  | 0 | 182714 | 0 |
| Short-Term Investments |  | 0 | 280226 | 0 |
| **Total** | **Total** | **$1567634** | **$11001833** | **$0** |
| **Int'l Small Cap** | **Int'l Small Cap** | **Int'l Small Cap** | **Int'l Small Cap** | **Int'l Small Cap** |
| Common Stocks |  | $133656 | $981922 | $0 |
| Preferred Stocks |  | 0 | 10056 | 0 |
| Short-Term Investments |  | 0 | 29950 | 0 |
| **Total** | **Total** | **$133656** | **$1021928** | **$0** |
| **Equity and Income** | **Equity and Income** | **Equity and Income** | **Equity and Income** | **Equity and Income** |
| Common Stocks |  | $3228085 | $50910 | $0 |
| Corporate Bonds |  | 0 | 1026711 | 0 |
| Collateralized Mortgage Obligations |  | 0 | 371235 | 0 |
| Mortgage-Backed Securities |  | 0 | 353039 | 0 |
| Government and Agency Securities |  | 0 | 326343 | 0 |
| Asset Backed Securities |  | 0 | 159460 | 0 |
| Bank Loans |  | 0 | 91327 | 0 |
| Call Options Purchase—Assets |  | 5430 | 0 | 0 |
| Short-Term Investments |  | 0 | 236347 | 0 |
| Call Options Written—Liabilities |  | (1277) | 0 | 0 |
| Put Options Written—Liabilities |  | (10457) | 0 | 0 |
| **Total** | **Total** | **$3221781** | **$2615372** | **$0** |
| **Bond** | **Bond** | **Bond** | **Bond** | **Bond** |
| Corporate Bonds |  | $0 | $108874 | $0 |
| Government and Agency Securities |  | 0 | 53512 | 0 |
| Collateralized Mortgage Obligations |  | 0 | 32901 | 0 |
| Asset Backed Securities |  | 0 | 26058 | 0 |
| Mortgage-Backed Securities |  | 0 | 11772 | 0 |
| Bank Loans |  | 0 | 8470 | 0 |
| Short-Term Investments |  | 0 | 4186 | 0 |
| **Total** | **Total** | **$0** | **$245773** | **$0** |

---

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 49

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)** (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 March 31, 2026, none of the Funds held open forward foreign currency contracts.

At March 31, 2026, 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 period end.

The value of the securities on loan and the value of the related collateral as of period 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 period, 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 period, if any, are included in the Statements of Operations.

At March 31, 2026, 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 March 31, 2026, none of the Funds had short sales.

**When-issued or delayed-delivery securities**

Each Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time a Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if the Adviser deems it advisable for investment reasons. At March 31, 2026, 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.

50 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)** (continued)

At March 31, 2026, none of the Funds held when-issued securities.

**Accounting for options**

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

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

Oakmark, Select 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 period ended March 31, 2026. Realized gains and losses and the net change in unrealized appreciation (depreciation) on purchased equity options for the period, if any, are included in each Fund's Statements of Operations. Purchased options outstanding, if any, are listed on each Fund's Schedule of Investments.

Oakmark, Select 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 period ended March 31, 2026. Realized gains and losses and the net change in unrealized appreciation (depreciation) on written equity options for the period, if any, are included in each Fund's Statements of Operations. Written options outstanding, if any, are listed on each Fund's Schedule of Investments.

For the period ended March 31, 2026, the amount of premiums paid (received) for equity options purchased and written are listed by Fund in the table below (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Equity<br>Options<br>Purchased** | **Equity<br>Options<br>Written** |
| Oakmark | $56082 | $(84829) |
| Select | 33931 | (50810) |
| Equity and Income | 8826 | (18474) |

---

**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 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 period ended March 31, 2026.

**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. During the period ended March 31, 2026, 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 March 31, 2026 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

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 51

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)** (continued)

loaned at any time on notice of not more than five business days. In the event of bankruptcy or other default of the borrower, the Fund could experience delays in liquidating the loan collateral or recovering the loaned securities and incur expenses related to enforcing its rights. There could also be a decline in the value of the collateral or in the fair value of the securities loaned while the Fund seeks to enforce its rights thereto and the Fund could experience subnormal levels of income or lack of access to income during that period. A Fund may not exercise proxy voting rights for a security that is on loan if it is unable to recall the security prior to the record date. The Trust, on behalf of the Funds, has entered into an agreement with State Street to serve as its agent for the purpose of lending securities and maintaining the collateral account. Security lending income, if any, net of any fees retained by the securities lending agent, is included in the Statements of Operations.

At March 31, 2026, 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.

There were no interfund loans during the period ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 period ended March 31, 2026:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fees** |
| Oakmark<br>| 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<br>| 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 |
| Global<br>| 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<br>| 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 |

---

---

| | |
|:---|:---|
| **Fund** | **Advisory Fees** |
| International<br>| 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<br>| 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 |
| Equity and Income<br>| 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, 2027, to reimburse each Fund Class pursuant to an expense limitation agreement, 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.

52 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Investor<br>Class** | **Advisor<br>Class** | **Institutional<br>Class** | **R6<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 | 0.48 | 0.45 | 0.41 |  |

---

During the period ended March 31, 2026, Fund Class expenses (in thousands) have been reimbursed as follows<sup>@</sup>:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Amount** |
| Bond | Investor | $7 |
| Bond | Advisor | 77 |
| Bond | Institutional | 18 |
| Bond | R6 | 82 |

---

<sup>@</sup>

Expenses reimbursed are subject to possible recovery until September 30, 2029.

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 March 31, 2026, the following amounts are subject to recoupment (in thousands).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Amount & Expiration Date** | **Amount & Expiration Date** | **Amount & Expiration Date** |  | |
| **Fund** | **Class** | **09/30/26** | **09/30/27** | **09/30/28** | **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.

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 period

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 period ended March 31, 2026, remains subject to examination by taxing authorities.

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 53

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)** (continued)

At March 31, 2026, 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 | $20562036 | $5013745 | $(997806) | $4015939 |
| Select | 6491081 | 1379870 | (304668) | 1075202 |
| Global | 938089 | 169633 | (76832) | 92801 |
| Global Select | 804054 | 127113 | (47914) | 79199 |
| International | 11866836 | 1726288 | (1023657) | 702631 |
| Int'l Small Cap | 1100320 | 211037 | (155773) | 55264 |
| Equity and Income | 5199812 | 849096 | (200021) | 649075 |
| Bond | 248921 | 1163 | (4311) | (3148) |

---

As of March 31, 2026, the short- and long-term capital losses available to offset future capital gains were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Utilized During<br>the Period** | **Short-Term** | **Long-Term** | **Total at<br>Period End** |
| Oakmark | $400607 | $708829 | $— | $708829 |
| Select |  | 724866 | 219573 | 944439 |
| Global | 16365 | 8729 |  | 8729 |
| Global Select |  | 100217 |  | 100217 |
| International | 1115903 | 789846 |  | 789846 |
| Int'l Small Cap |  |  |  |  |
| Equity and Income | 3287 | 139188 | 8153 | 147341 |
| Bond | 1797 | 543 | 6199 | 6742 |

---

At March 31, 2026, the components of distributable earnings on a tax basis (excluding unrealized appreciation (depreciation)) were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Ordinary Income** | **Undistributed Long-<br>Term Gain** | **Total Distributable<br>Earnings** |
| Oakmark | $51545 | $— | $51545 |
| Select | 4376 |  | 4376 |
| Global | (4754) |  | (4754) |
| Global Select | (4177) |  | (4177) |
| International | 27012 |  | 27012 |
| Int'l Small Cap | 2467 | 53956 | 56423 |
| Equity and Income | 3345 |  | 3345 |
| Bond | (56) |  | (56) |

---

During the six-month period ended March 31, 2026, and the year ended September 30, 2025, the tax character of distributions paid was as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period Ended<br>March 31, 2026** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** | **Year Ended<br>September 30, 2025** |
|<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 | $270003 | $— | $290002 | $— |
| Select | 42003 |  | 30001 |  |
| Global | 13999 |  | 14002 |  |
| Global Select | 16001 |  | 13000 |  |
| International | 295408 |  | 415006 |  |
| Int'l Small Cap | 24501 | 44033 | 35127 | 55801 |
| Equity and Income | 68532 |  | 142961 |  |
| Bond | 5492 |  | 9939 |  |

---

54 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

**Notes to Financial Statements (Unaudited)** (continued)

On March 31, 2026, the Funds had temporary book/tax differences in undistributed earnings that were primarily attributable to trustee deferred compensation expenses, 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.

Permanent differences incurred during the six-month period ended March 31, 2026, will result in the following reclassifications among the components of net assets for the year ended September 30, 2026 (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid in<br>Capital** | **Distributable<br>Earnings** |
| Oakmark | $1454087 | $(1454087) |
| Select | 612809 | (612809) |
| Global | 83833 | (83833) |
| Global Select | 44953 | (44953) |
| International | 56286 | (56286) |
| Int'l Small Cap |  |  |
| Equity and Income | 292138 | (292138) |
| Bond |  |  |

---

**5.** **INVESTMENT TRANSACTIONS**

For the six-month period ended March 31, 2026, transactions in investment securities (excluding short-term and U.S. government securities) were as follows (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Oakmark** | **Oakmark** | **Select** | **Global** | **Global<br>Select** | **International** | **Int'l<br>Small Cap** | **Equity &<br>Income** | **Bond** |
| Purchases | $6598096 | $2611712 | $305170 | $261498 | $4495136 | $233505 | $1679243 | $140258 |
| Proceeds from sales | 4490423 | 1177993 | 215010 | 260049 | 6067909 | 315436 | 1557163 | 103481 |

---

During the six-month period ended March 31, 2026, Oakmark, Select, Global, Global Select, International and Equity and Income had in-kind sales transactions (in thousands) of $2,650,866; $1,399,014; $170,988; $103,283; $83,811; and $531,947, 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 period ended March 31, 2026, were $23,585 and $27,221, respectively, for Equity and Income and Bond. Proceeds from sales (in thousands) of long-term U.S. government securities for the period ended March 31, 2026 were $87,271 and $24,824, respectively, for Equity and Income and Bond.

During the period ended March 31, 2026, Oakmark and Select engaged in purchase transactions (in thousands) totaling $4,878 and $6,018 respectively, with a fund that has a common investment advisor. These transactions complied with Rule 17a-7 under the 1940 Act. Global engaged in sale transactions (in thousands) totaling $11,457 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 period ended March 31, 2026. Purchase and sale transactions and dividend and interest income earned during the period on these securities are listed after the applicable Fund's Schedule of Investments.

**7.** **NEW ACCOUNTING PRONOUNCEMENTS**

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.

**8.** **SUBSEQUENT EVENTS**

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

Semi-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:** | |
| **Net Asset <br>Value, <br>Beginning of <br>Period** | **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** | <br>**Redemption<br>Fees** |
| **Oakmark Fund** | **Oakmark Fund** | | | | | | | |
| Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $165.71 | 0.71 | 3.00 | 3.71 | (1.58) | 0.00 | (1.58) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $165.91 | 0.87 | 3.00 | 3.87 | (1.93) | 0.00 | (1.93) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $165.94 | 0.90 | 3.02 | 3.92 | (1.97) | 0.00 | (1.97) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $166.05 | 0.95 | 3.02 | 3.97 | (2.06) | 0.00 | (2.06) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $84.46 | 0.10 | (0.28) | (0.18) | (0.35) | 0.00 | (0.35) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $84.35 | 0.16 | (0.27) | (0.11) | (0.48) | 0.00 | (0.48) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $84.50 | 0.21 | (0.27) | (0.06) | (0.56) | 0.00 | (0.56) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $84.52 | 0.22 | (0.26) | (0.04) | (0.59) | 0.00 | (0.59) | 0.00 |
| 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 |

---

+

Unaudited.

†

Data has been annualized.

(a) Computed using average shares outstanding throughout the period.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

56 \| Semi-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:** | |  |
| **Net Asset <br>Value, <br>End of <br>Period** | **Net Asset <br>Value, <br>End of <br>Period** | **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>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** | **Portfolio<br>Turnover<br>Rate** | **Portfolio<br>Turnover<br>Rate** |
| **Oakmark Fund** | **Oakmark Fund** | **Oakmark Fund** | | | | | | | |
| Investor Class | Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $167.84 | 2.19% | $9448.2 | 0.85 | 0.89 | 0.89 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $167.85 | 2.28% | $3780.6 | 1.03 | 0.70 | 0.70 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $167.89 | 2.31% | $8463.1 | 1.07 | 0.66 | 0.66 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $167.96 | 2.34% | $2742.7 | 1.13 | 0.61 | 0.61 | %† | 28 | % |
| 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** |
| Investor Class | Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $83.93 | -0.25% | $1562.4 | 0.24 | 0.99 | 0.99 | %† | 35 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $83.76 | -0.18% | $4452.1 | 0.37 | 0.87 | 0.87 | %† | 35 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $83.88 | -0.13% | $825.1 | 0.48 | 0.75 | 0.75 | %† | 35 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $83.89 | -0.11% | $730.4 | 0.50 | 0.72 | 0.72 | %† | 35 | % |
| 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 | % |

---

+

Unaudited.

†

Data has been annualized.

(a) Computed using average shares outstanding throughout the period.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

Semi-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:** | |
| **Net Asset <br>Value, <br>Beginning of <br>Period** | **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** | <br>**Redemption<br>Fees** |
| **Oakmark Global Fund** | **Oakmark Global Fund** | | | | | | | |
| Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.55 | 0.05 | (0.28) | (0.23) | (0.43) | 0.00 | (0.43) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.56 | 0.09 | (0.28) | (0.19) | (0.51) | 0.00 | (0.51) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.57 | 0.09 | (0.28) | (0.19) | (0.52) | 0.00 | (0.52) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.56 | 0.10 | (0.27) | (0.17) | (0.54) | 0.00 | (0.54) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $25.97 | 0.05 | (1.43) | (1.38) | (0.38) | 0.00 | (0.38) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $25.96 | 0.07 | (1.43) | (1.36) | (0.42) | 0.00 | (0.42) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $25.96 | 0.08 | (1.43) | (1.35) | (0.44) | 0.00 | (0.44) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $25.98 | 0.09 | (1.44) | (1.35) | (0.45) | 0.00 | (0.45) | 0.00 |
| 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 |

---

+

Unaudited.

†

Data has been annualized.

(a) Computed using average shares outstanding throughout the period.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

58 \| Semi-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:** | |  |
| **Net Asset <br>Value, <br>End of <br>Period** | **Net Asset <br>Value, <br>End of <br>Period** | **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>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** | **Portfolio<br>Turnover<br>Rate** | **Portfolio<br>Turnover<br>Rate** |
| **Oakmark Global Fund** | **Oakmark Global Fund** | **Oakmark Global Fund** | | | | | | | |
| Investor Class | Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $36.89 | -0.67% | $472.0 | 0.26 | 1.11 | 1.11 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $36.86 | -0.57% | $165.0 | 0.45 | 0.92 | 0.92 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $36.86 | -0.54% | $306.9 | 0.49 | 0.88 | 0.88 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $36.85 | -0.54% | $89.9 | 0.54 | 0.85 | 0.85 | %† | 28 | % |
| 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** |
| Investor Class | Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $24.21 | -5.45% | $265.1 | 0.41 | 1.10 | 1.10 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $24.18 | -5.37% | $129.9 | 0.57 | 0.94 | 0.94 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $24.17 | -5.36% | $360.6 | 0.63 | 0.88 | 0.88 | %† | 28 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $24.18 | -5.33% | $129.4 | 0.69 | 0.82 | 0.82 | %† | 28 | % |
| 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 | % |

---

+

Unaudited.

†

Data has been annualized.

(a) Computed using average shares outstanding throughout the period.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

Semi-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:** | |
| **Net Asset <br>Value, <br>Beginning of <br>Period** | **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** | <br>**Redemption<br>Fees** |
| **Oakmark International Fund** | **Oakmark International Fund** | | | | | | | |
| Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $31.58 | 0.04 | (0.61) | (0.57) | (0.60) | 0.00 | (0.60) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $31.54 | 0.07 | (0.62) | (0.55) | (0.66) | 0.00 | (0.66) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $31.54 | 0.08 | (0.61) | (0.53) | (0.69) | 0.00 | (0.69) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $31.56 | 0.09 | (0.61) | (0.52) | (0.71) | 0.00 | (0.71) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $22.76 | 0.03 | (1.50) | (1.47) | (0.39) | (0.76) | (1.15) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $22.78 | 0.05 | (1.52) | (1.47) | (0.42) | (0.76) | (1.18) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $22.72 | 0.06 | (1.51) | (1.45) | (0.44) | (0.76) | (1.20) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $22.72 | 0.06 | (1.50) | (1.44) | (0.45) | (0.76) | (1.21) | 0.00 |
| 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 |

---

+

Unaudited.

†

Data has been annualized.

(a) Computed using average shares outstanding throughout the period.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

60 \| Semi-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:** | |  |
| **Net Asset <br>Value, <br>End of <br>Period** | **Net Asset <br>Value, <br>End of <br>Period** | **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>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** | **Portfolio<br>Turnover<br>Rate** | **Portfolio<br>Turnover<br>Rate** |
| **Oakmark International Fund** | **Oakmark International Fund** | **Oakmark International Fund** | | | | | | | |
| Investor Class | Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $30.41 | -1.91% | $3438.1 | 0.24 | 1.05 | 1.05 | %† | 33 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $30.33 | -1.86% | $1374.0 | 0.43 | 0.87 | 0.87 | %† | 33 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $30.32 | -1.81% | $4877.0 | 0.49 | 0.81 | 0.81 | %† | 33 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $30.33 | -1.78% | $2954.7 | 0.54 | 0.76 | 0.76 | %† | 33 | % |
| 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** |
| Investor Class | Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $20.14 | -6.78% | $311.9 | 0.30 | 1.32 | 1.32 | %† | 19 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $20.13 | -6.75% | $170.2 | 0.47 | 1.16 | 1.16 | %† | 19 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $20.07 | -6.70% | $531.9 | 0.55 | 1.08 | 1.08 | %† | 19 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $20.07 | -6.66% | $150.9 | 0.59 | 1.04 | 1.04 | %† | 19 | % |
| 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 | % |

---

+

Unaudited.

†

Data has been annualized.

(a) Computed using average shares outstanding throughout the period.

(b) Commenced on 12/15/2020.

*See accompanying Notes to Financial Statements.*

Semi-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:** | |
| **Net Asset <br>Value, <br>Beginning of <br>Period** | **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** | <br>**Redemption<br>Fees** |
| **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | | | | | | | |
| Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $38.00 | 0.42 | (0.40) | 0.02 | (0.42) | 0.00 | (0.42) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.96 | 0.47 | (0.41) | 0.06 | (0.46) | 0.00 | (0.46) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.95 | 0.47 | (0.40) | 0.07 | (0.47) | 0.00 | (0.47) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.95 | 0.48 | (0.41) | 0.07 | (0.48) | 0.00 | (0.48) | 0.00 |
| 9/30/25 | $36.15 | 0.95 | 1.77 | 2.72 | (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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $9.03 | 0.20 | (0.11) | 0.09 | (0.21) | 0.00 | (0.21) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $9.05 | 0.22 | (0.12) | 0.10 | (0.22) | 0.00 | (0.22) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $9.05 | 0.22 | (0.12) | 0.10 | (0.22) | 0.00 | (0.22) | 0.00 |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $9.05 | 0.22 | (0.12) | 0.10 | (0.22) | 0.00 | (0.22) | 0.00 |
| 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 |

---

+

Unaudited.

†

Data has been annualized.

(a) Computed using average shares outstanding throughout the period.

(b) Commenced on 12/15/2020.

(c) Commenced on 01/28/2022.

*See accompanying Notes to Financial Statements.*

62 \| Semi-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:** | |  |
| **Net Asset <br>Value, <br>End of <br>Period** | **Net Asset <br>Value, <br>End of <br>Period** | **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>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** | **Portfolio<br>Turnover<br>Rate** | **Portfolio<br>Turnover<br>Rate** |
| **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | **Oakmark Equity and Income Fund** | | | | | | | |
| Investor Class | Investor Class | Investor Class |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.60 | 0.04% | $3637.4 | 2.20 | 0.85 | 0.85 | %† | 29 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.56 | 0.13% | $685.3 | 2.43 | 0.62 | 0.62 | %† | 29 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.55 | 0.15% | $1146.9 | 2.46 | 0.59 | 0.59 | %† | 29 | % |
| 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 |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $37.54 | 0.17% | $365.4 | 2.51 | 0.55 | 0.55 | %† | 29 | % |
| 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:** |  | |
| **Net Asset <br>Value, <br>End of <br>Period** | **Net Asset <br>Value, <br>End of <br>Period** | **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>Gross<br>Expenses<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** | | <br>**Portfolio<br>Turnover<br>Rate** |
| **Oakmark Bond Fund** | **Oakmark Bond Fund** | **Oakmark Bond Fund** | | | | | | | | |  |
| Investor Class | Investor Class | Investor Class |  |  |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $8.91 | 0.96% | $23.7 | 4.56% | † | 0.84% | † | (0.10% | 0.74% | † | 58% |
| 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 |  |  |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $8.93 | 1.08% | $78.6 | 4.78% | † | 0.71% | † | (0.23% | 0.48% | † | 58% |
| 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 |  |  |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $8.93 | 1.09% | $17.4 | 4.80% | † | 0.65% | † | (0.20% | 0.45% | † | 58% |
| 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 |  |  |  |  |  |  |  |  |  |
| 10/01/25-3/31/26+ | $8.93 | 1.11% | $128.1 | 4.84% | † | 0.54% | † | (0.13% | 0.41% | † | 58% |
| 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% |

---

+

Unaudited.

†

Data has been annualized.

(a) Computed using average shares outstanding throughout the period.

(b) Commenced on 12/15/2020.

(c) Commenced on 01/28/2022.

*See accompanying Notes to Financial Statements.*

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 63

**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 Statement of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

**Oakmark Funds Disclosure Regarding the Board of Trustees' Approval of Investment Advisory Agreements as Approved November 5, 2025**

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 November 5, 2025, 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 November 30, 2026. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each Fund and its shareholders; (ii) a comparison of each Fund's performance, fees and expenses relative to its benchmark and various comparable funds and accounts; (iii) the costs of the services provided and the estimated profit or loss realized by the Adviser from its relationships with each Fund; (iv) any achieved or anticipated economies of scale in relation to the services the Adviser provides to each Fund and whether any such economies of scale are shared with Fund shareholders; and (v) any "fall-out" benefits likely to accrue to the Adviser and its affiliates from their relationship with each Fund.

In evaluating the Agreements with respect to each Fund, the Board's Committee on Contracts (the "Committee"), together with the other Independent Trustees, requested, received, reviewed and considered extensive materials provided by the Adviser in response to questions submitted by the Independent Trustees. The Committee is comprised solely of Independent Trustees and leads the Board in its evaluation of the Agreements. During the annual contract approval process, the Committee and the other Independent Trustees met multiple times specifically to review and consider materials related to the proposed continuation of each Agreement; and to allow the Adviser additional time to respond to questions from the Independent Trustees and for Independent Trustees to consider those responses. They also met with senior representatives of the Adviser regarding, among other things, its personnel, operations and financial condition as they relate to the Funds. In addition, the Board retained Broadridge Financial Solutions, Inc. ("Broadridge"), an independent consulting firm that specializes in the analysis of fund industry data, to provide performance and expense information for each Fund and a group of comparable funds, as selected by Broadridge. As a general matter, the Board considered each Fund's performance and fees in light of the limitations inherent in the methodology used by Broadridge to construct such comparative groups and determine which investment companies should be included in the comparative groups. In connection with its deliberations, the Board also considered a broad range of information relevant to the annual contract approval process that is provided to the Board (including its various standing committees) at meetings throughout the year. While the Board considered the continuation of the Agreements for all of the Funds at the same meetings, the Board considered each Fund's Agreement separately from those of each other Fund.

The Independent Trustees were advised by legal counsel that is experienced in 1940 Act matters and that is independent from the Adviser ("Independent Counsel") throughout the annual contract approval process. During the course of the year and during their deliberations regarding the annual contract approval process, the Committee and the other Independent Trustees met with Independent Counsel separately from representatives of the Adviser.

Provided below is a description of the Board's annual contract approval process and material factors that the Board considered regarding continuation of the Agreements and the compensation to be paid thereunder. In connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to each Fund, the costs and benefits of the Agreements to each Fund, and to each Fund's underlying shareholders, and whether the Agreements were in the best interests of each respective Fund and its shareholders. The Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and in connection with the annual contract approval process.

64 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

This description is not intended to include all of the factors considered by the Board. The Trustees did not identify any particular information or factor that was all-important or controlling, and each Independent Trustee may have attributed different weights to the various factors based on their business judgment. Additionally, the information and factors considered, and weight placed on any particular information or factor may change over time. The Board focused on the costs and benefits of each Agreement to the respective Fund and, through the Fund, its shareholders.

**Nature, Extent and Quality of Services**

The Board's consideration of the nature, extent and quality of the Adviser's services to the Funds took into account the knowledge the Board gained during meetings with the Adviser throughout the year. In addition, the Board considered: the Adviser's long-term history of care and conscientiousness in the management of the Funds; the consistency of the Adviser's investment approach; the qualifications, experience, capabilities, and succession plans of, and the resources available to, the Adviser's investment personnel and other personnel responsible for managing the Funds; the Adviser's performance as administrator of the Funds; and the Adviser's compliance program. The Board also considered the Adviser's resources and reviewed key personnel involved in providing investment management services to the Funds and the investment results produced as a result of the Adviser's in-house research. The Trustees also reviewed information regarding each Fund's "active share" in relation to its benchmark index.

The Board noted the extensive range of services that the Adviser provides to the Funds beyond the investment management services. The Board considered that, pursuant to each Agreement, the Adviser provides administrative services, including, among others, oversight of shareholder communications, fund administration and accounting services, regulatory and legal obligation oversight, supervision of Fund operations and Board support. The Board also considered the Adviser's policies and practices regarding brokerage, commissions, trade execution, transaction and other trading costs, and allocation of portfolio transactions. The Board noted that the Adviser is also responsible for monitoring compliance with each Fund's investment objectives, policies and restrictions, as well as compliance with applicable law, including implementing adopted changes and considering proposed new requirements resulting from regulatory initiatives of the U.S. Securities and Exchange Commission and other regulators. The Board also considered that the Adviser's responsibilities include continual management of investment, operational, cybersecurity, enterprise, legal, regulatory and compliance risks as they relate to the Funds, and on a regular basis it considers information regarding the Adviser's processes for identifying, monitoring and managing risk. The Board also noted the Adviser's oversight of the Funds' various outside service providers, including its negotiation of certain service providers' fees and its evaluation of service providers' infrastructure, cybersecurity programs, compliance programs and business continuity programs, among other matters. The Board also considered the Adviser's ongoing development of its own internal infrastructure, including, among other things, its operational and trading capabilities, and its information technology to support the Funds' compliance structure through, among other things, cybersecurity programs, business continuity planning and risk management. In addition, the Board noted the positive compliance history of the Adviser.

The Board also considered the general structure of the Adviser's compensation program for portfolio managers, analysts and certain other employees, and whether this structure provides appropriate incentives to act in the best interests of the Funds. In addition, the Board considered the ability of the Adviser to attract and retain qualified personnel to service the Funds. The Board also noted the significant personal investments that the Adviser's personnel have made in the Funds, which serve to further align the interests of the Adviser and its personnel with those of the Funds' shareholders.

The Board also considered the manner in which the Adviser addressed various matters that arose during the year. These matters may have been the result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered the Adviser's response to market conditions over the past year and considered the overall performance of the Adviser in this context.

**Fund Performance**

The Board considered each Fund's short-, intermediate- and long-term investment performance, as applicable, net of the Fund's fees and expenses, both on an absolute basis and compared to the performance of a broader group of comparable funds pursuing generally similar strategies with the same investment classification and/or objective as each Fund (the Fund's "Performance Universe"), as selected by Broadridge. The performance periods considered by the Board were those ended April 30, 2025. Performance information for Institutional Class was provided for the 1-, 3-, and 5-year periods, as applicable, and information for Investor Class was provided for the 10-year period, as applicable. With respect to performance quintile rankings for each Fund compared to its Performance Universe, the first quintile represents the highest performance and the fifth quintile represents the lowest performance.

Further detail considered by the Board regarding the investment performance of each Fund is set forth below:

*Oakmark Fund.* The Board considered that the Oakmark Fund's performance was in the third quintile for the 1-year period and the first quintile for the 3-, 5- and 10-year periods.

*Oakmark Select Fund.* The Board considered that the Oakmark Select Fund's performance was in the third quintile for the 1-year period, the first quintile for the 3- and 5-year periods and the fifth quintile for the 10-year period.

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 65

**Oakmark Funds**

*Oakmark Global Fund.* The Board considered that the Oakmark Global Fund's performance was in the fifth quintile for the 1-, 3- and 10-year periods and the second quintile for the 5-year period.

*Oakmark Global Select Fund.* The Board considered that the Oakmark Global Select Fund's performance was in the second quintile for the 1- and 5-year periods and the third quintile for the 3- and 10-year periods.

*Oakmark International Fund.* The Board considered that the Oakmark International Fund's performance was in the fifth quintile for the 1-, 3- and 10-year periods and the fourth quintile for the 5-year period.

*Oakmark International Small Cap Fund.* The Board considered that the Oakmark International Small Cap Fund's performance was in the third quintile for the 1- and 10-year periods and the second quintile for the 3- and 5-year periods.

*Oakmark Equity and Income Fund.* The Board considered that the Oakmark Equity and Income Fund's performance was in the fifth quintile for the 1-year period, the third quintile for the 3- and 10-year periods and the first quintile for the 5-year period.

*Oakmark Bond Fund.* The Board considered that the Oakmark Bond Fund's performance was in the second quintile for the 1-year period and the first quintile for the 3-year period. The Fund was launched in June 2020 and therefore does not have 5- or 10-year performance as of April 30, 2025.

In addition to considering each Fund's performance as compared to that of its respective Performance Universe, the Board also considered separate comparative data provided by the Adviser and each Fund's performance as compared to that of its benchmark and other comparative data provided by Broadridge, including each Fund's total return and performance relative to risk and relative to its Morningstar rating. The Board also considered updated performance information at its November meeting at which the Agreements were approved.

In the case of underperformance for a Fund for any of the periods reviewed, the Board considered the magnitude and duration of that underperformance relative to the Performance Universe and/or the Fund's benchmark. For each Fund that the Board identified as having underperformed its Performance Universe and/or benchmark index to an extent, or over a period of time, that the Board felt warranted additional inquiry, the Board discussed with the Adviser the Fund's performance, the factors that caused such underperformance and how the Adviser evaluates underperformance. The Board considered the Adviser's responses with respect to each Fund that experienced underperformance. In addition, the Board met with the portfolio managers of each Fund to discuss the Fund's performance each quarter during the year prior to voting on the contract renewal. The Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board further acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that the market's view of any single investment theme could disproportionately affect performance.

**Costs of Services Provided and Profits Realized by the Adviser**

The Board considered the fee structure for each Fund under its Agreement as compared to a group of comparable funds provided by Broadridge. Specifically, using the information provided by Broadridge, the Board considered each Fund's management fee ("Management Fees") and the management fees for other mutual funds comparable in fund type, investment classification/category, load type, asset size and expense components and attributes to each Fund (the Fund's "Expense Group"), and considered each Fund's total expense ratio, which reflects the total fees paid by an investor, and those of its Expense Group (excluding any 12b-1/non-12b-1 service fees) ("Total Expense Ratio"). The Board received and reviewed information for each Fund's Institutional Class for this purpose. When considering a Fund's Management Fee or Total Expense Ratio versus the comparable information in the Expense Group, the Board considered whether specific factors contributed to the Fund's Management Fee or Total Expense Ratio and the Adviser's representations regarding the competitiveness of each Fund's pricing. With respect to the quintile rankings for Management Fees and Total Expense Ratio for each Fund compared to its Expense Group, the first quintile represents the lowest fees and/or total expenses and the fifth quintile represents the highest fees and/or total expenses.

Further detail considered by the Board regarding each Fund's Management Fee and Total Expense Ratio as of the conclusion of its fiscal year ended September 30, 2024, as compared to its Expense Group, is set forth below:

*Oakmark Fund.* The Board considered that the Oakmark Fund's Management Fee ranked in the fourth quintile and the Fund's Total Expense Ratio ranked in the third quintile.

*Oakmark Select Fund.* The Board considered that the Oakmark Select Fund's Management Fee ranked in the fourth quintile and the Fund's Total Expense Ratio ranked in the fifth quintile.

*Oakmark Global Fund.* The Board considered that the Oakmark Global Fund's Management Fee ranked in the fifth quintile and the Fund's Total Expense Ratio ranked in the third quintile.

*Oakmark Global Select Fund.* The Board considered that the Oakmark Global Select Fund's Management Fee and the Fund's Total Expense Ratio each ranked in the fourth quintile.

*Oakmark International Fund.* The Board considered that the Oakmark International Fund's Management Fee ranked in the third quintile and the Fund's Total Expense Ratio ranked in the second quintile.

66 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**Oakmark Funds**

*Oakmark International Small Cap Fund.* The Board considered that the Oakmark International Small Cap Fund's Management Fee ranked in the fifth quintile and the Fund's Total Expense Ratio ranked in the fourth quintile.

*Oakmark Equity and Income Fund.* The Board considered that the Oakmark Equity and Income Fund's Management Fee and the Fund's Total Expense Ratio each ranked in the third quintile.

*Oakmark Bond Fund.* The Board considered that the Oakmark Bond Fund's Management Fee ranked in the first quintile and the Fund's Total Expense Ratio ranked in the third quintile.

The Board also reviewed the Adviser's management fees for comparable funds, institutional separate account clients and sub-advised funds (for which the Adviser provides portfolio management services only). The Board considered the reasonableness of any differences between the fees charged to a Fund and any such comparable funds, separate account clients and/or sub-advised funds, including any breakpoints, and noted the Adviser's explanation that, although in most instances the fees paid by those other accounts were lower than the fees paid by the Funds, the differences reflected the Adviser's greater level of responsibilities and broader scope of services with respect to the Funds. The Board further noted the more extensive regulatory obligations and the various risks associated with managing the Funds as compared to any such comparable accounts.

The Board also noted that each Fund's management fee is a single fee that compensates the Adviser for its services as investment adviser and manager under the Agreements, and further noted that, for comparative purposes, where possible, Broadridge aggregated the separate investment advisory and administrative fees into a single management fee for the mutual funds in the Expense Group that clearly identify two separate fees. The Board noted that some mutual funds in the Expense Group may pay directly from fund assets for certain services that the Adviser is compensated for out of the management fee for the Funds. Accordingly, the Board also considered each Fund's Management Fee net of fees waived by the Adviser and Total Expense Ratio as compared with its respective Expense Group as a way of taking account of these differences. The Board also considered the Adviser's agreement to continue the expense limitation agreement for each Fund.

The Board also considered the Adviser's costs in serving as the Funds' investment adviser and manager. Finally, the Board considered the Adviser's profitability analysis, as well as an Investment Management Industry Profitability Analysis prepared by Broadridge. The Board examined the estimated pre-tax profits realized by the Adviser and its affiliates from their relationship with each Fund, as presented in the profitability analyses, as well as the financial condition of the Adviser. The Board reviewed the Adviser's methodology for allocating costs among the Adviser's lines of business and among the Funds, for purposes of calculating its estimated profitability, and recognized that the methodology may not reflect all of the costs or risks associated with offering and managing a mutual fund complex. The Board also recognized that the Adviser and its affiliates are entitled to earn a reasonable level of profits for services they provide to each Fund.

**Economies of Scale and Other Benefits Derived from the Relationship with the Funds**

The Board considered whether each Fund's management fee structure reflects any potential economies of scale that may be realized by the Adviser for the benefit of each Fund's shareholders. The Board reviewed each Agreement, which includes breakpoints that decrease the management fee rate as Fund assets increase for each Fund except Oakmark Bond Fund which are intended to allow shareholders to benefit from the growth in the assets of the Funds. Since the Oakmark Bond Fund Agreement does not include breakpoints, the Board considered the Adviser's representations that the Fund's fee rate was set competitively and priced to scale before it has actually experienced an increase in assets which is another way of sharing potential economies of scale with shareholders. In addition, the Board considered each Fund's expense limitation agreement that reduces each Fund's expenses at all asset levels, which can have an effect similar to breakpoints in sharing economies of scale with shareholders and provides protection from an increase in expenses if a Fund's assets decline. The Board further considered that the Adviser had decreased the Oakmark Bond Fund's contractual expense limitation for each class except Investor Class effective October 1, 2025. The Board also considered that each Fund potentially shares in indirect economies of scale through the Adviser's ongoing investments in its business in support of the Funds and that the Adviser has provided, at no added cost to the Funds, certain additional services to the Funds. The Board considered that this is a way of sharing economies of scale with the Funds and their shareholders. The Board also considered any fall-out benefits likely to accrue to the Adviser or its affiliates from their relationship with each Fund.

**Conclusion**

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 approval of the continuation of each Agreement was in the best interests of the respective Fund and its shareholders. In reaching this determination, the Board considered that the nature, extent and quality of the services provided by the Adviser to each Fund were appropriate and consistent with the Fund's Agreement and that each Fund was likely to continue to benefit from services provided under its Agreement with the Adviser; that the Adviser was delivering performance for each Fund that was consistent with the long-term investment strategies being pursued by the Fund, and that the Fund and its shareholders were benefiting from the Adviser's management of the Fund; that the management fees paid by each Fund to the Adviser were reasonable in light of the services provided; that each Fund's management fees allow shareholders to benefit from potential economies of scale that

Semi-Annual Financial Statements and Other Information: Oakmark Funds \| 67

**Oakmark Funds**

may be achieved by the Adviser; that the profitability of the Adviser's relationship with each Fund appeared to be reasonable in relation to the services performed; and that the benefits accruing to the Adviser and its affiliates by virtue of their relationship with the Funds were reasonable in light of the costs and risks associated with providing the investment advisory and other services to each Fund and the benefits accruing to each Fund. The Board's conclusions are based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual contract approval process.

68 \| Semi-Annual Financial Statements and Other Information: Oakmark Funds

**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 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) [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).](https://www.sec.gov/Archives/edgar/data/872323/000110465924125538/tm2426235d1_ex99-xax1.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [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.](tm2614019d1_ex99-cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [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).](tm2614019d1_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: | May 22, 2026 |

---

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: | May 22, 2026 |
| By: | /s/ Zachary D. Weber |
|  | Zachary D. Weber |
|  | Principal Financial Officer, Principal Accounting Officer and Treasurer |
| Date: | May 22, 2026 |

---

## 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:

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;

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;

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

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):

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

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: | May 22, 2026 | /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:

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;

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;

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

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):

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

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: | May 22, 2026 | /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: | May 22, 2026 |
| By: | /s/ Zachary D. Weber |
|  | Zachary D. Weber |
|  | Principal Financial Officer, Principal Accounting Officer and Treasurer |
| Date: | May 22, 2026 |

---

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.