Oakmark Bond

Objective

Current income and total return

Oakmark Bond invests primarily in a diversified portfolio of bonds and other fixed-income securities.

Account Minimums

Through certain intermediaries held in omnibus accounts

N/A

Through all other platforms, including directly with the Fund or through intermediaries not held in omnibus accounts

$1,000

In certain retirement plans

N/A

Directly with the Fund in an Education Savings Account or with an automatic investment plan or payroll deduction plan

$500

Intermediaries may impose their own minimum investment requirements.

Performance Returns

Returns % as of 04/30/2023
Returns % as of 03/31/2023

Gross Expense Ratio: 1.64%

Net Expense Ratio: 0.74%

Fund Inception: 01/28/2022

Expense ratios are from the Fund’s most recent prospectus dated January 28, 2023; actual expenses may vary.
Returns for periods of less than one year are not annualized.

The Fund’s Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses so that the total annual operating expenses of each class are limited to 0.74%, 0.54%, 0.52% and 0.44% of average net assets, respectively. Each of these undertakings lasts until 01/27/2024 and may only be modified by mutual agreement of the parties.

The Fund is recently established and has limited operating and performance history.

Past performance is no guarantee of future results. The performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. Total return includes change in share prices and, in each case, includes reinvestment of dividends and capital gain distributions. The investment return and principal value vary so that an investor’s shares, when redeemed, may be worth more or less than the original cost.

The Oakmark Bond Fund invests primarily in a diversified portfolio of bonds and other fixed-income securities. These include, but are not limited to, investment grade corporate bonds; U.S. or non-U.S.-government and government-related obligations (such as, U.S. treasury securities); below investment-grade corporate bonds; agency mortgage backed-securities; commercial mortgage- and asset-backed securities; senior loans (such as, leveraged loans, bank loans, covenant lite loans, and/or floating rate loans); assignments; restricted securities (e.g., Rule 144A securities); and other fixed and floating rate instruments. The Fund may invest up to 20% of its assets in equity securities, such as common stocks and preferred stocks. The Fund may also hold cash or short-term debt securities from time to time and for temporary defensive purposes.

Under normal market conditions, the Fund invests at least 25% of its assets in investment-grade fixed-income securities and may invest up to 35% of its assets in below investment-grade fixed-income securities (commonly known as “high-yield” or “junk bonds”).

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Bond values fluctuate in price so the value of your investment can go down depending on market conditions.

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). This index is unmanaged and investors cannot invest directly in this index.

Portfolio Characteristics

As of 03/31/2023

Beta vs. Benchmark

0.843

Standard Deviation

5.83%

30-Day Unsubsidized SEC Yield

4.36%

30-Day Subsidized SEC Yield

4.81%

Duration

5.58

Top 10 Holdings

As of 04/30/2023

Total % in Top 10 Holdings 26.2%

Total # of Holdings 112

Assets Under Mgmt. $94.17M

View list

Security

Percent of Net Assets

US Treasury Note 3.875% Due 12-31-29

4.4%

FHMS K157 A2 3.990% Due 05-01-33

3.5%

BANK 2022-BNK40 A4 3.507% Due 03-01-64

3.4%

US Treasury Note 3.500% Due 01-31-30

2.7%

US Treasury Note 0.625% Due 08-15-30

2.6%

US Treasury Note 3.000% Due 08-15-52

2.3%

FHMS K-153 A2 3.820% Due 12-01-32

2.1%

Name Not Disclosed

1.9%

US Treasury Note 1.250% Due 06-30-28

1.9%

US Treasury Note 2.875% Due 05-15-32

1.5%

Parsley Energy CC 2/23 144A 4.125% Due 02-15-28

1.5%

Chesapeake CC 02/24 144A 5.875% Due 02-01-29

1.1%

US Treasury Note 4.125% Due 11-15-32

1.1%

Arcelormittal CC 10/27 6.550% Due 11-29-27

1.1%

Uber CC 08/24 144A 4.500% Due 08-15-29

1.1%

Netflix CC 03/30 144A 4.875% Due 06-15-30

1.1%

HPEFS 2022-3A C 6.130% Due 08-20-29

1.1%

EQT CC 03/28 5.700% Due 04-01-28

1.1%

Fedl Home Ln Mtg QC 07/23 5.050% Due 01-28-26

1.1%

Altria Group CC 11/31 2.450% Due 02-04-32

1.1%

FORDO 2022-C C 5.220% Due 03-15-30

1.1%

ChampionX Term Loan B 8.269% Due 06-07-29

1.0%

Citadel Securities Loan 7.971% Due 02-02-28

1.0%

KKR Group CC 02/32 144A 4.850% Due 05-17-32

1.0%

CAS 2022-R04 1M1 6.815% Due 03-25-42

1.0%

US Treasury Note 2.750% Due 02-15-28

1.0%

US Treasury Note 2.750% Due 08-15-32

1.0%

FR SD1724 4.000% Due 09-01-52

1.0%

Delta SkyMiles Loan 8.884% Due 10-20-27

1.0%

Anglo American CC 01/29 144A 3.875% Due 03-16-29

1.0%

Warnermedia CC 01/29 144A 4.054% Due 03-15-29

1.0%

Carrols Restaurant Loan 8.269% Due 04-30-26

1.0%

FN MA4700 4.000% Due 08-01-52

1.0%

CRVNA 2022-P1 D 4.800% Due 01-10-29

0.9%

Viterra Finance CC 03/26 144A 2.000% Due 04-21-26

0.9%

Daimler Trucks 144A 2.375% Due 12-14-28

0.9%

US Treasury Note 1.625% Due 05-15-31

0.9%

Boardwalk Pipeline CB 06/32 3.600% Due 09-01-32

0.9%

Zebra Buyer Loan 8.299% Due 11-01-28

0.9%

Bat Capital CC 01/28 2.259% Due 03-25-28

0.9%

US Treasury Note 1.875% Due 11-15-51

0.9%

Hilton Domestic CC 08/26 144A 3.625% Due 02-15-32

0.9%

Southern Co CB 06/26 3.750% Due 09-15-51

0.9%

AutoNation CC 12/31 3.850% Due 03-01-32

0.9%

Blackstone Mtge CC10/26 144A 3.750% Due 01-15-27

0.9%

Brunswick CC 05/31 2.400% Due 08-18-31

0.9%

Glencore CC 6/31 144A 2.625% Due 09-23-31

0.9%

CAS 2022-R06 1M1 7.565% Due 05-25-42

0.9%

Marriott Intl CC 07/33 2.750% Due 10-15-33

0.9%

CBRE Services CC 01/31 2.500% Due 04-01-31

0.8%

Micron Tech CC 01/32 2.703% Due 04-15-32

0.8%

Imperial Brands CC 06/27 144A 6.125% Due 07-27-27

0.8%

JPMMT 2022-3 B1 3.115% Due 08-01-52

0.8%

Name Not Disclosed

0.8%

Tenet Healthcare 6.875% Due 11-15-31

0.8%

Name Not Disclosed

0.8%

FHMS K072 A2 3.444% Due 12-01-27

0.8%

Delta Airlines QC 01/26 144A 4.750% Due 10-20-28

0.8%

Name Not Disclosed

0.8%

Medline Loan 8.270% Due 10-21-28

0.8%

Ally Financial 4.700% Due 08-15-69

0.7%

Liberty Broadband Pfd 7.000% Due 01-15-69

0.7%

HESM CC 02/25 144A 4.250% Due 02-15-30

0.7%

Apollo Com CC 06/24 144A 4.625% Due 06-15-29

0.6%

NRG Energy CC 12/32 144A 7.000% Due 03-15-33

0.6%

United Parcel Service CC12/32 4.875% Due 03-03-33

0.5%

CVS Health CC 11/32 5.250% Due 02-21-33

0.5%

Citigroup QC 01/25 4.700% Due 07-30-71

0.5%

Name Not Disclosed

0.5%

GALC 2022-1 B 5.740% Due 07-16-29

0.5%

GALC 2022-1 C 5.980% Due 07-15-30

0.5%

Name Not Disclosed

0.5%

Name Not Disclosed

0.5%

Howmet Aerospace CC 11/28 3.000% Due 01-15-29

0.5%

SDART 2022-5 C 4.740% Due 10-16-28

0.5%

SRFC 2022-1A C 3.300% Due 10-20-38

0.5%

JPMMT 2022-8 B2 4.675% Due 01-01-53

0.5%

CARMX 2022-2 D 4.750% Due 10-16-28

0.5%

Owens & Minor Loan B 8.769% Due 03-29-29

0.5%

JBS USA CC 01/33 144A 5.750% Due 04-01-33

0.5%

Enable Midstream CC 06/29 4.150% Due 09-15-29

0.5%

US Treasury Note 3.375% Due 08-15-42

0.5%

Boeing CC 12/26 2.700% Due 02-01-27

0.5%

SRFC 2022-2A D 9.220% Due 06-20-40

0.5%

HCA CC 03/30 3.500% Due 09-01-30

0.5%

AerCap Ireland CC 09/26 2.450% Due 10-29-26

0.5%

M/I Homes CC 08/29 3.950% Due 02-15-30

0.5%

GLP Capital CC 10/30 4.000% Due 01-15-31

0.5%

Lithia Motors CC 10/25 144A 4.375% Due 01-15-31

0.5%

MIDW Holding CC 02/25 144A 5.500% Due 02-01-30

0.4%

Dicks Sporting Goods CC10/31 3.150% Due 01-15-32

0.4%

Stanely Black & Decker CC 12/29 2.300% Due 03-15-30

0.4%

Ally Financial CC 09/28 2.200% Due 11-02-28

0.4%

JPMMT 2020-5 B1 3.582% Due 12-01-50

0.4%

Regeneron Pharma CC 06/30 1.750% Due 09-15-30

0.4%

Quicken Loans CC 03/26 144A 3.875% Due 03-01-31

0.4%

Capital One QC 09/26 3.950% Due 03-17-50

0.4%

AerCap Ireland CC 07/33 3.400% Due 10-29-33

0.4%

GXO Logistics CC 04/31 2.650% Due 07-15-31

0.4%

STACR 2022-DNA3 M1A 6.815% Due 04-25-42

0.4%

US Treasury Note 2.000% Due 11-15-41

0.4%

Name Not Disclosed

0.4%

US Treasury Note 2.000% Due 08-15-51

0.4%

PDC Energy CC 12/22 5.750% Due 05-15-26

0.3%

Embecta CC 02/27 144A 5.000% Due 02-15-30

0.3%

JPMMT 2016-3 B1 3.288% Due 10-01-46

0.3%

Viterra Finance CC 01/32 144A 5.250% Due 04-21-32

0.2%

Charter Communications CC 11/31 2.300% Due 02-01-32

0.2%

Rocket Mortgage CC 10/27 144A 4.000% Due 10-15-33

0.2%

Boeing CC 11/30 3.625% Due 02-01-31

0.2%

JPMMT 2016-3 B2 3.288% Due 10-01-46

0.2%

JPMMT 2016-3 B3 3.288% Due 10-01-46

0.1%

Total % in Top 10 Holdings 26.2%

Total # of Holdings 112

Assets Under Mgmt. $94.17M

Portfolio holdings are subject to change and are not intended as recommendations of individual stocks. Individual security weights may not add to the displayed total due to rounding.

Portfolio holdings are subject to change and are not intended as recommendations of individual stocks. Individual security weights may not add to the displayed total due to rounding. The most recently quarterly holdings file, which contains all investments, can be found in the latest fund report.

Credit Rating

As of 03/31/2023

Rating

Percent of Fixed Income

AAA

13.5%

26.9%

6.6%

BBB

32.5%

11.3%

5.6%

Not Rated

3.5%

Credit quality ratings on underlying securities of the Fund are based on the methodology used by Bloomberg for constructing its indices (“Bloomberg methodology”). This rating looks to Moody’s, Standard & Poor’s, and Fitch. When all 3 agencies provide a rating, the middle rating is used. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from AAA (highest) to D (lowest).

Maturity

As of 03/31/2023

Maturity

Percent of Fixed Income

Under 1 Year

3.3%

1 - 3 Years

1.1%

3 - 5 Years

13.5%

5 - 7 Years

32.7%

7 - 10 Years

25.5%

10 + Years

23.9%

PRIVATE WEALTH MANAGEMENT

Objective

Current income and total return

Account Minimums

Portfolio Managers

Commentary

Performance Returns

Portfolio Characteristics

Top 10 Holdings

Top 10 Issuers

Fixed Income Sector Breakdowns

Asset Allocations

Credit Rating

Maturity

Documents

Oakmark Funds

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